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Auditor Report of Parnav Sports Academy Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of PARNAV SPORTS ACADMY LIMITED ("the company") which comprise the balance sheet as at 31st March 2014, 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 FINANCIAL STATEMENTS

Management is responsible for the preparation of these financial statements that give true and fair view of the financial position, financial performance and cash flows of the company in accordance with accounting standard referred to in sub section(3G) of section 211 of companies Act 1956 ("the Act") read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenances of internal control relevant to the preparation and presentation of 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 financial statements based on our audit. We conducted our audit in accordance with the standards on auditing issued by the Institute of Chartered Accountant 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 auditor's judgment, including the assessment of the risks of material misstatement of the financial statement whether due to fraud or error. In making those risk assessments the auditor considers internal control relevant to the Company's Preparation and fair presentation of the financial statement 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 the 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 explanation given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In the case of balance sheet, the state of affairs of the company as at March 31 , 2014,

(b)the case of statement of profit and loss of the profit for the year ended on that date,

(c) In the case of the cash flow statement, of the cash flows of the company for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the companies (auditor's report) order, 2003 ("the Order") issued by the Central government of India in terms of sub-section (4a) of section227 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 the 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 the audit.

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

(c) The balance sheet, the statement of profit and loss and the cash flow statement dealt with by this report are in agreement with the books of account.

(d) In our opinion, the balance sheet, statement of profit and loss, and the cash flow statement comply with the accounting standards referred to in sub-section (3C)of section 211 of companies act 1956 read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013

(e) On the basis of written representation received from the directors as on 31st march 2014, and taken on record by the board of directors, none of the directors is disqualified as on 31st march 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of Companies Act, 1956.

Annexure referred to Companies (Auditor's Report) Order, 2003 ("the Order") issued by the Central Government of India in terms Of sub-section (4A) of section 227 of the Act.

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 that:

1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

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

(c) In our opinion and according to the information and explanations given to us, no fixed asset has been disposed during the year and therefore does not affect the going concern assumption.

2. (a) As explained to us, the company does not have any Inventory and clause (b) and (c) not applicable.

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.

(e) 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 loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clauses (f) & (g) are not applicable to the company.

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

5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

b) As per Information & Explanations given to us and in our opinion, the transaction entered into by the company with parties covered u/s 301 of the Act does not exceeds five lacs rupees in a financial year therefore requirement of reasonableness of transactions does not arises.

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. As per information & explanation given by the management, maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act for the company.

9. (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, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2014 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 is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

10. The Company have not have accumulated losses and has not incurred any cash losses during the current year and immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

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

13. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor's 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 provision of clause 4 (xiv) of the Companies (auditor's Report) order, 2003 (as amended) are not applicable to the company.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2014, We report that no funds raised on short-term basis have been used for long-term investment by the company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, Company has not made the any preferential allotment of shares to parties covered in the register maintained under section 301 of the Companies Act, 1956.

19. The Company has no outstanding debentures during the period under audit.

20. The Company has not raised any money by public issue during the year

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For N K G & ASSOCIATES

Chartered Accountants

CA. Neeraj Kumar Gupta

(Prop.)

Membership No.: 074622

FRN: 005963C

Place: Agra

Date: 3/9/2014


Mar 31, 2013

We have audited the accompanying financial statements of PARNAV SPORTS ACADMY PRIVATE LIMITED which comprise the Balance Sheet as at 31st March, 2013 and the Statement of Profit and Loss for the year ended, and a summary of significant account™ 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 and financial performance of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error,

Auditor''s Responsibility

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 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 mternal 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^tsl^ell 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 give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :-

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

(ii) in the case of the Statement of Profit and Loss, of the Profit of the Company for the year ended on that date; and

Report on Other Legal and Regulatory Requirements

1 As required by the Companies (Auditor''s Report) Order 2003, as amended by the Companies (Auditor''s Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we annex hereto a statement on the matters specified in Paragraphs 4 and 5 of the said 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 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 appears from our examination of the books.

c) The Balance Sheet and 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 Statement of Profit and Loss dealt with by this report comply with the accounting standards referred to in Sub-Section (3C) of Section 211 of the Companies Act, 1956;

e) on the basis of written representations received from the directors as on 31st March, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. ^fG^%

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

(i) In respect of its fixed assets:

Based on our scrutiny of the Company''s Book of Account and other records and according to the information and explanations received by us from the management, we are of the opinion that the question of commenting on maintenance of proper records of fixed assets, physical Verification of fixed assets and any substantial sale thereof does not arise since the company had no fixed assets as on 31st March, 2013 nor at any time during the Financial Period ended 31st March, 2013.

The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. Fixed assets have been physically verified by the Management during the year and there have been no material discrepancies.

(ii) In respect of its inventories:

As the company does not have any inventory since clause (a), (b), and (c) is not applicable.

(iii) The Company has neither taken nor granted any loans or advances in the nature of loans to parties covered in the register maintained under section 301 of the company Act, 1956. Hence, the question of reporting whether the term and condition of such loans are prejudicial to the interests of the company, whether reason able steps for recovery/repayment of overdue of such loans are taken does not arise.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and nature of its business. During the course of our Audit, no major material weakness has been noticed in internal controls.

(v) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions made during the year that needed to be entered in the registered maintained under section 301 of the companies Act, 1956 have been so entered.

(vi) In our opinion and according to information and explanations given to us, the Company has not accepted any deposits from the public and hence clause 4(vi) of the said order is not applicable.

(vii) We are informed that in view of internal control procedure which ensures reasonable internal checking of financial and other records, the Company has no formal internal audit as such.

(ix) According to the information and explanations given to us, in our opinion, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, lncome Weahh Tax, Sales Tax, Excise Duty, Cess, Service Tax and any other material statutory dues as applicable to it with the appropriate authorities. As at the last day of the financial year, there are no arrears of such undisputed statutory dues outstanding for a period of more than six months from the date they become payable.

(x) The Company does not have accumulated loss at the end of the year. The Company has niether incurred Cash Loss during the current Year nor during immediately Preceding Financial Year.

(x) The Company does not have accumulated losses more than fifty percent of its net worth at the end of the financial year. The Company has incurred not cash losses during the financial year covered by the audit and no cash loss in the immediately preceding financial year.

(x) The company''s accumulated losses at the end of financial year are not more than fifty percent of its net worth .The company has incurred not cash losses in the current year and immediately preceding financial year .

(xi) According to the information and explanations given to us and based on the documents and records produced to us, the company did not have any borrowing from a financial institution or bank or debenture holders and hence clause 4(xi) of the companies (Auditor''s Report) Order, 2003 (as amended) is not applicable.

(xi) Based on our audit procedures and according to the information and explanation given to us, we are of opinion that the Company has not defaulted in repayment of dues to financial institutions, banks and debenture holders.

(xii) The Company has not granted any Loans & Advances on the basis of security by way of pledge of Shares, Debentures and other securities.

(xiii) In our opinion, and to the best of our information and according to the explanations provided by the management, we are of the opinion that the Company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) order, 2003 are not applicable to the Company.

(xiv) On the basis of our examination of the companies'' records, we are of the opinion that the company is mamtaining adequate records regarding transactions and contracts regarding its trading activities in shares, securities, debentures and other investments and timely entries have been made in these records. The Shares, Securities, Debentures and Others investments have been held by the Company in its own name except to the extent of exemption granted U/ s 49 of the Act.

(xiv) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provision of clause 4 (xiv) of the Companies (auditor''s Report) order, 2003 (as amended) and applicable to the company.

(xv) The company has not given guarantee for the loans taken by others from banks or financial institution; hence clause (xv) of Para 4 of the Order is not is not applicable.

(xvi) According to the records of the company, the company has not obtained any term loans. Hence, comments under the clause are not called for.

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

(xviii) According to the information''s and explanations given to us, the Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the companies act,1956.

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

(xix) The company has created securities/charges respect of secured debenture issued.

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

(xxi) Based on the audit procedures performed and information''s and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For N K G & CO. (CHARTERED Acconutant)

Neeraj Kumar Gurta Prpo FRN :005963C M.No. 074622

Place: Agra Date: 26/08/2013


Mar 31, 2012

1. We have audited the attached balance sheet of PARNAV SPORTS ACADEMY PRIVATE LIMITED, as at 31st March 2012, and also the profit and loss account for the year ended on that date annexed thereto. These financial statements are the responsibility of the company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

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 provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure hereto 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:

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

(ii) 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 and proper returns adequate for the purposes of our audit have been received from the branches not visited by us. The Branch Auditor''s Report(s) have been forwarded to us and have been appropriately dealt with;

(iii) The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account (and with the audited returns from the branches;

(iv) In our opinion, the balance sheet and profit and loss account dealt with by this report comply with the mandatory accounting standards referred to in sub- section (3C) of section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the directors, as on 31st March 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2012 from being appointed as a director in terms of clause (g) of sub-seetion (1) of section 274 of the Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

(b) In the case of the profit and loss account, of the profit / loss for the year ended on that date; and

Annexure Referred to in paragraph 3 of our report of even date,

(i) (a)The Company has maintained proper records including records of past years to show full particulars including quantitative details and situation of fixed assets.

(b) The assets have been physically verified by the management at reasonable intervals during year. No material discrepancies have been found.

(c) Asset disposed off does not affect the going concern..

(ii) (a),(b) & (c) These clause are not applicable, as the company has not any Inventory.

(iii) (a) The Company has not granted any unsecured loans to companies, firms and other parties covered in the register maintained under Section jOI ol the Companies Act. 1956 during the financial year 20H

(b) In our opinion the rate of interest and other terms and conditions on which unsecured loans have been given by the company to companies, firms 01 other parties listed in the registers maintained under Section 301 are not. prima facie, prejudicial to the interest of the company.

(c) Based on the information and explanation given by the management the company has not made any stipulation for the repayment of the piincipal amounts of loan or of interest. We have not made any comments because the terms of repayment and/ or interest have not been specified.

(d) Based on the information and explanation given by the management there is no overdue amount of loans taken from or granted to companies, firms or other parties listed in the registers maintained under section 301 of the Companies Act, 1956 as no stipulation for the repayment of the loans has been made.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size ol the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

(v) (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management. we are of the opinion that the transactions that need to be entered into the register maintained under section 301 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 registers maintained under Section 301 and exceeding the value ot live lakh rupees 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.

(vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from public as defined under Sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975. No order has been passed by the National Company Law Tribunal.

(vii) Based on the audit procedures applied by us and according to the information and explanations provided by the management, In our opinion, the company has not been covered under the clause of internal audit system.

(viii) We are informed by the management that pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956, it has not been required to maintain the cost records for the product of the company.

(ix) (a) According to the information and explanations given to us there is no undisputed statutory dues payable in respect of Provident Fund, Investor Education Protection Fund, Employees'' State Insurance, Income-Tax, Sales- Tax, Wealth-Tax, Custom Duty, Excised-Duty, Cess and any other statutory dues applicable to it which are outstanding as at 31st March, 2012 for a period of more than six months from the due date they become payable.

(b) According to the records of the company, there are no dues of sale tax, income-tax, customs tax/wealth-tax, excise duty/cess which have not been deposited on account of any dispute.

(x) The accumulated losses of the company are not more than fifty percent of its net worth. The company has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

(xi) Based on our audit procedures and on the information and explanations given by the management, The Company has not taken any loans from any financial institution.

(xii) Based on our examination of documents and records and on the information and explanations given by the management, we of the opinion that the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The company is not a Chit Fund, Nidhi or Mutual Benetit Society. Hence the requirement of items (xiii) of paragraphs 4 of the Order is not applicable to the company.

(xiv) According to the information and explanations given to us and on the bases of our examination of the records, we are ot the opinion that that the company has not held any shares, securities, debentures and other securities.

(xv) According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or tinancial institutions.

(xvi) As per the information and explanations given to us. No term loans have been taken by the company.


(xviii) According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 ot the Companies Act 1056.

(xix) During the period covered by our audit report, the company has not issued any debentures. Hence the requirements of clause (xix) of paragraph 4of the Order is not applicable to the company.

(xx) During the period covered by our audit report, the company has not raised any money by public issues. Hence the requirements of clause (xx) ot paragraph 4of the Order is not applicable to the company.

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

For KUMAR AGARW AL SINGH CHAUDHARY & CO Chartered Accountants

(Raesh Kumar-

Partner M. No. 510109 Place: New Delhi Date: 31.08.2012


Mar 31, 2011

We have audited the attached Balance Sheet of PARNAV SPORTS ACEDEMY PVT LTD as at March 31, 2011 and Profit and Loss Account for the year ended on that date annexed thereto. These financial statement 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 out audit in accordance with the auditing standards aencvtih accepted in India. Those standards require thai we plan and perform the audiuo obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the accounts 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 thai our audit provides a reasonable basis for our opinion.

As required by The Companies (Auditors Report) Order. 2003. as amended by the Companies (Auditors'' Report) (Amended) Order 2004. [Order] issued by the Central Government of India in terms of sub-section (4A> of section 227 of the Companies Act, 1956. do not apply to the Company jn terms of section l{2)(iv) of the said Order.

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.

The Balance Sheet and Profit and Loss Account dealt with b this report are in agreement with the hooks of account, 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.

In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred in sub section OC) of section 2] 1 of the Companies Act, 1956.

On the basis of written representations received from the directors and taken on record bv the Board of Directors, none of the directors is disqualified from being appointed as a director m terms of clause (g> of sub-section (I) of section 274 of the Companies Act 1956.

In our opinion and to the best of our information and according to the explanations given to us. the said accounts, read together with notes and accounting policies thereto, give the information required by the Companies Act. 1956, in the manner so required and gives a true and fair view in conformity with the accounting principles generally accepted in India:

(i) In case of the Balance Sheet, of the state of affairs of the Company as at March 31, 201 hand (ii) In case of the Profit and Loss Account, of the loss incurred bv the Company for the year ended on that date.

Anupam Parashar Charted Accountant

Delhi-110091 Proprietor September 05.2011 Member ship No 515969

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