1.  We have audited the attached Balance Sheet of Four Soft Limited
 (''the Company'') as at 31 March 2012 and also the Statement of Profit
 and Loss and the Cash Flow Statement for the year ended on that date
 annexed thereto (collectively referred as the ''financial statements'').
 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.
 
 2.  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.
 
 3.  As required by the Companies (Auditor''s Report) Order, 2003 (''the
 Order'') (as amended) issued by the Central Government of India in terms
 of sub-section (4A) of Section 227 of the Companies Act, 1956 (''the
 Act''), we enclose in the Annexure a statement on the matters specified
 in paragraphs 4 and 5 of the Order.
 
 4.  Further to our comments in the Annexure referred to above, we
 report that:
 
 (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 financial statements dealt with by this report are in agreement
 with the books of account;
 
 (d) On the basis of written representations received from the
 directors, as on 31 March 2012 and taken on record by the Board of
 Directors, none of the directors is disqualified as on 31 March 2012
 from being appointed as a director in terms of clause (g) of
 sub-section (I) of Section 274 of the Act;
 
 (e) In our opinion and to the best of our information and according to
 the explanations given to us,the financial statements dealt with by
 this report comply with the accounting standards referred to in
 sub-section (3C) of Section 211 of the Act and give the information
 required by the Act, in the manner so required and give a true and fair
 view in conformity with the accounting principles generally accepted in
 India, in the case of:
 
 (i) the Balance Sheet, of the state of affairs of the Company as at 31
 March 2012;
 
 (ii) the Statement of Profit and Loss, of the loss for the year ended
 on that date; and
 
 (iii) the Cash Flow Statement, of the cash flows for the year ended on
 that date.
 
 Annexure to the auditors'' report of even date to the members of Four
 Soft Limited, on the financial statements as at and for the year ended
 31 March 2012.
 
 Based on the audit procedures performed for the purpose of reporting a
 true and fair view on the financial statements of the Company and
 taking into consideration the information and explanations given to us
 and the books of account and other records examined by us in the normal
 course of audit, we report that:
 
 (i) (a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of
 
 fixed assets.
 
 (b) The Company has a regular program of physical verification of its
 fixed assets under which fixed assets are verified in a phased manner
 over a period of three years which in our opinion, is reasonable having
 regard to the size of the Company and the nature of its assets. No
 material discrepancies were noticed on such verification.
 
 (c) In our opinion, a substantial part of fixed assets has not been
 disposed off during the year.
 
 (ii) (a) The Company does not have any tangible inventory. Accordingly,
 the provisions of clause 4(ii) of the Order are not applicable.
 
 (iii) (a) The Company has granted unsecured loans to two bodies
 corporate covered in the register maintained under Section 301 of the
 Act. The maximum amount outstanding during the year is Rs. 156,357,274
 and the year-end balance is Rs.39,706,017.
 
 (b) In our opinion, the rate of interest and other terms and conditions
 of such loans are not, prima facie, prejudicial to the interest of the
 Company.
 
 (c) In respect of loans granted, receipt of the principal amount is as
 stipulated and payment of interest has been regular.
 
 (d) There is no overdue amount in respect of loans granted to such
 companies, firms or other parties.
 
 (e) The Company has not taken any loans, secured or unsecured from
 companies, firms or other parties covered in the register maintained
 under Section 301 of the Act. Accordingly, the provisions of clauses
 4(iii)(f) and 4(iii)(g) of the Order are not applicable.
 
 (iv) (a) Owing to the nature of its business, the Company does not
 maintain any physical inventories or sells any goods.
 
 Accordingly, clause 4(iv) of the Order with respect to purchase of
 inventories and sale of goods is not applicable. In our opinion, there
 is an adequate internal control system commensurate with the size of
 the Company and the nature of its business for the purchase of fixed
 assets and for the sale of services. During the course of our audit, no
 major weakness has been noticed in the internal control system in
 respect of these areas.
 
 (v) (a) In our opinion, the particulars of all contracts or
 arrangements that need to be entered into the register maintained under
 Section 301 of the Act have been so entered.
 
 (b) Owing to the unique and specialized nature of the items involved
 and in the absence of any comparable prices, we are unable to comment
 as to whether the transactions, other than loans, made in pursuance of
 such contracts or arrangements have been made at prevailing market
 prices at the relevant time.
 
 (vi) The Company has not accepted any deposits from the public within
 the meaning of Sections 58A and 58AA of the Act and the Companies
 (Acceptance of Deposits) Rules, 1975. Accordingly, the provisions of
 clause 4(vi) of the Order are not applicable.
 
 (vii) In our opinion, the Company has an internal audit system
 commensurate with its size and the nature of its business.
 
 (viii) To the best of our knowledge and belief, the Central Government
 has not prescribed maintenance of cost records under clause (d) of
 sub-section (I) of Section 209 of the Act, in respect of Company''s
 products/ services. Accordingly, the provisions of clause 4(viii) of
 the Order are not applicable.
 
 (ix) (a) Undisputed statutory dues including provident fund, investor
 education and protection fund, employees'' state insurance, income-tax,
 sales-tax, wealth-tax, service-tax, custom duty, excise duty, cess and
 other material statutory dues, as applicable, have generally been
 regularly deposited with the appropriate authorities, though there has
 been a slight delay in case of depositing employee state insurance. No
 undisputed amounts payable in respect thereof were outstanding at the
 year-end for a period of more than six months from the date they became
 payable.
 
 (b) The dues outstanding in respect of service tax and income-tax on
 account of any dispute, are as follows:
 
 Name of the 
 statute       Nature of dues   Amount (Rs.)  Financial year  Forum where
                                                            dispute is 
                                                            pending
 
 The Finance 
 Act, 1994     Service tax      3,563,314       2006-07     Appellate 
                                                            tribunal
 
 Income Tax 
 Act, 1961     Income tax      52,541,539       2006-07     Income Tax
                                                            appellate 
                                                            tribunal
 
 (x) In our opinion, the Company has no accumulated losses at the end of
 the financial year, but it has incurred cash losses in the current and
 the immediately preceding financial year.
 
 (xi) The Company has no dues payable to a financial institution or a
 bank or debenture-holders during the year. Accordingly, the provisions
 of clause 4(xi) of the Order are not applicable.
 
 (xii) The Company has not granted any loans and advances on the basis
 of security by way of pledge of shares, debentures and other
 securities. Accordingly, the provisions of clause 4(xii) of the Order
 are not applicable.
 
 (xiii) In our opinion, the Company is not a chit fund or a nidhi/
 mutual benefit fund/ society. Accordingly, the provisions of clause
 4(xiii) of the Order are not applicable.
 
 (xiv) In our opinion, the Company is not dealing or trading in shares,
 securities, debentures and other investments. Accordingly, the
 provisions of clause 4(xiv) of the Order are not applicable.
 
 (xv) According to the information and explanations given to us, the
 Company has given guarantees for loans taken by its wholly owned
 subsidiary from a bank, the terms and conditions whereof, in our
 opinion are not, prima facie, prejudicial to the interest of the
 Company.
 
 (xvi) The Company did not have any term loans outstanding during the
 year. Accordingly, the provisions of clause 4(xvi) of the Order are not
 applicable.
 
 (xvii) In our opinion, no funds raised on short-term basis have been
 used for long-term investment.
 
 (xviii)During the year, the Company has not made any preferential
 allotment of shares to parties or companies covered in the register
 maintained under Section 301 of the Act. Accordingly, the provisions of
 clause 4(xviii) of the Order are not applicable.
 
 (xix) The Company has neither issued nor had any outstanding debentures
 during the year. Accordingly, the provisions of clause 4(xix) of the
 Order are not applicable.
 
 (xx) The Company has not raised any money by public issues during the
 year. Accordingly, the provisions of clause 4(xx) of the Order are not
 applicable.
 
 (xxi) No fraud on or by the Company has been noticed or reported during
 the period covered by our audit.
 
 For Walker, Chandiok & Co
 
 Chartered Accountants
 
 Firm Registration No: 00I076N
 
 per Sanjay Kumar
 
 Partner
 
 Membership No: 207660
 
 Place : Hyderabad
 
 Date : 26 May 20I2