Auditor Report of Tarang Projects and Consultant Ltd.

Mar 31, 2015

1. We have audited the accompanying financial statements of M/s. TARANG PROJECTS AND CONSULTANT LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss, 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

2. 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 to 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 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 financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit.

4. We have taken into account the provisions of the Act and the Rules made thereunder including the accounting standards and matters which are required to be included in the audit report.

5. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards and pronouncements 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.

6. 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 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 controls 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.

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

Opinion

8. 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, of the state of affairs of the Company as at March 31, 2015, and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by 'the Companies (Auditor's Report) Order, 2015', issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act (hereinafter referred to as the "Order"), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

10. 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, except that the back up of the books of accounts and other books and papers maintained in electronic mode has not been maintained on servers physically located in India.

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 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.

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

f. 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 our opinion and to the best of our knowledge and belief and according to the information and explanations given to us:

1. The Company has disclosed the impact, if any, of pending litigations as at March 31, 2015 on its financial position in its financial statements .

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

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

ANNEXURE TO AUDITORS REPORT

i. a) The company has maintained proper records to show full particulars and situation of its fixed assets.

b) The fixed assets have been physically verified by the management during the year as per their regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of the assets. No material discrepancies were noticed on such verification.

ii. The Company does not have stock or inventory.

iii. According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Accordingly, the provisions of clause 3(iii)(a) and (b) of the Order are not applicable to the Company and hence not commented upon.

iv. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any major weakness or continuing failure to correct any major weakness in the internal control system of the Company in respect of these areas.

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

vi. Cost Audit is not applicable to the company.

vii. A. The company is generally regular in depositing appropriate authorities statutory dues including Provident Fund, ESI, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other statutory dues to the extent applicable to it.

B. According to the information and explanation given to us, no undisputed amount is payable in respect of income tax, wealth tax, sales tax, custom duty, and cess were in arrears as at 31st March, 2015 for a period more than 6 months from the date they become payable.

C. According to the information and explanations given to us, there are no dues of sales tax, wealth tax, excise duty and cess to the extent which have not been deposited on account of any dispute.

D. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder.

viii. The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and immediately preceding financial year. The company has profit at the end of the financial year.

ix. According to the information and explanation given to us, the company has not taken any loan from any financial institution, bank or debenture holders.

x. According to the information and explanation given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debenture and other security.

xi. The company is not a chit fund or Nidhi or Mutual Benefit Funds/ Society.

xii. a) According to the information and explanation given to us, the company is maintaining proper records regarding transaction and contracts with timely entries.

b) The shares, securities, debentures and other securities, where ever applicable, have been held by the company, in its own name except to the extent of the exemption, if any, granted under the act.

xiii. According to the information and explanation given to us, and on overall examination of the Balance Sheet of the company, we report that the company has not borrowed Term Loan during the year nor there were any outstanding as on 31-03-2015.

xiv. According to the information and explanation given to us, and on overall examination of the Balance Sheet of the company, we report that no funds raised on the short term is used for long term basis and no long term funds are used for short term basis.

xv. According to the information and explanation given to us, we report that no debentures or shares allotted during the year by the company.

xvi. The company has not raised any money by public issues during the year.

xvii. Based on the audit procedures applied by us and according to the information and explanation given to us, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For R Agrawal & Associates Chartered Accountants Firm Regn. No. 026544N

Rakesh Kumar Agrawal Proprietor Membership No. 065309.

Place: Ghaziabad Date : May 29, 2015

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Mar 31, 2014

1. We have audited the attached Balance Sheet of M/s. TARANG PROJECTS AND CONSULTANT LIMITED as at 31st March, 2014 and also the Profit and Loss Account of the Company for the Year ended on that date annexed there to. The preparation of 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 have conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956. We enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order in so far as they are applicable to the company.

4. Further to our comments in the Annexure referred to above, we expect that:

i. 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.

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

iii. The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account.

iv. In our opinion, the Balance Sheet and Profit & Loss Account dealt with the report comply with the mandatory Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

v. On the basis of the written representation received from the Director''s and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a directors in terms of clause (g) of sub-section (1) of section 274 of the Companies Act 1956. Subject to the matter referred to in paragraph 3 above, in our opinion and to our best of our information and according to the explanation given to us, the Profit & Loss A/c. and Balance Sheet read together with other notes thereon gives in the prescribed manner, 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

(i) In case of Balance Sheet, the state of affairs of the Company as at 31st March, 2014.

(ii) In the case of the Profit and Loss Account, of the Profit of the company for the year ended 31st March, 2014.

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

ANNEXURE TO AUDITORS REPORT

i) a) The company has maintained proper records to show full particulars and situation of its fixed assets.

b) The fixed assets have been physically verified by the management during the year as per their regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of the assets. No material discrepancies were noticed on such verification.

ii) The Company does not have stock or inventory.

iii) During the year the company has not taken/granted loans from companies/firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. As such, this clause is not applicable.

iv) In our opinion and according to the information and explanation given to us, there are adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purpose of inventory and fixed asset and for the sale of inventory whichever is applicable. During the course of audit, no major weakness has been noticed in these internal controls.

v) In our opinion and according to the information and explanations given to us there are no transactions made in pursuance of contracts or arrangement entered into the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs. five lacs in respect of any party during the year.

vi) The provision of the Section 58A and 58AA of the Companies Act, 1956 and Companies (Accepted of Deposit) Rules, 1975 with regard to acceptance of deposits from the public is not applicable to the company.

vii) In our opinion the company is not having an internal audit system commensurate with its size and nature of the business.

viii) Cost Audit is not applicable to the company.

ix) a) The company is generally regular in depositing appropriate authorities statutory dues including Provident Fund, ESI, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other statutory dues to the extent applicable to it.

b) According to the information and explanation given to us, no undisputed amount is payable in respect of income tax, wealth tax, sales tax, custom duty, and cess were in arrears as at 31st March, 2014 for a period more than 6 months from the date they become payable.

c) According to the information and explanations given to us, there are no dues of sales tax, wealth tax, excise duty and cess to the extent which have not been deposited on account of any dispute.

x) The company has profit at the end of the financial year.

xi) According to the information and explanation given to us, the company has not taken any loan from any financial institution, bank or debenture holders.

xii) According to the information and explanation given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debenture and other security.

xiii) The company is not a chit fund or Nidhi or Mutual Benefit Funds/ Society.

xiv) a) According to the information and explanation given to us, the company is maintaining proper records regarding transaction and contracts with timely entries. b) The shares, securities, debentures and other securities, where ever applicable, have been held by the company, in its own name except to the extent of the exemption, if any, granted under Section 49 of the act.

xv) According to the information and explanation given to us, and on overall examination of the Balance Sheet of the company, we report that the company has not borrowed Term Loan during the year nor there were any outstanding as on 31-03-2014.

xvi) According to the information and explanation given to us, and on overall examination of the Balance Sheet of the company, we report that no funds raised on the short term is used for long term basis and no long term funds are used for short term basis.

xvii) During the year, the Company had made further issue of 1,39,00,000 shares to non promoters of the Company on preferential basis. Share price was derived as per SEBI (DIP) Guidelines. The price of the shares is not prejudicial to the interest of the Company. The allotment of shares was not made to the parties or company covered u/s 301 of the Act.

xviii) According to the information and explanation given to us, we report that no debentures allotted during the year by the company.

xix) The company has not raised any money by public issues during the year.

xx) Based on the audit procedures applied by us and according to the information and explanation given to us, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For D M Oza & Associates

Chartered Accountants

Firm Regn. No. : 119407W

D.M. Oza

Proprietor Date : May 30, 2014 Membership No. 106993

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Mar 31, 2013

1. We have audited the attached Balance Sheet of M/s. TARANG PROJECTS AND CONSULTANT LIMITED as at 31st March, 2013 and also the Profit and Loss Account of the Company for the Year ended on that date annexed there to. The preparation of 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 have conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956. We enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order in so far as they are applicable to the company.

4. Further to our comments in the Annexure referred referred to above, we expect that:

i. 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.

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

iii. The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account.

iv. In our opinion, the Balance Sheet and Profit & Loss Account dealt with the report comply with the mandatory Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

v. On the basis of the written representation received from the Director''s and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2013 from being appointed as a directors in terms of clause (g) of sub-section (1) of section 274 of the Companies Act 1956.

Subject to the matter referred to in paragraph 3 above, in our opinion and to our best of our information and according to the explanation given to us, the Profit & Loss A/c. and Balance Sheet read together with other notes thereon gives in the prescribed manner, 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.

(i) In case of Balance Sheet, the state of affairs of the Company as at 31st March, 2013.

(ii) In the case of the Profit and Loss Account, of the Profit of the company for the year ended 31st March, 2013.

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

Annexure to the Auditors report of the even date to the members:

i) a) The company has maintained proper records to show full particulars and situation of its fixed assets.

b) The fixed assets have been physically verified by the management during the year as per their regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of the assets. No material discrepancy were noticed on such verification.

c) The assets disposed off during the year are not significant and therefore do not affected the going concern assumption.

ii) Since the company is a Non-banking Financial Company, this clause is not applicable to the company.

iii) a) During the year the company has not taken loan from companies/firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. As such, this clause is not applicable.

b) However the company had granted loans aggregating to Rs.7.66 lacs in earlier years. Management of the company has informed us that they are taking the necessary steps for the recovery of the outstanding dues.

iv) In our opinion and according to the information and explanation given to us, there are adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purpose of inventory and fixed asset and for the sale of inventory whichever is applicable for it. During the course of audit, no major weakness has been noticed in these internal controls.

v) In our opinion and according to the information and explanations given to us there are no transactions made in pursuance of contracts or arrangement entered into the register maintained under section of the Companies Act, 1956 and exceeding the value of Rs. five lacs in respect of any party during the year.

vi) The provision of the Section 58A and 58AA of the Companies Act, 1956 and Companies (Accepted of Deposit) Rules, 1975 with regard to acceptance of deposits from the public is not applicable to the company.

vii) In our opinion the company is not having an internal audit system commensurate with its size and nature of the business.

viii) Cost Audit is not applicable to the company.

ix) a) The company is generally regular in depositing appropriate authorities statutory dues including Provident Fund, ESI, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other statutory dues to the extent applicable to it.

b) According to the information and explanation given to us, no undisputed amount is payable in respect of income tax, wealth tax, sales tax, custom duty, and cess were in arrears as at 31st March, 2013 for a period more than 6 months from the date they become payable.

c) According to the information and explanations given to us, there are no dues of sales tax, wealth tax, excise duty and cess to the extent which have not been deposited on account of any dispute.

x) The company has accumulated losses of Rs. 2564447/- at the end of the financial year.

xi) According to the information and explanation given to us , the company has not taken any loan from any financial institution, bank or debenture holders.

xii) According to the information and explanation given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debenture and other security.

xiii) The company is not a chit fund or Nidhi or Mutual Benefit Funds/ Society.

xiv) a) According to the information and explanation given to us, the company is maintaining proper records regarding transaction and contracts with timely entries. b) The shares, securities, debentures and other securities, where ever applicable, have been held by the company, in its own name except to the extent of the exemption, if any, granted under Section 49 of the act.

xv) According to the information and explanation given to us, and on overall examination of the Balance Sheet of the company, we report that the company has not borrowed Term Loan during the year not there was any outstanding as on 01-04-2013.

xvi) According to the information and explanation given to us, and on overall examination of the Balance Sheet of the company, we report that no funds raised on the short term is used for long term basis and no long term funds are used for short term basis.

xvii) The company has not made preferential allotment of shares during the year

xviii) According to the information and explanation given to us, we report that no debentures allotted during the year by the company.

xix) The company has not raised any money by public issues during the year.

xx) Based on the audit procedures applied by us and according to the information and explanation given to us, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For D M Oza & Associates

Chartered Accountants

Deepak M Oza

Date : 07.09.2013 Proprietor

Place : Mumbai Membership No. 106993

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Mar 31, 2012

1. We have audited the attached Balance Sheet of M/s. TARANG PROJECTS AND CONSULTANT LIMITED as at 31st March, 2012 and also the Profit and Loss Account of the Company for the Year ended on that date annexed there to. The preparation of 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 have conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956. We enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order in so far as they are applicable to the company.

4. Further to our comments in the Annexure referred referred to above, we expect that:

i. 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.

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

iii. The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account.

iv. In our opinion, the Balance Sheet and Profit & Loss Account dealt with the report comply with the mandatory Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

v. On the basis of the written representation received from the Director''s and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2012 from being appointed as a directors in terms of clause (g) of sub-section (1) of section 274 of the Companies Act 1956.

Subject to the matter referred to in paragraph 3 above, in our opinion and to our best of our information and according to the explanation given to us, the Profit & Loss A/c. and Balance Sheet read together with other notes thereon gives in the prescribed manner, 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.

(i) In case of Balance Sheet, the state of affairs of the Company as at 31st March, 2012.

(ii) In the case of the Profit and Loss Account, of the Loss of the company for the year ended 31st March, 2012.

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

Annexure to the Auditors report of the even date to the members:

i) a) The company has maintained proper records to show full particulars and situation of its fixed assets.

b) The fixed assets have been physically verified by the management during the year as per their regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of the assets. No material discrepancy were noticed on such verification.

c) The assets disposed off during the year are not significant and therefore do not affected the going concern assumption.

ii) Since the company is a Non-banking Financial Company, this clause is not applicable to the company.

iii) a) During the year the company has not taken loan from companies/firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. As such, this clause is not applicable.

b) However the company had granted loans aggregating to Rs.7.66 lacs in earlier years. Management of the company has informed us that they are taking the necessary steps for the recovery of the outstanding dues.

iv) In our opinion and according to the information and explanation given to us, there are adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purpose of inventory and fixed asset and for the sale of inventory whichever is applicable for it. During the course of audit, no major weakness has been noticed in these internal controls.

v) In our opinion and according to the information and explanations given to us there are no transactions made in pursuance of contracts or arrangement entered into the register maintained under section of the Companies Act, 1956 and exceeding the value of Rs. five lacs in respect of any party during the year.

vi) The provision of the Section 58A and 58AA of the Companies Act, 1956 and Companies (Accepted of Deposit) Rules, 1975 with regard to acceptance of deposits from the public is not applicable to the company.

vii) In our opinion the company is not having an internal audit system commensurate with its size and nature of the business.

viii) Cost Audit is not applicable to the company.

ix) a) The company is generally regular in depositing appropriate authorities statutory dues including Provident Fund, ESI, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other statutory dues to the extent applicable to it.

b) According to the information and explanation given to us, no undisputed amount is payable in respect of income tax, wealth tax, sales tax, custom duty, and cess were in arrears as at 31st March, 2012 for a period more than 6 months from the date they become payable.

c) According to the information and explanations given to us, there are no dues of sales tax, wealth tax, excise duty and cess to the extent which have not been deposited on account of any dispute.

x) The company has accumulated losses of Rs. 29,87,804/- at the end of the financial year.

xi) According to the information and explanation given to us , the company has not taken any loan from any financial institution, bank or debenture holders.

xii) According to the information and explanation given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debenture and other security.

xiii) The company is not a chit fund or Nidhi or Mutual Benefit Funds/ Society.

xiv) a) According to the information and explanation given to us, the company is maintaining proper records regarding transaction and contracts with timely entries. b) The shares, securities, debentures and other securities, where ever applicable, have been held by the company, in its own name except to the extent of the exemption, if any, granted under Section 49 of the act.

xv) According to the information and explanation given to us, and on overall examination of the Balance Sheet of the company, we report that the company has not borrowed Term Loan during the year not there was any outstanding as on 01-04-2012.

xvi) According to the information and explanation given to us, and on overall examination of the Balance Sheet of the company, we report that no funds raised on the short term is used for long term basis and no long term funds are used for short term basis.

xvii) The company has not made preferential allotment of shares during the year

xviii) According to the information and explanation given to us, we report that no debentures allotted during the year by the company.

xix) The company has not raised any money by public issues during the year.

xx) Based on the audit procedures applied by us and according to the information and explanation given to us, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For Agrawal Ashok & Associates

Chartered Accountants

Ashok Agrawal

Date : 05.09.2012 Proprietor

Place : Mumbai Membership No. 034436

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Mar 31, 2011

1. We have audited the attached Balance Sheet of M/s. TARANG PROJECTS AND CONSULTANT LIMITED as at 31st March, 2011 and also the Profit and Loss Account of the Company for the Year ended on that date annexed there to. The preparation of 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 have conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956. We enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order in so far as they are applicable to the company.

4. Further to our comments in the Annexure referred to above, we expect that:

i. 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.

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

iii. The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account.

iv. In our opinion, the Balance Sheet and Profit & Loss Account death with the report comply with the mandatory Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

v. On the basis of the written representation received from the Director''s and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2011 from being appointed as a directors in terms of clause (g) of sub-section (1) of section 274 of the Companies Act 1956.

Subject to the matter referred to in paragraph 3 above, in our opinion and to our best of our information and according to the explanation given to us, the Profit & Loss A/c. and Balance Sheet read together with other notes thereon gives in the prescribed manner, 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.

(i) In case of Balance Sheet, the state of affairs of the Company as at 31st March, 2011.

(ii) In the case of the Profit and Loss Account, of the Loss of the company for the year ended 31st March, 2011.

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

Annexure to the Auditors report of the even date to the members:

i) a) The company has maintained proper records to show full particulars and situation of its fixed assets.

b) The fixed assets have been physically verified by the management during the year as per their regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of the assets. No material discrepancy were noticed on such verification.

c) The assets disposed off during the year are not significant and therefore do not affected the going concern assumption,

ii) Since the company is a Non-banking Financial Company, this clause is not applicable to the company..

iii) a) During the year the company has not taken loan from companies/firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. As such, this clause is not applicable.

b) However the company had granted loans aggregating to Rs.7.66 lacs in earlier years. Management of the company has informed us that they are taking the necessary steps for the recovery of the outstanding dues.

iv) In our opinion and according to the information and explanation given to us, there are adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purpose of inventory and fixed asset and for the sale of inventory whichever is applicable for it. During the course of audit, no major weakness has been noticed in these internal controls.

v) In our opinion and according to the information and explanations given to us there are no transactions made in pursuance of contracts or arrangement entered into the register maintained under section of the Companies Act, 1956 and exceeding the value of Rs. five lacs in respect of any party during the year.

vi) The provision of the Section 58A and 58AA of the Companies Act, 1956 and Companies (Accepted of Deposit) Rules, 1975 with regard to acceptance of deposits from the public is not applicable to the company.

vii) In our opinion the company is not having an internal audit system commensurate with its size and nature of the business.

viii) Cost Audit is not applicable to the company.

ix) a) The company is generally regular in depositing appropriate authorities statutory dues including Provident Fund, ESI, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other statutory dues to the extent applicable to it.

b) According to the information and explanation given to us, no undisputed amount is payable in respect of income tax, wealth tax, sales tax, custom duty, and cess were in arrears as at 31st March, 2011 for a period more than 6 months from the date they become payable.

c) According to the information and explanations given to us, there are no dues of sales tax, wealth tax, excise duty and cess to the extent which have not been deposited on account of any dispute.

x) The company has accumulated losses of Rs. 27,17,366/- at the end of the financial year.

xi) According to the information and explanation given to us , the company has not taken any loan from any financial institution, bank or debenture holders.

xii) According to the information and explanation given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debenture and other security.

xiii) The company is not a chit fund or Nidhi or Mutual Benefit Funds/ Society.

xiv) a) According to the information and explanation given to us, the company is maintaining proper records regarding transaction and contracts with timely entries. b) The shares, securities, debentures and other securities, where ever applicable, have been held by the company, in its own name except to the extent of the exemption, if any, granted under Section 49 of the act.

xv) According to the information and explanation given to us, and on overall examination of the Balance Sheet of the company, we report that the company has not borrowed Term Loan during the year not there was any outstanding as on 01-04-2011.

xvi) According to the information and explanation given to us, and on overall examination of the Balance Sheet of the company, we report that no funds raised on the short term is used for long term basis and no long term funds are used for short term basis.

xvii) The company has not made preferential allotment of shares during the year

xviii) According to the information and explanation given to us, we report that no debentures allotted during the year by the company.

xix) The company has not raised any money by public issues during the year.

xx) Based on the audit procedures applied by us and according to the information and explanation given to us, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For Agrawal Ashok & Associates

Chartered Accountants

Ashok Agrawal

Date : 05.09.2011 Proprietor

Place : Mumbai Membership No. 034436