Auditor Report of Inter Globe Finance Ltd.

Mar 31, 2015

I have audited the accompanying financial statements of M/S INTER GLOBE FINANCE LIMITED ("the Company"), which comprise the Balance Sheet as at March 31,2015, and the Statement of Profit and Loss for the year then ended, and a summary ofsignificant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act, 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view ofthe financial position, financial performance and cash flows ofthe Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 ofthe Act, read with Rule 7 ofthe Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision ofthe Act for safeguarding of the assets ofthe Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial control, that were operating effectively for ensuring the accuracy and completeness ofthe accounting records, relevant to the preparation and presentation ofthe financial statements that give atrueandfair view and are free from material misstatement, whether due to fraud or error.

AUDITOR'S RESPONSIBILITY

My 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) ofthe Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assuranceaboutwhetherthefinancial statementsarefreefrom 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'sjudgment, including the assessment ofthe risks of material misstatement ofthe 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 ofthe financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness ofthe accounting estimates made by management, as well as evaluating the overall presentation ofthe financial statements.

I believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for my audit opinion.

OPINION

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

a) in the case ofthe Balance Sheet, ofthe state ofaffairs ofthe Company as at March 31,2015;

b) in the case ofthe Profit and Loss Account, ofthe profit for the year ended on that date;

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central GovernmentofIndia in terms ofsub-section (11) ofsection 143 ofthe Act, we givein the Annexure a statement on the matters specified in paragraphs 3 and 4 ofthe Order.

2. As required by section 143(3) ofthe Act, we reportthat:

a) we have obtained all the information and explanations which to the best ofour knowledge and beliefwere necessaryfor the purpose ofour audit;

b) in our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination ofthose books

c) the Balance Sheet, Statement of Profit and Loss dealt with by this Report are in agreement with the books ofaccount.

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 ofthe Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis ofwritten representations received from the directors as on 31 March, 2015, taken on record by the Board of Directors, noneofthe directors is disqualified as on 31 March, 2015, from being appointed as a director in terms ofSection 164(2) ofthe Act.

f) With respect to the other matters included in the Auditor's Report and to our best of our information and according to the explanations given to us:

I. The Company does not have any pending litigationswhich would impact its financial position.

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

III. There are no pending amounts due and outstanding to be credited to Investor and Protection Fund.

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of M/S INTER GLOBE FINANCE LIMITED on the accounts of the company for the year ended 31st March, 2015.

On the basis of such checks as we considered appropriate and according to the information and explanations given to usduring the course ofour audit, we report that:

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation offixed assets;

(b) As explained to us, fixed assets have been physicallyverified by the management at regular intervals; as informed to us no material discrepancies were noticed on such verification;

(ii) The nature of business of the Company does not require it to have any inventory. Hence, the requirement of clause (ii) of paragraph 3 of the said Order is not applicable to the Company

(iii) The company has not granted any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 189 ofthe Act.

(iv) Inour opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase offixed assets and for the sale of services. Further, on the basis of our examination ofthe books and records ofthe Company and according to the information and explanations given to us, no major weakness has not been noticed or reported.

(v) The Company has not accepted any deposits from the public covered under Section 73 to 76 ofthe Companies Act, 2013

(vi) As informed to us, the Central Government has not prescribed maintenance ofcost records under sub-section (1) of Section 148 ofthe Act

(vii) (a) According to the information and explanations given to us and based on the records ofthe company examined by us, the company is regular in depositing the undisputed statutory dues, including Provident Fund, Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and other material statutory dues, as applicable, with the appropriate authorities in India;

(b) According to the information and explanations given to us and based on the records ofthe company examined by us, there are no dues of Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise Duty which have not been deposited on account ofany disputes

(c) There has not been an occasion in case ofthe Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of reporting delay in transferring such sums does not arise

(viii) According to the records ofthe company examined by us and as per the information and explanations given to us, the company has not availed ofany loans from any financial institution or banks and has not issued debentures

(ix) Inour opinion, and according to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from a bank or financial institution during the year

(x) In our opinion, and according to the information and explanations given to us, the company has not raised any term loans during the year

(xi) During the course ofour examination ofthe books and records ofthe company, carried in accordance with the auditing standards generally accepted in India, we have neither come across any instance of fraud on or by the Company noticed or reported during the course of our audit nor have we been informed ofany such instance by the Management.

For Manish Mahavir& co Chartered ACCOUNTS (ICAL FIRM REGN NO: 324355E)

(Manish jain) propritor Membership No:059264

Place: kolkata Date: May 14, 2015

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Mar 31, 2014

We have audited the accompanying financial statements of M/S INTER GLOBE FINANCE LIMITED ("the Company"), which comprise the Balance Sheet as at March 31,2014, and the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act").This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. 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.

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 March 31,2014;

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

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4and5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

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

c) the Balance Sheet, Statement of Profit and Loss dealt with by this Report are in agreement with the books of account.

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e) on the basis of written representations received from the directors as on March 31,2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE refrred to in Paragraph 3 of the Auditors Report to the Members of M/s Inter Globe Finance Limited

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of M/S INTER GLOBE FINANCE LIMITED on the accounts of the company for the year ended 31st March, 2014.

On the basis ofsuch 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.

(c) In our opinion and according to the information and explanations given to us, no fixed asset has been disposed during the year and therefore does not affect the going concern assumption.

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

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

(c) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

3. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company.

(e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clauses (f) & (g) are not applicable to the company.

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 inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

b) As per information & explanations given to us and in our opinion, the transaction entered into by the company with parties covered u/s 301 of the Act does not exceeds five lacs rupees in a financial year therefore requirement of reasonableness of transactions does notarises.

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. As per information & explanation given by the management, maintenance of cost records has been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act and we are of the opinion that prima facie the prescribed accountsand records have been made and maintained.

9. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income- tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess 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, 2014 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 and excise duty which have not been deposited on account of any disputes.

10. The Company does not have any accumulated loss and has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. According to the information and explanations given to us, the Company has not granted loans 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 or a nidhi /mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable to the Company.

14. According to information and explanations given to us, the Company is trading in Shares, Mutual funds & other Investments. Proper records & timely entries have been maintained in this regard & further investments specified are held in their own name.

15. 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.

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2014, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

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

21. 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 such case by the management.

For Manish Mahavir&Co. Chartered Accountants

(Manish Jain) Place: Kolkata Proprietor Date : 18.08.2014 Membership No. 059264

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Mar 31, 2013

1. We have audited the attached Balance Sheet of M/S INTER GLOBE FINANCE LIMITED as at 31st March 2013 and also the Statement of Profit & Loss ofthe Company for the year ended on that date annexed thereto. These financial statementsare the responsibility ofthe Company''s management. Our responsibility isto express an opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. 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 management, as well as evaluating the overall financial statements presentation. We believe that our audit provides the reasonable basis for ouropinion.

3. As required by the Companies (Auditor''s Report) order 2003, issued by the Company Law Board in the terms ofSection 227 (4A) ofthe Companies, Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 ofthe said orderto the extent applicable.

4. Furtherto ourcomments in the Annexure referred to in paragraph (3) above, we reportthat:

(i) We have obtained all the information and explanation, which to best ofour knowledge and beliefwere necessaryforthe purpose ofthe audit;

(ii) Inouropinion proper books ofaccount as required by law have been kept by the Company so far as appears from our examination ofthose books;

(iii) The Balance Sheetand Statement ofProfit & Loss Account dealt with by this report arein agreement with the books ofaccount:

(iv) In our opinion, the Balance Sheet and the Statement Of Profit & Loss ofthe company comply with the Accounting Standards mentioned in Section 211(3C) ofthe Companies Act, 1956.

(v) On the basis of written representation received from the Directors, and taken record by the Board of Directors, none ofthe Board of director is disqualified as on 31st march 2013 from being appointed as Director in terms ofclause (g) ofthe section 274(1) ofthe Companies Act, 1956.

(vi) In our opinion and to the best ofour information and according to the explanations given to us, the said Accounts, read together with significant Accounting policies, and notesthereto, givethe information required bythe Companies Act, 1956 inthe mannerso required and gives a true and fair view in conformity with the accounting principle generally accepted in India:

(i) Inthe case ofBalance sheet, ofthe state ofaffairs ofthe Company as at31st March, 2013 and;

(ii) Inthe case ofStatement ofProfit & Loss, ofthe Profit ofthe Companyforthe year ended on31st March 2013.

Inouropinionand according to information and explanation given to us the following points ofthe said order is applicable to the Company, so we further report that:

(a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of information available. The management during the period physically verified the fixed assets ofthe company and no serious discrepancies between physical verification and book records have been noticed.

(b) None ofthe fixed assets are revalued during the year.

(c) The management at reasonable intervals in respect oftrade goods has conducted physical verification. In our opinion, the frequency ofverification ofstock is reasonable.

(d) According to the information and explanation given to us, in our opinion, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size ofthe company and nature ofbusiness.

(e) The discrepancies noted on the physical verification of inventories as compared to the book records were not material and have been properly dealt with in books ofaccount.

(f)Inouropinion and on the basis of our examination of stock records the valuation of stocks is fair and properin accordance with the normally accepted accounting policies.

(g) The company has not taken any loans from companies firm or other parties listed in the register maintained under section 301 of the Companies Act, 1956 orfrom the companies underthe same management as defined under sub-section (1B) ofsection 370 ofthe Companies Act 1956.

(h) The company has granted loans secured or unsecured to companies, firms and other partieslisted in the register maintained under section 301 ofthe Companies Act 1956 or to companies under the same management as defined under section 370 (1B) ofthe Companies Act, 1956, however as per management ofthe company all transactions have been taken place atfair market price.

(i) The parties to whom loans or advances in the nature of loans have been given by the company are regularin repaying the principal amounts as stipulated and interest wherever applicable.

(j) In our opinion and according to the information and explanations given to us, there are adequate control procedures commensurate with the size ofthe company and the nature ofits business with regard to purchase oftrade goods, plantand machinery, equipment and otherfixed assets and with regard to sale ofgoods.

(k) In our opinion and according to the information and explanation given to us and where transaction have been made with different parties, the transaction of purchase ofgoods and materials and sale ofgoods, materials and services, made in pursuanceofcontractsorarrangementsenteredintheregister maintained undersection 301 ofthe Companies Act, 1956 and aggregating during the yearto Rs. 50000/- or more in respect ofeach party, have been made at price which are reasonable having regard to prevailing market prices, for such goods, materials or services, where such market price are available with the company orthe prices at which transaction for similargoods or services have been made with other parties.

(l) The company has not accepted any deposits from the public pursuantto section 58A ofCompanies Act, 1956.

(m) The Central Government has not prescribed maintenance ofcost records under section 209 (1) (d) ofthe Companies Act, 1956forthe company.

(n) In our opinion, the company has an internal audit system commensurate with the size and nature ofits business.

(o) According to the information and explanations given to us, there were no undisputed amounts payable in respect ofIncome -Tax, sales tax, custom dutyand excise duty which have remained outstanding as at31st March, 2013 for a period of more than six months from the date they became payable.

(p) Based on the examination ofbooks ofaccount carried out by us in accordance with the generally accepted auditing practices and according to the information and explanations given to us, no personal expenses ofthe employees or directors have been charged to Statements of Profit and Loss ofthe company other than those payable under contractual obligation.

(q) The other requirements ofthe orderare not applicable to the company. Hence, we have not expressed our opinion on the same.

For Manish Mahavir&Co.

Chartered Accountants

(Manish Jain)

Place: Kolkata Proprietor

Date : 30.05.2013 Membership No. 059264

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Mar 31, 2012

1. We have audited the attached Balance Sheet of M/s. INTER GLOBE FINANCE LIMITED as at 31st March, 2012 and also the Statement of Profit and Loss of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. 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 management, as well as evaluating the overall financial statements presentation. We believe that our audit provides the reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) order 2003, issued by the Company Law Board in the terms of Section 227 (4A) 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 to the extent applicable.

4. Further to our comments in the Annexure referred to in paragraph (3) above, we report that:

(i) We have obtained all the information and explanation, which to best of our knowledge and belief were necessary for the purpose of the audit;

(ii) 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;

(iii) The Balance Sheet and Statement of Profit and Loss Account dealt with by this report are in agreement with the books of account:

(iv) In our opinion, the Balance Sheet and Statement of Profit and Loss of the Company comply with the Accounting Standards mentioned in Section 211(3C) of the Companies Act, 1956.

(v) On the basis of written representation received from the Directors, and taken record by the Board of Directors, none of the Board of director is disqualified as on 31st March, 2012 from being appointed as Director in terms of Clause (g) of the section 274(1) 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, read together with Significant Accounting Policies, and notes thereto, give the information required by the Companies Act, 1956 in the manner so required and gives a true and fair view in conformity with the accounting principle generally accepted in India:

(i) In the case of Balance sheet, of the state of affairs of the Company as at 31st March, 2012 and;

(ii) In the case of Statement of Profit & Loss, of the Profit of the Company for the year ended on31st March, 2012.

In our opinion and according to information and explanation given to us the following points of the said order is applicable to the Company, so we further report that:

(a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of information available. The management during the period physically verified the fixed assets of the company and no serious discrepancies between physical verification and book records have been noticed.

(b) None of the fixed assets are revalued during the year.

(c) The management at reasonable intervals in respect of trade goods has conducted physical verification. In our opinion, the frequency of verification of stock is reasonable.

(d) According to the information and explanation given to us, in our opinion, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of business.

(e) The discrepancies noted on the physical verification of inventories as compared to the book records were not material and have been properly dealt with in books of account.

(f) In our opinion and on the basis of our examination of stock records the valuation of stocks is fair and proper in accordance with the normally accepted accounting policies.

(g) The company has not taken any loans from companies firm or other parties listed in the register maintained under section 301 of the Companies Act, 1956 or from the companies under the same management as defined under sub-section (1B) of Section 370 of the Companies Act 1956.

(h) The company has granted loans secured or unsecured to companies, firms and other parties listed in the register maintained under section 301 of the Companies Act 1956 or to companies under the same management as defined under Section 370 (1B) of the Companies Act, 1956, however as per management of the company all transactions have been taken place at fair market price.

(i) The parties to whom loans or advances in the nature of loans have been given by the company are regular in repaying the principal amounts as stipulated and interest wherever applicable.

(j) In our opinion and according to the information and explanations given to us, there are adequate control procedures commensurate with the size of the company and the nature of its business with regard to purchase of trade goods, plant and machinery, equipment and other fixed assets and with regard to sale of goods.

(k) In our opinion and according to the information and explanation given to us and where transaction have been made with different parties, the transaction of purchase 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. 50000/- or more in respect of each party, have been made at price which are reasonable having regard to prevailing market prices, for such goods, materials or services, where such market price are available with the company or the prices at which transaction for similar goods or services have been made with other parties.

(l) The company has not accepted any deposits from the public pursuant to Section 58A of Companies Act, 1956.

(m) The Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 for the company.

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

(o) According to the information and explanations given to us, there were no undisputed amounts payable in respect of Income-tax, sales tax, custom duty and excise duty which have remained outstanding as at31st March, 2012 for a period of more than six months from the date they became payable.

(p) Based on the examination of books of account carried out by us in accordance with the generally accepted auditing practices and according to the information and explanations given to us, no personal expenses of the employees or directors have been charged to Statement of Profit and Loss of the company other than those payable under contractual obligation.

(q) The other requirements of the order are not applicable to the company. Hence, we have not expressed our opinion on the same.

For Manish Mahavir & Co.

Chartered Accountants (Manish Jain)

Place: Kolkata Proprietor

Date : 18.08.2012 Membership No. 059264

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Mar 31, 2011

1. We have audited the attached Balance Sheet of INTER GLOBE FINANCE LTD as at 31 st March 2011 and also the Profit and Loss Account and the 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.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement, 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.

3. As required by the Companies (Auditors Report) (amendment) Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 and on basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we annex herewith 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 above, we report that:

a. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 appears from our examination of those books;

c. The Balance Sheet and Profit and Loss Account & Cash Flow Statement dealt with by this report are in agreement with the books of account;

d. In our opinion, the Balance Sheet, Profit & Loss Account & Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in Sub-Section (3C) of Section 211 of the Companies Act, 1956.

e. On the basis of written representations received from the Directors as on March 31,2011 and taken on record by the Board of Directors, we report that none of the Director is disqualified as on 31st March, 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

f. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies and Notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with accounting principles generally accepted in India;

i) In the case of Balance Sheet of state of affairs of the Company as at 31st March 2011.

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

ill) In case of Cash Flow Statement of the flow for the year ended on that date.

ANNEXURE refrred to in the paragraph 3 of the auditors report the members of m/s intergiobe finance limited on the financial statements for the year ended 31st march 2011.

In our opinion and according to information and explanation given to us the following points of the said order is applicable to the Company, so we further report that:

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

(b) The Fixed Assets of the Company have been physically verified by the management during the year and no material discrepancies were noticed on such verification.

(c) There was no substantial disposal of Fixed Assets during the year.

2. The Company has not taken any loans Secured or Unsecured from the Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. The Company has granted loans Secured or Unsecured to the Companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

3. Based on the audit procedure applied by us and according to the information and explanations provided by the management there are several transactions that are required to be entered in the register maintained under section 301, of the Companies Act, 1956. The management of the company has certified that all transactions with the related parties have been done at fair market price.

4. In our opinion and according information and explanations given to us, the company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 read with the directives issued by the Reserve Bank of India.

5. The Company has its own internal audit department, which conducts the internal audit of the Company. In or opinion, the present internal audit system is generally commensurate with its size and the nature of its business.

6. As informed to us, the maintenance of cost records have not been prescribed by the Central Government under clause (d) of sub section (1) of section [i.e. 209(1)(d)] of the Companies Act, 1956, in respect of the activities carried on by the companies.

7. According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the company is regular in depositing the undisputed statutory dues as applicable with the appropriate authorities.

8. According to the information and explanations given to us, there are no disputed amounts payable in respect of Provident Fund, Investor Education, and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues outstanding at the end for a period of more than six months from the date they became payable.

9. The company had accumulated losses at the end of the financial year, which has been wiped out by scheme of arrangement approved the Hr. High Court, Kolkata.The scheme was effective from 01.04.2009.

10. The Company has not incurred cash losses in the current year and in the immediate preceding financial year.

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

12. According to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by of pledge of shares, debentures and other securities.

13. The Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the clause (xiii), (xiii)(a), (xiii)(b), (xiii)(c), (xiii)(d) of the order is not applicable to the Company.

14. The company is dealing or trading in shares, securities, debentures and other investments and has maintained the proper records for transactions and contracts and timely entries have been made therein and the shares, securities debentures, and other securities have been held by the company in its own name except to the extent of the exemption, if any granted under section 49 of the Act.

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

16. The company has not taken any term loan during the year except a car loan.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, We report that no funds raised on short-term basis have been used for long-term investment.

18. 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.

19. According to the information and explanation given to us, the Company has not issued any secured debentures during the period covered by our report. Accordingly provisions of clause (xix) of the Companies (Auditor's Report) order, 2003 are not applicable to the Company.

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

21. Based upon the audit procedures performed and information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For Manish Mahavir & Co. Chartered Accountants

(Manish Jain) Proprietor Membership No.059264

Place: Kolkata

Date: 05.08.2011

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Mar 31, 2010

1. We have audited the attached Balance Sheet of M/s. INTER GLOBE FINANCE LIMITED ("the Company") as at 31st March, 2010, the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date, both annexed thereto. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and the disclosures in the financial statements. An audit also includes assessing the accounting principles used and the 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.

3. As required by the Companies (Auditors Report) Order, 2003 (CARO) issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure 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 report as follows:

(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 those books;

(c) the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account;

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

(e) 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 and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010;

(ii) in the case of the Profit and Loss Account, of the profit of the Company for the year ended on that date and

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

5. On the basis of the written representations received from the Directors as on 31st March, 2010 taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March, 2010 from being appointed as a director in terms of Section 274(1) (g) of the Companies Act, 1956.

ANNEXURE REFRRED TO IN PARAGRAPH 3 OF THE AUDITORS REPORT TO THE MEMBERS OF M/S INTERGLOBE FINANCE LIMITED

The nature of the Companys business/activities during the year is such that clauses 4 (viii) and (xiii) are not applicable to the Company.

In our opinion and according to information and explanation given to us the following points of the said order is applicable to the Company, so we further report that:

(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) All the fixed assets were verified during the year and no material discrepancies were observed as per the reports submitted to us.

(c) The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal, has in our opinion, not affected the going concern status of the Company.

(ii) In respect of its inventories if any, the Company adopts following principals and accounting procedures for inventories :

(a) As explained to us inventories have been physically verified by the management at regular 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 and adequate in relation to the size of the Company and nature of its business.

(c) The company has maintained proper records of inventories. As explained to us, there was no material discrepancies noticed on physical verification of inventories as compared to the book records.

(iii) In our opinion and as per the information and explanation given to us the Company has taken unsecured loan from Companies, firm or other parties covered in the register maintained under Section 301 of the Companies Act 1956. As per management of the company all transactions have been taken place at fair market price and not pre-judicial to the interest of the share holders of the company.

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

(v) According to the information, explanations provided by the management, we are of the opinion that the contracts and arrangement that need to be entered into the register maintained under section 301 have been properly entered in the said register.

(vi) According to the information and explanations given to us, in our opinion contracts and arrangements entered in the registers maintained under section 301 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vii) In our opinion and according to the information and explanations given to us, the Company has complied with the directives issued by the Reserve Bank of India and the relevant provisions of Sections 58A, provisions of Section 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. However, we report that company did not receive / outstanding amount of fixed deposit from Public.

(viii) In our opinion, the Company has an adequate internal audit system commensurate with the size and nature of its businessAs per information and explanations given to us, the Company has internal audit system commensurate with size and nature of its business.

(ix) The books of accounts as required to be maintained by the Company pursuant to rules made by the Central Government for the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956 is not applicable to the company.

(x) a) According to the information & explanations given to us, the company is generally regular in depositing duty, excise duty, cess, service tax, investor education and protection fund and other statutory dues which are applicable with the appropriate authorities during the year. Provident fund and ESI are also not applicable to the company. According to the information given to us, no undisputed statutory dues during the year were outstanding as at 31.03.2010 for a period of more than six month from the date they become payable.

(b) According to the information & explanations given to us, there are no dues of income-tax, wealth-tax, custom duty, excise duty, service-tax, and cess which have not been deposited on account of any dispute.

(xi) The Company has accumulated losses and has not incurred cash losses during the financial year covered by our audit or in the immediately preceding financial year.

(xii) In our opinion and according to the information & explanations given to us, the Company has not defaulted in repayment of dues to financial institution and banks or debenture holders.

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

(xiv) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/ society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor Report) Order,.2003 are not applicable to the Company.

(xv) In our opinion, the company has maintained proper records of transaction and contract in respect of dealing and trading in share, securities, debenture and other investments and timely entries have been made herein. All shares, debentures and other investments have been held by the company in its own name.

(xvi) According to the information and explanations given to us and the representation made by the management, the Company has not given any guarantees for loan

taken by others from any bank or financial institutions.

(xvii) The company had not taken any term loans during the year and there was no. outstanding term loan from any financial institutions and banks.

(xviii) In my opinion and according to the information and explanations given to us, the funds raised on short term basis by the company have not been used for. long term investments.

(xix) According to information and explanation given to us, the Company has not made any preferential allotment of shares to Companies, Firms and other parties covered in the register maintained u/s 301 of the Companies Act during the year.

(xx) According to the information and explanation given to us during the period covered by our Audit Report, the Company has not issued any debenture.

(xxi) The Company has not raised any money by public issue during the year.

(xxii) According to the information and explanations given to us and to the best of our knowledge and belief, no fraud on or by the Company, has been noticed or reported by the Company during year.

For Manish Mahavir & Co.

Chartered Accountants

Place : Kolkata

Dated : 4th Day of September 2010

(Manish Jain)

Proprietor

Membership No. 059264