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Auditor Report of Jyotirgamya Enterprises Ltd.

Mar 31, 2012

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

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956 we enclose in the annexure a statement on the matters specified in the paragraph 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 neeessary for the purpose of our audit;

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

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

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

(e) On the basis of written representations received from the Directors, as on March 31, 2012 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on March 31, 2012 from being appointed as a Director in terms of Section 274 (1) (9) 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 with the notes, 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 March 31,2012

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

(Hi) in case of Cash Flow Statement, for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

Re. JYOTIRGAMYA ENTERPRISES LIMITED

1 a) The company has no fixed Assets hence maintenance of records showing full particulars including quantitative details and situation of fixed assets is not applicable on the company.

b) The Clause is not applicable on the company.

c) The Clause is not applicable on the company.

2. (a) As explained to us, the Inventories has been physical verified during the year by management. In our opinion, the frequency of verification is reasonable.

(b) ln our opinion and according to the information and explanation given to us, the procedure of physical verification of inventories followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its Business.

(c) As far as we could ascertain and according to the information and explanation given to us, no discrepancies noticed on verification between the physical stocks and the book records or if found were not material.

3. In our opinion and according to the explanations given to us, the Company has not granted or taken unsecured loan to or form the Companies, Firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956, terms of which are not prejudicial to the interest of the company.

4. In our opinion and according to the explanations given to us, there is adequate internal control system commensurate with the size of the company and nature of its Business with regard to purchase of stores, raw materials including components, plant and machinery, equipment and other assets, and for sale of goods.

5. (a) According to the information and explanations given to us, we are of opinion that the particulars of contracts or arrangements that need to be entered into a register in pursuance of section 301 of the Companies Act 1956, have been so entered.

(b) According to the information and explanations given to us, the transactions made in pursuance of contract or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the values of rupees five lakhs in respect of tany party during the year have been made at prices which are reasonable having regards to prevailing market or at prices at which the company had already entered into the contract with the parties relevant at that.

6. in our opinion and accounding to the explanations given to us, the company has not accepted any deposits from the public and consequently, the directives issused by the Reserve Bank of lndia, the provisions of section 58A, framed thereunder are not applicable to the Company.

7 in our opinion, the Company has its own Internal Audit System commensurate with the size and nature of its Business.

8.According to the information and explanations given to us, The central Govt. has not prescribed for maintence of cost records under section 209 (1) (d) of the Companies Act, 1956, in respect of business carried out by the Company. Therefore, Provisions of clause 4 (vii.) of the Order are not applicable to the Company.

9.(a) According to the records of the Company, the Company is rgular in depositing with apporpriate authorties undisputed Statutory dues inculding Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, excise duty and cess (except Sales Tax) which have not been deposited on account of any dispute.

(b) According to the information and explanation given to us, there no dues of income tax, custom duty, wealth tax, excise duty and cess (except Sales Tax) which have not been deposited on account of any dispute.

10. The Company has accumulated losses but it is not exceeding more than 50% of the Net Worth. However the Company incurred cash losses in current and previous Financial Year.

11. In our opinion and according to the information and explations given to us the Company has not defaulted in repayment of dues to Institutions, Bank or debenture holders.

12 In our opinion and according to the information and explanations given to us the company has not granted any loans and advance on the basis security by way of pledge of shares, debentures and other securities.

13. 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 (Auditors Report) Order, 2003 are not applicable to the Company.

14 In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments and proper record have been maintained for securities transactions.

15. in our opinion and according to the information & explanation given to us, the company has not given any guarantee for loans taken by other from banks or financial institutions.

16.The Company has not taken any term loan during the year therefore the question of its application for the purpose for which they were raised does not arise.

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 the no funds raised on short-term basis have been used for long-term investment.

18. According to the information and explanations given to us, the company has not made any preferential allotment of shares during the year to parties and Companies Covered in the register maintained under section 301 of the companies Act, 1956.

19. According to the information and explanations given to us the Company has not issued any debentures. Therefore, the provisions of clause 4(x,x) Of the Order are not applicable to the company.

20 The Company has not made any Public issue during the year according the provisions of clause 4(xx) of the order not applicable to the company.

21. According to the information and explanations given to us, based upon the audit procedures performed and representation made by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For Braj Kishor Aggarwal & Co. (CHARTERED ACCOUNTANTS)

Date:-01.09.2012 Place: New Delhi (CA Ganesh Kumar) Partner Mem. No. 095027 Firm Regn. No. 014611N

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