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Auditor Report of Global Land Masters Corporation Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of M/s Global Land Masters Corporation Limited" (formerly known as M/s Bhoomi Infrastructures Corporation Limited), which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and 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

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and 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") read with the general Circular 15/2013 dated 13th September2013 of the ministry of corporate affairs in the respect of section 133 of the companies Act 2013. 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, but not for the purpose of expressing an opinion on the effectiveness of entity''s internal control. 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:

Subject to,

1. The Company has shown long term borrowings of Rs 14.57 Crores (refer to Note 2.3) which includes:

(i) Advances and security deposits from prospective buyers of flats. In the absence of agreements and necessary approval from the respective authorities, the liability against the said booking is not ascertainable.

(ii) The company has shown Rs 3.16 Crores as Non-current Investments (Note No. 2.8) in the subsidiary companies and partnership firms and also other long term loans and advances Rs. 13.10 Crores (refer Note No. 2.9) for which no supporting evidences have been made available, There is nothing in the record to show by the management that these advances are recoverable. The Company has not made any provision against these advances.

2. The Company''s status as a going concern is subject to note no. 2.26

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 flow for the year ended on that

Report on Other Legal & 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 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 , Statement of Profit and Loss and the cash flow statement comply with the Accounting Standards referred to in sub-section (3c) of section 211 of the Companies Act 1956 read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the companies Act, 2013: and

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.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE OF THE ACCOUNTS OF M/s Global Land Masters Corporation Limited" (formerly known as M/s Bhoomi Infrastructures Corporation Limited) FOR THE YEAR ENDED ON 31st March, 2014.

1. The Company has purchased some fixed assets during the year and they have been physically verified by the management and no discrepancy found. The company has also maintained proper records of the Fixed Assets. No assets have been disposed off during the year.

2. The Company has carried out the physical verification of inventory during reasonable intervals. Company is maintaining proper records of inventory and has not found any discrepancy during the physical verification.

3. a) The Company has granted a sum of Rs 99,60,805/- as interest free advances to M/s Vasant Vihar Land project (P.) Ltd., covered in the register maintained under section 301 of the Companies Act, 1956 during the previous year. In our opinion, the rate of interest and other terms and conditions of such loans are prime facie, prejudicial to the interest of the Company.

b) Since the loans have been granted on demand basis, there is no overdue amount.

c) The Company has taken interest free unsecured loan as follows.

Name Maximum Balance Outstanding at the end of the year

Inox Engineering Pvt. Ltd. Rs.25,98,000 Rs. 25,98,000

Loan from Mr.S.S.Beswal (M.D.) Rs. 13,227,500 Rs. 13,227,500

Bhoomi Infrastuctures Co. Rs. 36,45,000 Rs. 36,45,000

The repayment of loan is on mutually agreed basis.

d) The terms and conditions on the basis of which above loan is taken, is not prejudicial to the interest of the Company. Since it is interest free loan and repayment on mutual agreed basis. There is no overdue interest or payment of principal amount.

4. In our opinion and according to the information and explanations given to us the Company has an internal control procedures commensurate with the size of the Company and nature of its business, however, the same are required to be strengthened.

5. a) According to information and explanation given to us, we are of the opinion that the transactions that need to be entered in the register maintained under section 301 of the company Act 1956, have been so entered

6. To the best of our information and explanation given to us, the Company has not accepted any deposits during the year from the public within the meaning of the provisions of section 58A and 58AA of The Companies Act, 1956 and the rules made there under.

7. The Company has an internal audit system. The management has explained that the volume of transactions is very small and system shall be introduced when the volume of business is increased.

8. To the best of our knowledge and according to the information and explanation given to us, the Central Government has not prescribed maintenance of cost records U/S 209(1) (d) of the Companies Act 1956 in respect of any products of any Company.

9. a) The Company, is generally regular in depositing undisputed statutory dues including P.F investor Education and protection Fund, Employees state insurance Income Tax , Sales Tax, wealth tax , Custom Duties, Excises Duties and there are no outstanding dues as on 31-3-2014, for a year exceeding six months from the date , they become payable except in case of TDS of Rs. 160,998/- pertaining to years 2012-13 & 2013-14 not yet deposited.

Further, since the Central Government has till date not prescribed the amount of cess payable under section 441A of the Companies Act, 1956 and we are not in position to comment upon the regularity or otherwise of the company in depositing the same.

b) There are no disputed amounts on account of the above statutory dues as on 31-3-2014

10. In our opinion, accumulated losses of the company at the end of financial are more then fifty percentage of it net worth. Further the Company has incurred a sum of Rs. 25,68,374/- as cash loss during the financial year covered by our audit and cash loss of Rs. 19,09,485/- immediately preceding the financial year.

11. The company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. In our opinion and according to the information and explanation given to us the Company has not issued any debentures.

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

14. The Company is not a chit fund or a Nidhi/ Mutual benefit Funds/ society. Therefore clause 4 (xiii) of the Companies (Auditors Report) order 2003 are not applicable to the Company.

15. The Company is not dealing in or trading in shares, securities, debentures, or other investments and hence, requirement of paragraph 4 (xiv) of the Companies (Auditors order Report) are not applicable to the Company.

16. According to the information and explanation given to us, the Company has not given guarantee for loans taken by related parties from the Banks and Financial Institutions.

17. The Company has not taken any Term Loan during the year.

18. On the basis of information and explanation given to us and on the basis of overall examination of the Balance Sheet of the company, no fund raised for short-term basis have been utilized for long term investment.

19. The Company has not made any preferential allotment of shares to any party or company covered in the register maintained under Section 301 of the Companies Act, 1956.

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

21. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

For S. Agarwal & Co. Chartered Accountants (REG. NO 000808N)

Sd/- Subhash Kapoor (Partner) M. No. 012781

Place: New Delhi Date: 26.07.2014


Mar 31, 2012

1. We have audited the attached Balance Sheet of Global Land Masters Corporation Limited (formerly known as Bhoomi Infrastructures Corporation Limited) as at 31st March, 2012 and the statement of Profit and Loss and Cash Flow Statement of the Company for the Year ended on that date annexed thereto. 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.

2. 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 from 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.

3. As required by the Companies (Auditor's Report) Order, 2003, issued by the Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, as applicable to this company, we give in the Annexure, a statement on the matters specified in paragraphs 4 & 5 of the said Order.

4. Further to our comments in the Annexure referred to 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 audit.

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

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

d) In our opinion, the Profit and Loss Account and the Balance Sheet comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Income Tax Act, to the extent applicable to the Company.

e) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with notes no. 1 and 2 subject to note no. 2.26 give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the Accounting Principles generally accepted in India.

i) In the case of the Balance Sheet of the State of affairs of the Company as at 31st March, 2012 and

ii) In the case of Statement of Profit and Loss of the loss of the Company for the year ended on that date.

iii) In the case of the Cash Flow Statements of the Cash inflows & outflow of the company for the year ended on 31st March 2012

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE OF THE ACCOUNTS OF "Global Land Masters Corporation Limited" (formerly known as Bhoomi Infrastructures Corporation Limited) FORTHEYEAR ENDED ON 31st MARCH, 2012.

1. The Company has purchased some fixed assets during the year and they have been physically verified by the management and no discrepancy found. The company also maintained proper records of the Fixed Assets. No assets have been disposed off during the year.

2. The company has carried out the physical verification of inventory during reasonable intervals. Company is maintaining proper records of inventory and has not found any discrepancy during the physical verification.

3. a) The Company has granted a sum of Rs 99,60,805 as interest free advances to M/s Vasant Vihar Land

Project (P) Ltd., and also a sum of Rs. 15,00,000/- to M/s Bhoomi Infrastructure Co. covered in the register maintained under section 301 of the Companies Act, 1956 during the previous year. In our opinion, the rate of interest and other terms and conditions of such loans are prime facie, prejudicial to the interest of the Company.

b) Since the loans have been granted on demand basis, there is no over due amount.

c) The Company has taken interest free unsecured loans of Rs 25,98,000.00 (Twenty five lacs ninety eight thousand) from M/s Inox Engineering Private Limited during the year. The repayment of loan is on mutual agreed basis.

d) The terms and condition on the basis of which the above loan is taken, is not prejudicial to the interest of the Company. Since it is interest free loan and repayment on mutual agreed basis. There is no overdue interest or payment of principal amount.

4. In our opinion and according to the information and explanation given to us the Company has an internal control procedure commensurate with the size of the Company and nature of its business, however, the same is required to be strengthened.

5. a) According to information and explanation given to us, we are of the opinion that the transactions that need to be entered in the register maintained under section 301 of the company Act 1956, have been so entered

6. To the best of our information and explanation given to us, The Company has not accepted any deposits during the year from the public within the meaning of the provisions of section 58A and 58AA of The Companies Act, 1956 and the rules made there under.

7. The company has an internal audit system commensurate with the size and nature of its business.

8. To the best of our knowledge and according to the information and explanation given to us, the Central Government has not prescribed maintenance of cost records U/S 209(1) (d) of the Companies Act 1956 in respect of any products of any Company.

9. a) The Company, is generally regular in depositing undisputed statutory dues including P.F investor Education and protection Fund , Employees state insurance Income Tax , Sales Tax, wealth tax , Custom Duties, Excises Duties , Cess and there are no outstanding dues as on 31-3-2012, for a year exceeding six months from the date, they become payable.

b) There are no disputed amounts on account of the above statutory dues as on 31-3-2012.

10. In our opinion, accumulated losses of the company at the end of financial are more then fifty percentage of it net worth. Further the Company has incurred a sum of Rs. 6982560/-as cash loss during the financial year covered by our audit and cash loss of Rs. 8266604/- immediately preceding the financial year.

11. The company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. In our opinion and according to the information and explanation given to us the Company has not issued any debentures.

13. According to the information and explanation given to us the Company has not granted loans and advances on the basis of security byway of pledge of shares, debentures or other securities.

14. The Company is not a chit fund or a Nidhi/ Mutual benefit Funds/ society. Therefore clause 4 (xiii) of the Companies (Auditors Report) order 2003 are not applicable to the Company.

15. The Company is not dealing in or trading in shares, securities, debentures, or other investments and hence, requirement of paragraph 4 (xiv) of the Companies (Auditors order Report) are not applicable to the Company.

16. According to the information and explanation given to us, the Company has not given guarantee for loans taken by related parties from the Banks and Financial Institutions.

17. The Company has not taken any Term Loan during the year

18. On the basis of information and explanation given to us and on the basis of overall examination of the Balance Sheet of the company, no fund raised for short-term basis have been utilized for long term investment.

19. The Company has not made any preferential allotment of shares to any party or company covered in the register maintained under Section301of the Companies Act, 1956.

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

21. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

For S. Agarwal & Co.

Chartered Accountants

(REG. NO 000808N)

Place: New Delhi

Date: 14.08.2012 Sd/-

S N Agarwal

(PROPRIETOR)

M.No.012103


Mar 31, 2011

1. We have audited the attached Balance Sheet of M/s Global Land Masters Corporation Limited (formerly known as M/s Bhoomi Infrastructures Corporation Limited) as at 31st March, 2011 and the Profit and Loss A/c and Cash Flow Statement of the Company for the Year ended on that date annexed thereto. 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.

2. 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 from 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.

3. As required by the Companies (Auditor's Report) Order, 2003, issued by the Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, as applicable to this company, we give in the Annexure, a statement on the matters specified in paragraphs 4 & 5 of the said Order.

4. Further to our comments in the Annexure referred to 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 audit.

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

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

d) In our opinion, the Profit and Loss Account and the Balance Sheet comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Income Tax Act, to the extent applicable to the Company.

e) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with notes in Schedule No. 8 give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the Accounting Principles generally accepted in India.

I) In the case of the Balance Sheet of the State of affairs of the Company as at 31st March, 2011 and

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

iii) In the case of the Cash Flow Statements of the Cash inflows & outflow of the company for the year ended on 31st March 2011

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE OF THE ACCOUNTS OF M/s Global Land Masters Corporation Limited" (formerly known as M/s Bhoomi Infrastructures Corporation Limited) FOR THE YEAR ENDED ON 31ST MARCH, 2011.

1. The Company has purchased some fixed assets during the year and they have been physically verified by the management and no discrepancy found. The company also maintained proper records of the Fixed Assets. No assets have been disposed off during the year.

2. The company has carried out the physical verification of inventory during reasonable intervals. Company is maintaining proper records of inventory and has not found any discrepancy during the physical verification.

3. a) The Company has granted a sum of Rs 99,60,805 as interest free advances to M/s Vasant Vihar Land Project (P) Ltd., and also a sum of Rs. 15,00,000/- to M/s Bhoomi Infrastructure Co. covered in the register maintained under section 301 of the Companies Act, 1956 during the year. In our opinion, the rate of interest and other terms and conditions of such loans are prime facie, prejudicial to the interest of the Company.

b) Since the loans have been granted on demand basis, there is no overdue amount.

c) The Company has not taken loans during the year.

4. In our opinion and according to the information and explanation given to us the Company has an internal control procedure commensurate with the size of the Company and nature of its business, however, the same is required to be strengthened. We have neither come across nor have been informed of any instance of major weaknesses in the aforesaid internal control procedures.

5. a) According to information and explanation given to us, we are of the opinion that the transactions that need to be entered in the register maintained under section 301 of the company Act 1956, have been so entered

6. The Company has not accepted any deposits during the year from the public within the meaning of the

provisions of section 58A and 58AA of The Companies Act, 1956 and the rules made there under.

7. The company has yet to introduce an internal audit system commensurate with the size and nature of its business.

8. To the best of our knowledge and according to the information and explanation given to us, the Central Government has not prescribed maintenance of cost records U/S 209(1) (d) of the Companies Act 1956 in respect of any products of any Company.

9. a) The Company, is generally regular in depositing undisputed statutory dues including P.F investor Education and protection Fund , Employees state insurance Income Tax , Sales Tax, wealth tax , Custom Duties, Excises Duties , Cess and there are no outstanding dues as on 31-3-2011, for a year exceeding six months from the date , they become payable.

b) There are no disputed amounts on account of the above statutory dues as on 31-3-2011.

10. In our opinion, accumulated losses of the company at the end of financial are more then fifty percentage of it net worth. Further the Company has incurred a sum of Rs. 73,61,645/- as cash loss during the financial year covered by our audit and immediately preceding the financial year.

11. The company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. In our opinion and according to the information and explanation given to us the Company has not issued any debentures.

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

14. The Company is not a chit fund or a Nidhi/ Mutual benefit Funds/ society. Therefore clause 4 (xiii) of the Companies (Auditors Report) order 2003 are not applicable to the Company.

15. The Company is not dealing in or trading in shares, securities, debentures, or other investments and hence, requirement of paragraph 4 (xiv) of the Companies (Auditors order Report) are not applicable to the Company.

16. According to the information and explanation given to us, the Company has not given guarantee for loans taken by related parties from the Banks and Financial Institutions.

17. The Company has not taken any Term Loan during the year

18. On the basis of information and explanation given to us and on the basis of overall examination of the Balance Sheet of the company, no fund raised for short-term basis have been utilized for long term investment.

19. The Company has not made any preferential allotment of shares to any party or company covered in the register maintained under Section 301 of the Companies Act, 1956.

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

21 To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.



For S. Agarwal & Company

Chartered Accountants Firm Registration No. 000808N

Sd/-

S. N. Agarwal

(Proprietor) M. No. 012103

Place: New Delhi Date : 28.04.2011


Mar 31, 2010

1. We have audited the attached Balance Sheet of Bhoomi Infrastructures Corporation. LTD. as at 31st March, 2010 and the Profit and Loss and Cash Flow Statement of the Company for the year ended on that date annexed thereto .These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. 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 from 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.

3. As required by the Companies (Auditors Report) Order, 2003, issued by the Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, as applicable to this company, we give in the Annexure, a statement on the matters specified in paragraphs 4 & 5 of the said Order.

4. Further to our comments in the Annexure referred to 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 audit.

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

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

d) In our opinion, the Profit and Loss Account and the Balance Sheet comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Income Tax Act, to the extent applicable to the Company.l

e) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with notes in Schedule No. 8 give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the Accounting Principles generally accepted in India.

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

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

iii) In the case of the Cash Flow Statements of the Cash inflows & outflow of the company for the year ended on 31st March 2010

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE OF THE ACCOUNTS OF M/S BHOOMI INFRASTRUCTURES CORPORATION LTD. FOR THE YEAR ENDED ON 31st MARCH, 2010.

1. The Company was not carrying any fixed assets during the year.

2. The Company was not carrying any inventories during the year

3. a) The Company has granted a sum of of Rs 99,60,805 as interest free advances to M/S Vasant Vihar Land project (p) Ltd., covered in the register maintained under section 301 of the Companies Act, 1956 during the year. In our opinion, the rate of interest and other terms and conditions of such loans are prime facie, prejudicial to the interest of the Company.

b) Since the loans have been granted on demand basis, there is no overdue amount. c)The Company has not taken loans during the year.

4. In our opinion and according to the information and explanation given to us the Company has an internal control procedure commensurate with the size of the Company and nature of its business, however, the same is required to be strengthened. We have neither come across nor have been informed of any instance of major weaknesses in the aforesaid internal control procedures.

5. a) According to information and explanation given to us, we are of the opinion that the transactions that need to be entered in the register maintained under section 301 of the company Act 1956, have been so entered

6. The Company has not accepted any deposits during the year from the public within the meaning of the provisions of section 58A and 58AA of The Companies Act, 1956 and the rules made there under.

7. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business

8. To the best of our knowledge and according to the information and explanation given to us, the Central Government has not prescribed maintenance of cost records U/S 209(1) (d) of the Companies Act 1956 in respect of any products of any Company.

9. a) The Company, is generally regular in depositing undisputed statutory dues including P.F investor Education and protection Fund , Employees state insurance Income Tax , Sales Tax, wealth tax , Custom Duties, Excises Duties , Cess and there are no outstanding dues as on 31-3-2010, for a period exceeding six months from the date , they become payable.

b) There are no disputed amounts on account of the above statutory dues as on 31-3-2010.

10. In our opinion, accumulated losses of the company at the end of financial are more then fifty percentage of it net worth. Further the Company has incurred a sum of Rs. 80, 21,544 as cash loss during the financial year covered by our audit and immediately preceding the financial year.

11. The company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. In our opinion and according to the information and explanation given to us the Company has not issued any debentures.

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

14. The Company is not a chit fund or a Nidhi/ Mutual benefit Funds/ society. Therefore clause 4 (xiii) of the Companies (Auditors Report) order 2003 are not applicable to the Company.

15. The Company is not dealing in or trading in shares, securities, debentures, or other investments and hence, requirement of paragraph 4 (xiv) of the Companies (Auditors order Report) are not applicable to the Company.

16. According to the information and explanation given to us, the Company has not given guarantee for loans taken by related parties from the Banks and Financial Institutions.

17. The Company has not taken any Term Loan during the year

18. On the basis of information and explanation given to us and on the basis of overall examination of the Balance Sheet of the company, no fund raised for short-term basis have been utilized for long term investment.

19. The Company has not made any preferential allotment of shares to any party or company covered in the register maintained under Section 301 of the Companies Act, 1956.

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

21 To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

for S. Agarwal & Co. Chartered Accountants

(Reg. No 000808N)

SD/-

S.N. Agarwal

(Proprietor)

Dated: 01.09.2010

Place: New Delhi

 
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