We have audited the attached Balance Sheet of M/s IKF Technologies
 Limited as at 31st March 2011and the Profit and Loss Account of the
 Company for the Year ended on that date, annexed hereto and report that
 
 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 have conducted our audit in accordance with auditing standards
 generally accepted in India. Those standards require that we plan and
 perform the audit to obtain the reasonable assurance about whether the
 financial statements are free of material misstatements.  An audit
 includes examining on a test basis evidence supporting the amount and
 disclosures on the financial statements. An audit also includes
 assessing the accounting principles used and significant estimates made
 by management, as well as evaluating the overall flnancial statement
 presentation. We believe that our audit provides a reasonable basis of
 our opinion.
 
 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 & 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 accounts as required by law have
 been kept by the Company so far as appears from an examination of those
 books.
 
 (iii) The said Balance Sheet, Profit and Loss Account and Cash Flow
 Statement are in agreement with the books of account;
 
 (iv) In our opinion the Profit & Loss Account and the Balance Sheet of
 the Company comply with the Accounting Standards referred to in the
 sub- section (3C) of Section 211 of the Companies Act, 1956;
 
 (v) On the basis of written representation received from the Directors
 as on 31st March, 2011 and taken on record by the Board of Directors,
 we report that none of the Director is disqualified as on 31st March,
 2011 from being appointed as a Director in term 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 with notes thereon
 give the information required by the Companies Act, 1956, in the manner
 so required give a true and fair view, in conformity with accounting
 principles generally accepted in India
 
 a) in the case of Balance Sheet of the state of affairs of the company
 as at 31st March, 2011.
 
 b) in the case of the Profit & Loss Account of the Profit of the
 Company for the year ended on that date and
 
 c) in the case of the cash flow statement, of the cash flows for the
 year ended on that date.
 
 ANNEXURE TO THE AUDITORS REPORT
 
 (i) (a) The Company has maintained proper records of Fixed Assets
 showing full particulars, including quantitative details and situation
 of Fixed Assets.
 
 (b) The physical verification of the Fixed Assets was conducted by the
 management at the year end which is in our opinion is reasonable having
 regard to the size of the Company and nature of its Fixed assets.  The
 company is in process of reconciliation of physically verified fixed
 assets with the fixed assets register and management represents based
 on their judgment that there will not be any material discrepancies.
 
 (c) There was no major disposal of Fixed Assets during the year.
 
 (ii) The company is a service company, primarily rendering information
 technology enabled service and business process outsourcing (BPO)
 service.  Accordingly it does not hold any physical inventory.  Thus
 paragraph (ii) of the order is not applicable.
 
 (iii) As informed to us, the company has not granted/ taken unsecured
 loans to / from companies, firms or other parties 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 for
 purchase of fixed assets and sale of services.
 
 (v) Based on the audit procedure applied by us and according to the
 information and explanations given to us by the management, we are of
 the opinion that there was no transaction need to be entered in the
 register maintained under Section 301 of the Companies Act 1956.
 
 (vi) The Company has not accepted deposits from public with in the
 meaning of Section 58A and 58AA of the Companies Act, 1956.
 
 (vii) In our opinion, the company has an internal audit system, which
 is required to be further strengthen.
 
 (viii) The Central Government has not prescribed for the maintenance of
 cost records under section 209(1) (d)of the Companies Act, 1956 for
 service rendered by the company.
 
 (ix) According to the information and explanations given to us by the
 Company, the Company is generally regular in depositing undisputed
 statutory dues with the appropriate authorities. According to the
 information and explanations given to us there are no undisputed
 amounts payable in respect of incomeTax, Wealth Tax, Sales Tax, Excise
 Duty and Customs Duty were outstanding as at 31st March, 2011 for a
 period of more than six months from the date they became payable.
 
 (x) The Company does not have any accumulated loss and it has not
 incurred any cash losses during the current financial year and in the
 immediate preceding financial year.
 
 (xi) In our opinion and according to the information and explanation
 given to us by the management we are of the opinion that the Company
 has not defaulted in repayment of dues to financial institution or
 bank.
 
 (xii) According to the information and explanations given to us and
 based on the documents and records produced 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.
 
 (xiii) In our opinion and according to the information and explanations
 given to us, the nature of activities of the Company does not attract
 any special statute applicable to chit fund and nidhi / mutual benefit
 fund / societies.
 
 (xiv) As informed and explained to us, the Company has not dealt /
 traded in securities or debentures during the year.
 
 (xv) According to the information and explanations given to us, the
 Company has not given any guarantee for loan taken by its associates or
 subsidiaries from bank or financial institutions.
 
 (xvi) According to the information and explanations given to us, the
 Company did not have any term loan outstanding during the year.
 
 (xvii) On the basis of information received from the management and
 based on our examination of the Balance Sheet of the Company as at 31st
 March 2011 we find that the funds raised on a short-term basis have not
 been used for long-term investments and vice- versa.
 
 (xviii)On the basis of information received from the management during
 the year no allotment has been made by the company.
 
 (xix) The Company did not have any outstanding debentures during the
 year.
 
 (xx) According to the information and explanation given to us no fraud
 on or by the Company has been noticed or reported during the year.
 
                            For Agarwal Vishwanath & Associates 
                                          Chartered Accountants 
                                            Firm Reg.No 323024E 
 
                                                           Sd/- 
 
                                          CA Vishwanath Agarwal 
 
 Kolkata                                                Partner
 
 27th April, 2011                          Membership No. 54806