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Auditor Report of Manvijay Development Company Ltd.

Mar 31, 2016

INDEPENDENT AUDITOR’S REPORT

to the Members of Manvijay Development Company Limited REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements Mofivijay Development Company Limited (“the Company”), which comprise the Balance Sheet as at March 3, 206, the Statement of Profit and Loss and Cash Flow Statement for the year ended on that date, and a summary of significant accounting policies and other explanatory information.

MANAGEMENT’S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The management and Board of Directors of the Company are responsible for the matters stated in Section 134(5) of the Companies Act, 203 (the act) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 33 of the Act, read with rule 7 of Companies (Accounts) Rules, 204 (the Rules). This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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

Our responsibility is to express an opinion on these standalone financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 43(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors 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 financial control relevant to the Companys preparation of the financial statements, that give a true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company’s management and Board of Directors, as well as evaluating the overall presentation of the standalone 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 standalone 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 of the state of affairs of the Company ass t aMt a3r1ch 2015, its profit/loss and its cash flows for the year ended on that date.

REPORT ON OTHERLEGAL AND REGULATORY REQUIREMENTS

1 As required by the Companies (Auditors Report) Order, 206 (the Order)’ issued by the Central Government of India in terms of sub-section (11) of section43 of the Act, we enclose in Annexure A ’ a statement on the matters Specified in paragraphs 3 and 4 of the Order.

2 As required by section 143(3) of the Act, we further report that:

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

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

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

d. in our opinion, the aforesaid standalone financial statements comply with the applicable Accounting Standards specified under Section B3 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014;

e. On the basis of written representations received from the directors as on March 3, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 3} 20B, from being appointed as a director in terms of Section 154(2) of the Act;

f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and operating effectiveness of such controls, refer to our separate report in Annexure B’ ’and

g. In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditors Report in accordance with Rule H of the Companies (Audit and Auditors) Rules, 204::

(i) The Company does not have any pending litigations which would impact its financial position

(ii) The Company did not have any long-term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise

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

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

(b) The Company has a regular programme of physical verification of its fixed assets by which all fixed assets are verified in a phased manner over a period of two years. In accordance with this programme, a portion of the fixed assets has been physically verified by the management during the year and no material discrepancies have been noticed on such verification.

(c) According to the information and explanations given to us, the title deeds (Memorandum of Understanding) of immovable properties, as disclosed in Note H to the standalone financial statements, are held in the name of the Company.

(ii) (a) The management has conducted the physical verification of inventory at reasonable intervals.

(b) The discrepancies noticed on physical verification of the inventory as compared to books records which has been properly dealt with in the books of account were not material.

(iii) In our opinion and according to information and explanations given to us, the Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Act. Accordingly, paragraph 3(iii) of the Order is not applicable to the Company

(iv) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 85 and I86 of the Companies Act, 203 In respect of loans, investments, guarantees, and security.

(v) The Company has not accepted any deposits from the public in accordance with the provisions of sections 73 to76 of the Act and the rules framed there under.

(vi) As informed to us, the maintenance of Cost Records has not been specified by Central Government under sub section (1) of Section 148 of the Act, in respect of the activities carried on by the company.

(vii) (a) According to the information and explanations given to us and the records of the Company examined by us in our opinion, the Company is regular in depositing the undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, service tax, duty of customs, duty of excise, value added tax, cess, professional tax and other material statutory dues, as applicable, with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees state insurance, income tax, sales tax, service tax, duty of customs, duty of excise, value added tax, cess, professional tax and other material statutory dues were in arrears as at 31 March 206 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no dues of Income tax, Sales tax, Value added tax, Service tax, duty of customs, duty of excise which have not been deposited with the appropriate authorities on account of any dispute.

(viii) As the Company does not have any loans or borrowings from any financial institution or bank or Government, nor has it issued any debentures, as at the balance sheet date the provisions of Clause 3(viii) of the Order are not applicable to the Company.

(ix) The Company has not raised any money by way of initial public offer, further public offer (including debt instruments) and term loans during the year. Accordingly, the provisions of Clause 3(ix) of the Order are not applicable to the Company

(x) According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.

(xi) According to the information and explanations give to us and based on our examination of the records, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule

V to the Act.

(xii) In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.

(xiii) According to the information and explanations given to us and based on our examinations of the records of the Company, transactions with the related parties are incompliance with sections 77 and B8 of the Act, where applicable. The details of such related party transactions have been disclosed in the financial statements as required under Accounting Standard (AS) 18, Related Party Disclosures specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 204-.

(xiv) According to the information and explanations give to us and based on our examination of the records, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

(xv) According to the information and explanations given to us and based on our examination

of the records, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph (xv) of the Order is not applicable.

(xvi) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.Accordingly, the provisions of Clause 3(xvi) of the Order are not applicable to the Company.

TO THE INDEPENDENT AUDITOR’S REPORT - 31st MARCH, 2016 [Referred to in our report of even date]

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUBSECTION 3 OF SECTION 143 OF THE ACT

We have audited the internal financial controls over financial reporting of Manvijay Development Co Limited (the Company) as of 31 March, 206 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

MANAGEMENT’S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal controls over financial reporting criteria established by the Company considering the essential components of internal controls stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act 203 (the Act).

AUDITORS’ RESPONSIBILITY

Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 16(10) of the Act to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal controls based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial control system over financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company’s internal financial controls over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial controls over financial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIALCONTROLS OVER FINANCIAL REPORTING

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial controls over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion, the Company has, in all material respects, an adequate internal financial control system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2015, based on the internal controls over financial reporting criteria established by the Company considering the essential components of internal controls stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by ICAI.

For Dharmesh M Kansara & Associates

Chartered Accountants

Firm Registration No 126719W

Sd/-

Dharmesh M Kansara

Proprietor

M.No.120856

Mumbai, 28th May, 2016


Mar 31, 2015

To

The Members of Manvijay Developments Company Limited Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Infosys Limited (Ihe Company''), which comprise the balance sheet as at 31 March 2015, the statement of profit and loss and the cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Standalone Financial Statements

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

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the 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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, 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 on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as at 31 March 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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

2. As required by Section 143 (3) of the Act, we report that:

(a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

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

(c) the balance sheet, the 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 aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

(e) on the basis of the written representations received from the directors as on 31 March 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2015 from being appointed as a director in terms of Section 164 (2) of the Act; and

(f) with respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

(i) the Company does not have any pending litigations on its financial position in its financial statements.

(ii) the Company has made provision as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts and

(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

Annexure to the Independent Auditors Report

The Annexure referred to in our Independent Auditors'' Report to the members of the Company on the standalone financial statements for the year ended 31 March 2015, we report that:

1. (i) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(ii) Fixed assets have been physically verified by the management during the year and no material discrepancies were noted on such verification.

2. (i) The management has conducted physical verification of inventory at reasonable intervals during the year.

(ii) 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.

(iii) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification

3. According to the information and explanation given to us, the company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act hence provision of this clause is not applicable.

4. According to the information and explanation given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services.

5. The company has not accepted deposits hence provision of this clause is not applicable.

6. According to the information and explanation given to us maintenance of cost records has not been specified by the Central Government under sub-section (1) of section 148 of the Companies Act.

7. (a)As per the records of the company, the company, in general is regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities except Profession Tax for Financial Year 2013-2014 of Rs.12,525/- was outstanding for a period exceeding six months on account of non-allotment of PT Number.

(b) There is no amount in respect of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess as at 31st March, 2015 due to any dispute.

(c) As per the records of the company, no amount was required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under.

8. The accumulated losses of the company at the end of the financial year are not more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

9. The company has not defaulted in repayment of dues to a financial institution or bank or debenture holders.

10. The company has not given any guarantee for loans taken by others from bank or financial institutions.

11. The company has not taken any term loans, this clause is not applicable.

12. Based on the audit procedures performed and information and explanation given by the management, we report that no fraud on or by the company has been noticed or reported during the year.

For Dharmesh M. Kansara & Associates

Chartered Accountants

FRN: 126719W

Sd/-

(Dharmesh M. Kansara Proprietor)

M. No: 120856

Date : 29th May, 2015,

Mumbai


Mar 31, 2013

1. We have audited the accompanying financial statements of "MANVIJAY DEVELOPMENT COMPANY LIMITED" ("the Company''1, which comprise the Balance Sheet as at 31s March, 2013, the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. The Company's 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

3. 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.

4. 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.

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

Opinion

6. 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:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013, and

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

Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor's Report) Order, 2003 ("the Order ) issued by the Central Government of India in terms of sub-section (4 A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

In our opinion, proper books of account as required by as appears from our examination of those books.

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

(d) In our opinion, the Balance Sheet, and the Statement of Profit and Loss, 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 31st March, 2013, taken on record by the Board of Directors, none of the directors is disqualified as on 31 st March, 2013, from being appointed as a director in terms of Section 274(1 )(g) of the Act.

ANNEXURE TO THE REPORT OF THE AUDITORS TO THE MEMBERS OF MANV1JAY DEVELOPMENTS COMPANY LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2013

(i) The Company has no fixed assets.

(ii) As explained to us, there were shortages in the inventories which have been written off during the year.

(iii) (a) According to the information and explanation given to us, the company has granted loans to the companies covered in the register maintained u/s 301 of the companies Act, 1956.

(b) The company has taken loans from companies or other parties covered in the register maintained u/s 301 of the companies Act, 1956.

(c) The rate of interest and other terms and conditions of unsecured loan taken from and/or given to the company listed in the register maintained under section 301 of the companies Act, 1956 are not prima facie prejudicial to the interest of the company.

(d) The parties have been regular in the payment of interest.

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

(v) (a) In our opinion and according to the information and explanations given to us, transactions that need to be entered into the register in pursuance of section 301 of the Companies Act, 1956 have been so entered.

(b) According to the information and explanation given to us, the transactions have been made in pursuance of contracts or arrangements entered in the register maintained u/s 301 of the Companies Act, 1956

(vi) The company has not accepted any deposit from the public and as such the provision of section 58A and 58 AB the Companies Act, 1956 and the rules framed there under have no application to the company.

(vii) In our opinion and explanation given to us the company has internal audit system commensurate with its size and nature of its business.

(viii) According to the information and explanation given by the management, the maintenance of cost records has not been prescribed in the case of the Company for the period under section 209(1) (d) of the Companies Act, 1956.

(ix) (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities during the year. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March 2013 for a period of more than six months from the date of becoming payable.

(b)According to the information and explanations given to us and as per books and record examined by us, there are no such statutory dues, which have not been deposited on account of any dispute.

(x) The company has positive net worth at the end of the financial year. The company has no accumulated losses and has not incurred any cash losses during the current financial year and immediately preceding financial year.

(xi) According to the information and explanation given to us and as per the books and records examined by us, the Company has not defaulted in repayment of dues to any financial institutions or banks. The company has not issued any debentures.

(xii) According to the information and explanation given to us, the Company has not granted any loans and advances on the basis of security by way of pledge or shares, debentures and other securities.

(xiii) The Company does not fall within the category of Chit Fund / Nidhi / Mutual Benefit Fund/ Society and hence the related reporting requirements of the Orders are not applicable.

xiv) According to the information and explanations given to us, the Company is dealing or trading in shares, securities, debentures and other investments and the company has maintained proper records of transactions and contracts and timely entries have been made therein.

(xv) The Company has not given a guarantee jointly with other company to financial institution and bank for loan taken by others from the financial institution and bank.

(xvi) During the year the company has not raised any term loans.

(xvii) According to the information and explanations given to us and as per the books and records examined by us, as on the date of the Balance Sheet, the funds raised by the Company on short term basis not been applied for long term investment.

(xviii) The Company has not made preferential allotment of shares during the year, to the parties covered in the register maintained under section 301 of the Companies Act, 1956.

(xix) The company does not have any outstanding debentures.

(xx) The company has not raised money through public issue during the year.

(xxi) During the course of our examination of the books and records of the Company earned out in accordance with the generally accepted auditing practice in India, we have neither come across any instance of fraud on or by the Company, noticed and reported during the year, nor have we been informed of such case by the management.

FOR DHARMESH M. KANSARA & ASSOCIATES CHARETERED ACCOUNTATNTS FRN: 126719W

(Dharmesh M. Kansara - Proprietor) M. No - 120856

Date : 30th April, 2013 Place: Mumbai


Mar 31, 2012

1. We have audited the attached Balance Sheet of Manvijay Development Co. Ltd. of 130,Cotton Street, Kolkata - 700 007, as at 31st March 2011, the Profit & Loss Account and the Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We 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 misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provide a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 (as amended) 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 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 account as required by law have been kept by the Company, so far as appears from our examination of those books;

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

d) In our opinion the Balance Sheet and Profit & Loss account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 as applicable to this Company;

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

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the significant accounting policies and notes appearing thereto in Schedule 14 give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with accounting principles generally accepted in India;

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

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

(iii) In the case of Cash Flow Statement of the Cash Flow for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

Annexure referred to in paragraph '3' of the Auditor's Report of even date to the members of Manvijay Development Company Limited on the accounts for the year ended March 31, 2012:

i) The company has no fixed assets,

ii) a. As explained to us, inventories have been physically, verified by the management at reasonable intervals during the year. In our opinion the frequency of such verification is reasonable.

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

c. The Company has maintained proper records of inventory. No material discrepancies were noticed on physical verification.

iii) a. According to the information and explanations given to us, the company had taken/given unsecured loan during the year to/from a company as covered in the register maintained under section 301 of the Companies Act, 1956.

b. The rate of interest and other terms and conditions of the unsecured loan taken from and/or given to the company listed in the register maintained under section 301 of the companies Act, 1956 are not prima facie prejudicial to the interest of the company.

c. The party has repaid the principal amounts as stipulated and have been regular in the payment of interest.

iv) According to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventories/shares and fixed assets and with regard to the sale of inventories/shares. During the course of our audit we have not observed any continuing failure to correct major weaknesses in internal controls.

v) a) According to the information and explanations given to us, any transactions that need to be entered into the register maintained under section 301 of the companies Act, 1956 have been so entered. b) According to the information given to us the transactions of sale of unquoted shares made in pursuance of such contracts or arrangements exceeding the value of rupees five lakh in respect of any party during the year have been made which in our opinion are below the intrinsic value. Such unquoted equity shares have been sold at a nominal profit to the company. As no comparative rates are available because of illiquidity of the unquoted shares the amount can not be quantified.

vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposit during the year within the meaning and provisions of Sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

vii) As the Company's paid up Capital and Reserves are not exceeding Rs. 50 Lakhs, paragraph 4 (vii) of the order is not applicable.

viii) Paragraph 4(viii) of the order regarding maintenance of the cost records under clause (d) of Sub-section 1 of Section 209 of the Companies Act 1956 is not applicable.

ix) a) According to the information and as explained to us the company is presently not liable to pay Provident Fund, Investor Education and Protection Fund, Employees State Insurance , Wealth Tax, Customs Duties, and Cess, Sales Tax .Fringe Benefit Tax, Income Tax and other statutory dues have been deposited regularly with the appropriate authorities.

b) According to the information and explanations given to us there are no undisputed material statutory dues as referred to above as at March 31, 2011 outstanding for a period of more than six months from the date they . become payable.

c) Paragraph 4 (ix)(b) of the order, is not applicable as the company has no disputed statutory dues according to the books of the company.

x) Paragraph 4(x) of the order, is not applicable, as the company has no accumulated losses. The company has not incurred cash loss during the current financial year but had incurred cash loss during the preceding financial year.

xi) As the company has not obtained any loan from financial institutions and / or bank, paragraph 4(xi) of the order, is not applicable.

xii) As the company has granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, paragraph 4(xii) of the order is not applicable.

xiii) As the company is not a chit fund / nidhi / mutual benefit funds / society to which the provisions of special statute relating to chit fund are applicable, paragraph 4(xiii) of the order is not applicable.

xiv) The company is dealing or trading in share and for which the company is maintaining proper records and timely entries have been made therein. The investments are held in the company's own name.

xv) As the company has not given any guarantee for loans taken by others from bank or financial institutions paragraph 4(xv) of the order is not applicable.

xvi) As explained to us the company has not taken any term loan during the year.

xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment. The company has not taken any loan on long-term basis.

xviii) As the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 Paragraph 4(xviii) of the order is not applicable.

xix) As the company has not issued any debentures, paragraph 4(xix) of the order is not applicable.

xx) During the year, since the company has not raised money by way of public issue, paragraph 4(xx) of the order is not applicable.

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

Room No. 853 For R.P.DALMIA & CO. 33/1, Netaji Subhas Road Chartered Accountant Kolkata - 700 001 Firm Registration No.305092E

Dated : 28th May, 2012 R.P.Dalmia Place: Kolkata Proprietor Membership No.008074


Mar 31, 2011

1. We have audited the attached Balance Sheet of Manvijay Development Co. Ltd. of 130,Cotton Street, Kolkata - 700 007, as at 31st March 2011, the Profit & Loss Account and the Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We 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 misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provide a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 (as amended) 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 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 account as required by law have been kept by the Company, so far as appears from our examination of those books;

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

d) In our opinion the Balance Sheet and Profit & Loss account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 as applicable to this Company;

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

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the significant accounting policies and notes appearing thereto in Schedule 14 give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with accounting principles generally accepted in India;

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

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

(iii) In the case of Cash Flow Statement of the Cash Flow for the year ended on that date.

Annexure referred to in paragraph '3' of the Auditor's Report of even date to the members of Manvijay Development Company Limited on the accounts for the year ended March 31, 2011:

i) The company has no fixed assets.

ii) a. As explained to us, inventories have been physically verified by the management at reasonable intervals during the year. In our opinion the frequency of such verification is reasonable.

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

c.The company has maintained proper records of inventory. No material discrepancies were noticed on physical verification.

iii) a. According to the information and explanations given to us, the company had taken loan during the year from a company as covered in the register maintained under section 301 of the Companies Act, 1956.

Maximum amount Year end SI. Outstanding during balance (Rs.) No Number of the year (Rs.) Party

1. 1 3,88,000/- 3,88,000/-

b. The rate of interest and other terms and conditions of the unsecured loan taken from the company listed in the register maintained under section 301 of the companies Act, 1956 are not prima facie prejudicial to the interest of the company.

c. There is no stipulation regarding Loan & Interest.

iv) According to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventories and fixed assets and with regard to the sale of goods. During the course of our audit we have not observed any continuing failure to correct major weaknesses in internal controls. However, we have not come across any transaction of purchase of inventory and fixed asset and sale of finished goods during the year, covered under audit.

v) According to the information and explanations given to us, any transactions that need to be entered into the register maintained under section 301 of the companies Act, 1956.

vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposit during the year within the meaning and provisions of Sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

vii) As the Company's paid up Capital and Reserves are not exceeding Rs. 50 Lakhs, paragraph 4 (vii) of the order is not applicable.

viii) Paragraph 4(viii) of the order regarding maintenance of the cost records under clause (d) of Sub-section 1 of Section 209 of the Companies Act 1956 is not applicable.

ix) a) According to the information and as explained to us the company is presently not liable to pay Provident Fund, Investor Education and Protection Fund, Employees State Insurance , Wealth Tax, Customs Duties, and Cess, Sales Tax ,Fringe Benefit Tax, Income Tax and other statutory dues have been deposited regularly with the appropriate authorities.

b) According to the information and explanations given to us there are no undisputed material statutory dues as referred to above as at March 31, 2011 outstanding for a period of more than six months from the date they become payable.

c) Paragraph 4 (ix)(b) of the order, is not applicable as the company has no disputed statutory dues according to the books of the company.

x) Paragraph 4(x) of the order, is not applicable, as the company has no accumulated losses. The company has incurred cash loss during the current financial year and in the immediately preceding financial year also.

xi) As the company has not obtained any loan from financial institutions and / or bank, paragraph 4(xi) of the order, is not applicable.

xii) As the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, paragraph 4(xii) of the order is not applicable.

xiii) As the company is not a chit fund / nidhi / mutual benefit funds / society to which the provisions of special statute relating to chit fund are applicable, paragraph 4(xiii) of the order is not applicable.

xiv) The company is dealing or trading in share and for which the company is maintaining proper records and timely entries have been made therein. The investments are held in the company's own name.

xv) As the company has not given any guarantee for loans taken by others from bank or financial institutions paragraph 4(xv) of the order is not applicable.

xvi) As explained to us the company has not taken any term loan during the year.

xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment. The company has not taken any loan on long-term basis.

xviii) As the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 paragraph 4(xviii) of the order is not applicable.

xix) As the company has not issued any debentures, paragraph 4(xix) of the order is not applicable.

xx) During the year, since the company has not raised money by way of public issue, paragraph 4(xx) of the order is not applicable.

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

Room No. 853 For R.P.DALMIA & CO. 33/1, Netaji Subhas Road Chartered Accountant Kolkata - 700 001 Firm Registration No305092E

Dated : 29.08.2011 R.P.Dalmia Proprietor Membership No. 008074

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