We have audited the accompanying financial statements of Advance Powerinfra Tech Ltd ("the company"), which compromise the Balance Sheet as at 31st March 2015 and the statement of Profit and Loss and Cash Flow Statement for the period from 01.04.14 to 31.03.15 and a summary of signification policies and other explanatory information.

Managements 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 provision 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 judgements 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 misstatements 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 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 risk 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 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 qualified audit opinion on the financial statement.

Basis of Qualified Opinion

The Management of Advance Powerinfra Tech Limited has considered that no provision is required against fall in the value of investment held at a cost of Rs. 279.93 Lacs in shares of quoted and unquoted Companies. Attention is invited to the following

a. Note 11 - a regarding the opinion framed by the Company for non provision of diminution In the value of quoted investments.

b. Note 11-b regarding non provision for diminution in value of unquoted investments.

The overall effect of the aforesaid matters on the financial statements for period from 1st April 2014 to 31st March 2015 and the corresponding figures for the period from 1st April 2014 to 31st March 2015, could not be determined.

Opinion

In our opinion and to the best of our information and according to the explanation s given to us, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, 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 31st 2015;

b. In the case of the Profit and Loss Account, of the profit for the period from 1st April 2014 to 31st March 2015; and

c. In the case of the Cash Flow Statement, of the cash flows for the period from 1st April 2014 to 31st March 2015

Emphasis of matter

We draw attention towards certain debts and loans receivables due for over three years or more, specifically described in note no.26, which are subject to confirmation and no provision has been made by the management for the same.

Report on Other Legal and Regulatory Requirements

1. As required by the Company (Auditor's Report) Order, 2015 (" the Order") issued by the Central Government of India, we give in the Annexure a statement on the matters specified in paragraph 3 and 4 of the order.

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

a. We have obtain all 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 appear s from our examination of those books.

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

d. In our opinion the Balance Sheet, Statement of Profit and Loss , and the Cash Flow 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 representation received from the directors as on 31st March 2015 and taken on record by the Board of Directors, none of the directors is Disqualified as on 31st March 2015 , from being appointed as a director in terms of Section 164 (2) of the Act.

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of Advance Powerinfra Tech Limited on the accounts of the Company for the year ended 31st March 2015.

On the basis of such checks as we considered appropriate and according to the information and Explanation given to us during the course of our audit , we report that

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

As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

In our opinion and according to the information and explanations given to us, no fixed assets has been disposed during the year and therefore does not affect the going concern assumption.

As explained to us, inventories have been physically verified during the period by the management at reasonable intervals.

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

In our opinion and the basis of our examination of the records, the company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stock by the management as compared to book records.

3. (a ) According to the information and explanations given to us and on the basic of our examination of the books of account, the company has granted Rs. 10.78 as loans , unsecured, to related other parties listed in the register maintained under section 189 of the Companies Act, 2013.

(b) The Loans provided are free of interest, in our opinion which may prejudice to the Interest of the Company

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weakness in the internal controls has been noticed.

5. As per information & explanations given to us in our opinion, the transaction entered into by the company with parties covered u/s 189 of the Act are reasonable. The Company has not accepted any deposits from the public covered under section 73 and 76 of the Companies Act 2013.

6. As per information & explanation given by the management maintenance of Records has not been prescribed by the Central Government under section 148 of the Act.

7. a) Accordingly to the information and explanations given to us and the records examined by us ,the company has no undisputed outstanding statutory dues as at 31st March 2015 for period of more than six months from the date they became payable.

b) According to the records of the company, the dues outstanding of income tax, wealth tax, central tax, central excise and cess as at 31st March 2015, which have not been deposited with respective authorities on any account of any dispute are as follows:

Name of the    Nature       Amounts      Period to        Forum whether
statute        of Dues       (Rs.)       which the     dispute is pending
                                         amount
                                         related 

Income       Income       Rs.270608/=    A.Y 2003-2004    CIT- appeal
Tax          Tax
Act,1961

Income       Income    Rs. 12733941/=    A.Y 2007-2008    CIT- appeal
Tax          Tax                                          Tribunal
Act,1961

Income       Income       Rs.200000/-    A.Y 2008-2009    CIT- appeal
Tax          Tax
Act,1961

Central      Central     Rs.1690706/-    P.Y 2009-2010    Central
Excise       Excise                                       Excise &
Rules 2002                                                Service Tax
                                                          Tribunal.

8. The company does not have any accumulated loss and has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

9. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

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

11. 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 given financial period.

12. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the company has been noticed or reported during the year, nor have we been informed of such case by the management.

                                                            For K.M.ROY
                                                  CHARTERED ACCOUNTANTS

                                                         (C.A. K.M.ROY)
Place: Kolkata                                               PROPREITOR
Date: 30th May 2015                              Membership no.: 053720