Auditor Report of Indo Asian Foods and Commodities Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of INDO-ASIAN FOODS & COMMODITIES LIMITED ("the company"), which comprise the Balance Sheet as at 31st March, 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

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 that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policie s; making judgments 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

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

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

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's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give 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.

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the company's auditor's report order, 2015 issued by the Central Government of India in terms of sub section (11) of section 143 of the Companies Act, 2013, we give in the Annexure a statement on the matters specified in Paragraph 3 and 4 of the order, to the extent applicable.

2. 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 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 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 information and according to the explanations given to us:

i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements -the Company does not have any pending litigations which would impact its financial position.

ii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts -the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

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

The annexure referred to in our Independent Auditors' Report to the Members of the Company on the financial statements for the year ended 31 March, 2015, we report that:

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

b. The Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a phased manner. In accordance with this programme, fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency of physical verification is reasonable having regard to the size of the Company and the nature of its assets.

a. As explained to us by the management and as observed by us, the inventory of raw material, finished goods stores and spares etc. has been physically verified during the year and specifically at the year-end by the management. In our opinion, the frequency of physical verification is reasonable having regard to the size and nature of business of the company.

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

c. In our opinion and according to the information and explanation given to us, the company has maintained proper records of its inventories and the discrepancies noticed on such physical verification between physical stock and the book records have been properly dealt with in the books of account

(iii) According to the information and explanations given to us, no loans, secured or unsecured were granted to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013 and accordingly para 3 (iii) of the Order is not applicable.

(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 with regard to purchase of inventories and fixed assets and with regard to the sale of services/goods. We have not observed any major weakness in such internal control system.

(v) According to the information and explanations given to us, the Company has not accepted any deposits from the public to which the provisions of section 73 to 76 of the Companies Act 2013 apply. Accordingly para 3 (v) of the Order is not applicable to the Company.

(vi) The central government hasn't prescribed for the maintenance of cost records under section 148(1) of the act, for any services rendered by the company. Accordingly para 3(vi) of the report relating to the cost records isn't applicable to the company.

a. According to the information and explanations given to us and according to the books and records as produced and examined by us in accordance with the generally accepted auditing practices in India, the Company is generally regular in depositing undisputed statutory dues including provident fund, employees' state insurance, income tax, sales-tax, wealth tax, service tax, custom duty, excise duty, value added tax, cess and any other material statutory dues applicable to it with the appropriate authorities. According to the information and explanations given to us, there were no undisputed amounts payable in respect of, income tax, sales tax, wealth tax, service tax, customs duty, value added tax and cess which were in arrears as at March 31, 2015 for a period of more than six months from the date they became payable.

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

c. Based on scrutiny of records and as per the explanation given by the management, the company is not required to transfer any amounts to investor education and protection fund in accordance with the relevant provisions of the Companies act 1956 and rules made there under.

(viii) The Company's accumulated losses at the end of the financial year are not exceed fifty percent of its net worth. The Company has incurred cash loss during the financial year covered by our audit and has incurred cash loss in the immediately preceding financial year.

(ix) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to banks and financial institutions.

(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.

(xi) To the best of our knowledge and belief and according to the information and explanations given to us, in our opinion, no term loans are availed by the Company during the year. Accordingly the para 3 (xi) of the report isn't applicable to the company.

(xii) During the course of our examination of the books and other 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, no instance of fraud on or by the Company was reported during the year, nor have we been informed of such case by the management.

For L N P & Co Chartered Accountants Firm Registration No. 008918S

Sd/- Purna Chandra Sekhar P Partner Membership No.214746

Place: Hyderabad Date: May 30, 2015

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Mar 31, 2014

1. We have audited the attached Balance Sheet of INDO-ASIAN PROJECTS LIMITED as at 31st March 2014 the Statement of Profit and Loss and the 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.

2. We conducted our audit in accordance with the 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 the management, as well as, evaluating overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by Companies (Auditor''s Report) Order, 2003 and amendment thereto by the Companies (Auditor''s Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we state that

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

(ii) 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.

(iii) The Balance Sheet, Statement of Profit and Loss and Cash flow Statement referred to in this report are in agreement with the books of account maintained.

(iv) In our opinion, the Balance Sheet and Statement of Profit and Loss and Cash flow Statement dealt with by this report comply with the requirements of the accounting standards referred to in Section 211 (3C) of the Companies Act, 1956;

(v) On the basis of written representations received from the Directors, as on 31st March, 2014 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2014 from being appointed as a director in terms clause (g) of subsection (1) of Section 274 of the Companies Act, 1956 ;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements read together with the significant accounting policies and other notes thereon give 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:

a) In the case of the Balance Sheet, of the state of affairs of the Company as on 31st March, 2014,

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

c) In the case of the Cash flow Statement, of the cash flows of the company for the year ended on that date

ANNEXURE TO AUDITORS'' REPORT

(Referred to in Paragraph (3) of our Report of even date on the Accounts of M/s. INDO- ASIAN PROJECTS LIMITED for the year ended 31st Match 2014)

(i) In respect of Fixed Assets:

a) The Company has maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets.

b) The Company has a regular programme of physical verification of its Fixed Assets by which fixed assets are verified in a phased manner. In accordance with this programme, fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency of physical verification is reasonable having regard to the size of the Company and the nature of its assets;

c) During the year, there was no sale of substantial part of Fixed Assets and hence the going concern of the Company is not affected.

(ii) In respect of Inventories:

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

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

(c) In our opinion and according to the information and explanation given to us, the company has maintained proper records of its inventories and the discrepancies noticed on such physical verification between physical stock and the book records were not material.

(iii) In respect of Loans Granted and taken by Company:

a) The Company has not granted any Loans, Secured or Unsecured from Companies, firms or other parties covered in the Register maintained under Section 301 of the Act. Accordingly, paragraph 4 (iii) (b), (c) & (d) of the said Order are not applicable;

b) The Company has borrowed Loans, Secured or Unsecured from Companies, firms or other parties covered in the Register maintained under Section 301 of the Act.

There is an opening balance of Rs.19.50 lakhs payable to M/s. Golden Earth Infracon Projects Pvt Ltd, wherein Mr. K. Rambabu, Managing Director holds majority of shares, and during the year the company has taken a fresh loan of Rs. 12.00 lakhs and repaid Rs.3.30 lakhs and the balance payable at the end of the year is Rs.28.20 lakhs. This loan has not carried any interest.

There is an opening balance of Rs.0.40 lakhs payable to Mr. K. Rambabu, Managing Director of the company and during the year the company has taken a fresh loan of Rs. 6.02 lakhs and repaid Rs.4.48 lakhs and the balance payable at the end of the year is Rs.1.95 lakhs. This loan has not carried any interest.

(iv) In respect of Internal Control System:

In our opinion and according to the information and explanations given to us, there is an adequate Internal Control procedure commensurate with size of the Company and the nature of its business with regard to purchases of Fixed Assets and sale of services. The activities of the Company do not involve purchase inventory and the sale of goods. We have not observed any major weakness in the internal control system during the course of the audit.

(v) In respect of transactions with related parties as per Register of Companies u/s 301:

a) In our opinion and according to the information and explanation given to us, the particulars of contracts or arrangements referred to in Section 302 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 the information and explanation given to us, the transactions made in pursuance of contracts or arrangements referred to in (v) (a) above and exceeding the value of Rs.5.00 lakhs with any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

(vi) In respect of Deposits from the Public:

The Company has not accepted any Deposits from the Public. Accordingly, paragraph 4

(vi) of the Order is not applicable.

(vii) In respect of Internal Audit System:

In our opinion, paragraph 4 (vii) of the Order is not applicable to the Company since the Company has not fulfilled any of the conditions given in that paragraph;

(viii) In respect of Cost Controls:

The Central Government of India has not prescribed the maintenance of cost records under Section 209 (l) (d) of the Companies Act 1956 for any of the Services rendered by the Company. Accordingly, paragraph 4 (viii) of the Order is not applicable;

(ix) In respect of Statutory Dues:

a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted / accrued in the books of account in respect of undisputed Statutory dues including Provident Fund, Service Tax and other material Statutory dues have generally been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of Sales Tax, Wealth Tax, Employees State Insurance, Investor Education, Protection Fund, Customs Duty, and Excise Duty. There were no dues on account of Cess under Section 441A of the Companies Act, 1956 since the aforesaid section has not yet been made effective by the Central Government of India. According to the information and explanations given to us, no undisputed amount payable in respect of provident Fund, Income Tax, Service tax and other material statutory dues were in arrears as at 31st March 2014 for a period of more than six months from the date they became payable.

b) According to the information and explanation given to us, there are no disputed dues relating to Income Tax, Cess which has not been deposited with the appropriate authorities on account of any dispute;

(x) In respect of Cash Loss:

The Company has accumulated losses to the extent of Rs.59.087 lakhs and they are less than 50% of net worth of the company. The company had earned a profit of Rs.8.84

lakhs in the financial year under report and during the financial year 2012-13 has incurred a cash loss of Rs.6.44 lakhs and a total loss of Rs.7.21 lakhs.

(xi) In respect of dues to Financial Institutions, Banks and Debentures Holders:

The Company did not have any outstanding dues to any Financial Institutions, Banks or Debenture Holders during the year. Accordingly, paragraph 4 (xi) of the Order is not applicable.

(xii) In respect of Secured Loans and Advances Granted:

The Company has not granted any Loans and Advances on the basis of Security by way of pledge of Shares, Debentures and other Securities. Accordingly, paragraph 4 (xii) of the Order is not applicable;

(xiii) In respect of Chit Fund, Nidhi or Mutual Benefit Company:

In our opinion and according to the information and explanations given to us, the Company is not a Chit Fund / Nidhi / Mutual Benefit Fund / Society. Accordingly, paragraph 4 (xiii) of the Order is not applicable.

(xiv) In respect of Investment Company:

According to the information and explanations given to us, the Company is not dealing or trading in Shares, Securities, Debentures and other Investments. Accordingly paragraph 4

(xiv) of the Order is not applicable.

(xv) In respect of Guarantees given by Company:

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. Accordingly, paragraph 4 (xv) of the Order is not applicable.

(xvi) In respect of Term Loans:

The Company did not have any Term Loans outstanding during the year. Accordingly, paragraph 4 (xvi) of the Order is not applicable.

(xvii) In respect of Funds raised on short term basis:

The Company has not raised any funds on short term basis. Accordingly, paragraph 4

(xvii) of the Order is not applicable.

(xviii) In respect of Preferential Issue made to Parties covered in the Register u/s 301:

The Company has not made any preferential allotment of Shares to the Directors of the Company parties and Companies covered in the register maintained Under Section 301 of the Companies Act, 1956. Accordingly, paragraph 4 (xviii) of the Order is not applicable.

(xix) In respect of Debentures Issued:

The Company did not issue any Debentures during the year. Accordingly, paragraph 4

(xix) of the Order is not applicable. (xx) In respect of end use of Public Issue Funds:

(xx) The Company has not raised any money by Public Issue during the Year. Accordingly, paragraph 4 (xx) of the Order is not applicable.

(xxi) In respect of Frauds:

As presented to us by the Management and based on our examination in the normal course of Audit, no material frauds on or by the Company have been noticed or reported during the year.

For L N P & Co Chartered Accountants FRN No: 008918S.

Sd/- Purna Chandra Sekhar P Partner M. NO: 214746

Place: Hyderabad Date: 20-05-2014.

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Mar 31, 2013

1. We have audited the attached Balance Sheet of INDO-ASIAN PROJECTS LIMITED as at 31st March 2013, the Statement of Profit and Loss and the 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.

2. We conducted our audit in accordance with the 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 the management, as well as, evaluating overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by Companies (Auditor`s Report) Order, 2003 and amendment thereto by the Companies (Auditor`s Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we state that

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

(ii) 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.

(iii) The Balance Sheet, Statement of Profit and Loss and Cash flow Statement referred to in this report are in agreement with the books of account maintained.

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

(v) 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 clause (g) of subsection (1) of Section 274 of the Companies Act, 1956 ;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements read together with the significant accounting policies and other notes thereon give 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:

a) In the case of the Balance Sheet, of the state of affairs of the Company as on 31st March, 2013,

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

c) In the case of the Cash flow Statement, of the cash flows of the company for the year ended on that date.

ANNEXURE TO AUDITORS` REPORT

(Referred to in Paragraph (3) of our Report of even date on the Accounts of M/s. Indo-Asian Projects Limited for the year ended 31st Match 2013)

(i) In respect of Fixed Assets:

a) The Company has maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets.

b) The Company has a regular programme of physical verification of its Fixed Assets by which fixed assets are verified in a phased manner. In accordance with this programme, fixed assets were verified during the year and no material discrepancies were noticed on such verification, In our opinion, the frequency of physical verification is reasonable having regard to the size of the Company and the nature of its assets;

c) During the year, there was no sale of substantial part Fixed Assets and hence the going concern of the Company is not affected.

(ii) In respect of Inventories:

a) As explained to us, the inventories were physically verified by the management at reasonable intervals during the year.

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

c) In our opinion and according to the information and explanation given to us, the Company has maintained proper records of its inventories and the discrepancies noticed on such physical verification between physical stock and the book records were not material.

(iii) In respect of Loans Granted and taken by Company:

a) The Company has not granted any Loans, Secured or Unsecured from Companies, Firms or other parties covered in the Register maintained under Section 301 of the Act. Accordingly, paragraph 4 (iii) (b), (c) & (d) of the said Order are not applicable;

b) The Company has not borrowed any Loans, Secured or Unsecured from Companies, Firms or other parties covered in the Register maintained under Section 301 of the Act. Accordingly, paragraph 4 (iii) (f) & (g) of the said Order are not applicable;

(iv) In respect of Internal Control System:

In our opinion and according to the information and explanations given to us, there is an adequate Internal Control procedure commensurate with size of the Company and the nature of its business with regard to purchases of Fixed Assets and sale of services. The activities of the Company do not involve purchase inventory and the sale of goods.

We have not observed any major weakness in the internal control system during the course of the audit.

(v) In respect of transactions with related parties as per Register of Companies u/s 301:

a) In our opinion and according to the information and explanation given to us, the particulars of contracts or arrangements referred to in Section 302 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 the information and explanation given to us, the transactions made in pursuance of contracts or arrangements referred to in (v) (a) above and exceeding the value of Rs.5.00 lakhs with any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

(vi) In respect of Deposits from the Public:

The Company has not accepted any Deposits from the Public. Accordingly, paragraph 4 (vi) of the Order is not applicable.

(vii) In respect of Internal Audit System:

The Company has an Internal Audit System which is commensurate with the size of the Company and its present activity.

(viii) In respect of Cost Controls:

The Central Government of India has not prescribed the maintenance of cost records under Section 209 (l) (d) of the Companies Act 1956 for any of the Services rendered by the Company. Accordingly, paragraph 4 (viii) of the Order is not applicable;

(ix) In respect of Statutory Dues:

a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted / accrued in the books of account in respect of undisputed Statutory dues including Provident Fund, Service Tax and other material Statutory dues have generally been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of Sales Tax, Wealth Tax, Employees State Insurance, Investor Education & Protection Fund, Customs Duty, and Excise Duty. There were no dues on account of Cess under Section 441A of the Companies Act, 1956 since the aforesaid section has not yet been made effective by the Central Government of India. According to the information and explanations given to us, no undisputed amount payable in respect of provident Fund, Income Tax, Service tax and other material statutory dues were in arrears as at 31st March 2013 for a period of more than six months from the date they became payable.

b) According to the information and explanation given to us, there are no disputed dues relating to Income Tax, Cess which have not been deposited with the appropriate authorities on account of any dispute;

(x) In respect of Cash Loss:

The Company has accumulated losses to the extent of Rs 67.92 lakhs and they are less than 50% of net worth of the Company. The Company had incurred a cash loss of Rs 6.44 lakhs and a total loss of Rs. 7.33 lakhs in the financial year and report.

(xi) In respect of dues to Financial Institutions, Banks and Debentures Holders:

The Company did not have any outstanding dues to any Financial Institutions, Banks or Debenture Holders during the year. Accordingly, paragraph 4 (xi) of the Order is not applicable.

(xii) In respect of Secured Loans and Advances Granted:

The Company has not granted any Loans and Advances on the basis of Security by way of pledge of Shares, Debentures and other Securities. Accordingly, paragraph 4 (xii) of the Order is not applicable;

(xiii) In respect of Chit Fund, Nidhi or Mutual Benefit Company:

In our opinion and according to the information and explanations given to us, the Company is not a Chit Fund / Nidhi / Mutual Benefit Fund / Society. Accordingly, paragraph 4 (xiii) of the Order is not applicable.

(xiv) In respect of Investment Company:

According to the information and explanations given to us, the Company is not dealing or trading in Shares, Securities, Debentures and other Investments. Accordingly paragraph 4 (xiv) of the Order is not applicable.

(xv) In respect of Guarantees given by Company:

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. Accordingly, paragraph 4 (xv) of the Order is not applicable.

(xvi) In respect of Term Loans:

The Company did not have any Term Loans outstanding during the year. Accordingly, paragraph 4 (xvi) of the Order is not applicable.

(xvii) In respect of Funds raised on short term basis:

The Company has not raised any funds on short term basis. Accordingly, paragraph 4 (xvii) of the Order is not applicable.

(xviii) In respect of Preferential Issue made to Parties covered in the Register u/s 301:

The Company has not made any preferential allotment of Shares to the Directors of the Company parties and Companies covered in the register maintained Under Section 301 of the Companies Act, 1956. Accordingly, paragraph 4 (xviii) of the Order is not applicable.

(xix) In respect of Debentures Issued:

The Company did not issue any Debentures during the year. Accordingly, paragraph 4 (xix) of the Order is not applicable. (xx) In respect of end use of Public Issue Funds

(xx) The Company has not raised any money by Public Issue during the Year. Accordingly, paragraph 4 (xx) of the Order is not applicable.

(xxi) In respect of Frauds:

As presented to us by the Management and based on our examination in the normal course of Audit, no material frauds on or by the Company have been noticed or reported during the year.

For L N P & Co

Chartered Accountants FRN No: 008918S.

A PRABHAKARA RAO

PARTNER

M. NO: 207386

Place: Hyderabad

Date : 13-05-2013.

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Mar 31, 2012

We have audited the attached Balance Sheet of M/s. INDO-ASIAN PROJECTS LIMITED as at 31st March, 2012 and also the Profit and Loss Account 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.

We conduct 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 whether the financial statements are prepared, in all material respects, in accordance with an identified financial reporting frame work and are free of material misstatements. 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 the management, as wells as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

Further to our comments given in para No.2 here below, we report that:

1 .(a) We have 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 such books;

(c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of accounts.

(d) In our opinion, the Balance Sheet and Profit and Loss Account comply with the Accounting standards referred to sub section (3C) of Section 211 of the Companies Act, 1956.

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

In our opinion and to the best of our information and according to the explanations given to us, the accounts read with the notes on accounts and the significant accounting policies give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view and are in confirmation with Accounting Principles generally accepted in India.

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

and

ii) In the case of the Profit and Loss Account, of the Loss of the Company for the year ended 31** March, 2012.

2. As required by the Companies (Auditors Report) order, 2003, issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, and on the basis of such checks as we considered appropriate, and explanations given to us in the course of audit, we further report that:

(i) The company has maintained proper records showing full particulars including quantitative details and situation of the fixed assets. We are informed by the Management that all the fixed assets were physically verified during the year and no discrepancies were noticed. *

(ii) None of the fixed assets have been revalued during the year. According to the information and explanations given to us, the Company has not disposed off substantial part of fixed assets and the going concern status of the Company is not affected.

(iii) As explained to us, Stock of stores and spares, raw materials and finished goods have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable having regard to the size of the company and the nature of its business.

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

3. As explained to us, there were no material discrepancies noticed on physical verification of stock of stores and spares, raw materials and finished goods, having regard to the size of the operations of the Company.

a The valuation of stocks is fair and proper and is in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year.

b The Company has not taken any loan secured or unsecured, from companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act 1956 (1 of 1956).

c The Company has not granted any loan to Companies, Firms or other parties listed in the Register maintained under Sub- section (1B) of Section 370 of the Companies Act, 1956.

d The Company has not granted Loans and advances on the basis of securities by way of pledge of shares, debentures and other securities.

e There is an adequate internal control procedure commensurate with the size of the Company and the nature of its business for purchase of plant and machinery, equipment, raw materials, stores and other assets and with regard to sale of the goods.

f In our opinion and according to the information and explanations given to us, there are no transactions of purchases of goods and materials and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and aggregating during the year to Rs.50,000/- (Rupees Fifty thousand only) or more in respect of any party).

g According to the information and explanations given to us, there were no unserviceable or damaged stores, raw materials and finished goods.

h The Company has not accepted any deposits from the public. Hence, the Provisions of Sections 58A of the Companies Act, 1956 and the Rules framed there under are not applicable to this Company.

i The Company has no bye-products, and the company has not sold any scrap during the year.

j No cost Records have been prescribed by the Central Government under section 209(1) (d) of the Companies Act, 1956 for the Company.

k According to the explanations given by the Company, the proviso of the Employees' Provident Fund and Employees'

State insurance are not applicable to the company for the time being.

I There were no undisputed amounts payable by the Company in respect of income tax, Wealth tax, Sales tax, Customs Duty and Excise Duty, outstanding for a period of more than 6 months as at the last day of the financial year concerned.

m According to the information and explanations given to us, no personal expenses of employees or directors have been charged to revenue account, other than those payable under contractual obligations or in accordance with generally accepted business practice. .

n The Company is not a Sick Industrial Company within the Meaning of clause (O) of Sub-section (1) of Section (3) of the Sick Industrial Companies (Special Provisions) Act, I956. '

o The Company has an Internal Audit system which is commensurate with the size of the Company and its present activity. .

p The Company has not carried on any trading activity during the year under report.

q The Company has accumulated loses to the extent of Rs. 60.58 lakhs and they are less than 50% of the net worth of the Company. The Company has incurred a Cash Loss of Rs. 8.56 lakhs before prior period items and total loss is Rs. 17.71 lakhs in the financial year under report.

r The Company is not a chit fund / nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4 the Companies (Auditors Report) order 2003 are not applicable to the Company.

s The Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly the provisions of clause 4 (xiv) of the Companies (Auditors Report) order 2003 are not applicable to the Company.

t The Company has obtained Secured loan from a Nationalised Bank during earlieryears and the loan was repaid during the Current year under review well within the time permitted by the Bank.

u The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 during the year.

v. The Company has not raised any money by public issues during the year.

w. The Company has not issued any debentures during the year.

x.' In accordance with the information and explanations given to us and on our examination of books and records, no fraud on or by the Company has been noticed or reported during the year.

For S. RAMESH BABU & CO.,

Chartered Accountants.

Place: Hyderabad Sd/-

Date: 30.05.2012. (K. CHENNUBOTLU)

Partner Membership No. 022535 Firm Regd. Number: 07806S

---

Mar 31, 2010

We have audited the attached Balance Sheet of M/s. INDO-ASIAN PROJECTS LIMITED as at 31st March, 2010 and also the Profit and Loss Account 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.

We conduct 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 whether the financial statements are prepared, in all material respects, in accordance with an identified financial reporting frame work and are free of material misstatements. 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 the management, as wells as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

Further to our comments given in para No.2 here below, we report that:

1. (a) We have 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 such books;

(c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of accounts.

(d) In our opinion, the Balance Sheet and Profit and Loss Account comply with the Accounting standards referred to sub-section (3C) of Section 211 of the Companies Act, 1956.

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

(f) In our opinion and to the best of our information and according to the explanations given to us, the accounts read with the notes on accounts and the significant accounting policies give the information required by the Companies Act, 1956, in the manner so required and give a true and fairview and are in confirmation with 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 Profit of the Company for the year ended 31st March, 2010.

2. As required by the Companies (Auditors Report) order, 2003, issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, and on the basis of such checks as we considered appropriate, and explanations given to us in the course of audit, we further report that:

(i) The company has maintained proper records showing full particulars including quantitative details and situation of the fixed assets. We are informed by the Management that all the fixed assets were physically verified during the year and no discrepancies were noticed.

(ii) None of the fixed assets have been revalued during the year. According to the information and explanations given to us, the Company has not disposed off substantial part of fixed assets and the going concern status of the Company is not affected.

(iii) As explained to us, Stock of stores and spares, raw materials and finished goods have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable having regard to the size of the company and the nature of its business.

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

3. As explained to us, there were no material discrepancies noticed on physical verification of stock of stores and spares, raw materials and finished goods, having regard to the size of the operations of the Company.

a. The valuation of stocks is fair and proper and is in-accordance with the normally accepted accounting principles and is on the same basis as in the preceding year.

b. The Company has not taken any loan secured or unsecured, from companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act 1956 (1 of 1956).

c. The Company has not granted any loan to Companies, Firms or other parties listed in the Register maintained under Sub-section (1B) of Section 370 of the Companies Act, 1956.

d. The Company has not granted Loans and advances on the basis of securities by way of pledge of shares, debentures and other securities.

e. There is an adequate internal control procedure commensurate with the size of the Company and the nature of its business for purchase of plant and machinery, equipment, raw materials, stores and other assets and with regard to sale of the goods.

f. In our opinion and according to the information and explanations given to us, there are no transactions of purchases of goods and materials and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and aggregating during the year to Rs.50,000/- (Rupees Fifty thousand only) or more in respect of any party).

g. According to the information and explanations given to us, there were no unserviceable or damaged stores, raw materials and finished goods.

h. The Company has not accepted any deposits from the.public. Hence, the Provisions of Sections 58A of the Companies Act, 1956 and the Rules framed there under are not applicable to this Company.

i. The Company has no bye-products, and the company has not sold any scrap during the year.

j. No cost Records have been prescribed by the Central Government under section 209(1) (d) of the Companies Act, 1956 for the Company.

k. According to the explanations given by the Company, the provision of the Employees Provident Fund and Employees State insurance are not applicable to the company for the time being.

I. There were no undisputed amounts payable by the Company in respect of income tax Wealth tax, Sales tax, Customs Duty and Excise Duty, outstanding for a period of more than 6 months as at the last day of the financial year concerned.

m. According to the information and explanations given to us, no personal expenses of employees or directors have been charged to revenue account, other than those payable under contractual obligations or in accordance with generally accepted business practice.

n. The Company is not Sick Industrial Company within the Meaning of clause (O) of Sub-section (1) of Section (3) of the Sick Industrial Companies (Special Provisions) Act, I956.

o. The Company has an Internal Audit system which is commensurate with the size of the Company and its present activity.

p. The Company has" carried on trading activity during the year under report.

q. The Company has accumulated loses to the extent of Rs. 47.19 lakhs and they are less than 50% of the net worth of the Company. The Company has earned a Cash Profit of Rs. 5.32 lakhs in the financial year under report.

r. The Company is not a chit fund / nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditors Report) order 2003 are not applicable to the Company.

s. The Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly the provisions of clause 4 (xiv) of the Companies (Auditors Report) order 2003 are not applicable to the Company.

f. The Company has obtained Secured loan from a Nationalised Bank during the year under report for purchase of a Motor Vehicle. There are no outstanding installments pending as at 31st March 2010.

u. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 during the year.

v. The Company has not raised any money by public issues during the year.

w. The Company has not issued any debentures during the year.

x. In accordance with the information and explanations given to us and on our examination of books and records, no fraud on or by the Company has been noticed or reported during the year.

We have audited the attached Balance Sheet of M/s. INDO-ASIAN PROJECTS LIMITED as at 31st March,

2010 and also the Profit and Loss Account 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.

We conduct 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 whether the financial statements are prepared, in all material respects, in accordance with an identified financial reporting frame work and are free of material misstatements. 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 the management, as wells as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

Further to our comments given in para No.2 here below, we report that:

1. (a) We have 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 such books;

(c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of accounts.

(d) In our opinion, the Balance Sheet and Profit and Loss Account comply with the Accounting standards referred to sub-section (3C) of Section 211 of the Companies Act, 1956.

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

(f) In our opinion and to the best of our information and according to the explanations given to us, the accounts read with the notes on accounts and the significant accounting policies give the information required by the Companies Act, 1956, in the manner so required and give a true and fairview and are in confirmation with 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 Profit of the Company for the year ended 31st March, 2010.

2. As required by the Companies (Auditors Report) order, 2003, issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, and on the basis of such checks as we considered appropriate, and explanations given to us in the course of audit, we further report that:

(i) The company has maintained proper records showing full particulars including quantitative details and situation of the fixed assets. We are informed by the Management that all the fixed assets were physically verified during the year and no discrepancies were noticed.

(ii) None of the fixed assets have been revalued during the year. According to the information and explanations given to us, the Company has not disposed off substantial part of fixed assets and the going concern status of the Company is not affected.

(iii) As explained to us, Stock of stores and spares, raw materials and finished goods have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable having regard to the size of the company and the nature of its business.

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

3. As explained to us, there were no material discrepancies noticed on physical verification of stock of stores and spares, raw materials and finished goods, having regard to the size of the operations of the Company.

a. The valuation of stocks is fair and proper and is in-accordance with the normally accepted accounting principles and is on the same basis as in the preceding year.

b. The Company has not taken any loan secured or unsecured, from companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act 1956 (1 of 1956).

c. The Company has not granted any loan to Companies, Firms or other parties listed in the Register maintained under Sub-section (1B) of Section 370 of the Companies Act, 1956.

d. The Company has not granted Loans and advances on the basis of securities by way of pledge of shares, debentures and other securities.

e. There is an adequate internal control procedure commensurate with the size of the Company and the nature of its business for purchase of plant and machinery, equipment, raw materials, stores and other assets and with regard to sale of the goods.

f. In our opinion and according to the information and explanations given to us, there are no transactions of purchases of goods and materials and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and aggregating during the year to Rs.50,000/- (Rupees Fifty thousand only) or more in respect of any party).

g. According to the information and explanations given to us, there were no unserviceable or damaged stores, raw materials and finished goods.

h. The Company has not accepted any deposits from the.public. Hence, the Provisions of Sections 58A of the Companies Act, 1956 and the Rules framed there under are not applicable to this Company.

i. The Company has no bye-products, and the company has not sold any scrap during the year.

j. No cost Records have been prescribed by the Central Government under section 209(1) (d) of the Companies Act, 1956 for the Company.

k. According to the explanations given by the Company, the provision of the Employees Provident Fund and Employees State insurance are not applicable to the company for the time being.

I. There were no undisputed amounts payable by the Company in respect of income tax Wealth tax, Sales tax, Customs Duty and Excise Duty, outstanding for a period of more than 6 months as at the last day of the financial year concerned.

m. According to the information and explanations given to us, no personal expenses of employees or directors have been charged to revenue account, other than those payable under contractual obligations or in accordance with generally accepted business practice.

n. The Company is not Sick Industrial Company within the Meaning of clause (O) of Sub-section (1) of Section (3) of the Sick Industrial Companies (Special Provisions) Act, I956.

o. The Company has an Internal Audit system which is commensurate with the size of the Company and its present activity.

p. The Company has" carried on trading activity during the year under report.

q. The Company has accumulated loses to the extent of Rs. 47.19 lakhs and they are less than 50% of the net worth of the Company. The Company has earned a Cash Profit of Rs. 5.32 lakhs in the financial year under report.

r. The Company is not a chit fund / nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditors Report) order 2003 are not applicable to the Company.

s. The Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly the provisions of clause 4 (xiv) of the Companies (Auditors Report) order 2003 are not applicable to the Company.

f. The Company has obtained Secured loan from a Nationalised Bank during the year under report for purchase of a Motor Vehicle. There are no outstanding installments pending as at 31st March 2010.

u. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 during the year.

v. The Company has not raised any money by public issues during the year.

w. The Company has not issued any debentures during the year.

x. In accordance with the information and explanations given to us and on our examination of books and records, no fraud on or by the Company has been noticed or reported during the year.

For S.RAMESH BABU &CO., Chartered Accountants. Place:Hyderabad Date:29.05.2010. Sd/- (K.CHENNUBOTLU) Partner. Membership No.022535 Firm Reg.No.07806S