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Auditor Report of Futuristic Solutions Ltd.

Mar 31, 2015

Report on the Financial Statements

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

Management''s Responsibility for the Financial Statements

2. The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements to 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. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

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

5. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10)of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards and pronouncements 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.

6. An audit involves performing procedures to obtain audit evidence about the amounts and the Disclosures in the financial statements. The procedures selected depend on the auditor''sjudgment, 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 a true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.

7. 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

8. 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 March 31, 2015, and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by ''the Companies (Auditor''s Report) Order, 2015'', issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act (hereinafter referred to as the "Order"), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

10. 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 the 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 the written representations received from the directors as on March 31, 2015taken 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 Section 164 (2) of the Act.

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

i. The Company does not having any, of pending litigations as at March 31,2015 which would have impact on its financial position.

ii. The Company did not have any long-term contracts including derivative contracts as at March 31, 2015.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended March 31,2015

ANNEXURE TO INDEPENDENT AUDITORS'' REPORT

Referred to in paragraph 8 of the Independent Auditors'' Report of even date to the members of Futuristic Solutions Limited on the financial statements as of and for the year ended March 31,2015

i. (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation, of fixed assets.

(b) The fixed assets of the Company have been physically verified by the Management during the year and no material discrepancies have been noticed on such verification. In our opinion, the frequency of verification is reasonable.

ii. (a) The Company does not hold any inventory. Therefore, the provisions of Clause 3(ii) of the said Order are not applicable to the Company.

iii. The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 189 of the Act. Therefore, the provisions of Clause 3(iii), (iii)(a) and (iii)(b) of the said Order are not applicable to the Company.

iv. In our opinion, and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of fixed assets and for the sale of services. Further, on the basis of our examination of the books and records of the Company, and according to the information and explanations given to us, we have neither come across, nor have been informed of, any continuing failure to correct major weaknesses in the aforesaid internal control system.

v. The Company has not accepted any deposits from the public within the meaning of Sections 73, 74, 75 and 76 of the Act and the rules framed there under to the extent notified.

vi. The Central Government of India has not specified the maintenance of cost records under sub-section (1) of Section 148 of the Act for any of the products of the Company

vii. a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues in respect of service tax and income tax though there has been a slight delay in a few cases, and is regular in depositing undisputed other statutory dues, as applicable, with the appropriate authorities. b) There are no amounts required to be transferred by the Company to the Investor Education and Protection Fund in accordance with the provisions of the Companies Act, 2013 and the rules made thereunder.

viii. The Company has no accumulated losses as at the end of the financial year and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

ix. According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the balance sheet date.

x. In our opinion, and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year. Accordingly, the provisions of Clause 3(x) of the Order are not applicable to the Company

xi. The Company has not raised any term loans. Accordingly, the provisions of Clause 3(xi) of the Order are not applicable to the Company.

xii. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by the Management.

For BGJC & Associates Chartered Accountants FRN.-003304N

Sd/- Place : New Delhi Darshan Chhajer Dated : 29.05.2015 (Partner) Membership No: 88308


Mar 31, 2014

1. We have audited the accompanying financial statements of the FUTURISTIC SOLUTIONS LIMITED (''the Company''), which comprise the Balance Sheet as at 31st 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 information.

Management''s Responsibility for the Financial Statements

2. 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 in section 133 of the Companies Act ''2013 ( ''the Act '' ) ( which has superseded section 211 (3C) of Companies Act 1956 ) . . 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

3. 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.

4. 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.

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

Opinion

6. In our opinion and to the best of our information and according to the explanations given to us, the financial statement together with the notes thereon give the information required by 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 31st March, 2014;

(ii) in the case of the Profit and Loss Account of the loss for the year ended on that date; and

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

7. As required by the Companies (Auditor''s Report) Order, 2003 (as amended) (herein after collectively referred to as the ''Order''), issued by the Central Government of India in terms of section 227 (4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraph 4 & 5 of the said Order.

8. 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 accounts, 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 & Loss and Cash Flow Statement dealt with by this report are in agreement with the books of accounts of the Company;

iv. In our opinion, the Balance Sheet , Statement of Profit & Loss and Cash Flow Statement dealt with by this report comply with the Accounting Standard referred to in section 133 of the Companies Act ''2013 (''the Act '') (which has superseded section 211 (3C) of Companies Act 1956 ) .;

v. On the basis of the written representations received from the directors as on March 31,2014, and taken on record by the Board of Directors, we report that none of the directors are 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.

ANNEXURE REFERRED TO IN PARAGRAPH 6 OF THE AUDITOR''S REPORT TO THE MEMBERS OF FUTURISTIC SOLUTIONS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2014.

(i) (a) The Company is in the process of updating its fixed assets register.

(b) As per the explanation and information given to us, the management has during the year fixed assets have physically verified by the company.

(c) The Company has not disposed off substantial parts of its fixed assets during the year.

(ii) (a) As explained to us by the management , inventories have been verified during the year by the management.

In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanation given to us, the procedure of such physical verification of inventories followed by the management is appears to be reasonable and adequate in relation to the size in relation to the size and nature of its business.

(c) In our opinion, the Company is maintaining proper record of inventories.

(iii) During the year the Company has not granted any loan to any party covered in the register maintained under section 301 of the Companies Act, 1956 hence sub clause (a) to (d) of this clause is not applicable. However, during the year it has taken interest free loan of Rs.50,00,000 from a party covered in the register maintained under section 301 of the Companies Act, 1956 ; max. amount outstanding was Rs.50,00,000 and year end balance was Rs. Nil.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with size of the Company and the nature of its business for the purchase of inventory, fixed assets and for the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in the internal control system.

(v) (a) According to the information and explanation provided by the management, we are of the opinion that

the particulars of the contracts or arrangements referred to in section 301 of the Companies Act, 1956 that need to be entered into the register maintained under section 301 have been so entered.

(b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of such contracts or arrangement exceeding value of Rupees five lacs have been entered into during the financial year which are reasonable having regard to the prevailing market prices at the relevant time. However, we are unable to comment upon the transactions where the prevailing market price could not be ascertained, in such cases we have relied upon the judgment of the board of director.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits during the period from public within the meaning of section 58A/58AA of the Companies Act, 1956 or any other relevant provisions of the Act and the rules framed there under.

(vii) In our opinion and as per information and explanation given to us, the Company has an internal audit system commensurate with the size of the Company and nature of its business.

(viii) Maintenance of cost records as prescribed under section 209 (1) (d) of the Companies Act, 1956 is not applicable to the company.

(ix) (a) According to the information and explanation given to us ,the Undisputed statutory dues including

Provident Fund , Investors Educations & Protection Fund , Income Tax and Sales Tax , Wealth tax , Service Tax, Excise Duty, Custom Duty, Cess have generally been regularly deposited with the appropriate authorities except delay in few cases.

(b) As per the information and explanation given to us, no undisputed amounts are payable in respect of income tax, wealth tax, sales tax, custom duty, excise duty and cess were in arrears, as at 31.03.2014 for a period of more than six month from the date they became payable.

(c) As per the information and explanation given to us there was no dues of income tax, sales tax, wealth tax, service tax, excise duty , customs duty and cess , which have not been deposited on account of any dispute .

(x) There are no accumulated losses at the end of financial year 2014 , however the company has incurred cash losses in the financial year ended on that date but not in the immediately preceding financial year.

(xi) As per the information and explanations given by the management, the Company has not defaulted in repayment of dues to financial institution or bank or debenture holders.

(xii) In our opinion and according to the information and explanations given to us, the Company has not granted any loans and advances during the year on the basis of security by way pledge of shares, debentures and other securities.

(xiii) In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of Order are not applicable to the Company.

(xiv) According to the information and explanations given to us, proper records have been maintained with respect to transactions and contracts relating to dealing or trading in shares, securities, debentures and other investments and timely entries have been made by therein. The shares, securities, debentures and other securities have been held by the company in its own name.

(xv) According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institution.

(xvi) According to the information and explanations given to us the, the Company has not taken any term loans , hence this clause is not applicable.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short - term basis have been used for long term investments.

(xviii) According to the information and explanations given to us, during the period covered by our audit report the company has not made any preferential allotment of shares.

(xix) According to the information and explanations given to us, during the period covered by our audit report the company has not issued any debentures.

(xx) According to the information and explanations given to us, during the period covered by our audit report no money has been raised by way of public issue.

(xxi) Based upon audit procedures performed and according to the information and explanations given to us by the management and to the best of our knowledge, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For BGJC & Associates Chartered Accountants FRN.-003304N

Sd/- Place : New Delhi Darshan Chhajer Dated : 21/05/2014 (Partner) Membership No: 88308


Mar 31, 2013

1. We have audited the accompanying financial statements of the FUTURISTIC SOLUTIONS LIMITED (''the Company''), which comprise the Balance Sheet as at 31st March, 2013, the Statement of Profit and Loss and the Cash Flow Statement for the year ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

2. 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 in subsection ( 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

3. 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.

4. 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.

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

Opinion

6. In our opinion and to the best of our information and according to the explanations given to us, the financial statement together with the notes thereon give the information required by 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 31st March, 2013;

(ii) in the case of the Profit and Loss Account of the loss for the year ended on that date; and

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

7. As required by the Companies (Auditor''s Report) Order, 2003 (as amended) (herein after collectively referred to as the ''Order''), issued by the Central Government of India in terms of section 227 (4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraph 4 & 5 of the said Order.

8. 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 accounts, 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 & Loss and Cash Flow Statement dealt with by this report are in agreement with the books of accounts of the Company;

iv. In our opinion, the Balance Sheet , Statement of Profit & Loss and Cash Flow Statement dealt with by this report comply with the Accounting Standard referred to in Section 211 (3C) of the Companies Act, 1956;

v. On the basis of the 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.

ANNEXURE TO THE AUDITOR''S REPORT ANNEXURE REFERRED TO IN PARAGRAPH 6 OF THE AUDITOR''S REPORT TO THE MEMBERS OF FUTURISTIC SOLUTIONS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2013

(i) (a) The Company is in the process of updating its fixed assets register.

(b) As per the explanation and information given to us, the management has during the year physically verified the fixed assets, which in our opinion is reasonable having regard to the size of the Company and nature of the assets. No discrepancies were noticed on such verification.

(c) The Company has not disposed off substantial parts of its fixed assets during the year.

(ii) (a) The inventory has been verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanation given to us, the procedure of such physical verification of inventories followed by the management is appears to be reasonable and adequate in relation to the size in relation to the size and nature of its business.

(c) In our opinion, the Company is maintaining proper record of inventory.

(iii) During the year the Company has not granted any loan however, has taken interest free loan amounting to Rs.1, 50,000/ from director to / from any party covered in the register maintained under section 301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with size of the Company and the nature of its business for the purchase of inventory, fixed assets and for the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in the internal control system.

(v) (a) According to the information and explanation provided by the management, we are of the opinion that the particulars of the contracts or arrangements referred to in section 301 of the Companies Act, 1956 that need to be entered into the register maintained under section 301 have been so entered.

(b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of such contracts or arrangement exceeding value of Rupees five lacs have been entered into during the financial year which are reasonable having regard to the prevailing market prices at the relevant time. However, we are unable to comment upon the transactions where the prevailing market price could not be ascertained, in such cases we have relied upon the judgment of the board of director.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits during the period from public within the meaning of section 58A/58AA of the Companies Act, 1956 or any other relevant provisions of the Act and the rules framed there under.

(vii) In our opinion and as per information and explanation given to us, the Company has an internal audit system commensurate with the size of the Company and nature of its business.

(viii) Maintenance of cost records as prescribed under section 209 (1) (d) of the Companies Act, 1956 is not applicable to the company.

(ix) (a) According to the information and explanation given to us ,the Undisputed statutory dues including Provident Fund , Investors Educations & Protection Fund , Income Ta x and Sales Ta x , Wealth tax Service Tax, Excise Duty, Custom Duty, Cess have generally been regularly deposited with the appropriate authorities except payment of Advance Tax.

(b) As per the information and explanation given to us, no undisputed amounts are payable in respect of income tax, wealth tax, sales tax, custom duty, excise duty and cess were in arrears, as at 31.03.2013 for a period of more than six month from the date they became payable.

( c) As per the information and explanation given to us there was no dues of income tax, sales tax, wealth tax, service tax, excise duty , customs duty and cess , which have not been deposited on account of any dispute .

(x) The are no accumulated losses at the end of financial year 2013 and the company has not incurred cash losses in the financial year ended on that date or in the immediately preceding financial year.

(xi) As per the information and explanations given by the management, the Company has not defaulted in repayment of dues to financial institution or bank or debenture holders.

(xii) In our opinion and according to the information and explanations given to us, the Company has not granted any loans and advances during the year on the basis of security by way pledge of shares, debentures and other securities.

(xiii) In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of Order are not applicable to the Company.

(xiv) According to the information and explanations given to us, proper records have been maintained with respect to transactions and contracts relating to dealing or trading in shares, securities, debentures and other investments and timely entries have been made by therein. The shares, securities, debentures and other securities have been held by the company in its own name.

(xv) According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institution.

(xvi) According to the information and explanations given to us the, the Company has not taken any term loans, hence this clause is not applicable.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short - term basis have been used for long term investments.

(xviii) According to the information and explanations given to us, during the period covered buy our audit report the company has not made any preferential allotment of shares.

(xix) According to the information and explanations given to us, during the period covered buy our audit report the company has not issued any debentures.

(xx) According to the information and explanations given to us, during the period covered buy our audit report no money has been raised by way of public issue.

(xxi) Based upon audit procedures performed and according to the information and explanations given to us by the management and to the best of our knowledge, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For BGJC & Associates

Chartered Accountants

FRN.-003304N

Place : New Delhi Darshan Chhajer

Dated : 30/05/2013 (Partner)

Membership No: 88308


Mar 31, 2012

We have audited the attached Balance Sheet of Futuristic Solutions Limited as at March 31, 2012, the Profit & Loss Account and the Cash Flow Statement of the Company for the year ended on that date annexed there to.

These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

As required by Companies (Auditor's Report) Order, 2003, issued by the Central Government in terms of section 227 (4A) of the Companies Act, 1956, we give in the annexure hereto a statement on the matters specified in paragraph 4 & 5 of the said Order as under.

Further to our comments in the annexure referred to in paragraph 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 purpose of our audit.

b) In our opinion, the Company has kept proper books of accounts, as required by law so far, as appears from our examination of the books.

c) The Balance Sheet and the Profit & Loss Accounts referred to in this report are in agreement with the Books of Accounts of the company.

d) In our opinion, the Balance Sheet and Profit & Loss A/C dealt with the report are in the compliance with the Accounting Standard referred to in Section 211 (3C) of the Companies Act 1956, in so far as they apply to the company.

e) On the basis of the written representations received from the directors, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2012 from being appointed 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 Balance Sheet and Profit and Loss Account read together with the significant Accounting Policies and other notes there on 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 Balance Sheet, of the state of affairs of the Company as at March 31,2012 and

ii) In the case of Profit & Loss Account, of the Profit of the Company for the year ended on that date.

iii) In the case of Cash Flow Statements, of the Cash Flows of the Company for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

Annexure referred to in Paragraph 1 of the Auditor's Report To The Members of FUTURISTIC SOLUTIONS

LIMITED On the Accounts for The year Ended 31st March 2012

i) a) The company is in the process of updating its fixed assets register.

b) According to the explanation and information given to us the management has during the year physically verified the fixed assets, which in our opinion is reasonable having regard to the size of the Company and nature of the assets. No discrepancies were noticed on such verification.

c) During the year, the company has not disposed off substantial part of its fixed asset.

ii) a) The inventory has been verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b) The procedure of verification of inventories followed by the management is reasonable and adequate in relation to the size of the company and nature of its business.

c) The company is maintaining proper record of inventory.

iii) The company has not taken/given any loans, secured or unsecured, from Companies, Firms and other parties listed in the register maintained under section 301 of the Companies Act, 1956.

iv) 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 with regard to purchase of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in the internal control.

v) a) According to the information and explanation given to us, we are of the opinion that the transaction made in pursuance of contracts or arrangement entered 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, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the companies act, 1956 and exceeding the value of rupee five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. However, we are unable to comment upon the transactions where the prevailing market price could not be ascertained, in such cases we have relied upon the judgment of the board of directors.

vi) The Company has not accepted any deposit during the period from public within the meaning of section 58A, 58AA or any other relevant provisions of the companies Act'1956.

vii) In our opinion, the company has internal audit system commensurate with the size and nature of its business.

viii) Maintenance of cost records as prescribed under section 209(1)(d) of the Companies Act, 1956 is not applicable to the company.

ix) a) The company is generally regular in deposit of 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 have generally been regularly deposited with the appropriate authorities except payment of Advance Tax.

b) According to the information and explanation given to us, no undisputed amounts are payable in respect of income tax, wealth tax, sales tax, custom duty, excise duty and cess were in arrears, as at 31.3.2012 for a period of more than six month from the date they became payable.

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

x) There are no accumulated losses at the end of the financial year 2012 and the company has not incurred cash losses in the financial year ended on that date or in the immediately preceding financial year.

xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or bank.

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

xiii) In our opinion, the company is not a chit fund or a nidhi mutual benefit fund /society. Therefore, the provisions of clause 4(xiii) of the companies (auditor's report) order, 2003 are not applicable to the company.

xiv) In our opinion and according to the information and explanations given to us, proper records have been maintained with respect to transactions and contracts relating to dealing or trading in shares, securities, debentures and other investments, and timely entries have been made therein. The shares, securities, debentures and other securities have been held by the company is in its own name.

xv) According to the information and explanations given to us the company has not given any guarantees for loans taken by others from banks or financial institutions.

xvi) According to the information given to us the company has not taken any term loans.

xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-term basis have been used for long term investment. No long-term funds have been used to finance short-term assets except permanent working capital.

xviii) According to the information and explanations given to us, during the period covered by our audit report the company has not made any preferential allotment of shares.

xix) According to the information and explanations given to us, during the period covered by our audit report, the company has not issued any debentures.

xx) According to the information and explanations given to us, during the period covered by our audit report no money has been raised by public issues.

xxi) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For BGJC & Associates

Chartered Accountants

Place : New Delhi Darshan Chhajer

Dated : 10/05/2012 (Partner)

Membership No: 88308

 
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