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Auditor Report of Alchemist Realty Ltd.

Mar 31, 2015

1. We have audited the accompanying standalone financial statements of Alchemist Realty Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015, and the Statement of Profit and Loss and 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

2. 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 the preparation of these standalone 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 Standard specified under Section 133 of the Act, read with the provision of the Companies (Accounts) Rules, 2014. This responsibility 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 internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentations of the financial statements that give a true and fair view and free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

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

4. 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 Rules made there under.

5. 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.

6. 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 expressing an 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.

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

Opinion

8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 March 31,2015 and its profit and its Cash Flow for the year ended on that date.

Emphasis of the Matter

a. Attention is invited to note No 14.1 and 14.2 of the financial statements wherein amount of Rs. 5867.44 lacs has been shown under the head of long term advances, "out of which Rs. 1247.14 Lacs has been given to various parties and the matter is sub judice in various courts for acquiring properties and advances amounting to Rs. 1830.12 lacs given to various other parties but the sale deeds for properties have not so far been executed in favor of the company". These advances have been considered as good by the management of the company . It is relevant to point out that these are material advances and are pending since long, more than three years, and the management has not made any provision for the same.

Attention is also invited to note No 14.3 of the financial statements for amount shown under the head " long term advance Rs. 1887.92 Lacs given to various parties on account of franchisee fee and other expenses for acquiring rights of Realogy Corpn. Inc. USA for their brand (Century 21 ) which is recoverable from its subsidiary Century 21 Properties (India) Pvt. Ltd as and when the rights will be transferred to it". It is relevant to note that the amount has been advanced since long and rights have not been transferred so far.

b. We draw attention to note 14.4, the company has advanced as loan a sum of Rs.7.21 Cores to two parties as interest free unsecured loan, the same is in violation of sub section 7 of section 186 of the Companies Act 2013. This sub section requires the "No loans shall be given under this section at a rate lower than the prevailing yield of one year, three year, five year or ten year Government Security closest to the tenure of the loan.

c. Attention is invited to note No 17 and 17.1 of the financial statements which states Trade receivables amounting to Rs. 14931.00 lacs out of Which export debtors for merchant trade transaction are 14171.29 lacs and other receivables are Rs. 742.10 which are outstanding for more than six months from the date they become due from payment. Attention is invited to point 17.1 wherein the company has extended credit from time to time as per the market practice for export debtors and regular follow up is being done to recover the same and management is confident to recover the same, in view of the same, management feels that the same are recoverable and there is no need to make the provision at this juncture. For other receivables amounting to Rs. 742.10 lacs, these are long outstanding for more than 3 years and the management has not made any provision for the same.

Report on Other Legal and Regulatory Requirement's

9. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") 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 the paragraph 3 and 4 of the Order, to the extent applicable.

10. 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 purpose 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, 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 Companies Act, 2013, read with Rule 7 of the Companies(Accounts) Rules,2014;

e) In our opinion the matter described in observation and comments made in Emphasis of the matter can adversely affect the functioning of the company.

f) On the basis of written representations received from the directors as on March 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of section 164(2) of the Companies Act, 2013.

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

i. The Company has not disclosed the impact of pending litigations in its financial statements with respect to suits on or by the company in respect of suits filed by the company for acquisition of properties as referred to in note 14.1 and 14.2 of the financial statements.

ii. The company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There no amounts which required to be transferred, to the Investor Education and Protection Fund by the company

Annexure to the Independent Auditors' Report

The Annexure referred to in our Independent Auditors' Report of even date to the members of Alchemist Realty Limited on the financial statements as of and for the year ended 31st March, 2015 . We report that:

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

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, no substantial part of fixed asset has been disposed during the year and therefore it does not affect the going concern status of the company.

2. (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories 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 on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

3. a) According to information and explanations given to us, the company has granted unsecured loan to two subsidiary company, i.e. Alchemist Hill Resorts Private Limited and Century 21 Properties India Private Limited (party covered under section 189 of the companies Act. 2013) amounting to Rs. 721.12 Lacs which is prejudicial to the interest of the company.

i) The principle amounts are repayable over the varying periods as informed to us , while the interest is recoverable at the discretion of the company.

ii) We are unable to comment on the overdue amount of Rs One lakh in respect of principle and interest as necessary documents, terms and conditions on which loans have been given have not been made available to us .

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and for the sale of goods and services. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. According to the information ad explanation given to us, the company has not accepted deposits from public. Therefore the provision of clause (v) of paragraph 3 of CARO 2015 are not applicable to the company

6. The rules prescribed by the Central Government for the maintenance of cost records under sub-section (1) of section 148 the Companies Act, 2013 are not applicable to the Company.

7. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2015 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 amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

8. The Company does not have any accumulated loss and has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

9. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

10. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution the terms and conditions whereof are prejudicial to the interest of the company.

11. The Company has not raised any new term loan during the period. The total amount of vehicle loan from HDFC Bank Ltd has been repaid during the year.

12. During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practice in India, and according to the information and explanation given to us, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by the management.

FOR K.SINGH & ASSOCIATES CHARTERED ACCOUNTANTS Firm No. 012458N

KULTAR SINGH PLACE : New Delhi Partner DATED:28/05/2015 Membership No. 091673






Mar 31, 2014

1. We have audited the accompanying financial statements of Alchemist Realty 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 then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility forthe Financial Statements

2. Management is responsible for the preparation 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 Standards notified under Companies Act, 1956 ("the Act") read with General Circular 15/2013 dated September 13, 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

3. 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 and other applicable authoritative pronouncements 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.

4. 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 expressing an 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.

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

Opinion

6. 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:

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, of the profit for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirement''s

7. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order"), as amended by the Companies(Auditor''s Report)(Amendment order 2004), issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act (hereinafter referred to as the "order"),and on the basis of such checks of books and records of the company as we considered appropriate and according to information and explanation given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

8. 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 purpose 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, 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 Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this report comply with the Accounting Standards notified under companies Act, 1956 ("the Act") read with General Circular 15/2013 dated September 13, 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 as on March 31,2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE TO THE INDEPENDENT AUDITORS* REPORT Referred to in Paragraph 7 of the Independent Auditors'' Report of even date to the members of Alchemist Realty Limited on the financial statements as of and for the year ended 31st March, 2014. We report that:

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

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, no substantial part of fixed asset has been disposed during the year and therefore it does not affect the going concern status of the company.

2. (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories 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 on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

3. a) According to information and explanations given to us, the company has taken unsecured loan from two companies i.e. from KDS Corporation Private Limited (Promoter Company) and Technology Parks Limited (party covered under section 301 of the companies Act. 1956) amounting to Rs. 26130.00 Lacs which is maximum outstanding at the end of the year. We are unable to comment upon terms and conditions on which loans have been taken from companies listed in register maintained under section 301 as no interest has been paid on the loan taken by the company, which is not prejudicial to the interest of the company

b) The company has granted unsecured loan to two subsidiary company, i.e. Alchemist Hill Resorts Private Limited and Century 21 Properties India Private Limited (party covered under section 301 of the companies Act. 1956) amounting to Rs. 358.52 Lacs which is not prejudicial to the interest of the company.

i) Maximum amount involved during the year was Rs. 358.52 Lacs and the year-end balance was also Rs. 358.52 Lacs.

ii) However no interest is being charged on the loan given by the company.

iii) Coupled with (i) above there are no covenants in respect of repayment of the loans.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. a) In our opinion and according to the information and explanations given to us, the transaction made in pursuance of contracts or arrange -ment that need to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts/arrangement entered in the Register maintained under section 301 of the Companies Act, 1956 and exceeding the value ofRs. 5,00,000/- in respect of each party during the year have been made at prices which appear not reasonable(in respect of loan arrangement) as per information available with the Company.

6. According to the information and explanations given to us, the Company has not accepted any deposits from the public. Therefore, the provisions of Clause (vi) of paragraph 4 of the Order are not applicable to the Company.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with the size and the nature of its business,

8. The rules prescribed by the Central Government for the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956 are not applicable to the Company.

9. (a) According to the records of the company, undisputed statutory dues including Provident Fund,

Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax! Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31s1 of March, 2014 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 amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

10. The Company does not have any accumulated loss and has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial instit -ution, bank or debenture holders.

12. According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision of clause 4 (xiii) of the said order are not applicable to the Company.

14. According to information and explanations given to us, the Company is not dealing in or trading in shares, securities, debentures & other Investments. Therefore the provision of Clause 4(xiv) of the order is not applicable to the company.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

16. The Company has not raised any new term loan during the period. The total amount outstanding of vehicle loan from HDFC Bank Ltd at the year end is Rs. 2.96 Lacs.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2014, we are of the opinion that there are no funds raised on short-term basis that have been used for long-term investment.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares to parties and compa -nies covered in the register maintained under section 301 of the Companies Act, 1956.during the year.

19. According to the information and explanations given to us, the Company has not issued any debentures during the year. Therefore, the provision of clause 4(xix) of the order is not applicable to the Company,

20. The Company has not raised any money by public issue during the year.

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

FOR K.SINGH & ASSOCIATES CHARTERED ACCOUNTANTS Firm No. 012458N

Sd/- KULTAR SINGH PLACE: New Delhi Partner DATED: 29/05/2014 Membership No. 091673


Mar 31, 2012

1) We have audited the Balance Sheet of ALCHEMIST REALTY LIMITED, as at 31 st March, 2012 and the related Profit and Loss Account for the year ended on that date, annexed thereto. 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 the Auditing Standards generally accepted in India. These 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 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 the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3) As required by the Companies (Auditor's Report) order, 2003 as amended by the companies (Auditors Report) amendment order, 2004(together the 'order') issued by the Central Government of India in terms of Sec. 227(4A) of the Companies Act, 1956 and on the basis of such checks as we considered appropriate and according to information and explanation given to us, we set out in annexure Statement on the matters specified in paragraph 4 & 5 of the said order.

4) Further to our comments in the Annexure referred in paragraph 3 above, we report that:-

a) We have obtained all the information and explanation 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 law have been kept by the company so far as it appears from our examination of such books.

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

d) In our opinion the Balance Sheet, Profit & Loss Account & Cash Flow comply with the Accounting Standards referred to in sub section (3C) of section 211 of the Companies Act, 1956.

e) The accounts of the company have been prepared on a going concern basis.

f) On the basis of written representation received from the Directors, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2012 from being appointed as a Director in terms of Clause (g) of the sub-section(1) of section 274 of the Companies Act, 1956.

g) In our opinion and to the best of our information and according to the explanation's given to us, the said accounts together with the notes thereon and attached thereto given in the prescribed manner the information as required by the Companies Act 1956 give a true and fair view in the manner so required and are 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's as at 31st March, 2012;

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

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

ANNEXURE TO THE AUDITORS'S REPORTS

Referred to in paragraph 3 of our Report of even date on the accounts for the year ended on 31st

March, 2012 of Alchemist Realty Limited.

1. a) The Company has generally maintained proper records showing full particulars including quantitative

detail and situation of fixed assets.

b) The Company has verified all its fixed assets during the period. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the company and the nature of its business.

c) The company has not disposed off any fixed assets during the year.

2. a) As explained to us, the physical verification of the inventory has been conducted by the management at reasonable intervals during the year.

b) In our opinion and according to the information given to us the procedures of physical verification of inventories 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 has maintained proper records of inventory. As explained to us, there was no material discrepancies noticed on physical verification of inventory as compared to the book of records.

3. According to information and explanations given to us, the company has not granted/taken any loans, secured or unsecured to/ from the companies ,firm or other parties covered in the register maintained under section 301 of the companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there exists adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventories and fixed assets. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

5. a) According to information and explanations given to us, we are of the opinion that the transactions that need to be entered has been so entered in the register maintained U/s 301 of the Companies Act, 1956.

b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956, aggregating during the year of Rs. 500,000/- or more in respect of each party have been made at prices which in our opinion, are reasonable having regard to prevailing market price at the relevant time.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any public deposit accordingly provisions of Sections 58A and 58AA or any other relevant provisions of the Act and the Rules framed there under, and the directives issued by the Reserve Bank of India are complied with.

7. In our opinion and according to the information and explanations given to us, the Company has in general adequate internal audit system commensurate with the size and the nature of the business of the Company.

8. We have been informed that the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956.

9. a) According to the information and explanations given to us and on the basis of records produced before us, the Company is generally regular in depositing undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and any other statutory dues with appropriate authorities applicable to it.

b) In our opinion and according to the information and explanations given to us, there are no disputed and outstanding amount payable in respect of Income Tax, Wealth Tax, Fringe Benefit Tax, Sales Tax, Service Tax, Custom Duty and Excise Duty as on 31st March, 2012 for a period of more than six months from the date they became payable.

10. The Company has no accumulated losses at the end of the financial year and it has not incurred any cash losses in the financial year under report and immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us the Company has not defaulted in repayment of dues to banks and financial institutions.

12. In our opinion and according to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The company is not a Chit Fund ora Nidhi/Mutual Benefit Fund/Society.

14. The Company is not dealing or trading in shares, securities, debentures and other investments. All other investments are held by the Company in its own name.

15. In our opinion and according to explanations given to us, the company has not given any guarantees in respect of any loan taken by it from bank/financial institution.

16. The Company has not raised any new term loan during the period. The total amount outstanding of previous loan from HDFC Bank Ltd. and Tata Capital Limited at the year end is Rs. 5.57 Lacs.

17. In our opinion and according to the information and explanations given to us as well as on the basis of our over all examination of the Cash Flow Statement and the Balance Sheet, we report that no funds raised for short term basis have been used for long term Investment and no long term funds have been used to finance short term assets.

18. Based on the examination of records and the information provided to us by management we report that 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.

19. The Company has not issued debentures during the accounting year ended on 31 st March, 2012.

20. As per the information and explanations given to us, the company has not raised any money by way of public issue during the year.

21. On the basis of our examination and according to the information and explanations given to us, no fraud, on or by the Company, has been noticed or reported during the course of our audit.

For K. Singh & Associates Chartered Accountants Firm No.012458N

Sd/-

(Kultar Singh) Place: New Delhi Partner Dated: 30.08.2012 Membership No. 091673

 
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