Auditor Report of Dynamic Archistructures Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Dynamic Arehistructurcs Limited ("the Company''). which comprise the Balance Sheet as at 31 March, 2015. the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the 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 Hows 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 the Companies (Accounts) Rules. 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities, selection and application of appropriate accounting policies, making judgments and estimates that, are reasonable and prudent and design, implementation and maintenance of adequate internal financial controls, 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 lair view and arc 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 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 the 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 the 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 31 March 2013. and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order. 2015 ('the Order') issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act. we give in the Annexure, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

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

(b) In our opinion, proper hooks of account as required by law have been kept by the Company so far as it appears from our examination of those hooks;

(c) The Balance Sheet, the Statement of Profit and Loss, land 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 Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

(e) In our opinion, there are no financial transactions or other matters which have an adverse effect on the functioning of the company;

(f) On the basis of the written representations received from the directors as on 31 March 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2015 from being appointed as a director in terms of Section 164(2) of the Act; and

(g) 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 did not have any pending litigation for which there were any material foreseeable losses.

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.

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

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

(b) The Company has a regular programme of physical verification of its fixed assets by which all fixed assets are verified in a phased manner over a period of one year. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.;

ii. Company is a non banking finance company and has no any stock. Accordingly, we are not required to comments on the same.

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, paragraphs (iii) (a) and (b) of the Order arc not applicable to the Company.

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 with regard to purchase of inventories and fixed assets and with regard to the sale of goods and services. We have not observed any major weakness in the internal control system during the course of the audit.

v. In our opinion, and according to the information and explanations given to us. the Company has not accepted deposits as per the directives issued by the Reserve Rank of India under the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under. Accordingly, paragraph 3(v) of the Order is not applicable to the Company.

vi. Company is a non banking finance company and The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act.

vii. (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted / accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Employees' State Insurance, Income-tax, Sales-lax. Wealth lax. Service tax. Duty of Customs, Duty of Excise. Value added lax, Cess, and other material statutory dues, whichever is applicable to it, have been generally regularly deposited during the year by the Company with the appropriate authorities.

According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Employees State Insurance. Income-tax. Sales-tax. Wealth tax. Service tax. Duty of Customs, Duty of Excise. Value added tax, Cess and other material statutory cues were in arrears as at 31 March 2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us. there are no material dues of Income tax. Sales tax. Wealth tax. Service tax, Duty of Customs. Duty of Excise, Value added tax and Cess which have not been deposited with the appropriate authorities on account of any dispute.

(c) According to the information and explanations given to us. the amount required to he transferred to Investor Education and prodection Fund in accordance with the relevant provisions of the Companies Act. 1956 (1 of 1956) and rules made there under has been transferred to such fund within time.

viii. The Company does not have any accumulated losses) at the end of the financial year and has not incurred cash losses in the financial year and in the 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 tines to a financial institution or banks. The Company did not have any outstanding debentures.

x. According to the information and explanations given to us. the Company has not given any guarantee for loans taken by others from banks or financial institutions.

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

xii. 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. V.M. Lodha & co Chartered Accountants Firm's Registration No: 305152E

Place : 7. Sarat Bose Road.

: Kolkata (W.B.) 700 020 (V. M. Lodha)

Proprietor Date : 24th August 2015 Membership No: 008868

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Mar 31, 2014

We have audited the accompanying financial statements of Dynamic Arohistructures Limited .('the Company') which comprises 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

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') 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 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 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:

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2014;

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

(iii) 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'), as amended, 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 paragraph 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 sub-section (3C) of section 211 of the Companies Act, 1956, 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; and

e. on the basis of written representations received from the directors as on 31st March, 2014, arid taken on record by the Board of Directors, none of the Directors are disqualified as on 31st March, 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

The Annexure referred to in our report to the members of Dynamic Archistructures Limited ('the Company') for the year ended 31st March, 2012. We report that:

(i) a) The company is maintaining proper records of its fixed assets.

b) The fixed assets have been physically verified by the management during the year at reasonable intervals and no material discrepancies were noticed.

c) The company has not disposed off substantial part of its fixed assets during the year.

(ii) Due to absence of any stock, we are not required to comments on the same.

(iii) a) The company has not granted any loan to the persons or company covered in the register maintained under section 301 of the Companies Act, 1956 during the year.

b) The company has not taken any secured or unsecured loans to / from the firms or other parties covered in the register maintained under section 301 of Companies Act, 1956.

(iv) In our opinion and according to information and explanations given to us. there are adequate internal control procedures commensurate with the size of the Company and the nature of the business with regard to purchases of fixed assets. Shares etc. During the course of our audit, no major weakness has been noticed in the internal controls.

(v) a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered.

b) In our opinion and according to the information & explanations given to us, the company has not made any contracts or arrangements entered in the registers maintained under section 301 and exceeding the value of five lacs rupees in respect of any party during .the year.

(vi) The company has not accepted deposits from public.

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

(viii) Maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (I) of section 209 of the Companies Act, 1956.

(IX) a) According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund,investor education and protection fund, employees' state insurance. income-tax, sales-tax, wealth tax, service tax, custom duty, excise duty, cess and any other statutory dues whichever is applicable to it.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, investor education and protection fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and any other statutory dues were outstanding as at 31.03.2014 for a period of more than six months from the date they became payable.

(x) The company does not have any accumulated losses nor has it incurred cash losses during the financial year covered by our audit and the immediately preceding financial year,

(xi) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the company has not taken any loan from Banks and financial institutions.

(xii) The company has not granted any loans and advances on the basis of security by way of pledge of shares etc. '

(xiii) Provisions of any special statute applicable to chit funds, nidhi are not applicable to the company.-

(xiv) The company has maintained proper records of transactions and contracts in respect of securities, debenture and other investments and timely entries have been made therein. All shares, debentures and other investments 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.

(xvi) The company has not availed any term loan.

(xvii) Based on our examination and in our opinion the funds raised on short term basis have not been used for long term investment or vice versa.

(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) The company has not issued any debentures during the year.

(xx) The company has not made any public issue during the year.

(xxi) Based upon the audit procedures' performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

Place : 7, Sarat Bose Road, For, V. M. Lodha & Co. : Kolkata (W.B.) 700020 F.R.N.305152B Chartered accountants



Dated :25th Augast 2014 (V. M. Lodha) Proprietor Membership No.008868