Auditor Report of NMS Global Ltd.

Mar 31, 2025

M/s. NMS GLOBAL LIMITED

Report on the Standalone Financial Statements for FY 2024-25

Opinion

We have audited the accompanying Standalone financial statements of M/s. NMS GLOBAL LIMITED (“the Company") which comprises the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss (including other comprehensive Income), Statement of changes in Equity and Statement of Cash Flows for the year then ended, and summary of significant accounting policies and other explanatory information (herein after referred to as “the Standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone financial statements give the information required by the Companies Act 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“IndAS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, Profit and Total comprehensive Income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of Standalone financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the Independence requirements that are relevant to our audit of the Standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone financial statements of the current period. These matters were addressed in the context of our audit of the Standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined a matter to be the key audit matters to be communicated in our report.

Our opinion is not modified in respect of these matters.

Information Other than the Standalone Financial Statements and Auditor''s Report Thereon

The Company''s board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance and Shareholder''s Information, but does not include the Standalone financial statements and our auditor''s report thereon.

Our opinion on the Standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report the fact. We have nothing to report in this regard.

Responsibility of Management for the Standalone Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of 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, total comprehensive income, changes in equity and cash flows of the Company in accordance with the IndAS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and 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 Standalone financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the company''s financial reporting process.

Auditor''s Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism throughout the audit, We also:

• Identify and assess the risks of material misstatement of the Standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher that for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosure made by management.

• Conclude on the appropriateness of management''s use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exist, we are required to draw attent6ion in our auditor''s report to the related disclosures in the Standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors'' report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Standalone financial statements, including the disclosure and whether the Standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 (“the Order”), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013(18 of 2013), 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 books of account as required by law have been kept by the Company so far as it appears from our examination of those books. Company maintains Standalone books of accounts at its head office and therefore no separate branch audit was conducted.

c. The Balance Sheet, the Statement of Profit and Loss including other comprehensive Income, Statement of change in equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d. In our opinion, the aforesaid Standalone financial statements comply with the IndAS specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Amendment Rules, 2021.

e. On the basis of the written representations received from the directors as on 31st March, 2025 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2025 from being appointed as a director in terms of Section 164 (2) of the Act.

f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure B. Our report expresses an unmodified opinion on the adequacy on operating effectiveness of the Company''s internal financial controls over financial reporting.

g. With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section 197(16) of the Act, as amended:

In our opinion, to the best of our information and according to the explanations given to us, that the company had not paid any remuneration to Directors other than sitting fees.

h. 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) Amendment Rules, 2021, in our opinion and to the best of our information and according to the explanations given to us:

1. The Company has disclosed the impact of pending litigations on its Standalone financial position in its financial statements, wherever applicable.

2. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

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

4. (a) The Management has represented that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) The Management has represented, that, to the best of its knowledge and belief no funds have been received by the Company from any person(s) or entity(ies), including foreign entities Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or Invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures performed that have been considered reasonable and Appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (II) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

For Mukul Garg & Associates Chartered Accountants FRN-019503C

CA Rinki Partner M. No. 531095

UDIN- 25531095BMKWJC7004 Place: New Delhi Date: 26/06/2025

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Mar 31, 2024

We have audited the accompanying Standalone financial statements of M/s. NMS GLOBAL LIMITED
(“the Company’’) which comprises the Balance Sheet as at March 31, 2024, the Statement of Profit
and Loss (including other comprehensive Income), Statement of changes in Equity and Statement of
Cash Flows for the year then ended, and summary of significant accounting policies and other
explanatoryinformation (herein after referred to as “the Standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid Standalone financial statements give the information required by the Companies Act 2013
(“the Act”) in the manner so required and give a true and fair view in conformity with the Indian
Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended, (“IndAS”) and other accounting principles generally
accepted in India, of the state of affairs of the Company as at March 31, 2024, Profit and Total
comprehensive Income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of Standalone financial statements in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards
are further described in the Auditor''s Responsibilities for the Audit of the Standalone Financial
Statements section of our report. We are independent of the Company in accordance with the Code of
Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the
Independence requirements that are relevant to our audit of the Standalone financial statements
under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion on the Standalone financial statements.

Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the Standalone financial statements of the current period. These matters were addressed
in the context of our audit of the Standalone financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters. We have determined a
matter to be the key audit matters to be communicated in our report. Our opinion is not modified in
respect of these matters.

Information Other than the Standalone Financial Statements and Auditor''s Report Thereon

The Company''s board of Directors is responsible for the preparation of the other information. The
other information comprises the information included in the Management Discussion and Analysis,
Board''s Report including Annexures to Board''s Report, Business Responsibility Report, Corporate
Governance and Shareholder''s Information, but does not include the Standalone financial statements
and our auditor''s report thereon.

Our opinion on the Standalone financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the Standalone financial statements or our knowledge obtained during the course of our audit
or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report the fact. We have nothing to report in this regard.

Responsibility of Management for the Standalone Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of 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, total comprehensive income, changes in equity and
cash flows ofthe Company in accordance with the IndAS and other accounting principles generally
accepted in India. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and 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 Standalone financial statement that give a true and fair view and
are free from material misstatement, whether due tofraud or error.

In preparing the financial statements, management is responsible for assessing the Company''s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless management either intends to liquidate the Company or
to ceaseoperations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the company''s financial reporting process.
Auditor''s Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is
not a guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these Standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgement and maintain
professional skepticism throughout the audit, We also:

• Identify and assess the risks of material misstatement of the Standalone financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher that
for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial controls relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of
the Act, we are also responsible for expressing our opinion on whether the Company has
adequate internal financial controls system in place and the operating effectiveness of such
controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosure made by management.

• Conclude on the appropriateness of management''s use of the going concern basis of
accounting and based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company''s ability to
continue as a going concern. If we conclude that a material uncertainty exist, we are required
to draw attent6ion in our auditor''s report to the related disclosures in the Standalone
financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditors'' report.
However, future events or conditions may cause the Company to cease to continue as a going
concern.

• Evaluate the overall presentation, structure and content of the Standalone financial
statements, including the disclosure and whether the Standalone financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 (“the Order”), issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Companies Act,
2013(18 of 2013), we give in the Annexure A statement on the matters specified in
paragraphs 3 and 4 of theOrder, 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 books of account as required by law have been kept by the Company
so far as it appears from our examination of those books. Company maintains Standalone
books of accounts at its head office and therefore no separate branch audit was conducted.

c. The Balance Sheet, the Statement of Profit and Loss including other comprehensive Income,
Statement of change in equity and the Cash Flow Statement dealt with by this Report are in
agreement with the books of account.

d. In our opinion, the aforesaid Standalone financial statements comply with the IndAS specified
under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Amendment
Rules, 2021.

e. On the basis of the written representations received from the directors as on 31st March,
2024 taken on record by the Board of Directors, none of the directors is disqualified as on
31st March, 2024 from being appointed as a director in terms of Section 164 (2) of the Act.

f. With respect to the adequacy of the internal financial controls over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate Report in
Annexure B. Our report expresses an unmodified opinion on the adequacy on operating
effectiveness of the Company''s internal financial controls over financial reporting.

g. With respect to the other matters to be included in the Auditor''s Report in accordance with
the requirements of section 197(16) of the Act, as amended:

In our opinion, to the best of our information and according to the explanations given to us,
thatthe company had not paid any remuneration to Directors other than sitting fees.

h. 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) Amendment Rules, 2021, in our opinion and
to the best of our information and according to the explanations given to us:

1. The Company has disclosed the impact of pending litigations on its Standalone
financial position in its financial statements, wherever applicable.

2. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.

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

4. (a) The Management has represented that, to the best of its knowledge and belief,

no funds have been advanced or loaned or invested (either from borrowed funds
or share premium or any other sources or kind of funds) by the Company to or in
any other person(s) or entity(ies), including foreign entities ("Intermediaries"),
with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall, directly or indirectly lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Company
("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf
of the Ultimate Beneficiaries.

(b) The Management has represented, that, to the best of its knowledge and belief
no funds have been received by the Company from any person(s) or entity(ies),
including foreign entities Funding Parties"), with the understanding, whether
recorded in writing or otherwise, that the Company shall, directly or indirectly,
lend or Invest in other persons or entities identified in any manner whatsoever by
or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any
guarantee, security or the likeon behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures performed that have been considered reasonable

and Appropriate in the circumstances, nothing has come to our notice that has caused

us to believe that the representations under sub-clause (i) and (II) of Rule 11(e), as

provided under (a) and (b) above, contain any material misstatement.

For Mukul Garg & Associates
Chartered Accountants
FRN- 019503C

CA Rinki
Partner
M. No. 531095

UDIN-24531095BKCZNF2309
Place: New Delhi
Date: 30/05/2024

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Mar 31, 2014

We have audited the accompanying financial statements of IFM IMPEX GLOBAL LIMITED, New Delhi which comprise the Balance Sheet as at March 31, 2014, 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 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 notified under 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 in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITORS'' 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 aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In the case of 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, of the profit of the Company for the year ended on that date; and

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

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government of India in terms of Section 227(4A) 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, the 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 Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

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

ANNEXURE TO AUDITORS REPORT

Annexure referred to in para 1 of our report of even date to the shareholders of IFM Impex Global Limited on accounts for the year ended 31stMarch 2014.

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

(b) The fixed assets have been physically verified by the management at reasonable intervals. No material discrepancies between book records and the physical inventories have been noticed on such verification.

2. (a) The inventories have been physically verified at reasonable intervals by the management.

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

(c) On the basis of examination of the records of the inventory, we are of the opinion that the company is maintaining proper records of the inventory. The discrepancies noticed on verification between the physical stocks & book records were not material and have been properly dealt with in the books of accounts.

3 (a) The company has not granted any unsecured loans to the parties covered under section301 of the Companies Act, 1956:

(b) In our opinion and according to the information and explanation given to us, the terms and conditions of loans given by the company are prima facie not prejudicial to the interest of the company.

(c) Reasonable steps have been taken for the recovery of the principal amount in the cases where overdue amount is more then Rupees one lakh.

4. (a) The Company has not taken any un-secured loans from parties covered under section301 of the Companies Act,1956

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

(c) In our opinion and according to the information and explanation given to us, the company is taking reasonable steps to ensure that repayment of Principal amount and interest are regularly made.

5. In our opinion and according to information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of fixed assets and inventory and on the sale of goods. During the course of our audit no major weakness has been noticed in the internal control procedures. We have not observed any failure on the part of the management to take corrective course of action in this regard.

6. (a) In our opinion and according to information and explanations given to us, particulars of contracts and arrangement referred to in section 301 of the Companies Act,1956 have been entered in the Register required to be maintained under that section.

(b) In our opinion and according to information and explanations given to us, the transactions for the sale or purchase of goods/services made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

7. In our opinion and according to information and explanations given to us, the Company has not accepted any deposit in violation of provisions contained u/s 58A and 58AA of the Act and Rules framed there under. Neither CLB nor RBI or National Company law Tribunal or any other Tribunal/Court has passed any adverse order against the company.

8. In our opinion, the company has a system of Internal Audit commensurate with its size and nature of its business.

9. As per information and explanations given to us, the central Govt. has not prescribed maintenance of cost records u/s 209 (1)(d) of the Act.

10. According to information and explanations given to us, there is no undisputed amount payable in respect of provident fund, employees state insurance, income tax, sales tax, service tax, wealth tax, customs duty, excise duty, cess and any other statutory dues with the appropriate authorities for more than six months from the date when they became payable.

An amount of Rs. 59,865.54 on account of outstanding Public issue refund is appearing as debit balance with Vysya Bank Limited, Connaught Place, New Delhi branch (as mentioned in the FY 2005-06 audit report). However, the management has failed to produce any balance certificate/confirmation from the bank in respect of the said account& hence the balance remains unreconciled / unconfirmed as on 31.03.2014. The management has confirmed that an application has been made to ING Vysya Bank to transfer the said amount Securities & Exchange Board of India''s Investor Education Fund.

11. Based on our examination of documents and records and according to the information and explanations given by the management, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

12. The Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order 2003 are not applicable to the Company.

13. In our opinion, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the Provisions of Clause 4 (xiv) of the Companies Order, 2003 are not applicable to the Company.

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

15. In our opinion and according to information and explanations given to us, the Company has not availed any term loans, therefore, the Clause 4 (xvi) of the Companies Order, 2003 are not applicable to the Company.

16. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, no funds raised on short terms basis have been used for long term long term investments.

17. The Company has not allotted any shares during the financial year.

18. The Company has not issued any debenture during the year. Accordingly the Clause 4 (xix) of Companies (Auditor''s Report) order, 2003 are not applicable to the Company.

19. The Company has not raised any money by public issue during the year and hence the question of disclosure and verifications of end use of such money does not arise.

20. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was notices or reported during the course of our audit.

For Neeraj Ramesh Chandra & Associates Chartered Accountants FRN:017155N

Sd/- Place: New Delhi Nitesh Garg Date:30.05.2014 Partner M. No.525696

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Mar 31, 2013

We have audited the attached Balance Sheet of IFM Impex Global Limited, as at 31st March 2013 and the Profit & Loss Account for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that date. 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 mis-statement. 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 statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditor''s Report) Order, 2003 as amended by Companies (Auditors Report) (Amendment) Order, 2004 issued by the Government of India in terms of Section 227 (4A) of the Companies Act, 1956 we enclose in the annexure a statement on the matter specified in para 4 and 5 of the said order.

2. Further to our comments in the annexure referred to above, Subject to note no. 1(vi), 2 (ii), (vi), (viii), (x), (xi) ,and (xii) of the notes to accounts annexed to and forming part of the accounts in schedule no. 16, 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 and the Profit & Loss Account dealt with by this report are in agreement with the books of account.

d. In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in Section 211(3C) of the Companies Act, 1956.

e. On the basis of written representations received from the directors, as on 31st March 2013, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 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. In our opinion and to the best of our information and according to explanations given to us, the said accounts together with accounting policies and notes forming part thereof give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view:

i. in the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2013 and;

ii. in the case of the Profit & Loss Account, of the Profit of the Company for the year ended on that date and

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

ANNEXURE TO AUDITORS REPORT

Annexure referred to in para 1 of our report of even date to the shareholders of IFM Impex Global Limited on accounts for the year ended 31stMarch 2013.

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

(b) The fixed assets have been physically verified by the management at reasonable intervals. No material discrepancies between book records and the physical inventories have been noticed on such verification.

2. (a) The inventories have been physically verified at reasonable intervals by the management.

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

(c) On the basis of examination of the records of the inventory, we are of the opinion that the company is maintaining proper records of the inventory. The discrepancies noticed on verification between the physical stocks & book records were not material and have been properly dealt with in the books of accounts.

3 (a) The company has not granted any unsecured loans to the parties covered under section301 of the Companies Act, 1956:

(b) In our opinion and according to the information and explanation given to us, the terms and conditions of loans given by the company are prima facie not prejudicial to the interest of the company.

(c) Reasonable steps have been taken for the recovery of the principal amount in the cases where overdue amount is more then Rupees one lakh.

4. (a) The Company has taken un-secured loans from following parties covered under section301 of the Companies Act,1956:

S. No. Name of Parties Amount OutstandingAs On 31.03.2013

1. Yashpal Yadav Rs. 6,00,000.00

Note: Items No.-1 to 5include balances brought forward from the previous year.

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

(c) In our opinion and according to the information and explanation given to us, the company is taking reasonable steps to ensure that repayment of Principal amount and interest are regularly made.

5. In our opinion and according to information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of fixed assets and inventory and on the sale of goods. During the course of our audit no major weakness has been noticed in the internal control procedures. We have not observed any failure on the part of the management to take corrective course of action in this regard.

6. (a) In our opinion and according to information and explanations given to us, particulars of contracts and arrangement referred to in section 301 of the Companies Act, 1956 have been entered in the Register required to be maintained under that section.

(b) In our opinion and according to information and explanations given to us, the transactions for the sale or purchase of goods/services made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

7. In our opinion and according to information and explanations given to us, the Company has not accepted any deposit in violation of provisions contained u/s 58A and 58AA of the Act and Rules framed there under. Neither CLB nor RBI or National Company law Tribunal or any other Tribunal/Court has passed any adverse order against the company.

8. In our opinion, the company has a system of Internal Audit commensurate with its size and nature of its business.

9. As per information and explanations given to us, the central Govt. has not prescribed maintenance of cost records u/s 209 (1)(d) of the Act.

10. According to information and explanations given to us, there is no undisputed amount payable in respect of provident fund, employees state insurance, income tax, sales tax, service tax, wealth tax, customs duty, excise duty, cess and any other statutory dues with the appropriate authorities for more than six months from the date when they became payable.

An amount of Rs. 59,865.54 on account of outstanding Public issue refund is appearing as debit balance with Vysya Bank Limited, Connaught Place, New Delhi branch (as mentioned in the FY 2005-06 audit report). However, the management has failed to produce any balance certificate/confirmation from the bank in respect of the said account& hence the balance remains unreconciled / unconfirmed as on 31.03.2013. The management has represented to us of its efforts in trying to find out this amount with the respective bank branch and if the balance is confirmed then appropriate accounting treatment shall be incorporated in the accounts of current financial year 2012-13.

11. Based on our examination of documents and records and according to the information and explanations given by the management, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

12. The Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order 2003 are not applicable to the Company.

13. In our opinion, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the Provisions of Clause 4 (xiv) of the Companies Order, 2003 are not applicable to the Company.

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

15. In our opinion and according to information and explanations given to us, the Company has not availed any term loans, therefore, the Clause 4 (xvi) of the Companies Order, 2003 are not applicable to the Company.

16. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, no funds raised on short terms basis have been used for long term long term investments.

17. The Company has not allotted any shares during the financial year.

18. The Company has not issued any debenture during the year. Accordingly the Clause 4 (xix) of Companies (Auditor''s Report) order, 2003 are not applicable to the Company.

19. The Company has not raised any money by public issue during the year and hence the question of disclosure and verifications of end use of such money does not arise.

20. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was notices or reported during the course of our audit.

For Neeraj Ramesh Chandra & Associates

Chartered Accountants

FRN: 017155N

Sd/-

Place: New Delhi Nitesh Garg

Date: 30.05.2013 Partner

M.No.525696

---

Mar 31, 2012

We have audited the attached Balance Sheet of IFM Impex Global Limited, as at 31st March 2012 and the Profit & Loss Account for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that date. 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 mis-statement. 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 statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditor's Report) Order, 2003 as amended by Companies (Auditors Report) (Amendment) Order, 2004 issued by the Government of India in terms of Section 227 (4A) of the Companies Act, 1956 we enclose in the annexure a statement on the matter specified in para 4 and 5 of the said order.

2. Further to our comments in the annexure referred to above. Subject to note no. l(vi), 2 (ii), (vi), (viii), (x), (xi) ,and (xii) of the notes to accounts annexed to and forming part of the accounts in schedule no. 16, 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 and the Profit & Loss Account dealt with by this report are in agreement with the books of account.

d. In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in Section 211(3C) of the Companies Act, 1956.

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

/. In our opinion and to the best of our information and according to explanations given to us, the said accounts together with accounting policies and notes forming part thereof give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view:

i. in the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2012 and;

ii. in the case of the Profit & Loss Account, of the Profit of the Company for the year ended on that date and

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

ANNEXURE TO AUDITORS REPORT

Annexure referred to in para 1 of our report of even date to the shareholders of IFM Impex Global Limited on accounts for the year ended 31st March 2012.

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

(b) The fixed assets have been physically verified by the management at reasonable intervals. No material discrepancies between book records and the physical inventories have been noticed on such verification.

(c) During the year the Company has disposed its flat at Model Town Delhi, to settle its liability of short term borrowings, which the company was obligated to raise in the interests of one time settlement of disputed secured loans with financial institutions.

2. (a) The inventories have been physically verified at reasonable intervals by the management.

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

(c) On the basis of examination of the records of the inventory, we are of the opinion that the company is maintaining proper records of the inventory. The discrepancies noticed on verification between the physical stocks & book records were not material and have been properly dealt with in the books of accounts.

3 (a) The company has not granted any unsecured loans to the parties covered under section 301 of the Companies Act, 1956:

(b) In our opinion and according to the information and explanation given to us, the terms and conditions of loans given by the company are prima facie not prejudicial to the interest of the company.

(c) Reasonable steps have been taken for the recovery of the principal amount in the cases where overdue amount is more then Rupees one lakh.

4. (a) The Company has taken un-secured loans from following parties covered under section301 of the Companies Act, 1956:

S. No. Name of Parties Amount Outstanding As On 31.03.2012

1. Asha Yadav Rs. 2,00,000.00

Note: Items No.-l to 5 include balances brought forward from the previous year.

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

(c) In our opinion and according to the information and explanation given to us, the company is taking reasonable steps to ensure that repayment of Principal amount and interest are regularly made.

5. In our opinion and according to information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of fixed assets and inventory and on the sale of goods. During the course of our audit no major weakness has been noticed in the internal control procedures. We have not observed any failure on the part of the management to take corrective course of action in this regard.

6. (a) In our opinion and according to information and explanations given to us, particulars of contracts and arrangement referred to in section 301 of the Companies Act, 1956 have been entered in the Register required to be maintained under that section.

(b) In our opinion and according to information and explanations given to us, the transactions for the sale or purchase of goods/services made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

7. In our opinion and according to information and explanations given to us, the Company has not

accepted any deposit in violation of provisions contained u/s 58A and 58AA of the Act and Rules framed there under. Neither CLB nor RBI or National Company law Tribunal or any other Tribunal/Court has passed any adverse order against the company.

8. In our opinion, the company has a system of Internal Audit commensurate with its size and nature of its business.

9. As per information and explanations given to us, the central Govt, has not prescribed maintenance of cost records u/s 209 (1) (d) of the Act.

10. According to information and explanations given to us, there is no undisputed amount payable in respect of provident fund, employees state insurance, income tax, sales tax, service tax, wealth tax, customs duty, excise duty, cess and any other statutory dues with the appropriate authorities for more than six months from the date when they became payable.

An amount of Rs. 59,865.54 on account of outstanding Public issue refund is appearing as debit balance with Vysya Bank Limited, Connaught Place, New Delhi branch (as mentioned in the FY 2005-06 audit report). However, the management has failed to produce any balance certificate/confirmation from the bank in respect of the said account & hence the balance remains unreconciled / unconfirmed as on 31.03.2012. The management has represented to us of its efforts in trying to find out this amount with the respective bank branch and if the balance is confirmed then appropriate accounting treatment shall be incorporated in the accounts of current financial year 2012-13.

11. Based on our examination of documents and records and according to the information and explanations given by the management, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

12. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order 2003 are not applicable to the Company.

13. In our opinion, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the Provisions of Clause 4 (xiv) of the Companies Order, 2003 are not applicable to the Company.

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

15. In our opinion and according to information and explanations given to us, the Company has not availed any term loans, therefore, the Clause 4 (xvi) of the Companies Order, 2003 are not applicable to the Company.

16. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, no funds raised on short terms basis have been used for long term long term investments.

17. The Company has not allotted any shares during the financial year.

18. The Company has not issued any debenture during the year. Accordingly the Clause 4 (xix) of Companies (Auditor's Report) order, 2003 are not applicable to the Company.

19. The Company has not raised any money by public issue during the year and hence the question of disclosure and verifications of end use of such money does not arise.

20. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was notices or reported during the course of our audit.

For Neeraj Ramesh Chandra & Associates

Chartered Accountants

FRN:017155N

Sd/-

Place: New Delhi Neeraj Gupta

Date: 30.07.2012 Partner

M.No.093168

---

Mar 31, 2010

We have audited the attached Balance Sheet of IFM Impex Global Limited, as at 31st March 2010 and the Profit & Loss Account for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that date. 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 mis- statement. 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 statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditor's Report) Order, 2003 as amended by Companies (Auditors Report) (Amendment) Order, 2004 issued by the Government of India in terms of Section 227 (4A) of the Companies Act, 1956 we enclose in the annexure a statement on the matter specified in para 4 and 5 of the said order.

2. Further to our comments in the annexure referred to above, Subject to note no. l(vi), 2 (ii), (vi), (viii), (x), (xi) ,and (xii) of the notes to accounts annexed to and forming part of the accounts in schedule no. 16, 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 and the Profit & Loss Account dealt with by this report are in agreement with the books of account.

d. In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in Section 21l(3C) of the Companies Act, 1956.

e. On the basis of written representations received from the directors, as on 31st March 2010, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2010 from being appointed as a 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 explanations given to us, the said accounts together with accounting policies and notes forming part thereof give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view:

i. in the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2010 and;

ii. in the case of the Profit & Loss Account, of the Profit of the Company for the year ended on that date and

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

ANNEXURE TO AUDITORS REPORT

Annexure referred to in para 1 of our report of even date to the shareholders of IFM Impex Global Limited on accounts for the year ended 31st March 2010.

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

(b) The fixed assets have been physically verified by the management at reasonable intervals. No material discrepancies between book records and the physical inventories have been noticed on such verification.

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

2. (a) The inventories have been physically verified at reasonable intervals by the management.

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

(c) On the basis of examination of the records of the inventory, we are of the opinion that the company is maintaining proper records of the inventory. The discrepancies noticed on verification between the physical stocks & book records were not material and have been properly dealt with in the books of accounts.

3 (a) The company has not granted any unsecured loans to the parties covered under section 301 of the Companies Act, 1956:

(b) In our opinion and according to the.information and explanation given to us, the terms and conditions of loans given by the company are prima facie not prejudicial to the interest of the company.

(c) Reasonable steps have been taken for the recovery of the principal amount in the cases where overdue amount is more then Rupees one lakh.

4. (a) The Company has taken un-secured loans to clear the OBC Secured Loan Liabilities from following parties covered under section301 of the Companies Act,1956:

S. Name of Parties Amount Outstanding No As On 31.03.2010

1. Asha Yadav Rs. 16,00,000.00

2. Decent Trading India Rs. 3,98,356.00

3. Satya Pal Chauhan Rs. 1,50,000.00

4. SK Yadav Rs. 2,18,271.12

5. Yashpal Yadav Rs. 1,50,000.00

Note : Items No.-1 to 5 include balances brought forward from the previous year.

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

(c) In our opinion and according to the information and explanation given to us, the company is taking reasonable steps to ensure that repayment of Principal amount and interest are regularly made.

5. In our opinion and according to information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of fixed assets and inventory and on the sale of goods. During the course of our audit no major weakness has been noticed in the internal control procedures. We have not observed any failure on the part of the management to take corrective course of action in this regard.

6. (a) In our opinion and according to information and explanations given to us, particulars of contracts and arrangement referred to in section 301 of the Companies Act, 1956 have been entered in the Register required to be maintained under that section.

(b) In our opinion and according to information and explanations given to us, the transactions for the sale or purchase of goods/services made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

7. In our opinion and according to information and explanations given to us, the Company has not accepted any deposit in violation of provisions contained u/s 58A and 58AA of the Act and Rules framed there under. Neither CLB nor RBI or National Company law Tribunal or any other Tribunal/Court has passed any adverse order against the company.

8. In our opinion, the company has a system of Internal Audit commensurate with its size and nature of its business.

9. As per information and explanations given to us, the central Govt, has not prescribed maintenance of cost records u/s 209 (1) (d) of the Act.

10.According to information and explanations given to us, there is no undisputed amount payable in respect of provident fund, employees state insurance, income tax, sales tax, service tax, wealth tax, customs duty, excise duty, cess and any other statutory dues with the appropriate authorities for more than six months from the date when they became payable.

An amount of Rs. 59,865.54 on account of outstanding Public issue refund is appearing as debit balance with Vysya Bank Limited, Connaught Place, New Delhi branch (as mentioned in the FY 2005-06 audit report). However, the management has failed to produce any balance certificate/confirmation from the bank in respect of the said account & hence the balance remains unreconciled / unconfirmed as on 31.03.2010. The management has represented to us of its efforts in trying to find out this amount with the respective bank branch and if the balance is confirmed then appropriate accounting treatment shall be incorporated in the accounts of current financial year 2010-11.

11. Based on our examination of documents and records and according to the information and explanations given by the management, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

12.The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order 2003 are not applicable to the Company.

13.In our opinion, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the Provisions of Clause 4 (xiv) of the Companies Order, 2003 are not applicable to the Company.

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

15.In our opinion and according to information and explanations given to us, the Company has not availed any term loans, therefore, the Clause 4 (xvi) of the Companies Order, 2003 are not applicable to the Company.

16.According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, no funds raised on short terms basis have been used for long term long term investments.

17.The Company has not allotted any shares during the financial year.

18.The Company has not issued any debenture during the year. Accordingly the Clause 4 (xix) of Companies (Auditor's Report) order, 2003 are not applicable to the Company.

19.The Company has not raised any money by public issue during the year and hence the question of disclosure and verifications of end use of such money does not arise.

20.To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was notices or reported during the course of our audit.

For Neeraj Ramesh Chandra & Associates Chartered Accountants

Neeraj Gupta (Proprietor) - M.No.093168

Place : New Delhi Date : 15.07.2010