Auditor Report of Martin Burn Ltd.

Sep 30, 2014

We have audited the accompanying financial statements of MARTIN BURN LIMITED ("the Company"), which comprise the Balance Sheet as at 30th September, 2014 and the Statement of Profit and Loss and Cash Flow Statement for the 15 months period ended and a summary of significant accounting policies and other explanatory information.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"), read with General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013 and in accordance with the Accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITORS'' RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material 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 control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the financial statements read in conjunction with Schedule 1 to 21 give the information required by the Act in the manner so required and subject to the effects of note nos. 1, 2, 9, 10 & 11 of Schedule 21, give a true and fair view in conformity with the accounting principles generally accepted in India :

a. in the case of Balance Sheet, of the state of affairs of the Company as at 30th September, 2014;

b. in the case of the Statement of Profit and Loss, of the loss for the 15 months period ended on that date; and

c. in the case of the Cash Flow Statement of the cash flows for the 15 months period ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditors'' Report) only 2003 ("the Order"), as amended, issued by the Central Govt. of India in terms of Sub-Section (4A) of Section 227 of the Act, we enclose in the annexure a statement on the matter specified in paragraph 425 of the Order.

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

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

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

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

d. in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; except AS 15 as referred to Note No. 8 of Schedule 21, read with General Circular 15/2013, dated 13th September, 2013 by the Ministry of Company Affairs in respect of Section 133 of the Companies Act, 2013.

e. on the basis of written representations received from the directors as on 30th September, 2014 and taken on record by the Board of Directors, none of directors is disqualified as on 30th September, 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

The Annexure referred to in paragraph 1 under the heading "report on other legal and regulatory requirements" of our report of even date to the Members of Martin Burn Limited.

1. a. The company has maintained proper records showing full particulars including quantitative details and situations of its fixed assets, which however needs improvement.

b. As explained to us fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies have been noticed on such verification;

c. No substantial part of fixed assets have been disposed off during the period and therefore does not affect the going concern assumption.

2. Construction materials for projects are directly debited to Construction Work - In - Progress as and when purchased. The Inventory has been physically verified by the management during the year as confirmed to us.

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

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

4. In our opinion and according to information and explanations given to us, there is generally an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventories, fixed assets and with regard to sale of goods and services. During the course of our audit, no major instance of continuing failure to correct any weakness in the internal controls has been noticed;

5. a. According to the information and explanations given to us, particulars of contracts or arrangements that need to be entered into the register maintained in pursuance of Section 301 of the Companies Act, 1956 are not applicable to the company.

b. The transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time are not applicable in view 3 (a) and (b) above.

6. The company has not accepted any deposits from public covered under section 58A, 58AA or any other relevant provision of that Act and rules framed thereunder.

7. The company has an adequate internal audit system commensurate with the size of the Company and nature of its business and has appointed a firm of chartered accountant as its internal auditor.

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

9. a. According to the information and explanations given to us and the records of the company examined by us, no undisputed statutory dues outstanding as at 30th September, 2014, for a period of more than six months from the date they become payable.

b. According to the information and explanations given to us and records of the company examined by us, the particulars of Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom Duty and Cess, which have not been deposited on account of disputes pending at various forums is mentioned under Serial No. 15 of Schedule no. 21.

10. The Company does not have any accumulated losses as at 30th September, 2014 and has not incurred cash losses in the current and immediate preceding financial year.

11. Based on the information and explanations given to us, the Company has not defaulted during the period in repayment of dues to any financial institutions or banks.

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

13. The Company is not a chit fund or a nidhi mutual benefit fund / society. Therefore, the provision of this clause of the Companies (Audit Report) Order, 2003 (as amended) is not applicable to the Company.

14. In our opinion the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of paragraph 4 (xiv) of the aforesaid order are not applicable to the company.

15. The Company has not given any guarantee for the loan taken by others from bank or financial institutions during the period.

16. According to the information and explanations given to us, the term loans raised by the company have been applied for the purpose for which they were raised.

17. According to the information and explanations given to us and on an overall examination of the balance sheet and cash flow of the company, we report that no fund raised on short term basis has been used for long term investment.

18. The Company has not issued any debentures. Accordingly, the provisions of paragraph 4 (xix) of the aforesaid order are not applicable to the company.

19. The Company has not raised any money by public issue during the year. Therefore, the provisions of paragraph 4 (xx) of the aforesaid order are not applicable to the company.

20. During the course of our examination of books of account carried out in accordance with generally accepted auditing practices, we have neither come across any instance of fraud on or by the company nor have we been informed of such case by the management.

For D. P. Sen & Co. Chartered Accountants

22, Ashutosh Chowdhury Avenue, (D. Bhattacharyya) 2nd Floor, Flat No. 22, Partner Kolkata - 700 019 Membership No. 012726 Date : 22.01.2015 Firm Registration No. 301054E

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Jun 30, 2013

We have audited the accompanying financial statements of MARTIN BURN LIMITED ("the Company"), which comprise the Balance Sheet as at 30th June, 2013 and the Statement of Profit and Loss and Cash Flow Statement for the 15 months period then ended and a summary of significant accounting policies and other explanatory information.

MANAGEMENT RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

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

AUDITORS''RESPONSIBILITY

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the 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 control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the financial statements read in conjunction with Schedule 1 to 21 give the information required by the Act in the manner so required and subject to the effects of notes no. 1 and 2 of Schedule 21, give a true and fair view in conformity with the accounting principles generally accepted in India :

a. in the case of Balance Sheet, of the state of affairs of the Company as at 30th June, 2013;

b. in the case of the Statement of Profit and Loss, of the profit for the 15 months period ended on that date; and

c. in the case of the Cash Flow Statement of the cash flows for the 15 months period ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

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

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

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

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

c. the Balance Sheet, 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 Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

e. on the basis of written representations received from the directors as on 30th June, 2013 and taken on record by the Board of Directors, none of directors is disqualified as on 30th June, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE TO THE AUDITORS'' REPORT

REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report:

1. a. The company has maintained proper records showing full particulars including quantitative details and situations of its fixed assets, which however needs improvement.

b. As explained to us fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies have been noticed on such verification;

c. In our opinion and according to information and explanations given to us, no substantial part of fixed assets have been disposed off during the period and therefore does not affect the going concern assumption.

2. Construction materials for projects are directly debited to Construction Work-in-Progress as and when purchased.

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

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

4. In our opinion and according to information and explanations given to us, there is generally an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventories, fixed assets and with regard to sale of goods and services. During the course of our audit, no major instance of continuing failure to correct any weakness in the internal controls has been noticed;

5. a. According to the information and explanations given to us, contracts or arrangements that need to be entered into the register maintained in pursuance of Section 301 of the Act have been so entered.

b. The transactions made in pursuance of such contracts or arrangements 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 any deposits from public covered under section 58A, 58AA or any other relevant provision of that Act and rules framed there under.

7. The company has an adequate internal audit system commensurate with the size of the Company and nature of its business and has appointed a firm of chartered accountants as its internal auditor.

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

9. a. According to the information and explanations given to us and the records of the company examined by us, the particulars of the undisputed statutory dues outstanding as at 30th June, 2013, for a period of more than six months from the date they become payable are annexed in Annexure -1, to the Audit Report.

b. According to the information and explanations given to us and records of the company examined by us, the particulars of Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom Duty and Cess, which have not been deposited on account of disputes pending at various forums is given in Annexure - II of the Audit Report.

10. The Company does not have any accumulated losses as at 30th June, 2013 and has not incurred cash losses in the current and immediate preceding financial year.

11. Based on the information and explanations given to us, the Company has not defaulted during the period in repayment of dues to any financial institutions or banks.

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

13. The Company is not a chit fund or a nidhi mutual benefit fund / society. Therefore, the provision of this clause of the Companies (Audit Report) Order, 2003 (as amended) is not applicable to the Company.

14. In our opinion the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of paragraph 4 (xiv) of the aforesaid order are not applicable to the company.

15. The Company has not given any guarantee for the loan taken by others from bank or financial institutions during the period.

16. According to the information and explanations given to us, the term loans raised by the company have been applied for the purpose for which they were raised.

17. According to the information and explanations given to us and on an overall examination of the balance sheet and cash flow of the company, we report that no fund raised on short term basis has been used for long term investment.

18. The Company has raised money by issue of Preferential Equity Share Warrants during earlier year. The same amount have been converted into Equity Share Capital / Share Forfeiture / Share Premium during the period.

19. The Company has not issued any debentures. Accordingly, the provisions of paragraph 4 (xix) of the aforesaid order are not applicable to the company.

20. The Company has not raised any money by public issue during the year. Therefore, the provisions of paragraph 4 (xx) of the aforesaid order are not applicable to the company.

21. During the course of our examination of books of account carried out in accordance with generally accepted auditing practices, we have neither come across any instance of fraud on or by the company nor have we been informed of such case by the management.

For D. P. Sen & Co.

Chartered Accountants

22. Ashutosh Chowdhury Avenue,

2nd Floor, Flat No. 22, D. Bhattacharyya

Kolkata-700 019 Partner

Date : 29th August, 2013. Membership No. 012726 Firm Registration No. 301054E

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Mar 31, 2012

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

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 provides a reasonable basis for our opinion.

1. As required by the Companies (Auditor's Report) Order, 2003 as amended by the Companies (Auditor's Report) (Amendment) order 2004 ("Order") issued by the Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, ("Act") and on the basis of such checks as we considered appropriate, and according to the information and explanation given to us, we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said Order.

2. Attention is drawn to the Notes No. 2 & 4 of the Notes on Accounts (Schedule 21).

3. Further, to our comments in para 1 & 2 above, we report that, 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.

4. Subject to remarks in Para 1-3 above, 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.

5. The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account.

6. In our opinion excepting as stated in Point No. 8 of Schedule 21, the Balance Sheet and the Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of the section 211 of the Companies Act, 1956.

7. On the basis of written representations received from the Directors of the Company which were taken on record by the Board of Directors of the Company and the information and explanations as made available, none of the Directors of the Company is disqualified as on 31st March, 2012 from being appointed as a director in terms of Clause (g) of sub-Section (1) of section 274 of the Companies Act, 1956.

8. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read in conjunction with Schedules 1 to 21 give the information required by the Companies Act,1956 in the manner so required and subject to the effect of notes as referred in Paragraph 2 above and read together with the other notes thereon, give a true and fair view in conformity with the accounting principles and standards generally accepted in India,

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012 and

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

c) in the case of the Cash Flow Statement, of the cash flow for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

AS REQUIRED BY THE COMPANIES (AUDITOR'S REPORT) ORDER, 2003 (As amended)

(Referred to in serial no. 1 of our report of even date)

1. (a) The Company has maintained records showing full particulars including quantitative details and situation of fixed assets which, however, needs improvement.

(b) The management during the year under audit has physically verified the fixed assets of the company.

(c) During the year no substantial part of fixed assets has been disposed off by the company. Therefore, the provisions of paragraph 4(i) (c) of the aforesaid order, in our opinion, are not applicable to the company.

2. Construction materials for Projects are directly debited to Construction Work in progress as and when purchased.

3. (a) As informed, the Company has not granted/taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act 1956.

(b) In view of our comment in paragraph 3(a) above, the paragraphs 4(iii)(b) to 4(iii)(d) of the aforesaid order are not applicable to the Company.

(c) In view of our comment in paragraph 3(a) above, the paragraphs 4 (iii)(f) and 4 (iii)(g)of the aforesaid order are not applicable to the company.

4. In our opinion and according to the information and explanations given to us, there are internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of construction materials and fixed assets and for the sale of real estate properties and services. In our opinion the internal control system needs further improvement. Further, during the course of our audit, we have neither come across nor have we been informed of any continuing failure to correct major weakness in internal control.

5. According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

6. During the course of our audit we have not come across any receipt of Public Deposit or any balance under this account.

7. The Company has internal audit system commensurate with the nature of business and activities of the company.

8. The Central Government has not prescribed maintenance of cost records under section 209 (l)(d) of the Companies Act, 1956 for the company.

9. (a) The company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees' state insurance, income tax, wealth tax, custom duty, excise duty, cess and other material statutory dues applicable to it.

(b) There are no dues outstanding of Custom Duty, Wealth Tax, Service Tax, Excise Duty and Cess on account of any dispute except for Rs. 5,664,240 against Sales Tax and Rs. 46,981,720 against Income Tax.

10. The Company has no accumulated losses. The company has not incurred any cash loss during the financial year covered by our report and the immediately preceding financial year.

11. According to the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institution or bank.

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

13. In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause (xiii) of paragraph 4 of the aforesaid order are not applicable to the company.

14. In our opinion the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of paragraph 4 (xiv) of the aforesaid order are not applicable to the company.

15. The Company has not given any guarantee for the loan taken by others from bank or financial institutions during the year.

16. According to the information and explanations given to us, the term loans raised by the company have been applied for the purpose for which they were raised.

17. According to the information and explanations given to us and on an overall examination of the balance sheet and cash flow of the company, we report that no fund raised on short term basis has been used for long term investment.

18. The Company has raised money by issue of Preferential Equity Share Warrants during the year. Provisions of paragraph 4 (xviii) of the aforesaid order are not applicable.

19. The Company has not issued any debentures. Accordingly, the provisions of paragraph 4 (xix) of the aforesaid order are not applicable to the company.

20. The Company has not raised any money by public issue during the year. Therefore, the provisions of paragraph 4 (xx) of the aforesaid order are not applicable to the company.

21. During the course of our examination of books of account carried out in accordance with generally accepted auditing practices, we have neither come across any instance of fraud on or by the company nor have we been informed of such case by the management.

For D. P. Sen & Co. Chartered Accountants

D. Bhattacharyya Partner Membership No. 012726 Firm Registration No. 301054E

22, Ashutosh Chowdhury Avenue, 2nd Floor, Flat No. 22, Kolkata - 700 019 Date : May 31, 2012.

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Mar 31, 2010

We have audited the attached Balance Sheet of MARTIN BURN LIMITED, as at 31st March 2010, and also 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 Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

1. As required by the Companies (Auditors Report) Order, 2003, as amended by the Companies (Auditors Report) (Amendment) order 2004 ("Order") issued by the Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, ("Act") and on the basis of such checks as we considered appropriate, and according to the information and explanation given to us, we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said Order.

2. Attention is drawn to the Note Nos. 3 & 5 of the Notes on Accounts (Schedule 19).

3. Further, to our comments in Para 1 & 2 above, we report that, 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.

4. Subject to remarks in Para 1 -3 above, 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.

5. The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account.

6. In our opinion, the Balance Sheet and the Profit & Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of the Section 211 of the Companies Act, 1956.

7. On the basis of written representations received from the Directors of the Company which were taken on record by the Board of Directors of the Company and the information and explanations as made available, none of the Directors of the Company is disqualified as on 31st March, 2010, from being appointed as a director in terms of Clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

8. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read in conjunction with Schedules 1 to 19 give the information required by the Companies Act, 1956, in the manner so required and subject to the effect of notes as referred in Paragraph 2 above and read together with the other notes thereon, give a true and fair view in conformity with the accounting principles and standards generally accepted in India :

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010 and

b) in the case of the Profit & Loss Account, of the Profit for the year ended on that date.

c) in the case of the Cash Flow Statement, of the cash flow for the year ended on that date.

Annexure to the Auditors Report

AS REQUIRED BY THE COMPANIES (AUDITORS REPORT) ORDER, 2003 (AS AMENDED) (Referred to in Serial no. 1 of our report of even date)

I. (a) The Company has maintained records showing full particulars including quantitative details and situation of fixed assets, which however, needs improvement.

(b) The management during the year under audit has physically verified the fixed assets of the Company.

(c) During the year no substantial part of fixed assets has been disposed off by the Company. Therefore, the provisions of Paragraph 4 (i) (c) of the aforesaid order, in our opinion, are not applicable to the Company.

2 The stock of finished construction except construction materials at the site of the Company at all its locations have been physically verified by the management during the year. In our opinion, the procedures of physical verification of finished construction followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. Construction materials are directly debited to Construction Work-in-Progress as and when purchased.

3. (a) The Company has not granted/taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act 1956.

(b) In view of our comment in Paragraph 3 (a) above, the Paragraphs 4 (iij)(b) to 4 (iii)(d) of the aforesaid order are not applicable to the Company.

(c) In view of our comment in Paragraph 3 (a) above.the Paragraphs 4 (iii)(f) and 4 (iii)(g) of the aforesaid order are not applicable to the Company.

4. In our opinion and according to the information and explanations given to us, there are generally adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of construction materials and fixed assets and for the sale of real estate properties and services. Further, during the course of our audit, we have neither come across nor have we been informed of any continuing failure to correct major weakness in internal control.

5. (a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956, have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. During the course of our audit we have not come across any receipt of Public Deposit or any balance under this account.

7. The Company has internal audit system commensurate with the nature of business and activities of the Company.

8. The Central Government has not prescribed maintenance of cost records under section 209 (1)(d) of the Companies Act, 1956, for the Company.

9. (a) The company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees state insurance, income tax, wealth tax, custom duty, excise duty, cess and other material statutory dues applicable to it.

(b) There are no dues outstanding of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty and Cess on account of any dispute.

10. The Company has no accumulated losses. The Company has not incurred any cash losses during the financial year covered by our report and the immediately preceding Financial Year.

II. According to the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution or bank.

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

13. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause (xiii) of paragraph 4 of the aforesaid order are not applicable to the Company.

14. In our opinion the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of Paragraph 4 (xiv) of the aforesaid order are not applicable to the Company.

15. The Company has not given any guarantee for the loan taken by others from bank or financial institutions during the year.

16. According to the information and explanations given to us, the term loans raised by the Company have been applied for the purpose for which they were raised.

17. According to the information and explanations given to us and on an overall examination of the balance sheet and cash flow of the Company, we report that no fund raised on short term basis has been used for Long Term Investment.

18. The Company has not raised any money by issue of shares during the year. Therefore, the provisions of Paragraph 4 (xviii) of the aforesaid order are not applicable to the Company.

19. The Company has not issued any debentures. Accordingly, the provisions of Paragraph 4 (xix) of the aforesaid order are not applicable to the Company.

20. The Company has not raised any money by public issue during the year. Therefore, the provisions of Paragraph 4 (xx) of the aforesaid order are not applicable to the Company.

21. During the course of our examination of books of account carried out in accordance with generally accepted auditing practices, we have neither come across any instance of fraud on or by the Company nor have we been informed of such case by the Management.

For D. P. SEN & CO.

Chartered Accountants

D. Bhattacharyya

Place: Kolkata Partner

Date : May 31, 2010 Membership No. 012726