Auditor Report of Ajwa Fun World & Resorts Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial statements of AJWA FUN WORLD AND
RESORT LIMITED ("the Company"), which comprise of the Balance Sheet as at 31/03/2025, the
Statement of Profit and Loss, Statement of Cash Flow for the year then ended, notes to the
standalone financial statements including a summary of the significant accounting policies and other
explanatory information.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone financial statements give the information required by the Companies Act 2013,
as amended, (the Act) in the manner so required and give a true and fair view in conformity with the
Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies
(Indian Accounting Standards) Rule, 2015, as amended and other accounting principles generally
accepted in India, of the state of affairs of the Company as at 31/03/2025 and its Profit for the
period ended on that date.

Basis of Opinion

We conducted our audit of the standalone financial statements in accordance with the standards on
auditing specified under the Act. Our responsibilities under those standards are further described in
the Auditor''s Responsibility for the Audit of the Standalone Financials statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are
relevant to our audit of the standalone financial statements under the provisions of the Act and the
Rules made thereunder and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence obtained by us
is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial
statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance
in our audit of the standalone Ind AS financial statements of the current period. These matters were
addressed in the context of our audit of the standalone Ind AS Financial Statements as a whole, and
informing our opinion thereon, and we do not provide a separate opinion on these matters.

Discontinuation of Entertainment Park Business :

The Company has closed down its Entertainment Park business. All buildings, plant & machineries of
water park, amusement park and resort have been scrapped and majority of them have also been
sold out.

Other Information

The Company''s Board of Directors are responsible for the other information. The other information
comprises the letter from the management, Director''s Report, Management Discussion and Analysis,
Business Responsibility Report and Corporate Governance Report but does not include the
standalone financial statements and our auditor''s report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the
other information identified above, when it becomes available and in doing so, consider whether the
other information is materially inconsistent with the standalone financial statements or our
knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to communicate the matter to those charged with governance.
We have nothing to report in this regard.

Management''s Responsibility for the Standalone Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Act,
with respect to the preparation of these standalone 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. 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.

In preparing the standalone financial statements, the Board of Directors is responsible for assessing
the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the management either
intends to liquidate the Company or to cease operations or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance
but is not a guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.

As a part of an audit in accordance with the SAs, we exercise professional judgement and maintain
professional skepticism throughout the audit.

We also,

• Identify and assess the risks of material misstatement of the standalone financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis
of our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentation or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we
are also responsible for expressing our opinion on whether the Company has adequate
Internal Financial Controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the management.

• Conclude on the appropriateness of management''s use of the going concern basis of
accounting and based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company''s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor''s report to the related disclosures in the
standalone financial statements or if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditor''s
report. However, future events or conditions may cause the Company to cease to continue
as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial
statements, including the disclosures and whether the standalone financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the financial statements may be influenced. We consider quantitative

materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the
results of our work and (ii) to evaluate the effect of any identified misstatements in the standalone
financial statements.

We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings including any significant deficiencies in
internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with the
relevant ethical requirements regarding independence and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence and
where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the standalone financial statements of the current
period and are therefore the key audit matters. We describe these matters in our audit''s report
unless law or regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because the
adverse consequences of doing so would reasonable by expected to outweigh the public interest
benefits of such communication.

Our responsibility is to express an opinion on these standalone 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 there under.

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 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 standalone financial statements that give a
true and fair view in order to design audit procedures that are appropriate in the circumstances. 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.

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.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor''s Report) Order, 2020, issued by the department of company
affairs, in terms of sub section 11 of section 143 of the companies Act, 2013, we give in the
Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent
applicable.

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.

(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 standalone financial statements comply with the Indian
Accounting Standards specified under Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as amended.

(e) On the basis of the written representations received from the directors as on 31/03/2025
taken on record by the Board of Directors, none of the directors is disqualified as
31/03/2025 from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financial reporting of the
company and the operating effectiveness of such controls, refer to our separate Report in
Annexure B. Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company''s internal financial controls over financial reporting.

(g) With respect to the matters to be included in the Auditor''s Report in accordance with
requirement of Section 197(16) of the Act, as amended,

In our opinion and to the best of our information and according to the explanations given to
us, the remuneration paid during the current year by the Company to its directors is in
accordance with the provisions of Section 197 of the Act.

(h) 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:

i. The company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses during the year ended 31/03/2025.

ii. There were no amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company during the year ended 31/03/2025.

iii. (a) The Management has represented that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been advanced or
loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) by the Company to or in any other person or entity, including foreign
entity (Intermediaries), with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
Company (Ultimate Beneficiaries) or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.

(b) The Management has represented, that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been received by
the Company from any person or entity, including foreign entity (Funding Parties), with
the understanding, whether recorded in writing or otherwise, that the Company shall,
whether directly or indirectly, lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under sub clause (i) and (ii) of Rule 11(e), as provided
under (a) and (b) above, contain any material misstatement.

iv. No dividend has been declared by the Company during the year.

v. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 (as amended) provides for
books of accounts to have the feature of audit trail, edit log and related matters in the
accounting software used by the Company. As informed by the management, the
accounting software used by the Company is having the necessary audit trail and audit
log feature.

For S P V P & Co.

Chartered Accountants
Firm Reg. No. : 155159W
Peer Review No. 015919

Date : May 29, 2025
Place : Vadodara

CA. Jitendra C. Patel

Partner

Membership No. : 129067
UDIN : 25129067BMINUM7422

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Mar 31, 2024

We have audited the accompanying standalone Ind AS financial statements of Ajwa Fun World And Resorts
Ltd ["the Company") which comprises the Balance Sheet as at March 31, 2024, the Statement of Profit and
Loss (including Other Comprehensive Income), Statement of Changes in Equity and statement of cash flows for
the year then ended, and notes to the financial statements, including a summary of significant accounting
policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
standalone Ind AS 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 Ind AS and accounting principles generally accepted in India, of
the state of affairs of the Company as at March 31, 2024, and profit/loss, total comprehensive income, the
changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of
the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor''s
Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India
together with the ethical requirements that are relevant to our audit of the standalone Ind AS financial
statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgement, were of most significance in our
audit of the standalone Ind AS financial statements of the current period. These matters were addressed in the
context of our audit of the Standalone Ind AS financial statements as a whole, and informing our opinion
thereon, and we do not provide a separate opinion on these matters.

Information Other than the Standalone Financial Statements and Auditor''s Report Thereon

The Company''s Board of Directors is responsible for the other information. The other information
comprises the information included in the Management Discussion and Analysis, Board''s Report including
Annexures to Board''s Report, Business Responsibility Report, Corporate Governance and Shareholder''s
Information, but does not include the standalone financial statements and our auditor''s report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
standalone financial statements or our knowledge obtained in the audit or otherwise appears to be
materially

Misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Ind AS 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 standalone Ind AS financial statements that give a
true and fair view of the financial position, financial performance, including other comprehensive income,
changes in equity and cash flows of the Company in accordance with accounting principles generally accepted
in India, including Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 implementation and maintenance of accounting policies; making judgments and
estimates that arereasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls thatwere operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the standalone Ind AS financial statement that give a
true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Ind AS financial statements, management is responsible for assessing the Company''s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the company''s financial reporting process.

Auditor''s Responsibilities for the Audit of Standalone Ind AS Financial Statement

Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS financial statements
as awhole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
standalone Ind AS financial statements.

A further description of the auditor''s responsibilities for the audit of the standalone Ind AS financial
statements is included in Annexure A. This description forms part of our auditor''s report.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the
Annexure B 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 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.

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

d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting
Standards specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31st March, 2024 taken on
record by the Board of Directors, none of the directors is disqualified as on 31st March, 2024 from being
appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the Internal Financial Control with reference to Financial Statements of
the Company and the operating effectiveness of such controls

g) In our opinion and to the best of our information and according to the explanations given to us, the
remuneration paid by the Company to its directors during the year is in accordance with the provisions of
section 197(16) of the Act.

h) 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:

i) The Company has disclosed the impact of pending litigations on its financial position in previous year in
its standalone Ind AS financial statements - Refer to the Standalone Ind AS financial statements; The
Company does not have any pending litigations which would impact its financial positioning current
year.

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

iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education
and Protection Fund by the Company.

iv) Those charged with governance has represented that, to best of its knowledge.

i) Based on our examination which included test checks, the company has used an accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has
operated throughout the year for all relevant transactions recorded in the software. Further, during the course of
our audit we did not come across any instance of audit trail feature being tampered with.

For AALAP PARIKH & ASSOCIATES
Chartered Accountants
FRN:147728

CA Aalok Patel
Partner
M. No 163903

UDIN: 24163903BKBKVS3439
Place: Vadodara
Date: 29.05.2024

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Mar 31, 2014

We have audited the accompanying financial statements of AJWA FUN WORLD & RESORT LIMITED which comprise the Balance Sheet as at 31 March 2014, 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

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. read with the General Circular 15/3013 dated 13th September, 2013 of the MCA 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. 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:

i. in the case of the balance sheet, of the state of affairs of the Company as at 31 March 2014;

ii. in the case of the statement of profit and loss, of the profit for the year ended on that date; and

iii. 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"), as amended, 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 the books of the company.

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 sub-section (3C) of Section 211 of the Companies Act, 1956; and read with the General Circular 15/3013 dated 13th September, 2013 of the MCA in respect of section 133 of the Companies Act, 2013

e. on the basis of written representations received from the directors as on 31 March 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

The Annexure referred to in our report to the members,of AJWA FUN WORLD & RESORT LIMITED for the year ended 31 March 2014. We report that:

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 and on the basis of such checks as we considered appropriate, we further report that:

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

(b) As explained to us, the fixed assets have been physically verified by the management during the year. We have been informed that no serious discrepancies were noticed on such verification.

(c) In our opinion, the company has not disposed of substantial part of the fixed assets during the year.

(ii) (a) In our opinion the stocks of the stores, eatables & beverages, spare parts etc. have been physically verified by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the discrepancies noticed on verification, which were not material, have been properly dealt within the books of account.

(iii) (a) The Company has taken interest free unsecured loan from the parties covered in register maintained u/s. 301 of the Companies Act, 1956 and the yearend balance was Rs. 3,32,71,584/- The Company has granted interest free unsecured loan to two parties covered in register maintained u/s. 301 of the Companies Act, 1956 and the yearend balance was Rs. 54,49,636/-.

(b) In our opinion, the rate of interest and other terms and conditions on which loans have been taken / granted from the parties listed in the register maintained u/s.301 of the Companies Act are not, prima facie, prejudicial to the interest of the company.

(c) In respect of interest - free loans taken/granted by the company, principal amount is repayable on demand.

(d) There are no overdue amounts of loans taken/granted by the company as these loans are repayable on demand (iv) In our opinion and according to the information and explanations given to us, there are adequate internal procedures commensurate with the size of the Company and nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. Further on the basis of our examination and according to the information and explanations given to us, we have not come across any instance of major weaknesses in internal controls. (v) (a) In our opinion and according to the information and explanation given to us, the transactions that need to entered into the register maintained u/s.301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information given to us, there are no transactions in pursuance of the contract or arrangements entered in the register maintained u/s.301 of the Companies Act, 1956 aggregating during the year to Rs. 5,00,000 or more.

(vi) As per the information and explanations given to us, the company has not accepted deposits from public and has not complied with any of the directives issued by the Reserve Bank of India and the provisions of Section 58AA of the act and the rules framed there under in respect of such deposits.

(vii) The Company does not have any internal audit system. (viii) This clause is not applicable as the Company is not a manufacturing Company.

(ix) (a) According to the records of the Company and the information and explanations given to us, detail of dues of Sales tax, Income tax, Custom tax, Wealth tax, Excise duty and Cess which have not been deposited as on 31st March 2014 on account of any dispute are given below :

NAME OF THE NATURE OF PERIOD TO WHICH THE AMOUNT STATUTE DUES AMOUNT RELATES (Rs.)

Gujurat Electricity Installation 01.04.1997 to 31.03.1998 1.95.070 Board Charges & Interest

NAME OF THE STATUTE FORUM WHERE DISPUTE PENDING PAYMENT

Gujurat Electricity Board Gujurat Electricity Board

(x) The accumulated losses at the end of the financial year are more than fifty percent of its net worth.

The company has not incurred any cash losses during the financial year.

(xi) In our opinion and according to information and explanation given to us, the company has not defaulted in the repayment of dues to banks, financial institutions and debenture holders.

(xii) in our opinion and according to the information and explanations 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) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions clauses 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

(xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to us, the Company has not given guarantees for loans taken by others from banks or financial institutions which are prejudicial to the interest of the Company.

(xvi) This clause is not applicable as the Company has not obtained any loans in the nature of term loan, during the financial year.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short term basis have been used for long term assets and no long term loans have been used to finance short term assets.

(xviii) According to the information and explanations given to us, during the period covered by our audit report, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

(xix) This clause is not applicable as the Company has not issued any debentures.

(xx) During the period covered by our report, the Company has not raised any money by way of a public issue.

(xxi) To the best of our knowledge and belief and according to the information and explanations give to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For PORWAL & PORWAL CHARTERED ACCOUNTANTS FRN : 118727W N.N. PORWAL Place: Mumbai PARTNER Date: 25-08-2014 M.No.049610

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of AJWA FUN WORLD & RESORT LIMITED which comprise the Bafance Sheet as at 31 March 2013, Ihe Statement of Profit and Loss and the Cash Flow Statement for Ihe 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 Ihe preparation of these financial statements thai give a true and fair view of the financial posrtion, financial performance and cash flows of the Company in accordance with the Accounting Standards refened to in sub-section (3C) of section 211 of the Companies Act, 1§56. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of Ihe financial statements that give a Irue and fair view and are free from matenal misstatement, whether due to fraud or emor.

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 thai we comply wilh ethical requirements and plan and perform Ihe audit to obtain reasonable assurance about whether Ihe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about Ine 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 pnnciples generally accepted in India:

i. in the case of Ihe balance sheet, of the state of affairs of the Company as at 31 March 2013;

ii. in the case of the statement of profit and lossr of the profit for the year ended on that date; and

iii. in the case of the cash flow statement, of the cash flows for the year ended on thai date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order"), as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of Ihe 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 Ihe 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 the books of the company.

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, Ihe Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in sub-seclion (3C) of Section 211 of the Companies Act, 19SS: and

e. on the basis of written representations received from the directors as on 31 March 2013. and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1&56.

The Annexure referred Id in our report to the members of AJWA FUN WORLD &. RESORT LIMITED for [he year ended 31 March 2013. We report thai:

As required by the Companies (Auditors'' Report} Order, 2003 issued by the Central Government of India in terms of sub-section 4Aof section 227 of The Companies Act, 1956 and on the basis of such checks as we considered appropnate, we further report thai:

(i) (a) In respect of fixed assets, the Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) As explained to us, the fixed assets have been physically venfied by the management during the year. We have been informed that no senous discrepancies were noticed on such verification. {c} In our opinion, the company has not disposed of substantial part of the fixed assets during the year. (ii) {a) In our opinion the stocks of the stores, eatables &. beverages, spare parts etc. have been physically venfied by the management at reasonable intervals.

(b) In our opinion and according to the infonTialion and explanations given to us, the procedures of physical verification of slocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the discrepancies noticed on verification, which were not material, have been properly dealt within the books of account.

(iii)fa}The Company has taken interest free unsecured loan from the parties covered in register maintained u/s. 301 of the Companies Act, 1956 and the yearend balance was Rs. 33,183,740/-

The Company has granted interest free unsecured loan to two parties covered in register maintained u/s. 301 of the Companies Acl, 1956 and the yearend balance was Rs. 425,394/-.

{b) In our opinion, the rate of interest and other terms and conditions on which loans have been taken / granted from Ihe parties listed in the register maintained u/s.3Q1 of the Companies Act are not, prima facie, prejudicial to the interest of the company.

(c) In respect of interest - free loans taken/granted by the company, principal amount is repayable on demand.

There are no overdue amounts of loans taken/granted by the company as these loans are repayable on demand

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal procedures commensurate with the size of the Company and nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. Further on the basis of our examination and according to the information and explanations given to us, we have not come across any instance of major wealtnesses in internal controls.

v) (a) In our opinion and according to the information and explanation given to us, the transactions that need to entered into the register maintained u/s.301 of the Companies Act. 1956 have been so entered.

(b) In our opinion and according to the information given to us, there are no transactions in pursuance of the contract or arrangements entered in the register maintained u/s.301 of the Companies Act, 1956 aggregating during the year to Rs. 5,00,000 or more.

(vi) As per the information and explanations given to us. the company has not accepted deposits from public and has not complied with any of the directives issued by the Reserve Bank of India and Ihe provisions of Section 56AA of the act and the ruies framed there under in respect of such deposits.

(vii) The Company does not have any internal audit system.

{viii} This clause is not applicable as the Company is not a manufacturing Company. (ix) {a) According to the records of the Company and the information and explanations given to us. detail of dues of Sales tax, Income tax. Custom tax.

(x) The accumulated losses at the end of Ihe financial year are more than frfty percent of its net worth. The company has not incurred any cash losses during the financial year

(xi) In our opinion and according to information and explanation given lo U3r the company has not defaulted in the repayment of dues to banks, financial institutions and debenture holders.

{xii) In our opinion and according to the information and explanations 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) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions clauses 4{xiii) of the Companies (Auditor''s Report} Order. 2003 are not applicable to the Company.

(xiv} In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4{xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to us, the Company has not given guarantees for loans taken by others from banks or financial institutions which are prejudicial to the interest of the Company.

(xvi) This clause is not applicable as the Company has not obtained any loans in the nature of term loan, during the financial year.

(xvii) According lo the information and explanations given lo us arid on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short term basis have been used for kwg term assets and no long term loans have been used to finance short term assets. (xviii} According lo the information and explanations given to us, during Ihe period covered by our audit report, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act. 1956. (xix} This clause is not applicable as the Company has not issued any debentures. {xxj During the period covered by our report, the Comsany has not raised any money by way of a public issue.

xxi To the best of our knowledge and belief and according to the information and explanations give to us, no fraud on or by the Company has been noticed or reported during the course of our audit

For PORWAL & PORWAL

CHARTERED ACCOUNTANTS

FRN No. 118727W

N.N. PORWAL

Place : Mumbai PARTNER

Date: 30-0B-2013 M.No.049610

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Mar 31, 2012

We have audited the attached Balance Sheet of AJWA FUN WORLD & RESORT LIMITED as at 31st March 2012, the Profit & Loss Account for the year ended on that date both 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.

1. 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.

2. 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.

3. 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 the books of the company.

4. The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the Books of Account.

5. i) Provision for Gratuity & Leave Encashment, in accordance with Accounting Standard - 15, is not made in the accounts.

ii) Segment Reporting in accordance with Accounting Standard - 17, has not been made in accounts.

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

6. On the basis of the written representations received from the directors, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

7. In our opinion and to the best of our information and according to the explanations given to us, the said accounts, together with the notes thereon, give the information required under the Companies Act, 1956 in the manner so required and give a true and fair view:

(a) In the case of the Balance Sheet of the state of affairs of the Company as at 31st March, 2012; and

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

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 and on the basis of such checks as we considered appropriate, we further report that:

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

(b) As explained to us, the fixed assets have been physically verified by the management during the year. We have been informed that no serious discrepancies were noticed on such verification.

(c) In our opinion, the company has not disposed of substantial part of the fixed assets during the year.

(ii) (a) In our opinion the stocks of the stores, eatables & beverages, spare parts etc. have been physically verified by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the discrepancies noticed on verification, which were not material, have been properly dealt within the books of account.

(iii) (a) The Company has taken interest-free unsecured loans from two parties covered in the register maintained u/s.301 of the Companies Act, 1956 and the year end balance was Rs. 2,95,38,195/-. The Company has granted interest free unsecured loan to one party covered in register maintained u/s. 301 of the Companies Act, 1956 and the year end balance was Rs. 4,12,894/-.

(b) In our opinion, the rate of interest and other terms and conditions on which loans have been taken / granted from the parties listed in the register maintained u/s.301 of the Companies Act are not, prima facie, prejudicial to the interest of the company.

(c) In respect of interest - free loans taken/granted by the company, principal amount is repayable on demand.

(d) There are no overdue amounts of loans taken/granted by the company as these loans are repayable on demand

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal procedures commensurate with the size of the Company and nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. Further on the basis of our examination and according to the information and explanations given to us, we have not come across any instance of major weaknesses in internal controls.

(v) (a) In our opinion and according to the information and explanation given to us, the transactions that need to entered into the register maintained u/s.301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information given to us, there are no transactions in pursuance of the contract or arrangements entered in the register maintained u/s.301 of the Companies Act, 1956 aggregating during the year to Rs. 5,00,000 or more.

(vi) As per the information §nd explanations given to us, the company has not accepted deposits from public and has not complied with any of the directives issued by the Reserve Bank of India and the provisions of Section 58AA of the act and the rules framed there under in respect of such deposits.

(vii) The Company does not have any internal audit system.

(viii) This clause is not applicable as the Company is not a manufacturing Company.

(ix) (a) According to the records of the Company and the information and explanations given to us, detail of dues of Sales tax, Income tax, Custom tax, Wealth tax, Excise duty and Cess which have not been deposited as on 31st March 2012 on account of any dispute are given below:

NAME OF THE NATURE OF PERIOD TO WHICH THE AMOUNT FORUM WHERE STATUTE DUES AMOUNT DISPUTE PENDING RELATES (Rs.) PAYMENT

INSTALLATION GUJURAT GUJURAT ELECTRICIY BOARD CHARGES & 01.04,1997 TO 31.03.1998 195,070 ELECTRICITY INTEREST BOARD

THE COMMISSIONER OF ENTERTAINMENT 01.01.2002 COLLECTOR TO 31.03.2005 29,88,583 OFFICE VADODARA ENTERTAINMENT TAX

(x) The accumulated losses at the end of the financial year are more than fifty percent of its net worth. The company has not incurred any cash losses during the financial year.

(xi) In our opinion and according to information and explanation given to us, the company has not defaulted in the repayment of dues to banks, financial institutions and debenture holders.

(xii) In our opinion and according to the information and explanations 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) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions clauses 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

(xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

(xv) In bur opinion and according to the information and explanations given to us, the Company has not'' given guarantees for loans taken by others from banks or financial institutions which are prejudicial to the interest of the Company.

(xvi) This clause is not applicable as the Company has not obtained any loans in the nature of term loan, during the financial year.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short term basis have been used for long term assets'' and no long term loans have been used to finance short term assets.

(xviii) According to the information and explanations given to us, during the period covered by our audit report, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

(xix) This clause is not applicable as the Company has not issued any debentures.

(xx) During the period covered by our report, the Company has not raised any money by way of a public issue.

(xxi) To the best of our knowledge and belief and according to the information and explanations give to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For PORWAL & PORWAL

CHARTERED ACCOUNTANTS

N.N. PORWAL

PLACE: MUMBAI PARTNER

DATED: 29th August 2012 M.No.49610

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Mar 31, 2011

We have audited the attached Balance Sheet of AJWA FUN WORLD & RESORTS LIMITED as at 31st March 2011, the Profit & Loss Account for the year ended on that date both annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is 1o express an opinion on these financial statements based on our audit.

1. 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 ou r opinion.

2. 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.

3. 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 the books of the company.

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

5. t) Provision for diminution in the value of investments to recognize the decline other than

temporary, in accordance with Accounting Standard -13, is not made in the accounts.

ii) Provision for Gratuity & Leave Encasement, in accordance with Accounting Standard -15, is not made in the accounts.

iii) Some of the Investments made by the Company in shares are not held in the name of the company though required under the provisions of section 49 of the Companies Act, 1956,

iv) Segment Reporting in accordance with Accounting Standard -17, has not been made in accounts.

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

6. On the basis of the written representations received from the directors, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31" March, 2011 from

being appointed as a director in terms of clause (g) of sub-section (I) of section 274 of the Companies Act, 1956.

7. In our opinion and to the best of our information and according to the explanations given to us, they said accounts, together with the notes thereon, give the information''s required under the Companies Act, 1956 in the manner so required and give a true and fair view:

(a) In the case of the Balance Sheet of the state of affairs of the Company as at 31" March 2011; and ''

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

As required by the Companies (Auditors'' Report) Order, 2003 issued by the Central Government of India in terms of sub-section 4 A of section 227 of The Companies Act, 1956 and on the basis of such checks as we considered a appropriate, we further report that:

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

(b) As explained to us, the fixed assets have been physically verified by the management during the year, We have been informed that no serious discrepancies were noticed on such verification.

(c) In our opinion, the company has not disposed of substantial part of the fixed assets during the year.

(ii) (a) In our opinion, the stocks of the stores, eatables & beverages, spare parts etc. have been physically verified by the management al reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the discrepancies noticed on verification, which were not material, have been properly dealt within the books of account.

(iii) (a) The Company has taken interest-free unsecured loans from two parties covered in the register maintained u/s.301 of the Companies Act, 1956 and the year end balance was Rs.

2,87,84,888.The Company has granted Interest free unsecured loan to one party covered in register maintained u/s. 301 of the Companies Act, 1956 and the yearend balance was Rs.3,78,387.

(b) In our opinion, the rate of interest and other terms and conditions on which loans have been taken /granted from the parties listed in the register maintained u/s.301 of the Companies Act are not, prima facie, prejudicial to the interest of the Company.

(c) In respect of interest - free loans taken/granted by the company, principal amount is repayable on demand.

(d) There are no overdue amounts of loans taken/granted by the company as these loans are repayable on demand.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal procedures commensurate with the size of the Company and nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. Further on the basis of our examination and according to the information and explanations given to us, we have not come across any instance of major weaknesses in internal controls,

(v) (a) In our opinion and according to the information and explanation given to us, the transactions that need to entered into the register maintained u/s,301 of the Companies Act, 1956 have been us entered.

{b) in our opinion and according to the information given to us, there are no transactions in pursuance of the contract or arrangements entered in the register maintained u/s.301 of the Companies Act, 1956 aggregating during the year to Rs. 5,00,000 or more,

(vi) As per the information and explanations given to us, the company has not accepted deposits from public and has not complied with any of the directives issued by the Reserve Bank of India and the provisions of Section and 58AA of the act and the rules framed there under in respect of such deposits.

(vii) The Company does not have any internal audit system,

(viii) This clause is not applicable as the Company is not a manufacturing Company.

(ix) (a) According to the records of the Company and the information and explanations given to us, detail of dues of Sales tax, Income tax. Custom tax, Wealth tax, Excise duty and Cess which have not been deposited as on 3151 March 2011 on account of any dispute are given below:

NAME OF THE NATURE OF PERIOD TO WHICH THE AMOUNT FORUM WHERE STATUTE DUES AMOUNT RELATES (Rs.) DISPUTE PENDING PAYMENT

GUJURAT ELECTRICITY INSTALLATION GUJURAT ELECTRICITY CHARGES & 01.04.1997 TO 31.03.1998 195,070

INTEREST BOARD

THE COMMIS SIONER OF ENTERTAINMENT 01.01.2002 TO 31.03.2005 29 88 583 COLLECTOR ENTERTAIN MENT TAX TAX OFFICE VADODARA

(x) The accumulated losses at the end of the financial year are more than fifty percent of its net worth. The company has not incurred any cash tosses during the financial year and had also incurred the same during the immediately preceding, financial year also.

(xi) According to the information and explanation given to us, the company has not defaulted in repayment of dues of financial institution but by the end of the year it entered in to a One Time Settlement Scheme of the financial institution and as at the close of the yeat, there have been no defaults in the payment as per the terms of the settlement

(xii) In our opinion and according to the information and explanations 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) In our opinion, the Company is not a chit fund or nidhi/mutual benefit fund/society. Therefore, the provisions clause 4{xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

(xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to us, the Company has not given guarantees for loans taken by others from banks or financial institutions which are prejudicial to the interest of the Company.

(xvi) This clause is not applicable as the Company has not obtained any loans in the nature of term loan, during the financial year

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short term bastes have been used for long term assets and no long term loans have been used to finance short term assets.

(xviii) According to the information and explanations given to us, during the period covered by our audit report, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

(xix) This clause is not applicable as the Company has not issued any debentures.

(xx) During the period covered hay our report, the Company has not raised any money by way of a public issue.

(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 has been noticed or reported during the course of our audit.

For PORWAL & PORWAL

CHARTERED ACCOUNTANTS

PLACE: MUMBAI N.N. PORWAL

DATED 31.08.2011 PARTNER

M.No.49610

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Mar 31, 2010

We have audited the attached Balance Sheet of AJWA FUN WORLD & RESORT LIMITED as at 31st March 2010, the Profit & Loss Account for the year ended on that date both 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.

1. 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.

2. We have obtained all the information and explanations which to the best of our knowledge and belief, were necessary for the purpose of ouraudit.

3. 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 the books of the company.

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

5. i) Provision for diminution in the value of investments to recognize the decline other than temporary, in accordance with Accounting Standard - 13, is not made in the accounts.

ii) Provision for Gratuity & Leave Encasement, in accordance with Accounting Standard -15, is not made in the accounts.

iii) Some of the Investments made by the Company in shares are not held in the name of the company though required under the provisions of section 49 of the Companies Act, 1956.

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

6. On the basis of the written representations received from the directors, 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 (I) of section 274 of the Companies Act, 1956.

7. In our opinion and to the best of our information and according to the explanations given to us, the said accounts, together with the notes thereon, give the informations required under the Companies Act, 1956 in the manner so required and give a true and fair vie :

(a) In the case of the Balance Sheet of the state of affairs of the Company as at 31" March 2010; and

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

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 and on the basis of such checks as we considered appropriate, we further report that:

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

(b) As explained to us, the fixed assets have been physically verified by the management during the year. We have been informed that no serious discrepancies were noticed on such verification.

(c) In our opinion, the company has not disposed of substantial part of the fixed assets during the year.

(ii) (a) In our opinion, the stocks of the stores, eatables & beverages, spare parts etc. have been physically verified by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the discrepancies noticed on verification, which were not material, have been properly dealt within the books of account.

(iii) (a) The Company has not taken interest-free unsecured loans from parties covered in the register maintained u/s.301 of the Companies Act, 1956 and the year end balance was Rs. 2,81,95,703.The Company has granted Interest free unsecured loan to one party covered in register maintained u/s.301 of the Companies Act, 1956 and the year end balance was Rs. 3,71,512.

(b) In our opinion, the rate of interest and other terms and conditions on which loans have been taken /granted from the parties listed in the register maintained u/s.301 of the Companies Act are not, prima facie, prejudicial to the interest of the Company.

(c) In respect of interest - free loans taken/granted by the company, principal amount is repayable on demand.

(d) There are no overdue amounts of loans taken/granted by the company as these loans are repayable on demand.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal procedures commensurate with the size of the Company and nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. Further on the basis of our examination and according to the information and explanations given to us, we have not come across any instance of major weaknesses in internal controls.

(v) (a) In our opinion and according to the information and explanation given to us, the transactions that need to entered into the register maintained u/s.301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information given to us, there are no transactions in pursuance of the contract or arrangements entered in the register maintained u/s.301 of the CompaniesAct, 1956 aggregating during the year to Rs. 5,00,000 or more.

(vi) As per the information and explanations given to us, the company has accepted deposits from public and has not complied with any of the directives issued by the Reserve Bank of India and the provisions of Section and 58AA of the act and the rules framed there under in respect of such deposits.

(vii) The Company does not have any internal audit system.

(viii) This clause is not applicable as the Company is not a manufacturing Company.

(ix) (a) According to the records of the Company and the information and explanations given to us, detail of dues of Sales tax, Income tax, Custom tax, Wealth tax, Excise duty and Cess which have not been deposited as on 31 * March 2010 on account of any dispute are given below:

NATURE OF PERIOD TO WHICH THE PARTICULARS DUES AMOUNT RELATES

GUJURAT ELECTRICITY INSTALLATION BOARD CHARGES & 01.04.1997 TO 31.03.1998 INTEREST

THE COMMISSIONER OF ENTERTAINMENT 01.01.2002 TO 31.03.2005 ENTERTAINMENT TAX TAX



PARTICULARS AMOUNT FORUM WHERE (Rs.) DISPUTE PENDING

GUJURAT ELECTRICITY BOARD GUJURAT 195,070 ELECTRICITY BOARD

THE COMMISSIONER OF COLLECTOR ENTERTAINMENT TAX 29.88,583 OFFICE VADODARA

(x) The accumulated losses at the end of the financial year are more than fifty percent of its net worth.The company has incurred cash losses during the financial year and had also incurred the same during the immediately proceeding financial year also

(xi) According to the information and explanations given to us, the company had defaulted in repayment of dues to Financial institutional but by the end of the year it entered into a one time settlement scheme of the Financial Institution and as at the close of the year, there have been no defaults in the payments as per the terms of the settlement.

(xii) In our opinion and according to the information and explanations 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) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

(xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to us, the Company has not given guarantees for loans taken by others from banks or financial institutions which are prejudicial to the interest of the Company.

(xvi) This clause is not applicable as the Company has not obtained any loans in the nature of term loan, during the financial year.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short term basis have been used for long term assets and no long term loans have been used to finance short term assets.

(xviii) According to the information and explanations given to us, during the period covered by our audit report, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

(xix) This clause is not applicable as the Company has not issued any debentures.

(xx) During the period covered by our report, the Company has not raised any money byway of a public issue.

(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 has been noticed or reported during the course of our audit.

For PORWAL & PORWAL CHARTERED ACCOUNTANTS

PLACE : MUMBAI N.N. PORWAL

DATED: 30.08.2010 PARTNER