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Auditor Report of Sanraa Media Ltd.

Mar 31, 2010

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

We have conducted our audit in accordance with 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.

I. As required by the Companies (Auditors Report) Order, 2003 (CARO, 2003) issued by the Company Law Board in terms of Section 227 (4A) 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.

II. Further to our comments in the Annexure referred to in paragraph I 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)ln 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;

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

IV. In our opinion, the Balance Sheet and Profit and 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.

V. On the basis of written representations received from the directors, as on 31st March 2010, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2009 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

VI. In our opinion and to the best of my information and according to the explanations given to us, the said accounts 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 subject to:

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

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

c) In the case of the Cash Flow Statement, of the Cash Flows of the Company for the year ended on that date. As per our Report of Even Date attached

THE ANNEXURE REFERRED TO IN PARA 3 OF THE AUDITORS’ REPORT TO THE MEMBERS OF SANRAA MEDIA LIMITED FOR THE YEAR ENDED 31ST MARCH 2010.

Fixed Assets:

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

b) All the fixed assets have been physically verified by the management during the year, which in our opinion is reasonable having regard to the size of the company and nature of its business. No material discrepancy was noticed on such verification.

c) The Company has not disposed off substantial part of its fixed assets during the year.

Inventory:

a) The Company does not carry inventory, hence verification and valuation of inventory does not arise.

Loans granted/ taken by the company:

a) The Company has not granted any secured or unsecured loans during the year to Companies listed in the Register maintained under Section 301 of the Companies Act, 1956.

b) 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.

Internal Control over purchase of inventory and fixed assets and for sale of goods:

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

Transactions with parties listed under section 301 of the companies act, 1956:

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 purchase or sale or services or contracts aggregating to Rs. 50,000 or more were made during the year with any party in respect of whom registers are maintained under section 301 of the companies act, 1956.

Deposits from the Public:

The Company has not accepted any deposits from the public under section 58A of the Companies Act.

Internal Audit System:

The Company has internal audit system commensurate with its size.

Cost Records:

The Provision of Section 209(1) (d) of the companies Act, 1956 regarding maintenance of Cost Records is not applicable to the company.

Statutory Dues:

There are no undisputed amounts payable in respect of Wealth Tax, Sales Tax, Customs Duty and Excise duty as on 31st March 2010 outstanding for a period of more than six months from the date on which they became payable. The company has income tax liability of Rs.1,23,24,797/ for the earlier years

Absence of accumulated losses:

The Company has no accumulated losses. The Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

Default in financial dues:

The company has not defaulted in repayment of dues to banks and financial institutions.

Granting of Loans on the security of shares:

The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly clause (xii) is not applicable.

Chit Funds, Nidhi, Mutual Benefit Funds, Societies:

The Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore the provisions of clause (xiii) of the Companies (Auditor?s Report) Order 2003 are not applicable to the company.

Dealing/ trading of shares and other instruments:

The Company has not dealt in trading in shares.

Guarantees for Loans:

According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. Accordingly clause (xv) of the Order is not applicable.

End use of term loans:

The loan funds were applied for the purpose for which they were raised.

Application of short term funds:

According to the information and explanations given to us and on an overall examination of the balance sheet of the company, the company has applied long term funds for long term uses.

Preferential Allotment:

The Company has not made preferential allotment of shares to parties and companies covered under the register maintained u/s 301 of the companies act, 1956.

Debenture Issued:

The company has not issued any debenture during the period covered by our audit. Accordingly clause 4(xix) of the order is not applicable.

End Use of Public Issues:

During the financial year the company did not raise any money by public issue.

Frauds:

According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year. As per our Report of Even Date attached Firm

for R.RAVINDRAN & ASSOCIATES

Registration No: 003222S

Sd/-

R.RAVINDRAN

Chartered Accountants Proprietor

Membership No 23829

Place : Chennai

Date : 21st May 2010