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Auditor Report of Praveen Properties Ltd.

Mar 31, 2015

I have audited the accompanying financial statements of PRAVEEN PROPERTIES LTD (the "Company"), which comprise the Balance Sheet as at March 31, 2015, 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 the year then ended.

II. 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 flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the preparation 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 judgements 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 ahd completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

III. Auditors' Responsibility

My responsibility is to express an opinion on these financial statements based on my audit. I 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.

conducted my audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that 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 judgement, 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 control 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.

believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for my qualified audit opinion on the financial statements.

IV. 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 in terms of section 143(11) of the Act, I give in Annexure a statement on matters specified in paragraph 3 of the said order.

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

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

(b) 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.

(c) In my 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.

(d) On the basis of the written representations received from the directors as on 31st March,2015 taken on record by the Board of Directors, none of the directors are disqualified as on 31st March,2015 from being appointed as a director in terms of section 164(2) of the Act.

(e) 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 my opinion and to the best of my information and according to the explanations given to me:

(i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements;

(ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;

(iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

(Referred to in Paragraph "a" of my Report of even date)

On the basis of such checks as I considered appropriate and according to the information and explanation given to me during the course of my audit, I report that ;

1. In respect of its fixed assets;

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. As explained to me, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in my opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification. '

c. Depreciation is calculated as per the New Provisions under the Companies Act 2013.

d. In my opinion, the Company has not disposed off substantial part of fixed assets during the year and the going concern status of the company is not affected.

2. In respect of its inventories

a. As explained to me, inventories have been physically verified by the management at regular intervals during the year.

b. In my opinion and according to the information and explanation given to me, 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. The Company has maintained proper records of inventories. As explained to me, there were no materials discrepancies noticed on physical verification of inventory as compared to the book records.

3. The Company has not granted or taken any loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under sec 301 of the Act. Hence furnishing of other particulars regarding the above does not arise.

4. In my opinion and according to the information and explanations given to me, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also for the construction activities. During the course of my audit, have not observed any major weaknesses in internal controls.

a) In my opinion and according to the information and explanations given to me the transactions made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained under sec 301 of the Companies Act, 2013 have been so entered.

b) In my opinion the construction receipts are reasonable having regard to the prevailing market prices at the relevant time during the financial year under audit.

5. The Company has not accepted any deposits from the public.

6. In my Opinion, the internal audit system of the Company is commensurate with it's size and nature of business.

7. On the basis of records produced, of the opinion the prima facie cost records and the accounts prescribed the Central Government under provisions of the Companies Act, 2013 in respect of the activities of the company have been maintained. However, was neither required to carry out nor carried out any detailed examination of such accounts and records.

8. There were no disputed statutory dues against Government departments and other authorities during the financial year as at 31st March, 2015 for a period of more than six months from the date of becoming payable.

9. The Company has accumulated loss of Rs.26,57,930/- upto the Financial Year 2013-2014, and has incurred cash loss of Rs.1,98,920/- during the financial year 2014 - 2015 covered by my audit.

10. There were no loans due to any Financial institution or Banks or others. Hence, furnishing of details on these lines does not arise.

11. In my Opinion and according to the information and explanation given to me, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

12. In my opinion the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, clause 4 (xiii) of the Companies (Auditor's Report) order 2003 is not applicable to the Company.

13. The Company is not dealing or trading shares, securities, debentures and other investments. Hence, furnishing of details on these lines does not arise.

14. The Company has not given any guarantee for loans taken by others from Bank or Financial institutions. Hence, furnishing of details on these lines does not arise.

15. The Company has not raised any loans during the financial year. Hence, furnishing of details on these lines does not arise

16. The Company has not raised any funds on short time basis during the financial year. Hence, furnishing of details on these lines does not arise.

17. The Company has not made any preferential allotments of shares during the financial year. Hence, furnishing of details on these lines does not arise.

18. The Company has not issued any debentures during the financial year. Hence, furnishing of details on these lines does not arise.

19. The Company has not raised any money during the financial year. Hence, furnishing of details on these lines does not arise

20. There were no frauds on or by the Company noticed or reported during the year. Hence, furnishing of details on these lines does not arise.

Place: Chennai For Rangan. N. Kannan Date: 22.5.2015 Chartered Accountants


Mar 31, 2014

I have audited the attached Balance Sheet of M/s Praveen Properties Limited as at 31st March 2014 and also the Profit and Loss Account for the year ended on that date annexed thereto and Cash Flow statements for the year ended on that date . These financial statements are the responsibility of the Company''s management. My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audit in accordance with auditing standards generally accepted in India. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.

As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, I enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to my comments in the Annexure referred to above, I report that :

(i) I have obtained all the information and explanations which to the best of my knowledge and belief were necessary for the purpose of my audit.

(ii) In my opinion, proper books of accounts as required by law have been kept by the Company so far as appears from my examination of such books.

(iii) The Balance Sheet, Profit and Loss Account and Cash flow statements dealt with by this report are in agreement with the books of accounts.

(iv) In my opinion, the Balance Sheet, Profit and Loss Account and Cash Flow statement dealt with by this report comply with the mandatory accounting standards referred to in sub-section (3c) of section 211 of the Companies Act, 1956 ;

(v) In my opinion and the based on information and explanation given to me, none of the directors is 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.

(vi) In my opinion and to the best of my information and according to the explanations given to me, the said accounts read together with the significant Accounting Policies and other notes thereon give the information required by the Companies Act 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) In the case of Balance sheet, of the state of affairs of the Company as at 31st March, 2014.

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

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

ANNEXURE A'' TO THE AUDITOR''S REPORT

(Referred to in Paragraph "a" of my Report of even date)

On the basis of such checks as I considered appropriate and according to the information

and explanation given to me during the course of my audit, I report that :

1. In respect of its fixed assets;

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. As explained to me, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in my opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. In my opinion, the Company has not disposed off substantial part of fixed assets during the year and the going concern status of the company is not affected.

2. In respect of its inventories

a. As explained to me, inventories have been physically verified by the management at regular intervals during the year.

b. In my opinion and according to the information and explanation given to me, 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. The Company has maintained proper records of inventories. As explained to me, there were no materials discrepancies noticed on physical verification of inventory as compared to the book records.

3. The Company has not granted or taken any loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under sec 301 of the Act. Hence furnishing of other particulars regarding the above does not arise.

4. In my opinion and according to the information and explanations given to me, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also for the construction activities. During the course of my audit, I have not observed any major weaknesses in internal controls.

a) . In my opinion and according to the information and explanations given to me the transactions made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained under sec 301 of the Companies Act, 1956 have been so entered.

b) In my opinion the construction receipts are reasonable having regard to the prevailing market prices at the relevant time during the financial year under audit.

5. The Company has not accepted any deposits from the public.

6. In my Opinion, the internal audit system of the Company is commensurate with it''s size and nature of business.

7. On the basis of records produced, I of the opinion the prima facie cost records and the accounts prescribed the Central Government under sec. 209 (1)(d) of the Companies Act, 1956 in respect of the activities of the company have been maintained. However, I was neither required to carry out nor carried out any detailed examination of such accounts and records.

8. There were no disputed statutory dues against Government departments and other authorities during the financial year as at 31st March, 2014 for a period of more than six months from the date of becoming payable.

9. The Company has accumulated loss of Rs. 18,30,890/- upto the Financial Year 20122013, and has incurred cash loss of Rs.8,12,620/- during the financial year 2013 -2014 covered by my audit.

10. There were no loans due to any Financial institution or Banks or others. Hence, furnishing of details on these lines does not arise.

11. In my Opinion and according to the information and explanation given to me, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

12. In my opinion the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, clause 4 (xiii) of the Companies (Auditor''s Report) order 2003 is not applicable to the Company.

13. The Company is not dealing or trading shares, securities, debentures and other investments. Hence, furnishing of details on these lines does not arise.

14. The Company has not given any guarantee for loans taken by others from Bank or Financial institutions. Hence, furnishing of details on these lines does not arise.

15. The Company has not raised any loans during the financial year. Hence, furnishing of details on these lines does not arise

16. The Company has not raised any funds on short time basis during the financial year. Hence, furnishing of details on these lines does not arise.

17. The Company has not made any preferential allotments of shares during the financial year. Hence, furnishing of details on these lines does not arise.

18. The Company has not issued any debentures during the financial year. Hence, furnishing of details on these lines does not arise.

19. The Company has not raised any money during the financial year. Hence, furnishing of details on these lines does not arise

20. There were no frauds on or by the Company noticed or reported during the year. Hence, furnishing of details on these lines does not arise.

Place : Chennai-600 094 sd/- RANGAN N. KANNAN Date : 30.05.2014 Chartered Accountant


Mar 31, 2013

Report on the Financial Statements

I have audited the accompanying financial statements of Praveen Properties Limited which comprise the Balance Sheet as at 31st,March , 2013, 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 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. 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 :

My responsibility is to express an'' opinion on these financial statements, based on my audit.

I conducted my audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that I comply with the 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 if the risks of material misstatement of the financial statements, whether due to fraud of error. In making those risk assessments, the auditor considers the internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis'' for my audit opinion.

Opinion : -

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

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

(b) in the case of the Statement of Profit and Loss, of the LOSS 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 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, I 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, I report that:

(a) I have obtained all the information and explanations which to the best of my Knowledge and belief were necessary for the purposes of our audit. .

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

(c) The Balance Sheet, Statement of Profit and Loss, and the Cash Flow Statement dealt 1 with by this Report are in agreement with the books of account.

(d) In my opinion, the Balance Sheet, Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act.

(e) On the basis of the written representations received from the directors as on 31st March, 2013 taken on record by the Board of Directors, 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 Act.

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

On the basis of such checks as I considered appropriate and accordihg to the information and explanation given to me during the course of my audit, I report that :

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

(b) As explained to me, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

(c) In my opinion and according to the information and explanations given to me, no fixed asset has been disposed during the year and therefore does not affect the going concern assumption.

2. (a) As explained to me, inventories have been physically verified during the year by the management at reasonable intervals.

(b) In my opinion and according to the information and explanations given to me, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company arid the nature of its business. * ''

(c) In my opinion and on the basis of my examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

3. (a) According to the information and explanations given to me and on the basis of my examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b), iii (c) and iii (d) of the order are not applicable 1o the Company. .

, (b) According to the information and explanations given to me and on the basis of my '' examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus, sub clauses (f) & (g) are not applicable to the company.

4. In my opinion and according to the information and explanations given to me, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories and fixed assets and payment for expenses and for sale of goods. During the course of my audit, no major instance of continuing failure to correct anyweakness.es in the internal controls has been noticed.

5. a) Based on the audit procedures applied by me and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section, b) As per information and explanations given to me and in my opinion, the transaction entered into, by the company with parties covered u/s 301 of the Act does not exceed five lakhs rupees in a financial year. Therefore, requirement of reasonableness of transactions does not arise.

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

7. As per information and explanations given by the management, the Company has an internal audit system commensurate with , its size and the nature of its business.

8. As per information and explanation given by the management, maintenance of cost records has been prescribed by the Central Government under clause (d) of sub- section (1) of section 209 of the Act and I am of the opinion that prima facie the prescribed accounts and records have been made and maintained.

9. (a) According to the records of the company, 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 to the extent applicable and any other statutory dues have generally been '' regularly deposited with the appropriate authorities. According to the information and explanations given to me there were no outstanding statutory dues as on 31st of March, 2013 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to me, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes. .

10. The Company has accumulated losses of Rs. 15,14,000/- up to the Financial Year 2011 -12 and has not incurred any cash loss in the immediately preceding financial Year 2011-12 but incurred a cash loss of Rs.3,01,960/- during the Financial Year 2012-13 covered by my audit.

11.'' Based on my audit procedures and on the information and explanations given by the management, I am of the opinion that the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. According to the information and explanations given to me, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable to the Company. ,

14. According to information and explanations given to me, the Company is not trading in Shares, Mutual funds & other Investments.,

15. According to the information and explanations given to me, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

16: Based on my audit procedures and on the information given by the management, report that the company has not raised any term loans during the year.

17. Based on the information and explanations given to me and on an overall examination of the Balance Sheet of the Company as at 31st March, 2013, I report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to me by the management, I report that the Company has not made any preferential allotment of shares during the year.

19. The Company has not issued any debentures during the period under audit.

20. The Company has not raised any money by public issue during the year.

21. Based on the audit procedures performed and the information and explanations given to me, I report that no fraud on or by the Company has been noticed or reported during the year, nor have I been informed of such case by the management.

Place : Chennai-600 094 sd/-RANGAN N. KANNAN

Date : 31.05.2013 Chartered Accountant


Mar 31, 2012

I have audited the attached Balance Sheet of Praveen Properties Limited as at 31st March 2012 and also the Profit and Loss Account for the year ended on that date annexed thereto and Cash Flow statements for the year ended on that date. These financial statements are the responsibility of the Company's management. My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audit in accordance with auditing standards generally accepted in India. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.

As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, I enclose in the Annexure 'A' a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to my comments in the Annexure referred to above, I report that:

(i) I have obtained all the information and explanations which to the best of my knowledge and belief were necessary for the purpose of my audit.

(ii) In my opinion, proper books of accounts as required by law have been kept by the Company so far as appears from my examination of such books.

(iii) The Balance Sheet, Profit and Loss Account and Cash flow statements dealt with by this report are in agreement with the books of accounts.

(iv) In my opinion, the Balance Sheet, Profit and Loss Account and Cash Flow statement dealt with by this report comply with the mandatory accounting standards referred to in sub-section (3c) of section 211 of the Companies Act, 1956 ;

(v) In my opinion and based on information and explanation given to me, 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.

(vi) In my opinion and to the best of my information and according to the explanations given to me, the said accounts read together with the significant Accounting Policies and other notes thereon give the information required by the Companies Act 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) In the case of Balance sheet, of the state of affairs of the Company as at 31st March, 2012.

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

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

ANNEXURE 'A' TO THE AUDITOR'S REPORT

(Referred to in my Report of even date)

1. In respect of its fixed assets;

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. As explained to me, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in my opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. In my opinion, the Company has not disposed off substantial part of fixed assets during the year and the going concern status of the company is not affected.

2. In respect of its inventories

a. As explained to me, inventories have been physically verified by the management at regular intervals during the year.

b. In my opinion and according to the information and explanation given to me, 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. The Company has maintained proper records of inventories. As explained to mo, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

3. The Company has not granted or taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under sec 301 of the Act. Hence, furnishing of other particulars regarding the above does net arise.

4. In my opinion and according to the information and explanations given to me, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also for the construction activities. During the course of my audit, I have not observed any major weaknesses in internal controls.

a) In my opinion and according to the information and explanations given to me the transactions made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained under sec 301 of the Companies Act, 1956 have been so entered.

b) In my opinion the construction receipts are reasonable having regard to the prevailing market prices at the relevant time during the financial year under audit.

5. The Company has not accepted any deposits from the public.

6. In my Opinion, the internal audit system of the Company is commensurate with it's size and nature of business.

7. On the basis of records produced, I am of the opinion, prima facie the cost records and the accounts prescribed by the Central Government under sec. 209 (1)(d) of the Companies Act, 1956 in respect of the activities of the company have been maintained. However, I was neither required to carry out nor carried out any detailed examination of such accounts and records.

8. There were no disputed statutory dues against Government departments and other authorities during the financial year as at 31st March, 2012 for a period of more than six months from the date of becoming payable.

9. The Company has accumulated losses of Rs. 24,73,930/- upto the Financial Year 2010 - 2011 and has not incurred any cash loss during the financial year 2011 - 2012 covered by my audit.

10. There were no loans due to any Financial institution or Banks or others. Hence, furnishing of details on these lines does not arise.

11. In my Opinion and according to the information and explanation given to me, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

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

13. The Company is not dealing or trading shares, securities, debentures and other investments. Hence, furnishing of details on these lines does not arise.

14. The Company has not given any guarantee for loans taken by others from Bank or Financial institutions. Hence, furnishing of details on these lines does not arise.

15. The Company has not raised any loans during the financial year. Hence, furnishing of details on these lines does not arise

16. The Company has not raised any funds on short time basis during the financial year. Hence, furnishing of details on these lines does not arise.

17. The Company has not made any preferential allotments of shares during the financial year. Hence, furnishing of details on these lines does not arise.

18. The Company has not issued any debentures during the financial year. Hence, furnishing of details on these lines does not arise.

19. The Company has not raised any money during the financial year. Hence, furnishing of details on these lines does not arise

20. There were no frauds on or by the Company noticed or reported during the year. Hence, furnishing of details on these lines does not arise.



Sd/- RANGAN N. KANNAN Chartered Accountant

Place : Chennai-600 094 Date : 25.05.2012


Mar 31, 2010

I have audited the attached Balance Sheet of Praveen Properties Limited as at 31st March 2010 and also the Profit and Loss Account for the year ended on that date annexed thereto and Cash Flow statements for the year ended on that date. These financial statements are the responsibility of the Companys management. My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audit in accordance with auditing standards generally accepted in India. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.

As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956,1 enclose in the Annexure A a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to my comments in the Annexure referred to above, I report that:

(i) I have obtained all the information and explanations which to the best of my knowledge and belief were necessary for the purpose of my audit.

(ii) In my opinion, proper books of accounts as required by law have been kept by the Company so far as appears from my examination of such books.

(iii) The Balance Sheet, Profit and Loss Account and Cash flow statements dealt with by this report are in agreement with the books of accounts.

(iv) In my opinion, the Balance Sheet, Profit and Loss Account and Cash Flow statement dealt with by this report comply with the mandatory accounting standards referred to in sub-section (3c) of section 211 of the Companies Act, 1956 ;

(v) In my opinion and based on information and explanation given to me, 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.

(vi) In my opinion and to the best of my information and according to the explanations given to me, the said accounts read together with the significant Accounting Policies and other notes thereon give the information required by the Companies Act 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) In the case of Balance sheet, of the state of affairs of the Company as at 31st March, 2010.

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

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

ANNEXURE A TO THE AUDITORS REPORT (Referred to in my Report of even date)

1. In respect of its fixed assets;

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. As explained to me, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in my opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. In my opinion, the Company has not disposed off substantial part of fixed assets during the year and the going concern status of the company is not affected.

2. In respect of its inventories

a. As explained to me, inventories have been physically verified by the management at regular intervals during the year.

b. In my opinion and according to the information and explanation given to me, 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. The Company has maintained proper records of inventories. As explained j to me, there were no material discrepancies noticed on physical verification j of inventory as compared to the book records.

3. The Company has not granted or taken any loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under sec 301 of the Act. Hence, furnishing of other particulars regarding the above does not arise.

4. In my opinion and according to the information and explanations given to me, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also for the construction activities. During the course of my audit, I have not observed any major weaknesses in internal controls.

a) In my opinion and according to the information and explanations given to me the transactions made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained under sec 301 of the Companies Act, 1956 have been so entered.

b) In my opinion the construction receipts are reasonable having regard to the prevailing market prices at the relevant time during the financial year under audit.

5. The Company has not accepted any deposits from the public.

6. In my Opinion, the internal audit system of the Company is commensurate with its size and nature of business.

7. On the basis of records produced, I am of the opinion, prima facie the cost records and the accounts prescribed by the Central Government under sec. 209 (1)(d) of the Companies Act, 1956 in respect of the activities of the company have been maintained. However, I was neither required to carry out nor carried out any detailed examination of such accounts and records.

8. There were no disputed statutory dues against Government departments and other authorities during the financial year as at 31st March, 2010 for a period of more than six months from the date of becoming payable.

9. The Company has accumulated losses of Rs.24,18,020/- upto the Financial Year 2008 - 2009, and has incurred cash loss of Rs.2,51,670/- during the financial year 2009 - 2010 covered by my audit.

10. There were no loans due to any Financial institution or Banks or others. Hence, furnishing of details on these lines does not arise.

11. In my Opinion and according to the information and explanation given to me, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

12. In my opinion, the Company is not a chit fund or a nidhi / mutual benefit fund/ society. Therefore, clause 4 (xiii) of the Companies (Auditors Report) Order, 2003 is not applicable to the Company.

13. The Company is not dealing or trading shares, securities, debentures and other investments. Hence, furnishing of details on these lines does not arise.

14. The Company has not given any guarantee for loans taken by others from Bank or Financial institutions. Hence, furnishing of details on these lines does not arise.

15. The Company has not raised any loans during the financial year. Hence, furnishing of details on these lines does not arise

16. The Company has not raised any funds on short time basis during the financial year. Hence, furnishing of details on these lines does not arise.

17. The Company has not made any preferential allotments of shares during the financial year. Hence, furnishing of details on these lines does not arise.

18. The Company has not issued any debentures during the financial year. Hence, furnishing of details on these lines does not arise.

19. The Company has not raised any money during the financial year. Hence, furnishing of details on these lines does not arise

20. There were no frauds on or by the Company noticed or reported during the year. Hence, furnishing of details on these lines does not arise.

Place : Chennai-600 094 sd/- RANGAN N. KANNAN

Date : 28.05.2010 Chartered Accountant

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