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Auditor Report of Sunstar Realty Development Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of ''SUNSTAR REALTY DEVELOPMENT LIMITED'' ("the Company"), which comprise the Balance Sheet as at 31st March, 2014, the statement of Profit & Loss Account & the Cash flow Statement for the year 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 cashflows of the company in accordance with the accounting principles generally accepted in India, including the accounting Standards notified under the Companies Act, 1956 read with the General Circular 08/2014 dated 04* April 2014, issued by the Ministry of Corporate Affairs, 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 opiniqn 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 due (raud or error. In m3ting those r|sk assKsments audit Mr confers internal, control relevance he companys preparation and to desig audit procedurM tha( are appropnate arcomstances. but nol for ,he progress of presing an opipion Cornpan/s internal control. An audi, als0 indudes evalua,ing ,„, appropn,temss potaes used and the reasonableness „f ,he accounting estimates made by management as «, as evaluating the overall presented „ the „nancial itatemcnK We evince we have obtained I sufficient and appropriate to pro* a basis for our audi, opinion.

our opinion and to the but of financial statements give the information required by the Companies Act,1956the manner so required and give a true and fair view in conformity with ,he accounting principles generally accepted in India;

a) In the case of- the Balance Sheet, cf the state of affairs of the Company as at March 31 2014;

b) in the case , the Profit and Loss, of the prom of the Company fo, the year ended on the date; and 4 In the case o, the The Cash Flow statement, the cash flow for year ended 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 Section 227(4A) of the Act, we give in the Annexe a statement on the makers 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.

0 That 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, The Statement of Profit and Loss, and The Cash Flow Statement comply with the Accounting Standards notified under the Companies, Act 1956 read with the General Circular 08/2014 dated 04th April 2014, issued by the Ministry of Corporate Affairs.

e) On the basis of written representation received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of of section 274 (l)(g) of the-Companies Act,19S6.

ANNEXURE TO INDEPENDENT AUDITORS'' REPORT

ANNEXURE TO THE AUDITORS'' REPORT (REFERRED TO IN OUR REPORT OF EVEN DATE TO THE MEMBERS OF SUNSTAR REALTY DEVELOPMENT UMITEDAS AT AND FOR THE YEAR ENDED 31st MARCH, 2014)

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

b The fixed assets have been physically verified by the Management during the year and no material discrepancies were identified on such verification.

There was no substantial disposal of Fixed assets during the year.

2 a The inventories have been physically verified during the year by the management, In our opinion, the frequency of verification is reasonable. b In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. c The Company has maintained proper records of inventories. As explained to us, there wefe no material discrepancies noticed on physical verification of inventories as compared to the book records,

3 a According to the information and explanations given to us, the company has not granted loans, secured or unsecured to companies firms or other parties covered in the register maintained u/s 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(iii) (a) to (d) of the order are not applicable to the company and hence not commented upon.

b According to the information and explanations given to us, the company has not taken loans, secured or unsecured from companies firms or other parties covered in the register maintained u/s 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(iii) (e) to (g) of the order are not applicable to the company and hence not commented upon.

4 In our opinion and according to information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business with regards to purchase of inventory and fixed assets and for the sale of inventories. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system of the company.

5 a In respect of the contract or arrangements referred to in Section 301 of the Companies Act, 1956, in our opinion and according to the information and explanation- given to us, the transactions made in pursuance of contracts or arrangements that need to be entered in 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 explanation 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 Rs 5,00,000 in respect of each party during the year have been made at prices which appear reasonable as per information available with the Company.

6 The Company has not accepted deposits from public within the purview of section 58-A or Section 58-AA of the Companies Act, 1956

7 In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

8 To the best of our knowledge and as explained, the Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 for the Services rendered by the company.

9 According to the information and explanations given to us and on the basis of our examination of the records of the company, amounts deducted or accrued in the books of accounts in respect of undisputed statutory dues including provident fund, Income Tax, Service Tax and other material statutory dues have been generally regularly deposited during the year by the company with the appropriate authorities. As explained to us, the company did not have any dues on account of Employees State Insurance, Wealth Tax, Cess and Investor Education and Protection Fund.

According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, service tax and material statutory dues in arrears, as at 31st March, 2014 for a period of more than six - months from the date on which they become payables due.

10 The Company does not have accumulated losses as at the end of financial year and has not incurred cash losses in the current financial year and immediately preceding financial year.

11 The company did not have outstanding dues in respect of financial institution, bank or debenture holders during the year..

12 According to the information and explanations given to us and based on the documents and records produced before us, the Company has not granted loans and advances on the basic of security by way of pledge of shares, debentures, and other securities.

13 in our opinion, the company is not a chit fund or nidhi/mutual benefit fund/ Society.

14 The Company has is not dealing in shares, securities, debentures and other investments and as such this clause is not applicable.

15 According to the information and explanations given to us, the Company has not given guarantee for loan taken others from banks or financial institutions.

15 The Company did not have any term loans outstanding during the year.

17 According to the information and explanations given to us, and on the basis of an Overall examination of the Balance Sheet of the Company, we report that no funds raised on short-term basis have been used for long term investment.

18 Tne company has not made preferential allotment of shares during the year to parties or companies covered in the register maintained under section 301 of the Companies Act, 2956.

19 The company does not have any outstanding debentures during the year.

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

21 Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the year.

For Modi & Co., (Firm Reg No: 137951W) Chartered Accountants

Jasmita Modi

(Proprietor)

Membership No.156821

Place: Mumbai

Date : May 30, 2014


Mar 31, 2012

1. We have audited the attached Balance Sheet of Sun star Realty Development Private Limited ("the Company") as at March 31, 2012 and also the statement of Profit and Loss for the year ended on that day 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 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, or, 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 (as amended) issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 ("the order"), we enclose in the Annexure a statement on the matter specified in paragraphs 4 & 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 Balance Sheet & the Statement of Profit and Loss dealt with by this report are in agreement with the books of account;

iv. In our opinion, the Balance Sheet and the 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

v. On the basis of the written representations received from the directors, as on March 31, 2012, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Aci, 191)6.

5. In our opinion and to the best of our information and according to the explanations given to us, they 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 March 31, 2012; and .

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

Annexure to Auditors'' Report

(Referred to in our report of even date to the members Sun star Realty Development Private Limited as at and for the year ended 31st March 2012)

i. The company has no fixed asset, hence no record need to be maintained.

ii. The company has no inventories. Hence the Clause 4 ii(a), ii(b) &. ii(c) of the said Order are not applicable to the company.

iii. The company has neither taken nor granted any loan from or to companies, firms and other parties covered in the Register maintained under section 301 of the Companies Act, i956. Hence Clause 4 iii(a), iii(b) ,iii(c), iii(d) ,iii(e), iii(f) & iii(g) of the said Order are not applicable to the company.

iv. In our opinion and according to title 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. During the course of our audit, we have not observed any major weakness or continuing failure to correct any major weakness in the internal control system of the company in respect

v. Based on the audit procedures applied by us and accordion to die information and explanations provided by the management, we are of the opinion that there are no transactions that need to be entered into the register maintained under section 301.Hence the Clause 4 v(a) & v(b) are not applicable to the company.

vi. According to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act and the rules framed -thorn under. Therefore, the provisions of clause (vi) of paragraph 4 of the Older are not applicable to the Company.

vii. The company has an internal audit system which, in our opinion, is reasonably commensurate with the size of the company and the nature of its business.

viii. The Central Government has not prescribed maintenance of cost records in terms of section 209(1) (d) of the Companies Act, 1956.

ix. (a) According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including income tax and other statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax and other statutory dues were outstanding as at 31st March, 2012 for a period of more than six months from the date they became payable.

x. The company has no accumulated loss. The company has not incurred any cash losses during the financial year covered by our audit and also in the immediately preceding financial year.

xi. 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 financial institution or bank.

xii. 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. In our opinion, the company is not a chit fund, a nidhi or a mutual benefit society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor''s Report) Order 2003 is not applicable to the company.

xiv. According to the information and explanations given to us, the company is not a dealer in shares, securities, debenture and other investments. However the Company has made investment in shares of Private limited companies and has maintained proper records of the transactions and contracts and timely entries have been made therein.

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

xvi. The company has not raised any term loans during the year.

xvii. The company has not used short-term funds for long-term investment during the year.

xviii. The company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

xix. During the period covered by our audit report, the company has not issued any debentures.

xx. The Company has not raised any monies by way of public issue during the year.

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 S R RATHI & ASSOCIATES

Fir Registration no :111908W

Chartered Accounts



SHRIGOPAL ramprasad RATHI

Place: Mumbai Proprietor

Date 01.09.2011 Membership No.045302





S. R. RATHI S.R. RATHI & ASSOCIATES

B. Sc., F.C.A CHARTERED ACCOUNTANTS

42/3 Jawalinr Nagar. Road No 4,

Gorcgaon (VV), Mumbai

Tel: 2878 0445.

 
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