Auditor Report of Bangalore Fort Farms Ltd.

Mar 31, 2015

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

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors are responsible for the matters stated in section 134 (5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone 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 policies 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. This responsibility also includes maintenance of adequate accounting records in accordance with provision 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 prudence ; and design, implementation and maintenance of adequate internal financial controls, that are operating effectively for ensuring the adequacy 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.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on these standalone financial statements based on our audit.

We have taken into accounts 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 rules made thereunder.

We have 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 the 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, we consider 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 control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by Company's 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 standalone financial statements.

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as at 31st March, 2015, its profit or loss and its cash flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1) 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 the paragraph 3 and 4 of the order, to the extent applicable.

2) As required by section 143 (3) of the Act, we 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 it 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 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 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; and

f. With respect to the other matters to be included in the Auditor's Reports 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 explanation given to us:

i. The Company does not have any pending litigation which would impact its financial position.

ii. The Company did not have any long term contracts including derivatives contracts for which there were any material foreseeable losses.

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

Annexure to Independent Auditors' Report

The Annexure referred to in our independent Auditors' Report to the Members of the Company on the standalone financial statements for the year ended 31st March, 2015 we report that:

1) The Company has no fixed assets, therefore the maintenance of records showing full particulars, including quantitative details and situation of fixed assets does not arise.

2) a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b) 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) On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining the proper records of inventory. The discrepancies noticed on verification between the physical stock and the book records were not material.

3) There are no Companies, firms or other parties covered in the registered maintained under section 189 of the Companies Act, 2013 to which the Company has granted loans.

4) In our opinion, and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regards to purchase of inventory, and with regard to the sale of goods and services. During the course of our audit, no major weaknesses have been notices in the internal control.

5) The Company has not accepted any deposits from the public.

6) The Central Government has not prescribed the maintenance of cost records under section 148 (1) of the Act , for any class of the companies engage in agriculture activities.

7) (a) According to the records of the Company , the Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees' state insurance, income- tax, sales-tax, value added Tax, wealth tax, customs duty, excise duty , service tax, , cess and other statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amount payable in respects of income tax, wealth tax, sales tax, value added Tax, service tax, customs duty and excise duty were outstanding, as at 31st March, 2015 for the period of more than six months from the date they become payable.

(c) According to the records of the Company, there are no dues of sales-tax , income- tax, customs duty, wealth tax, value added Tax, service tax , excise duty / cess which have not been deposited on account of any dispute.

(d) According to the information and explanations given to us the amounts which were required to be transferred to the investors education and protection fund in accordance with the relevant provisions of the Companies Act, 1965 (1 of 1965) and rules there under has been transferred to such fund with in time.

8) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediate preceding financial year.

9) The Company did not have any outstanding dues to financial institutions, bank or debenture holders during the year.

10) In our opinion and accordance to the in information given to us, the Company has not given any guarantee for loans taken by others from banks or financial institution.

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

12) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.

For S. K. Sengupta & Associates Chartered Accountants Firm Registration No. 322550E

S.K.Sengupta Propietor Membership No.056709

Place : Kolkata Date : May 25, 2015