Auditor Report of West Leisure Resorts Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of WEST LEISURE RESORTS LIMITED ("the Company"), which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss, Cash Flow Statement 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 of these financial statements that give a true and fair view of the financial position and financial performance 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 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 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 assessment of risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial controls 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 control 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 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 standalone 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,

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015,

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, 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.

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 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 appears from our examination of those books of accounts;

c] The Company does not have any branches;

d] The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with in the Report are in agreement with the books of account;

e] 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;

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

g] 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 information and according to the explanations given to us, we report that;

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 derivatives contracts for which there were any material foreseeable losses;

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

The Annexure referred to in Paragraph 1 of Report on other legal and regulatory requirements in our report to the members of the Company for the year ended 31st March, 2015.

We report that:

i. The Company has no fixed assets;

ii. The Company is engaged in trading of steel bars and due to the nature of the activity, it does not hold inventory of these items at any point of time; hence, the requirement under paragraph 3 (ii) of the Order is not applicable;

iii. The Company has not granted any loans, secured or unsecured during the year to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act 2013 ("the Act"]; hence paragraph 3 (iii) of the Order is not applicable;

iv. In our opinion and according to the information and explanations given to us, there is 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 continuing failure to correct major weaknesses in the internal control system;

v. The Company has not accepted any deposits from public during the year, and hence paragraph 3 (v] of the Order is not applicable;

vi. The Centra] Government has not specified under sub-section (1) of section 148 of the Act for the Company to maintain cost records and hence paragraph 3 (vi) of the Order is not applicable;

vii. (a) According to the information and explanations given to us and according to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including income-tax, profession tax, cess and any other statutory dues applicable to it;

(b) According to the information and explanations given to us, no undisputed amounts in respect of the statutory dues referred above were outstanding as at 31st March, 2015 for a period of more than six months from the date they became payable:

[c] No amount is required to be transferred to investor education and protection fund in accordance with relevant provisions of the Act and the rules made thereunder;

viii. The Company has no accumulated losses as at 31st March, 2015 nor has it incurred any cash losses during the financial year and in the immediately preceding financial year;

ix. The Company has not borrowed any money from any financial institution or bank or through debentures and hence paragraph 3 [ix] of the Order is not applicable;

x. The Company has not given any guarantee for loans taken by others from banks or financial institutions and hence paragraph 3 [x] of the Order is not applicable;

xi. The Company has not obtained any term loans; hence paragraph 3(xi) of the Order is not applicable;

xii. According to the information and explanations given to us by the Management, we report that no fraud on or by the Company has been noticed or reported during the course of audit.

For Rajendra K. Gupta & Associates Chartered Accountants Regd. No. X08373W

Partnerritajendra Kumar Gupta Partner Membership No, 009939 Place: Mumbai Date: 29.05.2015

---

Mar 31, 2014

We have audited the accompanying financial statements of WEST LEISURE RESORTS LIMITED (Formerly known as West Leisure Resorts Private Limited) ("the Company"), which comprise the Balance Sheet as at March 31, 2014 and the Statement of Profit and Loss and 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

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 accounting principles generally accepted in India, including the Accounting Standards notified under the Companies Act, 1956 ("the Act") read with General Circular 15/2013 dated 13th September, 2013, issued by the Ministry of Corporate Affairs, in respect of Section 133 of the Companies Act, 2013. 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. 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 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 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 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 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 notified under the Companies Act, 1956 read with General Circular 15/2013 dated 13th September, 2013, issued by the Ministry of Corporate Affairs, in respect of Section 133 of the Companies Act, 2013;

e) On the basis of written representations received from the directors as on March 31, 2014, and 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 clause (g) of sub-section (1) of Section 274 of the Act.

ANNEXURE TO THE AUDITOR'S REPORT

(Referred to in paragraph 1 of our report of even date)

On the basis of such checks as we considered appropriate and In terms of the information and explanations given to us, we state that: -

1. The Company has no fixed assets;

2. The Company is engaged into trading of cloth and due to the nature of transactions, it does not hold inventory of these items at any point of time, accordingly, the requirement under paragraph 4(ii) of the Order is not applicable;

3. (a) The Company has not granted any loans, secured or unsecured to companies, firms or other parties In the register maintained under section 301 of the Act;

(b) The Company has not taken any loans, secured or unsecured from Companies, firms or other parties In the register maintained under Section 301 of the Act;

4. In our opinion there Is adequate internal control procedure commensurate with the size of the Company and the nature of its business. There is no continuing failure to correct major weaknesses in internal control;

5. (a) In our opinion and according to the information and explanations given to us, particulars of contracts or arrangements referred to in Section 301 of the Act have been entered in the register required to be maintained under that Section;

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements and exceeding the value of Rupees Five Lakhs in respect of any party during the year, have been made at prices which are reasonable, having regard to prevailing market prices at the relevant time;

6. The Company has not accepted any deposits from the public;

7. The Company has an internal audit system commensurate with the size and nature of its business;

8. Since the Company is not engaged in production of any goods, paragraph 4 (viii) of the Order is not applicable;

9. (a) The Company is regular in depositing undisputed statutory dues with the appropriate authorities. There were no undisputed amounts payable in respect of statutory dues as at 31st March,2014 for a period of more than six months from the date they became payable;

(b) There were no outstandings of statutory dues on account of any dispute at the last day of the financial year 2013-14;

10. The Company has no accumulated losses as at March 31,2014 nor has it incurred any cash losses during the financial year and in the immediately preceding financial year;

11. The Company has not made any borrowings from any bank or financial institution and through debentures;

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

13. The Company is not a chit/nidhi/ mutual benefit fund/society;

14. The Company is not dealing or trading in shares, securities, debentures and other investments. The investments are held by the Company in its own name except Investment in Preference Shares of a Company acquired on the last working day of the year (since transferred in Company's name);

15. The Company has not given any guarantee for loans taken by others from banks or financial institutions;

16. The Company has not obtained any term loan;

17. Funds raised on short term basis have not been used for long term investments;

18. The Company has not made any preferential allotment of shares during the year to parties and companies covered In the register maintained u/s 301 of the Act;

19. The Company has not issued any debentures and hence, the question of creating security therefor does not arise;

20. The Company has not raised any money by public issue during the year;

21. No fraud on or by the Company has been noticed or reported during the course of our audit.

For RAJENDRA K.GUPTA & ASSOCIATES CHARTERED ACCOUNTANTS Regd No. 108373 W

RAJENDRA KUMAR GUPTA PARTNER M.NO.009939 Place : Mumbai Date : 30/05/2014