Auditor Report of Shelter Infra Projects Ltd.

Mar 31, 2015

The accompanying summary financial statements, which comprise the summary Balance Sheet as at March 31, 2015, the summary statement of Profit & Loss, and Cash Flow Statement for the year then ended, and related notes, are derived from the audited financial statements of Shelter Infra Projects Limited for the year ended March 31, 2015. Those financial statements, and the summary financial statements, do not reflect the effects of events that occurred subsequent to the date of our report on those financial statements. The summary financial statements do not contain all the disclosures required by the Accounting Standards referred to in section 133 of the Companies Act, 2013 ("the Act) [applied in the preparation of the audited financial statements of Shelter Infra Projects Limited]. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of Shelter Infra Projects Limited.

2. Management's Responsibility for the Summary Financial Statements.

Management is responsible for the preparation of the audited financial statements in accordance with [Accounting Standards referred to in section 133 of the Companies Act, 2013. ("the Act) and accounting principles generally accepted in India].

3. Auditor's Responsibility

Our responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted in accordance with Standard on Auditing (SA) 810, "Engagements to Report on Summary Financial Statements" issued by the Institute of Chartered Accountants of India.

4. Basis of qualified opinion

i) Interest on bank borrowings aggregating to Rs. 1217.48 lacs is pending for provision.

This led to understatement of aggregate loss by Rs. 1217.48 lacs which include current year's interest of Rs 470.03 lacs.

ii) Payment against Directors' remuneration since previous financial year aggregating to Rs. 30.41 lacs is pending approval of Department of Company Affairs after application being made to the effect by the Company.

5. Qualified Opinion

In our opinion the summary financial statements derived from the audited financial statements of Shelter Infra Projects Limited for the year ended March 31, 2015, except for possible effect of the matter referred to in '4' above, are fair summary of those financial statements, in accordance with Accounting Standards referred to in of section 133 of the Companies Act, 2013 ("the Act) and accounting principles generally accepted in India.

6. Focus on Emphasis:

a) We invite attention without qualifying of huge amount of overdue debtors lying unrealized as well as unconfirmed for which due scrutiny is warranted for the purpose of creating appropriate provisions if any.

b) Accounts of the company have been complied on the basis of going concern concept despite net worth turning negative with the provision against interest with our consequent inability to comment on extent of adjustments that will be called for against assets and liabilities, if the company loses going concern identity following adverse predicament in days ahead.

7) Report on Other Legal and Regulatory Requirements:

a) As required by the companies (Auditor's Report) order 2015 ( "the Order'') issued by central Government of India in terms of subsection (11) of section 143 of the Companies Act 2013,we give in the Annexure –'A' a statement of the matters specified in paragraph 3 and 4 of the order ,to the extent applicable.

As required by section 143(3) of the act ,we report that

i) We have sought and obtained all the information's and explanations which to the best of our knowledge and belief were necessary for the purpose of the audit.

ii) In our opinion, proper books of accounts as required by law have been kept by the company so far as appears from our examination of those books.

iii) The Balance Sheet, statement of Profit and Loss, and cash flow statements dealt with by this report, are in agreement with the books of account.

iv) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the companies (Account) Rules, 2014

v) 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 is disqualified as on 31st March 2015 from being appointed a director in terms of section 164 (2) of the Act.

vi) With respect to the other matters to be included in the Auditors report in accordance with Rule 11 of the companies (Audit and Auditors) Rules 2014, in our opinion and to the best of our information and explanations given to us

A) The company has disclosed the impact of pending litigations on its financial positions in its financial statements-refer note 21(c)(9) of the financial statements

B) The company did not have derivative contract. Long term contracts undertaken by the company is presently meager in quantum and as such not expected to sustain material loss.

C) There has been no delay in transferring amounts required to be transferred to the Investors Education and Protection fund by a company.



Place: Kolkata

Date: May 28, 2015

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Mar 31, 2014

The accompanying summary Financial statements, which comprise the Summary Balance sheet as at March 31, 2014, the Summary statement of Profit & Loss, and Summary Cash Flow statement for the year then ended and related notes, are derived from the audited financial statement of Shelter Infra Projects Limited for the eyar ended March 31, 2014. We expressed a modified audit opinion on those financial statement in our report dated May 26th, 2014. (for details refer Annexure to this report)

The Summary financial statement do not contain all the disclosures required by the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") applied in the preparation of the audited financial statements of Shelter Infra Projects Limited. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of Shelter Infra Projects Limited.

Management''s Responsibility for the Summary Financial Statements

Management is responsible for the preparation of a summary of the audited financial statements in accordance with [Accounting Standards referred to in Sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") and accounting priniciples generally accepted in India].

Auditor''s Responsibility

Our responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted in accordance with Standard on Auditing (SA) 810, "Engagements to Report on Summary Financial Statements" issued by the Institute of Chartered Accountants of India.

Modified Opinion

In our opinion the summary financial statements derived from the audited financial statements of Shelter Infra Projects Limited for the year ended March 31, 2014, subject to our comments in Annexure are a fair summary of those financial statements, in accordance with Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") and accounting principles generally accepted in India.

Annexure to Independent Auditors Report

BASIS FOR MODIFIED OPINION

1. No actuarial valuation for retirement gratuity to the employees of the Company has been conducted by the Company as per requirement of AS 15 issued by the Institute of Chartered Accountants of India the impact of which on profit for the year has remained unascertainable.

2. Remuneration paid to Whole-time Director amounting to Rs.20.70 lacs (including Rs.4.76 lacs for current year) is subject to approval by the Central Government as per Section 198(4) of the Companies Act, 1956. There is no impact for this on profit for the year. (Refer Note 10 in Notes on Accounts)

3. The Company has not made any provision for Interest on Term Loans and Cash Credit from State Bank of India for the period from 01st October, 2012 to 31st March, 2013 amounting to Rs.747.45 lacs (including Rs.600.75 lacs for current year) resulting in an overstatement of profit for the year by Rs. 600.75 lacs (Refer Note 11 in Notes on Account) Above accounting treatment is contrary to requirement of AS 1 issued by the Institute of Chartered Accountants of India.

4. From the available information, we are unable to ascertain whether provision for Taxation and Advance Income Tax / Tax Deducted at source as on 31st March, 2014 amounting to Rs. 51.54 lacs and Rs. 341.60 Lacs respectively have been properly reflected. There may be revenue impact, which is not ascertainable at this stage. Disputed liability if any has remained undetected.

5. The overall impact of all the observation (Item 1 to 4 above) on the profit for the year and net worth of the Company is not readily ascertainable.

Place: Kolkata Dated: May 26, 2014

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Mar 31, 2013

The accompanying summary Financial statements, which comprise the Summary Balance Sheet as at March 31, 2013, the Summary Statement of Profit & Loss, and Summary Cash Flow statement for the year then ended and related notes, are derived from the audited financial statement of Shelter Infra Projects Limited for the year ended March 31, 2013. We expressed a modified audit opinion on those financial statement in our report dated May 17th, 2013.[for details refer Annexure to this report)

The Summary financial statement do not contain all the disclosures required by the Accounting Standards referred to in sub-section [3C) of section 211 of the Companies Act, 1956 ["the Act"] applied in the preparation of the audited financial statements of Shelter Infra projects Limited . Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of Shelter Infra Projects Limited.

Management''s Responsibility for the Summary Financial Statements Management is responsible for the preparation of a summary of the audited financial statements in accordance with [Accounting Standards referred to in Sub-section [3C) of section 211 of the Companies Act, 1956 ["the Act") and accounting principles generally accepted in India).

Auditor''s Responsibility

Our responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted in accordance with Standard on Auditing (SA) 810, "Engagements to Report on Summary Financial Statements" issued by the Institute of Chartered Accountants of India

Modified Opinion

In our Opinion the summary financial statements derived from the audited financial statements of Shelter Infra Projects Limited for the year ended March 31, 2013 subject to our comments in Annexure are a fair summary of those financial statements, in accordance with Accounting Standards referred to in sub-section [3C) of section 211 of the Companies Act, 1956 ("the Act") and accounting principles generally accepted in India.

Annexure to Independent Auditors Report

BASIS FOR MODIFIED OPINION

1. No actuarial valuation for retirement gratuity to the employees of the Company has been conducted by the Company as per requirement of AS 15 issued by the Institute Of Chartered of India, the impact of which on loss for the year has remained unascertainable.

2. Remuneration paid to Whole - time Director amounting to Rs.15.94 Lac is subject to approval by the Central Government as per Section 198(4) of the Companies Act 1956. There is no impact for this on loss for the Year. (Refer Note 10 in Notes on Accounts)

3. The Company has not made any provision for Interest on Term Loans and Cash Credit from State bank Of India for the period from 01s1 October, 2012 to 31s1 March, 2013 amounting to Rs.l46.70Lac resulting in an understatement of Loss for the year by the said amount (Refer Note 11 Notes on Accounts) Above accounting treatment is contrary to requirement of AS 1 issued by the institute of Chartered Accounts of India.

4. From the available information, we are unable to ascertain whether provision for Taxation and Advance Income Tax / Tax Deducted at source as on 31st March, 2013 amounting to Rs.51.54Lac and Rs.289.84Lac respectively have been properly reflected. There may be revenue impact, which is not ascertainable at this stage . Disputed liability if any has remained undetected.

5. From the available information and explanations we are unable to from an opinion whether advances to certain parties amounting to Rs. 31.10 Crore (included in Short Term Loans Advances under Current Assets in Balance Sheet) are not prejudicial to the interest of the Company. Revenue implication of the observation is not ascertainable at this stage.

6. The Company has received Advance from customers amounting to Rs.17.37 Crore against booking of Residential Flats (included in "Advance from Customers Under Short Term Unsecured Loans in Balance Sheet) which are outstanding around two years without any construction activity for Flats. Under such circumstance we are unable to form an opinion whether such advances are not to be treated as "Public Deposit" as per Rule 2(VI) of the Companies (Acceptance of Deposit Rules) 1975. Revenue implication of the observation is not ascertainable at this stage.

7. The overall impact of all the observation (item 1 to 6above) on the loss for the year and net worth of the Company is not readily ascertainable.

Place: Kolkata

Date:17th May, 2013

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Mar 31, 2012

1. We have audited the attached Balance Sheet of CCAP Limited as at 31st March, 2012 and also the Profit and Loss Statement and the Cash Flow Statement for the year ended on that date annexed there to. 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.

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

3. No actuarial valuation of retirement gratuity has been conducted by the company as per requirement of AS-15 issued by the ICAI, the impact of which on loss for the year has remained unascertainable.

4. As required by the Company's (Auditor's Report) Order 2003 issued by the Government of India in terms of subsection (4A) of Section 227 of Company's Act 1956, we enclose in Annexure A statement on the matters specified in paragraphs 4 & 5 of the said order.

5. Further to our comments in the annexure refer to the above 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 Accounts, as required by law we have been kept by the Company so far as appears from our examination of these books.

c) The Balance Sheet and Profit and Loss Statement and Cash Flow Statement dealt with by this report are in agreement with the Books of accounts.

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

f). In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956 in the manner so required and subject to our comment on actuarial valuation of Gratuity in Para 3 above give a true and fair view on conformity with accounting principles generally accepted in India.

i) In case of Balance Sheet of the state of affairs of Company as on 31st March, 2012 and

ii) In case of Profit and Loss Statement of Loss for the year ended on that date.

iii) In case of Cash Flow Statement, of Cash Flow for the year ended on that date.

ANNEXURE TO AUDITORS' REPORT

Annexure referred to in paragraph 4 of our report on even date

I. 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 during the year and no material discrepancies between the book of records and physical inventory have been noticed.

c) During the year, there has been no significant disposal of the fixed assets.

II. a) The inventory has been physically verified during the year by the Management. In our opinion, the frequency of the verification is reasonable.

b) The procedure of the physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of it's business.

C) The Company is maintaining proper records of the inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

III a) The company has not granted any loan, secured of unsecured to companies, firms and other parties covered in the register maintained under Section 301 of the Companies Act 1956 during the year under audit.

IV. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchases of inventory, fixed assets, billing for construction jobs and services. During the course of our audit, though we have not observed any continuing failure to correct major weaknesses in internal control

V. According to the information and explanations given to us a particular of contracts referred to in Section 301 of the Act have been entered in the register required to be maintained under that section and transactions made in pursuance of such contract have been made at prices which are reasonable having regard to the prevailing market at relevant time.

VI. The company has not accepted any deposit from public.

VII. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

VIII. The Central Government has not prescribed maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956.

IX a) The company is generally regular in depositing with appropriate authorities undisputed Provident Fund. Employees State Insurance, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess with the appropriate authorities. However, there were delays in the few cases as and those outstanding above six months are indicated in item(b) below.

b) According to the information and explanations given to us, the following undisputed statutory dues are outstanding for a period of more than six months at the last day of the financial year from the date they became payable :

SL. Particulars Amount

(a) Income Tax on Dividend 5,92,263

(b) Fringe Benefit Tax 27,749

(c) Service Tax 56,89,487 (d) Municipal Tax 19,57,025 Total 82,66,526

C) According to the information and explanations given to us, there are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise duty and Cess which have not been deposited on account of any dispute except as under :

Statue Nature of Amount Period Forum where dispute Dues (Rs) pending to which the Amount Relates

VAT Act 2003 Sales Tax 18,56,304 2006-07 Joint Commissioner Kolkata, South Circle

Do Do 8,47,015 2008-09 Do

X The Company has no accumulated loss as on 31st March 2012. It has incurred cash losses during the financial year covered by our audit but not in the immediately preceding financial year.

XI The Company has defaulted in repayment of installments of Term Loan of Rs. 16,03,838/- from State Bank of India and interest thereon for Rs. 5,50,736/- and interest on Cash credit for Rs. 87,81,863/-

XII T he Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

XIII In our opinion, 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.

XIV As the company did not deal/trade in securities, and therefore, Clause (XIV) of the Order is not applicable.

XV According to the information and explanations given to us, the Company has not given guarantee for loans taken by others from Bank and Financial Institutions.

XVI In our opinion, the Term Loans have been applied for the purpose for which they were raised.

XVII According to the information and explanations given to us and on overall examination of the Balance Sheet of the Company, we report that the Company used Rs. 24.72 lacs for long term investment in fixed assets for which no long term funds was raised by the Company during the year.

XVIII The Company has not made any allotment of shares to parties and companies covered in register maintained u/s 301 of the Act, during the year under audit.

XIX. The Company did not issue any Debenture during the year under audit.

XX The Company did not make any Public Issue during the year.

XXI According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For G. Basu & Co

Chartered Accountants Firm Registration No. 301174E

T.K. Batabyal

Partner

Kolkata, 29th May, 2012 Membership No. : 008033

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Mar 31, 2010

1. We have audited the attached Balance Sheet of CCAP Limited as at 31st March, 2010 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditors Report) Order 2003 as amended issued by Government of India in terms of sub-section (4A) of Section 227 of the Companies Act 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 & 5 of the said order.

Non compliance of AS-15 (Revised) on actuarial valuation of Gratuity.

Further to our comments in the annexure referred to above 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 Accounts, as required by law have been kept by the Company so far as appears from our examination of these books.

c) The Balance Sheet and Profit & Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the Books of accounts.

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

e) On the basis of the written representations received from the Directors as on 31s1 March, 2010 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31s1 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 the explanations given to us, the said accounts give the information required by the Companies Act, 1956 in the manner so required and subject to our comments on acturial valuation of gratuity give a true and fair view in conformity with the accounting principles generally accepted in India.

i) In the case of Balance Sheet of the state of affairs of Company as at 31st March 2010 and

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

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

Annexure referred to in paragraph 3 of our report of even date.

a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed asset, which is to be updated.

b) The fixed assets have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been no- ticed.

c) During the year, there has been no significant disposal of fixed assets.

II. a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

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) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

III. a) The company has not granted any loans, secured or unsecured to companies, firms and other parties covered in the register maintained under Section 301 of the Companies Act 1956 during the year under audit. Accordingly, we have no comments for items (iii) (a), (b), (c) and (d) of the said order.

b) The Company has taken interest free unsecured loan of Rs. 20 lacs from a Company in earlier which was covered under Section 301 of the Companies Act 1956 for part of this year. The said loan is yet to be refunded.

According to information and explanations given to us terms and conditions are prima facie not prejudicial to the interest of the Company.

IV. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchases of inventory, fixed assets, billing for construction jobs and serv- ices. During the course of our audit, though we have not observed any continuing failure to correct major weaknesses in internal control but the same is to be strengthended.

V. According to the information and explanations given to us, we are of the opinion that there are no transactions of purchase or sale of goods during the year that needed to be entered into the register maintained under 301 of the Companies Act 1956. Accordingly, we have no comments for items V(a) and (b) of the said order.

VI. The company has not accepted any deposit from public.

VII. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

VIII. The Central Government has not prescribed maintenance of cost records under Section 209(1 )(d) of the Companies Act, 1956.

IX. a) The company is regular in depositing with appropriate authorities undisputed Provident Fund,

Investor Education Protection Fund, Employees State Insurance, Sales Tax, Wealth Ta,x, Service Tax, Custom Duty, Excise Duty, Cess with the appropriate authorities.

b) According to the information and explanations given to us, the following undisputed statutory dues are outstanding for a preiod of more than six months at the last day of financial year from the date they became payable.

a) Income Tax on Dividend 3,03,010.00

b) Fringe Benefit Tax 1,87,383.00

c) Service Tax 19,38,180.00

d) Tax deducted at source 1,27,024.00

TOTAL 25,75.597.00

c) According to the information and explanations given to us, there are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess which have not been deposited on account of any dispute.

X. The Company has no accumulated loss as on 31st March, 2010 and has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

XI. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to a Financial Institution or Bank.

XII. The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

XIII. In our opinion, the Company is not a Chit Fund or a Nidhi/Mutuai Benefit Fund/Society. Therefore the provisions of Clause 4(XIII) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

XIV. As the company did not deal / trade in securities, and therefore, clause ( XIV ) of the Order is not applicable.

XV. According to the information and explanations given to us, the Company has not given guarantee for loans taken by others from Bank and Financial Institutions.

XVI. In our opinion, the Term Loans have been applied for the purpose for which they were raised.

XVII. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds raised by the company on short term basis during the year was used for long term investment.

XVIII. The Company has not made any allotment of shares during the year under audit.

XIX. The Company did not issue any Debenture during the year under audit.

XX. The Company did not make any Public Issue during the year.

XXI. According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For G. Basu & Co.

Chartered Accountants

Sd/-

P.K. Chaudhuri

Kolkata (Partner)

18th May, 2010 (M. No. 003814)