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Auditor Report of Legacy Mercantile Ltd.

Mar 31, 2012

I We have audited the attached Balance Sheet of LEGACY MERCANTILE PRIVATE LIMITEDas at 31st March, 2012 and also the Profit and Loss A/c 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.

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 managements, as well as evaluating overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. Further to our comments in the annexure referred to above, we report that;

(a) We have obtained all the information and explanation, 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 the Books.

(c) The attached Balance Sheet and Profit & Loss Account are in agreement with the Books of Account.

(d) In our opinion, the Profit & Loss Account and Balance Sheet comply with the applicable accounting standards referred to in Sub-section (3C) of Section 211 of the Companies Act, 1956.

(e) On the basis of written representations received from the Directors as on 31 March 2012 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31sr March 2012 from being appointed as Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

(f) In our opinion and to the best of our information and according to the explanations given to us, the accounts read together with the notes thereon in Schedule-6, in particular subject to give 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 the Company's affairs as at 31" March 2012; and

ii) In the case of the Profit & Loss Account of the Profit of the Company for the year ended on that date.


PRIYA JAIN (PARTNER) MEM. NO.-500847 Place ;New Delhi Dated :109.2012