Mejoras sobre el informe emitido por hp Fortify

To,

The Board of Directors,

H.K. TRADE INTERNATIONAL LIMITED 9, 2nd Floor, Bharat House, Plot No. 104,

Bombay Samachar Marg, Near Bombay Stock Exch., Fort, Mumbai- 400001

Maharashtra. Dear Sir(s),

Re: Proposed Public Issue of Equity Shares of M/s H.K. TRADE INTERNATIONAL LIMITED

We have examined and found correct the annexed restated summary statements of M/s H.K. Trade International Limited for the nine months period ended December 31, 2014 and years ended March 31, 2014, 2013, 2012, 2011, and 2010 prepared by the Company and approved by its Board of Directors.

At the date of signing this report, we have not come across any material adjustment, which would affect the result shown by these accounts drawn up in accordance with the requirements of Part I of Chapter III of the Companies Act, 2013.

In accordance with the requirements of:

• Section 26 of Companies Act, 2013 and rules framed thereunder;

• Securities and Exchange Board of India (Issue of Capital and Disclosure Requirement) Regulations, 2009 (‘the SEBI ICDR Regulations’) and

• The Guidance Note on Reports in Company Prospectus and Guidance Note on Audit Reports/Certificates on Financial Information in Offer Documents issued by the Institute of Chartered Accountants of India and terms of reference received from the Company in connection with the proposed public issue of Equity shares of the Company.

• The terms of reference given vide the Company’s letter dated 01/02/2015 requesting us to carry out work in connection with the Issue as aforesaid, we report that:-

1. The summary statement of assets and liabilities, as restated, of the Company as at the nine months period ended December 31, 2014 and years ended March 31, 2014, 2013, 2012, 2011, and 2010 are as set out in Annexure - I to this report after making such adjustments / restatements and regrouping as in our opinion are appropriate and are subject to the Significant Accounting Policies and Notes to Accounts in Annexure - IV to this report. 2. The summary statement of profit and loss, as restated of the Company for the nine months period ended

December 31, 2014 and years ended March 31, 2014, 2013, 2012, 2011, and 2010 are as set out in Annexure - II to this report. These profits have been arrived after making such adjustments / restatements and regrouping as in our opinion are appropriate and are subject to the Significant Accounting Policies and Notes to Accounts as appearing in Annexure - IV to this report.

3. We have examined the summary statement of cash flow, as restated relating to the Company for the nine months period ended December 31, 2014 and years ended March 31, 2014, 2013, 2012, 2011, and 2010 appearing in Annexure - III to this report after making such adjustments / restatements and regrouping as in our opinion are appropriate and are subject to the Significant Accounting Policies and Notes to Accounts as appearing in Annexure - IV to this report.

These statements have been prepared by the Company and approved by its Board of Directors (these statements are herein collectively referred to as the “Restated Summary Statements”. These statements have been extracted from

the audited financials statement of the Company for the respective period / years.

Audit of the financial statements for the nine months period ended December 31, 2014 and year ended March 31, 2014 have been conducted by Company’s/ Partnership’s Auditor M/s Nirmal Nahata & Associates, Chartered Accountant and Tax Auditor, M/s DK Suranan & Associates, Chartered Accountant and for the year ended March 31, 2013, 2012, 2011 and 2010 have been conducted by Company’s Tax Auditor M/s. Surendra & Co, Chartered Accountants, under Income Tax Act, 1961. Further, financial statements for nine months period ended on December 31, 2014 and for the year ended March 31, 2014 have been re-audited by us as required under the SEBI ICDR Regulations. This report, in so far as it relates to the amounts included for the financial years ended March 31, 2013, 2012, 2011 and 2010 is based on the audited financial statements of the entity which were audited by the Tax Auditor M/s. Surendra & Co, Chartered Accountants has been relied upon by us for the said periods.

The Restated Summary Statements of the Company as included in this report for the years ended March 31, 2013, 2012, 2011 and 2010 are based on the audited financial statements of the earnest while Partnership Firm, which was later converted into Company , under Chapter IX during FY2013-14, which were audited by the Tax Auditor of the Partnership Firm and whose Auditors’ report has been relied upon by us for the said years and as for the nine months period ended on December 31, 2014 and the year ended March 31, 2014, including the financials of the partnership firm as transferred to Company as per Chapter IX, under Companies, 1956 from examined by us as set out in Annexure I, II and III of this report are after making such adjustments and regrouping as in our opinion were appropriate.

Based on the above and also as per the reliance placed by us on the audited financial statements of the erstwhile partnership firm which were audited by Tax Auditor for the years ended March 31, 2013, 2012, 2011 and 2010 we are of the opinion that the Restated Summary Statements have been made after incorporating:

i. Adjustments for the changes in accounting policies retrospectively in respective financial period/years to reflect the same accounting treatment as per changed accounting policy for all the reporting periods;

ii. Adjustments for the material amounts in the respective financial period/years to which they relate;

iii. There are no qualification in the auditor’s report which require any adjustments to the Restated Summary statements

iv. There are no revaluation reserves which needed to be disclosed separately in the restated financial information in the respective financial years.

v. And the extra-ordinary items have been disclosed separately in the accounts.

We have examined the following financial information relating to the Company proposed to be included in the offer document:

1. Statement of Sundry Debtors, as Restated enclosed as Annexure V to this report; 2. Statement of Provisions, as Restated as appearing in Annexure VI to this report;

3. Statement of Loans and Advances, as Restated as appearing in Annexure VII to this report;

4. Statement of Other Non-Current Assets And Other Current Assets, as Restated as appearing in Annexure VIII to this report;

5. Statement of Other Current Liabilities And Other Long Term Liabilities, as Restated as appearing in Annexure IX to this report;

6. Statement of Short Term Borrowings, as Restated as appearing in Annexure X to this report; 7. Statement of Long Term Borrowings, as Restated as appearing in Annexure XI to this report; 8. Statement of Revenue From Operations, as Restated as appearing in Annexure XII to this report; 9. Statement of Other Income, as Restated as appearing in Annexure XIII to this report;

10. Statement of Contingent Liabilities, as Restated as appearing in Annexure XIV to this report; 11. Statement of Accounting Ratios, as Restated as appearing in Annexure XV to this report;

12. Statement of Capitalization, as Restated as at December 31 ,2014 as appearing in Annexure XVI to this report; 13. Statement of Tax Shelters, as Restated as appearing in Annexure XVII to this report;

14. Statement of Investments, as Restated as appearing in Annexure XVIII to this report;

15. Statement of Related Parties Transactions, as Restated as appearing in Annexure XIX to this report; 16. Statement of Dividend Declared as Restated in Annexure XX to this report.

17. Statement of Segment Reporting, as Restated as appearing in Annexure XXI to this report. 18. Statement of Reserves and Surplus, as Restated as appearing in Annexure XXII to this report.

In our opinion the above financial information of the Company for the nine months period ended December 31, 2014 and for the year ended March 31, 2014, read with Significant Accounting Policies and Notes to Accounts enclosed in Annexure IV to this report and also as per the reliance place by us on the audited financial statements of the Company which were audited by the Tax Auditor for the years ended March 31, 2013, 2012, 2011 and 2010, after making adjustments / restatements and regroupings as considered appropriate has been prepared in accordance with Part I of Chapter III of the Companies Act, 2013 and the SEBI ICDR Regulations.

This report should not be in any way construed as a reissuance or redrafting of any of the previous audit reports issued by us or by other firm of Chartered Accountants, nor should this report be construed as a new opinion on any of the financial statements referred herein.

This report is intended solely for your information and for inclusion in the Offer Document in connection with the proposed Initial Public Offering of the Company and is not to be used, referred to or distributed for any other purpose without our prior written consent.

For TALATI & TALATI

CHARTERED ACCOUNTANTS