Auditor Report of BS Ltd.

Mar 31, 2015

We have audited the accompanying Standalone Financial Statements of BS Limited ("the Company"), which comprises the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of Significant Accounting Policies and other explanatory information.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The 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 Standalone Financial Statements that give a true and fair view of the financial position, Financial Performance and Cash Flows of the Company in accordance with the Accounting Principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of Companies (Accounts) Rules, 2014. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the Assets of the Company and for preventing and detecting frauds and other irregularities; Selection and application of appropriate Accounting Policies; Making judgments and estimates that are reasonable and prudent; Design, Implementation and Maintenance of adequate Internal Financial Controls, that are operating effectively for ensuring the accuracy and completeness of the Accounting Records, relevant to the preparation and presentation of the Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR''S RESPONSIBILITY

Our responsibility is to express an opinion on these

Standalone 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 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 judgment, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error. In making those risk assessments, the Auditor considers Internal Financial Control relevant to the Company''s preparation of the Financial Statements, that give a true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate Internal Financial Controls 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 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 Sub-section (11) of

Section 143 of the Act, we give in the Annexure a Statement on the matters specified in Paragraphs 3 and 4 of the Order.

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

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion proper Books of Account as required by law have been kept by the Company so far as appears from our examination of those books;

c) The Balance Sheet, Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the Books of Account;

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

e) On the basis of written representations received from the Directors as on March 31, 2015, and taken on record by the Board of Directors, none of the Directors 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 other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its fnancial position.

ii. The Company did not have any Long- Term Contracts including Derivative Contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended March 31, 2015.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF BS LIMITED ON THE ACCOUNTS OF THE COMPANY FOR THE YEAR ENDED MARCH 31, 2015 UNDER "REPORT ON OTHER LEGAL & REGULATORY REQUIREMENTS"

On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of our audit, we report that:

i. (a) The Company has maintained proper Records showing full particulars, including quantitative details and situation of Fixed Assets.

(b) As explained to us, Fixed Assets have been physically verified by the Management at regular intervals; as informed to us no material discrepancies were noticed on such verification.

ii. (a) The Inventory has been physically verified during the year by the Management and in our opinion, the frequency of verification is reasonable.

(b) In our opinion, the procedures of the physical verification of inventory followed by the Management are 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 and as explained to us, no material discrepancies were noticed on physical verification of Stocks as compared to book records.

iii. During the year the Company has granted a Loan of Rs. 24,60,35,100/- to BS Global Resources Private Limited, which is a party covered in the Register maintained U/s. 189 of the Companies Act 2013. The Closing balance as on March 31, 2015 is Rs. 16,70,20,749/-.

iv. In our opinion and according to the information and explanations given to us, there is adequate Internal Control System commensurate with the size of the Company and the nature of its business, for the purchase of Fixed Assets and for the sale of 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, no major weakness has been noticed or reported.

v. The Company has not accepted any Deposits from the Public covered under Section 73 to 76 of the Companies Act, 2013.

vi. We have broadly verified the Books of Accounts and Records maintained by the Company in respect of products where, pursuant to the Rules made by the Central Government of India, the maintenance of Cost Records has been specified under the Sub-section (1) of Section 148 of the Companies Act 2013, and are of the opinion that, prima facie, the prescribed Accounts and Records have been made and maintained.

vii. (a) According to the information and explanations given to us and based on the records of the Company examined by us, the Company is regular in depositing the undisputed Statutory Dues, including Provident

Fund, Employees'' State Insurance, Income-tax, Service Tax, Custom Duty, Excise Duty and other Material Statutory Dues, as applicable, with the appropriate Authorities in India;

(b) There were no undisputed amounts payable in respect of Provident Fund, Employees'' State Insurance, Income-tax, Service Tax, Custom Duty, Excise Duty and other Material Statutory Dues in arrears as at March 31, 2015 for a period of more than 6 months for the date they became payable.

(c) According to the information and explanations given to us and based on the Records of the Company examined by us, there are no dues of Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise Duty which have not been deposited on account of any disputes.

(d) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

viii. The Company does not have accumulated losses at the end of the Financial Year and the Company has not incurred cash losses during the Financial Year covered by our audit and in the immediately preceding Financial Year.

ix. In our opinion, and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to Financial Institution /Banks. The Company has not issued any Debentures.

x. In our opinion, and according to the information and explanations given to us, the terms and conditions of Guarantees given by the Company for Loan taken by others from Bank or Financial Institutions are not prejudicial to the interest of the Company.

xi. In our opinion, and according to the information and explanations given to us, the Term Loans have been applied, on an overall basis, for the purposes for which they were obtained.

xii. To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

For P. Murali & CO.,

Chartered Accountants

Firm Registration No : 007257S

P. Murali Mohana Rao

Place: Hyderabad Partner

Date : 20/05/2015 M.No. 023412

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Mar 31, 2014

We have audited the accompanying Financial Statements of BS Limited (Formerly known as BS Transcomm 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 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 notifed 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 respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR''S RESPONSIBILITY:

Our responsibility is to express an opinion on these Financial Statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the Financial Statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entity''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 presentation of the Financial Statements.

We believe that the audit evidence we have obtained is sufcient 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 Account, 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 AND 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 notifed 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 respect of Section 133 of the Companies Act, 2013;

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.

ANNEXURE TO THE AUDITORS'' REPORT I.(a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.

(b) As explained to us, the fixed assets have been physically verifed by the management at reasonable intervals and no material discrepancies between the book records and the physical inventory have been noticed on such verifcation.

(c) The Company has not disposed off substantial part of the Fixed Assets during the year.

II. (a) The Inventory has been physically verifed during the year by the Management and in our opinion, the frequency of verifcation is reasonable.

(b) In our opinion, the procedures of the physical verifcation of inventory followed by the Management are 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 and as explained to us, no material discrepancies were noticed on physical verifcation of stocks as compared to book records.

III.(a) According to the information and explanations given to us the company has made an advance of Rs 20,58,50,500/-to the parties covered in the Register maintained Under Section 301 of the Companies Act, 1956 and the year-end balance of loans granted to such parties is Rs 2,39,58,269/- (b) As per the information given to us, rate of interest & other terms and conditions on which loans have been granted to parties listed in the Register maintained under Section 301 are not prejudicial to the interests of the Company.

(c) In respect of loans granted, repayment of principal amount is as stipulated and payment of interest is regular.

(d) There is no overdue amount of loans granted to Companies, Firms and other parties listed in the Register U/s 301 of the Companies Act, 1956.

(e) The Company has taken un secured loan amounting Rs 51,94,45,060/- from Parties covered in the Register maintained U/s.301 of the Companies Act, 1956 .

(f) The rate of interest and other terms and conditions on which loans have been taken from parties listed in the Register maintained under Section 301 are not prejudicial to the interest of Company.

IV. In our opinion and according to the information and explanations given to us, there are generally adequate internal control systems commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for sale of goods and services. There is no continuing failure by the Company to correct any major weaknesses in internal control.

V. (a) In our opinion and according to the information and explanation given to us , since no contracts or arrangements referred to in Section 301 of the Companies Act, 1956 have been made by the Company in respect of any party in the Financial Year, the entry in the Register U/s.301 of the Companies Act, 1956 does not arise.

(b) According to the information and explanations given to us, as no such contracts or arrangements made by the Company, the applicability of the Clause of charging the reasonable price having regard to the prevailing market prices at the relevant time does not arise.

VI. The Company has not accepted any deposits from the public and hence the applicability of the Clause of directives issued by the Reserve Bank of India and provisions of Section 58A, 58AA or any other relevant provisions of the Act and the rules framed there under does not arise.

VII. In our opinion, the Company is having internal audit system, commensurate with its size and nature of its business.

VIII. We have broadly verifed the books of account and records maintained by the Company pursuant to the order made by the Central Government for the maintenance of Cost Records under Section 209(1)(d) of the Companies act, 1956 and are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

IX. (a) The Company is regular in depositing undisputed statutory dues including Provident Fund, Investors Education and Protection Fund, Employee State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess and other applicable statutory dues with the appropriate authorities during the year. According to information and explanations given to us there are no arrears of statutory dues as at 31st March, 2014 which were outstanding for a period of more than 6 months from the date they became payable.

(b) According to the information and explanations given to us, there are no dues of Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess which have not deposited on account of any dispute.

X. The Company has been registered for a period of not less than 5 years, and the Company has no accumulated losses at the end of the Financial Year and the Company has not incurred cash losses in this Financial Year and in the immediately preceding Financial Year.

XI. According to information and explanations given to us, the Company has not defaulted in repayment of dues to Financial Institutions or Banks.

XII. According to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities and hence the applicability of the clause regarding maintenance of adequate documents in respect of loans does not arise.

XIII. This clause is not applicable to this Company as the Company is not covered by the provisions of special statute applicable to Chit Fund in respect of Nidhi/ Mutual benefit Fund/Societies.

XIV. According to the information and explanations given to us, the Company is not dealing or trading in Shares, Securities, Debentures and other investments and hence the provisions of Clause 4(xiv) of the Companies (Auditor''s Report) Order 2003, are not applicable to the Company.

XV. According to the information and explanations given to us, the Company has given Corporate Guarantee for loans taken by BS Global Private Limited (formerly known as BS Global Pte Ltd) from UCO Bank, Singapore, and terms and conditions are not prejudicial to the interests of the Company.

XVI. According to the information and explanations given to us, the Term Loans obtained by the Company were applied for the purpose for which such loans were obtained by the Company.

XVII. On the basis of our examination of the books & accounts and according to the information and explanations given to us, in our opinion the funds raised on Short term basis have not been used for Long term investment.

XVIII. According to the information and explanations given to us, 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 and hence the applicability of the clause regarding the price at which shares have been issued and whether the same is prejudicial to the interest of the Company does not arise.

XIX. According to the information and explanations given to us, the Company does not have any debentures and hence the applicability of the clause regarding the creation of security or charge in respect of debentures issued does not arise.

XX. According to information and explanations given to us, the Company has not raised money by way of public issues during the year, hence the clause regarding the disclosure by the management on the end use of money raised by public issue is not applicable.

XXI. According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year under audit.

For P. Murali & Co. Chartered Accountants Firm''s Registration Number: 007257S

P. Murali Mohana Rao Partner Membership Number: 023412 Place: Hyderabad Date: 30-05-2014

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Mar 31, 2013

Report on the Financial Statements:

We have audited the accompanying financial statements of BS Limited (Formerly known as BS Transcomm 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.

Auditor''s Responsibility:

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion:

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013;

(b) In the case of the Profit and Loss Account, of the profit/ loss 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 and 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.

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

I. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.

(b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies between the book records and the physical inventory have been noticed on such verification.

(c) The Company has not disposed off substantial part of the Fixed Assets during the year.

II. (a) The Inventory has been physically verified during the year by the Management and in our opinion, the frequency of verification is reasonable.

(b) In our opinion, the procedures of the physical verification of inventory followed by the Management are 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 and as explained to us, no material discrepancies were noticed on physical verification of stocks as compared to book records.

III. (a) According to the information and explanations given to us the company has made an advance of Rs.8,53,50,050/- to the parties covered in the register maintained under section 301 of the Companies Act, 1956 and the year-end balance of loans granted to such parties is Rs. 53,50,050/- (b) As per the information given to us, rate of interest & other terms and conditions on which loans have been granted to parties listed in the register maintained under Section 301 are not prejudicial to the interests of the Company.

(c) In respect of loans granted, repayment of principal amount is as stipulated and payment of interest is regular.

(d) There is no overdue amount of loans granted to Companies, Firms and other parties listed in the register U/S 301 of the Companies Act, 1956.

(e) The Company has not taken any loans, secured or unsecured from Companies, Firms or other Parties covered in the register maintained U/s.301 of the Companies Act, 1956.

(f) As the Company has not taken any loans, the clause of whether the rate of interest and other terms and conditions on which loans have been taken from parties listed in the register maintained under section 301 is prejudicial to the interest of company, is not applicable.

(g) As no loans are taken by the company, the clause of repayment of interest & principal amount to parties is not applicable to the company.

IV. In our opinion and according to the information and explanations given to us, there are generally adequate internal control systems commensurate with the size of the company and the nature of its business with regard to purchase of inventory and fixed assets and for sale of goods and services. There is no continuing failure by the company to correct any major weaknesses in internal control.

V. (a) In our opinion and according to the information and explanation given to us , since no contracts or arrangements referred to in section 301 of the Companies Act, 1956 have been made by the company in respect of any party in the financial year, the entry in the register U/s.301 of the Companies Act, 1956 does not arise.

(b) According to the information and explanations given to us, as no such contracts or arrangements made by the company, the applicability of the clause of charging the reasonable price having regard to the prevailing market prices at the relevant time does not arise.

VI. The Company has not accepted any deposits from the public and hence the applicability of the clause of directives issued by the Reserve Bank of India and provisions of section 58A, 58AA or any other relevant provisions of the Act and the rules framed there under does not arise

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

VIII. We have broadly verified the books of account and records maintained by the Company pursuant to the order made by the Central Government for the maintenance of cost records under section 209(1)(d) of the Companies act,1956 and are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

IX. (a) The Company is regular in depositing undisputed statutory dues including Provident Fund, Investors Education and Protection Fund, Employee State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess and other applicable statutory dues with the appropriate authorities during the year. According to information and explanations given to us there are no arrears of statutory dues as at 31st March, 2013 which were outstanding for a period of more than 6 months from the date they became payable.

(b) According to the information and explanations given to us, there are no dues of Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess which have not deposited on account of any dispute.

X. The Company has been registered for a period of not less than 5 years, and the company has no accumulated losses at the end of the financial year and the company has not incurred cash losses in this financial year and in the immediately preceding financial year.

XI. According to information and explanations given to us, the company has not defaulted in repayment of dues to financial Institutions or Banks.

XII. According to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities and hence the applicability of the clause regarding maintenance of adequate documents in respect of loans does not arise.

XIII. This clause is not applicable to this Company as the Company is not covered by the provisions of special statute applicable to Chit Fund in respect of Nidhi/Mutual Benefit Fund/Societies.

XIV. According to the information and explanations given to us, the company is not dealing or trading in shares, securities, Debentures and other investments and hence the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order 2003, are not applicable to the Company.

XV. According to the information and explanations given to us, the Company has given corporate guarantee for loans taken by BS Global Resources Pte Limited from UCO Bank, Singapore, and terms and conditions are not prejudicial to the interests of the company.

XVI. According to the information and explanations given to us, the Term Loans obtained by the company were applied for the purpose for which such loans were obtained by the Company.

XVII. On the basis of our examination of the books & accounts and according to the information and explanations given to us, in our opinion the funds raised on short term basis have not been used for Long term investment.

XVIII. According to the information and explanations given to us, 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 and hence the applicability of the clause regarding the price at which shares have been issued and whether the same is prejudicial to the interest of the Company does not arise.

XIX. According to the information and explanations given to us, the company does not have any debentures and hence the applicability of the clause regarding the creation of security or charge in respect of debentures issued does not arise.

XX. According to information and explanations given to us, the company has not raised money by way of public issues during the year, hence the clause regarding the disclosure by the management on the end use of money raised by public issue is not applicable.

XXI. According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year under audit.

For P. Murali & Co.,

Chartered Accountants

Firm''s Registration Number: 007257S

Sd/-

M.V. JOSHI

Place : Hyderabad Partner

Date : 30-05-2013 Membership Number: 024784

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Mar 31, 2012

1. We have audited the attached Balance Sheet of BS Transcomm Limited as at 31st March, 2012, the Profit & 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 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 statements presentation. We believe that our audit provide 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) Order, (Amendment) 2004 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956 (herein after referred to as the "Act"), we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in 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 purpose of our audit;

b. In our opinion, proper books of accounts 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, Profit and Loss Account and Cash Flow Statement dealt with by this accounts;

d. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report have been prepared in compliance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956.

e. On the basis of the written representations received from the directors as on 31st March,2012 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2012 from being appointed as the directors of the company in terms of Section 274(1) (g) of the Companies Act, 1956.

f. In our opinion and to the best of information and according to the explanations given to us, the said accounts read together with significant accounting policies and 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 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, 2012;

ii) In the case of Profit and Loss Account, of the Profit for the year ended as on that date and

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

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF ' AUDITORS' REPORT OF EVEN DATE TO THE MEMBERS OF BS TRANSCOMM LIMITED ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2012.

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

(b) As explained to us, the management has conducted partial physical verification of major fixed assets during the year, which in our opinion is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such verification.

(c) During the year, Company has not disposed of any substantial / major part of fixed assets

ii) (a) As explained to us, the inventory has been physically verified during the year by the management in our opinion the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanation given to us, and on the basis of our examination of the records of inventory, the Company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to the book records were not material and have been properly dealt with in the books of accounts.

iii) (a) According to the information and explanation given to us, the Company has made an advance of Rs.1,41,63,047/- to its subsidiary, covered in the register maintained under Section 301 of the Companies Act, 1956.

(b) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions for such loans are not prima facie prejudicial to the interest of the company.

(c) In respect of the loans granted, repayment of the principal amount is as stipulated and payment of interest have been regular.

(d) There is no overdue amount of loans granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

(e) According to the information and explanations given to us, the company has taken unsecured loans from other parties covered in the register maintained under Section 301 of the Companies Act, 1956. The amount involved during the period and outstanding balances of said loans aggregated to Rs. 1,91,16,607/-

(f) The rate of interest & other terms and conditions of unsecured loans taken by the company, are not prima facie prejudicial to the interests of the company, and

(g) Payment of principal amount and interest are regular.

iv) In our opinion and according to the information and explanations given to us, there are generally adequate internal control systems commensurate with the size of the company and the nature of its business with regard to purchase of inventory and fixed assets and for sale of goods and services. There is no continuing failure by the company to correct any major weaknesses in internal control.

v) In respect of transactions entered in the register maintained in pursuance of section 301 of the Companies Act, 1956.

(a) In our opinion and according to the information and explanation given to us, we are of the opinion that the transactions that need to be entered into register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of arrangements entered in the register maintained under section 301 of the Companies Act, 1956 in respect of other parties are reasonable.

vi) In our opinion and according to the information and explanation given to us, the company has not accepted deposits from the public and therefore, the provisions section 58A and 58AA of the Companies Act, 1956 and rules therefore not applicable to the Company.

vii) In our opinion, the company is having internal audit system, commensurate with its size and nature of its business.

viii) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained. However, our opinion is confined only with the maintenance of cost records and not on the completeness or accuracy of the same.

ix) (a) According to the records of the company and information and explanation given to us, the company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess and other applicable statutory dues with the appropriate authorities during the year. According to the information and explanations given to us, there are no arrears of statutory dues as at 31st March, 2012 which are outstanding for a period of more than six months from the date they become payable.

(b) According to the records of the company and information and explanation given to us, there are no dues of Sales Tax, Income Tax, Service Tax, Customs Duty, Wealth Tax, Excise Duty and Cess which have not been deposited on account of any dispute.

x) The Company does not have accumulated losses as at the end of the financial year and the Company has not incurred cash losses during current year under report and in the immediately preceding financial year.

xi) According to the information and explanations given to us, the company has not defaulted in the repayment of dues to financial institutions, banks or debenture holders.

xii) According to the information and explanations given to us, the Company has not granted any loans and advance 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 / Society. Therefore, the provisions of clause 4(xiii) of this order are not applicable to the Company.

xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of this order are not applicable.

xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks and financial institutions, and hence the applicability of this clause regarding terms and conditions which are prejudicial to the interests of the company does not arise.

xvi) To the best of our knowledge and belief and according to the information and explanations given to us, the term loans taken during the year have been applied for the purpose for which they were obtained .

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 there are no funds raised on short-term basis have been used for long term investment.

xviii) The Company has not made any preferential allotment to parties and companies covered under register maintained under section 301 of the Companies Act, 1956 during the year and the question of whether the price at which the shares have been issued is prejudicial to the interest of the Company does not arise.

xix) According to the information and explanations given to us the Company does not have any debentures and hence the applicability of the clause regarding the creation of security or charge in respect of debentures issued does not arise.

xx) According to information and explanations given to us, the company has not raised money by way of public issues during the year, hence the clause regarding the disclosure by the management on the end use of money raised by public issue is not applicable.

xxi) To the best of our knowledge and belief and according to the information and explanation given to us, no fraud and or by the Company has been noticed or reported during the course of our audit.

For P. MURALI & CO.,

Chartered Accountants

Firm Regn. No: 007257S

M. V. JOSHI

Partner

Membership No: 24784

Place : Hyderabad

Date : 30.05.2012

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Mar 31, 2011

1. We have audited the attached Balance Sheet of BS TRANSCOMM LIMITED as at 31st March, 2011, the Profit & 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 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 statements presentation. We believe that our audit provide 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) Order, (Amendment) 2004 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956 (herein after referred to as the "Act"), we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in 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 purpose of our audit;

b. In our opinion, proper books of accounts 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, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts;

d. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report have been prepared in compliance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956.

e. On the basis of the written representations received from the directors as on 31st March,2011 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2011 from being appointed as the directors of the company in terms of Section 274(1)(g) of the Companies Act, 1956.

f. In our opinion and to the best of information and according to the explanations given to us, the said accounts read together with significant accounting policies and 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 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, 2011;

ii) In the case of Profit and Loss Account, of the Profit for the year ended as on that date and

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

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITORS' REPORT OF EVEN DATE TO THE MEMBERS OF BS TRANSCOMM LIMITED ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2011.

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

(b) As explained to us, the management has conducted partial physical verification of major fixed assets during the year, which in our opinion is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such verification.

(c) During the year, Company has not disposed of any substantial / major part of fixed assets

ii). (a) As explained to us, the inventory has been physically verified during the year by the management in our opinion the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventory followed by the management are required to be streamlined and strengthened to be reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanation given to us, and on the basis of our examination of the records of inventory, the Company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to the book records were not material and have been properly dealt with in the books of accounts.

iii).(a) According to the information and explanation given to us, the Company has made an advance of Rs.7,30,22,756/- to its subsidiary and granted a loan of Rs.6,27,77,620/- to its associate company, covered in the register maintained under Section 301 of the Companies Act, 1956.

(b) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions for such loans are not prima facie prejudicial to the interest of the company.

(c) In respect of the loans granted, repayment of the principal amount is as stipulated and payment of interest have been regular.

(d) There is no overdue amount of loans granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

(e) According to the information and explanations given to us, the company has taken unsecured loans from other parties covered in the register maintained under Section 301 of the Companies Act, 1956. The amount involved during the period and outstanding balances of said loans aggregated to Rs. 10.90 Lakhs.

(f) The rate of interest & other terms and conditions of unsecured loans taken by the company, are not prima facie prejudicial to the interests of the company, and

(g) Payment of principal amount and interest are regular.

iv). In our opinion and according to the information and explanation given to us, the internal control systems need to be documented and strengthened to commensurate with the size of the company and nature of its business with regard to purchase of inventory and fixed assets, and for the sale of goods and services. According to the information and explanation given to us, there is no continuing failure to correct major weaknesses in internal control system.

v). In respect of transactions entered in the register maintained in pursuance of section 301 of the Companies Act, 1956.

(a) In our opinion and according to the information and explanation given to us, we are of the opinion that the transactions that need to be entered into register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of arrangements entered in the register maintained under section 301 of the Companies Act, 1956 in respect of other parties are reasonable.

vi). In our opinion and according to the information and explanation given to us, the company has not accepted deposits from the public and therefore, the provisions section 58A and 58AA of the Companies Act, 1956 and rules therefore not applicable to the Company.

vii). In our opinion, the company is having internal audit system, commensurate with its size and nature of its business.

viii). According to the information and explanations given to us, the Central Government has not prescribed the maintenance of the cost records under section 209(1)(d) of the Companies Act, 1956.

ix). (a) According to the records of the company and information and explanation given to us, the company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess and other applicable statutory dues with the appropriate authorities during the year. According to the information and explanations given to us, there are no arrears of statutory dues as at 31st March, 2011 which are outstanding for a period of more than six months from the date they become payable.

(b) According to the records of the company and information and explanation given to us, there are no dues of Sales Tax, Income Tax, Service Tax, Customs Duty, Wealth Tax, Excise Duty and Cess which have not been deposited on account of any dispute.

x) The Company does not have accumulated losses as at the end of the financial year and the Company has not incurred cash losses during current year under report and in the immediately preceding financial year.

xi) According to the information and explanations given to us, the company has not defaulted in the repayment of dues to financial institutions, banks or debenture holders.

xii) According to the information and explanations given to us, the Company has not granted any loans and advance 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 / Society. Therefore, the provisions of clause 4(xiii) of this order are not applicable to the Company.

xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of this order are not applicable.

xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks and financial institutions, and hence the applicability of this clause regarding terms and conditions which are prejudicial to the interests of the company does not arise.

xvi) To the best of our knowledge and belief and according to the information and explanations given to us, the term loans taken during the year have been applied for the purpose for which they were obtained.

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 there are no funds raised on short- term basis have been used for long term investment.

xviii) The Company has not made any preferential allotment to parties and companies covered under register maintained under section 301 of the Companies Act, 1956 during the year and the question of whether the price at which the shares have been issued is prejudicial to the interest of the Company does not arise.

xix) According to the information and explanations given to us The Company does not have any debentures and hence the applicability of the clause regarding the creation of security or charge in respect of debentures issued does not arise.

xx) According to the records of the company and information and explanation given to us, the Company has raised money by way of public issue during the year and the fund raised by the company has been utilised for the purpose for which it is raised. It has disclosed the utilization of funds in " Notes to Accounts"

xxi) To the best of our knowledge and belief and according to the information and explanation and explanation given to us, no fraud and or by the Company has been noticed or reported during the course of our audit.

For P. MURALI & CO.,

Chartered Accountants

M.V. JOSHI

Partner

Membership No: 24784 Place: Hyderabad

Date: 30.05.2011