1.  We have audited the attached Balance Sheet of M/s ANSAL BUILDWELL
 LIMITED as at 31st March, 2011 and the Profit & Loss Account and Cash
 Flow Statement for the year ended on that date annexed hereto, which we
 have signed under reference to this report. These financial statements
 are the responsibility of the Company''s management. Our responsibility
 is to express the opinion on these financial statements based on audit.
 
 2.  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 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.
 
 3.  As required by the Companies (Auditor''s Report) Order, 2003, as
 amended by the Companies (Auditor''s Report) (Amendment) Order, 2004,
 (together the ''Order'') issued by the Central Government in terms of
 Section 227(4A) of the Companies Act, 1956, and on the basis of such
 checks of the books and records of the Company as we considered
 appropriate and according to the information and explanations given to
 us, we enclose in the Annexure a statement on the matters specified in
 paragraph 4 and 5 of the said Order.
 
 4.  Further to our comments in the Annexure referred to above, we
 report that:
 
 i.  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.
 
 ii.  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
 such books.
 
 iii.  The Balance Sheet, the Profit & Loss Account and Cash Flow
 Statement referred to in this Report are in agreement with the books of
 account.
 
 iv.  The Balance Sheet, the Profit & Loss Account and Cash Flow
 Statement referred to in this Report comply with the Accounting
 Standards referred to Section 211(3C) of the Companies Act, 1956.
 
 v.  On the basis of written representations from the Directors as on
 31st March, 2011, and taken on record by the Board of Directors, we
 report that none of the directors are disqualified as on 31st March,
 2011, from being appointed as a Director under Section 274(1)(g) of the
 Companies Act, 1956.
 
 vi.  In our opinion and to the best of our information and according to
 the explanations given to us, the said Accounts, read together with the
 notes thereon 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:
 
 (a) in so far as it relates to the Balance Sheet, of the state of
 affairs of the Company as at 31st March, 2011;
 
 (b) in so far as it relates to the Profit & Loss Account, of the profit
 of the Company for the year ended on that date;
 
 (c) in so far as it relates to the Cash Flow, of the cash flows for the
 year ended on that date.
 
 ANNEXURE REFERRED TO IN PARAGRAPH (3) OF THE AUDITORS'' REPORT TO THE
 MEMBERS OF ANSAL BUILDWELL LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED
 31ST MARCH, 2011.
 
 i) (a) The Company has maintained 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
 regular intervals. As explained to us no material discrepancies were
 noticed on such verification. In our opinion, the frequency of physical
 verification of assets is reasonable having regard to nature & size of
 the Company.
 
 (c) During the year, the Company has not disposed off a substantial
 part of the fixed assets.
 
 ii) (a) As explained to us, the inventory has been physically verified
 during the year by the Management at reasonable intervals. In our
 opinion, the frequency of verification is reasonable having regard to
 nature & size of the company.
 
 (b) In our opinion & according to 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.
 
 (c) On the basis of information provided to us by the management &
 explained to us no material discrepancies were noticed in physical
 verification as compared to books. Also in our opinion, the Company has
 maintained proper records of inventory.
 
 iii) (a) The Company has not granted any loans, secured or unsecured to
 companies, firms or other parties covered in the register maintained
 under Section 301 of the Companies Act, 1956. Accordingly the
 provisions of clause 4(iii) of the Companies (Auditors Report) Order
 2003 are not applicable to the Company.
 
 (b) The Company has taken Short Term Loans from the directors and
 covered in the register maintained under Section 301 of the Companies
 Act, 1956. In our opinion the rate of interest and other terms and
 conditions of such Loans are not prima facie, prejudicial to the
 interests of the Company.
 
 (c) In respect of public deposits taken, repayment of principal and
 interest has been regular.
 
 iv) As per explanation of the Company that certain materials purchased
 are of such a nature for which requisite alternative sources do not
 exist for the purpose of comparison of quotations, in our opinion and
 according to the information and explanations given to us, there are
 adequate internal control systems commensurate with the size of the
 Company and the nature of its business with regard to purchases of
 inventory, fixed assets and for the sale of goods. During the course of
 our audit, no major continuing failure has been noticed in the internal
 control procedures.
 
 v) (a) According to the information and explanations given to us, the
 transactions that need to be entered into the register maintained under
 Section 301 of the Companies Act, 1956 have been so entered.
 
 (b) In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of contracts or
 arrangements entered in the register maintained under Section 301 of
 the Companies Act, 1956 and exceeding the value of Rupees Five Lakhs in
 respect of any party during the year have been made at prices which are
 reasonable having regard to prevailing market prices at the relevant
 time.
 
 vi) In our opinion and according to the information and explanations
 given to us, the Company has complied with the provisions of Section
 58A and 58AA and any other relevant provisions of the Act and the
 Companies (Acceptance of Deposits) Rules, 1975 with regard to deposits
 accepted from the public.  According to information and explanations
 given to us, no order under the aforesaid sections has been passed by
 the Company Law Board or National Company Law Tribunal or Reserve Bank
 of India or any Court or any other Tribunal.
 
 vii) In our opinion and according to the information and explanations
 given to us, the Company has an internal audit system which, in our
 opinion, is commensurate with the size and nature of its business.
 
 viii) To the best of our knowledge & explanations given to us, The
 Central Government has not prescribed the maintenance of cost records
 u/s 209(1)(d) of the Companies Act, 1956 for any of the products of the
 Company.
 
 ix) (a) According to the information and explanations given to us, the
 Company is generally regular in depositing undisputed statutory dues
 including Provident Fund, Investor Education and Protection Fund,
 Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
 Tax, Customs Duty, Excise Duty, Cess and other material statutory dues,
 if any, applicable to it with appropriate authorities.
 
 (b) According to the information and explanations given to us, no
 undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth
 Tax, Service Tax, Customs Duty, Excise Duty and Cess were in arrears,
 as at 31st March, 2011 for a period of more than six months from the
 date they became payable.
 
 (c) According to the information and explanations given to us, no
 disputed tax dues are payable by the company.
 
 x) The Company has neither accumulated losses as at the end of the
 financial year nor it has incurred cash losses during the financial
 year as well as in the immediately preceding financial year.  
 
 xi) According to the records of the Company examined by us and the
 information and explanations given to us by the management, the Company
 has not defaulted in repayment of dues to financial institutions and
 banks.
 
 xii) In our opinion and according to the information and explanations
 given to us, the Company has not granted loans or advances on the basis
 of security by way of pledge of shares, debentures and other
 securities.
 
 xiii) The provisions of special statute applicable to chit fund / nidhi
 / mutual benefit fund / society are not applicable to the Company and
 therefore, paragraph 4(xiii) of the Order is not applicable.
 
 xiv) In our opinion, the Company is not dealing or trading in shares,
 securities, debentures and other invest- ments.
 
 xv) According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from
 banks and/or financial institutions.
 
 xvi) In our opinion and according to the information and explanations
 given to us, the term loans have been applied for the purpose for which
 they have been obtained.
 
 xvii) 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. No long term funds have been used to finance short-term
 assets except permanent working capital.
 
 xviii) The Company has not made any preferential allotment of shares to
 parties and companies covered in the register maintained under Section
 301 of the Companies Act, 1956.
 
 xix) The Company has not issued any debentures during the year.
 
 xx) The Company has not raised any money by way of public issue during
 the year.
 
 xxi) According to the information & explanations given to us, no fraud
 on or by the Company has been noticed or reported during the course of
 our audit.
 
                                              For SEKHRI & ASSOCIATES
 
                                                Chartered Accountants
 
                                              Firm Regd No. : 018322N
 
                                                          H.L. SEKHRI
 
 Place: New Delhi                                             Partner
 
 Date :10th August, 2011                         Membership No. 15874