Auditor Report of Jainco Projects (India) Ltd.

Mar 31, 2024

We have audited the accompanying standalone financial statements of Jainco Projects (India) Limited (“the
Company”), which comprise the Balance Sheet as at 31^st March, 2024, the Statement of Profit and Loss
(including Other Comprehensive Income), the statement of Cash Flows and the Statement of Changes in
Equity for the year then ended, and the notes to the financial statements including a summary of the significant
accounting policies and other explanatory information (hereinafter referred to as “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
standalone financial statements give the information required by the Companies Act 2013 (“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) Rules, 2015,
as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of
the Company as at 31^st March, 2024, its profit, its cash flows and changes in equity 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
(“ICAI”) together with the ethical requirements that are relevant to our audit of the financial statements under
the provisions of the Act 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 on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significant in our audit of
the financial statements of the current period. These matters were addressed in the context of our audit of the
standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.

Emphasis of Matter

We draw attention to Note No 2.22 in the financial statements wherein the Company has disclosed the impact
of various litigations on its current and future financial performance. Considering the uncertainties involve in
the future outcome of such proceeding scenario which a based on various external factors outside the control of
the Company, the management’s assumptions and estimates on operational and financial performance of the
Company would largely depend on future developments as they emerged as stated in the said note. Our
opinion is not modified in respect of this matter.

Information Other than the 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 and Report on Corporate Governance but does not include the standalone and consolidate

financial statements and our respective auditor’s report thereon. The other information referred to above is
expected to be made available to us after the date of this auditor’s report.

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 financial statements, our responsibility is to read the other information
identified above and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

When we read the other information, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance.

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 Companies Act
2013, with respect to the preparation of these standalone financial statements that give a true and fair view of
the financial position, financial performance including other comprehensive income, cash flows and changes in
equity of the Company in accordance with the accounting principles generally accepted in India, including the
Indian Accounting Standards (Ind AS) prescribed under the Act read with rules framed thereunder as
applicable.

This responsibility also includes 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
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the standalone financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.

In preparing the 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 Board of Director’s either intends to liquidate the Company or to cease
the operations, or has no realistic alternative but to do so. Thus Board of Directors are also responsible for
overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 it is not a guarantee that an audit concluded in
accordance with SAs will always detect a material misstatements 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 SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the 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 for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion forgery, intentional omission, misrepresentations, 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 Companies Act, 2013, 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 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 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 financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves the fair presentation.

• 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 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 financial statements of the current period and are therefore the key audit
matters.

We describe these matters in our auditor’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 reasonably be expected to outweigh the
public interest benefits of such communication.

Other Matters:

Our opinion is not modified in respect of these matters.

1. Attention is drawn to :

a. Note 2.19 and 24.1 of the financial results, relating to advances, unsecured loan, trade payable and
receivable are subject to confirmation from respective parties as at March 31 and consequential
effect upon reconciliation/adjustment arising there from, if any. Hence, financial impact if any is
not currently ascertainable. Receivables and advances include the amount due from customers and
parties which are sub-judice or assets which are not presently in possession of the company and
matter is sub-judice.

b. Note 2.12 & 24.9 Borrowing Cost and dues to financial creditor of the company, it has not
recognized disputed interest and other charges payable & also loss faced by the company for
financial creditors in preparation of the financial results as its being disputed by the company and
the matter is sub-judice.

c. Note no. 24.1 & also 24.9, effect of total non-recognition of various financial figures i.e. total
contingent liability of the company which has been unascertainable include differences of claims
by financial / operational creditors / statutory dues / effect of guarantees extended by the company
and brought to our notice during our audit.

d. Note no. 24.1 wherein companies some assets, current and fixed are not in possession of company
due to reason briefed therein.

e. Note no. 24.1 wherein the company has not made any provision for gratuity payment for the year
and the same is also not ascertainable by us.

f. Note 2.22 to the standalone financial statements which explain the uncertainties and management’s
assessment of the financial impact due to legal cases, for which a definitive assessment of the
impact is dependent upon future outcome of the same.

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 Section 143(11) of the Act, we give in Annexure-A, 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
it appears from our examination of those books.

(c) The Balance Sheet, Statement of Profit and Loss including other comprehensive income, the Cash
Flow Statement and the Statement of Changes in Equity 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 Accounting Standards
specified under Section 133 of the Act, read with read with Rule 7 of the Companies (Accounts)
Rules, 2014.

(e) On the basis of the written representations received from the directors as on 31^st March, 2024, taken

st

on record by the Board of Directors, none of the directors is disqualified as on 31 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 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 with reference to financial statements.

(g) With respect to other matters to be included in Auditor’s Report in accordance with the requirements
of section 197(16) of the Act, 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 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 its
standalone Ind-AS financial statements.

ii. The Company has certain long-term contracts for which there are no material foreseeable losses.
The Company did not have any derivative contracts.

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

iv. The management has represented that, to the best of it’s knowledge and belief, other than as
disclosed in the notes to the accounts, no funds 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(s) or entity(ies), including foreign entities (“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

v. The management has represented, that, to the best of it’s knowledge and belief, other than as
disclosed in the notes to the accounts, no funds have been received by the company from any
person(s) or entity(ies), including foreign entities (“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;

vi. Based on such audit procedures which we have 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) contain any material mis-statement.

vii. The company has not declared or paid any dividend during the year is in accordance with section
123 of the Companies Act 2013”, Hence clause not applicable.

viii. Based on our examination which included test checks, the Company has in place 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. Additionally, the audit trail is
preserved by the Company as per the statutory requirements for record retention.

For SARKAR GURUMURTHY & ASSOCIATES

Chartered Accountants
FRN. 0314062E

(Parimal Sarkar)

Place : Kolkata Partner

Date : 30-05-2024 (M.No. 051550)

UDIN: 24051550BKACGQ2448

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Mar 31, 2015

1. We have audited the accompanying financial statements of Jainco Projects (India) Limited (" the Company") which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss, the Cash Flow statement for the year then ended, and a summary of significant accounting policies and other explanatory

2. Management 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, financial performance and cash flow of the company in accordance with the accounting principles generally accepted in India, including the Accounting Standard Specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding 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.

Auditors' 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, and the Rules made there under including the accounting and matters which are required to be included in the audit report.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards and pronouncement 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 auditors judgment including the assessment of the risk s of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls . An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors ,as well as evaluating the overall presentation n of the financial statements.

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

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the company as at March 31, 2015, and its profit and its cash flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the companies (Auditor's Report) Order 2015 ("the order") issued by the central government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraph 3 and 4 of the order.

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

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

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

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

d) In our opinion, the aforesaid financial Statement comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies(Accounts) Rules ,2014.

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

f) With respect to the other matters to be included in the Auditors 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 does not have any major pending litigations as at March 31, 2015which would impact its financial position.

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

iii) the Company was engaged in the business of multi-products

iv) there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year end.

The Annexure referred to in our report to the members of JAINCO PROJECTS (India) LTD. for the year ended on March 31, 2015. We report that:

(i) (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

(b)The fixed assets have been physically verified by the management at reasonable intervals and in our opinion it is reasonable considering the size of company and nature of asset no such material discrepancies were noticed on such verification and if so, the same have been properly dealt with in the books of account;

(ii) (a)As explained to us, the inventories of stock in trade were maintained in demat account & physical and verified at regular intervals by the Management.

(b) The procedures of physical verification of inventory 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 the company is maintaining proper records of inventory and if any material discrepancies were noticed on physical verification, the same have been properly dealt with in the books of account

(iii) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act.

(iv) In our opinion, and accordance to the information and explanation given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. Further on the basis of our examination , we have not came across , nor have been informed of , any continuing failure to correct major weaknesses in internal control system.

(v) The company has not accepted deposits, from the public within the meaning of sections 73 and 74 or any other relevant provisions of the Companies Act and the rules framed there under.

(vi) Maintenance of cost records has not been specified by the Central Government under sub-section (1) of section 148 of the Companies Act.

(vii) (a) According to our information and explanation given to us and as per the records of the company, the company has been generally regular in depositing the undisputed statutory dues including provident fund, employees' state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities. There are no arrears of undisputed statutory dues of material nature outstanding for a period of more than six months

(b) In case of dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of any dispute, then the amounts involved and the forum where dispute is pending have been mentioned below-

Name of Statute Nature of Dues Amount Involved

Income Tax Act 1961 Income Tax/Interest Demand Raised Rs /Penalty A Y 2012-13 877280/-

Income Tax Act 1961 Income Tax/Interest Demand Raised Rs /Penalty A Y 2011-12 1205660/-

Name of Statute Forum where demand is pending

Income Tax Act 1961 Income Tax Department's -Commissioner(Appeals)

Income Tax Act 1961 Income Tax Department's -Commissioner(Appeals)

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

(viii) The company has no accumulated losses at the end of the financial year and it has not incurred any cash losses in such financial year and in the immediately preceding financial year;

(ix) According to the records of the company examined by us, the company has not defaulted in repayment of dues to a financial institution or bank or debenture holders as at balance sheet date.

(x) the company has not given any guarantee for loans taken by others from bank or financial institutions.

(xi) In our opinion, and accordance to the information and explanation given to us, the term loans have been applied, on an overall basis for the purpose for which the loans were obtained.

(xii) In our opinion, and accordance to the information and explanation given to us, we have not came across any instance of material fraud on or by the company noticed or reported during the year, nor have been informed of any such case by the management.

For Sarkar Gurumurthy & Associates. Chartered Accountants F.R. No: 314062E Parimal Sarkar

Partner Place: Kolkata Date: 30.05.2015 MembershipNo.051550

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Mar 31, 2014

We have audited the accompanying financial statements of Jainco Projects (India) Limited (" the Company") which comprise the Balance Sheet as at March 31, 2014, 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 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 and financial performance of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Company Affairs in respect of Section 133 of the Companies Act, 2013 and 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.

Auditors'' 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.

As required under para 3 of non-banking financial companies auditor report (Reserve Bank) Directions, 2008 we state as under:

I. The company is engaged in the business of non-banking financial institution and it has obtained the Certificate of Registration (CoR) from the RBI.

II. The company is entitled to continue to hold CoR in terms of its Asset/Income pattern as on 31.03.2014

III. The non-banking financial company is not an Asset Financial Company as defined in Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directors, 1998 with reference to the business carried on by it during the applicable financial year.

IV. The Board of Director of the company has passed a resolution for the Non Acceptance of any public Deposit.

V. The company has not accepted any Public Deposit during the Financial year ended on 31st March 2014.

VI. The company has complied with the prudent norms relating to income recognition accounting standards, assets classification and provisioning for bad and doubtful debts as application to it in terms of Non-Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directors, 2007.

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 Profit and Loss Account, of the profit for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

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

e) on the basis of written representations received from the directors as on March 31, 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 Companies Act, 1956.

ANNEXURE TO THE AUDITOR''S REPORT

(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)

1. (a) 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 in a phased / Periodical manner which in our opinion is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such verification.

(c) During the year, Company has not disposed of any substantial/major part of fixed asset, so the question of going concern status being affected does not arise.

2. (a) As explained to us, the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventory 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 and on the basis of our examination of the records of inventory, the Company is maintaining proper records of inventory. As explained to us there were no materials discrepancies noticed on Physical verification of inventory as compared to the book records.

3. (a) According to the information and explanations given to us and on the basis of our examination of the books of accounts, the Company has not taken any loan from or granted any loan to the parties listed in the Register maintained under Section 301 of the Companies Act, 1956. Consequently the provisions of clauses iii(b), iii(c), iii(d) and iii(e) of the order are not applicable to the company.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to the purchase of inventory and fixed assets, and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal Controls.

5. (a) Based on audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the companies Act, 1956 need not be entered in the register required to be maintained under that section as the promoter director holds less than 2% of the paid up share capital of the other company.

(b) According to the information and explanations given to us, there are no transactions of purchase of goods and material in excess of Rs. 5 Lacs during the year with the parties covered under section 301 of the Companies Act, 1956.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within provisions of Section 58A and 58AA of the- Companies Act, 1956 and rules there under. Therefore, the provisions of clause (vi) paragraph 4 of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

7. In our opinion, the internal audit system does not commensurate with the size and nature of its business. However, as informaed, the said system would be strenghth end in the current year.

8. We have broadly reviewed the books of account maintained by the Company. As explained to us the maintenance of cost records under Section 209(1 )(d) of the Companies Act, 1956, are not prescribed by the Central government.

9. According to the records of the Company and explanations given to us, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-Tax, Sales Tax, Wealth-Tax, Customs Duty, Excise Duty, Cess and other Statutory dues with the appropriate authorities during the year.

10. The Company has not incurred cash losses during current and the immediately preceding financial year.

11. Based on our audit procedures and on the basis of information and explanations given by the management, we are of the opinion that the Company has not defaulted in the repayment of dues to banks.

12. 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.

13. The provisions of any Special Statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund/Societies are not applicable to the Company.

14. Based on our audit procedures and to the best of our knowledge and according to the information and explanations given to us, we are of the opinion that the Company is maintaining proper record of the transactions and contracts of dealing in shares and securities and that timely entries have been made in these records. The shares and securities have been held by the company in its own name, except to the exemption, if any, granted under section 49 of the Act.

14. According to the information and explanations given to us, the company has not given any guarantees for loan taken by others from a bank of financial institution.

15. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

16. Based on the audit procedures and on the information given by the management, we report that the company has raised term loans duriong the year and the same was used for the purpose for which this loan was taken.

17. 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 investment by the Company and vice-versa on short-term basis have been used for long-term investment by the Company and vice versa.

18. The Company has not made any preferential allotment to parties and companies covered under register maintained Under Section 301 of the Companies, 1956, during the year and question of whether the price at which the shares have been issued is prejudicial to the interest of the Company does not arise

19. According to the information and explanations given to us, and the records examined by us, the Company has not issued any debentures hence no question of creation of securities.

20. The Company has not raised money by any public issues during the year and hence the question of disclosure and verification of end use of such money does not arise.

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

For SARKAR GURUMURTHY & ASSOCIATES Chartered Accountants (Firm Registration No. 314062E) Date: 31STMay 2013 A.K.Ghosh Place: Kolkata Partner M.NO.-050693

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Mar 31, 2011

We have audited the attached Balance Sheet of JAINCO PROJECTS (INDIA) LTD. as at 31st March, 2011 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and a significant estimate made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. We report as follows:

1. As required by the Companies (Auditor's Report) Order, 2003, issued by the Central Government of India, in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in the paragraph 4 and 5 of the said Order.

2. Further to our comments in the annexure referred to in paragraph 1 above:

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

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

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

d. In our opinion, the Balance Sheet, Profit & Loss Account and Cash flow Statement dealt with by this report Comply with the Accounting Standards referred to in Sub-Section (3c) of Section 211 of the Companies Act, 1956.

e. On the basis of the written representations received from Directors as on 31st March 2011 and taken on record by the Board of Directors of the Company, none of the Director is disqualified as on 31st March 2011 from being appointed as Directors none of the appointed as Directors in terms of clause (g) of sub-section (1) of Sec. 274 of the Companies Act, 1956;

f. In our opinion and to the best of and to the best of our information and according to the explanations given to us, the said accounts, read together with the Company's Accounting Policies and the Notes thereto, give the information required by the Companies Act. 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

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

ii) In the case of the Profit & Loss Account, the Profit of the Company for the year ended on that date; and

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

ANNEXURE TO THE AUDITORS' REPORT (Refer to paragraph 1 of our report of even date)

1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

2. As explained to us the fixed assets have been physically verified by the management during the year in a phased / Periodical manner which in our opinion is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such verification.

3. During the year, Company has not disposed of any substantial/major part of fixed An asset, so the question of going concern status being affected does not arise.

4. As explained to us, the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

5. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

6. In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of inventory, the Company is maintaining proper records of inventory. As explained to us there were no materials discrepancies noticed on Physical verification of inventory as compared to the book records.

7. According to the information and explanations given to us, the Company has not taken any loan from or granted any loan to the parties listed in the Register maintained under Section 301 of the Companies Act, 1956.

8. According to the information and explanations given to us, parties to whom loans and advances in the nature of loans have been given, where stipulations are made, are repaying the principal amount as stipulated.

9. According to the information and explanations given to us, there is no overdue amount of loans granted to the parties listed in the Register maintained under Section 301 of the Companies Act, 1956.

10. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to the purchase of inventory and fixed assets, and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal Controls.

11. Based on audit procedures applied by us, to the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion that the transactions that needed to be entered into the register maintained in pursuance of Section 301 have been so entered.

12. 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.

13. Five lakhs in respect of any party during the year have been made at prices, which are reasonable having a regard to the relevant market prices at the relevant time.

14. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within provisions of Section 58A and 58AA of the- Companies Act, 1956 and rules there under. Therefore, the provisions of clause (vi) paragraph 4 of the Companies (Auditor's Report) order, 2003 are not applicable to the company.

15. In our opinion, the Company has an internal audit system commensurate with its size and nature of its business.

16. We have broadly reviewed the books of account maintained by the Company .As explained to us the maintenance of cost records under Section 209(1 )(d) of the Companies Act, 1956, are not prescribed by the Central government.

17. According to the records of the Company and explanations given to us, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-Tax, Sales Tax, Wealth-Tax, Customs Duty, Excise Duty, Cess and other Statutory dues with the appropriate authorities during the year.

18. The Company has not incurred cash losses during current and the immediately preceding financial year.

19. Based on our audit procedures and on the basis of information and explanations given by the management, we are of the opinion that the Company has not defaulted in the repayment of dues to banks.

20. 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.

21. The provisions of any Special Statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund/Societies are not applicable to the Company.

22. Based on our audit procedures and to the best of our knowledge and according to the information and explanations given to us, we are of the opinion that the Company is maintaining proper record of the transactions and contracts of dealing in shares and securities and that timely entries have been made in these records.

23. Based on our audit procedures and to the best of our knowledge and belief and according to the information and explanations given to us, the shares and securities have been held by the Company in its own name, except to the exemption, if any granted under section 49 of the Act.

24. 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 investment by the Company and vice versa. on short-term basis have been used for long-term investment by the Company and vice versa.

25. The Company Has not made any preferential allotment to parties and companies covered under register maintained Under Section 301 of the Companies, 1956, during the year and question of whether the price at which the shares have been issued is prejudicial to the interest of the Company does not arise

26. According to the information and explanations given to us, and the records examined by us, the Company has not issued any debentures hence no question of creation of securities.

27. The Company has not raised money by any public issues during the year and hence the question of disclosure and verification of end use of such money does not arise.

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

For SARKAR GURUMURTHY & ASSOCIATES CHARTERED ACCOUNTANTS BASUDEB MONDAL PARTNER

Place: Kolkata Dated: 31-05-2011

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Mar 31, 2010

We have audited the attached Balance Sheet of JAINCO PROJECTS (INDIA) LTD. as at 31st March, 2010 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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 a significant estimate made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. We report as follows:

1. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of India, in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in the paragraph 4 and 5 of the said Order.

2. Further to our comments in the annexure referred to in paragraph 1 above:

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

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

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

d. In our opinion, the Balance Sheet, Profit & Loss Account and Cash flow Statement dealt with by this report Comply with the Accounting Standards referred to in Sub-Section (3c) of Section 211 of the Companies Act, 1956.

e. On the basis of the written representations received from Directors as on 31st March 2010 and taken on record by the Board of Directors of the Company none of the Director is disqualified as on 31st March 2010 from being appointed as Directors none of the appointed as Directors in terms of clause (g) of sub-section (1) of Sec. 274 of the Companies Act, 1956;

f. In our opinion and to the best of and to the best of our information and according to the explanations given to us, the said accounts, read together with the Companys Accounting Policies and the Notes thereto, give the information required by the Companies Act. 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

i) In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2010;

ii) In the case of the Profit & Loss Account, the Profit of the Company for the year ended on that date; and

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

ANNEXURE TO THE AUDITORS REPORT (Refer to paragraph 1 of our report of even date)

1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

2. As explained to us the fixed assets have been physically verified by the management during the year in a phased / Periodical manner which in our opinion is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such verification.

3. During the year, Company has not disposed of any substantial/major part of fixed An asset, so the question of going concern status being affected does not arise.

4. As explained to us, the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

5. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

6. In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of inventory, the Company is maintaining proper records of inventory. As explained to us there were no materials discrepancies noticed on Physical verification of inventory as compared to the book records.

7. According to the information and explanations given to us, the Company has not taken any loan from or granted any loan to the parties listed in the Register maintained under Section 301 of the Companies Act, 1956.

8. According to the information and explanations given to us, parties to whom loans and advances in the nature of loans have been given, where stipulations are made, are repaying the principal amount as stipulated.

9. According to the information and explanations given to us, there is no overdue amount of loans granted to the parties listed in the Register maintained under Section 301 of the Companies Act, 1956.

10. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to the purchase of inventory and fixed assets, and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal Controls.

11. Based on audit procedures applied by us, to the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion that the transactions that needed to be entered into the register maintained in pursuance of Section 301 have been so entered.

12. 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.

13. Five lakhs in respect of any party during the year have been made at prices, which are reasonable having a regard to the relevant market prices at the relevant time.

14. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within provisions of Section 58A and 58AA of the- Companies Act, 1956 and rules there under. Therefore, the provisions of clause (vi) paragraph 4 of the Companies (Auditors Report) order, 2003 are not applicable to the company.

15. In our opinion, the Company has an internal audit system commensurate with its size and nature of its business.

16. We have broadly reviewed the books of account maintained by the Company .As explained to us the maintenance of cost records under Section 209(1 )(d) of the Companies Act, 1956, are not prescribed by the Central government.

17. According to the records of the Company and explanations given to us, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-Tax, Sales Tax, Wealth-Tax, Customs Duty, Excise Duty, Cess and other Statutory dues with the appropriate authorities during the year.

18. The Company has not incurred cash losses during current and the immediately preceding financial year.

19. Based on our audit procedures and on the basis of information and explanations given by the management, we are of the opinion that the Company has not defaulted in the repayment of dues to banks.

20. 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.

21. The provisions of any Special Statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund/Societies are not applicable to the Company.

22. Based on our audit procedures and to the best of our knowledge and according to the information and explanations given to us, we are of the opinion that the Company is maintaining proper record of the transactions and contracts of dealing in shares and securities and that timely entries have been made in these records.

23. Based on our audit procedures and to the best of our knowledge and belief and according to the information and explanations given to us, the shares and securities have been held by the Company in its own name, except to the exemption, if any granted under section 49 of the Act.

24. 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 investment by the Company and vice versa. on short-term basis have been used for long-term investment by the Company and vice versa.

25. The Company Has not made any preferential allotment to parties and companies covered under register maintained Under Section 301 of the Companies, 1956, during the year and question of whether the price at which the shares have been issued is prejudicial to the interest of the Company does not arise

26. According to the information and explanations given to us, and the records examined by us, the Company has not issued any debentures hence no question of creation of securities.

27. The Company has not raised money by any public issues during the year and hence the question of disclosure and verification of end use of such money does not arise.

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

For SARKAR GURUMURTHY & ASSOCIATES Place: Kolkata CHARTERED ACCOUNTANTS

Dated: 31-05-2010 BASUDEB MONDAL

PARTNER

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Mar 31, 2009

We have audited the attached Balance Sheet of JAINCO PROJECTS (INDIA) LTD. as at 31st March, 2009 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management Our responsibility is to express an opinion on these financial statements based on our audit

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 assiirarre about whethw the firiarc 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 a significant estimate made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

We report as follows:

1. As required by the Companies (Auditors Report) Order; 2003, issued by the Central Government of India, in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Armexure a statement on the matters specified in the paragraph 4 and 5 of the said Order.

2. Further to our comments in the armexure referred to in paragraph 1 above:

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

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

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

d. In our opinion, the Balance Sheet, Profit & Loss Account and Cash flow Statement dealt with by this report Comply with the Accounting Standards referred to in Sub-Section (3c) of Section 211 of the Companies Act, 1956.

e. On the basis of the written representations received from Directors as on 31st March 2009 and taken on record by the Board of Directors of the Company none of the Director is disqualified as on 31 st March 2009 from being appointed as Directors none of the appointed as Directors in terms of clause (g) of sub-section (1) of Sec. 274 of the Companies Act, 1956;

f.In our opinio are to the best ofarri to the best of our information and according to the explanations given to us, the said accounts, read together with the Companys Accounting Policies and the Notes thereto, give the information required by the Companies Act 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

i) In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2009;

ii) In the case oftheProfit& Loss Account, the Profit of the Company for the year ended on that date; and

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

ANNEXURE TO THE AUDITORS REPORT (Refer to paragraph 1 of our report of even date)

1. The Company has maintained proper records showing Hill particulars including quantitative details and situation of fixed assets.

2. As explained to us the fixed assets have been physically verified by the management during the year in a phased / Periodical manner which in our opinion is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such verification.

3. During the year, Company has not disposed of any substantial/major part of fixed An asset, so the question of going concern status being affected does not arise.

4. As explained to us, the inventory has been physically verified during the year by the management In our opinion, the frequency of verification is reasonable.

5. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

6. In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of inventory, the Company is rnaintaining proper records of inventory. As explained to us there were no materials discrepancies noticed on Physical verification of inventory as canpared to the book records.

7.Accruing to the information and explanations given to us loan to the partieslisted in the Register maintained under Section 301 of the Companies Act, 1956.

8. Accordingto the information and explanations given to us, parties to whom loans advances in the nature of loans have been given, where stipulations are made, are repaying the principal amount as stipulated.

9. Accordingto the information and explanations given to us, tiiere is no overdue amount of loans granted to the parties listed in the Register maintained under Section 301 of the Companies Act, 1956.

10. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size ofthe Company and nature of its business with regard to the purchase of inventory and fixed assets, and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal Controls.

11. Based on audit procedures applied by us, to the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion tiiat the transactions that needed to be entered into the register maintained in pursuance of Section 301 have been so entered

12. Accordingto 1he information and explanations given to us, the transactions made in pursuance of such contracts or arrangements and exceeding the value of Rupees.

13. Five lakhs in respect of any party during the year have been made at prices, which are reasonable having a regard to the relevant market prices at the relevant time.

14. In our opinion and accordnag to the information and explanations given to us, the Company has not accepted any deposits fromthe public within provisions of Section 58A and 58AA ofthe- Companies Act, 1956 and rules there under. Therefore, the provisions of clause (vi) paragraph 4 ofthe Companies (Auditors Report) order, 2003 are not applicable to the company.

15. In our opinion, the Company has an internal audit system commensurate with its size and nature of its business.

16. We have broadly reviewed fie books of account maintained by the Company As explained to us the maintenance of cost records under Section 209(1 Xd)of1he Companies Act, 1956, are not prescribed by the Central government

17. According tothe records ofthe Company and explanations given to us, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-Tax, Sales Tax, Wealth-Tax, Customs Duty, Excise Duty, Cess and other Statutory dues with the appropriate authorities during the year.

18. The Company has not incurred cash losses during current and ihe immediately preceding financial year.

19. Based on our audit procedures and on the basis of information and explanations given by the management we are of the opinion that the Company has not defaulted in the repayment of dues to banks.

20. According to the information and explanations given to us. the Company has not granted any loans and advances on the basis of security by wa^pf pledge of shares, debentures and other securities.

21. The provisions of any Special Statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund/Societies are not applicable to the Company.

22. Based on our audit procedures and to the best of our knowledge and according to the information and explanations given to us, we are of the opinion that the Company is maintaining proper record of the transactions and contracts of dealing in shares and securities and that timely enThes have been made in these records.

23. Based on our audit procedures and to the best of our knowledge and belief and according to the information and explanations given to us, the shares and securities have been held by Ihe Company in its own name, except to the exemption, if any granted under section 49 of the Act

24. According to the information and explanations given to us and on an overall examination ofthe Balance Sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment by the Company and vice versa, on short-term basis have been used for long-term investment by the Company and vice versa.

25. The Company Has not made any preferential allotment to parties and companies covered under register maintained Under Section 301 of the Companies, 1956, duringlhe year and question of whetherthe price atwhich the shares have been issued is prejudicial to the interest ofthe Company does not arise

26. According to the information and explanations given to us, and the records examined by us, the Company has not issued any debentures hence no question of creation of securities.

27. The Company has not raised money by any public issues during the year and hence the question of disclosure and verification of end use of such money does not arise.

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

For SARKAR GURUMURTHY & ASSOCIATES

Place: Kolkata CHARTERED ACCOUNTANTS

Dated: 30-06-2009 BASUDEB MONDAL

PARTNER

---

Mar 31, 2003

We have audited the attached Balance Sheet of M/s. JAINCO PROJECTS (INDIA) LIMITED as at 31st March, 2003 and both the Profit & Loss Account and Cash Flow Statement of the Company for the year ended 31st March, 2003, 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.

We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis evidence supporting the amounts and disclosure 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.

We report as follows :

As required by the Manufacturing and Other Companies (Auditors Report) Order, 1988 issued by the Company Law Board in terms of Section 227 (4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in Paragraph 4 and 5 of the said Order.

Further to our comments in the annexure referred to Paragraph 1 above :

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

2. In our opinion, proper books of account as required by law have been kept by the Company, so far as appears for our examination -of the books.

3. The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in Agreement with the books of accounts.

4. The Balance Sheet and Profit & Loss Account comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

5. As per the information and explanations given to us, none of the directors of the Company is disqualified from being appointed as a director under clause (g) of sub-Section (1) of Section 274 of the Companies Act, 1956.

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

a) in the case of Balance Sheet of the state of affairs of the Company as at 31st March, 2003, and

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

c) in the case of Cash Flow Statement of the Cash flow for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT TO THE MEMBERS OF JAINCO PROJECTS (INDIA) LIMITED (Referred to in paragraph (I) of our report of even date)

1. The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. The fixed assets have been physically verified by the management during the year. No material discrepancies have been notice on such verification as compared to book records.

2. None of the fixed assets has been revalued during the year.

3. As explained to us, the stocks of shares, L.P.G., other construction materials have been physically verified by the management during the year.

4. In our opinion and according to the explanations given to us and having regard to the nature of items, 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.

5. No discrepancies were notices on verificaiton between the physical stocks and the book records were not material.

6. On the basis of our examination of stock records, we are of the opinion that the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles, and on the same basis as in the proceeding year.

7. The Company has not taken any loans from companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956. We have been informed that there are no Bodies Corporate under the same management within the meaning of Section 370(1-B) of the Companies Act, 1956.

8. The Company has not given any loans to Companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. We have been informed that there are no Bodies Corporate under the same management within the meaning of Section 370(1-B) of the Companies Act. 1956.

9. As explained to us, other than doubtful advances, parties to whom loans and advances in the Nature of Loans have been given by the Company, the Principal amounts and interest thereon, in the absence of stipulation are repayable on demand.

10. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business.

11. In our opinion, and according to the information and explanations given to us, no goods and materials, aggregating during the year to Rs. 50,000 or more in respect of each party were purchased and no goods, materials and services, aggregating during the year to Rs. 50,000 or more in respect of each party, were sold, in pursuance of contracts of arrangements entered in the Register maintained under Section 301 of the Companies Act, 1956.

12. The provision of section 58A of the Companies Act, 1956 is not applicable to the Company as it is a Non-Banking Financial Company. Further as required by Non-Banking financial Companies Auditors Report (Reserve Bank) Direction, 1998 we report that

a) The Company has applied for registration as provided in Section 451A of the Reserve Bank of India Act, 1934 and has been granted.

b) The Board of Directors has passed a resolution for the non-acceptance of any Public Deposits.

c) The Company has not accepted any Public deposits during the relevant year.

d) The Company has complied with the Prudential Norms relating to income recognition accounting standards, assets classification, however no provision has been made for bad and doubtful debts as applicable to it.

13. As explained to us that no by-product or scrap is generated by the Company on business operations carried out by it.

14. As explained to us the Company has an internal audit system commensurate with the size and nature of its business.

15. As explained to us, the Central Government has not prescribed the maintenance of cost records under Section 209(l)(d) of the Companies Act, 1956 for the Companys products.

16. According to the records of the Company Provident fund dues have been regularly deposited during the year with appropriate authorities.

17. According to the information and explanations given to us. no undisputed amounts payable in respect of income tax, wealth tax, sales tax, custom duty and excise duty were outstanding as at 31st March for a period of more than six months from the date they became payable.

18. On the basis of the examination of books of accounts, and on the basis of the information and explanations given to us, no personal expenses of employes if directors have been charged to the Profit & Loss Account other than those payable under contractual obligations or in accordance with generally accepted business practices.

19. The Company is not a sick industrial company within the meaning of clause (O) of Sub-section (1) of Section 3 of the Sick Industrial Companies (Special provision) Act, 1985.

20. No loans and advances have been granted by the Company on the basis of security by way of pledge of shares and other securities.

21. As explained to us the provisions of Special Status applicable to a chit fund, Nidhi or Mutual benefit society are not applicable to the Company.

22. Proper records have been maintained by the Company for all transactions and dealings or trading in shares, securities and other instruments.

23. In respect of trading activities we have been informed that there are no damage stocks.

For P. SARKAR & ASSOCIATES Chartered Accountants P. SARKAR Partner

Place : 35, C. R. Avenue, Kolkata - 700012 Dated : the 30th day of June. 2003