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Auditor Report of Adhbhut Infrastructure Ltd.

Jun 30, 2015

We have audited the accompanying financial statements of M/s Adhbhut Infrastructure Limited (The "Company") which comprise the Balance Sheet as at 30th June 2015, Statement of Profit and Loss and Cash Flow Statement for the year ended on that date, 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 ("the Act") with respect to preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flow 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 includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting 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 controls, 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 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 the 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 the 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 the internal control relevant to the Company's preparation of the financial statements that give a 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 the 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 the 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.

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, of the state of affairs of the Company as at 30th June 2015 and its profit and its cash flow for the year ended on that date.

Report on other Legal and regulatory requirements

1. We give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Companies (Auditor's Report ) Order, 2015 issued by Central Government of India pursuant to section 143(11) of the Act.

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 and the Statement of Profit and Loss dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the Balance Sheet and the Statement of Profit and Loss 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 the written representations received from the directors as on 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164(2) of the Act.

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

(i) The Company does not have any pending litigation. Hence no comments are required on this.

(ii) The Company has not entered into any long term contract including derivative contracts. Hence provisions of this clause are not applicable to the Company.

(iii) There is no amount outstanding required to be transferred to Investor Education and Protection Fund by the Company.

ANNEXURE TO AUDITORS' REPORT

Referred to in Paragraph 3 of our Report of even date:

1. (a) The Company has maintained proper records showing full particulars, including quantitative details and the situation of its fixed assets.

(b) The fixed assets have been physically verified by the management during the year. In our opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

2. The Company had not been carrying any inventory at any time during the year, hence in our opinion provision of para 3(ii) are not applicable.

3. During the year, the Company has not granted any loans, secured or unsecured to Companies, firm or other parties covered in the registers maintained under Section 189 of the Companies Act, 2013, and hence provisions of para 3(iii) of the order are not applicable.

4. In our opinion, and according to the information and explanations provided to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business. During the course of our audit, no major weakness has been noticed in the internal control.

5. The Company has not accepted any deposits from public

6. We have been informed by the management that maintenance of cost records has not been specified by the Central Government under sub-section (1) of section 148 of the Companies Act.

7. a) According to the information and explanation given to us, the company is regular in depositing statutory dues which are applicable for the year under audit.

b) There were no disputed amounts payable in respect of statutory dues as at 30th June 2015.

c) Provisions of clause (c) are not applicable.

8. The Company neither has accumulated losses at the end of the financial year nor has incurred cash losses during the current financial year and in the immediately preceding financial year;

9. Based on our audit procedures and the information and explanations given by the management, we are of the opinion that the Company has not borrowed from financial institutions or banks or through issue of debentures. Hence, Comments under the clause are not called for.

10. The Company has not given any guarantee for loans taken by others from bank or financial institutions.

11. The Company has not taken any term loan from bank or financial institutions. Hence the comments under the clause are not called for.

12. Based on the audit procedures performed and information and explanations given to us by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For B. Lugani & Associates

Chartered Accountants

FRN.:-002560N

Sd/-

Place : New Delhi (B. Lugani)

Date : 24.08.2015 Partner

M.No. 081454


Jun 30, 2014

Report on the Financial statements

We have audited the accompanying financial statements of Adhbhut Infrastructure Limited (the Company) which comprise the Balance Sheet as at 30th June 2014, Statement of Profit and Loss and Cash Flow Statement for the year ended on that date, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the Company in accordance with the Accounting Standards notified under 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.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing 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 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 control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of experiencing on opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, 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.

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:

i. In case of the Balance Sheet, of the state of affairs of the Company as at 30 June 2014;

ii. In case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; and

iii. In case of the Cash Flow Statement, cash flow for the year ended on that date.

Report on other Legal and regulatory requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 (''the Order'') issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matter specified in paragraphs 4 and 5 of the said Order.

2. As required by Section 227 (3) of the Act, 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 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 these books;

c. The Balance Sheet & Statement of Profit and Loss dealt with by this report are in agreement with the books of account.

d. In our opinion, the Balance Sheet and the Statement of Profit and Loss comply with the Accounting Standards notified under 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;

e. On the basis of written representations received from the directors of the Company, as on 30th June 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 30th June, 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act.

ANNEXURE TO AUDITOR''S REPORT

Referred to in Paragraph 3 of our Report of even date:

1. (a) The Company has maintained proper records showing full particulars, including quantitative details and

the situation of its fixed assets.

(b) The fixed assets have been physically verified by the management during the year. In our opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) None of the assets sold/disposed off during the year and therefore the going concern assumption is not affected.

2. As the Company has not purchased/sold goods during the year nor is there any opening stocks, requirements of reporting on physical verification of stocks or maintenance of inventory records, in our opinion, does not arise;

3. (a) During the year, the Company has not granted any loans, secured or unsecured to Companies, firm or

other parties listed in the registers maintained under Section 301 of the Companies Act, 1956;

(b) During the year, the Company has not taken any loans secured or unsecured from parties & companies listed in the registers maintained under Section 301 of the Companies Act, 1956;

4. In our opinion, and according to the information and explanations provided to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business. During the course of our audit, no major weakness has been noticed in the internal control;

5. Based on the audit procedures applied by us and the information and explanations provided by the management, we are of the opinion that there were no transactions during the year that need to be entered in the register maintained under section 301 of the Companies Act, 1956.

6. The Company has not accepted any deposits from the public;

7. The Company has a system of internal audit which, in our opinion, is commensurate with its size and nature of its business;

8. We have been informed by the management that maintenance of cost records under Section 209(1) (d) of the companies Act, 1956 is not applicable to the Company;

9. (a) According to the records, information and explanations provided to us, the law relating to the Provident

Fund and Employees State Insurance does not apply to the Company;

(b) There are no disputed/undisputed amounts payable in respect of statutory dues as at 30th June, 2014, which were outstanding for a period of more than six months from the date they became payable;

10. The Company neither has accumulated losses at the end of the financial year nor has incurred cash losses during the current financial year and in the immediately preceding Financial year;

11. According to records of the Company, the Company has not borrowed from financial institutions or banks or issued debentures till 30th June 2014. Hence, In our opinion, the question of reporting on defaults in repayment of dues to financial institutions or banks or debenture holders does not arise;

12. According to the records of the Company and the information & explanation provided by the management, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities;

13. In our opinion, and to the best of our information and according to the explanations provided by the management, we are of the opinion that the Company is neither a chit Fund nor a nidhi/mutual benefit fund/society. Hence, in our opinion, the requirements of Clause 4(xiii) of the Order do not apply to the Company;

14. According to information & explanation given to us the Company does not trade in shares, securities or debentures. However proper records have been maintained of the transaction and contracts in respect of investments made by the company. The investments are held by the company in its own name;

15. According to the records of the Company and the information and explanations provided by the management, the company has not given any guarantee for loans taken by others from bank or financial institutions;

16. The Company has not taken any term/secured loans from bank or financial institutions. Hence Clause 16 of the Order is not applicable;

17. On the basis of our examination of the books of accounts and the information and explanation given to us, during the year the Company has not raised any fund on short-term basis;

18. During the year, the Company has not made preferential allotment of shares to Company covered in the register maintained under Section 301 of the Act;

19. According to the records of the Company, Company has not issued any debentures during the year;

20. The Company has not raised any money by public issues during the year covered by our audit report;

21. Based on the audit procedures performed and information and explanations given to us by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For B. Lugani & Associates Chartered Accountants FRN.:-002560N

Sd/- Place : New Delhi (B. Lugani) Date : 28.08.2014 Partner M.No.081454


Jun 30, 2013

We have audited the attached Balance Sheet of ADHBHUT INFRASTRUCTURE LIMITED (Formerly as ADHBHUT INDUSTRIAL RESOURCES LIMITED) as at 30th June, 2013 and also the annexed Statement of Profit & Loss of the Company for the year ended on that date. 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.

We 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.

As required by the Companies (Auditor''s Report) Order, 2003, (the Order) issued by the Central Government of India in terms of sub section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matter specified in paragraph 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, 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 kept by the Company so far as appears from our examination of those books;

iii) The Balance Sheet, Statement of Profit & Loss dealt with by this report are in agreement with the books of account;

iv) In our opinion, the Balance Sheet, Statement of Profit & Loss dealt with by this report comply with the Accounting Standards as referred to in Sub-section (3C) & Section 211 of the Companies Act, 1956;

v) On the basis of written representations received from the directors as on 30th June 2013 , and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 30th June 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, 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 Balance Sheet, of the state of affairs of the Company as at 30th June 2013;

b) In the case of Statement of Profit & Loss, of the Profit for the period ended on that date;

Annexure to the Auditor''s Report of even date to the Members:

(i) (a) The Company has maintained proper records showing full particulars, including

quantitative details and the situation of its fixed assets.

(b) The fixed assets have been physically verified by the management during the year. In our opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) None of the assets sold/disposed off during the year and therefore the going concern assumption is not affected.

(ii) As the company has not purchased/ sold goods during the year nor is there any opening stocks, requirements of reporting on physical verification of stocks or maintenance of inventory records, in our opinion, does not arise;

(iii) The Company has neither taken nor granted any loans or advances in the natures of loans to parties covered in the register maintained under section 301 of the Companies Act, 1956. Hence, the question of reporting whether the terms & conditions of such loans are prejudicial to the interests of the Company, whether reasonable steps for recovery/repayment of over dues of such loans are taken does not arise;

(iv) In our opinion, and according to the information and explanations provided to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business. During the course of our audit, no major weakness has been noticed in the internal control;

(v) Based on the audit procedures applied by us and the information and explanations provided by the management, we are of the opinion that there were no transactions during the year that need to be entered in the register maintained under section 301 of the Companies Act, 1956.

(vi) Based on our opinion and information and explanations, the Company has not accepted any deposits from the public to which Sec. 58 & Sec. 58AA of the Company Act 1956 and the rules frames there under applicable;

(vii) The Company has a system of internal audit which, in our opinion, is commensurate with its size and nature of its business;

(viii) We have been informed by the management that maintenance of cost records under Section 209(l)(d) of the companies Act, 1956 is not applicable to the Company;

(ix) (a) According to the records, information and explanations provided to us, the law

relating to the Provident Fund and Employees State Insurance does not apply to the Company;

(b) There are no undisputed amounts payable in respect of statutory dues as at 30th June 2013 , which were outstanding for a period of more than six months from the date they became payable;

(x) The Company neither has accumulated losses at the end of the financial year nor has incurred cash losses during the current financial year and in the immediately preceding year;

(xi) Based on our audit procedures and on the information and explanations given by the management, in our opinion the Company has not borrowed from financial institutions or banks. Hence, Comments under the clause are not called for;

(xii) Based on our examination and according to the information and explanations given to us, in our opinion the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures or other securities;

(xiii) The Company is not a chit fund/nidhi/mutual benefit fund/society, therefore clause xiii of the Order is not applicable;

(xiv) According to information & explanation given to us the company does not trade in shares, securities or debentures. Proper records have been maintained of the transaction and contracts in respect of investments made by the company. The investments are held by the company in its own name;

(xv) The company has not given any guarantee for loans taken by others from bank or financial institutions;

(xvi) According to the records of the company examined by us and according to the information and explanations given to us, the company has not obtained any Term Loans. Hence the comments under the clause are not called for;

(xvii) On the basis of our examination of the books of accounts and the information and explanation given to us, in our opinion, the fund raised on short-term basis have not been used for long-term investment;

(xviii) During the year, the company has not made preferential allotment of shares to parties & companies covered in the Register maintained under section 301 of the Act;

(xix) The Company did not have any outstanding debentures during the period;

(xx) The Company has not raised any money by public issues during period.

(xxi) Based on the audit procedures performed and information and explanations given to us by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

for B. Lugani & Associates Chartered Accountants FRN.:-002560N

Place : New Delhi (B. Lugani) Date : 29.08.2013 Partner M.No. :-081454


Mar 31, 2011

We have audited the attached Balance Sheet of ADHBHUT INFRASTRUCTURE LIMITED (Formerly as ADHBHUT INDUSTRIAL RESOURCES LIMITED) as at 31st March 2011 and also the annexed Profit & Loss Account of the Company for the year ended on that date. 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.

We 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 tire 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.

As required by the Companies (Auditor''s Report) Order, 2003, (the Order) issued by the Central Government of India in terms of sub section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matter specified in paragraph 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, 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 kept by the Company so far as appears from our examination of those books;

iii) The Balance Sheet, Profit & Loss Account dealt with by this report are in agreement with the books of account;

iv) In our opinion, the Balance Sheet, Profit & Loss Account dealt with by this report comply with the Accounting Standards as referred to in Sub-section (3C) & Section 211 of the Companies Act, 1956;

v) On the basis of written representations received from the directors as on 31st March 2011, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, 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 Balance Sheet, of the state of affairs of the Company as at 31st March 2011;

b) In the case of Profit & Loss Account, of the profit for the year ended on that date;

Annexure to the Auditor''s Report of even date to the Members

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and the situation of its fixed assets.

(b) The fixed assets have been physically verified by the management dining the year. In our opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) None of the assets sold/disposed off during the year and therefore the going concern assumption is not affected.

(ii) (a) As explained to us physical verification/survey of land has been carried out during the year. In our opinion the frequency of verification/ survey is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedure of physical verification/survey 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) In our opinion and according to the information and explanations given to us, the company is maintaining proper records of inventory. No discrepancy has been noticed on verification between the physical stock and book records.

(iii) The Company has neither taken nor granted any loans or advances in the natures of loans to parties covered in the register maintained under section 301 of the Companies Act, 1956. Hence, the question of reporting whether the terms & conditions of such loans are prejudicial to the interests of the Company, whether reasonable steps for recovery/repayment of over dues of such loans are taken does not arise,

(iv) In our opinion and according to the information and explanations provided to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets and shares. During the course of our audit, no major weakness has been noticed in the internal control;

(v) Based on the audit procedures applied by us and the information and explanations provided by the management, we are of the opinion that there were no transactions during the year that need to be entered in the register maintained under section 301 of the Companies Act, 1956.

(vi) Based on our opinion and information and explanations, the Company has not accepted any deposits from the public to which Sec. 58 & Sec. 58AA of the Company Act 1956 and the rules frames thereunder applicable;

(vii) The Company has a system of internal audit which, in our opinion, is commensurate with its size and nature of its business;

(viii) We have been informed by the management that maintenance of cost records under Section 209(1) (d) of the companies Act, 1956 is not applicable to the Company;

(ix) (a) According to the records, information and explanations provided to us, the law relating to the Provident Fund and Employees State Insurance does not apply to the Company;

(b) There were no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sale Tax, Customs Duty and Excise duty as at 31st March 2011 which were outstanding for a period of more than six months from the date they became payable;

(x) The Company neither has accumulated losses at the end of the financial year nor has incurred cash losses during the year and in the immediately preceding year;

(xi) Based on our audit procedures and on the information and explanations given by the management, in our opinion the Company has not borrowed from financial institutions or banks. Hence, Comments under the clause are not called for;

(xii) Based on our examination and according to the information and explanations given to us, in our opinion the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures or other securities;

(xiii) The Company is not a chit fund/nidhi/mutual benefit fund/society, therefore clause xiii of the Order is not applicable;

(xiv) As per records of the company and the information and explanations given to us by the management, Company is not dealing or trading in shares, securities and debentures and other investments.

(xv) The company has not given any guarantee for loans taken by others from bank or financial institutions;

(xvi) According to the records of the company examined by us and according to the information and explanations given to us, the company has not obtained any Term Loans. Hence the comments under the clause are not called for;

(xvii) On the basis of our examination of the books of accounts and the information and explanation given to us, in our opinion, the fund raised on short-term basis have not been used for long-term investment;

(xviii) During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Act;

(xix) The Company did not have any outstanding debentures during the year;

(xx) The Company has not raised any money by public issues during year;

(xxi) Based on the audit procedures performed and information and explanations given to us by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

for B. Lugani & Associates Chartered Accountants

(Lugam) Partner

Place: New Delhi Date : 25.08.2011.

 
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