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Auditor Report of Bervin Investment & Leasing Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of BERVIN INVESTMENT & LEASING 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

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

Auditor's Responsibility

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

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

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit 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 fairview 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, 2015;

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 ended on that date.

Report on Other Legal and Regulatory Requirements

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

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

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 comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act read with the General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India; and

e) 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 clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the company.

ANNEXURE TO AUDITORS' REPORT

The Annexure referred to in our report to the members of Bervin Investment & Leasing Limited (the 'Company') for the year ended on March 31,2015. We report that;

1. In respect of its fixed assets:

a. The company has maintained proper records, showing full particulars including quantitative details and situation of fixed assets in the basis of available information.

b. As explained to us, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such physical verification.

2. In respect of its inventories:

The company does not have any inventory and as such clauses 2(a), 2(b) & 2(c) of the Order are not applicable to the company.

3. In respect of loans, secured or unsecured, granted to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013:

a. The company has not granted any loans, hence the applicability for maintaining the register under section 189 of the Companies Act, 2013 not arises and as such sub clauses 3(a) & 3(b) of the order are not applicable to the company.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of business for the purchase of inventory and fixed assets and for sale of goods and services. During the course of our audit, we have not observed any major weakness in internal controls.

5. The company has not accepted any deposits from the public hence, the question of compliance of the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under does not arise.

6. The Central Government has not prescribed maintenance of Cost Records under Sections 148(1) of

the Companies Act, 2013 in respect of activities of the company.

7. In respect of statutory dues:

a. According to the information and explanation given to us, no undisputed dues including provident fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and other statutory dues with appropriate authorities were outstanding as at March 31,2015 for a period of more than six months from the date of becoming payable.

b. According to the information and explanation given to us, there are no disputes in the dues of income tax or value added tax or wealth tax or service tax or duty of customs or duty of excise or cess during the period under report.

c. There are no amounts required to be transferred to investor education and protection fund in accordance with the relevant provisions of the companies Act, 1956 (1 of 1956) and rules made there under.

8. The company has been registered for a period not less than 5 Years and there are no accumulated losses at the end of the financial year which are not less than 50% of its net worth and the company has not incurred any cash losses during the financial year covered by our audit or in the immediate preceding financial year.

9. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

10. The company has not given any guarantees for loans taken by others from banks or financial institutions which are prejudicial to the interest of the company.

11. The company has not received any term loan during the year and accordingly the provisions of clause-11 of the Order is not applicable.

12. In our opinion and according to the information and explanation and given to us, no fraud on or by the company has been noticed or reported during the year, that causes the financial statements to be materially misstated.

(K.K. GUPTA)

Prop.

M. No. 8311

For and on behalf of

KRISHAN K. GUPTA & CO.

Chartered Accountants

FRN: 000009N


Mar 31, 2014

We have audited the accompanying financial statements of Bervin Investment & Leasing Ltd. ("the Company") which comprise the Balance Sheet as at March 31, 2014, 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

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

Auditor''s responsibility

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

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

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

Opinion

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

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

c) In the case of the 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 the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

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

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

(iv) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act read with the General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India; and

(v) On the basis of written representation received from the directors as at March 31, 2014 and taken on record by the Board of Directors, none of the directors is disqualified as at March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

(vi) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the company.

Referred to in Paragraph 2 of our report of even date

1. In respect of its fixed assets:

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

b. As explained to us, the fixed assets, have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. In our opinion, the company has not disposed off substantial part of fixed assets during the year and the going concern status of the Company is not affected.

2. In respect of its inventories:

a. Since the Company has not carried on any manufacturing and trading activities during the year, the question of discrepancies between physical verification and book records does not arise.

b. Since the company does not hold any stock of goods as at March 2014, the question of valuation of Stock does not arise.

3. The company has not taken any loans, secured or unsecured from Companies, firms or other Parties listed in the register maintained u/s 301 of the Act and/or from companies under the same management, as defined under sub-section 370(1-B) of the Companies Act, 1956.

4. The Company has not granted any loans, secured or unsecured to Companies, firms or other parties listed in the Register maintained u/s 301 of the Act and/or from companies under the same management as defined under Sub-section 370(1-B) of the Companies Act, 1956.

5. The parties to whom the loans have been given by the company are repaying the principal amounts as stipulated and are regular in payment of interest.

6. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of plant and machinery, equipments and other assets being given on lease and for sale of assets. During the course of our audit, we have not observed any major weaknesses in internal controls.

7. In respect of transactions covered Under Section 301 of the Companies Act, 1956:

a. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered into 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, there are no transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rs. 5,00,000 (Rs. Five Lacs only) or more in respect of any party.

8. The company has not accepted any deposits from the public.

9. In our opinion, the company has its own internal audit procedure, which in our opinion is proper and commensurate with its size and nature of its business.

10. In respect of statutory dues:

a. As explained to us the provisions of Provident Fund Act and Employees State Insurance Act are not applicable to the company.

b. The company has no disputed dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise Duty/Cess Payable, which have not been deposited.

11. The Company has accumulated losses at the end of the financial year. The Company has incurred cash losses during the financial year covered by our audit and has not incurred cash losses in the immediate preceeding financial year.

12. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

13. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares, debentures and other securities.

14. In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, clause 4(xiii) of the Companies (Auditor''s Report) order 2003 is not applicable to the company.

15. The company has maintained proper records of transactions and contracts in respect of trading in securities/investments, debentures and other investments and timely entries have been made therein. All shares, debentures and other investments have been held by the company in its own name.

16. The company has not given any guarantees for loans taken by others from banks or financial institutions. According to the information and explanations given to us, we are of the opinion that the terms and conditions thereof are not prima-facie prejudicial to the interests of the company.

17. The company has not raised any new term loans during the year.

18. During the year, the company has not made any preferential allotment of shares to parties and companies in the Register maintained Under Section 301 of the Companies Act, 1956.

19. The company has not raised any money by way of public issue during the year.

20. In our opinion 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 that causes the financial statements to be materially misstated.

21. In our opinion and according to the information and explanations given to us, no personal expenses have been charged to revenue account other than those payable under contractual obligations or in accordance with the generally accepted business practices.

(K.K. GUPTA) Prop. (M.No. 8311) For and on behalf of KRISHAN K. GUPTA & CO. Chartered Accountants (FRN: 000009N)

Place: New Delhi Dated: April 28, 2014


Mar 31, 2013

We have audited the annexed Balance Sheet of BERVIN INVESTMENT & LEASING LIMITED, New Delhi as at March 31, 2013 and the Profit & Loss Account for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. 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 misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in 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.

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

3. Further to our comments in the Annexure referred to in paragraph 2 above, we report that:

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

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

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

d) In our opinion, the Balance Sheet, Statement of Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the mandatory 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 March 31, 2013 and taken on record by the Board of Directors, we report that, none of the Directors are disqualified as on March 31, 2013 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956:

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view, in conformity with the accounting principles generally accepted in India:

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

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

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

ANNEXURE TO AUDITORS'' REPORT

Referred to in Paragraph 2 of our report of even date

1. In respect of its fixed assets:

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

b. As explained to us, the fixed assets, have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. In our opinion, the company has not disposed off substantial part of fixed assets during the year and the going concern status of the Company is not affected.

2. In respect of its inventories:

a. Since the Company has not carried on any manufacturing and trading activities during the year, the question of discrepancies between physical verification and book records does not arise.

b. Since the company does not hold any stock of goods as at March 2013, the question of valuation of Stock does not arise.

3. The company has not taken any loans, secured or unsecured from Companies, firms or other Parties listed in the register maintained u/s 301 of the Act and/or from companies under the same management, as defined under sub-section 370(1-B) of the Companies Act, 1956.

4. The Company has not granted any loans, secured or unsecured to Companies, firms or other parties listed in the Register maintained u/s 301 of the Act and/or from companies under the same management as defined under Sub-section 370(1-B) of the Companies Act, 1956.

5. The parties to whom the loans have been given by the company are repaying the principal amounts as stipulated and are regular in payment of interest.

6. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of plant and machinery, equipment and other assets being given on lease and for sale of assets. During the course of our audit, we have not observed any major weaknesses in internal controls.

7. In respect of transactions covered Under Section 301 of the Companies Act, 1956:

a. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered into 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, there are no transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to 5,00,000 ( Five Lacs only) or more in respect of any party.

8. The company has not accepted any deposits from the public.

9. In our opinion, the company has its own internal audit procedure, which in our opinion is proper and commensurate with its size and nature of its business.

10. In respect of statutory dues:

a. As explained to us the provisions of Provident Fund Act and Employees State Insurance Act are not applicable to the company.

b. The company has no disputed dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise Duty/Cess Payable, which have not been deposited.

11. The Company has accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by our audit and has not incurred cash losses in the immediate preceding financial year.

12. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

13. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares, debentures and other securities.

14. In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, clause 4(xiii) of the Companies (Auditor''s Report) order 2003 is not applicable to the company.

15. The company has maintained proper records of transactions and contracts in respect of trading in securities/investments, debentures and other investments and timely entries have been made therein. All shares, debentures and other investments have been held by the company in its own name.

16. The company has not given any guarantees for loans taken by others from banks or financial institutions. According to the information and explanations given to us, we are of the opinion that the terms and conditions thereof are not prima-facie prejudicial to the interests of the company.

17. The company has not raised any new term loans during the year.

18. During the year, the company has not made any preferential allotment of shares to parties and companies in the Register maintained Under Section 301 of the Companies Act, 1956.

19. The company has not raised any money by way of public issue during the year.

20. In our opinion 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 that causes the financial statements to be materially misstated.

21. In our opinion and according to the information and explanations given to us, no personal expenses have been charged to revenue account other than those payable under contractual obligations or in accordance with the generally accepted business practices.

(K.K. GUPTA)

Prop.

(M.No. 8311)

For and on behalf of

KRISHAN K. GUPTA & CO.

Chartered Accountants

(FRN: 000009N)

Place: New Delhi

Dated: April 29, 2013


Mar 31, 2012

We have audited the annexed Balance Sheet of BERVIN INVESTMENT & LEASING LIMITED, New Delhi as at March 31, 2012 and the Profit & Loss Account for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. 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 misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in 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.

2. As required by the Companies (Auditors' Report) Order 2003 issued by the Central : Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we I enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.

3. Further to our comments in the Annexure referred to in paragraph 2 above, we report that:

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

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

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

d) In our opinion, the Balance Sheet, Statement of Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the mandatory 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 March 31, 2012 and taken on record by the Board of Directors, we report that, none of the Directors are disqualified as on March 31, 2012 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956:

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view, in conformity with the accounting principles generally accepted in India:

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

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

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

ANNEXURE TO AUDITORS' REPORT

Referred to in Paragraph 2 of our report of even date

1. In respect of its fixed assets:

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

b. As explained to us, the fixed assets, have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. In our opinion, the company has not disposed off substantial part of fixed assets during the year and the going concern status of the Company is not affected.

2. In respect of its inventories:

a. Since the Company has not carried on any manufacturing and trading activities during the year, the question of discrepancies between physical verification and book records does not arise.

b. Since the company does not hold any stock of goods as at March 2012, the question of valuation of Stock does not arise.

3. The company has not taken any loans, secured or unsecured from Companies, firms or other Parties listed in the register maintained u/s 301 of the Act and/or from companies under the same management, as defined under sub-section 37G(1-B) of the Companies Act, 1956.

4. The Company has not granted any loans, secured or unsecured to Companies, firms or other parties listed in the Register maintained u/s 301 of the Act and/or from companies under the same management as defined under Sub-section 370(1-B) of the Companies Act, 1956.

5. The parties to whom the loans have been given by the company are repaying the principal amounts as stipulated and are regular in payment of Interest,

6. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of plant and machinery, equipments and other assets being given on lease and for sale of assets. During the course of our audit, we have not observed any major weaknesses in internal controls.

7. In respect of transactions covered Under Section 301 of the Companies Act, 1956:

a. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be ; entered into 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, there are no transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to 5,00,000 (Rs.Five Lacs only) or more in respect of any party,

8. The company has not accepted any deposits from the public.

9. In our opinion, the company has its own internal audit procedure, which in our opinion is proper and commensurate with its size and nature of its business.

10. In respect of statutory dues:

a. As explained to us the provisions of Provident Fund Act and Employees State Insurance Act are not applicable to the company.

b, The company has no disputed dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise Duty/Cess Payable, which have not been deposited,

11. The Company has accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by our audit but incurred cash losses in the immediate preceding financial year,

12. Based on our audit procedures and according to the Information and explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

13. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares, debentures and other securities.

14. In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, clause 4(xiii) of the Companies (Auditor's Report) order 2003 is not applicable to the company.

15. The company has maintained proper records of transactions and contracts in respect of trading in securities/investments, debentures and other investments and timely entries have been made therein. AH shares, debentures and other investments have been held by the company in its own name,

16. The company has not given any guarantees for loans taken by others from banks or financial institutions. According to the information and explanations given to us, we are of the opinion that the terms and conditions thereof are not prima-facie prejudicial to the interests of the company.

17. The company has not raised any new term loans during the year.

18. During the year, the company has not made any preferential allotment of shares to parties and companies in the Register maintained Under Section 301 of the Companies Act, 1956.

19. The company has not raised any money by way of public issue during the year.

20. In our opinion 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 that causes the financial statements to be materially misstated.

21. In our opinion and according to the information and explanations given to us, no persona! expenses have been charged to revenue account other than those payable under contractual obligations or in accordance with the generally accepted business practices.

(K.K. GURTA)

Prop.

(M.No. 8311)

For and on behalf of

KRISHAN K. GUPTA & CO.

Chartered Accountants

(FRN: 000009N)

Place: New Delhi

Dated: April 24, 2012


Mar 31, 2011

We have audited the annexed Balance Sheet of BERVIN INVESTMENT & LEASING UNITED, New Delhi as at March 31, 2011 and the Profit & Loss Account for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that date. 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.

1. 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 misstatements. An audit includes examining,

on a test basis, evidence supporting the amounts and disclosures in 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.

2. As required by the Companies (Auditors Report) Order 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.

3. Further to our comments in the Annexure referred to in paragraph 2 above, we report that:

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

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

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

d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred in sub-section (3C) of Section 211 of the Companies Act, 1956:

e) In our opinion and based on information and explanations given to us, none of the directors are disqualified as on March 31, 2011 from being appointed as directors in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956:

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required and present a true and fair view, in conformity with the accounting principles generally accepted in India:

(i) In so far as it relates to Balance Sheet, of the state of affairs of the Company as at March 31, 2011;

(ii) In so far as it relates to the Profit & Loss Account, of the Loss of the Company for the year ended on that date; and

(iii) In so far as it relates to the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE TO AUDITORS REPORT Referred to in Paragraph 2 of our report of even date

1. In respect of its fixed assets:

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

b. As explained to us, the fixed assets, have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. In our opinion, the company has not disposed off substantial part of fixed assets during the year and the going concern status of the Company is not affected.

2. In respect of its inventories:

a. Since the Company has not carried on any manufacturing and trading activities during the year, the question of discrepancies between physical verification and book records does not arise,

b. Since the company does not hold any stock of goods as at March 2011, the question of valuation of Stock does not arise.

3. The company has not taken any loans, secured or unsecured from Companies, firms or other Parties listed in the register maintained u/s 301 of the Act and/or from companies under the same management, as defined under sub-section 370(1-6) of the Companies Act, 1956.

4. The Company has not granted any loans, secured or unsecured to Companies, firms or other parties listed in the Register maintained u/s 301 of the Act and/or from companies under the same management as defined under Sub-section 370(1-B) of the Companies Act, 1956.

5. The parties to whom the loans have been given by the company are repaying the principal amounts as stipulated and are regular in payment of interest.

6. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of plant and machinery, equipments and other assets being given on lease and for sale of assets. During the course of our audit, we have not observed any major weaknesses in internal controls.

7. In respect of transactions covered Under Section 301 of the Companies Act, 1956:

a. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered into 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, there are no transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the CompaniesAct, 1956 aggregating during the year to Rs. 5,00,000 (Rs. Five Lacs only) or more in respect of any party.

8. The company has not accepted any deposits from the public.

9. In our opinion, the company has its own internal audit procedure, which in our opinion is proper and commensurate with its size and nature of its business,

10. In respect of statutory dues:

a. As explained to us the provisions of Provident Fund Act and Employees State Insurance Act are not applicable to the company,

b. The company has no disputed dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise Duty/Cess Payable, which have not been deposited.

11. The Company has accumulated losses and has incurred cash losses during the financial year covered by our audit or in the immediate preceding financial year,

12. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

13. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares, debentures and other securities.

14. In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, clause 4(xiii) of the Companies (Auditors Report) order 2003 is not applicable to the company,

15. The company has maintained proper records of transactions and contracts in respect of trading in securities/investments, debentures and other investments and timely entries have been made therein. All shares, debentures and other investments have been held by the company in its own name.

16. The company has not given any guarantees for loans taken by others from banks or financial institutions. According to the information and explanations given to us, we are of the opinion that the terms and conditions thereof are not prima-facie prejudicial to the interests of the company.

17. The company has not raised any new term loans during the year.

18. During the year, the company has not made any preferential allotment of shares to parties and companies in the Register maintained Under Section 301 of the Companies Act, 1956.

19. The company has not raised any money by way of public issue during the year,

20. In our opinion 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 that causes the financial statements to be materially misstated.

21. In our opinion and according to the information and explanations given to us, no personal expenses have been charged to revenue account other than those payable under contractual obligations or in accordance with the generally accepted business practices.

(K.K. GUPTA)

Prop.

(M.No. 8311)

For and on behalf of

KRISHAN K. GUPTA Bl CO.

Chartered Accountants

Place: New Delhi Dated: April 29, 2011


Mar 31, 2010

We have audited the annexed Balance Sheet of BERVIN INVESTMENT & LEASING LIMITED, New Delhi as at March 31, 2010 and the Profit & Loss Account for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that date. 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.

1. 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 misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in 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.

2. As required by the Companies (Auditors Report) Order 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.

3. Further to our comments in the Annexure referred to in paragraph 2 above, we report that:

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

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

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

d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred in sub-section (3C) of Section 211 of the Companies Act, 1956:

e) In our opinion and based on information and explanations given to us, none of the directors are disqualified as on March 31, 2010 from being appointed as directors in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956:

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required and present a true and fair view, in conformity with the accounting principles generally accepted in India:

(i) In so far as it relates to Balance Sheet, of the state of affairs of the Company as at March 31, 2010;

(ii) In so far as it relates to the Profit & Loss Account, of the Profit of the Company for the year ended on that date; and

(iii) In so far as it relates to the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.



ANNEXURE TO AUDITORS REPORT

Referred to in Paragraph 2 of our report of even date

1. In respect of its fixed assets:

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

b. As explained to us, the fixed assets, have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. In our opinion, the company has not disposed off substantial part of fixed assets during the year and the going concern status of the Company is not affected.

2. In respect of its inventories:

a. Since the Company has not carried on any manufacturing and trading activities during the year, the question of discrepancies between physical verification and book records does not arise.

b. Since the company does not hold any stock of goods as at March 2010, the question of valuation of Stock does not arise.

3. The company has not taken any loans, secured or unsecured from Companies, firms or other Parties listed in the register maintained u/s 301 of the Act and/or from companies under the same management, as defined under sub-section 370(1-B) of the Companies Act, 1956.

4. The Company has not granted any loans, secured or unsecured to Companies, firms or other parties listed in the Register maintained u/s 301 of the Act and/or from companies under the same management as defined under Sub- section 370(1-B) of the Companies Act, 1956.

5. The parties to whom the loans have been given by the company are repaying the principal amounts as stipulated and are regular in payment of interest.

6. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of plant and machinery, equipments and other assets being given on lease and for sale of assets. During the course of our audit, we have not observed any major weaknesses in internal controls.

7. In respect of transactions covered Under Section 301 of the Companies Act, 1956:

a. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered into 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, there are no transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rs. 5,00,000 (Rupees Five Lacs only) or more in respect of any party.

8. The company has not accepted any deposits from the public.

9. In our opinion, the company has its own internal audit procedure, which in our opinion is proper and commensurate with its size and nature of its business.

10. In respect of statutory dues:

a. As explained to us the provisions of Provident Fund Act and Employees State Insurance Act. are not applicable to the company.

b. The company has no disputed dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise Duty/Cess Payable, which have not been deposited.

11. The Company has accumulated losses and has incurred cash losses during the financial year covered by our audit or in the immediate preceding financial year.

12. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

13. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares, debentures and other securities.

14. In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, clause 4(xiii) of the Companies (Auditors Report) order 2003 is not applicable to the company.

15. The company has maintained proper records of transactions and contracts in respect of trading in securities/investments, debentures and other investments and timely entries have been made therein." All shares, debentures and other investments have been held by the company in its own name.

16. The company has not given any guarantees for loans taken by others from banks or financial institutions. According to the information and explanations given to us, we are of the opinion that the terms and conditions thereof are not prima-facie prejudicial to the interests of the company.

17. The company has not raised any new term loans during the year.

18. During the year, the company has not made any preferential allotment of shares to parties and companies in the Register maintained Under Section 301 of the Companies Act, 1956.

19. The company has not raised any money by way of public issue during the year.

20. In our opinion 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 that causes the financial statements to be materially misstated.

21. In our opinion and according to the information and explanations given to us, no personal expenses have been charged to revenue account other than those payable under contractual obligations or in accordance with the generally accepted business practices.



(K.K. GUPTA)

Prop

(M.No. 8311)

FRN :000009N

For and on behalf of

KRISHAN K. GUPTA & CO. Chartered Accountants

Place: New Delhi

Dated: April 29, 2010