Auditor Report of Abhinav Leasing & Finance Ltd.

Mar 31, 2016

Report on the Financial Statements

We have audited the accompanying financial statements of ABHINAV LEASING & FINANCE LIMITED, which comprise the Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss, the Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company''s Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at 31^st March, 2016, its profit and its cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2016 issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the ''Annexure A'' a statement on the matters Specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of written representations received from the directors as on 31^st March, 2016, taken on record by the Board of Directors, none of the directors is disqualified as on 31^st March, 2016, from being appointed as a director in terms of Section 164(2) of the Act.

f) With the respect to the adequacy of the internal financial control over financial reporting of the company and the operating effectiveness of such control, refer to our separate Report in "Annexure B"

g) In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:

i) The Company does not have any pending litigations which would impact its financial position.

ii) The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.

iii) There were no amounts which required to be transferred by the Company to the Investor Education and Protection Fund.

Referred to in paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date to the financial statements of the company for the year ended March 31^st, 2016

(i) (a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;

(b) The Fixed Assets have been physically verified by the management in a phased manner, design to cover all the items over a period of three years, which in our opinion is reasonable having regard to the size of the company and the nature of its business. Pursuant to the program, a portion of the fixed assets has been physically verified by the management during the year and no material discrepancies between the books records and the physical fixed assets have been noticed.

(ii) The company has not granted any loans, secured or unsecured to companies, firms, limited liability partnerships or other parties covered in the register maintained under section 189 of the Companies Act. Accordingly, the provisions of clause 3(ii) (a) to (c) of the order are not applicable to the company and hence not commented upon.

(iii) In our Opinion and according to the information and explanations given to us, the company has complied with the provision of section 185 and 186 of the company act, 2013. In respect of loan, investment, guarantees and security.

(iv) The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the Companies (Acceptance of Deposit) rules, 2015 with regard to the deposits accepted from the public are not applicable.

(v) As informed to us, the maintenance of cost records has not been specified by the Central Government under sub section (1) of section 148 of the Act, in respect of the activities carried on by the company.

(vi) (a) According to the information and explanation given to us and on the basis of our examination of the books of account, and records, the company has been generally regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities.. According to the information and explanations given to us, no undisputed amounts payable in respect of the above were in arrears as at March 31^st, 2016 for a period of more than six months from the date on when they become payable.

(b) According to the information and explanation given to us, there are no dues of income tax, sales tax, service tax, duty of customs, duty of excise, value added tax outstanding on account of any dispute.

(vii) In our opinion and according to the information and explanations given to us, The Company has not defaulted in the repayment of dues to banks. The Company has not taken any loan either from financial institution or from the government and has not issued any debentures.

(viii) Based upon the audit procedures performed and the information and explanations given by the management, the company has not raised moneys by way of initial public offer including debt instrument and terms loans. Accordingly, the provisions of clause 3 (ix) of the order are not applicable to the company and hence not commented upon..

(ix) Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the company or on the company by its officers or employees has been noticed or reported during the year.

(x) Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with schedule V to the Companies Act.

(xi) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 4 (xii) of the order are not applicable to the company.

(xii) In our opinion, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.

(xiii) Based upon the audit procedures performed and the information and explanations given by the management, the company has not made any preferential allotment or private placements of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of clause 3 (xiv) of the order are not applicable to the company and hence not commented upon.

(xiv) Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of clause 3 (xv) of the order are not applicable to the company and hence not commented upon.

(xv) In our opinion, the company is registered under section 45 IA of the Reserve Bank of India Act, 1934.

For; D. KHURANA & COMPANY

CHARTERED ACCOUNTANTS

Firm Reg. No. 022696N

S/d-

CA. Deepak Khurana

Date: 30/05/2016 (Proprietor)

Place: New Delhi M. NO. 512849

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Mar 31, 2015

We have audited the accompanying financial statements of ABHINAV LEASING & FINANCE LIMITED, which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company's Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at 31st March, 2015, its profit/loss and its cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 issued by the Central Government of India in terms of sub- section (11) of section 143 of the Act, we give in the Annexure a statement on the matters Specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of written representations received from the directors as on 31 March, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2015, from being appointed as a director in terms of Section 164(2) of the Act.

f) In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:

i) The Company does not have any pending litigations which would impact its financial position.

ii) The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.

iii) There were no amounts which required to be transferred by the Company to the Investor Education and Protection Fund.

ANNEXURE TO AUDITORS' REPORT Referred to in paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date

(i) (a) The company has maintaining proper records showing full particulars, including quantitative details and situation of fixed assets;

(b) As explained to us fixed assets have been physically verified by the management at reasonable intervals which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies have been noticed on such verification.

(ii) (a) Physical verification of inventory has been conducted at reasonable intervals by the management;

(b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business;

(c) The company is maintaining proper records of inventory and no any material discrepancies were noticed on physical verification.

(iii) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act.

(iv) In our Opinion and accordance to the information and explanation given to us there is an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services.

(v) The company has not accepted any deposits, whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under.

(vi) Maintenance of cost records is not required by the Central Government under sub-section (1) of section 148 of the Companies Act.

(vii) (a) According to the information and explanation given to us, the company regular in depositing undisputed statutory

dues including provident fund, employees' state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities.

(b) According to the information and explanation given to us, in case dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of any dispute.

(viii) The company does not have accumulated losses at the end of the financial year and it does not insurer any cash losses in such financial year and in the immediately preceding financial year;

(ix) According to the information and explanation given to us, the company has not defaulted in repayment of dues to a financial institution or bank or debenture holders.

(x) The company has not given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions.

(xi) According to the information and explanation given to us, term loans were applied for the purpose for which the loans were obtained;

(xii) According to the information and explanation given to us we report that no fraud on or by the company has been noticed or reported during the year.

Date : 19.06.2015 For M/s D. KHURANA & COMPANY Place: New Delhi CHARTERED ACCOUNTANTS Firm Reg. No. 022696N Sd/- CA. Deepak Khurana M. No. 512849

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Mar 31, 2014

We have audited the accompanying financial statements of Abhinav Leasing and Finance Limited (''the Company'') which comprise the Balance sheet as at March 31,2014 and the Statement of Profit and Loss and cash flow statement for the year ended on that day and a summary of Significant Accounting Policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the company in accordance with the accounting principles generally accepted in India, including accounting standards referred to in sub section (3C) of section 211 of the Companies Act. 1956 ("the Act") read with the General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act 2013.This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Standards on Auditing issued by the Institute of Chartered Accountant of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, weather due to fraud and error. In making those risk assessments, the auditor considers internal control relevant to the company''s preparation and fair presentation of the financial statements in order to design audit procedure that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements.

We believe that audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2014;

b) In the case of the statement of Profit and Loss, profit of the Company for the year ended on that date;

c) In the case of Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. The provisions of the Companies (Auditors'' Report) Order, 2003 ("the order"), as amended, issued by the Central Government of India in terms of sub-section (4A) pf section 227 of the Act (hereinafter referred to as the "Order") and on the basis of such checks of the books and according to the information and explanations given to us, we given in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

i. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

ii. In our opinion, proper books of account as required by law have been maintained by the Company so far it appears from our examination of those books.

iii. The Balance Sheet and statement of Profit & Loss dealt with by this report are in agreement with the books of accounts.

iv. In our opinion, the Balance Sheet and statement of Profit & Loss and cash flow statement dealt by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act 2013;

v. On the basis of written representations received from the Directors and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31st March, 2014, from being appointed as Directors in terms of Clause (g) of Sub-section (1) of Section 274 of the Companies Act, 1956.

ANNEXURE TO THE AUDITOR''S REPORT TO THE MEMBERS OF ABHINAV LEASING AND FINANCE LIMITED.

Annexure referred to in Paragraph 5 of the report of the Auditor''s to the members of ABHINAV LEASING & FINANCE LIMITED for the year ended 31st March, 2014:

1 a) The Company has maintained proper records showing full particulars, including quantitative details and situation of all Fixed Assets.

b) As explained to us a physical verification of the fixed assets has been conducted by the management during the year which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies have been noticed on such verification.

c) During the year the company has not disposed off any major part of the Fixed Assets.

2. Clause (a) to (c) is not applicable to the company.

3 a) The company has not taken/ granted any loans, from/ to companies, firms and other parties listed in the Register maintained Under Section 301 of the Companies Act, 1956.

b) In view of (iii) (a) above this clause is not applicable.

c) In view of (iii) (a) above this clause is not applicable.

d) In view of (iii) (a) above this clause is not applicable.

4. In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the nature and size of its business with regard to purchases/sale of stock, Fixed Assets, no major weakness has been noticed in the internal control.

5 a) In our opinion and according to the information and explanations given to us, that there are no transactions that need to be entered into the register maintained under section 301.

b) The purchase, sale of shares/ Commodities & services, made in pursuance of contracts or arrangements entered in the register maintained U/S 301 of the Act is NIL.

6. Company has not accepted any deposits from the public during the year 2013-14.

7. There is adequate Internal Audit system commensurate to the size of the company.

8. Maintenance of Cost Records is not required by the Central Government for this class of Company.

a. According to the information and explanations given to us, no undisputed amounts payable in respect of statutory dues including (provident fund, investor education protection fund, employees'' state insurance, income-tax, sales tax, trade tax, wealth-tax, service tax, cess) and other statutory dues applicable to it, as at 31.03.2014 which are payable for a period of more than six months from the date they became payable.

b. According to the information and explanations given to us there is no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty and Cess outstanding as on March 31 , 2014.

10. The Company does not have accumulated losses at the end of the financial year and it has not incurred any cash loss in the current year and in the immediately preceding financial year.

11. According to information and explanation given to us the company has not defaulted in repayments of dues to bank.

12. Based on examination of documents and records and information given by the company, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. Provisions of Chit fund nidhi or Mutual benefit society are not applicable to the company.

14. Proper records of transactions and contracts in respect of trading in shares, debentures and other securities and timely entries have been made. Investments have been held by the company in its own name except to the extent of the exemption if any granted u/s 49 of the Companies Act, 1956.

15. The Company has not given guarantee/ counter guarantee/ loan, the terms and conditions whereof are pre- judicial to the interest of the company.

16. The company has not applied for the term loan hence this clause is not applicable to the company.

17. According to information and explanations given to us and on over all examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investment by the company.

18. According to information and explanations given to us the company has not made any allotment of shares during the year under review.

19. During the period covered by our report the company has not issued debentures.

20. During the period covered by our report the company has not raised any money from public issue.

21. According to information and explanations given to us we report that no fraud on or by the company has been noticed or reported during the course of our Audit.

For MAHESH JAGMOHAN & CO. Chartered Accountants

Sd/- (MAHESH K. AGARWAL) FCS Dated: 30/05/2014 Prop. M. No. 092817 Place : New Delhi Firm Registration No. F13917N

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Mar 31, 2013

We have audited the financial statements of ABHINAV LEASING & FINANCE LIMITED, which coVnprise the Balance sheet as at March 31, 2013 and the Statement of Profit and Loss statement for the period ended on that day, a summary of Significant Accounting Policies and other explanatory information,

2. Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the company in accordance with the accounting principles generally accepted in India, including accounting standards referred to in sub section (3C) of section 211 of the Companies Act. 1956.

This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

3. Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the auditing standards issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit: to obtain reasonable assurance about whether the financial statements are free of material misstatement.

Audit includes examining, on a test basis, evidence supporting the amounts and losures in the financial statements. An audit also includes assessing the accounting triples used and significant estimates made by Management, as well as evaluating the zerall financial statement presentation. We believe that our audit provides a reasonable yasis for our opinion.

Opinion

(a) We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit;

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

(d) In our opinion, the Balance Sheet, Profit and Loss Account Statement dealt with by this report have been prepared in compliance with the applicable accounting standards referred to in Section 211 (3C) of the Act;

(e) On the basis of the written representations received from the Directors and taken on record by the Board of Directors of the Company, none of the Directors is disqualified as on March 31,2013 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Act;

(f) In view of the foregoing paragraphs, in our opinion and to the best of our l information and according to the explanations given to us. The Balance Sheet. Profit and Loss Account together with the Notes thereon and attached thereto, give in the prescribed manner, the information required by the Act and also give, a true and fair view in conformity with the accounting principles generally accepted in India:

i) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2013.

ii) In the case of the Profit and Loss Account, of the Profit for the period ended on that date.

iii) In case of the Cash Flow Statement of the Cash Flows for the year ended on that date.

required by the Companies (Auditors' Report) Order, 2003 issued by the Central Govt, ya in terms of Sub - section (4A) of Section 227 of the Companies Act, 1956 and on the y of such checks as we considered appropriate and according to the information and emanations given to us we set out in the annexure a statement on the matters specified in HSgraph 4 & 5 of the said order.

ANNUXRE TO THE AUDITOR'S REPORT TO THE MFMRERS OF AHHINAV LEASING AND CE LIMITED.

annuxre referred to in Paragraph 4 of the report of the Auditor's to the members of jf/NAV LEASING & FINANCE LIMITED for the year ended 31st March, 2013:

The Company has maintained proper records showing full particulars, including quantitative details and situation of all Fixed Assets.

b) As explained to us a physical verification of the fixed assets has been conducted by the management during the year which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies have been noticed on such verification.

c) During the year the company has not disposed off any major part of the Fixed Assets.

2. Clause (a) to (c) is not applicable to the company.

3 a) The company has not taken/ granted any loans, from/ to companies, firms and other parties listed in the Register maintained Under Section 301 of the Companies Act, 1956.

b) In view of (iii) (a) above this clause is not applicable.

c) In view of (iii) (a) above this clause is not applicable.

d) In view of (iii) (a) above this clause is not applicable.

4. In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the nature and size of its business with regard to purchases/sale of stock, Fixed Assets, no major weakness has been noticed in the internal control.

5a). In our opinion and according to the information and explanations given to us, that there are no transactions that need to be entered into the register maintained under section 301.

b) The purchase, sale of shares/ Commodities & services, made in pursuance of contracts or arrangements entered in the register maintained U/S 301 of the Act is NIL.

6. Company has not accepted any deposits from the public during the year 2012-13.

7. There is adequate Internal Audit system commensurate to the size of the company.

8. Maintenance of Cost Records is not required by the Central Government for this class of Company.

provision of Provident fund, Investor educations and protections fund,employee's State insurance Sales tax, Wealth tax, Custom duty, Excise duty, are not applicable to the Company. Moreover, the company has no undisputed statutory dues as on March 31, 2013.

9. According to the information and explanations given to us there is no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty and Cess outstanding as on March 31,2013.

10. The Company does not have accumulated losses at the end of the financial year and it . has not incurred any cash loss in the current year and in the immediately preceding H financial year.

11. According to information and explanation given to us the company has not defaulted in repayments of dues to bank.

12. Eased on examination of documents and records and information given by the company, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. Provisions of Chit fund nidhi or Mutual benefit society are not applicable to the company.

14. Proper records of transactions and contracts in respect of trading in shares, debentures and other securities and timely entries have been made. Investments have been held by the company in its own name except to the extent of the exemption if any granted u/s 49 of the Companies Act, 1956.

15. The Company has not given guarantee/ counter guarantee/ loan, the terms and conditions whereof are pre-judicial to the interest of the company.

16. The company has not applied for the term loan hence this clause is not applicable to the company.

17. According to information and explanations given to us and on over all examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investment by the company.

18. According to information and explanations given to us the company has not made any allotment of shares during the year under review.

During the period covered by our report the company has not issued debentures.

During the period covered by our report the company has not raised any money from V public issue.

According to information and explanations given to us we report that no fraud on or by the company has been noticed or reported during the course of our Audit.

For MAHESH JAGMOHAN & CO. Chartered Accountants

(MAHESH K. AGARWAL) FCA

Prop. M. No. 092817 Dated: 05.06.2013 Firm Registration No. - F13917N Place: New Delhi

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Mar 31, 2012

1. Report on the Financial Statements

have audited the financial statements of ABHINAV LEASING & FINANCE LIMITED, which comprise the Balance sheet as at March 31, 2012 and the Statement of Profit and Loss statement for the period ended on that day, a summary of Significant Accounting Policies and other explanatory information.

2. Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance or the company in accordance with the accounting principles generally accepted in India, including accounting standards referred to in sub section (3C) of section 211 of the Companies Act 1956.

This responsibility includes the design, implementation and maintenance of interna! control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

3. Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the auditing standards issued by the Institute of Chartered Accountants of India, Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements arc tree or material misstatement.

An audit inclades examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

Opinion

(a) We have obtained all the information and explanations which, to the best of our know, ledge and belief were necessary for the purposes of our audit:

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

(c) The Balance Sheet. Profit and Loss Account and Cash How Statement dealt with by this report are in agreement with the books of account;

(d) In our opinion, the Balance Sheet, Profit and Loss Account Statement dealt with by. this report have been prepared in compliance with the applicable accounting standards referred to in Section 211 (3C) or the Act;

(e) on the basis of the written representations received from the Directors and taken on record by the Board of Directors of the Company, none of the Directors is disqualified as on March 31.2012 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Act;

(f) In view of the foregoing paragraphs, in our opinion and to the bust of our information and according to the explanations given to us. The Balance Sheet. Profit and Lass Account together with the Notes thereon and attached there, give in the prescribed manner, the information required by the Act and also give, a true and fair view in conformity with the accounting principles generally accepted in India:

i) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2012

ii) in the case of the profit and Loss Account, of the Profit for the period ended on that date.

iii) In case of the Cash Ron Statement of the Cash flows for the year ended on that date.

4 As required by the Companies (Auditors'' Report) Order, 2003 issued By the Central Govt, of India interms of Sub - section (4A) of Section 227 of the Companies Act, 1956 and on the basis of such checks as we considered appropriate and according to the information and explanations given to us we set out in the annexure a statement on the matters specified in Paragraph 4 & 5 of the said order.

ANNEXURE TO THE AUDITORS REPORT TO THE MEMBERS OF M/S, ABHINAV LEASING AND FINANCE. LIMITED.

Annexure referred to in Paragraph 4 of the report of the Auditor''s to the members of ABHINAV LEASING & FINANCE LIMITED for the year ended March 31st.. 20l2:

1 a) The Company has maintained proper records showing full particulars, including quantitative details and situation of all Fixed Assets.

b) As explained to us a physical verification of the fixed assets has been conducted by the management during the year which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies have been noticed on such verification.

c) During the year the company has not disposed off any major part of the Fixed Assets.

2. Clause (a) to (c) is not applicable to the company.

3 a) The company has not taken/ granted any loans., from/ to companies, firms and other parties listed in the Register maintained Under Section 301 of the Companies Act, 1956.

b) In view of (iii) (a) above this clause is not applicable.

c) In view of (iii) (a) above this clause is not applicable.

d) In view of (iii) (a) above this clause is not applicable.

4. in our opinion and according to the information and explanations given to ns there are adequate internal control procedures commensurate with the nature and size of its business with regard to purchases/sate of stock, Fixed Assets, no major weakness has been noticed in the internal control.

5a). In our opinion and according to the information and explanations given to us, that there are no transactions that need to be entered into the register maintained under section 301.

b) The purchase, sale of shares/ Commodities & services, made in pursuance of contracts or arrangements entered in the register maintained U/S 301 of the Act is NIL

6. Company has not accepted any deposits from the. public during the year 2011-12

7. There is adequate Internal Audit system commensurate to the si2e of the company.

8. Maintenance of Cost Records is not required by the Central Government for Ibis class of Company.

9 a) The provision of Provident fund, Investor educations and protections fund, Employee''s State insurance Sales tax, Wealth tax, Custom duty, Excise duty, are not applicable to the Company. Moreover, the company has no undisputed statutory dues during the year 2011-12.

b) According to the information and explanations given to us there is no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty and Cess outstanding as on March 31st, 2012.

10. The Company does not have accumulated losses at the end of the financial year and it lias not incurred any cash lossed in the current year and in the immedia bely preceding financial year.

11. According to information and explanation given to us the company has not defaulted in repayments of dues to hank.

12. Based on examination of documents and records and information given by the company, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. Provisions of Chit fund nidhi or Mutual benefit society are not applicable to the company.

14. Proper records of transactions and contracts in respect of trading in shares, debenture and other securities and timely entries have been made, investment have been held by the company in its own name except to the extent of the exemption if any granted u/s 4-9 of the Companies Act. 1956.

15. The Company has not given guarantee/ counter guarantee/ loan, the terms and conditions whereof are pie-judicial to the interest of the company.

16. The company has not applied for the term loan hence this clause is not applicable to the company.

17. According to information and explanations given to us and on over all examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term Investment by the company.

18. According to information and explanations given to us the company has not made any allotment of shares du ring the year under review.

19. During the period covered by our report the company has not issued debentures.

20. During the period covered by our report the company has not raised any money from public issue.

21. According to information and explanations given to us we report that no fraud on or by the company has been noticed or reported during the course of our Audit.

For MAHESH AGMOHAN & CO. Chartered Accountants

(MAHESH K. AGARWAL) FCA

Prop. M. No. 092817 Firm Registration No. - F13917N

Dated: 28.05.2012 Place: New Delhi

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Mar 31, 2011

1. We have audited the attached Balance Sheet of ABHINAV LEASING AND FINANCE LIMITED as at 31st March, 2011 and also the Profit & Loss Account and Cash Flow Statement for the year ended on that date annexed hereto and report. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion,

3. Further to our comments given in paragraph I above, we report that

a. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b. In our opinion, proper books of accounts as required by Company

law have been kept by the company so far as ajsegp^from our examination of such books;

c. The Balance Shod, Profit and Loss Account antPntF^ffV:|yi;lRiR^Global Statement dealt with by this report are in agreement with the books of the account;

d. The Balance Sheet and Profit and Loss Account are in comply with the Mandatory Accounting Standards referred to in subsection (3C) of Section 211 of the Companies Act, 1956, to the extern applicable.

e. According to the information, explanations and certificate given to ns, we report that none of the directors of the Company are disqualified as on 31st March, 2011 from being appointed as a director under clause (g) of sub section (1) of Section 274 of the Companies Act, 1956;

f. Subject to the foregoing in our opinion, and to the best of our information and according to the explanations given to us, the said Balance Sheet and the Profit & Loss Account and Cash Flow Statement read together with the notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view :

i. In the case of Balance Sheet of the stale of affairs of the Company as at 3'lst March, 2011 and

ii. In the case of Profit and Loss Account, Met Profit for the year ended on that date.

iii. In the case of the Cash Flow4 * * 7 Statement of the Cash Flows for the year ended on that date.

4. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Govt, of India in terms of Sub-section (4A) of Section 227 of the Companies Act, 1956 and on the basis of such checks as we considered appropriate and according to the information and explanations given to us we set out in the annexurc a statement on the matters specified in Paragraph 4 & 5 of the said order;

Annexure referred to in Paragraph of the report of the Auditor's to the member:; of AUH1NAV LEASING AND PIN AN CL' LIMITED for the year ended 31st March, 2011.

1. a) The Company has maintained proper records showing full particulars, including quantitative details and situation of all Fixed Assets.

1)1 As explained to us a physical verification of the fixed assets has been conducted by the management during the year which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies have been noticed on such verification.

c) During the year the company has not disposed off any major part of the fixed Assets.

2. a.) Clause (a) to (c) is not. applicable to the company,

3. a) In our opinion and according t.u the information and explanations given to us, the company has not granted or taken any loans secured or unsecured, to or from Companies, Firm or other parties covered in the Register maintained Under Section 301 of the Companies Act, 1956.

b) In view of (iii) (a) above this clause is nut applicable,

c) In view of (iii) (a) above this clause is not applicable.

d) In view of (iii) (a) above this clause is not applicable.

V. In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the nature and size of its business with regard to purchases/saie of .slock, fixed Assets, no major weakness has been noticed in the internal control.

5. a) In our opinion and according to the information and explanations given to us, that there are no transactions that need to be entered into the register maintained under section 301.

b) In our opinion there is no purchase, sale of shares/ Commodities & services, made in pursuance of contracts or arrangements entered in the register maintained U/S 301 of the Act. and aggregating during the year Its. 500,000/- or more in value in respect of each party have been made at price which are reasonable having regard to the prevailing market, price for such shares or services or the price at which the transactions for similar shares and services have been made with other parties.

6. Company has not accepted any deposits from the public during the year 2010-2011.

ANNEXURE TO THE AUDITORS REPORT TO THE MEMBERS OF M/S ABINAY EASING AND FINANCE LIMTED

Annexure referred to in Paragraph 4 of the report of the Auditor's to the members of ARHINAV LEASING AND FINANCE LIMITED for the year ended 31st March, 2011:

a) The Company has maintained proper records showing full particulars, including quantitative details and situation of all Fixed Assets.

b) As explained to us a physical verification of the fixed assets lias been conducted by the management during the year which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies have been noticed on such verification.

c) During the year the company has not. disposed off any major part of the Fixed Assets,

2. a.) Clause fa) to (if) is not applicable to the company.

3. a) In our opinion arid according t.n the information and explanations given to us, the company has not granted or taken any loans secured or unsecured, to or from Companies, Firm or other parties covered in the Register maintained Under Section 301 of the Companies Act, 105G.

b) In view of (iii) (a) above ibis clause is not applicable.

r) In view of (iii) (a) above this clause is not applicable,

d) In view of (iii) (a) above this clause is not applicable.

4, In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the nature and size of its business with regard to purchases/sale of stock, Fixed Assets, no major weakness has been noticed in the internal control

5. a) In our opinion and according to the information and explanations given to us, that there are no transactions that need to be entered into the register maintained under section 301.

b) in our opinion there is no purchase, sale of shares/ Commodities & services, made in pursuance of contracts or arrangements entered in the register maintained U/S 301 of the Act. and aggregating during the year Rs. 300,000/- or more in value in respect of each party have been made at price which are reasonable having regard to the prevailing market, price for such shares or services or the price at which the transactions for similar shares and services have been made with other parties.

6.company has not accepted any deposits from the public during the year 2010-2011

7. There is adequate Interna! Audit system commensurate to the size of the company,

8. Maintenance of Cost Records are not required by the Centra! Government for this class of Company.

9. a) The provision of Provident fund, Investor educations and protections fund, employee's State insurance Sales tax, Wealth tax, Custom duty, Excise duty, art; not applicable to the Company. However the company has no undisputed statutory dues during the year 2010-11.

b) According to the information and explanations given to us there are no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty and Cess outstanding as on 3 1st March, 2011.

10, The accumulated losses are not more then 50% of its net worth and company has not incurred cash losses during the period covered by this report and immediately proceeding year,

11, According to information and explanation given to us the company has not defaulted in repayments of dues to bank.

12, based on our examination of documents and records and information given by the company. In our opinion the company has maintained adequate documents and records where it has granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13, Provisions of Chit fund nidhi or Mutual benefit society are not applicable t.n the company.

14, Proper records of transactions and contracts in respect of trading in shares, debentures and other securities and timely entries have been made. Investments have been held by the company in its own name except to the extent of the exemption if any granted U/s 49 of the Company Act, 195b.

15, The company has not given guarantee for loans taken by others from bank or financial institutions, the terms and conditions thereof are pre-judicial to the interest of the company.

16, To the best of our knowledge and belief and according to the information and explanations given to ns, term loan availed by the Company during the year were, prime facie, applied forbas not applied for the term loan hence this the purpose for which the loans were obtained,

17, According to information and explanations given to us and on over all examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investment hy the company.

18, According to information and explanations given to us the company has not made any allotment of shares during the year under review--

19, During the period covered by our report the company has not issued debentures.

20, During the period covered by our report the company has not raised any money from public issue,

21.. According to information and explanations given to us we report that no traud I on or by the company has been noticed or reported during the course of out Audit.

For MAKESl lACMOHAN& Co Chartered Accouutats

Dated: :30th June, 2011 Place : New Delhi

Mahesh K.Agrawai) PCA Prop. M.No. 092817 Firm Registration No: - 13917N