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Auditor Report of Thakker's Developers Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of Thakkers Developers Limited ("The Company"), which comprise the Balance Sheet as of 31st March 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

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.

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 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.

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:

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

b) in the case of the Profit and Loss Account, of the profit/ loss for the year 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.

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 section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs ''d'' and ''e'' 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 subsection (3C) of section 211 of the Companies Act, 1956;

e) on the basis of written representations 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 clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

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.

ANNEXURE TO THE AUDITORS'' REPORT The annexure referred to in para 1 of our report of even date on the accounts of M/s. THAKKER''S DEVELOPERS LIMITED for the year ended 31st March 2014.

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

(b) We have been informed that majority of fixed assets have been physically verified by the management during the year and no material discrepancies were noticed.

(c) There is no material or substantial disposal of fixed assets, which may affect the going concern, the basic assumption on which the accounts of the company are prepared.

(ii) (a) As explained to us inventories have been physicaly verified by the management during the year.

(b) In our opinion and according to the information and explanations given to us, the procedures and physical verifications of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of it''s business.

(c) The company is maintaining proper records of inventory. The discrepancies noticed on verifications between physical inventories and the book records were not materials in relations to the operation of the company and the same have been properly dealt in the books of accounts.

(iii) (a) The Company has taken unsecured loans from Companies and other parties covered in the register maintained under section 301 of the Act. The number of parties involved are 8 (Eight), maximum amount outstanding during the year is 2668.21 Lacs, and the total amount outstanding as on 31-03-2014 is Rs. 2303.51 Lacs. The company has not given an unsecured loan to any company which is covered in the register maintained under section 301 of the Act. The amount outstanding in respect of such loan given is Rs. Nil.

(b) In our opinion, and according to the information and explanations given to us, the rate of interest and other terms and conditions of Loans taken by the Company in respect of aforesaid parties are not prima-facie prejudicial to the interest of the Company.

(c) No terms of repayment of principal and / or interest are stipulated.

(d) Since there is no stipulation as to the time period for the repayment of unsecured loan taken, we are unable to comment on the regularity of the same.

(iv) 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 nature of it''s business for the purchase of inventory and fixed assets and sale of goods. During the course of our audit no major weaknesses have been observed in the internal control.

(v) (a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained under sections 301 of Companies Act 1956 have been so entered. (b)*We are unable to express any opinion in respect of the transactions made in pursuance of contract or arrangement entered in the registers maintained under section 301 and exceeding the value of Rs. 5,00,000/- in respect of any party, as prevailing market prices are not available.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section Sec. 58A and 58AA of the Companies Act, 1956 and rules made there under.

(vii) The Company does not have any formal internal Audit System.

(viii) As informed to us the maintenance of cost records has not been prescribed by the Central Govt, under sec. 209(1)(d) of the Companies Act, 1956.

(ix) (a) According to the information and explanations given to us, and records of the Company, the Company is generally regular in depositing undisputed statutory liabilities, including Provident Fund, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other statutofy dues with appropriate authorities. According to information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as on 31st March, 2014 for a period of more than six months from the date of becoming payable.

(b) According to the information and explanations given to us no dues in respect of disputed matters of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty, Cess were pending as on 31.03.14. However following appeals/disputes are pending the demands in respect of which are fully paid.

A.Y. Status Demand (Rs.) Status

2000-01 Income Tax 3,08,703 Appeal Pending with High Court, Mumbai

2001-02 Income Tax 1,42,841 Appeal Pending with High Court, Mumbai

2002-03 Income Tax 3,70,710 Appeal Pending with High Court, Mumbai

2010-11 Income Tax 2,30,785 Appeal Pending with CIT (A)-1, Nashik

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

(xi) According to the information and explanations given to us, and the records examined by us the Company has not defaulted in repayment of dues to a financial institution or bank.

(xii) In our opinion and according to the information and explanations, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and others securities.

(xiii) The Company is not carrying on the Chit Fund Business, or a Nidhi Mutual benefit fund/Society. Therefore, the provision of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(xiv) The Company is not dealing or trading in shares, securities, debentures or other investments. Accordingly, the provision 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 given to us, the Company has not given any guarantees for loans taken by others from banks or any financial institutions.

(xvi) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company we are of the opinion that the terms loans were applied for the purpose for which the loans were obtained.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the funds raised on shorts term basis have not been used for long term investments and vice-versa.

(xviii) The Company has not made any preferential allotment of shares during the year.

(xix) The Company has not issued any debentures.

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

(xxi) In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For and on behalf of GOVILKAR & ASSOCIATES

Chartered Accountants Firm Reg. No. 119099W

HERAMB M. GOVILKAR

Partner

Membership No. 41693

PLACE: NASHIK DATE : 30/05/2014


Mar 31, 2012

We have audited the attached Balance Sheet of M/s. THAKKER'S DEVELOPERS LIMITED, as at 31 st March 201 2 and the Profit & Loss Account of the Company for the year ended on that date, annexed thereto and the Cash Flow Statement for the year ended on that date. 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 Auditing Standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on 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 and repot that:

1 As required by the Companies (Auditors Report) Order, 2003, issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956, we give in the An nature a statement on the matters specified in Paragraphs 4 & 5 of the said Order.

2 Subject to our remarks in annexure referred to in para 1 and 2 above:

2.1 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.

2.2 In our opinion, proper books of account as required by law have been kept by the Company, so far as it appears from our examination of the books.

2.3 The Balance Sheet, Profit and Loss Account and cash flow statement dealt with by this report are in agreement with the books of accounts.

2.4 On the basis of the written representations received from directors and taken on record by the Board of Directors, we report that none of directors is disqualified as on 31 st March,2012 from being appointed as a Director of the Company under section 274(1)(g) of the Act.

2.5 In our opinion and to the best of our information and according to the explanations given to us, read together with Significant Accounting Policies and Notes on Accounts in Schedules 16 & 17, give the information required by the Companies Act, 1956 and in the manner so required and give a true and fair view:

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

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

(c) in the case of Cash Flow Statement, of the cash flows for the yea r ended on that date.

The annexure referred to in para 1 of our report of even date on the accounts of M/s. THAKKER'S DEVELOPERS LIMITED for the year ended 31st March, 2012.

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

(b) We have been informed that majority of fixed assets have been physically verified by the management during the year and no material discrepancies were noticed.

(c) There is no material or substantial disposal of fixed assets, which may affect the going concern, the basic assumption on which the accounts of the company are prepared.

(ii) (a) As explained to us inventories have been physically verified by the management during the year.

(b) In our opinion and according to the information and explanations given to us, the procedures and physical verifications 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 is maintaining proper records of inventory. The discrepancies noticed on verifications between physical inventories and the book records were not materials in relations to the operation of the company and the same have been properly dealt in the books of accounts.

(iii) (a) The Company has taken unsecured loans from Companies and other parties covered in the register maintained under section 301 of the Act. The number of parties involved are 5 (Five), maximum amount outstanding during the year is 1425.90 Lacs, and the total amount outstanding as on 31-03-2012 is Rs.1373.29 Lacs. The company has not given an unsecured loan to any company which is covered in the register maintained under section 301 of the Act. The amount outstanding in respect of such loan given is Rs.Nil.

(b) In our opinion, and according to the information and explanations given to us, the rate of interest and other terms and conditions of Loans taken by the Company in respect of aforesaid parties are not prima-facie prejudicial to the interest of the Company.

(c) No terms of repayment of principal and / or interest are stipulated.

(d) Since there is no stipulation as to the time period for the repayment of unsecured loan taken, we are unable to comment on the regularity of the same.

(iv) 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 nature of its business for the purchase of inventory and fixed assets and sale of goods. During the course of our audit no major weaknesses have been observed in the internal control.

(v) (a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained under sections 301 of Companies Act 1956 have been so entered.

(b) We are unable to express any opinion in respect of the transactions made in pursuance of contract or arrangement entered in the registers maintained under section 301 and exceeding the value of Rs. 5,00,000/- in respect of any party, as prevailing market prices are not available.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section Sec. 58Aand 58AA of the Companies Act, 1956 and rules made there under.

(vii) The Company does not have any forma I internal Audit System.

(viii) As informed to us the maintenance of cost records has not been prescribed by the Central Govt. under sec. 209(1 )(d) of the Companies Act, 1956.

(ix) (a) According to the information and explanations given to us, and records of the Company, the Company is generally regular in depositing undisputed statutory liabilities, including Provident Fund, Income Tax, Sales Tax, Wealth Tax, Customer Duty, Excise Duty, Cess and other statutory dues with appropriate authorities. According to information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as on 31 st March, 201 2 for a period of more than six months from the date of becoming payable.

(b) According to the information and explanations given to us no dues in respect of disputed matters of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty, Cess were pending as on 31.03.12. However following appeals/disputes are pending the demands in respect of which are fully paid.

A.Y. Status Demand (Rs.) Status

2000-01 Income Tax 3,08,703 Appeal Pending with High Court, Mumbai

2001-02 Income Tax 1,42,841 Appeal Pending with High Court, Mumbai

2002-03 Income Tax 3,70,710 Appeal Pending with High Court, Mumbai

2004-05 Income Tax 2,61,918 Appeal Pending with ITAT, Pune

2005-06 Income Tax 1,13,848 Appeal Pending with ITAT, Pune

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

(xi) According to the information and explanations given to us, and the records examined by us the Company has not defaulted in repayment of dues to a financial institution or bank.

(xii) In our opinion and according to the information and explanations, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and others securities.

(xiii) The Company is not carrying on the Chit Fund Business, or a Nidhi Mutual benefit fund/Society. Therefore, the provision of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

(xiv) The Company is not dealing or trading in shares, securities, debentures or other investments. Accordingly, the provision 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 given to us, the Company has not given any guarantees for loans taken by others from banks or any financial institutions.

(xvi) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company we are of the opinion that the terms loans were applied for the purpose for which the loans were obtained.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the funds raised on shorts term basis have not been used for long term investments and vice-versa.

(xviii) The Company has not made any preferential allotment of shares during the year.

(xix) The Company has not issued any debentures.

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

(xxi) In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For and on behalf of

GOVILKAR&ASSOCIATES

Chartered Accountants

Firm Reg.No.119099W

HERAMB M. GOVILKAR

Partner

Membership No. 41693

PLACE: NASHIK

DATE: 3 0/05/2012


Mar 31, 2011

We have audited the attached Balance Sheet of M/s. THAKKER'S DEVELOPERS LIMITED, as at 31st March 2011 and the Profit & Loss Account of the Company for the year ended on that date, annexed thereto and the Cash Flow Statement for the year ended on that date. 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 Auditing Standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on 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 and repot that:

1. As required by the Companies (Auditors' Report) Order, 2003, issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in Paragraphs 4 & 5 of the said Order.

2 Subject to our remarks in annexure referred to in para 1 and 2 above :

2.1 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.

2.2 In our opinion, proper books of account as required by law have been kept by the Company, so far as it appears from our examination of the books.

2.3 The Balance Sheet, Profit and Loss Account and cash flow statement dealt with by this report are in agreement with the books of accounts.

2.4 On the basis of the written representations received from directors and taken on record by the Board of Directors, we report that none of directors is disqualified as on 31st March,2011 from being appointed as a Director of the Company under section 274(1 )(g) of the Act.

2.5 In our opinion and to the best of our information and according to the explanations given to us, read together with Significant Accounting Policies and Notes on Accounts in Schedules 16 & 17, give the information required by the Companies Act, 1956 and in the manner so required and give a true and fair view:

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

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

(c) in the case of Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE TO THE AUDITOR'S REPORT

The annexure referred to in para 1 of our report of even date on the accounts of M/s. THAKKER'S DEVELOPERS LIMITED for the year ended 31 st March, 2011.

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

(b) We have been informed that majority of fixed assets have been physically verified by the management during the year and no material discrepancies were noticed.

(c) There is no material or substantial disposal of fixed assets, which may affect the going concern, the basic assumption on which the accounts of the company are prepared.

(ii) (a) As explained to us inventories have been physcially verified by the management during the year.

(b) In our opinion and according to the information and explanations given to us, the procedures and physical verifications of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of it's business.

(c) The company is maintaining proper records of inventory. The discrepancies noticed on verifications between physical inventories and the book records were not materials in relations to the operation of the company and the same have been properly dealt in the books of accounts.

(iii) (a) The Company has taken unsecured loans from Companies and other parties covered in the register maintained under section 301 of the Act. The number of parties involved are 4 (Four), maximum amount outstanding during the year is 1199.83 Lacs, and the total amount outstanding as on 31-03- 2011 is Rs.1164.11 Lacs.The company has not given an unsecured loan to any company which is covered in the register maintained under section 301 of the Act. The amount outstanding in respect of such loan given is Rs.Nil.

(b) In our opinion, and according to the information and explanations given to us, the rate of interest and other terms and conditions of Loans taken by the Company in respect of aforesaid parties are not prima-facie prejudicial to the interest of the Company.

(c) No terms of repayment of principal and / or interest are stipulated.

(d) Since there is no stipulation as to the time period for the repayment of unsecured loan taken, we are unable to comment on the regularity of the same.

(iv) 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 nature of it's business for the purchase of inventory and fixed assets and sale of goods. During the course of our audit no major weaknesses have been observed in the internal control.

(v) (a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained under sections 301 of Companies Act 1956 have been so entered.

(b) We are unable to express any opinion in respect of the transactions made in persuance of contract or arrangement entered in the registers maintained under section 301 and exceeding the value of Rs. 5,00,000/- in respect of any party, as prevailing market prices are not available.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section Sec. 58A and 58AA of the Companies Act, 1956 and rules made there under.

(vii) The Company does not have any formal internal Audit System.

(viii) As informed to us the maintenance of cost records has not been prescribed by the Central Govt. under sec. 209(1 )(d) of the Companies Act, 1956.

(ix) (a) According to the information and explanations given to us, and records of the Company, the Company is generally regular in depositing undisputed statutory liabilities, including Provident Fund, Income Tax, Sales Tax, Wealth Tax, Custome Duty, Excise Duty, cess and other statutory dues with appropriate authorities. According to information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as on 31 st March, 2011 for a period of more than six months from the date of becoming payable. (b) According to the information and explanations given to us no dues in respect of disputed matters of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty, cess were pending as on 31.03.11. However following appeals/disputes are pending the demands in respect of which are fully paid.

A.Y. Status Demand (Rs.) Status

2000-01 Income Tax 3,00,917 Appeal Preferred with High Court, Mumbai

2001-02 Income Tax 4,33,166 Appeal Preferred with High Court, Mumbai

2002-03 Income Tax 3,70,710 Appeal Preferred with High Court, Mumbai

2004-05 Income Tax 2,61,918 Appeal Pending with ITAT, Pune

2005-06 Income Tax 1,13,848 Appeal Pending with ITAT, Pune

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

(xi) According to the information and explanations given to us, and the records examined by us the Company has not defaulted in repayment of dues to a financial institution or bank.

(xii) In our opinion and according to the information and explanations, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and others securities.

(xiii) The Company is not carrying on the Chit Fund Business, or a Nidhi Mutual benefit fund/Society. Therefore, the provision of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

(xiv) The Company is not dealing or trading in shares, securities, debentures or other investments. Accordingly, the provision 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 given to us, the Company has not given any guarantees for loans taken by others from banks or any financial institutions.

(xvi) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company we are of the opinion that the terms loans were applied for the purpose for which the loans were obtained.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the funds raised on shorts term basis have not been used for long term investments and vice-versa.

(xviii) The Company has not made any preferential allotment of shares during the year.

(xix) The Company has not issued any debentures.

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

(xxi) In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For and on behalf of

GOVILKAR & ASSOCIATES

Chartered Accountants

Firm Reg.No.119099W

HERAMBM. GOVILKAR

Partner

Membership No. 41693

PLACE: NASHIK

DATE : 30/05/2011


Mar 31, 2010

We have audited the attached Balance Sheet of M/s. THAKKERS DEVELOPERS LIMITED, as at 31st March 2010 and the Profit & Loss Account of the Company for the year ended on that date, annexed thereto and the Cash Flow Statement for the year ended on that date. 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 whether the financial statements are free of material misstatement. An audit includes examining, on 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 and repot that:

1. As required by the Companies (Auditors Report) Order, 2003, issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in Paragraphs 4 & 5 of the said Order.

2 Subject to our remarks in annexure referred to in para 1 and 2 above :

2.1 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.

2.2 In our opinion, proper books of account as required by law have been kept by the Company, so far as it appears from our examination of the books.

2.3 The Balance Sheet, Profit and Loss Account and cash flow statement dealt with by this report are in agreement with the books of accounts.

2.4 On the basis of the written representations received from directors and taken on record by the Board of Directors, we report that none of directors is disqualified as on 31st March,2010from being appointed as a Director of the Company under section 274(1 )(g) of the Act.

2.5 In our opinion and to the best of our information and according to the explanations given to us, read together with Significant Accounting Policies and Notes on Accounts in Schedules 16 & 17, give the information required by the Companies Act, 1956 and in the manner so required and give a true and fair view:

(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 & Loss Account of the Profit for the year ended on that date, and

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

ANNEXURE TO THE AUDITORS REPORT

The annexure referred to in para 1 of our report of even date on the accounts of M/s. THAKKERS DEVELOPERS LIMITED for the year ended 31 st March, 2010.

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

(b) We have been informed that majority of fixed assets have been physically verified by the management during the year and no material discrepancies were noticed.

(c) There is no material or substantial disposal of fixed assets, which may affect the going concern, the basic assumption on which the accounts of the company are prepared.

(ii) (a) As explained to us inventories have been physcially verified by the management during the year.

(b) In our opinion and according to the information and explanations given to us, the procedures and physical verifications 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 is maintaining proper records of inventory. The discrepancies noticed on verifications between physical inventories and the book records were not materials in relations to the operation of the company and the same have been properly dealt in the books of accounts.

(iii) (a) The Company has taken unsecured loans from Companies and other parties covered in the register maintained under section 301 of the Act. The number of parties involved are 4 (Four), maximum amount outstanding during the year is 931.74 Lacs, and the total amount outstanding as on 31-03- 2010 is Rs.916.63 Lacs.The company has not given an unsecured loan to any company which is covered in the register maintained under section 301 of the Act. The amount outstanding in respect of such loan given is Rs. Nil.

(b) In our opinion, and according to the information and explanations given to us, the rate of interest and other terms and conditions of Loans taken by the Company in respect of aforesaid parties are not prima-facie prejudicial to the interest of the Company.

(c) No terms of repayment of principal and / or interest are stipulated.

(d) Since there is no stipulation as to the time period for the repayment of unsecured loan taken, we are unable to comment on the regularity of the same.

(iv) 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 nature of its business for the purchase of inventory and fixed assets and sale of goods. During the course of our audit no major weaknesses have been observed in the internal control.

(v) (a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained under sections 301 of Companies Act 1956 have been so entered.

(b) We are unable to express any opinion in respect of the transactions made in persuance of contract or arrangement entered in the registers maintained under section 301 and exceeding the value of Rs. 5,00,000/- in respect of any party, as prevailing market prices are not available.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section Sec. 58A and 58AA of the Companies Act, 1956 and rules made there under.

(vii) The Company does not have any formal internal Audit System.

(viii) As informed to us the maintenance of cost records has not been prescribed by the Central Govt. under sec. 209(1 )(d) of the Companies Act, 1956.

(ix)(a) According to the information and explanations given to us, and records of the Company, the Company is generally regular in depositing undisputed statutory liabilities, including Provident Fund, Income Tax, Sales Tax, Wealth Tax, Custome Duty, Excise Duty, cess and other statutory dues with appropriate authorities. According to information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as on 31 st March, 2010 for a period of more than six months from the date of becoming payable. (b) According to the information and explanations given to us no dues in respect of disputed matters of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty, cess were pending as on 31.03.10. However following appeals/disputes are pending the demands in respect of which are fully paid.

A.Y. Status Demand(Rs.) Status

1997-98 Income Tax 1,86,070 Appeal Pending with ITAT.Pune

2000-01 Income Tax 3,00,917 Appeal Preferred with High Court, Mumbai

2001-02 Income Tax 4,33,166 Appeal Preferred with High Court, Mumbai

2002-03 Income Tax 3,70,710 Appeal Preferred with High Court, Mumbai

2004-05 Income Tax 2,61,918 Appeal Pending with CIT (A)-1,Nashik

2005-06 Income Tax 1,13,848 Appeal Pending with CIT (A)-1,Nashik

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

(xi) According to the information and explanations given to us, and the records examined by us the Company has not defaulted in repayment of dues to a financial institution or bank.

(xii) In our opinion and according to the information and explanations, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and others securities.

(xiii) The Company is not carrying on the Chit Fund Business, or a Nidhi Mutual benefit fund/Society. Therefore, the provision of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

(xiv) The Company is not dealing or trading in shares, securities, debentures or other investments. Accordingly, the provision of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

(xv) According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or any financial institutions.

(xvi) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company we are of the opinion that the terms loans were applied for the purpose for which the loans were obtained.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the funds raised on shorts term basis have not been used for long term investments and vice-versa.

(xviii) The Company has not made any preferential allotment of shares during the year.

(xix) The Company has not issued any debentures.

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

(xxi) In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For and on behalf of

GOVILKAR & ASSOCIATES

Chartered Accountants

FirmReg.No.119099W

HERAMB M. GOVILKAR

Partner

Membership No. 41693

PLACE: NASHIK

DATE : 31/05/2010





 
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