Auditor Report of Ace Men Engg Works Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of Ace Men Engg Works Limited, ("the Company") which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these standalone 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. The respective Board of Directors of the companies included in the Group and its subsidiary are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 were 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 a reasonable opinion on these standalone financial statements based on our audit. We have taken our audit in to 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 there under.

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 there under.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors 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.

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 31,2015;and

b) in the case of the profit and loss Account and the statement of cash flow for the year ended on March 31,2015;

Report on Other Legal and Regulatory Requirements

1 As required by Companies {Auditors Report) Order 2015 ('the order) issued by Central Government of India in terms of subsection (11) of section 143 of the Act, we enclose in the annexure a statement on the matters specified in paragraphs 3 & 4 of the said order to the extent applicable.

2. As required by section 143(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 statement of Cash Flow dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

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

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

I. The Company does not have any pending litigations which would impact its financial position.

II. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

III. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

Annexure to Auditors' Report

The Annexure referred to in our report to the members of Ace Men Engg Works Limited ("the Company") for the year ended on 2015. We report that.

(i) The company is not having fixed assets and therefore provision of clause 3(i) is not applicable to the company.

(ii) Based on our scrutiny of the Company's Book of Account and other records and according to the information and explanations received by us from the management, we are of the opinion that the company has resumed its operation this Financial year having no inventory and hence no physical verification at reasonable intervals by the management is required under the provision of Clause 3(ii)

(iii) The company has granted loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013 and therefore provisions of clause 3(iii) is not applicable to the company.

iv) The company is not having fixed assets and inventories and therefore provision of clause 3 (iv) is not applicable to the company.

In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and nature of its business. During the course of our Audit, no major material weakness has been noticed in internal controls.

(v) In our opinion and according to information and explanations given to us, the Company has not accepted any deposits from the public

(vi) According to the information & explanations given to us the Company is not engaged in production, processing, manufacturing or mining activities. Hence, the provisions of Section 148(1) of Company Act, do not apply to the Company. Hence, clause 3(vi) of the said order is not applicable.

(vii) According to the information and explanations given to us and on the basis of our examination of the records of the company, amount deducted/accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been 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 employee's state insurance and duty of excise.

According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31st March,2015 for a period of more than six months from the date they became payable.

(viii) The Company does not have accumulated losses of more than 50% of its net worth. The company has not incurred any cash losses during the financial year covered under audit.

(ix) In our opinion and according to the information and the explanations given to us, the Company has not given any guarantee for Loans taken by other from banks or financial institutions hence clause (x) of para 3 of the order is not is not applicable.

(xi) According to the records of the company, the company has not obtained any term loans. Hence, comments under the clause are not called for.

(xii) Based on the audit procedures performed and information's 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 P.D. Randar & Co

Chartered Accountants

Place: Kolkata Firm Registration Number: -319295E

Date: 28,h May 2015

Sd/

Shakti Anchalia

Partner

Membership no.-301692

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Mar 31, 2014

We have audited the accompanying financial statements of Ace men Engineering Industries Limited, which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss, for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's is responsible for the preparation and presentation of these standalone Financial Statements that give a true and fair view of financial statement of the company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the companies Act,1956. This responsibility include design, implementation and maintenance of internal controls, 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 opinion on these financial statements based on our audit. We conducted our audit in accordance with the standards and 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 auditors 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.

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;and

b) in the case of the profit and loss Account and the statement of cash flow for the year ended on March 31,2014;

Report on Other Legal and Regulatory Requirements

1 As required by Companies {Auditors Report) Order 2003 issued by Central Government of India in terms of subsection (4A) of section 227 of the Act, we enclose in the annexure a statement on the matters specified in paragraphs 4 & 5 of the said 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 statement of Cash Flow dealt with by this Report are in agreement with the books of account.

d) In our opinion, the Balance sheet and statement of profit and loss comply with the Accounting standards referred to in subsection (3C) of section 211 of the companies Act,1956.

e) On the basis of the written representations received from the directors as on 31st March, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the companies Act,1956.

The Annexure referred to in paragraph 1 Of the Our Report even data to the members of Acumen Engineering Industrial limited on the accounts Of the company for the year ended 31st March, 2014.

1. The Company is not having any Fixed Asset and therefore provisions of clause 4 (i) are not applicable to the Company,

2. The Company Is not having inventory and therefore provisions of clause 4 (ii) is not applicable to the Company,

3. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or uncured to companies, firms or other parties Hated In the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b) iii (c) and iii (d) of the order are not applicable to the Company.

(a) According; to the information and explants ions given to us and on the basis of our examination of the books of account the Company has not taken loans from companies, firms or other parties listed In the register maintained under Section 701 of the Companies Act,1956. Thus sub clauses (f] & [g) are not applicable to the company.

4.Since the Company has not purchased fixed assets therefore the internal control procedure is not applicable.

5. In our opinion and according to information t explanations given tc us, there are no such transactions that need to be entered into a register in pursuance of section 301 or the Act,

6. The Company has not accepted any deposits from the public covered under section 59A and 58AA of the Companies Act, 1956.

7. As per information c explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. According to Information explanation given to us, the company is not required to maintain cost records as prescribed by the Central Government under clause (d)of sub-section (i) of section 209 of the Act,

9. (a) According to the records of the company, undisputed statutory duns Including Provident Fund, investor Education and Protection fund, Employees' State Insurance, Income-tax, Sales -tax Wealth Tax, Service Tax, Custom Duty Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the Information and explanations given to us there were no outstanding statutory dues as on all of March, 2014 for a period of more than six months from the date they became parable,

(b)According to the information and explanations given to us, there to no amounts payable in respect of income tax, wealth tax, service taw, sales tax, Customs duty and edifies duty which have not been deposited en account of any disputes.

lO. The company is not having accumulated lessee more than 50 % of its net worth - The cowpony has incurred no cash losses during the financial year concerned-

11. Based on our audit procedures and on the information and explanation a given by the management, we are of the opinion that, the Company is not defaulted in repayment of dues to apathies institution bank or debenture holders.

11. Based on our audit procedure and on the information and expel and to on given by the management we are of the opinion that the company has not defaulted in repayment of dues to a financial institution bank or debenture holders

12. According to the information and explanations given to us, the Company has not granted Loan and advances on the basis or security by very of pledge of shares, debentures and other securities,

13. The Company is not a chit fund or a nidhi /mutual benefit fund/society, Therefore, the provision, of this clause of the Companies {auditor's Report) Other sigil lax amended is not applicable to the company.

14. According to Information and explanation given to it the Company is trading in Shares, Mutual fund E other Investments. Proper record timely Barites have been maintained In that regard & further investments specified arc hold in their own name.

15.According to the information and explanation given to is, the Company has not given any guarantees for listen by from a bank or financial institution

l6. Based On Out edit procedures and on the information given by the management, we rapport that the company has not raised any term loan during the year.

17. Based on the information and explanations given to us and on an overall year inaction of the Balance Sheet of the Company as at that March, 2014, we report that no fund raised on short-term basis have been used for long-term investment by the Company.

18. Based out the audit procedures performed and the information and. explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

2a. The Company has not. raised any money by public issue during; the year.

21, Based on the audit procedures performed and the information and explanations given to us, we report that no fraud: on by the Company has been noticed or reported during the year, nor have we been informed to such case by the management,

For agarwal Ramesh K & Co

Chartered accountants

Firm regn, Number- 004614C

place : Kolkata

Dated : 20.05.2014 (Ritesh Bardia)

Partner

Membership no, 062855

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Mar 31, 2013

We have audited the accompanying financial statements of Ace men Engineering Industries limited, which comprise the Balance Sheet as at March 31, 2013 and the Statement of Profit and Loss for the year then 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 and financial performance of the Company in accordance with the Accounting Standards referred to in sub- section (3C) of section 211 of the Companies Act, 1956. 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 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.

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, 2013; and

b) in the case of the Profit and Loss Account, of the loss for the year ended on March 31, 2013

Report on Other Legal and Regulatory Requirements

1. 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 Act, we give in the Annexure a statement on the matters 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.

c) The Balance Sheet and Statement of Profit and Loss dealt with by this Report are in agreement with the books of account.

d) In our opinion, the Balance Sheet and Statement of Profit and Loss 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, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of Acumen Engineering Industries limited on the accounts of the company for the year ended 31st March, 2013.

1. (a) According to information and explanation given to us the company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The physical verification of fixed assets is carried out at reasonable intervals by the management.

(c) No Fixed Assets were disposed off during the financial year concerned.

2. The Company is not having inventory and therefore provisions of clause 4(ii) is not applicable to the Company.

3. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b), iii(c) and iii

(d) of the order are not applicable to the Company.

(e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clauses

(f) & (g) are not applicable to the company.

4. Since the Company has purchased fixed assets therefore the internal control procedure is applicable.

5. In our opinion and according to information & explanations given to us, there are no such transactions that need to be entered into a register in pursuance of section 301 of the Act.

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. According to information & explanation given to us, the company is not required to maintain cost records as prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act.

9. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2013 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

10. The company is not having accumulated losses more than 50% of its net worth. The company has incurred cash losses during the financial year concerned.

11. 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 a financial institution, bank or debenture holders.

12. According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor's Report) Order, 2003 (as amended) is not applicable to the Company.

14. According to information and explanations given to us, the Company is trading in Shares, Mutual funds & other Investments. Proper records & timely entries have been maintained in this regard & further investments specified are held in their own name.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2013, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

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

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For Agarwal Ramesh K & Co

Chartered Accountants

Firm regn. Number- 004614C



Sd/- (Ritesh Bardia)

Place - Kolkata Partner

Dated - 21.05.2013 Membership no.-062855