1.  We have audited the attached Balance Sheet of CONSOLIDATED
 CONSTRUCTION CONSORTIUM LIMITED (the company) as at 31st March, 2011
 and the related statements of Profit & Loss and Cash Flows for the year
 ended, prepared in conformity with the accounting principles generally
 accepted in India. 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.
 
 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.  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.
 
 4.  In our opinion, and to the best of our information and according to
 the explanations given to us, the accompanying financial statements:-
 
 a) Give the required information by the Companies Act, 1956 in the
 manner so required.
 
 b) Give a true and fair view of the state of affairs of the Company as
 at March 31,2011 and of its related statements of profit & loss and
 cash flows for the year ended, in conformity with the accounting
 principles generally accepted in India.
 
 c) Further, the Balance Sheet and statement of Profit and Loss comply
 with the Accounting Standards referred to in Section 211(3C) of the Act
 and are in agreement with the Books of Account.
 
 d) In our opinion, the Company has maintained proper Books of Account
 as required by law in so far as appears from our examination of those
 Books.
 
 5.  On the basis of information and explanations given to us, and
 representations obtained by the Company and taken on record by the
 Board of Directors, as on March 31,2011 none of the Directors are
 disqualified from being appointed as Directors in terms of Section
 274(1)(g) of the Companies Act.
 
 6.  As required by the Companies (Auditors Report) Order, 2003, as
 amended by the Companies (Auditors Report) (Amendment) Order, 2004,
 and according to the information and explanations given to us during
 the course of the audit and on the basis of such checks as were
 considered appropriate, we enclose in the Annexure a statement on the
 matters specified in Paragraphs 4 and 5 of the said Order.
 
 ANNEXURE REFERRED TO IN PARAGRAPH 6 OF OUR REPORT OF EVEN DATE
 
 (i) a) The Company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 b) As explained to us, the assets have been physically verified by the
 management in accordance with a phased programme of verification,
 which, in our opinion, is reasonable, considering the size and the
 nature of the business. The frequency of verification is reasonable and
 no material discrepancies were noticed on such physical verification.
 
 c) The Company has not disposed of a substantial part of fixed assets
 during the year so as to affect the going concern status of the
 company.
 
 (ii) a) As explained to us, the inventories including site materials,
 stores and construction aids have been physically verified by the
 management at reasonable intervals during the year. In our opinion, the
 frequency of such verification is reasonable.
 
 b) As per the information given to us, the procedures of physical
 verification of inventory followed by the management are, in our
 opinion, reasonable and adequate in relation to the size of the Company
 and the nature of its business.
 
 c) The company is maintaining proper records of inventory. The
 discrepancies noticed on verification between the physical stocks and
 book records were not material.
 
 (iii) a) According to the information and explanations given to us, the
 company has granted unsecured loans to its subsidiary company, covered
 in the register maintained under Section 301 of the Companies Act,
 1956. No Interest is charged on the above loan. Further, in the absence
 of any stipulated schedule, the aspect of receipt of principal amount
 and as well as overdue doesnt arise. On the basis of check and
 verification, the said loan being unsecured, is not prima facie
 prejudicial to the interests of the company.
 
 i. No. of parties involved     -        5
 
 ii. Amount involved            -   Rs. 152,19,71,091/-
 
 b) According to the information and explanations given to us, the
 Company has not taken any loans, secured or unsecured, from companies,
 firms and other parties covered in the register maintained under
 section 301 of the Companies Act, 1956. Accordingly, paragraphs
 4(iii)(c) and (d) of the Order are not applicable.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there are adequate internal control procedures
 commensurate with the size of the Company and the nature of its
 business with regard to the purchase of Site materials, fixed assets
 etc., and for carrying out the contracts and related activities.
 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, we have neither come across nor have been informed of any
 continuing failure to correct major weaknesses in the aforesaid
 internal control systems.
 
 (v) a. In our opinion and according to the information and explanations
 given to us, the contracts or arrangements referred to in Section 301
 of the Companies Act, 1956, have been so entered.
 
 b. In our opinion and according to the information explanations given
 to us, the transactions made in pursuance of such contracts or
 arrangements have been made at prices which are reasonable having
 regard to the prevailing market prices at the relevant time.
 
 (vi) The Company has not accepted any deposits from the Public and
 accordingly the provisions of Section 58A and 58AA of the Companies
 Act, 1956, and the Companies (Acceptance of Deposits) Rules, 1975 are
 not applicable.
 
 (vii) In our opinion, the Company has an adequate internal audit system
 commensurate with its size and nature of its business.
 
 (viii) As the company is in the service industry, no cost records have
 been prescribed under the Provisions of Section 209(l)(d) of the
 Companies Act, 1956.
 
 (ix) a. According to the information and explanations given to us and
 the records of the Company examined by us, the Company is regular in
 depositing undisputed statutory dues including Provident Fund, Income
 Tax, Sales Tax, Service Tax, Customs Duty, Cess, Excise duty and other
 material statutory dues as applicable with the appropriate authorities.
 
 b. According to the information and explanations given to us and the
 records of the company examined by us, there are no dues of Income tax,
 Wealth Tax, Cess, Excise Duty, Customs Duty, which have not been
 deposited on account of any dispute. The particulars of Sales Tax,
 Service Tax and Income Tax, as at March 31,2011 which have not been
 deposited on account of the disputes are as under.
 
 Nature of Statute       Nature of the                      Amount 
                         disputed dues                  (Rs. in Million)
 
 Income Tax Act, 1961  Provision made in respect of         2.54 (*) 
                       Managerial Remuneration for 
                       which approval was obtained 
                       subsequent to Balance sheet 
                       date but before finalization of
                       Accounts
 
                       Disallowance of Trade Licence        22.57 
                       Fee (Samruddhi Holdings)
  
                       Disallowance of Trade Licence        12.40  
                       (Samruddhi Holdings), 
  
                       Disallowance of Additional
 
                       Depreciation on RMC Batching Plant
                       Disallowance u/s l4A for income      94.58 
                       on mutual fund and Disallowance 
 
 Service Tax           Applicability of Rate consequent      4.97 
                       to change in rate of Service Tax 
                       under Works Composition Scheme
                                                             3.17 
 
 
                       Utilisation of Cenvat Credit in      63.72 
                       excess of 20% of Service Tax 
                       payable and wrong availment of 
                       Input service on Initial Public 
                       Offer (IPO) related service
 
                       Non-payment of service tax on         1.84
                       Constructon of British High 
                       Commission & sub-contractor
                       Technip Karaikkal.
 
                       Service Tax demand on retention      43.65 
                       monies held by client. Though it 
                       is not received by us, it forms
                       part of gross amount.
 
                       Capital Goods landed in SEZ for       0.97 
                       which duty discharged and 
                       correspondingly Input Credit taken
 
                       CENVAT Credit on Capital Goods      133.84
                       utilized in discharging Service 
                       Tax where Notification 1/2006 is 
                       availed
 
                                                           802.20 
 
 
 Karnataka VAT         Right of state to levy VAT at a      17.01* 
                       higher rate, in respect of 
                       declared goods (Steel) 
                                                            57.70 
 
 Karnataka VAT         Disallowance of Margin on             3.54 
                       sub-contract portion, Security 
                       Service and Repair Service.  
                                                             3.42** 
 
 West Bengal VAT       Disallowance for charges and 
                       expenses                              0.09 
                       towards labour service and other 
                       related charges
 
 Kerala VAT            Sales made to SEZ claimed             5.51 
                       as exempt (Extension of Commissioner 
                       benefit in KGST sought)
 
 Nature of Statute        Periods to            Forum where the
                                              disputes are pending
                          which the  
                        amount relates
 
 Income Tax Act, 1961     2004-05             Commissioner of Income Tax
                                              (Appeals) - V
                                                  Chennai
 
                          2005-05             Commissioner of Income Tax
                                              (Appeals)- III, Chennai
 
 
                          2006-2007           Commissioner of Income Tax 
                                              (Appeals)- III, Chennai
 
                          2007-2008           Commissioner of Income Tax 
                                              (Appeals)- III, Chennai
 
 
 Service Tax              2007-2008           Central Excise Service Tax
                                              Appellate Tribunal (CESTAT)
                          (upto Mar.08)
 
                          2008-2009           Joint Commissioner of
                          (upto Mar.08)       Service Tax
 
                          2007-2008           Commissioner of Service
                                              Tax
 
                          2008-2009           Commissioner of Service
                                              Tax
 
                          2008-2009           Commissioner of Service
                                              Tax
 
                          2008-2009           Commissioner of Service
                          (from Oct.08)       Tax
 
 
                          2006-2007           Central Excise Service
                          2007-2008&          Tax Appellate Tribubal
                          2008-2009
                         upto Sep.2008        (CESTAT)
  
 
 KarnatakaVAT             2006-07              Joint Commissioner of
                                               Commercial Tax
                                               (Appeals), Bangalore
 
                          2007-08              Karnataka Appellate          
                                               Tribunal
 
 
 Karnataka VAT
                          2008-09              Joint Commissioner of
                         (from Aug.08)           Commercial Tax
                                                 (Appeals), Bangalore
 
                          2009-2010            Joint Commissioner of
                                               Commercial Tax
                                               (Appeals), Bangalore
 
 
 West Bengal VAT          2007-2008             Senior Joint Commissioner
 
 
 
 KeralaVAT                2005-06               Appellate Assistant
                                                Commissioner
 
 (x) The Company has neither accumulated losses as at March 31, 2011 nor
 incurred cash losses in the current financial year and 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, the Company has not defaulted
 in repayment of dues to any financial institution or banks as at the
 Balance Sheet date.  There are no debenture holders for the Company.
 
 (xii) 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.
 
 (xiii) The provisions of any Special Statute applicable to Chit Fund,
 Nidhi or Mutual Benefit Fund / Societies are not applicable to the
 Company.
 
 (xiv) In our opinion and according to the information and explanations
 given to us, the Company is not a dealer or trader in shares,
 securities, debentures and other investments.
 
 (xv) The Company has given Corporate Guarantee to the Bankers of its
 Wholly Owned Subsidiary and AOP for the facilities extended by the said
 Bankers.  In our opinion and according to the information and
 explanations given to us, the terms & conditions of such Corporate
 Guarantee are not prejudicial to the interest of the company.
 
 (xvi) In our opinion and according to the information and explanations
 given to us, the Term Loans have been applied for the purposes for
 which they were obtained.
 
 (xvii) According to the information and explanations given to us and on
 the basis of our examination of the Accounts, we report that no funds
 raised on short-term basis have been used for long-term investments.
 
 (xviii)The Company has not made preferential allotment of shares to
 parties and companies covered in the register maintained under Section
 301 of the Companies Act, 1956 during the year.
 
 (xix) During the year, the company has not issued any shares through
 public offerings.
 
 (xx) During the year, the company has not raised any money by public
 issue.
 
 (xxi) During the course of our examination of the Books and records of
 the company, carried out in accordance with the generally accepted
 auditing practices in India, and according to the information and
 explanations given to us, no fraud on or by the company have been
 noticed or reported during the year, nor we have been informed of such
 case by the management.
 
 
                                               For ASA & ASSOCIATES
                                               Chartered Accountants
 
                                               K. VENKATRAMAN
                                               Partner
                                               Membership No.: 200/21914
                                               Firm Regn. No.: 009571N
 
 Place : Chennai
 Date: April 28, 2011