Auditor Report of Bronze Infra Tech Ltd.

Mar 31, 2015

1 We have audited the accompanying financial statements of BRONZE INFRA-TECH LIMITED ("the company"),which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other e xplanatory i n formation.

Management's Responsibility for the Financial Statements

2. The Company's Board of Directors is responsible for the matters stated in section 1.14(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation 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 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 the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial control, 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

3 Our responsibility is to express art opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

4. 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

5. 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 financial control relevant to the Company's preparation of the financial statements that give 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 operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company's Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

6. in our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at. SI*1 March2Q15, its profit and its cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

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

8. As required by section 143(3) of the Act, we report that:

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

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

c) the Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

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

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

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

i. The Company does not have any pending litigations which would materially impact its financial position.

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

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

Annexure referred to in paragraph 7 Our Report of even date to the members of BRONZE INFRA- TEGH LIMITED on the accounts of the company for the year ended 31st March, 2015

On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of our audit, we report that:

i. fa) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;

(b) As explained to us, fixed assets have been physically verified by the management at regular intervals; as informed to us ik) material discrepancies were noticed on such verification;

ii. The nature of business of the Company does not require it to have any inventory. Hence, the requirement of clause (ii) of paragraph 3 of the said Order is not applicable to the Company,

iii. The company has not granted any loans, secured or unsecured to/frora companies, firms or other parties covered in the register maintained under section 189 of the Act.

iv. In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of fixed assets and for the sale of services. Further, on the basts of our examination of the books and records of the Company and according to the information and explanations given to us, no major weakness has not been noticed or reported,

V, As informed to us, the Company has not accepted any deposits from the public covered under Section 73 to 76 of the Companies Act, 2013.

vi. As informed to us, the Central Government has not prescribed maintenance of cost records under sub-section (!) of Section 148 of the Act.,

vi7. (a) According to the information and explanations given to m and based on the records of the company examined by us, the company is regular in depositing the undisputed statutory dues, including Provident Fund, . Employees' State Insurance, Income-tax, Sals-tax, Wealth Tax, Custom Duty, Excise Duty and other material statutory dues, as applicable, with the appropriate authorities in India except for R$. 5961905,00 {Rupees fifty nine lacs sixty one thousand nine hundred five only) on account of service Tax which has been outstanding for a period exceeding six months.:

(b) According to die information and explanations given to us and based on the records of the company examined by us, there are no dues of Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise Duty which have not been deposited on account of any disputes.

(c) There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund, The question of reporting delay in transferring such sums does not arise.

vtii. The company has no accumulated losses as on 31s* March, 2015 and neither has incurred any cash losses during the financial year ending 3114 March, 2015,

ix. According to the records of the company examined by us and as per the information and explanations given to us, the company has not availed of any loans from any financial institution or banks ami has not issued debentures.

x. In our opinion, and according to the information and explanaiions given to us, the Company has not given any guarantee for loan taken by others from a bank or financial institution during the year,

xi. In our opinion, and according to the information and explanations given to us, the company has not raised any term loans during the year.

xii. During the course of our examination of the books and records of the company, carried in accordance with the auditing standards generally accepted in India, we have neither come across any instance of fraud on or by the Company noticed or reported during the course of our audit nor have we been informed of any Mich instance by the Management.

For Surana Singh Rathi And Co. Chartered Accountants Firm Registration No. :317119E

Renu Surana Partner Membership No,: 061788 Place: Kolkaia Date: 3 May 2015

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Mar 31, 2014

We have audited the accompanying financial statements of BRONZE INFRA-TECH LIMITED (''the Company'') which comprise the Balance Sheet as at 31 March 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory

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 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"). 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 fay 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 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 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

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31 March 2014; ii) in the case of the Statement of Profit and Loss, 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 of the company 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"), as amended, 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 and Statement of Profit and Loss dealt with by this Report are in agreement with the books of account;

d. in our opinion, the Balance Sheet and Statement of Profit and Loss comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act 1956; and

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

Annpxure referred to in Independent Auditors Report

(referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)

1 a) The Company has maintained proper records to show full particulars, including quantitative details and situation of its Fixed Assets. The management have physically verified the Fixed Assets end we heve been informed that no serious discrepancies were noticed on such verification. In our opinion the frequency of verification is reasonable.

b) The Company has not disposed off any fixed assets during the year and none of the fixed assets have been revalued during the year.

2. a) The inventory has been physically verified during the year by the management at periodical intervals. In our opinion the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of the inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of the business.

c) In our opinion and according to the information and explanations given to us and on the basis of our examination of records of inventory, the company is maintaining proper records of inventory.

3. The Company has taken loans from a party covered in the register maintained under section 301 of the Companies Act 1956. The Company has granted loans to the parties covered in the register maintained u/s 301 of the Companies act, 1956. The terms and conditions of such loans are not prejudicial to the interests of 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 Company and nature of its business with regard to purchases of fixed assets, inventory and sale of goods and services.

5. Based on the audit procedures applied by us and according to the information provided to us by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Act are made at reasonable prevailing market prices and not prejudicial to the interests of the company.

6. The Company has not accepted any deposits from the public within the meaning of section 58A of the Companies Act, 1956 and the rules framed there under. Therefore the provisions of section 58AA of the Act are not applicable to the company.

7. The internal audit procedures in the company commensurate with the size and nature of activities being carried on by the company.

8. to the best of our information and explanations given to us the Central Govt. has not prescribed for the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956.

9 (a) According to the information and explanations given to us and the records, the company is regular in depositing the undisputed statutory dues including provident fund, investor education and protection fund, employee''s state insurance, income-tax, sales-tax, wealth tax, customs duty, excise duty, cess end other material statutory dues as applicable with the appropriate authorities except for Rs. 6879525.00 (Rupees sixty eight lacs seventy nine thousand five hundred and twenty five only) on account of service tax which has been outstanding for a period exceeding six months.

(b) According to the information and explanations given to us, there are no dues of income tax, wealth tax, service tax, customs duty, excise duty and cess which have not been deposited on account of any dispute.

10. The company has no accumulated losses and has not suffered losses during the year, so the clause is not applicable to the company.

11. Based on our audit procedures and in our opinion the company has not defaulted in repayment of dues of financial institutions and banks.

12. The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, considering the nature of activities carried on by the company during the year, the provisions of any special statute applicable to chit fund, nidhi or mutual benefit fund/societies are not applicable to the company.

14. In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments.

Accordingly, the provisions of clause 4(xiv) of the Order are not applicable to the Company.

15. According to the information and explanations provided to us, the company has not guaranteed for loans taken by others from banks or financial institutions.

16. The Company has no term loans subsisting at the end of the year, so the clause is not applicable.

17. On the basis of our examinations of the books of accounts and the explanations and information provided to us in our opinion, the funds raised on short term basis have not been used for long term investment.

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 Act during the year.

19. The company has not issued any debentures and hence clause 4 (xix) of the Companies (Auditor''s Report) order 2003 is not applicable to the Company.

20. During the year covered by our report the company has not raised any money during the financial year 2013 - 2014.

21. During the course of our examination of Books of Account carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanation given to us, we have neither come across any instances of fraud nor have we been informed of such cases by the management.

For Surana Singh Rathi And Co. Chartered Accountants Firm''s Registration Number: 317119E

R. Surana, FCA Partner Membership No. 061788

Place: Kolkata Date: 30th May, 2014

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of BRONZE INFRA-TECH LIMITED (''the Company'') which comprise the Balance Sheet as at 31 March 2013 ,the Statement of Profit and Loss and the 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 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"). 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:

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

(ii) in the case of the Statement of Profit and Loss, 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 of the company 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"), as amended, 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 and Statement of Profit and Loss dealt with by this Report are in agreement with the books of account;

d. in our opinion, the Balance Sheet and Statement of Profit and Loss comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; and

e. on the basis of written representations received from the directors as on 31 March 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

Annexure referred to in Independent Auditors Report

(referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)

1. a) The Company has maintained proper records to show full particulars, including quantitative details and situation of its Fixed Assets. The management have physically verified the Fixed Assets and we have been informed that no serious discrepancies were noticed on such verification. In our opinion the frequency of verification is reasonable.

b) The Company has not disposed off any fixed assets during the year and none of the fixed assets have been revalued during the year.

2. a) The inventory has been physically verified during the year by the management at periodical intervals. In our opinion the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of the inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of the business.

c) In our opinion and according to the information and explanations given to us and on the basis of our examination of records of inventory, the company is maintaining proper records of inventory.

3. The Company has taken loans from a party covered in the register maintained under section 301 of the Companies Act, 1956. The Company has granted loans to the parties covered in the register maintained u/s 301 of the Companies act, 1956. The terms and conditions of such loans are not prejudicial to the interests of 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 Company and nature of its business with regard to purchases of fixed assets, inventory and sale of goods and services.

5. Based on the audit procedures applied by us and according to the information provided to us by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Act are made at reasonable prevailing market prices and not prejudicial to the interests of the company.

6. The Company has not accepted any deposits from the public within the meaning of section 58A of the Companies Act, 1956 and the rules framed there under. Therefore the provisions of section 58AA of the Act are not applicable to the company.

7. The internal audit procedures in the company commensurate with the size and nature of activities being carried on by the company.

8. To the best of our information and explanations given to us the Central Govt. has not prescribed for the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956.

9. (a) According to the information and explanations given to us and the records, the company is regular in depositing the undisputed statutory dues including provident fund, investor education and protection fund, employee''s state insurance, income-tax, sales-tax, wealth tax, customs duty, excise duty, cess and other material statutory dues as applicable with the appropriate authorities except for Rs. 6879525.00 (Rupees sixty eight lacs seventy nine thousand five hundred and twenty five only) on account of service tax which has been outstanding for a period exceeding six months.

(b) According to the information and explanations given to us, there are no dues of income tax, wealth tax, service tax, customs duty, excise duty and cess which have not been deposited on account of any dispute.

10. The company has no accumulated losses and has not suffered losses during the year, so the clause is not applicable to the company.

11. Based on our audit procedures and in our opinion the company has not defaulted in repayment of dues of financial institutions and banks.

12. The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, considering the nature of activities carried on by the company during the year, the provisions of any special statute applicable to chit fund, nidhi or mutual benefit fund/societies are not applicable to the company.

14. In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable to the Company.

15. According to the information and explanations provided to us, the company has not guaranteed for loans taken by others from banks or financial institutions.

16. The Company has no term loans subsisting at the end of the year, so the clause is not applicable.

17. On the basis of our examinations of the books of accounts and the explanations and information provided to us, in our opinion, the funds raised on short term basis have not been used for long term investment.

18. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301of the Act during the year.

19. The company has not issued any debentures and hence clause 4 (xix) of the Companies (Auditor''s Report) order, 2003 is not applicable to the Company.

20. During the year covered by our report the company has raised money by way of public issue which has been utilized for the purposes in the prospectus.

21. During the course of our examination of Books of Account carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanation given to us, we have neither come across any instances of fraud nor have we been informed of such cases by the management.

For Surana Singh Rathi And Co.

Chartered Accountants

Firm''s Registration Number: 317119E

Sd/-

R Surana, FCA

Partner

Membership No. 061788

Place: Kolkata

Date: The 4th day of September, 2013