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Auditor Report of Tradewell Holdings Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of Brand Realty Services Ltd ("the Company), 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 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 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. This responsibility also includes 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 the 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 the Rules made thereunder. We conducted our audit in accordance with the Standards on Auditing, issued by the Institute of Chartered Accountants of India, as 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 control relevant to the Company,s preparation and fair presentation 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 the effectiveness of the Company,s internal control. 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 the presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for audit opinion.

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 March 31,2015, 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 subsection (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.

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 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 March 31,2015, and taken on record by theBoard of Directors, none of the directors is disqualified as on March 31,2015, 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 litigation except the Lease hold Land where case is pending at Allahabad High Court as per explanation given by the management. Refer Note Number 28(d) of the Financial Statement.

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 INDEPENDENT AUDITORS, REPORT OF BRAND REALTY SERVICES LIMITED

FOR THE YEAR ENDED 31st MARCH, 2015.

We report that:

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

(b) These fixed assets have been physically verified by the management during the year end and there is a regular program of periodical verification of all the fixed assets which in our opinion is reasonable. No material discrepancies were noticed on such verification and the same have been properly dealt with in the books of account.

(ii) (a) Physical verification of inventory of flats/shops has been conducted at reasonable intervals by the management during the year. In our opinion the frequency of verification is reasonable.

(b) The procedures of physical verification of inventory of flats/shops followed by the management reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company is maintaining proper records of inventory of flats/shops and no material discrepancies were noticed on physical verification.

(iii) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act 2013. Accordingly, the provisions of clause 3(iii) (a) and (b) of the Order are not applicable to the Company and hence not commented upon.

(iv) In our opinion and according to the information and explanations given to us, there is an 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 goods and services. During the course of our audit, we have not observed any major weakness or continuing failure to correct any major weakness in the internal control system of the company in respect of these areas.

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

(vi) In our opinion, the Central Government has not specified the maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013 for any of the services of the company.

(vii) (a) According to the information and explanations given to us, the company was generally regular in depositing dues in respect of statutory dues including provident fund, employees, state insurance, income-tax, wealth tax, service tax, cess and any other material statutory dues applicable to it.

(b) According to the records examined by us and information and explanation given to us, there are no disputed amounts due in respect of income tax and other statutory dues at the period ending 31st March 2015 for a period of more than six months

(c) As per the records, no amount was required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956. Thus, part ( c) of clause (vii) of paragraph 3 of the Order is not applicable to the Company.

(viii) The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and immediately preceding financial year.

(ix) Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutations and bank.

(x) According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

(xi) To the best of our knowledge and belief and according the information and explanations given to us, in our opinion fresh term loans availed by the Company were, prima-facie applied by the Company during the year for the purpose for which the loans were obtained.

(xii) In our opinion and according the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year that causes the financial statements to be materially missated.

FOR R . RASTOGI & CO. Chartered Accountants, (Firm Registration No. 007527N)

Sd/-

Place: Delhi RAJESH RASTOGI Date : 29-05-2015 (Proprietor) M.No.86270


Mar 31, 2014

We have audited the accompanying financial statements of Brand Realty Services Ltd ("the Company), which comprise the Balance sheet as at 31st March, 2014, the Statement of Profit and Loss and 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 Financial Statements

The Company''s Management is responsible for the preparation of these finanancial statements that give a true and fair view of the finanancial position, finanancial performance and cash flows of the Company in accordance with the Accounting Standards notiued under the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in India in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the unancial 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 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 the effectiveness of the Company''s internal control. 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 the presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for audit opinion.

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 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 of the Company for the year ended on that date; and

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

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 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 those books.

(c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow statement dealt with by this report of the company are in agreement with the books of account.

(d) In our opinion, the Balance Sheet, the Statement of Prout and Loss, and the Cash Flow Statement comply with the Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

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

ANNEXURE TO INDEPENDENT AUDITORS'' REPORT OF BRAND REALTY SERVICES LIMITED FOR THE YEAR ENDED 31st MARCH, 2014.

Referred to in paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements "our report of even date

I. (a) The company has maintained proper records showing full particulars including quantitative details and situation of the fixed assets on the basis of available information.

(b) As explained to us,all the assets have been physically verified by the management during the year and there is a regular program of periodical verification of all the fixed assets which in our opinion is reasonable, having regard to the size of the company and nature of its fixed assets. No material discrepancies were noticed on such verification.

(c) In our opinion, no substantial part of fixed assets has been disposed off during the year and going concern status of the company is not affected.

II. (a) According to the information & explanation given to us, physical verification of inventories of flats/shops has been conducted at reasonable intervals by the management during the year. In our opinion the frequency of verification is reasonable.

(b) In our opinion the Company has maintained proper records of inventories of flats/shops and according to the information and explanation given to us no material discrepancies were noticed on the physical verification conducted by the management.

III. (a) According to the information and explanations given to us, the Company has not granted any secured or unsecured loan to companies, firms and other parties covered in the register maintained Under Section 301 of the Companies Act,1956, therefore other provisions of this clause of the order are not applicable.

(b) The company has taken unsecured loan from four parties listed in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was rupees 734,26,451.00, during the year the amount of loan received from parties was of rupees 508,54,076.50 and the year end balance of loan taken from such parties was rupees 432,21,100.00 (c ) No interest was paid on this loan taken from the related parties, since there is no schedule of repayment of principal on the loan taken by the company, therefore other provisions of this clause of the order are not applicable.

IV. In our opinion and according to the information and explanations given to us, there are adequate internal control system commensurate with the size of the company and the nature of its business, with regard to purchase of property, for purchase of shares and fixed assets and with regard to sale of property, shares and fixed assets , we have not observed any continuing failure the correct major weaknesses in internal control system.

V. (a) In our opinion and according to the information and explanations given to us, there is no transaction that needs to be entered into the Register in pursuance of Section 301 of the Companies Act, 1956.

(b) Other provision of this clause of the order is not applicable, hence not commented upon.

VI. In our opinion and according to the information and explanations given to us, the company has not accepted deposits from the public. Therefore, the provisions of clause 4(vi) of the Order are not applicable to the Company.

VII. In our opinion, the company has an internal audit system commensurate with size of the company and the nature of its business.

VIII. In the case of company the maintenance of cost record has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956.

IX . (a) According to the records of the company examined by us, in our opinion, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including income tax, service tax, wealth tax and other material statutory dues applicable to it.

(b) According to information and explanations given to us, there were no undisputed amounts payable in respect of income tax, service tax, wealth tax and other material statutory dues applicable to it, which have remained outstanding as at 31st March 2014for a period of more than six months from the date they became payable.

(c) According to information and explanations given to us, there were no dues of income tax ,service tax, wealth tax and other material statutory dues applicable to it, which has not been deposited on account of any dispute.

X. The Company does not have accumulated losses at the end of the current financial year and has not incurred cash losses either during the year or during the immediately preceding financial year.

XI. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to bank. Further, in our opinion and according to information and explanations given to us, the company did not have any amount outstanding to financial institutions or debenture holders.

XII. 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 or a nidhi mutual benefit fund / society. Therefore the provisions of this clause of the order are not applicable to the company.

XIV. The Company is dealing on investments in shares , proper records have been maintained of the transactions and contracts and timely entries have been made therein, also shares have been held by the company in its own name.

XV. The Company has not given any guarantee for loans taken by others from bank or financial institutions during the year.

XVI. The Company has raised new term loan during the year of rupees 22 Lakhs from BMW India Financial Services Pvt. Ltd. against vehicle.The term

loan outstanding at the beginning of the year and those raised during the year have been applied for the purposes for which they were raised.

XVII. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the nature of business is such that it is not possible to classify the deployment of funds into long term and short term.

XVIII. The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

XIX. No debentures were issued by the company during the year.

XX. No money was raised by way of public issue during the year.

XXI. In our Opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

FOR R . RASTOGI & CO. Chartered Accountants, (Firm Registration No. 007527N)

Place: Delhi Date : 20-05-2014 RAJESH RASTOGI (Proprietor) M.No.86270


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Brand Realty Services Ltd ("the Company), which comprise the Balance sheet as at 31st March, 2013, the Statement of Profit and Loss and the 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 principles generally accepted in India including Accounting Standards referred to in Section 211 (3C) 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.

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 assessment, the auditor consider 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 audit opinion.

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:

(i) In the case of the Balance sheet, of the state of affairs of the Company as at 31st March, 2013;

(ii) In the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date and

(iii) In the case of Cash Flow Statement, of cash flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003, as amended 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 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 those books.

(c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow statement dealt with by this report of the company are in agreement with the books of account.

(d) In our opinion , the Balance Sheet, the Statement of Profit & Loss and the Cash Flow Statement comply with Accounting Standards referred to in Sub Section (3C) of Section 211 the Companies Act, 1956.

(e) On the basis of the written representations received from the directors as on March 31, 2013, taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2013, from being appointed as director in terms of Section 274 (1) (g) of the Companies Act 1956.



ANNEXURE TO INDEPENDENT AUDITORS''REPORT OF BRAND REALTY SERVICES LIMITED FOR THE YEAR ENDED 31ST MARCH, 2013.

Referred to in paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" our report of even date

I. (a) The company has maintained proper records showing full particulars including quantitative details and situation of the fixed assets on the basis of available information.

(b) As explained to us all the assets have been physically verified by the management during the year and there is a regular program of periodical verification of all the fixed assets which in our opinion is reasonable having regard to the size of the company and nature of its fixed assets. No material discrepancies were noticed on such verification.

(c) In our opinion no substantial part of fixed assets has been disposed off during the year & going concern status of the company is not affected.

II. (a) According to the information & explanation given to us, physical verification of inventories of flats/shops has been conducted at reasonable intervals by the management during the year. In our opinion the frequency of verification is reasonable.

(b) In our opinion the Company has maintained proper records of inventories of flats/shops and according to the information and explanation given to us no material discrepancies were noticed on the physical verification conducted by the management.

III. (a) According to the information and explanations given to us, the Company has not granted any secured or unsecured loan to companies, firms and other parties covered in the register maintained Under Section 301 of the Companies Act,1956, therefore other provisions of this clause of the order are not applicable.

(b) The company has taken unsecured loan from four parties listed in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was rupees 400,20,000.00, during the year the amount of loan received from parties was of rupees 435,73,722.00 and the year end balance of loan taken from such parties was rupees 400,20,000.00

(c) No interest was paid on this loan taken from the related parties, since there is no schedule of repayment of principal on the loan taken by the company, therefore other provisions of this clause of the order are not applicable.

IV. In our opinion and according to the information and explanations given to us, there are adequate internal control system commensurate with the size of the company and the nature of its business, with regard to purchase of property, for purchase of shares and fixed assets and with regard to sale of property, shares and fixed assets , we have not observed any continuing failure to correct major weaknesses in internal control system.

V. (a) In our opinion and according to the information and explanations given to us, there is no transaction that needs to be entered into the Register in pursuance of Section 301 of the Companies Act, 1956.

(b) Other provision of this clause of the order is not applicable, hence not commented upon.

VI. The company has not accepted deposits from the public within the meaning of section 58A & 58AA o. any other relevant provisions of the Act.

VII. In our opinion, the company has an internal audit system commensurate with size of the company and the nature of its business.

VIII. In the case of company the maintenance of cost record has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956.

IX. (a) According to the records of the company examined by us, in our opinion, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including income tax, service tax, wealth tax and other .naterial statutory dues applicable to it.

(b) According to information and explanations given to us, there were no undisputed amounts payable in respect of Income tax, service tax, wealth tax and other material statutory dues applicable to it, which have remained outstanding as at 31st March 2013 for a period of more than six months from the date they became payable.

(c) According to information and explanations given to us, there were no dues of Income tax, service tax, wealth tax and other material statutory dues applicable to it, which has not been deposited on account of any dispute.

X The Company does not have accumulated losses at the end of the current financial year and has not incurred cash losses either during the year or during the immediately financial year.

XI. The Company has not taken any loan from financial institutions but an OD limit of rupees 84 lakhs was sanctioned against Fixed Deposits by SBBJ in the previous year and there was no default in repayment of dues to bank.

XII. 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 or a nidhi mutual benefit fund / society. Therefore the provision of this clause of the order are not applicable to the company.

XIV. The Company is dealing on investments in shares, proper records have been maintained of the transactions and contracts and timely entries have been made therein, also shares have been held by the company in its own name.

XV. The Company has not raised new term loan during the year except an outstanding loan against vehicle at the begining of the year and there was no default in repayment of principal and interest.

XVI. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the nature of business is such that it is not possible to classify the deployment of funds into long term and short term.

XVII. The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act 1956.

XVIII. No debentures were issued by the company during the year.

XIX No money was raised by way of public issue during the year.

XX In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

FOR R . RASTOGI & CO.

Chartered Accountants

Place : Delhi (Registration No. 007527N)

Date : 20/05/2013 RAJESH RASTOGI

(Proprietor)

M.No. 86270


Mar 31, 2012

(1) We have audited the attached Balance Sheet of Brand Realty Services Ltd., Regd. Office at: S-8 & S-2, DDA Shopping Complex, Opp.- Pkt-1, Mayur Vihar Phase I,Delhi-110091 as at 31st March, 2012, Statement of Profit and Loss and also the Cash Flow Statement 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 report.

(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 amount 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.

(3) As required by the Companies ( Auditor's Report ) Order, 2003, as amended by the Companies ( Auditor's Report ) (Amendment) Order, 2004 (together the "Order"), issued by the Central Government of India in terms of sub-section (4A ) of Section 227 of 'The Companies Act, 1956' of India (the 'Act') and on the basis of such checks of the books and records of the Company 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 Order.

(4) Further to our comments in the Annexure referred to in paragraph (3) 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 those books.

(c) The Balance Sheet, Statement of Profit and Loss and Cash Flow statement dealt with by the report of the company are in agreement with the books of account.

(d) In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet and Statement of Profit & Loss and Cash Flow Statement dealt with by report are, prepared in compliance of the applicable accounting standard referred to in Sub Section (3C) of Section 211 the Companies Act, 1956.

(e) Based on representations made by all the directors of the company, and the information and explanations as made available, directors of the company do not prima-facie have any disqualification as referred to in 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 the explanations given to us, the said accounts read together with the other notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principle generally accepted in India :-

(i) In the case of the Balance sheet, of the state of affairs of the Company as at 31st March, 2012 and

(ii) In the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date.

(iii) In the case of Cash Flow Statement, of cash flow for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT OF BRAND REALTY SERVICES LIMITED FOR THE YEAR

ENDED 31ST MARCH, 2012 Referred to in paragraph 3 of our report of even date

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

(b) All the assets have been physically verified by the management during the year and there is a regular program of periodical verification of all the fixed assets which in our opinion is reasonable having regard to the size of the company and nature of its fixed assets. No material discrepan- cies were noticed on such verification.

(c) No substantial part of fixed assets has been disposed off during the year.

II. (a) According to the information & explanation given to us, physical verification of inventories of flats/shops has been conducted at reasonable intervals by the management during the year. In our opinion the frequency of verification is reasonable.

(b) In our opinion the Company has maintained proper records of inventories of flats/shops and according to the information and explanation given to us no material discrepancies were noticed on the physical verification conducted by the management.

III. (a) According to the information and explanations given to us, the Company has not granted any secured or unsecured loan to companies, firms and other parties covered in the register maintained Under Section 301 of the Companies Act,1956, therefore other provisions of this clause of the order are not applicable.

(b) The company has taken unsecured loan from four parties listed in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was rupees 456,75,000.00 during the year the amount of loan received from parties was of rupees 516,89,258.00 and the year end balance of loan taken from such parties was rupees 223,95,000.00.

(c) No interest was paid on this loan taken from the related parties, since there is no schedule of repayment of principal on the loan taken by the company, therefore other provisions of this clause of the order are not applicable.

IV. In our opinion and according to the information and explanations given to us, there are adequate internal control system commensurate with the size of the company and the nature of its business, with regard to purchase of property, for purchase of shares and fixed assets and with regard to sale of property, shares and fixed assets , we have not observed any continuing failure to correct major weaknesses in internal control system.

V. (a) In our opinion and according to the information and explanations given to us, there is no transaction that needs to be entered into the Register in pursuance of Section 301 of the Companies Act, 1956.

(b) Other provision of this clause of the order is not applicable, hence not commented upon.

VI. The company has not accepted deposits from the public within the meaning of section 58A & 58AA or any other relevant provisions of the Act.

VII. In our opinion, the company has an internal audit system commensurate with size of the company and the nature of its business.

VIII. In the case of company the maintenance of cost record has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956.

IX . (a) According to the records of the company examined by us, in our opinion, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including income tax, and other material statutory dues applicable to it.

(b) According to information and explanations given to us, there were no undisputed amounts payable in respect of Income tax, and other material statutory dues applicable to it, which have remained outstanding as at 31st March 2012 for a period of more than six months from the date they became payable.

(c) According to information and explanations given to us, there were no dues of Income tax and other material statutory dues applicable to it, which has not been deposited on account of any dispute.

X. The Company has no accumulated losses at the end of the current financial year and has not incurred cash loss either during the year or during the immediately financial year.

XI. The Company has not taken any loan from financial institutions but an OD limit of rupees 84 lakhs was sanctioned against Fixed Deposits by SBBJ and there was no default in this loan.

XII. 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 or a nidhi mutual benefit fund / society. Therefore this clause is not applicable to the company.

XIV. The Company is dealing on the derivative (shares) segment and also in/or trading in shares, securities, debentures and investments in shares, proper records have been maintained of the transactions and contracts and timely entries have been made therein, also shares, securities, debentures and other investments have been held by the company in its own name.

XV. The company has not granted loans and advances, on the basis of security by way of pledge of shares, debentures and other securities.

XVI. The Company has not received any term loan during the year except a loan against vehicle and there was no default in repayment of principal and interest.

XVII. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the nature of business is such that it is not possible to classify the deployment of funds into long term and short term.

XVIII. The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Act.

XIX. No debentures were issued by the company during the year.

XX. No money was raised by way of public issue during the year.

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

FOR R . RASTOGI & CO. Chartered Accountants

Place : Delhi Date : 20/08/2012

RAJESH RASTOGI (Proprietor) M.No. 86270


Mar 31, 2010

(1) We have audited the attached Balance Sheet of Brand Realty Services Ltd., Regd. Office at: S-8 & S-2, DDA Shopping Complex, Opp.-Ptct-1, Mayur Vihar Phase I De!hi-110091 as at 31st March, 2010, Profit and Loss Account and also the Cash Flow Statement 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 report.

(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 amount 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 the financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

(3) As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of Sub-Section (4A) of Section 227 of the Companies Act, 1956, as amended by the Companies (Auditors Report) (Amendment)Order, 2004, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order of The Companies Act, 1956.

(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 appears from our examination of those books.

(c) The Balance Sheet, Profit and Loss Account and Cash Flow statement dealt with by the report of the company are in agreement with the books of account.

(d) In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet and Profit & Loss Account and Cash Flow Statement dealt with by report are, prepared in compliance of the applicable accounting standard referred to in Sub Section (3C) of Section 211 the Companies Act, 1956.

(e) Based on representations made by all the directors of the company, and the information and explanations as made available, directors of the company do not prima-facie have any disqualification as referred to in 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 the explanations given to us, the said accounts read together with the other notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principle generally accepted in India :-

(i) In the case of the Balance sheet, of the state of affairs of the Company as at 31st March, 2010 and

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

(iii) In the case of cash flow statement, of cash flow for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT OF BRAND REALTY SERVICES LIMITED

A) As required by the Companies (Auditors Report) Order 2003 issued by the Central Government in terms of Section (4A) of Section 227 of the Companies Act,1956 as amended by the Companies (Auditors Report)(Amendment)Order, 2004 as referred to in paragraph 3 of our report of even date, we report that:

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

(b) All the assets have been physically verified by the management during the year and there is a regular program of periodical verification of all the fixed assets which in our opinion is reasonable having regard to the size of the company and nature of its fixed assets. No material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets has been disposed off during the year.

II. (a) According to the information & explanation given to us, physical verification of inventories of flats/shops has been conducted at reasonable intervals by the management during the year. In our opinion the frequency of verification is reasonable.

(b) In our opinion the Company has maintained proper records of inventories of flats/shops and according to the information and explanation given to us no material discrepancies were noticed on the physical verification conducted by the management.

III. (a) According to the information and explanations given to us, the Company has not granted any secured or unsecured loan to companies, firms and other parties covered in the register maintained Under Section 301 of the Companies Act, 1956.

(b) According to the information and explanations given to us, the Company has not taken any secured cr unsecured loan from companies, firms and other parties covered in the register maintained Under Section 301 of the Companies Act, 1956 other than the unsecured loan taken of Rs.89,94,244/- from subsidiary company i.e. Brand Realty Private Limited, the maximum balance was of Rs.2,57,76,959/- and year end balance was Rs.89,94,244/-.

(c ) No interest was paid on this loan taken from subsidiary company, since there is no schedule of repayment of principal on the loan taken by the company, therefore other provisions of this clause of the order are not applicable.

IV. In our opinion and according to the information and explanations given to us, there are adequate internal control system commensurate with the size of the company and the nature of its business, with regard to purchase of property, for purchase of shares and fixed assets and with regard to sale of property, shares and fixed assets , we have not observed any continuing failure to correct major weaknesses in internal control system.

V. (a) In our opinion and according to the information and explanations given to us, there is no transaction that needs to be entered into the Register in pursuance of Section 301 of the Companies Act, 1956.

(b) Other provision of this clause of the order is not applicable, hence not commented upon.

VI. The company has not accepted deposits from the public within the meaning of section 58A & 58AA or any other relevant provisions of the Act.

VII. In our opinion, the company has an internal audit system commensurate with size of the company and the nature of its business.

VIII. In the case of company the maintenance of cost record has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956.

IX. (a) According to the records of the company examined by us, in our opinion, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including income tax, and other material statutory dues applicable to it.

(b) According to information and explanations given to us, there were no undisputed amounts payable in respect of income tax, and other material statutory dues applicable to it, which have remained outstanding as at 31st March 2010 for a period of more than six months from the date they became payable.

(c) According to information and explanations given to us, there were no dues of Income tax and other material statutory dues applicable to it, which has not been deposited on account of any dispute.

X. The Company has no accumulated losses at the end of the current financial year and has not incurred cash loss either during the year or during the immediately financial year.

XI. The Company had not taken any loan from bank or financial institution.

XII. 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 or a nidhi mutual benefit fund / society. Therefore this clause is not applicable to the company.

XIV. The Company is dealing on the derivative (shares) segment and also in/or trading in shares, securities, debentures and investments in shares, proper records have been maintained of the transactions and contracts and timely entries have been made therein: also shares, securities, debentures and other investments have been held by the company in its own name.

XV. The company has not granted loans and advances, on the basis of security by way of pledge of shares, debentures and other securities.

XVI. The Company has not received any fresh term loan during the year.

XVII. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the nature of business is such that it is not possible to classify the deployment of funds into long term and short term.

XVIII. The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Act.

XIX. No debentures were issued by the company during the year.

XX. No money was raised by way of public issue during the year.

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

FOR R . RASTOGI & CO. Chartered Accountants

Place: Delhi

Date : 23/08/2010

RAJESH RASTOGI

(Proprietor)

M.No. 86270

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