INDEPENDENT AUDITOR'S REPORT

To the Members of Sri Vajra Granites Limited
Report on the Financial Statements

We have audited the accompanying financial statements of SRI VAJRA GRANITES LIMITED (“the
company”), which comprise the Balance Sheet as at 31 March 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 information.

Management's Responsibility forthe Financial Statements

The Company's Board of Directors is responsible for the matters 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 the maintenance of adequate accounting
records in accordance with the provision of the Act for safeguarding of the assets of the Company
and for preventing and detecting the 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 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.

Auditor's 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, 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 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 Company's Directors, as well as evaluating the overall presentation
of the financial statements.

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

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 March 31,2015 and its loss and cash flows forthe year
ended on that date.

Report on other Legal and Regulatory Requirements.

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

1. We have sought and obtained all the information and explanations which to the best of our
   knowledge and belief were necessary forthe purposes 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 from our examination of those books.

3. 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.

4. 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.

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

With respect to the other matters to be included in the Auditor's Report in accordance with
Rule11 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:

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

2. The Company did not have any long-term contracts including derivative contracts; as such
   the question of commenting on any material foreseeable losses thereon does not arise

3. There has not been an occasion in case of the Company during the year under report to
   transfer any sums to the Investor Education and Protection Fund. The question of delay in
   transferring such sums does not arise

For ISUDHAKER & CO.

Chartered Accountants
Firm Reg. No. 006271S

Sd /-

Place: Hyderabad
Date: May 30, 2015

(I SUDHAKER)

PROPRIETOR

Membership No. 023904

ANNEXURE TO INDEPENDENT AUDITOR'S REPORT

Re: SRI VAJRA GRANITES LIMITED

Referred to in our Audit 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, fixed assets have been physically verified by the management at

regular intervals; as informed to us no material discrepancies were noticed on such
verification;

2. a) The inventory has been physically verified during the year by the management. In our

opinion the frequency of verification is reasonable.

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

2. The company is maintaining proper records of inventory. The discrepancies noticed on
   Verification of physical stocks and the book records were not material and have been
   properly dealt with in the books of account.

3. 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 Act. Therefore sub-clauses

1. & (b) of clause iii) are not applicable.

4. In our opinion and according to the information and explanations given to us, there is 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 of the books and records of the Company
   and according to the information and explanations given to us, no major weakness has not
   been noticed or reported.

5. The Company has not accepted any deposits from the public covered under Section 73 to 76 of
   the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules,2014.

6. We have broadly reviewed the cost records maintained by the company pursuant toSub-
   section (1) of section 148 of the Companies Act, 2013 and are of the opinion Prima facie the
   prescribed records have been maintained. We have, however, not made a detailed
   examination of records with a view to determine whether they are accurate or complete.

(Vii)(a) According to the information and explanations given to us and based on the records of the
company examined by us, the company is regular in depositing the undisputed statutory
dues, including Provident Fund, Income-tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty and other material statutory dues, as applicable with the appropriate tax
authorities except Provident Fund and Service Tax which have not been paid regularly.

2. According to the information and explanations given to us and based on the records of the
   company examined by us, there are no undisputed amounts payable in respect of Income
   Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise Duty and cess were in
   arrears, as at 31.03.2015 for a period of six months from the date they became payable.
   However, Service Tax in arrears for more than six months as on 31.03.2015 is Rs.5,25,521.

3. According to the information and explanations given to us there is no amount required to
   be transferred during the year to the Investor Education and Protection Fund.

8. The accumulated losses of the company as at 31.03.2015 is more than 50% of its net Worth
   and the company has incurred cash loss during the financial year covered by our audit and
   immediately preceding financial year.

8. In our opinion and according to information and explanations given to us, the Company has
   not defaulted in repayment of dues to financial institutions or banksduring the year.

9. In our opinion, and according to the information and explanations given to us, the Company
   has not given any guarantee for loan taken by others from a bank or financial institution during
   the year.

8. n our opinion the term loans taken by the company have been applied for the purpose for
   which they were obtained.

8. According to the information and explanations given to us, no fraud on or by the Company
   hasbeen noticed or reported during the course ofourauditfortheyear.

For I SUDHAKER & CO.

Chartered Accou ntants
Firm Reg. No. 006271S

Place: Hyderabad
Date: May 30, 2015

Sd /-

(I SUDHAKER)

PROPRIETOR

Membership No. 023904