Auditor Report of Brahmanand Himghar Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of M/s. BRAHMANAND HIMGHAR LIMITED which comprise the Balance Sheet as at 31st March, 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 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 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 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 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 judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial control, 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 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 Rules made there under.

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 judgement, 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 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, of the state of affairs of the Company as at 31st March,2015 and its profit 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 Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

2. The company is registered with Reserve Bank of India as Non Banking Finance Company Vide Registration No -B-05.02695 dt 09.08.2001. Additional Particulars as required by Reserve Bank of India under Non- Systematically Important Non-Banking Financial ( Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions,2015 are attached, under separate Annexure -I

3. 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, the 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 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 Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our knowledge and belief and according to the information and explanations given to us. :

i) The Company has no pending litigations on its financial position as at 31st March,2015 .

ii) The Company has no material foreseable losses on long term contracts including derivative contracts as on 31st March,2015.

iii) There has been no amount required to be transferred to the investor Education and Protection fund by the Company during the year ended 31st March, 2015.

Re. : BRAHMANAND HIMGHAR LIMITED(31.03.2015)

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

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

b) The fixed assets are physically verified by the Management at reasonable intervals during the year and no material discrepancies have been noticed on such verification.

ii) The company does not have any inventory. Hence the provisions of paragraph 4(ii)(a) to 4(ii)(c) of the order are not applicable.

iii) The Company has not granted any secured / unsecured loans to firms or other parties covered in the register maintained under section 189 of the Act. Hence the provisions of paragraph 4(iii)(a) to 4(iii)(b) of the order are not applicable.

iv) In our opinion and according to the information and explanation given to us, there are adequate internal control system, commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for the sale of shares/securities and services. Further, on the basis of our examination of the books and records of the Company, and according to the information and explanations given to us, we have neither come across, nor have been informed of, any continuing failure to correct major weaknesses in the aforesaid internal control system.

v) The Company has not accepted any deposits from the public within the meaning of sections 73 and 74 of the Act and the rules framed there under to the extent notified.

vi) In our opinion and according to the information and explanation given to us, the activities carried out by the Company do not require maintenance of any cost records.

vii) a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is regular in depositing the undisputed statutory dues like Income tax, Provident Fund and other material statutory dues, as applicable, with the appropriate authorities.

b) In our opinion, and according to information & explanation given to us, there are no disputed statutory dues, which have not been deposited on account of any deposit.

viii) The Company has no accumulated losses as at the end of the financial year and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

ix) According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the balance sheet date.

x) In our opinion, and according to the information and explanations given to us, the terms and conditions of the guarantees given by the Company for loans taken by others from banks or financial institutions during the year are not prejudicial or the interest of the Company.

xi) In our opinion and as per explanations given to us , the term loan taken by the company were applied for the purpose for which the loan was taken.

xii) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by the Management.

For KHANDELWAL PRAJAPATI & CO. Chartered Accountants, Firm Registration No. 313154E

PLACE : KOLKATA (SAMIR KUMAR POLAI) DATED : 30/05/2015 Partner Membership No. - 303724

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Mar 31, 2014

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

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and 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.

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 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.

b) in the case of the Statement of Profit and Loss, of the profit 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.

Report on Other Legal & Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of 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, 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.

(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date).

We report the following

i) The Company is maintaining proper records showing full particulars including quantitative details and situation of its fixed assets.

The fixed assets of the company have been physically verified as at the year end. In our opinion, the frequency of physical verification exercises undertaken by management is reasonable. With regard to fixed assets capitalized during the year, no discrepancies were noticed pursuant to the aforementioned verification exercise undertaken.

No substantial part of fixed assets has been disposed off during the year by the company.

ii) Physical verification of inventory has been conducted as at the year end. In our opinion, the frequency of such physical verification is reasonable.

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

Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

iii) a) The company has not granted any loans, secured or unsecured to companies, firms, or other parties covered in the register maintained u/s 301 of the act. As the company has not granted any loans, secured or unsecured, to parties listed in the Register maintained under Section 301 of the Companies Act 1956, paragraphs (iii)(b),(c) and (d) of the Order are not applicable.

b) The Company has not taken any loan secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. As the company has not taken any loans, secured or unsecured listed in the register maintained under section 301 of the Companies Act 1956, paragraphs (iii) (g) and (f) are not applicable.

iv) In our Opinion and according to the information and explanations given to us, the internal control procedures commensurate with the size of the Company and the nature of its business for purchase of inventory, fixed assets and for sale of goods and services. During the course of our audit we have not observed any continuing failure to correct major weakness in internal controls.

v) (a) In our opinion and according to the information and explanation given to us, there are no contracts or arrangements that need to be entered into Register maintained under Section 301 of the Companies Act, 1956.

(b) In our opinion and according to the information and explanation given to us, as there are no contracts or arrangements that need to be entered into Register maintained under Section 301 of the Companies Act, 1956, the paragraph (v) (b) of the Order is not applicable.

vi) The Company has not accepted any deposits from the public and consequently, the directives issued by the Reserve Bank of India, the provisions of Sections 58A and 58AA of the Companies Act, 1956, and the rules framed there under, are not applicable.

vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of the Company''s business.

viii)We have broadly reviewed the books of accounts maintained by the company pursuant to rules made by the Central Government for the maintenance of cost records u/s 209(1)(B) of the Companies Act, 1956, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

ix) According to the records of the Company, the company has been regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees'' state insurance, sales, tax, customs duty, excise duty, cess and other statutory dues applicable to it.

According to the information and explanations provided to us by the management, there are no disputed dues of sales tax, income tax, custom tax, excise duty, service tax and cess that have not been deposited with appropriate authorities.

There were no dues on account of Cess under Section 441A of the Companies Act 1956, since the date from which the aforesaid Section has come into force has not yet been notified by the Central Government.

x) The company has no accumulated losses at the end of the financial year and the company has also not incurred cash losses in such financial year and in the year immediately preceding financial year.

xi) Based on our audit procedures and as per information and explanations given by the management, we are of the opinion that the company is regular in repayment of dues to financial institutions and banks except a slight delay in repayment of instalments.

xii) According to the information and explanation 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.

xiii) The company is not a chit fund, nidhi, mutual benefit fund or a society.

xiv) According to the information and explanation given to us, the company is not dealing or trading in shares, securities, debentures and other investments. All investments are held by the company in its own name.

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

xvi) The Term Loan taken from State Bank of India and AXIS Bank Ltd has been duly applied for the purpose for which the loan was taken.

xvii) No funds raised on short term basis have been used for long term investments.

xviii) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s 301 of the companies act, 1956.

xix) Since Company has not issued any Debenture the question of creation of securities does not arise.

xx) The company has not raised any money by public issues during the year.

xxi) According to the information and explanation given to us by the management, no fraud on or by the company has been noticed or, reported during the year.

For K. M. Tapuriah & Co. Chartered Accountants FRN: 314043E

S. K. Ladia Place: Kolkata (Partner) Date : 30-05-2014 M. No. : 051509

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Mar 31, 2013

Report on the Financial Statement

We have audited the accompanying financial statements of Brahmanand Himghar Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2013, 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''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and 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.

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 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;

b) in the case of the Statement of Profit and Loss, of the profit 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.

Report on Other Legal & Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of 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, 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, 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.

We report the following:-

i) The Company is maintaining proper records showing full particulars including quantitative details and situation of its fixed assets.

The fixed assets of the company have been physically verified as at the year end. In our opinion, the frequency of physical verification exercises undertaken by management is reasonable. With regard to fixed assets capitalized during the year, no discrepancies were noticed pursuant to the aforementioned verification exercise undertaken.

No substantial part of fixed assets has been disposed off during the year by the company.

ii) Physical verification of inventory has been conducted as at the year end. In our opinion, the frequency of such physical verification is reasonable.

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

Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

iii) a) The company has not granted any loans,

secured or unsecured to companies, firms, or other parties covered in the register maintained u/s 301 of the act. As the company has not granted any loans, secured or unsecured, to parties listed in the Register maintained under Section 301 of the Companies Act 1956, paragraphs (iii)(b),(c) and (d) of the Order are not applicable.

b) The Company has not taken any loan secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. As the company has not taken any loans, secured or unsecured listed in the register maintained under section 301 of the Companies Act 1956, paragraphs (v) (g) and (f) are not applicable.

iv) In our Opinion and according to the information and explanations given to us, the internal control procedures commensurate with the size of the Company and the nature of its business for purchase of inventory, fixed assets and for sale of goods and services. During the course of our audit we have not observed any continuing failure to correct major weakness in internal controls.

v) (a) In our opinion and according to the information and explanation given to us, there are no contracts or arrangements that need to be entered into Register maintained under Section 301 of the Companies Act, 1956.

(b) In our opinion and according to the information and explanation given to us, as there are no contracts or arrangements that need to be entered into Register maintained under Section 301 of the Companies Act, 1956, the paragraph (v)

(b) of the Order is not applicable.

vi) The Company has not accepted any deposits from the public and consequently, the directives issued by the Reserve Bank of India, the provisions of Sections 58A and 58AA of the Companies Act, 1956, and the rules framed there under, are not applicable.

vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of the Company''s business.

viii) We have broadly reviewed the books of accounts maintained by the company pursuant to rules made by the Central Government for the maintenance of cost records u/s 209(1)(B) of the Companies Act, 1956, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

ix) According to the records of the Company, the company has been regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees'' state insurance, sales, tax, customs duty, excise duty, cess and other statutory dues applicable to it.

According to the information and explanations provided to us by the management, there are no disputed dues of sales tax, income tax, custom tax, excise duty, service tax and cess that have not been deposited with appropriate authorities.

There were no dues on account of Cess under Section 441A of the Companies Act 1956, since the date from which the aforesaid Section has come into force has not yet been notified by the Central Government.

x) The company has no accumulated losses at the end of the financial year and the company has also not incurred cash losses in such financial year and in the year immediately preceding financial year.

xi) Based on our audit procedures and as per information and explanations given by the management, we are of the opinion that the company is regular in repayment of dues to financial institutions and banks except a slight delay in repayment of installments.

xii) According to the information and explanation 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.

xiii) The company is not a chit fund, nidhi, mutual benefit fund or a society.

xiv) According to the information and explanation given to us, the company is not dealing or trading in shares, securities, debentures and other investments.

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

xvi) The Term Loan taken from State Bank of India and AXIS Bank Ltd has been duly applied for the purpose for which the loan was taken.

xvii) No funds raised on short term basis have been used for long term investments.

xviii) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s 301 of the companies act, 1956.

xix) Since Company has not issued any Debenture the question of creation of securities does not arise.

xx) The company has not raised any money by public issues during the year.

xxi) According to the information and explanation given to us by the management, no fraud on or by the company has been noticed or, reported during the year.

xxii) Points which are not applicable to the company have not been covered in the audit report.

For K. M. Tapuriah & Co.

Chartered Accountants

FRN: 309146E

S. K. Ladia

Place: Kolkata (Partner)

Date: 28-05-2013 M. No. : 053789

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Mar 31, 2011

1. We have audited the attached Balance Sheet of Brahmanand Himghar Limited as at 31st, March 2011 and also the Profit and Loss Account of the Company for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) (Amendment) Order, 2004, issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to above, 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 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 it appears from our examination of the books;

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

(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

(e) On the basis of written representations received from the Directors, as on 31st March, 2011, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31sl March, 2011 from being appointed as a Director in terms of clause (g) of sub- section (1) of Section 274 of the Companies Act, 1956;

(f) In our opinion and to the best of our information and according to explanation given to us, the said accounts give the information required by the Companies Act, 1956, in this manner so required and gives a true and fair view in conformity with the accounting principles generally accepted in India :- i) in the case of the Balance Sheet, of the state of the affairs of the Company as at 3L1 March, 2011; and ii) in the case of the Profit and Loss Account, of the profit for the year ended on that date. iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

With reference to the annexure referred to in the paragraph 3 of the Auditors' report to the members of Brahmanand Himghar Limited on the financial statements for the year ended 31st March , 2011, we report the following :-

i) The Company is maintaining proper records showing full particulars including quantitative details and situation of its fixed assets.

The fixed assets of the company have been physically verified as at the year end. In our opinion, the frequency of physical verification exercises undertaken by management is reasonable. With regard to fixed assets capitalized during the year, no discrepancies were noticed pursuant to the aforementioned verification exercise undertaken.

No substantial part of fixed assets has been disposed off during the year by the company.

ii) Physical verification of inventory has been conducted as at the year end. In our opinion, the frequency of such physical verification is reasonable.

In our opinion, the procedures of physical verification of inventory followed by management are reasonable and adequate in relation to the size of the company and the nature of its business. Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

iii) a) The company has not granted any loans, secured or unsecured to companies, firms, or other parties covered in the register maintained u/s 301 of the act. As the company has not granted any loans, secured or unsecured, to parties listed in the Register maintained under Section 301 of the Companies Act 1956, paragraphs (iii)(b),(c) and (d) of the Order are not applicable.

b) The Company has not taken any loan secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. As the company has not taken any loans, secured or unsecured listed in the register maintained under section 301 of the Companies Act 1956, paragraphs (v) (g) and (f) are not applicable.

iv) In our Opinion and according to the information and explanations given to us, the internal control procedures commensurate with the size of the Company and the nature of its business for purchase of inventory, fixed assets and for sale of goods and services. During the course of our audit we have not observed any continuing failure to correct major weakness in internal controls.

v) (a) In our opinion and according to the information and explanation given to us,. there are no contracts or arrangements that need to be entered into Register maintained under Section 301 of the Companies Act, 1956.

(b) In our opinion and according to the information and explanation given to us, as there are no contracts or arrangements that need to be entered into Register maintained under Section 301 of the Companies Act, 1956, the paragraph (v) (b) of the Order is not applicable.

vi) The Company has not accepted any deposits from the public and consequently, the directives issued by the Reserve Bank of India, the provisions of Sections 58A and 58AA of the Companies Act, 1956, and the rules framed there under, are not applicable.

vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of the Company's business.

viii) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records imder clause (d) to sub-section (1) to Section 209 of the Companies Act, 1956, in respect of any of the products manufactured by the Company.

ix) According to the records of the Company, the company has been regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employee state insurance, sales, tax, customs duty, excise duty, cess and other statutory dues applicable to it.

According to the information and explanations provided to us by the management, there are no disputed dues of sales tax, income tax, custom tax, excise duty, service tax and cess that have not been deposited with appropriate authorities.

There were no dues on account of Cess under Section 441A of the Companies Act 1956, since the date from which the aforesaid Section has come into force has not yet been notified by the Central Government.

x) The company has no accumulated losses at the end of the financial year and the company has also not incurred cash losses in such financial year and in the year immediately preceding financial year.

xi) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to banks or debenture holders.

xii) According to the information and explanation 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.

xiii) The company is not a chit fund, nidhi, mutual benefit fund or a society.

xiv) According to the information and explanation given to us, the company is not dealing or trading in shares, securities, debentures and other investments.

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

xvi) The Term Loan taken from State Bank of India and AXIS Bank Ltd has been duly applied for the purpose for which the loan was taken.

xvii) No funds raised on short term basis have been used for long term investments.

xviii) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s 301 of the companies act, 1956.

xix) Since Company has not issued any Debenture the question of creation of securities does not arise.

xx) The company has not raised any money by public issues during the year.

xxi) According to the information and explanation given to us by the management, no fraud on or by the company has been noticed or, reported during the year.

xxii) Points which are not applicable to the company have not been covered in the audit report.

For K.M. Tapuriah & Co.

Chartered Accountants

FRN - 314043E

(S.K. Ladia) Place : Kolkata Partner

Date : 30th May, 2011 M. No. : 053789

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of BRAHMANAND HIMGHAR LIMITED as at 31st , March 2010 and also the Profit and Loss Account of the Company for the year ended on that date, annexed thereto. 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.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) (Amendment) Order, 2004, issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to above, 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 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 it appears from our examination of the books;

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

(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

(e) On the basis of written representations received from the Directors, as on 31st March, 2010, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2010 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

(f) In our opinion and to the best of our information and according to explanation given to us, the said accounts give the information required by the Companies Act, 1956, in this manner so required and gives a true and fair view in conformity with the accounting principles generally accepted in India :-

i) in the case of the Balance Sheet, of the state of the affairs of the Company as at 31st March, 2010; and

ii) in the case of the Profit and Loss Account, of the profit for the year ended on that date.

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



ANNEXURE TO THE AUDITORS REPORT



With reference to the annexure referred to in the paragraph 3 of the Auditors report to the members of BRAHMANAND HIMGHAR LIMITED on the financial statements for the year ended 31st March , 2010, we report the following :-

i) The Company is maintaining proper records showing full particulars including quantitative details and situation of its fixed assets.

The fixed assets of the company have been physically verified as at the year end. In our opinion, the frequency of physical verification exercises undertaken by management is reasonable. With regard to fixed assets capitalized during the year, no discrepancies were noticed pursuant to the aforementioned verification exercise undertaken.

No substantial part of fixed assets has been disposed off during the year by the company.

ii) Physical verification of inventory has been conducted as at the year end. In our opinion, the frequency of such physical verification is reasonable.

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

Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

iii) a) The company has not granted any loans, secured or unsecured to companies, firms, or other parties covered in the register maintained u/s 301 of the act. As the company has not granted any loans, secured or unsecured, to parties listed in the Register maintained under Section 301 of the Companies Act 1956, paragraphs (iii)(b),(c) and (d) of the Order are not applicable.

b) The Company has not taken any loan secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. As the company has not taken any loans, secured or unsecured listed in the register maintained under section 301 of the Companies Act 1956, paragraphs (v) (g) and (f) are not applicable.

iv) In our Opinion and according to the information and explanations given to us, the internal control procedures commensurate with the size of the Company and the nature of its business for purchase of inventory, fixed assets and for sale of goods and services. During the course of our audit we have not observed any continuing failure to correct major weakness in internal controls.

v) (a) In our opinion and according to the information and explanation given to us, there are no contracts or arrangements that need to be entered into Register maintained under Section 301 of the Companies Act, 1956.

(b) In our opinion and according to the information and explanation given to us, as there are no contracts or arrangements that need to be entered into Register maintained under Section 301 of the Companies Act, 1956, the paragraph (v) (b) of the Order is not applicable.

vi) The Company has not accepted any deposits from the public and consequently, the directives issued by the Reserve Bank of India, the provisions of Sections 58A and 58AA of the Companies Act, 1956, and the rules framed there under, are not applicable.

vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of the Companys business.

viii) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) to sub-section (1) to Section 209 of the Companies Act, 1956, in respect of any of the products manufactured by the Company.

ix) According to the records of the Company, the company has been regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees state insurance, sales, tax, customs duty, excise duty, cess and other statutory dues applicable to it.

According to the information and explanations provided to us by the management, there are no disputed dues of sales tax income tax custom tax, excise duty, service tax and cess that have not been deposited with appropriate authorities.

There were no dues on account of Cess under Section 441A of the Companies Act 1956, since the date from which the aforesaid Section has come into force has not yet been notified by the Central Government.

x) The company has no accumulated losses at the end of the financial year and the company has also not incurred cash losses in such financial year and in the year immediately preceding financial year.

xi) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to banks or debenture holders.

xii) According to the information and explanation 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.

xiii) The company is not a chit fund, nidhi, mutual benefit fund or a society.

xiv) According to the information and explanation given to us, the company is not dealing or trading in shares, securities, debentures and other investments.

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

xvi) The Term Loan taken from State Bank of India and AXIS Bank Ltd has been duly applied for the purpose for which the loan was taken.

xvii) No funds raised on short term basis have been used for long term investments.

xviii) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s 301 of the companies act, 1956.

xix) Since Company has not issued any Debenture the question of creation of securities does not arise.

xx) The company has not raised any money by public issues during the year.

xxi) According to the information and explanation given to us by the management, no fraud on or by the company has been noticed or, reported during the year.

xxii) Points which are not applicable to the company have not been covered in the audit report.

For K.M. Tapuriah & Co.

Chartered Accountants

FRN-314043E

(S.K. Ladia)

Partner

M. No. : 053789

Place : Kolkata

Date : The 27th day of May, 2010