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Auditor Report of IFM Impex Global Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of IFM IMPEX GLOBAL LIMITED, New Delhi which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company''s 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 notified under the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITORS'' 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 the Company''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 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:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

(b) In the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; and

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

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government of India in terms of Section 227(4A) 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, 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 Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

e. On the basis of the written representations received from the directors as on March 31, 2014, 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 Section 274(1)(g) of the Act.

ANNEXURE TO AUDITORS REPORT

Annexure referred to in para 1 of our report of even date to the shareholders of IFM Impex Global Limited on accounts for the year ended 31stMarch 2014.

1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management at reasonable intervals. No material discrepancies between book records and the physical inventories have been noticed on such verification.

2. (a) The inventories have been physically verified at reasonable intervals by the management.

(b) 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) On the basis of examination of the records of the inventory, we are of the opinion that the company is maintaining proper records of the inventory. The discrepancies noticed on verification between the physical stocks & book records were not material and have been properly dealt with in the books of accounts.

3 (a) The company has not granted any unsecured loans to the parties covered under section301 of the Companies Act, 1956:

(b) In our opinion and according to the information and explanation given to us, the terms and conditions of loans given by the company are prima facie not prejudicial to the interest of the company.

(c) Reasonable steps have been taken for the recovery of the principal amount in the cases where overdue amount is more then Rupees one lakh.

4. (a) The Company has not taken any un-secured loans from parties covered under section301 of the Companies Act,1956

(b) In our opinion and according to the information and explanation given to us, the rate of interest and other terms & conditions of such loans are prima-facie not prejudicial to the interest of the Company.

(c) In our opinion and according to the information and explanation given to us, the company is taking reasonable steps to ensure that repayment of Principal amount and interest are regularly made.

5. In our opinion and according to information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of fixed assets and inventory and on the sale of goods. During the course of our audit no major weakness has been noticed in the internal control procedures. We have not observed any failure on the part of the management to take corrective course of action in this regard.

6. (a) In our opinion and according to information and explanations given to us, particulars of contracts and arrangement referred to in section 301 of the Companies Act,1956 have been entered in the Register required to be maintained under that section.

(b) In our opinion and according to information and explanations given to us, the transactions for the sale or purchase of goods/services made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

7. In our opinion and according to information and explanations given to us, the Company has not accepted any deposit in violation of provisions contained u/s 58A and 58AA of the Act and Rules framed there under. Neither CLB nor RBI or National Company law Tribunal or any other Tribunal/Court has passed any adverse order against the company.

8. In our opinion, the company has a system of Internal Audit commensurate with its size and nature of its business.

9. As per information and explanations given to us, the central Govt. has not prescribed maintenance of cost records u/s 209 (1)(d) of the Act.

10. According to information and explanations given to us, there is no undisputed amount payable in respect of provident fund, employees state insurance, income tax, sales tax, service tax, wealth tax, customs duty, excise duty, cess and any other statutory dues with the appropriate authorities for more than six months from the date when they became payable.

An amount of Rs. 59,865.54 on account of outstanding Public issue refund is appearing as debit balance with Vysya Bank Limited, Connaught Place, New Delhi branch (as mentioned in the FY 2005-06 audit report). However, the management has failed to produce any balance certificate/confirmation from the bank in respect of the said account& hence the balance remains unreconciled / unconfirmed as on 31.03.2014. The management has confirmed that an application has been made to ING Vysya Bank to transfer the said amount Securities & Exchange Board of India''s Investor Education Fund.

11. Based on our examination of documents and records and according to the information and explanations given by the management, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

12. 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.

13. In our opinion, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the Provisions of Clause 4 (xiv) of the Companies Order, 2003 are not applicable to the Company.

14. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

15. In our opinion and according to information and explanations given to us, the Company has not availed any term loans, therefore, the Clause 4 (xvi) of the Companies Order, 2003 are not applicable to the Company.

16. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, no funds raised on short terms basis have been used for long term long term investments.

17. The Company has not allotted any shares during the financial year.

18. The Company has not issued any debenture during the year. Accordingly the Clause 4 (xix) of Companies (Auditor''s Report) order, 2003 are not applicable to the Company.

19. The Company has not raised any money by public issue during the year and hence the question of disclosure and verifications of end use of such money does not arise.

20. 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 notices or reported during the course of our audit.

For Neeraj Ramesh Chandra & Associates Chartered Accountants FRN:017155N

Sd/- Place: New Delhi Nitesh Garg Date:30.05.2014 Partner M. No.525696


Mar 31, 2013

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

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material mis-statement. 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.

1. As required by the Companies (Auditor''s Report) Order, 2003 as amended by Companies (Auditors Report) (Amendment) Order, 2004 issued by the Government of India in terms of Section 227 (4A) of the Companies Act, 1956 we enclose in the annexure a statement on the matter specified in para 4 and 5 of the said order.

2. Further to our comments in the annexure referred to above, Subject to note no. 1(vi), 2 (ii), (vi), (viii), (x), (xi) ,and (xii) of the notes to accounts annexed to and forming part of the accounts in schedule no. 16, 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 the Profit & Loss Account dealt with by this report are in agreement with the books of account.

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

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

f. In our opinion and to the best of our information and according to explanations given to us, the said accounts together with accounting policies and notes forming part thereof 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, 2013 and;

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

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

ANNEXURE TO AUDITORS REPORT

Annexure referred to in para 1 of our report of even date to the shareholders of IFM Impex Global Limited on accounts for the year ended 31stMarch 2013.

1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management at reasonable intervals. No material discrepancies between book records and the physical inventories have been noticed on such verification.

2. (a) The inventories have been physically verified at reasonable intervals by the management.

(b) 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) On the basis of examination of the records of the inventory, we are of the opinion that the company is maintaining proper records of the inventory. The discrepancies noticed on verification between the physical stocks & book records were not material and have been properly dealt with in the books of accounts.

3 (a) The company has not granted any unsecured loans to the parties covered under section301 of the Companies Act, 1956:

(b) In our opinion and according to the information and explanation given to us, the terms and conditions of loans given by the company are prima facie not prejudicial to the interest of the company.

(c) Reasonable steps have been taken for the recovery of the principal amount in the cases where overdue amount is more then Rupees one lakh.

4. (a) The Company has taken un-secured loans from following parties covered under section301 of the Companies Act,1956:

S. No. Name of Parties Amount OutstandingAs On 31.03.2013

1. Yashpal Yadav Rs. 6,00,000.00

Note: Items No.-1 to 5include balances brought forward from the previous year.

(b) In our opinion and according to the information and explanation given to us, the rate of interest and other terms & conditions of such loans are prima-facie not prejudicial to the interest of the Company.

(c) In our opinion and according to the information and explanation given to us, the company is taking reasonable steps to ensure that repayment of Principal amount and interest are regularly made.

5. In our opinion and according to information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of fixed assets and inventory and on the sale of goods. During the course of our audit no major weakness has been noticed in the internal control procedures. We have not observed any failure on the part of the management to take corrective course of action in this regard.

6. (a) In our opinion and according to information and explanations given to us, particulars of contracts and arrangement referred to in section 301 of the Companies Act, 1956 have been entered in the Register required to be maintained under that section.

(b) In our opinion and according to information and explanations given to us, the transactions for the sale or purchase of goods/services made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

7. In our opinion and according to information and explanations given to us, the Company has not accepted any deposit in violation of provisions contained u/s 58A and 58AA of the Act and Rules framed there under. Neither CLB nor RBI or National Company law Tribunal or any other Tribunal/Court has passed any adverse order against the company.

8. In our opinion, the company has a system of Internal Audit commensurate with its size and nature of its business.

9. As per information and explanations given to us, the central Govt. has not prescribed maintenance of cost records u/s 209 (1)(d) of the Act.

10. According to information and explanations given to us, there is no undisputed amount payable in respect of provident fund, employees state insurance, income tax, sales tax, service tax, wealth tax, customs duty, excise duty, cess and any other statutory dues with the appropriate authorities for more than six months from the date when they became payable.

An amount of Rs. 59,865.54 on account of outstanding Public issue refund is appearing as debit balance with Vysya Bank Limited, Connaught Place, New Delhi branch (as mentioned in the FY 2005-06 audit report). However, the management has failed to produce any balance certificate/confirmation from the bank in respect of the said account& hence the balance remains unreconciled / unconfirmed as on 31.03.2013. The management has represented to us of its efforts in trying to find out this amount with the respective bank branch and if the balance is confirmed then appropriate accounting treatment shall be incorporated in the accounts of current financial year 2012-13.

11. Based on our examination of documents and records and according to the information and explanations given by the management, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

12. 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.

13. In our opinion, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the Provisions of Clause 4 (xiv) of the Companies Order, 2003 are not applicable to the Company.

14. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

15. In our opinion and according to information and explanations given to us, the Company has not availed any term loans, therefore, the Clause 4 (xvi) of the Companies Order, 2003 are not applicable to the Company.

16. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, no funds raised on short terms basis have been used for long term long term investments.

17. The Company has not allotted any shares during the financial year.

18. The Company has not issued any debenture during the year. Accordingly the Clause 4 (xix) of Companies (Auditor''s Report) order, 2003 are not applicable to the Company.

19. The Company has not raised any money by public issue during the year and hence the question of disclosure and verifications of end use of such money does not arise.

20. 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 notices or reported during the course of our audit.

For Neeraj Ramesh Chandra & Associates

Chartered Accountants

FRN: 017155N

Sd/-

Place: New Delhi Nitesh Garg

Date: 30.05.2013 Partner

M.No.525696


Mar 31, 2012

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

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material mis-statement. 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.

1. As required by the Companies (Auditor's Report) Order, 2003 as amended by Companies (Auditors Report) (Amendment) Order, 2004 issued by the Government of India in terms of Section 227 (4A) of the Companies Act, 1956 we enclose in the annexure a statement on the matter specified in para 4 and 5 of the said order.

2. Further to our comments in the annexure referred to above. Subject to note no. l(vi), 2 (ii), (vi), (viii), (x), (xi) ,and (xii) of the notes to accounts annexed to and forming part of the accounts in schedule no. 16, 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 the Profit & Loss Account dealt with by this report are in agreement with the books of account.

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

e. On the basis of written representations received from the directors, as on 31st March 2012, 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.

/. In our opinion and to the best of our information and according to explanations given to us, the said accounts together with accounting policies and notes forming part thereof 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, 2012 and;

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

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

ANNEXURE TO AUDITORS REPORT

Annexure referred to in para 1 of our report of even date to the shareholders of IFM Impex Global Limited on accounts for the year ended 31st March 2012.

1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management at reasonable intervals. No material discrepancies between book records and the physical inventories have been noticed on such verification.

(c) During the year the Company has disposed its flat at Model Town Delhi, to settle its liability of short term borrowings, which the company was obligated to raise in the interests of one time settlement of disputed secured loans with financial institutions.

2. (a) The inventories have been physically verified at reasonable intervals by the management.

(b) 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) On the basis of examination of the records of the inventory, we are of the opinion that the company is maintaining proper records of the inventory. The discrepancies noticed on verification between the physical stocks & book records were not material and have been properly dealt with in the books of accounts.

3 (a) The company has not granted any unsecured loans to the parties covered under section 301 of the Companies Act, 1956:

(b) In our opinion and according to the information and explanation given to us, the terms and conditions of loans given by the company are prima facie not prejudicial to the interest of the company.

(c) Reasonable steps have been taken for the recovery of the principal amount in the cases where overdue amount is more then Rupees one lakh.

4. (a) The Company has taken un-secured loans from following parties covered under section301 of the Companies Act, 1956:

S. No. Name of Parties Amount Outstanding As On 31.03.2012

1. Asha Yadav Rs. 2,00,000.00

Note: Items No.-l to 5 include balances brought forward from the previous year.

(b) In our opinion and according to the information and explanation given to us, the rate of interest and other terms & conditions of such loans are prima-facie not prejudicial to the interest of the Company.

(c) In our opinion and according to the information and explanation given to us, the company is taking reasonable steps to ensure that repayment of Principal amount and interest are regularly made.

5. In our opinion and according to information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of fixed assets and inventory and on the sale of goods. During the course of our audit no major weakness has been noticed in the internal control procedures. We have not observed any failure on the part of the management to take corrective course of action in this regard.

6. (a) In our opinion and according to information and explanations given to us, particulars of contracts and arrangement referred to in section 301 of the Companies Act, 1956 have been entered in the Register required to be maintained under that section.

(b) In our opinion and according to information and explanations given to us, the transactions for the sale or purchase of goods/services made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

7. In our opinion and according to information and explanations given to us, the Company has not

accepted any deposit in violation of provisions contained u/s 58A and 58AA of the Act and Rules framed there under. Neither CLB nor RBI or National Company law Tribunal or any other Tribunal/Court has passed any adverse order against the company.

8. In our opinion, the company has a system of Internal Audit commensurate with its size and nature of its business.

9. As per information and explanations given to us, the central Govt, has not prescribed maintenance of cost records u/s 209 (1) (d) of the Act.

10. According to information and explanations given to us, there is no undisputed amount payable in respect of provident fund, employees state insurance, income tax, sales tax, service tax, wealth tax, customs duty, excise duty, cess and any other statutory dues with the appropriate authorities for more than six months from the date when they became payable.

An amount of Rs. 59,865.54 on account of outstanding Public issue refund is appearing as debit balance with Vysya Bank Limited, Connaught Place, New Delhi branch (as mentioned in the FY 2005-06 audit report). However, the management has failed to produce any balance certificate/confirmation from the bank in respect of the said account & hence the balance remains unreconciled / unconfirmed as on 31.03.2012. The management has represented to us of its efforts in trying to find out this amount with the respective bank branch and if the balance is confirmed then appropriate accounting treatment shall be incorporated in the accounts of current financial year 2012-13.

11. Based on our examination of documents and records and according to the information and explanations given by the management, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

12. 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.

13. In our opinion, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the Provisions of Clause 4 (xiv) of the Companies Order, 2003 are not applicable to the Company.

14. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

15. In our opinion and according to information and explanations given to us, the Company has not availed any term loans, therefore, the Clause 4 (xvi) of the Companies Order, 2003 are not applicable to the Company.

16. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, no funds raised on short terms basis have been used for long term long term investments.

17. The Company has not allotted any shares during the financial year.

18. The Company has not issued any debenture during the year. Accordingly the Clause 4 (xix) of Companies (Auditor's Report) order, 2003 are not applicable to the Company.

19. The Company has not raised any money by public issue during the year and hence the question of disclosure and verifications of end use of such money does not arise.

20. 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 notices or reported during the course of our audit.

For Neeraj Ramesh Chandra & Associates

Chartered Accountants

FRN:017155N

Sd/-

Place: New Delhi Neeraj Gupta

Date: 30.07.2012 Partner

M.No.093168


Mar 31, 2010

We have audited the attached Balance Sheet of IFM Impex Global Limited, as at 31st March 2010 and the Profit & Loss Account for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material mis- statement. 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.

1. As required by the Companies (Auditor's Report) Order, 2003 as amended by Companies (Auditors Report) (Amendment) Order, 2004 issued by the Government of India in terms of Section 227 (4A) of the Companies Act, 1956 we enclose in the annexure a statement on the matter specified in para 4 and 5 of the said order.

2. Further to our comments in the annexure referred to above, Subject to note no. l(vi), 2 (ii), (vi), (viii), (x), (xi) ,and (xii) of the notes to accounts annexed to and forming part of the accounts in schedule no. 16, 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 the Profit & Loss Account dealt with by this report are in agreement with the books of account.

d. In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in Section 21l(3C) of the Companies Act, 1956.

e. On the basis of written representations received from the directors, as on 31st March 2010, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2010 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 explanations given to us, the said accounts together with accounting policies and notes forming part thereof 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 & Loss Account, of the Profit of the Company for the year ended on that date and

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

ANNEXURE TO AUDITORS REPORT

Annexure referred to in para 1 of our report of even date to the shareholders of IFM Impex Global Limited on accounts for the year ended 31st March 2010.

1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management at reasonable intervals. No material discrepancies between book records and the physical inventories have been noticed on such verification.

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

2. (a) The inventories have been physically verified at reasonable intervals by the management.

(b) 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) On the basis of examination of the records of the inventory, we are of the opinion that the company is maintaining proper records of the inventory. The discrepancies noticed on verification between the physical stocks & book records were not material and have been properly dealt with in the books of accounts.

3 (a) The company has not granted any unsecured loans to the parties covered under section 301 of the Companies Act, 1956:

(b) In our opinion and according to the.information and explanation given to us, the terms and conditions of loans given by the company are prima facie not prejudicial to the interest of the company.

(c) Reasonable steps have been taken for the recovery of the principal amount in the cases where overdue amount is more then Rupees one lakh.

4. (a) The Company has taken un-secured loans to clear the OBC Secured Loan Liabilities from following parties covered under section301 of the Companies Act,1956:

S. Name of Parties Amount Outstanding No As On 31.03.2010

1. Asha Yadav Rs. 16,00,000.00

2. Decent Trading India Rs. 3,98,356.00

3. Satya Pal Chauhan Rs. 1,50,000.00

4. SK Yadav Rs. 2,18,271.12

5. Yashpal Yadav Rs. 1,50,000.00

Note : Items No.-1 to 5 include balances brought forward from the previous year.

(b) In our opinion and according to the information and explanation given to us, the rate of interest and other terms & conditions of such loans are prima-facie not prejudicial to the interest of the Company.

(c) In our opinion and according to the information and explanation given to us, the company is taking reasonable steps to ensure that repayment of Principal amount and interest are regularly made.

5. In our opinion and according to information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of fixed assets and inventory and on the sale of goods. During the course of our audit no major weakness has been noticed in the internal control procedures. We have not observed any failure on the part of the management to take corrective course of action in this regard.

6. (a) In our opinion and according to information and explanations given to us, particulars of contracts and arrangement referred to in section 301 of the Companies Act, 1956 have been entered in the Register required to be maintained under that section.

(b) In our opinion and according to information and explanations given to us, the transactions for the sale or purchase of goods/services made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

7. In our opinion and according to information and explanations given to us, the Company has not accepted any deposit in violation of provisions contained u/s 58A and 58AA of the Act and Rules framed there under. Neither CLB nor RBI or National Company law Tribunal or any other Tribunal/Court has passed any adverse order against the company.

8. In our opinion, the company has a system of Internal Audit commensurate with its size and nature of its business.

9. As per information and explanations given to us, the central Govt, has not prescribed maintenance of cost records u/s 209 (1) (d) of the Act.

10.According to information and explanations given to us, there is no undisputed amount payable in respect of provident fund, employees state insurance, income tax, sales tax, service tax, wealth tax, customs duty, excise duty, cess and any other statutory dues with the appropriate authorities for more than six months from the date when they became payable.

An amount of Rs. 59,865.54 on account of outstanding Public issue refund is appearing as debit balance with Vysya Bank Limited, Connaught Place, New Delhi branch (as mentioned in the FY 2005-06 audit report). However, the management has failed to produce any balance certificate/confirmation from the bank in respect of the said account & hence the balance remains unreconciled / unconfirmed as on 31.03.2010. The management has represented to us of its efforts in trying to find out this amount with the respective bank branch and if the balance is confirmed then appropriate accounting treatment shall be incorporated in the accounts of current financial year 2010-11.

11. Based on our examination of documents and records and according to the information and explanations given by the management, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

12.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.

13.In our opinion, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the Provisions of Clause 4 (xiv) of the Companies Order, 2003 are not applicable to the Company.

14.According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

15.In our opinion and according to information and explanations given to us, the Company has not availed any term loans, therefore, the Clause 4 (xvi) of the Companies Order, 2003 are not applicable to the Company.

16.According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, no funds raised on short terms basis have been used for long term long term investments.

17.The Company has not allotted any shares during the financial year.

18.The Company has not issued any debenture during the year. Accordingly the Clause 4 (xix) of Companies (Auditor's Report) order, 2003 are not applicable to the Company.

19.The Company has not raised any money by public issue during the year and hence the question of disclosure and verifications of end use of such money does not arise.

20.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 notices or reported during the course of our audit.

For Neeraj Ramesh Chandra & Associates Chartered Accountants

Neeraj Gupta (Proprietor) - M.No.093168

Place : New Delhi Date : 15.07.2010



 
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