Auditor Report of Anupam Finserv Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Vantage Corporate Services Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015, 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's Responsibility for the Financial Statements

The management and Board of Directors of the Company are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ('the act') with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flow of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with rule 7 of Companies (Accounts) Rules, 2014. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that are operating effectively for ensuring the accuracy and completeness of the accounting records, 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 have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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 financial control relevant to the Company's preparation of the financial statements, that give a true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial control system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's management and Board of Directors, 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 on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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, 2015;

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

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

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters Specified in paragraphs 3 and 4 of the Order.

As required by section 143(3) of the Act, we further report that:

a. we have sought and 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 aforesaid financial statements comply with the applicable Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014;

e. on the basis of written representations received from the directors as on March 31, 2015, and taken on record by the Board of Directors, none of the directors except Mr. R. C. Dedhia, is disqualified as on March 31, 2015, from being appointed as a director in terms of Section 164(2) of the Act;

f. In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:

1. the Company does not have any pending litigations which would impact its financial position.

2. the Company did not have any long-term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise.

3. there are no amounts required to be transferred, to the Investor Education and Protection Fund by the Company.

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

Annexure referred to in our Independent Auditors' Report to the members of the company on the financial statements for the year ended 31st March, 2015.

1) There are no Fixed Assets of the Company and hence clause 1(a) and clause 1(b) of the order is not applicable.

2)

a) The Company is trading and dealing in securities. The securities held in demat form, have been verified with the demat statement and the securities held in physical form have been physically verified with share certificate by the management at reasonable intervals during the year.

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) In our opinion and according to the information and explanation given to us, the company has maintained proper records of its inventories and the discrepancies noticed on physical verification between physical stock and the book records were not material and have been adequately dealt with in the books of account.

3) According to information and explanation given to us, the company has granted unsecured loans to six parties covered in the register maintained under section 189 of the Companies Act, 2013.

a) The principle amounts in respect of five parties were fully repaid during the year and the principle amount in respect of one party was partly repaid during the year. The receipt of interest is regular during the year.

b) There is no specific time bound stipulation as regards the repayment of principal or interest.

4) The company has adequate internal control procedure commensurate with the size of the company and nature of its business with regard to purchase of inventories and for sale of securities and services. We have not come across any major weakness in internal control.

5) In our opinion and according to the information given to us, the company, during the year, has not accepted deposits from public.

6) According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under section (1) of section 148 of the Companies Act, 2013.

7)

a) According to the records of the company, the company is regular in depositing undisputed statutory dues including Income Tax and Service tax with the appropriate authorities. According to the information and explanation given to us, there are no undisputed amounts payable in respect of such statutory dues which have remained outstanding as at 31st March, 2015 for a period of more than six months from the day they became payable except Income tax (Net of TDS) for the financial year 2009-10 of Rs. 1,00,497/-

b) According to information and explanation given to us, there are no disputed dues with statutory authorities.

c) There are no amounts required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Act and rules made thereunder.

8) The accumulated losses of the Company are not more than fifty percent of its net worth at the end of the financial year. The company has incurred cash losses during the current financial year covered under audit. However, the company had not incurred cash losses in the immediately preceding financial year.

9) The company has no borrowings from financial institution or banks or from debenture holders.

10) The company has not given any guarantee for loans taken by others from bank or financial institutions.

11) The company has not taken any term loans during the year.

12) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.

For J. K. Shah & Co. Chartered Accountants Firm Registration No. 109606W

Sd/- Sanjay Dhruva Partner M.no. 038480

Place: Mumbai Date: 29th August, 2015

---

Mar 31, 2014

We have audited the accompanying financial statements of Vantage Corporate Services Limited (the Company), which comprise the Balance Sheet as at 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.

Managements'' Responsibility

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 notified under the Companies Act, 1956 (the Act) read with the general Circular 15/2013 of 13th September, 2013 of the Ministry of Corporate Affairs (MCA) in respect of section 133 of the companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to preparation & presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' 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 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 appropriate and sufficient to provide a basis for our audit opinion.

Auditors'' 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 (refer point ''20'' of Note ''R'') in conformity with the accounting principles generally accepted in India:

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

* in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

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

Other Regulatory Requirements

As required by the Companies (Auditor''s Report) Order, 2003 (CARO) issued by the Central Government of India in terms of section 227(4A) of the Act, we give in the Appendix a statement on the matters specified in paragraphs 4 and 5 of CARO. 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 notified under the Act read with the general Circular 15/2013 of 13th September, 2013 of the MCA in respect of section 133 of the companies Act, 2013:

(e) On the basis of written representations received from the directors, and taken on record by the board of directors, none of the directors except Mr. R. C. Dedhia, is disqualified as on 31st March, 2014, from being appointed as a director in terms of section 274(1)(g) of the Act.

For Manoj Mehta & Co Chartered Accountants (FRN.: 116681W)

(M. M. Mehta) Proprietor (M. No.: 44355)

Mumbai, 21st May, 2014

---

Mar 31, 2012

We have audited the attached balance sheet of M/s Vantage Corporate Services Limited as on 3 T'March, 2012, the profit and loss account and the cash flow statement for the year ended on that date. These finan- cial statements are the responsibility of the management of the Company 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 stan- dards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on test basis, evidence sup- porting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We report that

1. As required by the Companies (Auditors' Report) Order, 2003 (CARO) issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956 (the Act) and on the basis of such verification of the books and records as we considered appropriate and according to the information and explanations given to us, we give in the annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order.

2. Further to our comments in the annexure referred to in paragraph (1) above -

a. We have obtained all the information and explanations which to the best of our knowledge and beliefwerenecessaryforthepurposesofour 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 such books;

c. The balance sheet and profit and loss account referred to in this report are in agreement with the books of accounts;

d. In our opinion, the profit and loss account and balance sheet comply with the accounting standards referred to in section211(3C) of the Companies Act, 1956;

e. In the absence of required information, we have relied on the written representations received from the directors on the basis of which, none of the directors are disqualified from being a director of the Companyintermsofsection274(l)(g)oftheCompaniesAct,1956;

f In our opinion and to the best of our information and according to explanations given to us, the said

accounts give the information required under 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

- in the case of the balance sheet, of the state of affairs of the Company as on 31st March, 2012, and

- in the case of the profit and loss account, of the profit for the year ended on that date.

- in case of cash flow statement, of the cash flows of the Company for the year ended on that date.

For VINAY SANJAY & ASSOCIATES

Chartered Accountants

Firm Registration No. 112195W

SanjayRBhat

Place: Mumbai Partner

Dated: 30* June 2012 M. No. F 43376

ANNEXURE TO THE AUDITORS' REPORT

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 report that:

I. In respect of its Fixed Assets:

a)Thecompanyhasmaintainedbasicrecordsshowingparticularsoffixed assets.

b) As explained to us, the management has conducted physical verification of the fixed assets and no material discrepancies were found on such verification.

c) We are informed that the Company has not disposed any fixed assets as substantial as to affect it as a going concern.

II. In respect of Inventories

a) As explained to us, the management has carried out physical verification of the inventory at reasonable intervals.

b) In our opinion, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

c) We are informed that the discrepancies noticed on verification of stocks as compared to book recordwerenotmaterialandhavebeenappropriatelydealtwithinthebooksofaccount.

III. In respect of loans, secured or unsecured of unsecured , granted or taken by the company to/from companies, firms or other parties covered in the register maintained under Section 301and 370 (1-B) of the Companies Act, 1956:

a) The company has granted unsecured or secured loans to the parties listed in the register main- tained U/Sec. 301 of the Indian Companies Act 1956 wherein the interest has been recovered but there is stipulation as to the repayment of the principal. The details of the same are given in the Note: 22 of theNotes formingpart of the financial statement.

b) The company has granted advances to the parties listed U/sec. 370(1B) of the Indian Companies Act, 1956 for purchase of the shares as mentioned in Note: 22 of the Notes forming part of the financial statement.

c) In our opinion and according to the information and explanation given to us the terms of the above loans and advances granted by the company are not prima facie prejudicial to the interest of the company.

IV. In our opinion, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for purchase of inventory and fixed assets and for sale of goods.

V. We are informed that the register of contracts or arrangements refer in the section 301 are under compilationandweare informed that the transaction if any with this partiesare as per the prevailing parties and as such are comparable with the market practices.

VI. As per the information available to us and as per the explanations given to us, the Company has not accepted any deposits from public, in terms of section 58Aof the Act and rules framed there under.

VII. In our opinion, the Company has an adequate system of internal checks on its day to day affairs, which acts as an internal audit system.

VIII. We are informed that, the central government has not prescribed maintenance of cost records under section209(l)(d)oftheAct.

IX. In respect of Statutory dues:

On the basis of the information and explanations made available to us, the provisions of Provident Fund and Employees' State Insurance Acts are not applicable to the Company. The Company is generally regular in depositing undisputed statutory dues (wherever applicable) to appropriate authorities during the year except Income tax of Rs 1,00,497 for the financial year 2009-10.

X. The company has no accumulated losses and has not incurred any cash losses during the financial yearorimmediatelyprecedingfmancialyear.

XL In our opinion and based on the information and explanations made available to us, since the Company does not have any dues payable to any financial institutions, banks or debenture holders, the question of defaulting on repayment does not arise.

XII. Based on our examinations of the books and record and according 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 or other securities.

XIII. As explained to us, the provisions of any special statute applicable to a chit fund, nidhi or mutual benefit societies, are not applicable to the Company.

XIV The Company has maintained basic records of the transactions and contracts and has made timely entries in respect of its dealings in securities and investments. The securities and investments at the year end are held by the Company in its own name within the meaning of section 49(4) of the CompaniesAct,1956,

XV. As per the explanations given to us and on the basis of our examination of the books of account, the Company has not availed any term loans from banks or financial institutions.

XVI. According to the cash flow statement and other record examined by us and the information and explanations given to us, on an overall basis, the Company has not prima facie, used the funds borrowed on short term basis for long term investments and vice versa during the year.

XVII. The Company has not made any preferential allotment of shares s during the year which is prima facie not prejudicial to the interest of the company.

XVIII. The Company has not issued any debentures during the year.

XIX. The Company has not raised any money by way of public issue of its shares or securities during the year.

XX. To the best of our knowledge and belief and according to the information and explanations made available to us, there have been no cases of fraud on or by the Company noticed or reported during theyear.

For VINAY SANJAY & ASSOCIATES

Chartered Accountants

Firm Registration No. 112195W

Sanjay R Bhat

Place: Mumbai Partner Dated: 30th June 2012 M.No. F 43376

---

Mar 31, 2010

We have audited the attached balance sheet of Vantage Corporate Services Limited as at 31st March 2010, the profit and loss account and the cash flow statement for the year ended on that date. These financial statements are the responsibility of the management of the Company. 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 misstatements. 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We report that-

1. As required by the Companies (Auditors Report) Order, 2003 (CARO) issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956 (the Act) and on the basis of such verification of the books and records as we considered appropriate and according to the information and explanations given to us, we give in the annex-ure, a statement on the matters specified in paragraphs 4 and 5 of the said Order.

2. Further to our comments in the annexure referred to in paragraph (1) above -

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 such books;

c. the balance sheet and profit and loss account referred to in this report are in agreement with the books of account;

d. in our opinion, the profit and loss account and balance sheet comply with the accounting standards referred to in section 211 (3C) of the Companies Act, 1956;

e. in the absence of required information, we have relied on the written representations received from the directors on the basis of which, none of the director except Mr. R. C. Dedhia, is disqualified from being a director of the Company in terms of section 274(1 )(g)ofthe Companies Act, 1956;

f. in our opinion and to the best of our information and according to explanations given to us, the said accounts give the information required under 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 -

- in the case of the balance sheet, of the state of affairs of the Company as at 31 st March 2010, and

- in the case of the profit and loss account, of the profit for the year ended on that date.

- in case of cash flow statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT DATED 30th JUNE 2010 OF VANTAGE CORPORATE SERVICES LIMITED

1) The company has maintained basic records showing particulars of fixed assets.

2) As explained to us, the management has conducted physical verification of the fixed assets and no material discrepancies were found on such verification.

3) We are informed that the Company has not disposed any fixed assets as substantial as to affect it as a going concern.

4) As explained to us, the management has carried out physical verification of inventory at reasonable intervals.

5) In our opinion, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

6) We are informed that the discrepancies noticed on verification of stocks as compared to book record were not material and have been appropriately dealt with in the books of account.

7) The Company has not taken any loans, from parties listed in the register specified under section 301 nor from companies under the same management as defined in section 370(16), except trade or other advances (refer point M of Schedule "J"), of the Companies Act, 1956.

8) The Company has not, granted any loans, secured or unsecured, to parties listed in the register specified under section 301 nor to companies under the same management as defined in section 370(1 B), except trade or other advances (refer point M of Schedule "J"), of the Companies Act, 1956.

9) As per explanations given to us, the terms of the advances in the nature of loans granted by the Company, are not prima facie prejudicial to the interests of the Company (also refer point M of Schedule "K").

10) In our opinion, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for purchase of inventory and fixed assets and for sale of goods.

11) We are informed that the register specified under section 301 of the Act, is under preparation and /or updation.

12) As per the information available to us and as per the explanations given to us, the Company has not accepted any deposits from public, in terms of section 58A of the Act and rules framed there under.

13) In our opinion, the Company has an adequate system of internal checks on its day to day affairs, which acts as an internal audit system.

14) We are informed that, the central government has not prescribed maintenance of cost records under section 209(l)(d)of the Act.

15) On the basis of the information and explanations made available to us, the provisions of Provident Fund and Employees State Insurance Acts are not applicable to the Company. The Company is generally regular in depositing undisputed statutory dues (wherever applicable) including income tax, sales tax, wealth tax, customs duty, excise duty, cess and other dues with the appropriate authorities during the year.

16) As it appears from the books and record produced before us, the Company has accumulated losses of? 640178/- during the financial year and? 1014553/-during the immediately preceding financial year. The Company however has not incurred any cash losses during the financial year or immediately preceding financial year.

17) In our opinion and based on the information and explanations made available to us, since the Company does not have any dues payable to any financial institutions, banks or debenture holders, the question of defaulting on repayment does not arise.

18) Based on our examinations of the books and record and according 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 or other securities.

19) As explained to us, the provisions of any special statute applicable to a chit fund, nidhi or mutual benefit societies, are not applicable to the Company.

20) The Company has maintained basic record of the transactions and contracts and made timely entries in respect of its dealings in securities and investments. The securities and investments at the year end are held by the Company in its own name within the meaning of section 49(4) of the Companies Act, 1956, in dematerialized form.

21) As per the explanations given to us and on the basis of our examination of the books of account, the Company has not availed any term loans from banks or financial institutions.

22) According to the cash flow statement and other record examined by us and the information and explanations given to us, on an overall basis, the Company has not prima facie, used the funds borrowed on short term basis for long term investments and vice versa during the year.

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

24) The Company has not issued any debentures during the year.

25) The Company has not raised any money by way of public issue of its shares or securities during the year.

26) To the best of our knowledge and belief and according to the information and explanations made available to us, there have been no cases of fraud on or by the Company noticed or reported during the year.

Manoj M. Mehta

Proprietor

For and on behalf of

MANOJ MEHTA & CO

Chartered Accountants



Mumbai, 30th June, 2010