We have audited the attached Balance Sheet of ASUTOSH ENTERPRISES LTD.
 as at 31st March, 2012 and also the Statement of Profit and Loss for
 the year ended on that date annexed thereto and the Cash Flow Statement
 for the year ended on that date. These financial statements are the
 responsibility of the company''s management. Our responsibility is to
 express an opinion on these financial statements based on our audit.
 
 We conducted our audit in accordance with the 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.
 
 As required by the Companies (Auditor''s Report) Order, 2003 as
 amended by the Companies (Auditor''s report) (Amendments) Order, 2004
 issued by the Central Government of India in terms of sub-section (4A)
 of section 227 of the Companies Act, 1956 we enclose in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the said
 Order.
 
 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 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 the Statement of Profit and Loss and Cash
 Flow Statement dealt with by this report are in agreement with the
 books of account.
 
 iv) In our opinion, the Balance Sheet and the Statement of Profit and
 Loss and Cash Flow Statement dealt with by this report comply with the
 accounting standards referred to in sub-section (3C) of section 211 of
 the Companies Act, 1956.
 
 v) On the basis of written representations received from the directors,
 as on 31st March, 2012 and taken on record by the Board of Directors,
 we report that none of the directors is disqualified as on 31st March,
 2012 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 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, of the state of affairs of the
 company as at 31st March, 2012, and;
 
 b) in the case of the Statement of Profit and Loss, of the Profit for
 the year ended on that date and;
 
 c) in the case of Cash Flow Statement, of the Cash flows for the year
 ended on that date.
 
 ANNEXURE TO THE AUDITORS'' REPORT
 
 1.  a) The company has maintained proper records showing full
 particulars, details and situation of fixed assets.
 
 b) Fixed assets have been physically verified by the management
 periodically in a phased manner and no material discrepancies have been
 noticed on physical verification as confirmed by the management.
 
 c) No substantial part of fixed assets has been disposed off during the
 year, which has bearing on the going concern assumption.
 
 2.  a) As per information & explanation given to us, physical
 verification of Inventory have been conducted at reasonable intervals
 during the year by the management.
 
 b) In our opinion, the procedures of physical verification of inventory
 followed by the management are reasonable and adequate in relation to
 the size of the company and nature of its business.
 
 c) The company has maintained proper records of inventory. No material
 discrepancies were noticed on physical verification.
 
 3.  a) As per information and explanation given to us, the company has
 not granted secured/unsecured loans/ advance to any companies or firms
 covered in the register maintained under section 301 of the Companies
 Act, 1956.
 
 b) Since the company has not granted/taken loan as above hence Clauses
 (b) to (g) are not applicable.
 
 4.  On the basis of checks carried out during the course of audit and
 as per explanations given to us, we are of the opinion that there is an
 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.  During the
 course of our audit, no major weakness has been noticed in the internal
 control system.
 
 5.  a) In our opinion & according to the information & explanations
 given to us, the transactions made in pursuance of contracts or
 arrangements, that needed to be entered into the register maintained
 u/s.301 of the Companies Act, 1956 have been so entered.
 
 b) In our opinion & according to the information & explanations given
 to us, these transactions have been made at prices which are reasonable
 having regards to the prevailing market prices at the relevant time.
 
 6.  The company has not accepted public deposits and so the provisions
 of Sec. 58A, 58AA and any other relevant provisions of the Act does not
 apply to the company.
 
 7.  The company has an Internal audit system, however as explained to
 us internal control system of the company is commensurate with the size
 and nature of the business.
 
 8.  Maintenance of cost records U/s. 209(1)(d) of the Companies
 Act,1956 does not apply to the company.
 
 9.  a) According to the information and explanations given to us and on
 the basis of our examination of the books of accounts, the company is
 regular in depositing undisputed statutory dues including, Income Tax
 and other statutory dues with the appropriate authorities.
 
 b) The disputed statutory dues aggregating to Rs. 13.30 lacs have not
 been deposited on account of disputed matters pending before CIT(A).
 
 10.  The company does not have any accumulated losses and has not
 incurred cash loss in the current financial year. The company has not
 incurred any cash losses in the immediately preceding financial year.
 
 11.  The company has not taken any loans from any Financial
 Institutions or bank and has not issued any debentures hence the
 question of default in repayment does not arise.
 
 12.  According to the information and explanations given to us, the
 company has not granted any loans or advances on the basis of security
 by way of pledge of shares, debentures and other securities.
 
 13.  The company is not a chit fund or a Nidhi/mutual benefit
 fund/society hence clause XIII of the order does not apply.
 
 14.  The company is not in the business of dealing or trading in shares
 and securities. However the company has maintained proper records of
 transactions and contracts in respect of shares, securities, debentures
 and other investment and timely entries have been made therein. The
 shares, securities, debentures and other investments have been held by
 the company, in its own name.
 
 15.  In our opinion and according to the information and explanations
 given to us, the company has not given any guarantee for loans taken by
 other from banks & financial institutions.
 
 16.  Based on information and explanations given to us by the
 management, the company has not raised any term loans during the year.
 
 17.  On the basis of our overall examination of the cash flow
 statement, and on the basis of information given to us no funds raised
 on short term basis has been used for long term investment.
 
 18.  During the year under audit, the company has not made any
 preferential allotment of shares to parties or companies covered in the
 register maintained under section 301 of the Companies Act, 1956.
 
 19.  On the basis of records made available to us, the company has not
 issued any debenture, hence the question of creating securities or
 charge does not arise.
 
 20.  The company has not raised any money by way of Public Issue during
 the year.
 
 21.  Based upon the audit procedures performed and on the basis of
 information and explanations provided by the management, we report that
 no fraud, on or by the company has been noticed or reported during the
 year.
 
                                            For SALARPURIA & PARTNERS
 
                                                Chartered Accountants
 
                                                   NIHAR RANJAN NAYAK
 
                                                              Partner
 
 Place : Kolkata                                Membership No. 057076
 
 Date: 26th May, 2012                           ICAI Reg. No. 302113E