We have audited the attached Balance Sheet of M/s. Aramusk
 Infrastructure Investments Limited as at 31st March 2009 and also the
 Profit and Loss Account and Cash flow statement for the year ended on
 that date annexed thereto. These financial statements are the
 responsibility of the Companys management. Our responsibility is to
 express an opinion on these financial statements based on our audit.
 
 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
 statments 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.
 
 As required by the Companies (Auditors Report) Order, 2003 issued by
 the Central Government 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.
 
 Further to our comments in the Annexure referred in paragraph 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 purposes of our
 audit;
 
 ii) 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.
 
 iii) The Balance Sheet and Profit and Loss Account dealt with by this
 report are in agreement with the books of account.
 
 iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt
 with by this report comply with the accounting standards referred to in
 sub-section (3)C of Section 211 of the Companies Act, 1956;
 
 v) On the basis of written representations received from the directors,
 as on 31 st March, 2009, and taken on record by the Board of Directors,
 we report that none of the directors is disqualified as on 31st March
 2009 from being appointed as a director in terms of clause (g) of
 sub-section (1) of section 274 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
 significant accounting policies and notes forming part thereof 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 the case of the Balance Sheet the state of affairs of the Com
 pany as at 31st March, 2009; and
 
 b) in the case of the Profit and Loss Account, of the profit for the
 year ended on that date.
 
 c) in the case of the Cash Row Statement, of the cash flows for the
 year ended on that date.
 
 ANNEXURE TO THE AUDITORS REPORT TO THE MEMBERS OF M/s. Aramusk
 Infrastructure Investments Limited Annexure referred to in the
 Auditors Report to the members of M/s.  Aramusk Infrastructure
 Investments Limited on the accounts for the year ended 31st March 2009.
 
 i) The Company does not have fixed assets and stock in trade and hence
 the matters that are required to be stated for fixed assets and stock
 in trade are not stated.
 
 ii) The company has not taken any loans from parties listed in the
 register maintained under section 301 of the Companies Act, 1956 during
 the period under review.
 
 iii) The company has not granted any loans during the year, secured or
 unsecured to Companies, Firms or other parties listed in the Register
 maintained under Section 301 where the rate of interest and other terms
 and conditions are prima facie prejudicial to the interest of the
 company.
 
 iv) The company has adequate internal control procedure 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.
 
 v) There were no transactions of purchase of goods and materials and
 sale of goods and materials and services made in pursuance of contracts
 or arrangements entered in the register maintained under Section 301 of
 the Companies Act, 1956 and aggregating during the year to Rs.
 5,00,000/- or more at prices which are unreasonable having regard to
 the prevailing market prices for such goods, materials or services.
 
 vi) The company has not accepted any deposits from the public.
 
 vii) The company has an internal audit system commensurate with the
 size of the company and nature of its business.
 
 viii) We have been informed by the management that the Central
 Government has not prescribed the maintenance of cost records under
 Section 209(1 )(d) of the Companies Act, 1956 for the period under
 review.
 
 ix) We have been informed by the management that the provisions of
 Provident Fund Act and Employees State Insurance Act does not apply to
 the company.
 
 x) There are no undisputed amounts payable in repect of Investor
 Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax,
 Customs Duty and Excise Duty, cess and other statutory dues as on 31 st
 March 2009, outstanding for a period of more than six months from the
 date on which they became payable.
 
 xi) The company has not incurred cash losses in the current financial
 year and in the immediately preceding financial year. There is no
 accumulated losses as at the end of the year.
 
 xii) The company has not defaulted in repayment of its dues to bankers
 and debenture holders.
 
 xiii) According to the information and explanations given to us, the
 company has not given any guarantee for loans taken by others from
 banks and financial institutions.
 
 xiv) The company has neither availed nor had any outstanding balance of
 term loans during the year under review.
 
 xv) According to the Cash flow statement and other records examined by
 us and the information and explanations given to us, on an overall
 basis, short term funds have not been deployed in long term
 investments.
 
 xvi) 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 during the year.
 
 xvii) The company has not issued debentures during the year.
 
 xix) On the basis of our examination and according to the information
 and explanations given to us, no fraud, on or by the company, has been
 noticed or reported during the year.
 
 The other clauses specified in paras 4 & 5 of The Companies (Auditors
 Report) Order are not applicable to the company.
 
                                              for P. CHANDRASEKAR
                                            Chartered Accountants
 
                                                            Sd/-
 Place: Chennai                                          S. BABU
 
 Date: 30.6.2009                                          Partner
 
                                            Membership No. 024136