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Auditor Report of Kedia Construction Company Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of Kedia Construction Company Limited ("the Company"), which comprise the Balance Sheet as at March 31,2014, the Statement of Profit and Loss and Cash Flow Statement for the year ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

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 principles generally accepted in India including Accounting Standards referred to in Section 211(3C) 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.

Auditors'' Responsibility

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

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.

Opinion

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

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

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

(iii) 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, 2003 ("the Order") issued by the Central Government of India in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

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

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

d. In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in section 211(3C) of the Act;

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

Annexure to the Auditors'' Report

Referred to Our Report of Even Date

1. (a) As per the information and explanations given to us, the Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) We have been informed that the respective heads of the department at reasonable intervals conducted physical verification of fixed assets. In respect of assets physically verified, the details has been compared with the books records and discrepancies noticed thereof were not material and have been properly dealt with in the books of accounts.

(c) Substantial parts of the fixed assets have not been disposed of during the year so as to affect its going concern.

2. (a) As explained to us, the management at regular intervals during the year has physically verified inventories.

(b) The procedures explained to us, which are followed by the management for physical verification of the inventories, are in our opinion, reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The Company is maintaining proper records of the inventories. As explained to us and according to the records produced to us for our verification, discrepancies, which were noticed on physical verification of inventories, as compared to book records, have been properly dealt with in the books of account.

3. The Company has neither granted nor taken any loans, secured or unsecured, to or form companies, firms or other parties covered in the register required to be maintained under section 301 of the Act.

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, for the purchase and sale of shares and other assets. During the course of our examination no major weakness in internal control had come to our notice.

5. (a) In our opinion and according to the information and explanations given to us, 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) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us by the Company, the provision of section 58Aand section 58AAof the Companies Act, 1956 and the rules framed there under in respect of acceptance of deposits are not applicable to the Company.

7. The Company has adequate internal audit & internal control system commensurate with its size and nature of its business.

8. As explained to us, the maintenance of cost records has not been prescribed by the Central Government under section 209(1)(d) of the Companies Act, 1956 in respect of the Company''s products.

9. (a) According to the information and explanations given to us the provisions of Provident Fund and Employees State Insurance Scheme are not applicable to the Company.

(b) There are no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty were outstanding as on 31st March, 2014 fora period of more than six month from the date they becomes payable.

10. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the current financial year.

11. On the basis of the records examined by us and the information and explanations given to us, the Company has not taken any loan from financial institutions or banks, the question of defaulted in repayment of dues does not arise.

12. As explained 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. We are unable to express our opinion in absence of physical records of securities whether Company has granted any loans or advances on the basis of securities by way of pledge of shares, debentures or any other securities.

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

14. In our opinion and according to the information and explanations given to us, the Company has updated the investment Register and timely entries have been made in the register. However we are unable to express our opinion regarding the investment held by the Company in its own name. In our opinion, the Company is a dealer or trader in shares, securities, debentures and other investments.

15. According to the information and explanations given to us, and the representation made by the management, the Company, has neither given any guarantee for loans taken by others from any bank or financial institution, nor has obtained term loans during the year under review.

16. On the basis of the records examined by us and the representation made by the management, no term loans have been obtained during the year.

17. According to the information and explanations given to us and on an overall examination of the financial statements of the Company and after placing reliance on the reasonable assumptions made by the Company for classification of long term and short term usage of funds, we are of the opinion that, prima-facie, short term funds have not been utilized for long term purpose and vice-versa.

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 Act during the year and therefore paragraph 4 (xviii) of the Order is not applicable.

19. The Company has not issued any debentures during the year and therefore paragraph 4 (xix) of the Order is not applicable.

20. The Company has not raised any money by public issue during the year and therefore paragraph 4 (xx)of theOrderisnotapplicable.

21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

For Jajodia & Company Chartered Accountants Dinesh Jajodia Proprietor Membership No. 101008 Firm Reg. No. 121911W Mumbai, the 30th day of May, 2014


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Kedia Construction Company Limited ("the Company”), which comprise the Balance Sheet as at March 31, 2013, the Statement of Profit and Loss and Cash Flow Statement for the year ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

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 principles generally accepted in India including Accounting Standards referred to in Section 211(3C) 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.

Auditors'' Responsibility

Our responsibilityis to express an opinion on these financial statements basedonour audit. We conducted our audit in accordance with the Standards onAuditing 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 misstatements.

An audit involves performing procedures toobtain audit evidence about the amounts and disclosuresin 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 presentationofthe 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 andtothe bestof our information and according tothe explanations giventous, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair viewinconformity with the accounting principles generally accepted inIndia:

(i) Inthe case ofBalance Sheetofthe state ofaffairsofthe Company asat31st March, 2013;

(ii) Inthe case ofProfit and LossAccountofthe profitofthe Company for the year endedonthat date.

(iii) Inthe case ofthe Cash Flow statement,of the cash flows for the year endedonthat date.

ReportonOtherLegalandRegulatoryRequirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order”) issued by the Central Government of India in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specifiedinparagraphs 4and 5ofthe Order.

2. AsrequiredbySection 227(3) oftheAct,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 ofour 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 examinationof those books.

c. The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report arein agreement with the booksofaccount.

d. Inour opinion, the Balance Sheet, the Statement ofProfit and Loss, and the Cash Flow Statement comply with theAccounting Standards referredtoinsection 211(3C)oftheAct;

e. On the basis of the written representations received from the directors as on March 31, 2013, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a directorintermsofSection 274(1)(g)oftheAct.

Annexure to the Auditors'' Report Referred to in Paragraph 3 of Our Report of Even Date

1. Asper the information and explanations given tous, the Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

2. We have been informed that the respective heads of the department at reasonable intervals conducted physical verification of fixed assets. In respect of assets physically verified, the details has been compared with the books records and discrepancies noticed thereof were not material and have been properly dealt withinthe books ofaccounts.

3. Substantial parts of the fixed assets have not been disposed of during the year so as to affect its going concern.

4. As explained to us, the management at regular intervals during the year has physically verified inventories.

5. The procedures explained to us, which are followed by the management for physical verification of the inventories, are in our opinion, reasonable and adequate in relation to the size of the Company and the nature ofits business.

6. The Company is maintaining proper records of the inventories.As explained to us and according to the records produced to us for our verification, discrepancies, which were noticed on physical verification of inventories, as compared to book records, have been properly dealt with in the booksofaccount.

7. The Company has maintained necessary records to show full particulars of loans accepted and granted to/from Companies, firms or other parties listed in the register maintained u/s 301 of the Companies Act, 1956. During the year, the Company has not accepted any loans from such parties butit has granted loansto such parties. The maximum amount involved was Rs. 8.50 Lacs & closing balance isNil at the year end.As there is no stipulation regarding repaymentofprincipal and paymentof interest, there arenooverdue amountsof loans more than five lacs rupee.

8. According to information and explanations given to us by the management of the Company, the terms and conditions of such loans given and taken are prima-facie not prejudicial to the interest of the Company.

9. 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, for the purchase and sale of shares and other assets. During the course of our examination no major weakness ininternal control had cometoour notice.

10. In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register requiredtobemaintained under that section.

11. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

12. In our opinion and according to the information and explanations given to us by the Company, the provision of section 58Aand section 58AAof the CompaniesAct, 1956 and the rules framed there underin respectofacceptanceofdeposits are not applicable tothe Company.

13. The Company has adequate internal audit & internal control system commensurate with its size and natureofits business.

14. As explained to us, the maintenance of cost records has not been prescribed by the Central Government under section 209(1)(d) of the Companies Act, 1956 in respect of the Company''s products.

15. According to the information and explanations given to us the provisions of Provident Fund and Employees State Insurance Scheme are not applicabletothe Company.

16. There are no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty were outstanding as on 31st March, 2013 for a period of more than six month from the date they becomes payable.

17. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses inthe current financial year.

18. On the basis of the records examined by us and the information and explanations given to us, the Company has not taken any loan from financial institutions or banks, the question of defaulted in repaymentofdues does not arise.

19. As explained to us, the Company has not granted any loans or advances on the basis of security by wayofpledgeof shares, debenturesorany other securities.

20. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund/society. Therefore, clause 4(xiii)ofthe Companies (Auditors Report) Order, 2003isnot applicabletothe Company.

21. In our opinion and according to the information and explanations given to us, the Company has updated the investment Register and timely entries have been made in the register. However we are unabletoexpress our opinion regarding the investment heldbythe Companyinits own name. In our opinion, the Company is a dealer or trader in shares, securities, debentures and other investments.

22. According to the information and explanations given to us, and the representation made by the management, the Company, has neither given any guarantee for loans taken by others from any bank orfinancial institution, nor has obtained term loans during the year under review.

23. Onthe basisof the records examined by us and the representation made by the management. No term loans have been obtained during the year.

24. According to the information and explanations given to us and on an overall examination of the financial statements of the Company and after placing reliance on the reasonable assumptions made by the Company for classification of long term and short term usage of funds, we are of the opinion that, prima-facie, short term funds have not been utilized for long term purpose and vice- versa.

25. The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under Section 301 of the Act during the year and therefore paragraph4(xviii)of the Orderisnot applicable.

26. The Company has not issued any debentures during the year and therefore paragraph 4 (xix) of the Orderisnot applicable.

27. The Company has not raised any money by public issue during the year and therefore paragraph 4 (xx) of the Order is not applicable.

28. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

For Jajodia & Company

Chartered Accountants

Dinesh Jajodia

Proprietor

Membership No. 101008

Firm Reg. No. 121911W

Mumbai, the 30th day of May, 2013


Mar 31, 2012

1) We have audited the attached Balance Sheet of Kedia Construction Co. Ltd. as at 31st March 2012, Profit and Loss Account and also 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 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 mis-statements. 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.

3) As required by the Companies (Auditor's Report) Order, 2003 as amended by the Companies (Auditor's 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, 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 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 purpose of 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 these books;

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

d) In our opinion, the Balance Sheet and the Profit and 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.

e) Based on the written representations made by the Directors as on 31st March, 2012 and taken on record by the Board of Directors of the Company and the information and explanations given to us, none of the directors is, as on 31st March, 2012, prima-facie disqualified from being appointed as 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 financial statements, read together with the notes thereon, give the information required by the Companies Act, 1956, in the manner so required and present a true and fair view in conformity with the generally accepted accounting principles in India:

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

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

(iii) In the case of the Cash Flow statement, of the cash flows for the year ended on that date.

Annexure to the Auditors' Report Referred to in Paragraph 3 of Our Report of Even Date

1. As per the information and explanations given to us, the Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

2. We have been informed that the respective heads of the department at reasonable intervals conducted physical verification of fixed assets. In respect of assets physically verified, the details has been compared with the books records and discrepancies noticed thereof were not material and have been properly dealt with in the books of accounts.

3. Substantial parts of the fixed assets have not been disposed of during the year so as to affect its going concern.

4. As explained to us, the management at regular intervals during the year has physically verified inventories.

5. The procedures explained to us, which are followed by the management for physical verification of the inventories, are in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business.

6. The Company is maintaining proper records of the inventories. As explained to us and according to the records produced to us for our verification, discrepancies, which were noticed on physical verification of inventories, as compared to book records, have been properly dealt with in the books of account.

7. The Company has maintained necessary records to show full particulars of loans accepted and granted to/from Companies, firms or other parties listed in the register maintained u/s 301 of the Companies Act, 1956. As there is no stipulation regarding repayment of principal and payment of interest, there are no overdue amounts of loans more than five lacs rupee.

8. According to information and explanations given to us by the management of the Company, the terms and conditions of such loans given and taken are prima-facie not prejudicial to the interest of the Company.

9. 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, for the purchase and sale of shares and other assets. During the course of our examination no major weakness in internal control had come to our notice.

10. In our opinion and according to the information and explanations given to us, 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.

11. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

12. In our opinion and according to the information and explanations given to us by the Company, the provision of section 58A and section 58AA of the Companies Act, 1956 and the rules framed there under in respect of acceptance of deposits are not applicable to the Company.

13. The Company has adequate internal audit & internal control system commensurate with its size and nature of its business.

14. As explained to us, the maintenance of cost records has not been prescribed by the Central Government under section 209(1)(d) of the Companies Act, 1956 in respect of the Company's products.

15. According to the information and explanations given to us the provisions of Provident Fund and Employees State Insurance Scheme are not applicable to the Company.

16. There are no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty were outstanding as on 31st March, 2012 for a period of more than six month from the date they becomes payable.

17. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the current financial year.

18. On the basis of the records examined by us and the information and explanations given to us, the Company has not taken any loan from financial institutions or banks, the question of defaulted in repayment of dues does not arise.

19. As explained 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.

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

21. In our opinion and according to the information and explanations given to us, the Company has updated the investment Register and timely entries have been made in the register. However we are unable to express our opinion regarding the investment held by the Company in its own name. In our opinion, the Company is a dealer or trader in shares, securities, debentures and other investments.

22. According to the information and explanations given to us, and the representation made by the management, the Company, has neither given any guarantee for loans taken by others from any bank or financial institution, nor has obtained term loans during the year under review.

23. On the basis of the records examined by us and the representation made by the management. No term loans have been obtained during the year.

24. According to the information and explanations given to us and on an overall examination of the financial statements of the Company and after placing reliance on the reasonable assumptions made by the Company for classification of long term and short term usage of funds, we are of the opinion that, prima-facie, short term funds have not been utilized for long term purpose and vice-versa.

25. The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under Section 301 of the Act during the year and therefore paragraph 4 (xviii) of the Order is not applicable.

26. The Company has not issued any debentures during the year and therefore paragraph 4 (xix) of the Order is not applicable.

27. The Company has not raised any money by public issue during the year and therefore paragraph 4 (xx) of the Order is not applicable.

28. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor we have been informed of such case by the management.

For Jajodia & Company Chartered Accountants

Dinesh Jajodia Proprietor Membership No. 101008 Firm Reg. No. 121911W

Mumbai, the 30th day of May, 2012


Mar 31, 2011

1) We have audited the attached Balance Sheet of Kedia Construction Company Ltd. as at 31st March 2011, Profit and Loss Account and also 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 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 mis-statements. 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.

3) As required by the Companies (Auditor's Report) Order, 2003 as amended by the Companies (Auditor's 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, 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 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 purpose of 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 these books;

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

d) In our opinion, the Balance Sheet and the Profit and 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

e) Based on the written representations made by the Directors as on 31st March, 2011 and taken on record by the Board of Directors of the Company and the information and explanations given to us, none of the directors is, as on 31st March, 2011, prima- facie disqualified from being appointed as 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 financial statements, read together with the notes thereon, give the information required by the Companies Act, 1956, in the manner so required and present a true and fair view in conformity with the generally accepted accounting principles in India:

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

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

(iii) In the case of the Cash Flow statement, of the cash flows for the year ended on that date.

Annexure to the Auditors' Report Referred to in Paragraph 3 of Our Report of Even Date

1. As per the information and explanations given to us, the Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

2. We have been informed that the respective heads of the department at reasonable intervals conducted physical verification of fixed assets. In respect of assets physically verified, the details has been compared with the books records and discrepancies noticed thereof were not material and have been properly dealt with in the books of accounts.

3. Substantial parts of the fixed assets have not been disposed of during the year so as to affect its going concern.

4. As explained to us, the management at regular intervals during the year has physically verified inventories.

5. The procedures explained to us, which are followed by the management for physical verification of the inventories, are in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business.

6. The Company is maintaining proper records of the inventories. As explained to us and according to the records produced to us for our verification, discrepancies, which were noticed on physical verification of inventories, as compared to book records, have been properly dealt with in the books of account.

7. The Company has maintained necessary records to show full particulars of loans accepted and granted to/from Companies, firms or other parties listed in the register maintained u/s 301 of the Companies Act, 1956. As there is no stipulation regarding repayment of principal and payment of interest, there are no overdue amounts of loans more than five lacs rupee

8. According to information and explanations given to us by the management of the Company, the terms and conditions of such loans given and taken are prima-facie not prejudicial to the interest of the Company.

9. 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, for the purchase and sale of shares and other assets. During the course of our examination no major weakness in internal control had come to our notice.

10. In our opinion and according to the information and explanations given to us, 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.

11. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

12. In our opinion and according to the information and explanations given to us by the Company, the provision of section 58A and section 58AA of the Companies Act, 1956 and the rules framed there under in respect of acceptance of deposits are not applicable to the Company.

13. The Company has adequate internal audit & internal control system commensurate with its size and nature of its business.

14. As explained to us, the maintenance of cost records has not been prescribed by the Central Government under section 209(1)(d) of the Companies Act, 1956 in respect of the Company's products.

15. According to the information and explanations given to us the provisions of Provident Fund and Employees State Insurance Scheme are not applicable to the Company.

16. There are no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty were outstanding as on 31st March, 2011 for a period of more than six month from the date they becomes payable.

17. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the current financial year.

18. On the basis of the records examined by us and the information and explanations given to us, the Company has not taken any loan from financial institutions or banks, the question of defaulted in repayment of dues does not arise.

19. As explained 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.

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

21. In our opinion and according to the information and explanations given to us, the Company has updated the investment Register and timely entries have been made in the register. However we are unable to express our opinion regarding the investment held by the Company in its own name. In our opinion, the Company is a dealer or trader in shares, securities, debentures and other investments.

22. According to the information and explanations given to us, and the representation made by the management, the Company, has neither given any guarantee for loans taken by others from any bank or financial institution, nor has obtained term loans during the year under review.

23. On the basis of the records examined by us and the representation made by the management. No term loans have been obtained during the year.

24. According to the information and explanations given to us and on an overall examination of the financial statements of the Company and after placing reliance on the reasonable assumptions made by the Company for classification of long term and short term usage of funds, we are of the opinion that, prima-facie, short term funds have not been utilized for long term purpose and vice-versa.

25. The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under Section 301 of the Act during the year and therefore paragraph 4 (xviii) of the Order is not applicable.

26. The Company has not issued any debentures during the year and therefore paragraph 4 (xix) of the Order is not applicable.

27. The Company has not raised any money by public issue during the year and therefore paragraph 4 (xx) of the Order is not applicable.

28. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

For Jajodia & Company Chartered Accountants

Dinesh Jajodia Proprietor Membership No. 101008 Firm Reg. No. 121911W Mumbai, the 30th day of May, 2011


Mar 31, 2010

1) We have audited the attached Balance Sheet of Kedia Construction Company Ltd. as at 31rd March 2010. Profit and Loss Account and also the Cash Flow statement (or 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.

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 mis-statements. 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

3) As required by the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors Report) (Amendment) Order. 2004. issued by the Central Government of India in terms of sub-section (4A) of section 227 or 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 we report as follows;

a) We have obtained ail the information and explanations, which to the best of our knowledge and belief, were necessary for the purpose of 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 these books;

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

d) In our opinion, the Balance Sheet and the Profit and 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.

e) Based on the written representations made by the Directors as on 31* March, 2010 and taken on record by the Board of Directors of the Company and the information and explanations given to us, none of the directors is. as on 31st March, 2010. prima- facie disqualified from being appointed as 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 financial statements, read together with the notes thereon, give the information required by the Companies Act, 1956, in the manner so required and present a true and fair view in conformity with the generally accepted accounting principles in India:

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

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

(iii) In the case Of the Cash Flow statement, of the cash flows for the year ended on that date.

Annexure to the Auditors Report Referred to in Paragraph 3 of Our Report of Even Date

1 As per the information and explanations given to us, the Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

2. We have been informed that the respective heads of the department at reasonable intervals conducted physical verification of fixed assets. In respect ot assets physically verified, the details has been compared with the books records and discrepancies noticed thereof were not material and have been properly dealt with in the books of accounts.

3 Substantial parts of the fixed assets have not been disposed of during the year so as to affect its going concern.

4. As explained to us, the management at regular intervals during the year has physically verified inventories.

5. The procedures explained to us, which are followed by the management for physical verification of the inventories, are in our opinion, reasonable ard adequate In reiation to the size of the Company and the nature of its business.

6. The Company is maintaining proper records of the inventories. As explained to us and according to the records produced to us for our verification, discrepancies, which were noticed on physical verification of Inventories, as compared to book records, have been properly dealt with in the books of account

7 The Company has maintained necessary records to show full particulars of loans accepted

and granted to from Companies, firms or other parties listed in the register maintained u/s 301 of the Compantes Act, 1956, As there is no stipulation regarding repayment of principal and payment of interest, there are no overdue amounts of loans more than one laces rupee.

8. According to information and explanations given to us by the rranagement of the Company. the terms and conditions of such loans given and taken are prima-facie not prejudicial to the interest of the Company.

9. 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 is business, for the purchase and sale of shares and other assets. During the course of cur examination no major weakness in internal control had come to our notice.

10. In our opinion and according to the information and explanations given to us, 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.

11 in our opinion and according to the information and explanations given to us. the transaclions made in pursuance of such contracts or arrangements In respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

12. In our opinion and according to Ihe information and explanations given to us by the Company, the provision of section 58A and section 58AA of the Companies Act, 1956 and the rules framed there under in respect of acceptance of deposits are not applicable to the Company.

13. The Company has in house internal audit department and also has adequate internal control system commensurate with its size and nature of its business.

14. As explained to us, the maintenance of cost records has not been prescribed by the Central Government under section 209(1 )(d) of the Companies Act, 1956 in respect of the Companys products.

15. According to the information and explanations given to us the provisions of Provident Fund and Employees State Insurance Scheme are not applicable to the Company.

16. There are no undisputed amounts payable in respect of Income Tax, Wealth Tax. Sales Tax, Custom Duty, Excise Duty were outstanding as on 31rd March, 2010 for a period of more than six month from the date they becomes payable.

17. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the current financial year.

18. On the basis of the records examined by us and the information and explanations given to us, the Company has not taken any loan from financial institutions or banks, the question of defaulted in repayment of dues does not arise.

19 As explained 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.

20. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund/society. Therefore, clause 4(xiij) of the Companies (Auditors Report) Order. 2003 is not applicable to the Company.

21. In our opinion and according to the information and explanations given to us, the Company has updated the investment Register and timely entries have been made in the register. However we are unable to express our opinion regarding the investment held by the Company in its own name. In our opinion, the Company is a dealer or trader in shares, securities, debentures and other investments.

22. According to the information and explanations given to us, and the representation made by the management, the Company, has neither given any guarantee for loans taken by others from any bank or financial institution, nor has obtained term loans during the year under review.

23. On the basis of the records examined by us and the representation made by the management. No term loans have been obtained during the year.

24. According to the information and explanations given to us and on an overall examination of the financial statements of the Company and after placing reliance on the reasonable assumptions made by the Company for classification of long term and short term usage of funds, we are of the opinion that, prima-facie, short term funds have not been utilized for long term purpose and vice-versa.

25. The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under Section 301 of the Act during the year and therefore paragraph 4 (xviil) of the Order is not applicable.

26. The Company has not issued any debentures during the year and therefore paragraph 4 (xix) of the Order is not applicable.

27. The Company has not raised any money by public Issue during the year and therefore paragraph 4 (xx) of the Order is not applicable.

28. During the course of our examination of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have wa been informed of such case by the management.

For Jajodia & Company

Chertred Accountants

Dinesh Jajodia

Proprietor

Membership No. 101008

Firm Regn.No.12l911W

Mumbai, the 31st day of May, 2010

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