Layla Textile and Traders Ltd. இன் முடிவுகள்

Mar 31, 2016

Report on the Financial Statements for the F.Y. 2015-16

We have audited the accompanying financial statements of Layla Textile And Traders Limited, (“the Company”), which comprise the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss Account, and the Cash Flow Statement for the year ended, and a summary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these Financial Statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes 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.

Auditor’s Responsibility

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

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified u/s 143(10) of the Act and authoritative pronouncements 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 financial controls 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. 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 on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at 31st March, 2016, and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by Companies (Auditors Report) Order 2016 (’the order’) issued by Central Government of India in terms of subsection (11) of section 143 of the Act, we enclose in the “Annexure 1” a statement on the matters specified in paragraphs 3 & 4 of the said order, to extent applicable.

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

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

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

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

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

e) On the basis of the written representations received from the directors as on 31st March, 2016 taken on record by the Board of Directors, none of the directors are disqualified as on 31st March, 2016 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, we give our separate Report in “Annexure2"

g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

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

II. The Company does not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

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

( Referred to in paragraph 1 under ‘ Report on Other Legal and Regulatory Requirements ‘ in our Independent Auditor’s Report of even date , to the members of the Company on the Financial statements for the year ended 31^st March ,2016).

(i) In respect of its fixed assets:

a) Based on our scrutiny of the Company’s Books of Account and other records and according to the information and explanations given to us by the management, we are of the opinion that the question of commenting on maintenance of proper records of fixed assets and physical verification of fixed assets does not arise since the company had no fixed assets as on 31st March, 2016 nor at any time during the financial year ended on 31st March, 2016.

b) According to the information and explanations given to us, as the company owns no immovable properties, the requirement on reporting whether title deeds is held in the name of the company or not is not applicable.

(ii) Physical verification of inventory has been conducted by the management at reasonable intervals as required under clause 3(ii). No material discrepancies were found as compared to book records.

(iii) The Company has not granted loans, secured or unsecured to any companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Hence the reporting requirement under clause (iii) of the said order does not arise.

(iv) Based on our scrutiny of the Company’s records and according to the information and explanations given to us by the management, we are of the opinion that in respect of loans and guarantees given, investments made, and securities purchased by the company, the provisions of section 185 and 186 of the Companies Act, 2013 have been complied with.

(v) In our opinion and according to information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of Section 73 to 76 or any other relevant provisions of the Companies Act and Rules framed there under and hence the reporting requirement under clause (v) of the said order does not arise.

(vi) According to the information and explanations provided by the management, the company is not engaged in production of any such goods or provision of any such services for which maintenance of cost records has been prescribed by the Central Government under section 148(1). Hence the reporting requirement under clause (vi) of the said order does not arise.

(vii) a) Based on our scrutiny of the Company’s Books of Account and other records and according to the information and explanations given to us by the management, we are of the opinion that the company is regular in depositing with appropriate authorities undisputed statutory dues applicable to it and no undisputed amounts payable in respect of any statutory dues were outstanding as at 31st March, 2016 for a period of more than six months from the date they became payable.

b) According to the records of the company and the information and explanations given to us by the management, there are no disputed statutory dues outstanding in the name of the company.

(viii) According to the records of the company, the Company has neither borrowed any amount from any financial institution, bank or government nor issued any debentures till 31st March, 2016. Hence, in our opinion the reporting requirement under clause (viii) of the said order does not arise.

(ix) According to the records of the company, the company has neither raised any moneys by way of Initial Public Offer or Further Public Offer (including debt instrument) nor has the company raised any term loans. Hence, in our opinion the reporting requirement under clause (ix) of the said order does not arise.

(x) Based upon the audit procedures performed and information and explanations given to us by the management, neither any fraud on the company by its officers or employees nor any fraud by the company has been noticed or reported during the course of our audit..

(xi) The Managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act.

(xii) In our opinion and to the best of our information and according to the explanations provided by the management, we are of the opinion that the company is not a Nidhi Company. Hence, in our opinion the reporting requirement under clause (xii) of the said order does not arise.

(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with Sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.

(xiv) Based on our scrutiny of the Company’s Book of Account and other records and according to the information and explanations given to us by the management, we are of the opinion that the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Hence, the reporting requirement under clause (xiv) of the said order does not arise.

(xv) Based on our scrutiny of the Company’s Book of Account and other records and according to the information and explanations given to us by the management, we are of the opinion that the company has not entered into any non-cash transactions with its directors or persons connected with him. Hence, the reporting requirement under clause (xv) of the said order does not arise.

(xvi) In our opinion and to the best of our information and according to the explanations provided by the management, we are of the opinion that the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence, the reporting requirement under clause (xvi) of the said order does not arise.

For GHOSH & GHOSH

Chartered Accountants

Place: Kolkata Firm Registration Number: - 306020E

Date: 30/05/2016

Sd/-

A.K. GHOSH

Partner

Membership no.-52945

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Mar 31, 2014

We have audited the accompanying financial statements of Herald Projects Limited, which comprise the Balance Sheet as at March 31, 2014 and the Statement of Profit and Loss 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 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. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

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

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

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

Opinion

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

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

b) in the case of the Profit and Loss Account, of the profit for the year ended on March 31, 2014;

Report on Other Legal and Regulatory Requirements

1. As required by Companies (Auditors Report) Order 2004 issued by 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 paragraphs 4 & 5 of the said order to extent applicable.

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 and Statement of Profit and Loss dealt with by this Report are in agreement with the books of account.

d) In our opinion, the Balance Sheet and Statement of Profit and Loss 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 Auditors Report

1. The company is not having fixed assets and therefore provision of clause 4(i) is not applicable to company.

2. The company is not having inventory and therefore provision Of clause 4(H) is not applicable to company.

3. The company has not granted or taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Act and therefore provision of clause 4(ii) is not applicable to company.

4. The company is not having fixed assets and inventories, therefore provision of clause 4(iv) is not applicable to company.

5. In our opinion and according to information & explanations given to us, there are no such transactions that need to be entered into a register in pursuance of section 301 of the Act.

6. In our opinion and according to information & explanation given to us the company has not accepted deposits from the public.

7. In our opinion the company has an adequate internal audit system commensurate with its size and nature of its business.

8. According to information & explanation given to us, the company is not required to maintain cost records as prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act.

9. (a) According to information & explanation given to us the company is generally regular in depositing undisputed statutory dues including Income tax, and any other material statutory dues with the appropriate authorities.

(b) According to information & explanation given to us the company has no disputed dues of sales tax/income tax/custom tax/wealth tax/excise duty/cess.

10. The company does not have accumulated losses more than 50% of its networth. The company has not incurred cash losses during the financial year covered by audit.

11. In our opinion and according to information & explanation given to us the company has no dues to financial institution or bank.

12. According to information & explanation given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares debenture and other documents.

13. According to information & explanation given to us, the provisions of nidhi / mutual benefit fund/societies is not applicable to company.

14. According to information & explanation given to us, the company is dealing or trading in shares, securities, debentures and other investments:The investments made by the company have been held by the company, in its own name.

15. According to information & explanation given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. According to information & explanation given to us, no term loans were obtained during the year.

17. According to information & explanation given to us and on overall examination of balance sheet no funds raised on short-term basis have been used for long-term investment.

18. According to information & explanation given to us the company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act.

19. According to information & explanation given to us no debentures issued during the year.

20. According to information & explanation given to us no public issues have been made during the year.

21. According to information & explanation given to us no fraud on or by the company has been noticed or reported during the year.

For P. ACHARJEE & CO Chartered Accountant FRN: 325431E

Place: Kolkata Date: 20/05/2014 Pintu Acharjee Proprietor Mem No: 059737

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Mar 31, 2013

We have audited the accompanying financial statements of Herald Project Limited, which comprise the Balance Sheet as at March 31, 2013 and the Statement cf Profit and Less for the year then ended, end 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 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, This responsibly 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 tree 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 end 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 end 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 ms king those risk assessments, the auditor - considers internal control relevant to the Company's preparation and fair presentation ofthe 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 o' 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 faor view in conkim ty with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013;and

b) in the case of the Profit and Loss Account, of the loss for the year ended on March 31,2013;

Report on Other legal and Regulatory Requirements

1, As required by companies (Auditors Report) Order issued by Central Government of India in terms of section 227 (4A) of the Companies Act, 1956, we enclose in the annexure 3 statement on the nr alters Specified In paragraphs 4 & 5 of the said order to patent applicable

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 beer: kept by the Company so far as appears from our examination of those books

cl The Balance Sheet and Statement oF Profit arid Loss drjalt with by this Report ore In agreement with the books of account.

d) In our opinion, the balance Sheet and Statement of Profit it and Loss comply 'with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1916,

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

Annexure to Auditors Report

1. The company is not having fixed assets and therefore provision oF clause 4(i) is not applicable to company.

2. The company is not having inventory and therefore provision of tlaust 4(i|) 15 not applicable to cc mpeny.

3. The company has not granted or talien any loans, secured or unsecured to/frcm campon:es, firms or other parties covered in the register maintained under section 301 of the Act arid therefore provision of clause rt(ii) is not applicable to company.

4 The company Is not having fixed assets and inventories, therefore- provision of clause 4(iv| is net applicable to company.

5. In our opinion and according to information * explanations given to us, there are no such transactions that need to be entered into a register in pursuance of section 301 of the Act ,

6. In our opinion and according to information ft explanation given to us the company has not accepted deposits from the public.

7. In our opinion the company has an adequate internal audit System commensurate with its Site and nature oF its business.

8. According to information ft explanation giver to us., the company is not required to maintain cost records as prescribed by the Central Government under clause (d)of sub-section (1) oF section 209 of the Act.

9. (a) According to information ft explanation given to us the company is generally regular in depositing undisputed statutory dues including Income tax, and any other material statutory dues with the appropriate authorities,

(b) According to information ft explanation given 1o us the company has no disputed dues- of sales tax/income tax/custom tax/wealth tax/excise duty/cess.

10. The company does not have accumulated losses more than 50% of its net-wonh. The company has incurred cash losses during the financial year covered by audit.

11. In our opinion and according to information ft explanation given to us the company has. no dues to financial institution or bank.

12. According to information ft explanation given to us, the company has no! granted loans and advances on the basis of security by way of pledge of shores debenture and other documents.

13. According to information ft explanation given to us. the provisions or nidhi / mutual benefit iund/societiei is not a op licet e 10 company.

14. According to information ft explanation given to us, the company is dealing or trading in shares, securities, debentures a no ether investments. The investments made by the company have been held by the company, in its own name.

15. According Lo information & explanation given to us, the company has not given any guarantee for loans taken by others from bank or financial Institutions.

16. According to information & explanation given to us, no term loans were obtained during the year.

17. Accord'ng to information & explanation given to us and on overall examination of balance sheet no funds raised on short-term basis have been used for long-term investment

18. According to information & explanation given to us the company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act.

19. According to information & explanation Riven to us no debentures issued dunng the year.

20. According to information & explanation given to us no public issues have been made during the year

21. According to information & explanation given to us no fraud on or by the company has been noticed or reported during the year.

for P.ACHARJEE&CO Chartered Accountant RRN: 315431E

Place: Kolkata Date: 29/05/2013 Pintu Achorjee Proprietor Mem No: 059737

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Mar 31, 2012

We have audited the attached Balance Sheet of M/s. HERALD PROJECTS LIMITED as at 31st March, 2022 and also the Profit & Loss Account ?! the Company for the year ended on that date annexed thereto.

We conducted our audit in accordance with auditing standards generally accepted in Indio, require that we plan ond perform the audit and obtain reasonable assurance about whether the Financial Statements are free ot material misstatement. An audit includes, examining, on a test basis, evidence supporting the amounts and disclosures In the Financial Statement. 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 reasonable basis for our opinion.

We report as follows.

1 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;

2 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;

3 The Balance Sheet and Profit & Loss Account dealt with by the Report ore In agreement with the Books of Accounts:

4 In our opinion, the Profit and Loss Account and Balance Sheet comply with the Accounting standards referred to in Section 211 (3C of the Companies- Act, 1956,to the extent applicable;

5 In our opinion none of the Directors are disqualified'from being appointed as Director as per 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 account give the Information required end give a true and fair view:

* in the case of the Balance Sheet, of the State of affairs of the company as at 31st March, 2012; and

* in the case of Profit & Loss Account, ol the loss of the Company for the year ended on that , date.

7 As required by Companies (Auditors Rope it) Order 2001 issued bv Central Government of India in terms of section 227 |/.A| of the Companies Ad, 1966, we enclose In the annexure a statement on the matters specified in paragraphs 4 & 5 of the said order to extent applicable.

Annexure to auditor report

1. The company is not having fixed assets and therefore provision o1 clause 4(1} Is not applicable 10 company.

2. The company is not having inventory and therefore provision of clause 4(ii) is not applicable to company.

3 The company has not granted or taken any loans, secured or unsecured to/lrom companies, firms or other parties covered in the register maintained under section 301 of the Act and therefore provision of clause 4
4 The company is not having fixed assets and Inventories, therefore provision of clause 4M is not applicable to company.

5 To Qur opinion and according to information 8. explanations given to us, there are no such transactions that need to be entered into a register in pursuance of section 301 ol the Act.

6. tn our opinion and according to Information & explanation given to us the company has not accepted deposits from the public.

7. our opinion the company has an adequate internal audit system commensurate with its size and nature of Us business.

8. According to information 8 explanation given to us, the company is not required to maintain cost records as prescribed by the Central Government under clause |d| of sub-section 1) of section 709 of the Act.

9. <4l} According to information 5 explanation given to us the company is generally regular in depositing undisputed statutory dues including Income tax, and any Other material statutory dues with the appropriate authorities.

a. According to Information Si explanation given to us the company has no disputed dues of sales tax/lnccrr.e tax/custom tax/wealth tax/excise duty/cess.

b. The company does not have accumulated losses more than 50% ol its networth. The company has incurred cash losses during the financial year covered by audit.

11. In our opinion and according to information & explanation given to us the company has no dees to financial institution or bank.

12. According to information & explanation given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares debenture and other documents.

13. According to information 8 explanation given to us, the provisions of nidhi / mutual benefit fund/sodeties is not applicable to company.

14, According to information & explanation given to us, I he company is dealing or trading in i.dies, securities, debentures and other investments. The investments made by the company have been held by the company, in its own name

15. According to information & explanation Riven to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. According to information & explanation given to us, no term loans were obtained during the year,

17. According to information & explanation given to us and on overall examination of balance sheet no funds raised on short-term basis have been used for long-term investment.

18 According to Information & explanation given to us the company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section ;01 of the Act.

19 According to Information & explanation given to US nc debentures Issued during the year.

20. According to information & explanation given to us no public issues have been made during the year.

21. According to information & explanation Riven to us no fraud on or by the company has been noticed or reported during the year.

For P. ACHARJEE & CO CharAred Accountants

Place; Kolkata

Dated: 30/05/2012

Pintu Acharjee Proprietor ' Mem No: 059737

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Mar 31, 2011

We have audited the attached Balance Sheet of M/s. HERALD PROJECTS LIMITED as at 31iT March, 20)1 and also the Profit ft Loss Account of the Company lor the year ended on that date annexed thereto.

We conducted our audit in accordance with audition standards generally accepted in India, repure that we plan and perform the audit and 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 Statement. 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 reasonable basis for our opinion.

We report as follows

1 We have obtained all cho Information and explanations which to the best of our knowledge and belief, were necessary fnr the purpose of dui Audit;

2 In our opinion proper Rooks ef Accounts as required by Law have been kepi by the Com,pony, so far as appears from uvr examination of the Books;

3 The Balance Sheet and Profit & Loss Account dealt with by the Report are in agreement with the Books cd Accounts;

4 In our opinion the Profit and Lois Account and Balance Sheet comply with the Accounting standards referred to in Section 211 (30 of the Companies Act, 1955,to the extent applicable;

5 In dui opinion none of the Directors are disqualified from, being appointed as Director a; per clause fgj 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 account give the information required and give a true and fair view

* in the case of the Balance Sheet, of the State of affairs of the company as at Si11 March, 2011; and

* tn the case of Prolii ft Loss Account, of The loss of the Company to- the year ended on that date,

7 As required by Companies JAuditor; Report) Order 2004 issued by Central Government ol India in terms of section 27 (-1A) of the Companies Act. 195A, we enclose In the iinnexure a slutemenl on the matters specif,ed in paragraphs 4 ft 5 of the said order 10 extent applicable.

Annflxure to Auditors Report

1. The company is nat having fixed assets and therefore provision uf clause 4fi) is not applicable to company.

2. The company is not having inventory and therefore provision of clause 4fii) is not applicable in company.

3. The company has not granted or taken any loans, secured or unsecured lo/from companies, firms or other parties covered In the register maintained under section 301 of the Act and therefore provision of clause 4(ii) is not applicable to company.

4. The company is not having fixed assets and inventories, therefore prevision of clause A(lv) is not applicable to company.

5. In cur opinion end according to information i. explanations given to us, there are no such transactions that need to be entered Into a register in pursuance cf section 30l of the Act.

6. In our opinion and according to information S. explanation given to us the company has not accepted deposits from the ouhlic.

7. In our opinion foe company has an adequate Internal audit system commensurate with its sie and nature of its business

8. According to information £ explanation given to us, thr* company is not required to maintain cost records as prescribed by the Central Government under clause (dj of sub-section 111 of section 7D9 of the Act,

9, (a| According to information £ explanation given to us the company generally regular in depositing undisputed Statutory dues Including ir.corr.e tax, and any other material statutory cues with the appropriate authorities.

(b) According to information £ explanation given to us the company has no disputed dues of sales lax/income tax/evstom tax/wealth tax/exdse duty/cess,

10. The company does n.m have accumulated losses more than 50% of its networth llie company has incurred cash losses during Ihe financial year covered by audit

11, In cur opinion and according in information £ explanation given to us the company has no dues to financial institution or hank

12. According to information £. explanation given to us, the company has nul granted loans and advances on the basis of security by way of pledge of shaies debenture and other documents,

13. According to Information B. explanation given to us, the provisions of nidhi / mutual ber.efil fund/iocielies is not a poll cable to company

14, According to Information & explanation given to VS, the- company i dealing or trading in shares, securities, debentures and other investments. The investments made by the company have been held by the company, in its Gn name.

15, According to information & explanation given to us, the company has rot given any guarantee Fcr loa-n-5 taken by others from bunk or financial institutions.

16. According to information £ explanat on given to us, no term loans were obtained during the year.

17. According to information & explanation given to us and on overall examination of balance Sheet no funds raised on short-term basis have been used for long-term Investment.

18. According to information & explanation given to us the company has not made any preferential allotment of shares to parties and companies covered in the Registei maintained under section 3M of the Act.

19 According to information & explanation given tb us no debentures issued during the year,

20. According to information £ explanation given to us no public issues have been made curing the year.

21. According lo Information £ explanation given to us no fraud on or by the company has been noticed or reported during ihe year.

For P. ACHARJEE & CO Charared Accountants

Place; Kolkata Dated: 30/05/2012

Pintu Acharjee Proprietor Mem No: 059737

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Mar 31, 2010

We have audited the attached Balance Sheet of M/s. HERALD PROJECTS LIMITED as at 31st March, 2010 and also the Profit & Loss Account of the Company for the year ended on that date annexed thereto.

We conducted our audit in accordance with auditing standards generally accepted in India, require that we plan and perform the audit and 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 Statement. 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 reasonable basis for our opinion.

We report as follows:

1 We have obtained all the information and explanations which to the best of out, knowledge and belief, were necessary for the purpose of our Audit;

2 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;

3 The Balance Sheet and Profit & Loss Account dealt with by the Report are in agreement with the Books of Accounts;

4 In our opinion, the Profit and Loss Account and Balance Sheet comply with the Accounting standards referred to in Section 211 (3C) of the Companies Act, 1956,to the extent applicable;

5 In our opinion none of the Directors are disqualified from being appointed as Director as per 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 account give the information required and give a true and fair view:

* in the case of the Balance Sheet, of the State of affairs of the company as at 31st March, 2010; and

* in the case of Profit & Loss Account, of the loss of the Company for the year ended on that date.

7 As required by Companies (Auditors Report) Order 2004 issued by 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 paragraphs 4 & 5 of the said order to extent applicable.

Annexure to Auditors Report

1. The company is not having fixed assets and therefore provision of clause 4{i) is not applicable to company.

2. The company is not having inventory and therefore provision of clause 4(ii) is not applicable to company.

3. The company has not granted or taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Act and therefore provision of clause 4(ii) is not applicable to company.

4. The company is not having fixed assets and inventories, therefore provision of clause 4(iv) is not applicable to company.

5. In our opinion and according to information & explanations given to us, there are no such transactions that need to be entered into a register in pursuance of section 301 of the Act.

6. In our opinion and according to information & explanation given to us the company has not accepted deposits from the public.

7. In our opinion the company has an adequate internal audit system commensurate with its size and nature of its business.

8. According to information & explanation given to us, the company is not required to maintain cost records as prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act.

9. (a) According to information & explanation given to us the company is generally regular in depositing undisputed statutory dues including Income tax, and any other material statutory dues with the appropriate authorities.

(b) According to information & explanation given to us the company has no disputed dues of sales tax/income tax/custom tax/wealth tax/excise duty/cess.

10. The company does not have accumulated losses more than 50% of its networth. The company has incurred cash losses during the financial year covered by audit.

11. In our opinion and according to information & explanation given to us the company has no dues to financial institution or bank.

12. According to information & explanation given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares debenture and other documents.

13. According to information & explanation given to us, the provisions of nidhi / mutual benefit fund/societies is not applicable to company.

14. According to information & explanation given to us, the company is dealing or trading in shares, securities, debentures and other investments. The investments made by the company have been held by the company, in its own name.

15. According to information & explanation given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. According to information & explanation given to us, no term loans were obtained during the year.

17. According to information & explanation given to us and on overall examination of balance sheet no funds raised on short-term basis have been used for long-term investment.

18. According to information & explanation given to us the company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act.

19. According to information & explanation given to us no debentures issued during the year.

20. According to information & explanation given to us no public issues have been made during the year.

21. According to information & explanation given to us no fraud on or by the company has been noticed or reported during the year.

For P. ACHARJEE & CO Chartered Accountants

Place: Kolkata Dated: 28/05/2010

Pintu Acharjee Proprietor Mem No: 059737