To the Members of

INDIAN SOCIETY OF AGRIBUSINESS PROFESSIONALS

We have examined the Balance Sheet of INDIAN SOCIETY OF AGRIBUSINESS PROFESSIONALS (a company Limited by guarantee under Section 25 of the Companies Act, 1956) at March 31, 2002, and the related statement of income and Expenditure for the year then ended, we have obtained all the information and explanations which, to the best of out knowledge and belief, were necessary for the purpose of out examination.

In out opinion and to the best of our information and according to the explanations given to us, the accompanying financial statements give the information required by the Companies Act, 1956 (the Act) in the manner so required and give a true and fair view of the state of affairs of INDIAN SOCIETY OF AGRIBUSINESS PROFSSIONALS at March 31, 2002, and its deficit for the year then ended, and have been prepared in accordance with the accounting standards referred to in section 211 (2C) of the Act. The Balance Sheet and the statement of income and expenditure are in agreement with the books of accounts,. Future, in our opinion, the company had maintained proper books of accounts, as required by law, inso far, as appears from our examination of those books.

On the basis of information and explanations give to us, and representations obtained by the company, none of the directors of the company who as at March 31, 2002, are disqualified under Section 274 (I) (g) of the Act, from being appointed as Directors.

The provisions of the Manufacturing and Other Companies (Auditors Report) Order, 1998, are not applicable to the Company, as it is licensed to operate under section 25 of the Companies Act, 1956.