Auditor Report of Integrated Financial Services Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of M/s Integrated Financial Services Limited ('the Company), which comprises the Balance Sheet as at 31st March, 2015 and the statement of Profit and Loss, Cash Flow Statement of the company for the year ended and a summary of 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 with respect to preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred in Section 133 of the Companies Act, 2013 ("the Act"), read with Rule 7 of the Companies (Accounts) Rule, 2014. 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, safeguarding of the assets of the company, selection and application of appropriate accounting policies, making judgments and estimates that are reasonable and prudent and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing specified under section 143(10), 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 entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) In the case of the balance sheet, of the state of affairs of the Company as at 31st March 2015; and

b) In the case of statement of profit and loss, of the profit for the year ended on that date.

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

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 purpose of our audit;

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

c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the Books of account;

d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

e) On the basis of written representations received from the directors as on March 31st, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on March 31st 2015, from being appointed as a director section 164(2) of the Companies Act, 2013.

3. 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 does not have any pending litigations which would impact its financial position;

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

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

Annexure to the Independent Auditor's Report

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

1. a. The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

b. As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification. However, during the year, the fixed assets of the Company comprising of only land and building appurtenant thereto have been fully disposed of.

2. The Company does not have any stock (shares) during the year.

3. According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has given loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 189 of the Companies Act, 2013:

a. The amounts of principal as well as interest have been repaid regularly.

b. No amount of loan and advances is overdue.

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

5. The Company has not accepted any Deposits during the year and, accordingly, the provisions of Clauses V of Paragraph 3 of the order are not applicable to the Company. There was no any amount is outstanding against any deposit of earlier years in the books of accounts of the company.

6. As per information and explanation given by the management, maintenance of cost records have not been prescribed by the Central Government under sub-section (1) of section 148 of the Act for the type of business the Company is currently in.

7.

a. According to the records of the company, 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 to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 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 is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty, excise duty and value added tax which have not been deposited on account of any disputes.

c. According to the information and explanations given to us, there was no delay in transferring the amount required to be transferred during the year to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder.

8. There are no accumulated losses at the end of financial year. The company has also not incurred cash losses during the financial year covered by our audit and preceding financial year.

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

10. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution during the year and accordingly, the provisions of clause (x) of paragraph 3 of the said order is not applicable for the relevant year.

11. The Company has not raised any term loan during the year and, accordingly, the provisions of clause (xi) of paragraph 3 of the said order are not applicable for the relevant year.

12. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices and based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of any such case by the management.

Place: New Delhi For Dua & Kumar

Date: 30.05.2015 Chartered Accountants

Firm Regn No. 007411N

Sd/-

Mahesh Kumar

Proprietor

M.No. 085757

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Mar 31, 2014

1. We have audited the accompanying financial Statements of M/s Integrated Financial Services Limited, which comprise the Balance Sheet as at 31 st March, 2014, the Statement of Profit and Loss Account and Cash Flow Statement for the year ended on that date and a summary of significant accounting policies and other explanatory information.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

2. Management is responsible for the preparation of the Financial statements that give a true and fair view of the financial position, financial performance and cash flow of the company in accordance with the Accounting Standards notified under Companies Act 1956 read with General Circular 15/2013 dated 13th September 2013, issued by the ministry of Corporate Affairs, in respect of Section 133 of the Companies Act 2013.

AUDITOR''S RESPONSIBILITY

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards required that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

4. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation.

5. We believe that our audit provides a reasonable basis for our opinion.

OPINION

6. In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Act, in the manner so required and give a true and fair view in conformity with the accounting principle generally accepted in India:

a) In the case of the Balance Sheet, of the State of Affairs of the Company as at 31st March, 2014;

b) In the case of statement of Profit & Loss Account of the profit for the year ended on that date; and

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

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

7. As required by the Companies (Auditor''s Report) Order, 2003 issued by Government of India in terms of Sub-Section (4A) of section 227 of the Companies Act, 1956, we give in the Annexure, a statement on the matters specified in paragraph 4 and 5 of the said order.

8. 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 purposes of our Audit.

b) in our opinion, proper books of accounts as required by the law have been kept by the company so far as appears from our examination of those books.

c) the Balance Sheet, statement of Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

d) in our opinion, Balance Sheet, statement of Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub -section (3C) of section 211 of the Companies Act, 1956 read with General Circular 15/2013 dated 13th September 2013, issued by the ministry of Corporate Affairs, in respect of Section 133 of the Companies Act 2013.

e) 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 Director in terms of Clause (g) of sub section (1) of Section 274 of the Companies Act, 1956.

ANNEXURE TO THE AUDITORS'' REPORT

(Referred to in paragraph (7) of our report)

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 during the year and there is also a regular program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets has been disposed off during the year.

2. The company does not have any inventory during the year.

3. (a) The company has given loans to the companies, firms and other parties listed in the register maintained under section 301 of the Companies Act, 1956.

(b) The company has not taken any loans, secured or unsecured from the companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sales of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. (a) According to the information and explanations given to us, we are of the opinion that the transaction that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangement entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees Five Lacs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits within the meaning of section 58A and 58 AA of the Companies Act, 1956.

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

8. As explained to us the Central Government has not prescribed the maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956 in the case of the company.

9. (a) The company is not covered under Provident Fund and the ESI Act.

(b) According to information and explanations given to us, no undisputed amounts is payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty and Excise Duty were in arrears, as at 31.03.2014 for a period of six months from the date they became payable.

10. There are no accumulated losses at the end of financial year. The company has also not incurred cash losses during the financial year covered by our audit and preceding financial year.

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

12. According to information & explanations given to us, the company has not given any loan and advances on the basis of security by way of pledge of shares, debentures and other securities

13. The Company is not a chit fund. Therefore, the provisions of clause 4 (xiii) of Companies (Auditor Report) Order, 2003 are not applicable to the company.

14. In our opinion, the company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and other investments. And timely entries have been made therein. All shares and debentures and other investments have been held by the company in its name.

15. According to information & explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The company has not raised any term loan during the year

17. According to the information and explanations given to us and on an overall examination of the Company, we report that the no funds raised on short term basis have been used for long term investment. No long term funds have been used to finance short term assets.

18. According to the information and explanation given to us, the company has not made preferential allotment of share to parties and companies during the year, covered in the register maintained under section 301 of the Act.

19. The Company has not issued debentures during the year.

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

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

For Dua & Kumar Chartered Accountants Firm Regn No. 007411N

Place: New Delhi Sd/- Date: 22.05.2014 Mahesh Kumar Proprietor M. No. 085757

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Mar 31, 2013

We have audited the allached Balance Sheet of Integrated Financial Services Limited, as at 31ll March, 2013 and also the Pralltand Loss Acwuntand Cash Flow Statement forlhe year ended on that dote ulWiexed thereto These financial statements are ttie responsibility o1 the Company''s management. Our responsibility is to express an opinion on there financial statements based an our audit,

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards required thai we plan and perform ihe audit to obtain reasonable assurance about whether Ihe financial statements are free ol male-rial misstatement An audil includes examminfl, on a test basis, evidence supportinfl the amounts and disclosures in financial statements Anaudit also includes assessing [he accounting ptinciples used and signJjcanteslrnatasmade by the management. as well as evalualrfig Hie overall linanciaf statement presentation We believe that our audit provides a reasonable basis tar our opinion.

1) As required by the Companies (Auditor''s Report} Order, 2001 issued by Goveinmefll of India in terms of Sub-Section (JA) of section 227 of Ihe Companies Act. 1ft5G, we- enclose in the Armexure. a statement w the mailers spfctifted in paragraph 4 and 5 of the said order.

2) Further 1o ou r comments in the AnneMirc referred to above. v*e report Ihat:

i) We have obtained al the intanmation and explanations which to Ihe best of our knowledge and belief were necessary for Ihe purposes of our Audit.

ii) tn our opinion, proper books of accounte as required by the law have been kept by the company so tar as appears from our examination of those cooks.

it) The Balance Sheet, Profit &. Loss Account and Cash Flow Statement dealt with by Ibis repw 1 are in agreement with Wis books of accounts.

iv} In our opinion, Balance Sheet Profil & Ldss Account and Cash Flow statement dealt with by Ihrs report comply with 1he Accounting Standards refened ta in sub-section (3C)of section 211 dthe Companies Acl, 1956.

v) On tho bEsis cf written representations received from the Directors, as on 2.1 *'' March, 2013 and taken on record by the Hoard ofDirectors, Yrt report that none ofthe Directors ts disqualified as on 51st March. 2013 from being appointed as Director in terms of Clause (g}Qf sub section (1) of Section 274 of the Companies Act, 1B5B.

vi) In Our opinion and 10 th 0 best of our information and according to the explanations given Id us, (he said accounts give Ihe information required by the Companies Act, 1956. in the manner so required read together with other note* to accounts, gives a true and fair view in confamnrty with the accounting principle generally accepted in India:

3) In the ca So of the Balance Sheet, of 1he State of Affairs of the Com pany as al 31a Ma rch. 2013;

b) In (he case of Statement orFrafLt & Loss Account or Ihe pront for the year ended on that dale: and

C) In Ihe use of Cash Flow Statament, of the Cash Flews or the Company for the year ended on thai date.

ANNEXURE TO THE AUDITORS REPORT

Stalemenl referred to m paragraph (1) of our report of even date to the member of the Integrated Fjnancial Services Limited on the accc-unls for the year ended 312 March. 2013.

1 (a) The Company has maintained proper records showing lull particulars induing quantitative details and situation of ; wed assets

2. The Fixed Assets have bee* physically verilied by the management during the year and there rs also a reg Jar program of verification which, in ouropinion, is reasonable having regard to the size of the company and the nature of ttaiMiirf

No matenal discrepancies ware noticed on such veriftcalion.

{c} No substantial pert of fixed assets n awe been disposed ofl during the year.

2. The company does not have any inventory during the year

3. (a) The company has fliven toans to the companies, firms and Other parties listed In the register maintained under section 301 of the Companies Act, 1956.

(b) The company has noi laken any loans, secured or unsecured from the companies, firms and other partes coveradin the register maintained under section 301 of the Companies Act. 1&56.

4. m our oc-in km and according to the information and explanations given to us, there are adequate internal control procedures commensurate wilh ihe size of the company and the nalure of its business with regard to pur Chases of inventory, fined assets end with regard to the sales of goods. During the course of our audit, we have not observed any continuing failure lo correct major weakness ^ internal controls.

5. According to (he information end explanations given to us, we are of the opinion that Ihe iransaclion that need to be entered inlothe register maintained under section 301 of the Companies Act, 1956 have been so entered.

(t) In our opinion and according to the information and explanation* given to us, Ihe transactions made in pursuance of contra els or arrangement entered in the register maintained under section 301 of the Companies Act. 1956 and exceeding the value of rupees Five Lac* in respect of any party during the year have been made alpnees which are reasonable hawing regard lo prevailing market prices at the relevant time.

6. In our opinion and according lo the intomiairon and explanations given to us, me company has not accepted any deposits wrthm the meaning of section 5SA end 58 AA of the Companies Act, 1956.

7. In our opinion, the com party has internal a udrt system commensurate with Ihe size and nature of the business. &. As explained to us the Central Government has noi prescribed the mainlenanee of cost rscords under section 2012 of the Companies Act. 1956 in the case of the company.

5. (a) The company is not covered under Provident Fund and the £SI Act.

(b) According to information and explanations given to us, no undisputed amounts is payable in respect of Income Tax. Wealth Tax, Sales Tan, Custom Duty and Excise Duly were in arrears, as at 31.03.2013 for a period of si* months from the date they became payable.

10. There are no accumulated losses at ihe end of financial year. The company has also not incurred cash tosses dunng the financial year covered by our audit and preceding financial year.

11. In our opinion and according In (he infonTtstjgn and explanations given to us, ttie company has nol defaulted *n repayment Of dues 10 a financial instilub''Dn or bank

12. According to information & supinations given to us. the company has nal given any Joan and advances an the basis of security by way or pledge of shares, debentures and ?iher securities

13. The Company is not a chit fund. Therefars. Una provisions of clause 4 (xiii) of Companies (Auditor Fteporf) Qfder, 2003 are not applicable to the. company.

14. In our optnmnh the- company has maintained proper records of IransacSons and contracts in rasped of Irading m securities. debentures and piher investments. And tamely entries have been made therein All shares and debentures and olher Lnvestanenls have been held by Ihe company in its name.

15. According to informalion A explanations. given to us, the company has no! given any guarantee for loans laken by others from banks or financial in ablutions.

16 The company has net raised any lerm loan during the year

17. According to the information and axplanabons given to js and or an overall examination of the Company, w* reporl that Ihe no funds raised on shcri lerm basis have been used for long lerni investment No long lerm funds have been used to finance STiOrt term assets

18. Accardmg to the information and ejiplarialion given to us, ihe company has r»t mads preferential allotment of share lo parties and companies dufihg the year, cqvered in the register maintained under section 3Q1 of ihe AcL

19. The Company has not issued debentures during the year.

20. The Company has nol raised any money through public issue during the year

21. According to ihe informalon and explanations given to us, no fraud on or by Ins company has been noticed or reported in the course of our audid

date :02.03.2012 for Dukr Kumar

Place :new Delhi Chartered Accountants

Firm Regn.No. M741IN

Mahesh Kumar

Proprietor

M No 05757

---

Mar 31, 2012

We have audited the attached Balance Sheet of Integrated Financial Services Limited as an 30th March, 2012 and also the Profit and Loss Accounts and cash Flow Statement 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 conducted our audit in accordance with auditing standards generally accepted in India. These standards required that we plan and perform the audit to obtain reasonable assurance about whether the financial statement are free of material misstatement. An audit include examining, on a test basis, evidence supporting the amounts and disclosures in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

1)As required by the Companies (Auditors Report) order, 2003 issued by Government of India in terms of Sub-Section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure, a statements on the matters specified in paragraph 4 and 5 of the said order.

2)Further to our comments in the Annexure referred to above, we report that:

i)We have obtained all the information and explanation which to the bets of our knowledge and belief were necessary for the purpose of our Audit.

ii) in our opinion, proper books of accounts as required by the law have been kept by the company so far as appears from our examination of those books.

iii) The Balance Sheet profit & Loss Account and Cash Flow Statement deals with by this report are in agreement with the books of accounts.

iv) In our opinion, Balance Sheet, Profit & Loss Accounts and cash Flow Statements deal with by this report comply with the Accounting Standards reffered is in sub-section(3C) of section 211 of the Companies Act, 1956.

v) 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 directors in terms of clause(g) of sub section (i) as 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, they said accounts give the information required read together with other notes given in schedule 10, gives a true and fair view in conformity with the accounting principle generally accepted in India:

a) In the case of the balance Sheet, of the State of Affairs of the Company as at 31st March, 2012.

b)In case of profit & Loss Accounts of the profit for the year ended on that date and c)in that case of Cash Flow Statements, of the Cash Flows of Company for the year ended on that date.





ANNEXURE TO THE AUDITORS' REPORT

Statement referred to in paragraph (1) of our report of even date to the members of the Integrated Financial Services Limited on the 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 during the year and there is also a regular program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) no substantial part of fixed assets have been disposed off during the year.

2. The company does not have any inventory during the year.

3.(a) The company has given loans to the companies, firms and other parties listed in the register maintained under section 301 of the Companies Act, 1956.

(b)The company has not taken any loans, secured or unsecured from the companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the company and nature of its business with regard to purchases of inventory, fixed assets and with regard to the sales of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5.(a) According to the information and explanations given to us, we are of the opinion that the transaction that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transaction made in pursuance of contrast or arrangement entered in the register maintained under section 301 of the company Act, 1956 and exceeding the value of rupees five lacs in respect of any party during prices at the relevant time.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits within the meaning of section 58A and 58AA of the Companies Act, 1956.

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

8. As explained to us the central government has not prescribed the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 in the ease of the company.

9. (a)The company is not covered under provident fund and the ESI Act.

(b) According to information and explanations given to us. No undisputed amounts is payable in respect of Income Tax, Sales tax, Custom Duty and excise Duty were in arrears, as at 31.3.2012 for a period of six months from the date they became payable.

10. There are no accumulated losses at the end of financial year. The company has also not incurred cash losses during the financial year covered by our audit preceding financial year.

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

12. According to information & explanation given to us the company ha not given any loan and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund therefore, the provisions of clause 4 (iii) of Companies(Auditors report) Order, 2003 are not applicable to the company.

14. In our opinion, the company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and investments. And timely entries have been made therein. All shares and debentures and other investment have been held by the company in its name.

15. According to the information & explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The company has raised any term loan during the year.

17. Accordance to the information and explanations given to us and on overall examination of the company, we report that the no funds raised on short term basis have been for long term investment. No long term funds have been used to finance short term assets.

18. According to the information and explanation given to us, the company has not made preference allotment of share to parties and companies during the year, covered in the register maintained under section 301 of the Act.

19. The company has not issued debentures during the year.

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

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



For Dua & Kumar Chartered Accountants

Sd/- (Mahesh Kumar) Proprietor Membership No. 85757

Place: NEW DELHI DATE: 25.05.2012

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Mar 31, 2010

We have audited the attached Balance Sheet of Integrated Financial Services Limited, as at 31st March, 2010 and also the Profit and Loss Account and Cash Flow Statement 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 conducted our audit in accordance with auditing standards generally accepted in India. Those standards required 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 financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the 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 (Auditors Report) Order, 2003 issued by Government of India in terms of Sub-Section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraph 4 and 5 of the said order.

2) Further to our comments in the Annexure referred to above, we report that:

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

ii) In our opinion, proper books of accounts as required by the law have been kept by the company so far as appears from our examination of those books.

iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

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

v) On the basis of written representations received from the Directors, as on 31s 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 Director in terms of Clause (g) of sub section (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 accounts give the information required by the Companies Act, 1956, in the manner so required read together with other notes given in schedule 10, gives a true and fair view in conformity with the accounting principle generally accepted in India:

a) In the case of the Balance Sheet, of the State of Affairs of the Company as at 31st March, 2010;

b) In the case of Profit & Loss Account of the profit for the year ended on that date; and

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

ANNEXURE TO THE AUDITORS REPORT

Statement referred to in paragraph (1) of our report of even date to the member of the Integrated Financial Services Limited on the accounts for the year ended 31s1 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 during the year and there is also a regular program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets have been disposed off during the year.

2. The company does not have any inventory during the year.

3. (a) The company has given loans to the companies, firms and other parties listed in the register maintained under section 301 of the Companies Act, 1956.

(b) The company has not taken any loans, secured or unsecured from the companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sales of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. (a) According to the information and explanations given to us, we are of the opinion that the transaction that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered. (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangement entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits within the meaning of section 58A and 58 AA of the Companies Act, 1956.

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

8. As explained to us the Central Government has not prescribed the maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956 in the case of the company.

9. (a) The company is not covered under Provident Fund and the ESI Act.

(b) According to information and explanations given to us, no undisputed amounts is payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty and Excise Duty were in arrears, as at 31.3.2010 for a period of six months from the date they became payable.

10. There are no accumulated losses at the end of financial year. The company has also not incurred cash losses during the financial year covered by our audit and preceding financial year.

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

12. According to information & explanations given to us, the company has not given any loan and advances on the basis of security by way of pledge of shares, debentures-and other securities

13. The Company is not a chit fund. Therefore, the provisions of clause 4 (xiii) of Companies (Auditor Report) Order, 2003 are not applicable to the company.

14. In our opinion, the company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and other investments. And timely entries have been made therein. All shares and debentures and other investments have been held by the company in its name.

15. According to information & explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The company has not raised any term loan during the year.

17. According to the information and explanations given to us and on an overall examination of the Company, we report that the no funds raised on short term basis have been used for long term investment. No long term funds have been used to finance short term assets.

18. According to the information and explanation given to us, the company has not made preferential allotment of share to parties and companies during the year, covered in the register maintained under section 301 of the Act.

19. The Company has not issued debentures during the year.

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

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

For Dua & Kumar Chartered Accountants

Place: New Delhi Sd- Date : 19th May, 2010 Proprietor M. No. 85757