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 and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with the 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 controls, that were operating effectively for ensuring the accuracy and completeness of accounting records, relevant to the preparation and presentation of financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR'S RESPONSIBILTY

Our responsibility is to express an opinion on these standalone financial statements based on our audit We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement

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

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

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements read with the notes thereon 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 loss and its cash flows for the year ended on that date,

EMPHASIS OF MATTERS

We draw attention to the following matters in the Notes to the financial statements:

(a) Note 17(H) to the financial statement regarding cherubs towards rent paid but not encased by the landlord.

(b) Note 23 in the financial statements which indicates that the Company has accumulated losses and its net worth has been fully / substantially eroded, the Company has incurred a net loss/net cash loss during the current and previous year(s) and, the Company's current liabilities exceeded its current assets as at the balance sheet date. These conditions, along with other matters set forth in Note 23, indicate the existence of a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern. However, based on the representation received from the management regarding continuing support the financial statements of the Company have been prepared on a going concern basis.

Our opinion is not modified in respect of this matter.

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 paragraphs 3 and 4 of the Order, to the extent applicable.

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

as 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 accounts as required by the law have been kept by the Company so far as it appears from our examination of those books;

c. The Balance Sheet, the statement of profit and loss and cash flow statement dealt with by this report are in agreement with the books of account;

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

e. The going concern matter described In sub paragraph (b) under Emphasis of Matters paragraph above, in our opinion, may have adverse effect on the functioning of the Company.

f. On the basis of written representations received from the directors as on March 31, 2015 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 the Section 164(2) of Companies Act 2013.

g. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of 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, if any, on its financial position in its financial statements

ii. the Company has made provision, as required under the applicable law or accounting standards, for material foreseeable lossless.

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

ANNEXURE TO THE AUDITOR'S REPORT

As required by the Companies (Auditors' Report) Order, 2015 issued by the Company Law Board in terms of Section 143 of the Companies Act, 2013, we further report that:

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

We are informed that fixed assets have been physically verified by the management at reasonable interval and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and nature of its assets.

ii. We are informed that there was no stock of goods during the year or at the year end and hence physical verification of stock were not required to be conducted by the management. In view of above therefore, we have no comment to offer on frequency of the physical verification of such stocks.

Since company is not having any stock, we have no comment to offer on whether the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

Since company is not having any stock, we have no comment to offer on maintaining proper records of inventory and discrepancies on physical verification of stocks as compared to book records.

iii. The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in register maintained under section 189 of the Companies Act, 2013. Accordingly paragraph 3(iii) (a) and (b) of the Order are not applicable.

iv. In our opinion and according to information and explanations given to us, the Company does have an adequate internal control system commensurate with the size of the Company and the nature of its business in respect of purchases of inventory and fixed assets and for the sale of goods and services

We have not observed any major weakness in the internal control system during the course of the Audit

v. According to the information and explanations given to us, the Company has not accepted any deposit from the public. Therefore, the provisions of Clause (v) of paragraph 3 of the CARO 2015 are not applicable to the Company.

vi. As informed to us the maintenance of cost Records has not been specified by the central government under section 148(1) of the Act.

vii. According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted / accrued in the books of account in respect of undisputed statutory dues including Provident fund, Employee's state insurance and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty and duty of excise. '

According to the information and explanations given to us, no undisputed amounts payable in respect of Provident fund, Employee's state insurance and other material statutory dues were in arrears as at March 31, 2015 for a period of more than six months from the date they became payable. We are informed that dues of income tax, sales tax, wealth tax, service tax, duty of customs and duty of excise are not in dispute.

According to the information and explanations given to us, there are no dues of income tax, wealth tax, sales tax, service tax, duty of customs and duty of excise which have not been deposited with the appropriate authorities on account of any dispute.

According to the information and explanations given to us the amounts which were required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules there under has been transferred to such fund within time.

viii. The Company has been registered for a period of not less than five years and its accumulated losses at the end of the financial year exceeds fifty percent of its net worth. The Company has incurred cash losses in the current financial year and in the immediately preceding financial year.

ix. The company has not taken any loans from any financial institution or bank or debenture holders and hence the question of default in payment does not arise.

x. In our opinion and according to the information and the explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

xi. The Company has not taken any term loan during the year.

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

Place : Mumbai                                 For Desai & Bhagtaney

Date : 12/5/2015                               Chartered Accountant*

                                               Shailesh S. Desal

                                               Partner

                                               Membership No. 036935

                                               Firm No.115646W