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Auditor Report of Authum Investment & Infrastructure Ltd.

Mar 31, 2016

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF AUTHUM INVESTMENT & INFRASTRUCTURE LIMITED Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements Authum Investment & Infrastructure Limited (“the Company”), which comprise the Balance Sheet as at 31St March, 201 6, the Statement of Profit and Loss, Cash Flow Statement for the year ended ,a summary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone 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 the preparation and presentation^ these standalone financial statements that give a true and View of the financial position financial performance cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under &ectB3 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 204. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 finance 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 misstate me Thither due to fraud or error.

Auditor’s Responsibility

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

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

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Stand are enquire that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from mat aerialist at emend.

An audit involves performing procedures to obtain audiences about the amounts and t he 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 reroll making those risk assessments, the auditor considers internal financial 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 rape pirate in the circum stoics An audit also includes evaluating the appropriateness of the 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 battements .

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

Opinion

In our opinion and to the best of our information and according to the expiations, 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 Company as at 3tt March, 2206, and it profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1 As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government of India in terms of -section (D) of section 143 of the Act, we give in the Annexure

- “A”, a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

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

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

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

(c) The Balance Sheet and the Statement of Profit and Lends the Cash Flow Statement with by this Report are in agreement with the books of account

(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section B3 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from ^(the director as on 3it March, 120 taken on record by the Board of Directors, none of the directors is disqualified 3 fest on March, 216 from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controller to our separate report in Annexure”; and

(g) With respect to the other matters to be including Auditor’s Report in accordance with Rule m of the Companies (Audit and Auditors) Rules, 204, 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 litigations which old impact its financial position.

ii. The Company did not have any longer contracts including derivative contracts for which there were any material foreseeable losses.

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

The Annexure referred to in our Independent Auditors’ Report to the members of the Company on the standalone financial statements for the year infect March 2016, we report that:

1 a) The Company has maintained proper records showing full particular including quantitative details and situation of fixed as. sets

(b) As explained to us, the fixed assets have been physically verified by the management in accordance with a phased programmed of verification, which in our opinion is reasonable, considering the size and the nature of its business. The frequency of verification is reasonable and no material discrepancies have been noticed on such physical verification.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company does not hold any immovable property.

2 The inventories of Sharpening held in electronic mode Accordingly, paragraph 3(ii) of the Order is not applicable .

3. The Company has granted loans to one body corporate covered in the register maintained under sectionB9 of the Companies Act20B (‘the act’)

(a) In our opinion, the rate of interest and other terms and conditions on which the loans had been granted to the bodies corporate listed in register maintained under Section 189 of the Act were not, prima facie, prejudicial to the interest of the Company

(b) The terms of arrangements do not stipulate any repayment schedule and the loans (including interest are repayable on demand.

(c) There are no overdue amounts in respect of the loan granted to a body corporate listed in the register maintained under section 189 of the Act.

4. In our opinion and according to the information and explanations given to Company has complied with the provisions of section 85 and 186 of the Companies Act, 20B to the extent applicable to it.

5. The Com has not accepted any deposits from the public.

6. As informed to us, the Central Government has not prescribed maintenance of cost records under subsection (1) of Section 148 of the Act, in respect of the activities carried on by the Company.

7. According to the information and explanations given to us am the basis of our examination of the books and records of Company, the Company is regular in depositing undisputed statutory dues (including income tax, other statutory dues applicable to it) with appropriate authorities According to the information and explanations give rut there were

no undisputed amounts payable in respect of Income, and other statutory duties arrears were outstanding as at 3t1March, 2016 for a period of more than six months from the date they became payable.

8. According to the records of the Company examined by us and the information and explanations given to us, thumping has not defaulted in repayment of dues to any financial institution, banks, government or debenture holder.

9. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term load ring the year Accordingly, paragraph 3(ix) of the Order is not applicable.

10 According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.

11 According to the information and explanations give un to and based on our examination of the records of the company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section B7 read with Schedule V to the Act.

12 In our opinion and according to the information and explanations given to us, Company is not a niche Company. Accordingly, paragraph 3(xii) of the Order is not applicable.

B. According to the information and explanations given to us and based on our examination of the records d Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable account$]ttangarcls.

14. According to the information and explanations give to us and based on our examination of the records of Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the e year.

15. According to the information and explanations given to us and based on our examination of the records of the company, the Company has not entered into no rash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.

16. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company is Non-Banking Finance £company and it is registered under section 45A. of the Reeve Bank of India Act9 34.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial report together Investment & Infrastructure Limited (“the Company”) as of 31st March 206 in conjunction with our audit of the standalone financial statements of Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria as at bliss hack>phony considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI’). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively ensuring the orderly and efficient conduct of its business, including ad erect Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013

Auditors’ Responsibility

Our responsibility is to express an opinion on Company''s internal financial controls over financial reporting based on our audio We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 43(D) of the Comes Act,

20B, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note niece that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated off edict lively all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controvert financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal cabs ebon the assessed risk. 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.

We believe that the audit evidence we have: aimed is sufficient and appropriate to provide a basis for our audit opinion on company s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company''s internal financial mortal over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting]|since.

Company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of thetas of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures 6fofih|eany are being made only in accordance with authorizations of management and direct any; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that god have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected^ Abjections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial cob(vie]financial reporting were operating effectively as at s3 larch 206 based on the internal control over financial reporting criteria established by the company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

F or SANGHAI & CO

Chartered Accountants

Firm Reg. N o3 PC79E

Kamlesh Kumar Agarwal

Partner

P lace: Kolkata M embers hi p N 067461

Date: 30/05/2015


Mar 31, 2015

We have audited the accompanying standalone financial statements of Authum Investment & Infrastructure Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements The Company's Board of Directors is responsible for the matters staled 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 Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 standalone financial statements based on our audit.

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

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

An audit involves performing procedures to obtain audit evidence about the amounts and 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 Mud or error. In making those risk assessments, the auditor considers internal financial control relevant to die 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 the accounting policies used and the reasonableness of the accounting estimates made by the Company Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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 die Act in the manner so required and give a Hue and lair view in conformity with the accounting principles generally accepted in India, of the stale of affairs of die Company as at 31st March, 2015, and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of subjection (11) of section 143 of the Act, we give m the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

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

(a) We have sought and obtained all the information and explanations which to the best ol 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, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

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

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

(f) With respect to the other matter* 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 tfte best of our information and according to the explanations given to us:

i.The Company docs not have any pending litigations which would impact its financial position,

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

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

The Annexure referred to in our Independent Auditors Report to the members of the Company on the standalone financial statements for the year ended 31 March 2015, we report that:

1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

(b) As explained to us, the fixed assets have been physically verified by the management in accordance with a phased programmed of verification, which in our opinion is reasonable, considering the size and the nature of its business. The frequency of verification is reasonable and no material discrepancies have been noticed on such physical verification.

2. The inventories of Shares being held in electronic mode, so this para of order is not applicable.

3. The Company has not granted any loan during the year to companies, firms or other ponies covered in the register maintained under section 189 of the Companies Act, 2013. So this Para of order is not applicable.

4. In our opinion, and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the antler of its business for the purchase of inventories and fixed assets and for the sale of shares & securities. Further, on the basis of our examination of the books and records of the Company, and according to the information and explanation given to us, no major weakness have been noticed or reported.

5. The Company has not accepted any deposits from the public.

6 As informed to us, the Central Government has not prescribed maintenance of cost records under sub-section (1) of Section MS of the Act, in respect of the activities earned on by the Company,

7. a) The Company is regular in depositing undisputed statutory dues (including income tax, other statutory dues applicable to it) with appropriate authorities.

(b) According to the information and explanations given to us, there were no undisputed amounts payable in respect of Income-tax, and other statutory dues in arrears were outstanding as at 31 March, 2015 for a period or more than six months from the date they became payable.

(c) There were no amounts which required to be transferred by the Company to the Investor Education and Protection fund.

8. The Company does not have the accumulated losses at the end of financial year. The Company has not incurred any Cash losses during the financial covered by our Audit and the immediately preceding financial year.

9. According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution, banks and debenture holders.

10. In our opinion and according to the information and the explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

11. The Company has not obtained any term loan during the year, so this para of order is not applicable,

12. 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 year.

For SANGUAI & CO

Chartered Accountants

FirmReg.No.319079E

Kamalesh Kumar Agarwal

Partner

Place: Kolkata Membership No. 067461

Date:29/05/2015

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