Notes to Accounts of Shaival Reality Ltd.

Mar 31, 2015

1. The Company does not have accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by the audit and also in the immediately preceding financial year.

2. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions, banks and debenture holders.

3. The Company has not given guarantees for loans taken by others from banks and financial institutions.

4. The Company has raised new term loans during the year. The term loans outstanding at the beginning of the year and those raised during the year have been applied for the purposes for which they were raised.

5. In our opinion and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

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Mar 31, 2014

1. Contingent liabilities not provided for in the Accounts: Rs. NIL

2. Estimated amount of contracts remaining to be executed on Capital Account: Rs. NIL

3. We have relied on internal evidences certified by management, in case where external evidences in respect of expenses are not available.

4. Trade Payables and Loans & Advances are subject to confirmations from parties and subject to reconciliation, if any.

5. In the opinion of Board of Directors, the aggregate value of the current asserts, on realization in the ordinary course of business, will not be less than the amount at which are stated in the form of balance sheet.

6. Previous year figures are regrouped wherever necessary.

7. During the year no amount was expended in the foreign currency and there was no earning in foreign currency.

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Mar 31, 2013

(2) NOTES ON ACCOUNTS

1. Contingent liabilities not provided for in the Accounts: Rs. NIL

2. Estimated amount of contracts remaining to be executed on Capital Account: Rs. NIL

3. We have relied on internal evidences certified by management, in case where external evidences in respect of expenses are not available.

4. Trade Payables and Loans & Advances are subject to confirmations from parties and subject to reconciliation, if any.

5. In the opinion of Board of Directors, the aggregate value of the current asserts, on realization in the ordinary course of business, will not be less than the amount at which are stated in the form of balance sheet.

6. Previous year figures are regrouped wherever necessary.

7. During the year no amount was expended in the foreign currency and there was no earning in foreign currency.

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Mar 31, 2012

1. Contingent liabilities not provided for in the Accounts: Rs. NIL

2. Estimated amount of contracts remaining to be executed on Capital Account: Rs. NIL

3. We have relied on internal evidences certified by management, in case where external evidences in respect of expenses are not available.

4. Trade Payables and Loans & Advances are subject to confirmations from parties and subject to reconciliation, if any.

5. In the opinion of Board of Directors, the aggregate value of the current asserts, on realization in the ordinary course of business, will not be less than the amount at which are stated in the form of balance sheet.

6. Previous year figures are regrouped wherever necessary.

7. During the year no amount was expended in the foreign currency and there was no earning foreign currency.

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Mar 31, 2011

(1). Contingent liabilities not provided for in the Accounts: - Rs. NIL.

(2). Estimated amount of contracts remaining to be executed on

Capital Account:- Rs. NIL

(3). We have relied on internal evidences, certified by Directors in case where external evidences are not available.

(4). Sundry Creditors. Loans and Advance are subject to confirmation from parties and subject to reconciliation, if any.

(5). In the opinion of Board of Directors, the aggregate value of the current assets, on realization in the ordinary course of business, will not be less than the amount at which they are stated in the balance sheet.

(6). Information required under part IV of Schedule V! of the Companies Act, 1956 is as per Annexure A.

(7). Previous year figures are regrouped whenever necessary.

(8). During the year no amount was expended in foreign currency and there was no earning in foreign currency.