Auditor Report of Crazy Infra & Infomedia Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of Crazy Infotech Limited ("the Company"), which comprise the Balance Sheet as at March 31,2014 and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility 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 ("theAct"). 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 Profit and Loss Account, of the loss 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.

Emphasis of Matter

We draw attention of the members to Note No.22 (c) wherein details are given regarding the significant amount of write off of sundry debtors, advances and inventories and also write back of accounts payable. The net write off amounting to Rs.1002.36 lakhs has been considered as an exceptional item in the profit and loss account.

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 subsection(3C) of section 211 of the Companies Act, 1956;

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

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.

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of Crazy Infotech Limited on the accounts of the company for the year ended 31st March, 2014.

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

1. The Company has maintained proper records to show full particulars including quantitative details and situation of fixed assets. All the fixed assets have been physically verified by the management once during the year, which in our opinion is reasonable having regard to the size of the company and nature of its assets. No material discrepancy was noticed on verification.

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

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

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

3. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company.

(b) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has taken loans from one of the directors of the Company. The maximum amount involved during the year was Rs.72.03 lakhs and the year end balance of such loans is also Rs.72.03 lakhs.

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

5. Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.The transaction entered into by the company with parties covered u/s 301 of the Act does not exceeds five lacs rupees in a financial year therefore requirement of reasonableness of transactions does not arise.

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

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

8. As per information & explanation given by the management, maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act.

9. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2014 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

10. The accumulated losses of the company have exceeded fifty per cent of its networth as at 31st March 2014. The Company has incurred cash losses during this financial year, considering the exceptional items charged to the profit and loss account. It has not incurred cash losses in the previous financial year.

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

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

13. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable to the Company.

14. According to information and explanations given to us, the Company is not dealing in or trading in Shares, Mutual funds & other Investments. Therefore the provisions of clause 4 (xiv) of the Order are not applicable to the Company.

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

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

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

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

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

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

For RAMRAJ & Co Chartered Accountants FRN. 002839 S

Sd/- A.Amarnatha Reddy Place: Chennai Partner Date: 30.05.2014 Membership No. : 213102

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Mar 31, 2010

I have audited the attached Balance Sheet of CRAZY INFOTECH LIMITED as at 31st March 2010 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed there to. These financial statements are the responsibility of the company management. My responsibility is to express an opinion on these financial statements based on my audit.

I have conducted my audit in accordance with auditing standards generally accepted in India. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit also includes examining, on test basis evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditors Report) Order, 2003 (CARO 2003) issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956, I enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

2. Further to my comments in the Annexure referred to in paragraph 1 above, Istate that:

a) I have obtained all the information and explanations, which to the best of my knowledge and be lief wer enecessary for the purposes of my audit.

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

c) The Balance Sheet and Profit & Loss Account referred to in this report are in agreement with the books of account.

d) In my opinion, the profit and loss account and the balance sheet comply with the Accounting Standards referred to in Subsection (3C) of section 211 of the Companies Act, 1956 excepting for Accounting Standard 15 (AS - 15) relating to Employee Benefits.

e) As per the information and explanations given to me, none of the directors of the company are disqualified from being appointed as a director under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

f) In my opinion and according to the explanations given to me, the said Balance Sheet and the Profit & Loss Account read together with the notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view:

i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010 and

ii) in the case of the Profit and Loss Account of the Profit of the Company for the yearen ded on that date.

iii) in the case of Cash Flow Statement, of the cash flow of the Company for the year ended on that date.

ANNEXURE REFERRED TO INPARAGRAPH 1 OF THE REPORT OF EVEN DATE OF THE AUDITORS TO THE MEMBERS OF CRAZY INFOTECH LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2010.

1. Fixed Assets:

The Company has maintained proper records to show full particulars including quantitative details and situation of fixed assets. All the fixed assets have been physically verified by the management once during the year, which in our opinion is reasonable having regard to the size of the company and nature of its assets. No material discrepancy was noticed on verification.

2. Inventories:

The management has carried out physical verification of inventories at reasonable intervals and the procedures of physical verification followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business. The company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

3. Loans to/from Directors and Interested parties:

a)The Company has not taken unsecured loans from companies listed in the register maintained under Section 301 of the Companies Act, 1956, during the year. However, loans were taken from two parties listed in the register maintained under section 301 of the Companies Act, 1956. The loans taken by the company were interest free loans and are not prejudicial to the interests of the company and the repayment is in line with the agreement with the parties. Loan of one party has been paid during the year. The maximum amount outstanding during the year and the year end balance was Rs. 1,44,707/-. The company shall be repaying the outstanding amount in the current year.

b)The Company has not given any loan secured or unsecured to Companies, Firms or other parties listed under section 301 of the Companies Act, 1956.

4. Internal Control:

The company has an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods. During the course of my audit, no major weakness has been noticed in the internal controls.

5. Transactions covered by 301:

Based on the audit procedures applied by us and the information and explanations provided by the management, I am of the opinion that the transactions that need to be entered in to the register maintained under section 301 have been so entered.

6. Deposit from Public:

Thecompanyhasnotaccepteddeposits from the public.

7. Internal Audit:

In my opinion, the company has an internal audit system commensurate with the size and nature of its business.

8. Cost Accounting Records:

The maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956, has not been prescribed by the Central Government.

9. Statutory Dues:

a) According to the in formation and explanation given to me and according to the books of records as produced and examined by me, In my opinion, undisputed statutory dues provident fund, employees state insurance, income tax, sales tax, wealth tax, custom duty, excise duty, cess and other material statutory dues applicable to the company have generally been regularly deposited with the appropriate authorities. According to the information and explanation given to me, no undisputed amounts payable in respect of the income tax, wealth tax, sales tax, custom duty, excise duty and cess were in arrears, as at 31st March 2010 for a period of more than six months from the date they became payable excepting for Sales Tax amounting to Rs.42,24,966 and service tax of Rs.18,61,880/-.

b) As informed by the management, there is no disputed amount pending under the income tax, customs, wealth tax, sales tax, excise duty, cess and hence the question relating to the forum where dispute is pending does not arise.

10. Cash Losses:

The company does not have accumulated losses. The company has not incurred cash losses during the financial year covered by my audit and the immediately preceding financial year.

11. Repayment of Dues:

Based on my audit procedures and on the in formation and explanations given by the management, I am of the opinion that the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. Loans and Advances on the basis of securities:

In my opinion and according to the information and explanations given to me, 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. Applicability of Provisions of Chit Fund or Nidhi/ Mutual Benefit Society: The company is neither a Chit Fund nor a Nidhi/Mutual Benefit Society. Hence, the requirements of 4 (xiii) of the Order donot apply to the company.

14. Trading in Shares,Securities,Debentures and other Investments:

In my opinion and according to the information and explanations given to me, the company is not dealing or trading in shares, securities, and debentures and other investments.

15. Guarantee given for others:

According to the records of the Company and the information and explanations provided by the management, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. End use of Term Loans:

No term loans has been takenbythe company, hence the question of application of term loan for the required purpose does not arise.

17. Utilisation of Funds raised:

According to the cash flow statement and other records examined by me and the information and explanation given to me, and on an overall basis, funds raised on short-term basis have, prima facie, not been used during the year for long term investment andvice versa, other than temporary deployment.

18. Preferential Allotment of Shares:

According to the records of the company, and the information and explanations provided by the management, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

19. Debentures:

The company has not issued debentures hence question of creation of securities does not rise.

20. End use of Public Issue Proceeds:

The company has not raised any money by public issues during the period covered by my audit.

21. Reporting of Fraud:

Based upon the audit procedures performed, information & explanation given by the management I report that no fraud on or by the company have been noticed or reported during the course of my audit.

For Ramraj & Co

Chartered Accountants

Sd/- A.AMARNATHA REDDY Chennai Partner

Date: 28th May 2010 M.No.213102

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Mar 31, 2009

I have audited the attached Balance Sheet of CRAZY INFOTECH LIMITED as at 31st March 2009 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the company management. My responsibility is to express an opinion on these financial statements based on my audit.

I have conducted my audit in accordance with auditing standards generally accepted in India. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit also includes examining, on test basis evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis forouropinion.

1. As required by the Companies (Auditors Report) Order, 2003 (CARO 2003) issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956, I enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

2. Furtherto my comments in the Annexure referred to in paragraph 1 above, I state that:

a) I have obtained all the information and explanations, which to the best of my knowledge and belief werenecessaryforthepurposesofmyaudit.

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

c) The Balance Sheet and Profit & Loss Account referred to in this report are in agreement with the books of account.

d) In my opinion, the profit and loss account and the balance sheet comply with the Accounting Standards referred to in Subsection (3C) of section 211 of the Companies Act, 1956 excepting for Accounting Standard 15 (AS 15) relating to Employee Benefits.

e) As per the information and explanations given to me, none of the directors of the company are disqualified from being appointed as a director under clause (g) of sub-section (1) of Section 274 oftheCompaniesAct,1956.

f) In my opinion and according to the explanations given to me, the said Balance Sheet and the Profit & Loss Account read together with the notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view:

i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2009 and

ii) in the case of the Profit and Loss Account of the Profit of the Company for the year ended on that date.

iii) in the case of Cash Flow Statement, of the cash flow of the Company for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE REPORT OF EVEN DATE OF THE AUDITORS TO THE MEMBERS OF CRAZY INFOTECH LIMITED ON THE ACCOUNTS FORTHE YEAR ENDED 31ST MARCH 2009.

1. Fixed Assets:

The Company has maintained proper records to show full particulars including quantitative details and situation of fixed assets. All the fixed assets have been physically verified by the management once during the year, which in our opinion is reasonable having regard to the size of the company and nature of its assets. No material discrepancy was noticed on verification.

2. Inventories:

The management has carried out physical verification of inventories at reasonable intervals and the procedures of physical verification followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business. The company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

3. Loans to/from Directors and Interested parties:

a)The Company has not taken unsecured loans from companies listed in the register maintained under Section 301 of the Companies Act, 1956, during the year. However, loans were taken from two parties listed in the register maintained under section 301 of the Companies Act, 1956. The loans taken by the company were interest free loans and are not prejudicial to the interests of the company and the repayment is in line with the agreement with the parties. Loan of one party has been paid during the year. The maximum amount outstanding during the year and the year end balance was Rs. 1,44,707/-. The company shall be repaying the outstanding amount in the currentyear.

b)The Company has not given any loan secured or unsecured to Companies, Firms or other parties listed undersection 301 oftheCompaniesAct, 1956.

4. Internal Control:

The company has an adequate internal control procedure commensurate withThe size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods. During the course of my audit, no major weakness has been noticed in the internal controls.

5. Transactions covered bv 301:

Based on the audit procedures applied by us and the information and explanations provided by the management, I am of the opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered.

6. Deposit from Public:

The company has not accepted deposits from the public.

7. Internal Audit:

In my opinion, the company has an internal audit system commensurate with the size and nature of its business.

8. Cost Accounting Records:

The maintenance of cost records under Section 209(1 )(d) of the Companies Act, 1956, has not been prescribed by the Central Government.

9. Statutory Dues:

a) According to the information and explanation given to me and according to the books of records as produced and examined by me, In my opinion, undisputed statutory dues provident fund, employees state insurance, income tax, sales tax, wealth tax, custom duty, excise duty, cess and other material statutory dues applicable to the company have generally been regularly deposited with the appropriate authorities. According to the information and explanation given to me, no undisputed amounts payable in respect of the income tax, wealth tax, sales tax, custom duty, excise duty and cess were in arrears, as at 31st March 2009 for a period of more than six months from the date they became payable excepting for Sales tax amounting to Rs.43,56,235/-.

b) As informed by the management, there is no disputed amount pending under the income tax, customs, wealth tax, sales tax, excise duty, cess and hence the question relating to the forum where dispute is pending does not arise.

10. Cash Losses:

The company does not have accumulated losses. The company has not incurred cash losses during the financial year covered by my audit and the immediately preceding financial year.

11. Repayment of Dues:

Based on my audit procedures and on the information and explanations given by the management, I am of the opinion that the company has not defaulted in repaymentofduestoafinancial institution, bank or debenture holders.

12. Loans and Advances on the basis of securities:

In my opinion and according to the information and explanations given to me, 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. Applicability of Provisions of Chit Fund or Nidhi/ Mutual Benefit Society:

The company is neither a Chit Fund nor a Nidhi/Mutual Benefit Society. Hence, the requirements of 4 (xiii) of the Order do not apply to the company.

14. Trading in Shares. Securities. Debentures and other Investments:

In my opinion and according to the information and explanations given to me, the company is not dealing or trading in shares, securities, and debentures and other investments.

15. Guarantee given for others:

According to the records of the Company and the information and explanations provided by the management, the company has not given any guarantee for loans taken by others from bankorfinancial institutions.

16. End use of Term Loans:

No term loans has been taken by the company, hence the question of application of term loan for the required purpose does not arise.

17. Utilisation of Funds raised:

According to the cash flow statement and other records examined by me and the information and explanation given to me, and on an overall basis, funds raised on short-term basis have, prima facie, not been used during the year for long term investment and vice versa, other than temporary deployment.

18. Preferential Allotment of Shares:

According to the records of the company, and the information and explanations provided by the management, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained undeletion 301 of theAct.

19. Debentures:

The company has not issued debentures hence question of creation of securities does not rise.

20. End use of Public Issue Proceeds:

The company has not raised any money by public issues during the period covered by my audit.

21. Reporting of Fraud:

Based upon the audit procedures performed, information & explanation given by the management I report that no fraud on or by the company have been noticed or reported during the course of my audit.

Sd/- T S. Ranganathan Chartered Accountant M. No.28204

Chennai

Date: 30th June 2009