Auditor Report of Chamak Holdings Ltd.

Mar 31, 2015

1. We have audited the accompanying financial statements of Chamak Holdings Limited ("the company"), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and Cash flow statement of the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. The management and Board of Director of the Company are responsible for the matters stated in Section 134 S) of the Companies Act, 2013 ('the Act') with respect to the preparation of these financial statement that give a true and fair view of the financial Position, financial performance and cash flow of the company in accordance with the accounting principles generally accepted in India, including 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

3. 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 wh.ch 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 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 management and Board of 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

4. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally - accepted in India of the state of affairs of the Company as at 31st March 2015, its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

5. 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 sectionl43 of the Act, we give in the Annexure a statement on the matters Specified in paragraphs 3 and 4 of the Order.

6. 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 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 have qualified as on March 31, 2015 from being appointed as a director in terms of section 164(2) of the Act.

f) In our opinion and to the best of our information and according to the explanation given to us, We report as under 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;

i. The company does not have any pending litigations which would impact its financial position

ii. The company did not have any long-term contracts Including derivative contract, for which there were any material foreseeable losses under the applicable law or accounting standards.

iii. There has not been an occasion in case of the company during the year under report to transfer any sums to the Investor Education and Protection Fund.

ANNEXURE TO INDEPENDENT AUDITOR'S REPORT

The Annexure referred to our Independent Auditor's report of even date to the members of Chamak Holdings Unruled on the accounts of the Company for the year ended March 31st 2015 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. The Company does not have any inventory.

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 Act. Accordingly, the provisions of the clause (lit) of paragraph 3 of the Order are not applicable to the Company.

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 rendering 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 not been noticed or reported.

v. The Company has not accepted any deposits from the public covered under Section 73 to 76 of the

vi. As informed to us, the Central Government has not prescribed maintenance of cost records under sub-section (1) of Section 148 of the Act in respect of activities carried out by the Company.

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, Sales-tax, Wealth Tax Service Tax Custom Duty, Excise Duty and other material statutory dues, as applicable, with the appropriate authorities. There are no arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable.

(b) 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.

(c) There is no amount required to be transferred to the Investor Education and Protection Fund

viii. The Company has accumulated losses at the end of the financial year. the company has not incurred cash losses during financial year covered by our audit and in the immediately preceding financial year.

ix. According to the records of the company examined by us and as per the information and explanations given to us, the company has not taken any loans from any financial institution, bank or debenture holders. Accordingly, the provisions of the Clause (ix) of paragraph 3 of the order are not applicable to the company.

x. in our opinion , and according to the information and explanation given to us, the company has not given any guarantee for loan taken by others from any bank or financial institution during the year.

xi. In our opinion, and according to the information and explanation given to us, the company has not raised any terms loans during the year.

xii. To the best of our knowledge and behalf, and according to the information and explanation given to us, and considering the size and nature of the company's operations, no fraud on or by the company has been noticed or reported during the year.

BA-5, Stutee Building, B. Bhushan&Co.

Bank Street, Karol Bagh,

Delhi-110005 Chartered Accountants

Firm Registration No. 001596N

By the hand of

Kamal Ahluwalia

New Delhi Partner

May 30, 2015 Membership No. 093812

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Mar 31, 2012

1. We have audited the attached Balance Sheet of Chamak Holdings Limited, as at 10 March 2012, the Statement of Profit and Loss and 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 an these financial Statements based on our audit.

2. We conducted our audit in accordance with the Auditing Standards General!/ 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 its 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 provides a reasonable basis for our opinion.

3. As rehired by the Companies (Auditor's Report) Order, 2003 as amended by Companies (Auditor 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 Compares Act, i956, we enclose in the Annexure a statement on the matters specified in paragraphs 1 and S of the said Order

4 Funds to our comment 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 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) In our opinion, the balance sheet, profit and loss account and cash flow statement dealt with by this report comply with the Accounting Standards referred under section (3C) of section 211 of the Companies Act, 1956;

d) the Balance Sheet, Profit and Loss Account and Cash flow statement after with by this report are in agreement with the books of account;

e) On the basis of written representations received from the directors, as over the 2012 and taken on record by the board of directors, we report that not of the director is disqualified as on March 31, 2012 from being appointed as a director terms' of clause (g) of sub-section (1) of section 274 of the Companies Act,050

f) In our opinion and to the best of our information and according to the explanation given to us, the said accounts read together with the 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 March 31, 2012

ii. In the case of the Profit any Loss Account, of the loss for the year coded on that date and;

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

Annexure to Auditor's Report of even date for the Members of Chamak Holdings Limited to the extent Applicable:

(i) The Company does not own any fixed assets. Accordingly, provisions of clauses (i)(a), (i)[b) and (i)(c) of paragraph 4 of the Order are not applicable to the Company.

(ii) The Company does not have any inventory. Accordingly, provisions of clauses (ii)(a), (ii)(b) and (ii)(c) of paragraph 4 of the Order are not applicable to the Company.

(iii) The Company has not granted loans secured or unsecured of any company firm »r other parties which are covered in the register memo rained under section 301 Of the Companies Act, 1956. Accordingly, provisions of clauses (iii){a) to (d) of paragraph 4 of the Order are not applicable to the Company.

(e) During the year under consideration, the company has taken loan from two companies and a director covered under the register maintained under section 301 of the Companies Act, 1956. The year-end balance and maximum outstanding balance of the loan amount was Rs. 8,260,350/- and Rs.8,260,8SO/- respectively.

(f) in our opinion, the rate of interest and other terms and conditions of such loans taken by the Company are not prima facie prejudicial to the Interest of covenants in respect of the Company.

(g) Repayment of principal was on demand and without interest.

(iv) In our opinion and according to the information and explanations given to us, there is no adequate internal control system commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets arid in regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls,

(v) In our opinion and according to the information and explanations given to us, there is no transaction made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 which is more than the limits prescribed in clause 5{b) of paragraph 4 of the Order

[vi) The company has not accepted any deposits from public hence the provision of section 58A, 58AA, or any other relevant provisions of the companies Act, 1956 and the companies (Acceptance of Deposits) Rules, 1975 are not applicable.

(vii) in our opinion, the company has an in house internal audit system commentate with the size and nature of its business.

(viii) As informed to us, the maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub section (i) of Section 203 of the companies Act. 1956 in respect of the activities of the company. Accordingly Clause 4 of the order is not applicable to the company.

(ix) (a) The company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, sales tax, employees' state insurance, income tax, wealth tax, service tax, custom duty, excise duty cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, sales tax, employees state insurance, income tax, wealth tax, service tax, custom duty, excise duty cess and other material statutory dues applicable to it, as at March 31, 2012 for a period of more than six months from the date they became payable.

(c ) According to the information and explanation given to us, there are no provident fund, sales tax, employees state insurance, income tax, wealth tax, service tax, custom duty, excise duty cess and other material statutory dues applicable to it which have not been deposited on account of any dispute.

(x) The company's accumulated losses at the end of the financial year It has not incurred cash losses in the current year and the immediately preceding financial year,

(xi) According to the information and explanations given to us and as per the books and records examined by us, the company has not taken any loans or advances from any financial institution or 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) In our opinion, the company is not a chit fund or a nidhi mutual benefit Fund /society.

(xiv) In our opinion, the company is not dealing in or trading in shares, security, debentures and other investments. Accordingly, the provisions of clause 4(xiv} of the Companies {Auditor's Report) Order, 2003 are not applicable to the company.

(xv) The company has not given guarantee for loans taken by others from bank or financial institutions.

(xvi) In our opinion and according to the information and explanations given to us, rid term loans have been raised during the year by the company, therefore, comment regarding application of term loans is not required.

(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 no funds raised on short-term basis have been used for long term investment,

{xviii) According to the information and explanations given to us, the company its not made preferential allotment of shares to parties and companies covered to the raster maintained under section 301 of the Act.

(xix) According to the information and explanations given to us, during the programmed covered by out audit report, the company has not issued any debentures.

(xx) No funds by way of public issue have been raised by the company.

(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.

117, New Delhi House B.Bhushan & Co.

27, Barakhamba road Chartered Accountants

New Delhi-110001. Firm Regn no-; 00159GN

By the hand of

May 30, 2012 Kamal Ahluwalia

Partner

Membership no 093852