1.  We have audited the attached Balance Sheet of Coral Hub Limited
 (Formerly Known as Vishal Information Technologies Limited) as at 30th
 June 2010 and the Profit and Loss Account for the period ended on that
 date. 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.  As required by the Companies (Auditors Report) Order, 2003 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 to the extent applicable.
 
 4.  Further to our comments in the Annexure referred to in paragraph
 (3) above:
 
 (a) 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;
 
 (b) 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
 
 (c) The Balance Sheet, the Profit and Loss account and The Cash Flow
 Statement dealt with by this report are in agreement with the books of
 account.
 
 (d) In our opinion, the Balance Sheet and the Profit and Loss Account
 and the 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;
 
 (e) On the basis of written representations received from the
 directors, as on 30th June , 2010 and taken on record by the Board of
 Directors, we report that none of the directors is disqualified as on
 30th June , 2010 from being appointed as a director in terms of clause
 (g) of sub-section (1) of Section 274 of the Companies Act, 1956;
 
 (f) 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; (i) In the case of the Balance Sheet, of
 the state of affairs of the Company as at 30th June, 2010; (ii) In the
 case of the Profit and Loss Account, of the profit of the Company for
 the year ended on that date; and
 
 (iii) In the case of the Cash Flow Statement, of the cash flows of the
 Company for the year ended on that date.
 
 Annexure to Auditors Report (Referred to in paragraph (3) 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) A major portion of the assets has been physically verified by the
 management on an yearly basis. In our opinion, the frequency of
 verification is reasonable having regard to the size of the Company and
 the nature of its assets. To the best of our knowledge, no material
 discrepancies have been noticed on such verification.
 
 (ii) (a) The inventory of Work in Progress of IT Enabled Services have
 been physically verified during the year by the management. In our
 opinion, having regard to the nature of such services, the frequency of
 verification is reasonable.
 
 (iii) (a)The Company has not granted any loans secured or unsecured to
 any party covered in the register maintained under section 301 of the
 Companies Act, 1956.
 
 (b) The Company has not taken any loan from any party covered in the
 register maintained under section 301 of the Companies Act, 1956.
 
 (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 purchases of fixed assets and sale of services.
 The activities of the company do not involve purchase of inventory and
 the sale of goods. We have not observed any major weakness in the
 internal control system during the course of the audit.
 
 (v) In our opinion and according to the information and explanations
 given to us, there are no transactions that need to be entered in to
 the register in pursuance of Section 301 of the Companies Act, 1956.
 
 (vi) The Company has not accepted any deposits from the public to which
 the provisions of section 58A of the Companies Act, 1956 and the rules
 framed hereunder are applicable.
 
 (vii) In our opinion, the Company has an internal audit system
 commensurate with the size of the Company and the nature of its
 business.
 
 (viii) According to the information and explanation given to us,
 maintenance of cost records has not been prescribed by the Central
 Government under Section 209 (1) (d) of the Companies Act, 1956 for any
 of the services rendered by the Company.
 
 (ix) According to the information and explanations given to us, the
 Company is regular in depositing with appropriate authorities statutory
 dues including providend fund, income-tax, sales-tax and other
 statutory dues applicable to it.
 
 (x) The Company does not have any accumulated losses at the end of the
 financial year and has not incurred cash losses in the financial year
 and in the immediately preceding financial years.
 
 (xi) In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in repayment of dues to
 financial institutions and banks.
 
 (xii) According to the information and explanations given to us, the
 Company has not granted loans and advances on the basis of security by
 way of pledge of shares, debentures and other securities. Therefore,
 the provisions of clause 4(xii) of the Companies (Auditors Report)
 Order, 2003 are not applicable to the Company.
 
 (xiii) In our opinion, the Company is not a chit fund or a nidhi mutual
 benefit fund/society.  Therefore, the provisions of clause 4(xiii) of
 the Companies (Auditors Report) Order, 2003 are not applicable to the
 Company.
 
 (xiv) In our opinion, the Company is not dealing in or trading in
 Shares, securities, debentures and other investments. Accordingly, the
 provisions of clause 4 (xiv) of the Companies (Auditors Report) Order,
 2003 are not applicable to the Company.
 
 (xv) In our opinion, the terms and conditions on which the Company has
 given guarantees for loans taken by others from banks or financial
 institutions are not prima facie prejudicial to the interest of the
 Company.
 
 (xvi) The Company did not have any term loans outstanding during the
 year.
 
 (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
 assets. No long-term funds have been used to finance short-term assets.
 
 (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 did not have any outstanding debentures during the
 year.
 
 (xx) During the period covered under our Audit the company has not
 issued any fresh shares.
 
 (xxi) To the best of our knowledge and belief and according to the
 information and explanations given to us, no fraud on or by the Company
 has been noticed or reported during the course of our audit.
 
                                         For K. P. Joshi & Co.,
 
                                         Chartered Accountants
 
                                                         Sd/-
 
                                                   K. P. Joshi
 Place    : Mumbai                                  Proprietor
 
 Date     :30th August, 2010             Membership No: 034760