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Auditor Report of Anna Infrastructures Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of ANNA INFRASTRUCTURES LIMITED,("the company") which comprise the Balance Sheet as at 31/03/2014, and the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of financial position, financial performance of the company in accordance with the accounting standards referred to in sub -section (3C) of section 211 of the Companies Act 1956 ("the Act") The responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of financial statements that give a true and fair view and are free from material misstatements, 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 misstatements.

Audit involves performing procedure to obtain audit evidence about the amounts and disclosure in the financial statements. The procedure selected depend upon auditor''s judgement, including the assessment of the risk of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessment, 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 accounting estimates made by management, as well as evaluating the overall presentation of 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 case of the Balance Sheet, of the state of affairs of the Company as at 31/03/2014;

(b) in case Statement of Profit and Loss Account, of the Profit for the year ended on that date;

(c) in case of Cash Flow Statement, of the 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,2003("the order") issued by Central Government of India in terms of sub-section (4A) of section 227 of the Act, We give in the Annexure a statements 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:

a. We have obtained all 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 examinations of those 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, Statement of Profit and Loss, comply with the Accounting Standards referred to in sub-section(3C) of section 211 of the Companies Act,1956;

e. On the basis of written representations received from the directors as on 31/03/2014 and taken on record by the Board of Directors, none of the director is disqualified as on 31/03/2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNFXURF TO THE AUDITORS'' REPORT Referred to in paragraph 1 of our Report of even date :

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

(b) All Fixed Assets have been physically verified by the Management according to a regular programme of periodic verification which in our opinion is reasonable having regard to the size of the Company and nature of fixed assets.

(c) During the year, the Company has not disposed of any substantial/major part of fixed assets.

2. (a) As explained to us, the inventory of Real Estate Division has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of stocks followed by the management is 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 and on the basis of our examination of the records of inventory, the company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to the book records were not material.

1. (a) According to the information and explanation given to us, the company has neither granted nor taken any loan secured or unsecured , to/from companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956. As the Company has not granted/taken any loan, secured or unsecured, to from companies, firms etc. listed in the register maintained under section 301 of the Act, paragraph 3(b), 3(c) 3(d), 3(e), 3(f) and 3(g) or the order, are not applicable.

2. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of Company and the nature of its business with regard to purchase of Inventory and fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

3. (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the Contract or arrangements that need to be entered into the register maintained under section 301 have been so entered.

(b)In our opinion and according to the information and explanations given to us, the Contracts and arrangements made in pursuance of contracts or arrangements entered in the register maintained under section 301 and exceeding the value of five lakh rupees in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

4. The Company has not accepted any deposits from the public within the meaning of Section 58A and 58AA or any other relevant provisions of the Act and the rules framed there under.

5. The Company has no Internal Audit System. However internal control exercised by the management of the Company commensurate with the size and nature of its business.

6. As per information and explanations given to us, maintenance of cost records have not been prescribed by the Central Government under section 209(1)(d) of the Companies Act, 1956.

7. (a) According to the records of the Company and information and explanations given to us, the Company has been regular in depositing undisputed Statutory dues including Provident Fund, Investor Education and protection fund, Employee State Insurance, Income Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other statutory dues with the appropriate authorities during the year.

(b) According to the records of the company and information and explanations given to us, there is no outstanding Statutory Dues in the Company.

8. The Company does not have accumulated losses as at the end of the year and the Company has not incurred cash losses during current and 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 Banks. There were no dues to financial institution or debenture holders during the year.

10. According to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debenture and other securities.

11. The provision of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund/ Societies are not applicable to the Company.

12. (a) Based on the records examined by us and according to the information and explanations given to us, we are of the opinion that the company is maintaining proper record of the transactions and contracts of dealing in shares, securities, debentures and other investments and those timely entries have been made in these records. (b) Based on our audit procedures and to the best of our knowledge and belief and according to the information and explanations given to us, the shares, securities, debentures and other investments have been held by the company in its own name.

13. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks and financial institutions.

14. According to the information and explanations given to us, the term loans were applied for the purpose for which the loans were obtained.

15. Based on examination of documents and records made available and on the basis of information and explanations given to us, the company has not used funds raised on short term basis for long term investments.

16. The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956, during the year.

17. No debentures have been issued by the Company during the year.

18. The Company has not raised money by Public Issue during the year.

19. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.

For Mehra Sanjay & Co Firm Reg. No. 006381c Chartered Accountants Place: New Delhi Date : 31st May 2014 Sd/- (Sanjay Mehra) Partner M.No.-75182


Mar 31, 2013

We have audited the attached Balance Sheet of ANNA INFRASTRUCTURES LIMITED, as at 31st March 2013 and also the Profit and Loss Statement 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. 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We Report that:

1. As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government in terms of Section227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

2. Further to our comments in the Annexure referred to in paragraph 1 above:

(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 accounts as required by the law have been kept by the Company so far as appears from our examination of those books.

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

(iv) In our opinion, the Balance Sheet and Profit and Loss statement dealt with by this report comply with the Accounting Standards prescribed by the Institute of Chartered Accountants of India, referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the directors, as on 31st March 2013, and taken on record by the Board of Directors, We report that none of the directors is disqualified as on 31st March 2013 from being appointed 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 subject to and read with the accounting policies and notes attached thereto or appearing thereon given 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 the Balance Sheet, of the state of affairs of the Company ac ''M 31st March 2013; and

(b) in the case of the Profit and Loss Statement, of the profit 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.

ANNEXURE TO THE AUDITORS'' REPORT Referred to in paragraph 1 of our Report of even date :

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

(b) All Fixed Assets have been physically verified by the Management according to a regular programme of periodic verification which in our opinion is reasonable having regard to the size of the Company and nature of fixed assets.

(c) During the year, the Company has not disposed of any substantial/major part of fixed assets.

2. (a) As explained to us, the inventory of Real Estate Division has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of stocks followed by the management is 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 and on the basis of our examination of the records of inventory, the company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to the book records were not material.

3. (a) According to the information and explanation given to us, the company has neither granted nor taken any loan secured or unsecured , to/from companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956. As the Company has not granted/taken any loan, secured or unsecured, to from companies, firms etc. listed in the register maintained under section 301 of the Act, paragraph 3(b), 3(c) 3(d), 3(e), 3(f) and 3(g) or the order, are not applicable.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of Company and the nature of its business with regard to purchase of Inventory and fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

5. (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the Contract or arrangements that need to be entered into the register maintained under section 301 have been so entered.

(b)In our opinion and according to the information and explanations given to us, the Contracts and - arrangements made in pursuance of contracts or arrangements entered in the register maintained under section 301 and exceeding the value of five lakh rupees in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public within the meaning of Section 58A and 58AA or any ether reicvaiu provisions of the Act and the rules framed there under.

7. The Company has no Internal Audit System. However internal control exercised by the management of the Company commensurate with the size and nature of its business.

8. As per information and explanations given to us, maintenance of cost records have not been prescribed by the Central Government under section 209(1 )(d) of the Companies Act, 1956.

9. (a) According to the records of the Company and information and explanations given to us, the Company has been regular in depositing undisputed Statutory dues including Provident Fund, Investor Education and protection fund, Employee State Insurance, Income Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty. Excise Duty, Cess and any other statutory dues with the appropriate authorities during the year.

(b) According to the records of the company and information and explanations given to us, there is no outstanding Statutory Dues in the Company.

10. The Company does not have accumulated losses as at the end of the year and the Company has not incurred cash losses during current and 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 tc Banks. There were no dues to financial institution or debenture holders during the year.

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

13. The provision of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund/ Societies are not applicable to the Company.

14. (a) Based on the records examined by us and according to the information and explanations given to us, we are of the opinion that the company is maintaining proper record of the transactions and contracts of dealing in shares, securities, debentures and other investments and those timely entries have been made in these records. (b) Based on our audit procedures and to the best of our knowledge and belief and according to the information and explanations given to us, the shares, securities, debentures and other investments have been held by the company in its own name.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks and financial institutions.

16. According to the information and explanations given to us, the term loans were applied for the purpose for which the loans were obtained.

17. Based on examination of documents and records made available and on the basis of information and explanations given to us, the company has not used funds raised on short term basis for long term investments.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956, during the year.

19. No debentures have been issued by the Company during the year.

20. The Company has not raised money by Public Issue during the year.

21. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.

For Mehra Sanjay & Co

Firm Reg. No. 006381c

Chartered Accountants

Place: New Delhi

Date :28th June 2013 (Sanjay Mehra)

Partner M.No.-75182


Mar 31, 2012

We have audited the attached Balance Sheet of ANNA INFRASTRUCTURES LIMITED, as at 3 Isl March 2012 and also the Profit and Loss Statement 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.

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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We Report that :

1. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government in terms of Section227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

2. Further to our comments in the Annexure referred to in paragraph 1 above:

(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 accounts as required by the law have been kept by the Company so far as appears from our examination of those books.

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

(iv) In our opinion, the Balance Sheet and Profit and Loss statement dealt with by this report comply with the Accounting Standards prescribed by the Institute of Chartered Accountants of India, referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the directors, as on 31st March 2012, 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 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 subject to and read with the accounting policies and notes attached thereto or appearing thereon given 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 the Balance Sheet, of the state of affairs of the Company as at 31st March 2012; and

(b) in the case of the Profit and Loss Statement, of the profit 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.

ANNEXURE TO THE AUDITORS' REPORT Referred to in paragraph 1 of our Report of even date :

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

(b) All Fixed Assets have been physically verified by the Management according to a regular programme of periodic verification which in our opinion is reasonable having regard to the size of the Company and nature of fixed assets.

(c) During the year, the Company has not disposed of any substantial/major part of fixed assets.

2. (a) As explained to us, the inventory of Real Estate Division has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of stocks followed by the management is 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 and on the basis of our examination of the records of inventory, the company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to the book records were not material.

3. (a) According to the information and explanation given to us, the company has neither granted nor taken any loan secured or unsecured , to/from companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956. As the Company has not granted/taken any loan, secured or unsecured, to from companies, firms etc. listed in the register maintained under section 301 of the Act, paragraph 3(b), 3(c) 3(c ), 3(e), 3(0 and 3(g) or the order, are not applicable.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of Company and the nature of its business with regard to purchase of Inventory and fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

5. (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the Contract or arrangements that need to be entered into the register maintained under section 301 have been so entered.

(b)In our opinion and according to the information and explanations given to us, the Contracts and arrangements made in pursuance of contracts or arrangements entered in the register maintained under section 301 and exceeding the value of five lakh rupees in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant lime.

6. The Company has not accepted any deposits from the public within the meaning of Section 58A and 58AA or any other relevant provisions of the Act and the rules framed there under.

7. The Company has no Internal Audit System. However internal control exercised by the management of the Company commensurate with the size and nature of its business.

8. As per information and explanations given to us, maintenance of cost records have not been prescribed by the Central Government under section 209( I )(d) of the Companies Act, 1956.

9. (a) According to the records of the Company and information and explanations given to us, the Compan) has been regular in depositing undisputed Statutory dues including Provident Fund, Investor Education and protection fund, Employee State Insurance, Income Tax, Sales Tax, Service Tax, Wealth Tax, Custom L)ut. Excise Duty, Cess and any other statutory dues with the appropriate authorities during the year.

(b) According to the records of the company and information and explanations given to us, there is no outstanding Statutory Dues in the Company.

10. The Company does not have accumulated losses as at the end of the year and the Company has not incurred cash losses during current and 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 Banks. There were no dues to 'financial institution or debenture holders during the year.

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

13. The provision of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund/ Societies are not applicable to the Company.

14. (a) Based on the records examined by us and according to the information and explanations given to us, wc arc of the opinion that the company is maintaining proper record of the transactions and contracts of dealing in shares, securities, debentures and other investments and those timely entries have been made in these records.

(b) Based on our audit procedures and to the best of our knowledge and belief and according to the information and explanations given to us, the shares, securities, debentures and other investments have been held by the company in its own name.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks and financial institutions.

16. According to the information and explanations given to us, the term loans were applied for the purpose for which the loans were obtained.

17. Based on examination of documents and records made available and on the basis of information and explanations given to us, the company has not used funds raised on short term basis for long term investments.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956, during the year.

19. No debentures have been issued by the Company during the year.

20. The Company has not raised money by Public Issue during the year.

21. To the best of our knowledge and belief and according to the information and explanations given to us. no fraud on or by the company was noticed or reported during the year. .

For Mehra Sanjay & Co

Firm Reg. No. 006381c

Chartered Accountants

Place: New Delhi Date : 29th June 2012

(Sanjay Mehra)

Partner M.No.-75182


Mar 31, 2010

We have audited the attached Balance Sheet of ANNA INFRASTRUCTURES LIMITED (Formerly Known as ANNA FINANCE LTD), as at 31st March 2010 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the companys 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We Report that:

1. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government in terms of Section227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

2. Further to our comments in the Annexure referred to in paragraph 1 above:

(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 accounts as required by the law have been kept by the Company so far as appears from our examination of those books.

(iii) The Balance Sheet and Profit and Loss Account dealt with by this report arc in agreement with the books of account.

(iv) In our opinion, the Balance Sheet and Profit and Loss account dealt with by this report comply with the Accounting Standards prescribed by the Institute of Chartered Accountants of India, referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the directors, as on 31st March 2010, and taken on record by the Board of Directors, We report that none of the directors is disqualified as on 31st March 2010 from being appointed 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 subject to and read with the accounting policies and notes attached thereto or appearing thereon given 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 the Balance Sheet, of the state of affairs of the Company as at 31 st March 2010; and

(b) in the case of the Profit and Loss Account, of the profit 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.

ANNEXURE TO THE AUDITORS REPORT Referred to in paragraph 1 of our Report of even date :

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

(b) All Fixed Assets have been physically verified by the Management according to a regular programme of periodic verification which in our opinion is reasonable having regard to the size of the Company and nature of fixed assets.

(c) During the year, the Company has not disposed of any substantial/major part of fixed assets.

2. (a) As explained to us, the inventory of Real Estate Division has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of stocks followed by the management is 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 and on the basis of our examination of the records of inventory, the company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to the book records were not material.

3. (a) According to the information and explanation given to us, the company has neither granted nor taken any loan secured or unsecured , to/from companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956. As the Company has not granted/taken any loan, secured or unsecured, to from companies, firms etc. listed in the register maintained under section 301 of the Act. paragraph 3(b), 3(c) 3(d), 3(e), 3(0 and 3(g) or the order, are not applicable.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of Company and the nature of its business with regard to purchase of Inventory and fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

5. (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the Contract or arrangements that need to be entered into the register maintained under section 301 have been so entered.

(b)In our opinion and according to the information and explanations given to us. the Contracts and arrangements made in pursuance of contracts or arrangements entered in the register maintained under section 301 and exceeding the value of five lakh rupees in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public within the meaning of Section 58A and 58AA or any other relevant provisions of the Act and the rules framed there under.

7. The Company has no Internal Audit System. However internal control exercised by the management of the Company commensurate with the size and nature of its business.

8. As per information and explanations given to us, maintenance of cost records have not been prescribed by the Central Government under section 209(l)(d) of the Companies Act, 1956.

9. (a) According to the records of the Company and information and explanations given to us, the Company has been regular in depositing undisputed Statutory dues including Provident Fund, Investor F.ducation and protection fund, Employee State Insurance, Income Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duly, Excise Duty, Cess and any other statutory dues with the appropriate authorities during the year.

(b) According to the records of the company and information and explanations given to us, there is no outstanding Statutory Dues in the Company.

10. The Company does not have accumulated losses as at the end of the year and the Company has not incurred cash losses during current and 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 Banks. There were no dues to financial institution or debenture holders during the year.

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

13. The provision of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund/ Societies are not applicable to the Company.

14. (a) Based on the records examined by us and according to the information and explanations given to us. we are of the opinion that the company is maintaining proper record of the transactions and contracts of dealing in shares, securities, debentures and other investments and those timely entries have been made in these records. (b) Based on our audit procedures and to the best of our knowledge and belief and according to the information and explanations given to us, the shares, securities, debentures and other investments have been held by the company in its own name.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks and financial institutions.

16. According to the information and explanations given to us, the term loans were applied for the purpose for which the loans were obtained.

17. Based on examination of documents and records made available and on the basis of information and explanations given to us, the company has not used funds raised on short term basis for long term investments.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956, during the year.

19. No debentures have been issued by the Company during the year.

20. The Company has not raised money by Public Issue during the year.

21. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.

Mehra Sanjay & Co.

Chartered Accountants Place: New Delhi Date :29th June 2010

(Sanjay Mehra) Partner M.Nc-75182

 
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