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Auditor Report of Vital Communications Ltd.

Mar 31, 2011

1. We have audited the attached Balance Sheet of M/s Vital communications Ltd. as at 31st March, 2011 profit & Loss Account and Cash Flow Statement of that date for the period 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.

2. 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.

3. As required by the Companies (Auditor's Report) Order 2003, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies act, 1956 (hereinafter referred to as the Act'), we enclosed in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent applicable:

4. Further to our comments in paragraph 3 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, proper books of accounts as required by law have been kept by the Company, so far as it appears from our examination of such books.

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

(iv) In our opinion the Profit & Loss Account and the Balance Sheet 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 is disqualified as on 31st March 2010 from being appointed as a director in terms of clause(g) of sub-section(l) of section 274 of the Companies Act,1956.

(vi) In our opinion and to the best of out 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 Balance Sheet of the state of affairs of the Company asat31stMarch,2011

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

(c) In the case of Cash Flow Statement for the year ended on that date

ANNEXURE TO THE AUDITORS REPORT

and on the basis of such checks of the books & records of the company as we considered appropriate and according to the information and explanations given to us, we further report that:

(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) The Company has physically verified during the year all its Fixed Assets, in accordance with a programme of verification, which in our opinion provides for physical verification of the fixed assets at reasonable intervals. According to the information and explanations given to us no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, the Company has not made any disposals of any fixed assets during the year.

(ii) (a) The Inventory has been physically verified by the management during the current year. In our opinion the frequency of such verification is reasonable.

(b) The procedure for 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 its business.

( c) The company has maintained proper records of inventory. No discrepancies were noticed on the physical verification between the physical stock and books records were not material.

(iii) (a) The Company has neither taken nor granted any loans, secured or unsecured from Companies, Firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956.

(b) Since the company has neither taken nor granted Loans to Companies, covered in the Register maintained under Section 301 of the Companies Act, 1956. Therefore issue of rate of interest and other terms and conditions of loan are not applicable.

( c) The company has neither taken nor granted loan to , companies , covered in the Register maintained under Section 301 of the Companies Act, 1956, Therefore issue of payment of principal are not applicable.

(d) Since the company has neither taken nor granted any loans from Companies, Firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956, therefore issue of overdue balance is not applicable.

(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 the business for the purchase of inventory and fixed assets and for the sale of goods.

(v) (a) Based on the audit procedure applied by us and according to the information and explanations provided by the management, we are of the opinion that there is no transactions that need to be entered into the register maintained under Section 301.

(b) In our opinion and according to the information and explanations give to us, there are no transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 and exceeding the value of Five lakh rupees in respect of any party during the year.

(vi) The company has not accepted any deposit during the year from the public with in the meaning of provisions of Section u/s 58 A and 58 AA of the Companies Act 1956 and the rules made there under. Hence, this clause is not applicable to the company.

(vii) In our opinion, the company has an internal audit system commensurate with its size and the nature of its business.

(viii) As informed to us, the Central Government has not prescribed the maintenance of cost records under section 209(1 )(d) of the companies Act, 1956.

(ix) According to the information and explanations given to us, the company is regular in depositing undisputed statutory dues, including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income- tax, Sales tax, Wealth Tax, Custom Duty, Excise Duty, cess and any other statutory dues as applicable with appropriate authorities during the year. As at 31.3.2011 there are no undisputed dues payable for a period of more than six months from the date they became payable.

(x) The Company neither have accumulated losses at the end of the year, nor incurred cash losses during the current year and the immediately preceding financial year.

(xi) According to the information and explanation given to us there has been dispute of the company with the financial institution and bank with regard to the loan amount since a long time therefore repayment of loan stands pending.

(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 provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the company.

(xiv) In our opinion the company is not dealing in shares, securities, debentures and other investments.

(xv) According to the information and explanation given to us, the company has not given any guarantee for the loans taken by others from banks and financial institutions.

(xvi) The company has not taken any term loan during the year.

(xvii) In our opinion and according to the information and explanations given to us and as shown by the records examined by us no funds raised on short term basis have been used for long term investment and vice versa.

(xviii) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s 301 of the Companies Act, 1956 during the year.

(xix) The company has not issued any debenture, therefore the clause is not applicable

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

(xxi) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

For G.P.Keshri & Associates

Chartered Accountants

Place : New Delhi

(Gopal Prasad keshri) Dated : 05 September2011 Prop.

Firm Reg.No.017251N

M.No. 098476


Mar 31, 2009

1. We have audited the attached Balance Sheet of M/s Vital communications Ltd. as at 31st March, 2009 profit & Loss Account and Cash Flow Statement of that date for the period 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. 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.

3. As required by the Companies (Auditors Report) Order 2003, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies act, 1956 (hereinafter referred to as the Acf), we enclosed in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent applicable:

4. Further to our comments in paragraph 3 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, proper books of accounts as required by law have been kept by the Company, so far as it appears from our examination of such books.

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

(iv) In our opinion the Profit & Loss Account and the Balance Sheet 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 31 st March, 2009 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2008 from being appointed as a director in terms of clause(g) of sub-section(l) of section 274 of the Companies Act,1956.

(vi) In our opinion and to the best of out 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 Balance Sheet of the state of affairs of the Company as at 31st March,2009

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

(c) In the case of Cash Flow Statement for the year ended on that date

ANNEXURE TO THE AUDITORS REPORT and on the basis of such checks of the books & records of the company as we considered appropriate and according to the information and explanations given to us, we further report that:

(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) The Company has physically verified during the year all its Fixed Assets, in accordance with a programme of verification, which in our opinion provides for physical verification of the fixed assets at reasonable intervals. According to the information and explanations given to us no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, the Company has not made any disposals of any fixed assets during the year.

(ii) (a) The Inventory has been physically verified by the management during the current year. In our opinion the frequency of such verification is reasonable.

(b) The procedure for 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 its business.

(c) The company has maintained proper records of inventory. No discrepancies were noticed on the physical verification between the physical stock and books records were not material.

(iii) (a) The Company has neither taken nor granted any loans, secured or unsecured from Companies, Firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956.

(b) Since the company has neither taken nor granted Loans to Companies, covered in the Register maintained under Section 301 of the Companies Act, 1956. Therefore issue of rate of interest and other terms and conditions of loan are not applicable.

(c) The company has neither taken nor granted loan to , companies , covered in the Register maintained under Section 301 of the Companies Act, 1956, Therefore issue of payment of principal are not applicable.

(d) Since the company has neither taken nor granted any loans from Companies, Firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956, therefore issue of overdue balance is not applicable.

(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 the business for the purchase of inventory and fixed assets and for the sale of goods.

(v) (a) Based on the audit procedure applied by us and according to the information and explanations provided by the management, we are of the opinion that there is no transactions that need to be entered into the register maintained under Section 301.

(b) In our opinion and according to the information and explanations give to us, there are no transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 and exceeding the value of Five lakh rupees in respect of any party during the year.

(vi) The company has not accepted any deposit during the year from the public with in the meaning of provisions of Section u/s 58 A and 58 AA of the Companies Act 1956 and the rules made there under. Hence, this clause is not applicable to the company.

(vii) In our opinion, the company has an internal audit system commensurate with its size and the nature of its business.

(viii) As informed to us, the Central Government has not prescribed the maintenance of cost records under section 209(1 )(d) of the companies Act, 1956.

(ix) According to the information and explanations given to us, the company is regular in depositing undisputed statutory dues, including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income- tax, Sales tax, Wealth Tax, Custom Duty, Excise Duty, cess and any other statutory dues as applicable with appropriate authorities during the year. As at 31.3.2009 there are no undisputed dues payable for a period of more than six months from the date they became payable.

(x) The Company neither have accumulated losses at the end of the year, nor incurred cash losses during the current year and the immediately preceding financial year.

(xi) According to the information and explanation given to us there has been dispute of the company with the financial institution and bank with regard to the loan amount since a long time therefore repayment of loan stands pending.

(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 provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the company.

(xiv) In our opinion the company is not dealing in shares, securities, debentures and other investments.

(xv) According to the information and explanation given to us, the company has not given any guarantee for the loans taken by others from banks and financial institutions.

(xvi) The company has not taken any term loan during the year.

(xvii) In our opinion and according to the information and explanations given to us and as shown by the records examined by us no funds raised on short term basis have been used for long term investment and vice versa.

(xviii) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s 301 of the Companies Act, 1956 during the year.

(xix) The company has not issued any debenture, therefore the clause is not applicable

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

(xxi) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

For G.P.Keshri & Associates Chartered Accountants

Place: New Delhi

(Gopal Prasad keshri) Dated: 05 September 2009 Prop.

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