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Auditor Report of Mahanivesh (India) Ltd.

Mar 31, 2016

To

Members of

M/s Mahanivesh (India) Limited

We have audited the accompanying financial statements of Mahanivesh (India) Limited ( the Company”), which comprises the Balance Sheet as at 31s1 March, 2016 and The Statement of Profit and Loss Account for the year ended, and a summary of Significant accounting policies and other explanatory information..

Management’s Responsibility for the Financial Statements

The Company’s Managements is Responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (“the Act") read with the General. circular 15/2013 Dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. 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 audit tan view and are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

a. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted pure audit in accordance with the Standards on Auditing issued by the Institute old 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.

b. An audit involves performing procedures to obtain audit evidence about the amount and disclosers in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatements of the financial statement, 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 to the financial statements in oldie to design audit procedure that are appropriate in the circumstances, but not for the purpose of expressing. An opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

c We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

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

(a) in the case of the Balance sheet, of the state of affairs of the Company as at 31'''' March. 2016:

(b) in the case of the Statements of Profit and Loss, of the Profit for the year ended on that date.

Report on Other Legal anti Regulatory Requirements

I. 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 the section 227 of the Act (The “Order”), and on the basis to 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 give in the Armature 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 accounts as required by law have been kept by the Company so far as appear 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) The Balance Sheet, the Statements of Profit and Loss comply with the Accounting Standard referred to in sub-section (3C) of 21 I of the Companies Act, 1956 read with General Circular 15/2013 dated 13"'' September, 2013, issued by the Ministry of Corporate Affairs, in respect of section 133 of the Companies Act, 2013;

(e) On the basis of written confirmations received from the Director of the Company as on 31s1 March, 2016 and taken on record by the Board of Directors, none of the directors of the Company is disqualified as on 31s'' March, 2016 from being appointed as a director in term of clause (g) of sub-section (f) of Section 274 of the Companies Act. 1956:

In term of the information and explanations given to us and the books and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state as under:

I. a) There are no fixed assets.

b) There are no fixed assets, hence, not applicable.

2. a) The inventories, if any, have been physically verified during the year by the management at reasonable intervals.

b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

3. a) The company has neither granted or taken any loans, secured or unsecured to/ from companies, firms or other parties covered in the register maintained under section 30! of the Act.

b) Rate of interest and other terms and additions of loan given are not prejudicial to the interest of the company.

c) The payment of principal and interest in case of loan given is regular wherever stipulated. There is no overdue amount of loan given exceeding Rs. I lac.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

5 a) As per our prima facie examination of the register maintained under section 301 of the act, that the transactions that need to be entered into register in pursuance of section 301 of the Act have been so entered.

b) In our opinion each of these transactions has been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The company has not accepted deposits from the public.

7. In our opinion the company has an adequate internal audit system commensurate with its size and nature to its business.

8. Maintenance of cost records U/S 209 (1) (d) of the companies Act, 1956 has not been prescribed for the company.

9.a) The Company is regular in depositing undisputed statutory dues including provident Fund, Employees'' State Insurance. Income-Tax, Custom Duty, Excise Duty, cases and any other statutory dues with the appropriate authorities. There are no arrears of outstanding statutory dues as at 3151 March 2016. Concerned for a period of more than six months from the date they become payable.

b) As per information given to us, there are no dues of sales Tax/ income Tax/ Custom Duty/ Wealth Tax Excise Duty/ cases which have not been deposited on account of any dispute.

10. The Company is not a sick company,

II. The Company has no dues to the financial institution or bank. The company has not issued any debentures.

12. 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, nidhi or mutual benefit fund/ society. Therefore the clauses 13 (a), b). (c). and (d) are not applicable.

14. Proper records have been maintained of the transactions and contracts.

15. The Company has not given any guarantee for loans taken by other from bank or financial institutions.

16 The Company lies not taken any term loans.

17. On the basis of examination of records and as per the explanations given to us. We are of the opinion that the tinkle raised on short-term basis have not been used for long term investment and vice versa.

18. During the year, 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,

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

20. During the year, the Company has not raised any money by Public Issue,

21. During the checks carried out by us and as per the information made available to us, no fraud on or by the company has been noticed or reported during the year under report.

For SING LA & ASSOCIATES

Chartered Accountants

For Registration No. 00510-IN

V S (Mahavir Parsad)

Place: New Delhi -- Partner

Dated: 15 May, 2016 Membership No. 089313


Mar 31, 2015

We have audited the accompanying financial statements of Mahanivcsh (India) Limited ("the Company"), which comprises the Balance Sheet as at 31s1 March, 2015 and The Statement of Profit and Loss Account for the year ended, and a summary of Significant accounting policies and other explanatory information..

Management's Responsibility for the Financial Statements

The Company's Managements is Responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 Dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. 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.

Auditor's Responsibility

a. 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.

b. An audit involves performing procedures to obtain audit evidence about the amount and disc losers in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatements of the financial statement, 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 procedure that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

c. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

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

(a) in the case of the Balance sheet, of the state of affairs of the Company as at 31st March, 2015;

(b) in the case of the Statements of Profit and Loss, of the Profit 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, 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 the section 227 of the Act (The "Order"), aid on the 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 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 tie best of our knowledge and belief were necessary for the purpose of our audit;

(b) In our opinion, proper books of accounts as required by law have been kept by the Company so far as appear 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) The Balance Sheet, the Statements of Profit and Loss comply with 'he Accounting Standard referred to in sub-section (3C) of 211 of the Companies Act, 1956 read with General Circular 15/2013 dated 13th September, 2013, issued by the Ministry of Corporate Affairs, in respect of section 133 of the Companies Act, 2013;

(e) On the basis of written confirmations received from the Director of the Company as on 31st March, 2015 and taken on record by the Board of Directors, none ol the directors of the Company is disqualified as on 31s1 March, 2015 from being appointed as a director in term of clause (g) of sub-section (1) of Section 274 of the Companies Act. 1956;

ANNEXURE TO THE AUDITORS'REPORT FOR THE YEAR ENDING 31.03.2015

(Referred to our report of even date)

In term of the information and explanations given to us and the books and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state as under:

I. a) There are no fixed assets.

b) There are no fixed assets, hence, not applicable.

2. a) The inventories, if any, have been physically verified during the year by the management at reasonable intervals.

b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

3. a) The company has neither granted or taken any loans, secured or unsecured to/ from companies, firms or other parties covered in the register maintained under section 301 of the Act.

b) Rate of interest and other terms and additions of loan given are not prejudicial to the interest of the company.

c) The payment of principal and interest in case of loan given is regular wherever stipulated. There is no overdue amount of loan given exceeding Rs. 1 lac.

4. In our opinion and according to the information and explanations given to us. there is an adequate internal control system commensurate with the size of the Company and the nature of is business. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

5 a) As per our prima facie examination of the register maintained under section 301 of the act, that the transactions that need to be entered into register in pursuance of section 301 of the Act have been so entered.

b) In our opinion each of these transactions has been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The company has not accepted deposits from the public.

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

8. Maintenance of cost records U/S 209 (1) (d) of the companies Act, 1956 has not been prescribed for the company.

9.a) The Company is regular in depositing undisputed statutory dues including provident Fund, Employees' State Insurance, Income-Tax, Custom Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities. There are no arrears of outstanding statutory dues as at 3 Is1 March 2015, concerned for a period of more than six months from the date they become payable.

b) As per information given to us, there are no dues of sales Tax/ Income Tax Custom Duty/ Wealth Tax/ Excise Duty/ cess which have not been deposited on account of any dispute.

10. The Company is not a sick company.

11. The Company has no dues to the financial institution or bank. The company has not issued any debentures.

12. 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, nidhi or mutual benefit fund/ society. Therefore the clauses 13 (a), (b), (c), and (d) are not applicable.

14. Proper records have been maintained of the transactions and contracts.

15. The Company has not given any guarantee for loans taken by other from bank or financial institutions. 16 The Company has not taken any term loans.

17. On the basis of examination of records and as per the explanations given to us, we are of the opinion that the fund raised on short-term basis have not been used for long term investment and vice versa.

18. During the year, 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.

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

20. During the year, the Company has not raised any money by Public Issue.

21. During the checks carried out by us and as per the information made available to us, no fraud on or by the company has been noticed or reported during the year under report.

For SINGLA & ASSOCIATES

Chartered Accountants

Firm Registration No. 005104N

(Mahavir Parsad)

Place: New Delhi Partner

Dated: 15st May, 2015 Membership No. 089313


Mar 31, 2014

We have audited the attached Balance Sheet of Mahanivesh (India) Limited as at 31st March, 2014 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s Management. Our responsibility is to express an opinion on these financial statements based on our audit.

We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan & 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 disclosure 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 a reasonable basis for our opinion.

2, As required by the companies (Auditors report) order, 2003 issued by the central Government of India in terms of Section 227(4A) of Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 & 5 of the said order.

3- Further to our comments in the Annexure referred to in paragraph 2 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 purpose of our audit.

b) In our opinion, proper books of accounts as required by law have been kept by the company so far I as it appear from our examination of the books.

c) The balance sheet and profit & loss account dealt with on this report are in agreement with the books of accounts.

d) In our opinion, the Profit & Loss Account and Balance Sheet as on 31st March, 2014 comply with accounting standards referred to in sub-section 3(c) of section 211 of the companies Act, 1956, to the extent applicable.

e) In our opinion and according to representations made to us by the Directors of the company none of the Director is disqualified from being appointed as director under section 274(1 )(g) of the Companies Act 1956

f) In our opinion and to the best of our information and according to the explanation given to us the said Balance Sheet and Profit & Loss Account and together with the notes thereon, give the information required by the companies Act, 1956 in the manner so required and give a true & fair view:-

i) in so far as it relates to the Balance Sheet, of the state of affairs of the company as at 31 March, 2014 and

ii) in so far as it relates to the Profit and Loss Account of the Net Profit of the company for the year ended on that date.

ANNEXURE TO THE AUDITORS''REPORT FOR THE YEAR ENDING 31.03.2014

(Referred to our report of even date)

In term of the information and explanations given to us and the books and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state as under:

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

b) The Fixed Assets, if any, have been physically verified by the management during the year and in our opinion, the verification is reasonable having regard to the size of the Company and nature of its assets. As informed, no material discrepancies were noticed on such verification.

c) There is no substantial disposal of fixed assets during the year,

2, a) The inventories have been physically verified during the year by the management at reasonable intervals.

b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) The company has no inventory

3, a) The company has neither granted or taken any loans, secured or unsecured to/ from companies, firms or other parties covered in the register maintained under section 301 of the Act,

b) Rate of interest and other terms and additions of loan given are not prejudicial to the interest of the company,

c) The payment of principal and interest in case of loan given is regular wherever stipulated. There is no overdue amount of loan given exceeding Rs, 1 lac,

4, In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

5 a) As per our prima facie examination of the register maintained under section 301 of the act, that the transactions that need to be entered into register in pursuance of section 301 of the Act have been so entered.

b) In our opinion each of these transactions has been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The company has not accepted deposits from the public.

7* In our opinion the company has an adequate internal audit system commensurate with its size and nature of its business,

8. Maintenance of cost records U/S 209 (1) (d) of the companies Act, 1956 has not been prescribed for the company.

9. The Company is regular in depositing undisputed statutory dues including provident Fund, Employees'' State Insurance, Income-Tax, Custom Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities. The re are no arrears of outstanding statutory dues as at 3 l&t March 2014, concerned for a period of more than six months from the date they become payable.

10, The Company has no accumulated losses. The Company has not incurred cash losses in the financial year under report or in the financial year immediately proceeding the financial year,

U. The Company has no dues to the financial institution or bank. The company has not issued any debentures,

12. The Company has not granted loans and advances on the basts of security by way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund, nidhi or mutual benefit fund/ society. Therefore the clauses 13 (a), (b), (c), and (d) are not applicable,

14. Proper records have been maintained of the transactions and contracts,

15. The Company has not given any guarantee for loans taken by other from bank or financial institutions, 16 The Company has not taken any term loans.

17. On the basis of examination of records and as per the explanations given to us, we are of the opinion that the fund raised on short-term basis have not been used for long term investment and vice versa.

18. During the year, 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.

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

20. During the year, the Company has not raised any money by Public Issue.

21. During the checks carried out by us and as per the information made available to us, any fraud on or by the company has not been noticed or reported during the year under report.

For SINGLA & ASSOCIATES

Charteded Accountants

Place:New Delhi (Mahavir Parsad) Date :15th May,2014 Partner


Mar 31, 2012

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

1. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan & 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 disclosure 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 a reasonable basis for our opinion.

2. As required by the companies (Auditors report) order, 2003 issued by the central Government of India in terms of Section 227(4A) of Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 & 5 of the said order.

3. Further to our comments in the Annexure referred to in paragraph 2 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 purpose of our audit.

b) In our opinion, proper books of accounts as required by law have been kept by the company so far as it appear from our examination of the books.

c) The balance sheet and profit & loss account dealt with on this report are in agreement with the books of accounts.

d) In our opinion, the Profit & Loss Account and Balance Sheet as on 31st March, 2012 comply with accounting standards referred to in sub-section 3(c) of section 211 of the companies Act, 1956. to the extent applicable.

e) In our opinion and according to representations made to us by the Directors of the company none of the Director is disqualified from being appointed as director under section 274(1)(g) of the Companies Act, 1956

f) In our opinion and to the best of our information and according to the explanation given to us the said Balance Sheet and Profit & Loss Account and together with the notes thereon, give the information required by the companies Act, 1956 in the manner so required and give a true & fair view :-

i) in so far as it relates to the Balance Sheet, of the state of affairs of the company as at 31st March, 2012 and

ii) in so far as it relates to the Profit and Loss Account of the Net Profit of the company for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT FOR THE YEAR ENDING 31.03.2012 (Referred to our report of even date)

In term of the information and explanations given to us and the books and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state as under:

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

b) The Fixed Assets, if any, have been physically verified by the management during the year and in our opinion, the verification is reasonable having regard to the size of the Company and nature of its assets. As informed, no material discrepancies were noticed on such verification.

c) There is no substantial disposal of fixed assets during the year.

2. a) The inventories have been physically verified during the year by the management at reasonable intervals.

b) In our opinion, the procedures of physical verification of inventor) followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) The company has no inventory.

3. a) The company has neither granted or taken any loans, secured or unsecured to/ from companies, firms or other parties covered in the register maintained under section 301 of the Act.

b) Rate of interest and other terms and additions of loan given are not prejudicial to the interest of the company.

c) The payment of principal and interest in case of loan given is regular wherever stipulated. There is no overdue amount of loan given exceeding Rs. 1 lac.

4. In our opinion and according to the information and explanations given to us. there is an adequate internal control system commensurate with the size of the Company and the nature of its business. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

5 a) As per our prima facie examination of the register maintained under section 301 of the act, that the transactions that need to be entered into register in pursuance of section 301 of the Act have been so entered.

b) In our opinion each of these transactions has been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The company has not accepted deposits from the public.

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

8. Maintenance of cost records U/S 209 (1) (d) of the companies Act. 1956 has not been prescribed for the company.

9. The Company is regular in depositing undisputed statutory dues including provident Fund, Employees' Slate Insurance, Income-Tax, Custom Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities. There are no arrears of outstanding statutory dues as at 31st March 2012, concerned for a period of more than six months from the date they become payable.

10. The Company has no accumulated losses. The Company has not incurred cash losses in the financial year under report or in the financial year immediately proceeding the financial year.

11. The Company has no dues to the financial institution or bank. The company has not issued any debentures.

12. 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, nidhi or mutual benefit fund/ society. Therefore the clauses 13 (a), (b), (c), and (d) are not applicable,

14. Proper records have been maintained of the transactions and contracts,

15. The Company has not given any guarantee for loans taken by other from bank or financial institutions. 16 The Company has not taken any term loans.

17. On the basis of examination of records and as per the explanations given to us, we are of the opinion that the fund raised on short-term basis have not been used for long term investment and vice versa.

18. During the year, 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.

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

20. During the year, the Company has not raised any money by Public Issue.

21. During the checks carried out by us and as per the information made available to us, any fraud on or by the company has not been noticed or reported during the year under report.



For SING LA & ASSOCIATES Chartered Accountants

(Mahavir Parsad) Partner

Place: New Delhi Dated: 15th May, 2012


Mar 31, 2010

We have audited the attached Balance Sheet of Mahanivesh (India) Limited as at 31st March, 2010 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan & 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 disclosure 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 a reasonable basis for our opinion.

2. As required by the companies (Auditors report) order, 2003 issued by the central Government of India in terms of Section 227(4A) of Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 & 5 of the said order.

3. Further to our comments in the Annexure referred to in paragraph 2 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 purpose of our audit.

b) In our opinion, proper books of accounts as required by law have been kept by the company so far as it appear from our examination of the books.

c) The balance sheet and profit & loss account dealt with on this report are in agreement with the books of accounts.

d) In our opinion, the Profit & Loss Account and Balance Sheet as on 31st March, 2010 comply with accounting standards referred to in sub-section 3(c) of section 211 of the companies Act. 1956, to the extent applicable.

e) In our opinion and according to representations made to us by the Directors of the company none of the Director is disqualified from being appointed as director under section 274(I)(g) of the Companies Act, 1956

f) In our opinion and tc the best of our information and according to the explanation given to us the said Balance Sheet and Profit & Loss Account and together with the notes thereon, give the information required by the companies Act, 1956 in the manner so required and give a true & fair view :-

i) in so far as it relates to the Balance Sheet, of the state of affairs of the company as at 31s March, 2010 and ii) insofar as it relates to the Profit and Loss Account of the Net Profit of the company for the year ended on that date.

ANNEXURE TO THE AUDITORSREPORT FOR THE YEAR ENDING 31.03.2010 (Referred to our report of even date)

In term of the information and explanations given to us and the books and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state as under:

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

b) The Fixed Assets, if any, have been physically verified by the management during the year and in our opinion, the verification is reasonable having regard to the size of the Company and nature of its assets. As informed, no material discrepancies were noticed on such verification.

c) There is no substantial disposal of fixed assets during the year.

2. a) The inventories have been physically verified during the year by the management at reasonable intervals.

b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) The company has no inventory.

3. a) The company has neither granted or taken any loans, secured or unsecured to/ from companies, firms or other parties covered in the register maintained under section 301 of the Act.

b) Rate of interest and other terms and additions of loan given are not prejudicial to the interest of the company.

c) The payment of principal and interest in case of loan given is regular wherever stipulated. There is no overdue amount of loan given exceeding Rs. 1 lac.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

5 a) As per our prima facie examination of the register maintained under section 301 of the act, that the transactions that need to be entered into register in pursuance of section 301 of the Act have been so entered.

b) In our opinion each of these transactions has been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The company has not accepted deposits from the public.

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

8. Maintenance of cost records U/S 209 (!) (d) of the companies Act, 1956 has not been prescribed for the company.

9. The Company is regular in depositing undisputed statutory dues including provident Fund, Employees State Insurance, Income-Tax, Custom Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities. The re are no arrears of outstanding statutory dues as at 3 lsl March 2010, concerned for a period of more than six months from the date they become payable.

10. The Company has no accumulated losses. The Company has not incurred cash losses in the financial year under report or in the financial year immediately proceeding the financial year.

11. The Company has no dues to the financial institution or bank. The company has not issued any debentures.

12. 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, nidhi or mutual benefit fund/ society. Therefore the clauses 13 (a), (b), (c), and (d) are not applicable.

14. Proper records have been maintained of the transactions and contracts.

15. The Company has not given any guarantee for loans taken by other from bank or financial institutions. 16 The Company has not taken any term loans.

17. On the basis of examination of records and as per the explanations given to us, we are of the opinion that the fund raised on short-term basis have not been used for long term investment and vice versa.

18. During the year, 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.

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

20. During the year, the Company has not raised any money by Public Issue.

21. During the checks carried out by us and as per the information made available to us, any fraud on or by the company has not been noticed or reported during the year under report.

For SINGLA & ASSOCIATES

Chartered Accountants

Sd/- Place: New Delhi (Mahavir Parsad)

Dated: 30th June, 2010 Partner


Mar 31, 2009

We have audited the attached Balance Sheet of Mahanivesh (India) Limited as at 31s March, 2009 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

2. As required by the companies (Auditors report) order, 2003 issued by the central Government of India in terms of Section 227(4A) of Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4&5 of the said order.

3. Further to our comments in the Annexure referred to in paragraph 2 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 purpose of our audit.

b) In our opinion, proper books of accounts as required by law have been kept by the company so far as it appear from our examination of the books.

c) The balance sheet and profit & loss account dealt with on this report are in agreement with the books of accounts.

d) In our opinion, the Profit & Loss Account and Balance Sheet as on 31st March, 2009 comply with accounting standards referred to in sub-section 3(c) of section 211 of the companies Act, 1956, to the extent applicable.

e) In our opinion and according to representations made to us by the Directors of the company none of the Director is disqualified from being appointed as director under section 274(l)(g) of the Companies Act, 1956

f) In our opinion and to the best of our information and according to the explanation given to us

the said Balance Sheet and Profit & Loss Account and together with the notes thereon, give the information required by the companies Act, 1956 in the manner so required and give a true & fair view :-

i) in so far as it relates to the Balance Sheet, of the state of affairs of the company as at 31" March, 2009 and

ii) insofar as it relates to the Profit and Loss Account of the Net Profit of the company

ANNEXIJRE TO THE AUDI! ORSREPORT FOR THE YEAR ENDING 31.03.2009 (Referred to our report of even date)

In term of the information and explanations given to us and the books and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state as under:

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

b) The Fixed Assets, if any, have been physically verified by the management during the year and in our opinion, the verification is reasonable having regard to the size of the Company and nature of its assets. As informed, no material discrepancies were noticed on such verification.

c) There is no substantial disposal of fixed assets during the year.

2. a) The inventories have been physically verified during the year by the management at reasonable intervals.

b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) The company has no inventory.

3. a) The company has neither granted or taken any loans, secured or unsecured to/ from companies, firms or other parties covered in the register maintained under section 301 of the Act.

b) Rate of interest and other terms and additions of loan given are not prejudicial to the interest of the company.

c) The payment of principal and interest in case of loan given is regular wherever stipulated. There is no overdue amount of loan given exceeding Rs. 1 lac.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

5 a) As per our prima facie examination of the register maintained under section 301 of the act, that the transactions that need to be entered into register in pursuance of section 301 of the Act have been so entered.

b) In our opinion each of these transactions have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The company has not accepted deposits from the public.

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

8. Maintenance of cost records U/S 209 (1) (d) of the companies Act, 1956 has not been prescribed for the company.

9. The Company is regular in depositing undisputed statutory dues including provident Fund, Employees State Insurance, Income-Tax, Custom Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities. The re are no arrears of outstanding statutory dues as at 31" March 2009, concerned for a period of more than six months from the date they become payable.

10. The Company has no accumulated losses. The Company has not incurred cash losses in the financial year under report or in the financial year immediately preceding the financial year.

11. The Company has no dues to the financial institution or bank. The company has not issued any debentures.

12. 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, nidhi or mutual benefit fund/ society. Therefore the clauses 13 (a), (b), (c), and (d) are not applicable.

14. Proper records have been maintained of the transactions and contracts.

15. The Company has not given any guarantee for loans taken by other from bank or financial institutions. 16 The Company has not taken any term loans.

17. On the basis of examination of records and as per the explanations given to us, we are of the opinion that the fund raised on short-term basis have not been used for long term investment and vice versa.

18. During the year, 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.

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

20. During the year, the Company has not raised any money by Public Issue.

21. During the checks carried out by us and as per the information made available to us, any fraud on or by the company has not been noticed or reported during the year under report.

for the year ended on that date. For SINGLA & ASSOCIATES Chartered Accountants Sd/- Place: New Delhi (Maliavir Parsad) Dated: 30th April, 2009 Partner