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Auditor Report of Shriniwas Power & Infrastructure Ltd.

Mar 31, 2011

1. We have audited the attached Balance Sheet of Concurrent (India) Infrastructure Limited (the 'Company') as at 31st March, 2011 and the Profit & Loss Account and also Cash flow statement for the year ended on the date annexed thereto (collectively referred as the 'financial statements'). 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 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 statement. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall statement presentation. We believe that our audit provides a reasonable basis of our opinion.

3. As required by the Companies (Auditor's Report) order 2003 and as amended by the Companies (Auditor's Report)(Amendment) order 2004, issued by the Central Government of India in terms of the 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:

(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 ; (iii) The financial statements dealt with by this report are subject to few confirmations with the books of account; (iv) In our opinion, the financial statements dealt with by this report comply with the Accounting standards referred to in sub-section (3C) of Section 211 of Companies Act, 1956 ; (v) We report that the Directors qualification is subject to confirmation from the Directors as on 31st March , 2011 from being appointed 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 our 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 ;

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011;

(b) In the case of the Profit & Loss Account, of the Profit for the period ended on that date;

And

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

Annexure to the Auditors' Report of even date to the members of Concurrent (India) Infrastructure Limited, on the financial statements for the year ended March 31, 2011

Based on the audit procedures performed for the purpose of reporting a true and fair view on the financial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, we report that:

I. (a) The Company has maintained proper records showing full particulars including quantitative

details and situation of Fixed Assets.

(b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies between the book records and the physical inventory have been noticed on such verification.

(c) The Company has not disposed off substantial part of the Fixed Assets.

II. (a) The Inventory has been physically verified during the year and in our opinion, the frequency of verifications is reasonable (b) In our opinion, the procedures of the physical verification of inventory followed by the Management are reasonable and adequate in relation of the size of the Company and the nature of its business. (c) The Company is maintaining proper records of inventory and as explained to us, there was no material discrepancies noticed on such verification of stocks as compared to book records.

III. (a) The Company has not granted any loans, secured or unsecured to Companies, Firms or other Parties covered in the register maintained U/s.301 of the Companies Act, 1956.

(b) As the Company has not granted any loans ,the clause of whether the rate of interest & other terms and conditions on which loans have been granted to parties listed in the register maintained under section 301 is prejudicial to the interest of company, is not applicable.

(c) As no loans are granted by company, the clause of receipt of interest & principal amount from parties is not applicable to the company.

(d) No loans have been granted to Companies, Firms & other parties listed in the register U/s.301 of the Companies Act, 1956 , hence overdue amount of more than rupees one lac does not arise and the clause is not applicable.

(e) The Company has not taken any loans, secured or unsecured from Companies, Firms or other Parties covered in the register maintained U/s.301 of the Companies Act, 1956.

(f) As the Company has not taken any loans, the clause of whether the rate of interest & other terms and conditions on which loans have been taken from parties listed in the register maintained under section 301 is prejudicial to the interest of company, is not applicable.

(g) As no loans are taken by the company, the clause of repayment of interest & principal amount to parties is not applicable to the company.

IV. In our opinion and according to the information and explanations given to us, there are sufficient adequate internal control systems commensurate with the size of the company and the nature of its business with regard to purchase of inventory and fixed assets and for sale of goods and services. There is no continuing failure by the company to correct any major weaknesses in internal control.

V. (a) In our opinion and according to the information and explanation given to us, the contracts or arrangements referred to in section 301 of the Companies Act, 1956 have been made by the company in respect of the financial year, are entered in register U/s 301 of the Companies Act, 1956 does not arise. (b) According to the information and explanations given to us, as no such contracts or arrangements made by the company, the applicability of the clause of charging the reasonable price having regards to the prevailing market prices at the relevant time does not arise.

VI. The Company has not accepted any deposits from the public and hence the applicability of the clause of directives issued by the Reserve Bank of India and provisions of section 58A, 58AA or any other relevant provisions of the Act and the rules framed there under does not arise. As per information and explanations given to us the order from the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal has not been received by the Company.

VII. The Company does not have a formal system of Internal Audit, but there are adequate checks & controls at All levels established by the Management.

VIII. In respect of the Company, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956.

IX According to the information and explanations given to us and as per the management letter provided by the company, the statutory dues in respect of PF, ESI and Income Tax are not applicable to the company, hence company not paying regularly and any other statutory dues as at the end of the period, for a period more than six months from the date they became payable.

X. The Company has been registered for a period of not less than 5 years, and the Company has no accumulated losses at the end of the financial year and the company has not incurred cash losses in this financial year and the immediately preceding financial year.

XI. On the basis of the written representation received from Management, the Company has not defaulted in repayment of dues to a financial institutions or banks except some interest and installments are overdue.

XII. According to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities and hence the applicability of the clause regarding maintenance of adequate documents in respect of loans does not arise.

XIII. This clause is not applicable to this Company as the Company is not covered by the provisions of special statute applicable to Chit Fund in respect of Nidhi/Mutual Benefit Fund/Societies.

XIV. According to the information and explanations given to us, the company is not dealing or trading in shares, securities, Debentures and other investments and hence the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order 2003, are not applicable to the Company.

XV. According to the information and explanations and management letter given to us, the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions, and hence the applicability of this clause regarding terms and conditions which are prejudicial to the interest of the company does not arise.

XVI. As per the management representation received by us, the term loans obtained by the Company were applied for purpose for which such loans were obtained by the Company.

XVII. As per the management representation received by us, no funds are raised by the Company on short- term basis. Hence the clause of short term funds being used for long-term investment does not arise.

XVIII. According to the information and explanations given to us, the Company has not made any preferential allotment of Shares to parties during the year and Companies covered in the Register maintained under section 301 of the Companies Act, 1956 and hence the applicability of the clause regarding the price at which shares have been issued and whether the same is prejudicial to the interest of the Company does not arise.

XIX. According to the information and explanations given to us, during the year the company does not have any debentures and hence the applicability of the clause regarding the creation of security or charge in respect of debentures issued does not arise.

XX. According to information and explanations given to us, the company has not raised money by way of public issues during the year; hence the clause regarding the disclosure by the management on the end use of money raised by Public Issue is not applicable.

XXI. According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year under audit.

For B R R & Associates

CHARTERED ACCOUNTANTS

FRN: 013012S

PLACE: Hyderabad B.Ravinder Rao

DATE : 07/12/2011 Proprietor

221298


Mar 31, 2010

We have audited the attached Balance sheet of M/s. Concurrent (India) Infrastructure Limited as at 31st March, 2010 and Profit & Loss Account and 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 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 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.

As required by the Companies (Auditors Report) order, 2003 as amended by Companies (Auditors Report) (amendment ) order, 2004 issued by the Central Government of India in terms of sub - section (4A) of section 227 of Companies Act, 1956, we enclose in the annexure, a statement on the matters specified in paragraphs 4 & 5 of the said order.

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 purpose of our audit.

ii) In our opinion, proper books of accounts as required by law have been kept by the company as far as it 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 accounts.

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 (1) of section 211 of the companies Act, 1956.

v) On the basis of written representations received from the Directors, as on 31st March 2009 and taken on record by the board of Directors, we report that none of the Directors is disqualified as on March 31, 2010 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 our information and according to the explanations given to us the said accounts together with the 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 case of the Balance sheet, of the state of affairs of the company as on 31st March, 2010 and

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

c) In case of Cash flow statements of the Cash flows for the year.

Annexure to the Auditors Report

Referred to in paragraph (3) of our Report of even date, we state that:

1. A) The company has maintained proper records showing full particulars including quantitative details and situation of the Fixed Assets on the basis of information available.

B) The fixed assets have been physically verified by the Management during the year. There is a regular programme of verification which, in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

C) During the year the company has not disposed off a major part of fixed assets which has affected the going concern status of the company.

2. A) The inventories have been physically verified by the management at reasonable intervals during the year. In our opinion, frequency of the verification is reasonable.

B) In our opinion and according to the information and explanation given to us the company is maintaining proper records of inventories. The measures followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

C) In our opinion and according to the information and explanation given to us the company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification between physical stock and book records.

3. A) The company has not granted any loans to parties covered in register maintained under section 301 of the Companies Act, 1956. Accordingly, clauses 3b to 3d of paragraph 4 of the Oder are not applicable to the company for the current year.

B) The Companies has not taken loans from parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, Clauses 3f to 3g of paragraph 4 of the order are not applicable to the company for the current year.

4. 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 purchases of inventory, fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

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 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. The company has not accepted any deposits from the public during the year & consequently the provisions of section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 & the rules framed there under are not applicable.

7. The company does not have a formal system of Internal Audit, but there are adequate checks & controls at all level established by the management.

8. According to the information and explanation given to us the maintenance of Cost records has not been prescribed by the Central Government under section 209 (1) (d) of the companies Act, 1956 for any of the activities of the Company.

9. A) According to the information and explanations given to us, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory sdues applicable to it.

B) According to the Information and explanation given to us, no undisputed amount payable in respect of sales tax, income tax, custom duty, wealth tax, service tax, excise duty and cess were in arrears, as at 31st March, 2010 for a period of more than six months from the date they become payable.

10. The accumulated losses of the company are not more than fifty percent of its net worth. The company has not incurred cash losses during the current and immediately preceding financial year.

11. According to the information and explanations provided to us the company does not have any outstanding dues to financial institutions, banks or debenture holders.

12. In our opinion and according to the information and explanations provided to us the company has not granted loans and advances on the basis of security by way of pledge of shares, debenture and other securities.

13. In our opinion and according to the information and explanations provided to us the nature of activities of the company does not attract special statute applicable to Chit Fund and Niddhi / Mutual Benefit Fund/ Society.

14. The company has maintained proper records for dealing in shares and debentures and timely entries have been made therein. All shares, debentures and other investments have been held by the company in its own name except to the extent of the exemption granted under section 49 of the Companies Act, 1956 and save for certain shares which are either lodged for transfer or held with transfer forms.

15. In our opinion and according to the information and explanations provided to us the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The company has not accepted any term loan during the year.

17. In our opinion and according to the information and explanations provided to us and cash flow statement and other records of the company examined by us, we report that the company has not raised short terms funds during the year.

18. During the year the company has made a preferential allotment of shares to parties or companies covered in the register

maintained u/s 301 of the Companies Act, 1956.

19. The company has not issued any debentures till date.

20. The company has not raised any money through public issue during the year.

21. According to the information given to us. No fraud on or by the company has been noticed or reported during the course of the audit.

For and on behalf of M/s HANUMANTHA RAO & CO. CHARTERED ACCOUNTANTS

Sd/- (G Hanumantha Rao) Partner Membership No.25192 PANNO.ACGPG2455H

Place: Hyderabad Date: 3rd August 2010



 
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