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Auditor Report of TTI Enterprise Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of M/S. TTI ENTERPRISE LTD. ("the Company") which comprise the Balance Sheet as at 31 March, 2015, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility For The Financial Statements

The Company's 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 and presentation 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 the 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 the 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 control, 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

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

We 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 thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give 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 operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

OPINION

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

(i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31 March 2015;

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

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

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 of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters Specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

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

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

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

d. In our opinion, the 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 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. In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:

i. The Company does not have any pending litigations which would impact its financial position.

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 required to be transferred by the Company to the Investor Education and Protection Fund.

The Annexure referred to in Our Report of even date to the members of TTI ENTERPRISE LTD.

On the financial statements of the company for the year ended 31st March, 2015.

On the basis of such checks as we considered appropriate and according to the information and Explanations given to us during the course of our audit, we report that:

i) The Company does not have any Fixed Assets. Consequently clause 3(i)(a) and 3(i)(b) of the order are not applicable to the company.

ii) The Company is engaged in the business of granting loans, making investments and trading in shares and does not have any physical inventory / stocks. Consequently clause 3(ii)a, 3(ii)b and 3(ii)c of the order are not applicable to the company. As per the information and explanation made available to us, the Company is periodically reconciling its Stock of shares with the Depository Statements and with Broker Ledgers.

iii) As per the information and explanation given to us, the Company has not granted any loans to companies, firms or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013. Consequently clause 3(iii)(a), 3(iii)(b) of the order are not applicable to the company.

iv) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business. The activities of the Company do not involve purchase of inventory and Fixed Assets and sale of goods and services. Further, on the basis of our examination of the books and records of the company, and according to the information and explanation given to us, we have neither come across nor have been informed of any continuing failure to correct major weakness in the aforesaid internal control systems of the company.

v) In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public and therefore, the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 of the Companies Act, 2013 or any other relevant provisions and Rules there under are not applicable to the Company.

vi) As informed to us, the Central Government has not prescribed maintenance of cost records under sub section (1) of Section 148 of the Act, in respect of the activities carried on by the Company.

vii) In respect of statutory dues:

a. According to the records of the company and information and explanations given to us, the Company has generally been regular in depositing undisputed statutory dues, including Income-tax, Tax deducted at sources, Professional Tax, Service Tax, and other material statutory dues applicable to it, with the appropriate authorities.

b. According to the information and explanations given to us, there were no undisputed amounts payable in respect of Income-tax and other material statutory dues in arrears /were outstanding as at 31st March, 2015 for a period of more than six months from the date they became payable.

c. According to the information and explanations given to us, there were no amounts which were required to be transferred by the Company to the Investor Education and Protection Fund.

viii) The company does not have any accumulated losses at the end of financial year. The company has not incurred any Cash losses during the Financial Year covered by our Audit and the immediately preceding financial year.

ix) According to the information and explanation provided to us the company has not defaulted in repayment of dues to a financial institution or bank or any debenture holders.

x) In our opinion, and according to the information and the explanation given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions during the year.

xi) According to the information and explanation given to us, the Company has not taken any term loans.

xii) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, during the year nor have we been informed of such a case by the management.

For R Bhutra & Co Chartered Accountants FRN: 320010E

(Vikash Chamaria) (Partner) Membership No. : 061966

Place: Kolkata Date: 20th May 2015


Mar 31, 2014

We have audited the accompanying financial statements of TTI Enterprise Limited which comprise the Balance Sheet as on 31st March, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year ended 31st March, 2014, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

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

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

b) in the case of the Statement of Profit and Loss, of the Profit 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.

Report on Other Legal and Regulatory Requirements

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

2. As required by section 227(3) of the Act, we report that:

a. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

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

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

d. In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

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

Annexure referred to in our Report of even date on the Accounts of TTI Enterprise Limited, for the year ended 31st March, 2014.

i) The Company does not have any Fixed Assets. Consequently clause 4(i)a, 4(i)b and 4(i)c of the order are not applicable to the company.

ii) The Company does not have any physical inventory / stocks. Consequently clause 4(ii)a, 4(ii)b and 4(ii)c of the order are not applicable to the company. As per the information and explanation made available to us the Company is periodically reconciling its Stock of shares with the Depositiory Statement and with Broker Ledgers.

iii) As per the Information and explanation given to us the Company has neither granted nor taken any loans, secured or unsecured, to or from companies, firms or other parties covered in the register maintained under Section 301 of the Act. Consequently clause 4(iii)(b), 4(iii)(c), 4(iii)(d), 4(iii)f and 4(iii)(g) of the order are not applicable to the company.

iv) In our opinion and as per the Explanation given to us the Internal Control systems are commensurate with the size and nature of the business undertaken by the Company. Further, on the basis of our examination of the books and records of the company, and according to the information and explanation given to us we have neither come across nor have been informed of any continuing failure to correct major weakness in the aforesaid internal control system.

v) On the basis of information and explanation given to us, the particulars of contracts and arrangements referred to in section 301 of the Companies Act have been entered, wherever required, in the register required to be maintained under that section. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts and arrangements and exceeding value of five lakhs rupees in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

vi) In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public and therefore, the provisions of Section 58A and 58AA of the Companies Act, 1956 and Rules there under are not applicable to the Company.

vii) In our Opinion the Company has an internal audit system commensurate with the size and the nature of business of the company.

viii) The Central Government has not prescribed the maintenance of any cost records for the company.

ix) According to the Information and explanation provided to us the Company is regular in depositing with the appropriate authorities the undisputed statutory dues. No undisputed amounts were outstanding as on 31st March, 2014 for a period of more than six months from the date they became payable.

x) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

xi) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders. Accordingly the provisions of clause xi are not applicable.

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

xiii) The Company is not a Chit Fund, Nidhi or Mutual benefit society. Consequently the requirements of clause xiii are not applicable to the company.

xiv) According to the information and explanation given to us and records examined by us in respect of dealing in shares, Securities, debentures and others investments in our opinion and according to the information and explanation given to us, proper records have been maintained of the transaction and contracts and timely entries have been made therein. The shares, securities and other investment have been held by the Company in its own name. In cases where the shares are not held in its own name, the Company is holding valid transfer deeds for the same.

xv) On the basis of records made available to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

xvi) According to the information and explanation given to us the company has not taken any Term Loans.

xvii) According the information and explanation given to us and records examined by us the funds raised on short term basis, if any, have not been used for long term investment during the year.

xviii) According the information and explanation given to us and records examined by us the company has not made any preferential allotment of shares during the year.

xix) According the information and explanation given to us and records examined by us the Company did not have any outstanding debentures during the year nor has it issued any debenture during the financial year.

xx) According the information and explanation given to us and records examined by us the company has not raised any money by public issue during the year.

xxi) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such a case by the management.

Place: Kolkata For Vikash Chamaria & Co. Date: 23rd May, 2014 Chartered Accountants

Firm No.325174E Vikash Chamaria M No. 61966


Mar 31, 2013

We have audited the accompanying financial statements of TTI Enterprise Limited which comprise the Balance Sheet as on 31st March, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year ended 31st March, 2013, and a summary of significant accounting policies and other explanatory information.

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 ("the Act"). 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.

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

In our opinion and to the best of our information and according to the explanations given to us, 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 March 31, 2013;

b) in the case of the Profit and Loss Account, of the profit/ 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.

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

2. As required by section 227(3) of the Act, we report that:

a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books

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

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

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

f) Since the 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.

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of TTI Enterprise Limited on the accounts of the company for the year ended 31st March, 2013.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

i) The Company does not have any Fixed Assets. Consequently clause 4(i)a, 4(i)b and 4(i)c of the order are not applicable to the company.

ii) The Company does not have any physical inventory / stocks. Consequently clause 4(ii)a, 4(ii)b and 4(ii)c of the order are not applicable to the company. Stock of shares is periodically reconciled with the Depositiory Statement and with Broker Ledgers.

iii) The Company has neither granted nor taken any loans, secured or unsecured, to or from companies, firms or other parties covered in the register maintained under Section 301 of the Act. Consequently clause 4(iii)(b), 4(iii)(c), 4(iii)(d), 4(iii)f and 4(iii)(g) of the order are not applicable to the company.

iv) Internal Control systems are commensurate with the size and nature of the business undertaken by the Company. No Failures have been observed to correct weakness in internal control systems of the company.

v) On the basis of information and explanation given to us, the company has not entered in any transaction required to be recorded in register mentioned under Section 301 of the Act. Consequently clause 4(v)a and 4(v)b of the order are not applicable to the company.

vi) The company has not accepted any deposits from the public.

vii) The Company has an internal audit system commensurate with the size and the nature of business of the company.

viii) The Central Government has not prescribed the maintenance of any cost records for the company.

ix) The Company is regular in depositing with the appropriate authorities the undisputed statutory dues. No undisputed amounts were outstanding as on 31st March, 2013 for a period of more than six months from the date they became payable.

x) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

xi) The Company did not have any outstanding dues to any financial institution, banks or debenture holders during the year.

xii) The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) The Company is not a Chit Fund, Nidhi or Mutual benefit society. Consequently the requirements of clause xiii are not applicable to the company.

xiv) In respect of dealing in shares, Securities, debentures and others investments in our opinion and according to the information and explanation given to us, proper records have been maintained of the transaction and contracts and timely entrees have been made therein. The shares, securities and other investment have been held by the Company in its own name.

xv) On the basis of records made available to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

xvi) The company has not taken any Term Loans.

xvii) The company has not raised any short-term funds during the year.

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

xix) The Company did not have any outstanding debentures during the year.

xx) The company has not raised any money by public issue during the year.

xxi) To the best of our knowledge, no fraud was noticed or reported on or by the company.

Place: Kolkata For Vikash Chamaria & Co. Date: 21st May, 2013 Chartered Accountants Firm No.325174E

Vikash Chamaria Proprietor M No. 61966


Mar 31, 2012

We have audited the attached Balance Sheet of TTI Enterprise Ltd. as on 31st March, 2012 and also the Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material 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. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor''s Report) (Amendment) Order 2004 issued by the Central Government of India in terms of Sub-section (4A) of section 227 of the Companies Act, 1956, and on the basis of such checks of the books & records of the company as we considered appropriate and the information & explanations given to us during the course of our audit, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, we report that:

i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit.

ii) In our opinion, the company has kept proper books of account as required by Law so far as appears from our examination of those books.

iii) The Balance Sheet, Profit & Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account.

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

v) 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 of the Company 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 Act.

vi) 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 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. 2012;

(b) In the case of the 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 flow for the year ended on that date.

Annexure referred to in paragraph 3 of our Report of even date on the Accounts of TTI Enterprise Limited, for the year ended 31st March, 2012.

i) The Company does not have any Fixed Assets. Consequently clause 4(i)a, 4(i)b and 4(i)c of the order are not applicable to the company.

ii) The Company does not have any physical inventory / stocks. Consequently clause 4(ii)a, 4(ii)b and 4(ii)c of the order are not applicable to the company. Stock of shares is periodically reconciled with the Depositiory Statement and with Broker Ledgers.

iii) The Company has neither granted nor taken any loans, secured or unsecured, to or from companies, firms or other parties covered in the register maintained under Section 301 of the Act. Consequently clause 4(iii)(b), 4(iii)(c), 4(iii)(d), 4(iii)f and 4(iii)(g) of the order are not applicable to the company.

iv) Internal Control systems are commensurate with the size and nature of the business undertaken by the Company. No Failures have been observed to correct weakness in internal control systems of the company.

v) On the basis of information and explanation given to us, the company has not entered in any transaction required to be recorded in register mentioned under Section 301 of the Act. Consequently clause 4(v)a and 4(v)b of the order are not applicable to the company.

vi) The company has not accepted any deposits from the public.

vii) The Company has an internal audit system commensurate with the size and the nature of business of the company.

viii) The Central Government has not prescribed the maintenance of any cost records for the company.

ix) The Company is regular in depositing with the appropriate authorities the undisputed statutory dues. No undisputed amounts were outstanding as on 31st March, 2012 for a period of more than six months from the date they became payable.

x) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

xi) The Company did not have any outstanding dues to any financial institution, banks or debenture holders during the year.

xii) The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) The Company is not a Chit Fund, Nidhi or Mutual benefit society. Consequently the requirements of clause xiii are not applicable to the company.

xiv) In respect of dealing in shares, Securities, debentures and others investments in our opinion and according to the information and explanation given to us, proper records have been maintained of the transaction and contracts and timely entrees have been made therein. The shares, securities and other investment have been held by the Company in its own name.

xv) On the basis of records made available to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

xvi) The company has not taken any Term Loans.

xvii) The company has not raised any short-term funds during the year.

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

xix) The Company did not have any outstanding debentures during the year.

xx) The company has not raised any money by public issue during the year.

xxi) To the best of our knowledge, no fraud was noticed or reported on or by the company.

Place: Kolkata For Vikash Chamaria & Co. Date: 24.05.2012 Chartered Accountants

Firm No.325174E Vikash Chamaria Proprietor M No. 61966


Mar 31, 2011

We have audited the attached Balance Sheet of Tycoon Trades & Investments Ltd. as on 31st March, 2011 and also the Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material 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. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor''s Report) (Amendment) Order 2004 issued by the Central Government of India in terms of Sub-section (4A) of section 227 of the Companies Act, 1956, and on the basis of such checks of the books & records of the company as we considered appropriate and the information & explanations given to us during the course of our audit, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, we report that:

i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit.

ii) In our opinion, the company has kept proper books of account as required by Law so far as appears from our examination of those books.

iii) The Balance Sheet, Profit & Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account.

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

v) On the basis of written representations received from the Directors as on 31st March, 2011 and taken on record by the Board of Directors, we report that none of the directors of the Company is disqualified as on 31St March, 2011 from being appointed as a director in terms of Clause (g) of Sub-section (1) of Section 274 of the Act.

vi) 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 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. 2011;

(b) In the case of the 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 flow for the year ended on that date.

Annexure referred to in paragraph 3 of our Report of even date on the Accounts of Tycoon Trades and Investments Limited, for the year ended 31st March, 2011.

i) The Company does not have any Fixed Assets. Consequently clause 4(i)a, 4(i)b and 4(i)c of the order are not applicable to the company.

ii) The Company does not have any physical inventory / stocks. Consequently clause 4(ii)a, 4(ii)b and 4(ii)c of the order are not applicable to the company.

iii) The Company has neither granted nor taken any loans, secured or unsecured, to or from companies, firms or other parties covered in the register maintained under Section 301 of the Act. Consequently clause 4(iii)(b), 4(iii)(c), 4(iii)(d), 4(iii)f and 4(iii)(g) of the order are not applicable to the company.

iv) Internal Control systems are commensurate with the size and nature of the business undertaken by the Company. No Failures have been observed to correct weakness in internal control systems of the company.

v) On the basis of information and explanation given to us, the company has not entered in any transaction required to be recorded in register mentioned under Section 301 of the Act. Consequently clause 4(v)a and 4(v)b of the order are not applicable to the company.

vi) The company has not accepted any deposits from the public.

vii) The Company has an internal audit system commensurate with the size and the nature of business of the company.

viii) The Central Government has not prescribed the maintenance of any cost records for the company.

ix) The Company is regular in depositing with the appropriate authorities the undisputed statutory dues. No undisputed amounts were outstanding as on 31st March, 2011 for a period of more than six months from the date they became payable.

x) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

xi) The Company did not have any outstanding dues to any financial institution, banks or debenture holders during the year.

xii) The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) The Company is not a Chit Fund, Nidhi or Mutual benefit society. Consequently the requirements of clause xiii are not applicable to the company.

xiv) In respect of dealing in shares, Securities, debentures and others investments in our opinion and according to the information and explanation given to us, proper records have been maintained of the transaction and contracts and timely entrees have been made therein. The shares, securities and other investment have been held by the Company in its own name.

xv) On the basis of records made available to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

xvi) The company has not taken any Term Loans.

xvii) The company has not raised any short-term funds during the year.

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

xix) The Company did not have any outstanding debentures during the year.

xx) The company has not raised any money by public issue during the year.

xxi) To the best of our knowledge, no fraud was noticed or reported on or by the company.

Place: Kolkata For Vikash Chamaria & Co. Date: 21.05.2011 Chartered Accountants Firm No.325174E Vikash Chamaria Proprietor M No. 61966

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