We have audited the attached Balance Sheet of Indraprastha Medical
 Corporation Limited, 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 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 an
 examination, on a test basis, of the evidence supporting the amounts
 and disclosures in the financial statements. An audit also includes
 assessing the accounting principles used and significant estimates made
 by the 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) (Amendment) 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 paragraph 4 & 5 of the said order.
 
 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 purpose 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 the
 books;
 
 c) In our opinion, the Balance Sheet, Statement of Profit and Loss and
 Cash Flow Statement are in agreement with the books of account;
 
 d) The Balance Sheet, Statement of Profit and Loss and Cash Flow
 Statement comply with the accounting standards referred to in
 sub-section (3C) of section 211 of the Companies Act, 1956;
 
 e) On the basis of the written representations received from the
 directors/companies in which they are 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;
 
 f) In our opinion and to the best of our information and according to
 explanations given to us, the said accounts read with the notes thereon
 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 31st March, 2012;
 
 ii.) In the case of the Statement of Profit and Loss, of the profit for
 the year ended on that date; and
 
 iii.) In the case of Cash Flow Statement, of the cash flows for the
 year ended on that date
 
                
 ANNEXURE TO THE AUDITORS'' REPORT
 
 Annexure referred in paragraph 3 of our report to the members of
 Indraprastha Medical Corporation Limited on accounts for the financial
 year ended 31st March 2012.
 
 (i) (a) According to the information and explanations given to us and
 on the basis of the books and records examined by us in the normal
 course of audit and to the best of our knowledge and belief, we state
 that the company has maintained proper records showing full particulars
 including quantitative details and situation of fixed assets.
 
 (b) According to the information and explanations given to us, the
 fixed assets have been physically verified by the management during the
 year and we are informed that no discrepancies were noticed on such
 physical verification. In our opinion, the frequency of physical
 verification of fixed assets is reasonable having regard to the size of
 the company and the nature of its business.
 
 (c) According to the information and explanations given to us, the
 company has not disposed off substantial part of its fixed assets
 during the year.
 
 (ii) (a) According to the information and explanations given to us, the
 physical verification of inventory has been conducted at reasonable
 intervals during the year by the management. In our opinion the
 frequency of verification is reasonable.
 
 (b) In our opinion and according to the information and explanations
 given to us, the procedures of physical verification of inventory 
 followed by the management as evidenced by written procedures and 
 instructions are reasonable and adequate in relation to the size of 
 the company and the nature of its business.
 
 (c) In our opinion and according to the information and explanations
 given to us, the company has maintained proper records of its
 inventories. Further according to the information and explanations
 given to us no material discrepancies were noticed on physical
 verification of inventory as compared to the book records. The balance
 of inventory established on physical verification as at the year end
 have been incorporated in the books of account. Consequently, the
 shortages/excess, if any have been adjusted in the consumption of
 stores and spares.
 
 (iii) (a) According to the information and explanations given to us,
 the Company has not granted any loans, secured or unsecured to any
 companies, firms or parties covered in the register maintained under
 Section 301 of the Companies Act, 1956.
 
 (b) As the Company has not granted any loans, secured or unsecured to
 companies, firms or other parties covered in the register maintained
 under section 301 of the Companies Act, 1956, the provisions of
 Paragraph 4 (iii) (b), (iii) (c) and (iii) (d) of the Order are not
 applicable to the company.
 
 (c) According to the information and explanations given to us, the
 Company has not taken any loans, secured or unsecured from any
 companies, firms or parties covered in the register maintained under
 Section 301 of the Companies Act, 1956.
 
 (d) As 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 Companies Act, 1956, the provisions of
 Paragraph 4 (iii) (f) and (iii) (g) of the Order are not applicable to
 the company.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there is an adequate internal control system commensurate
 with the size of the company and the nature of its business for
 purchase of inventory and fixed assets and for the sale of goods and
 services. During the course of our audit, we have not observed any
 continuing failure to correct major weaknesses in internal control
 system.
 
 (v) (a) According to the information and explanations given to us, we
 are of the opinion that the contracts or arrangements referred to in 
 section 301 of the Companies Act, 1956, have been entered in the 
 register required to be maintained under that section.
 
 (b) In our opinion and according to the information and explanations
 given to us, each of the transactions made in pursuance of the
 contracts or arrangements entered in the register maintained under
 section 301 of the Companies Act, 1956 and exceeding the aggregate
 value of rupees five lakhs during the financial year under audit in
 respect of each party have been made at prices which are reasonable
 having regard to the prevailing market prices at the relevant time.
 
 (vi) According to the information and explanations given to us the
 company has not accepted any deposits from the public. Therefore, the
 provisions of Section 58A, 58AA or any other relevant provisions of the
 Companies Act, 1956 and relevant rules framed thereunder are not
 applicable to the company.
 
 (vii) In our opinion, the company has an internal audit system
 commensurate with its size and nature of its business.
 
 (viii) According to the information and explanations given to us, the
 Central Government has not prescribed the maintenance of cost records
 under Section 209 (1) (d) of the Companies Act, 1956.
 
 (ix) (a) According to the information and explanations given to us and
 the books and records examined by us in the normal course of audit and
 to the best of our knowledge and belief, we state that undisputed
 statutory dues including Provident Fund, Investor Education and
 Protection Fund, Income-tax, Sales Tax, Customs Duty, Wealth Tax,
 Service Tax and other material statutory dues applicable to the
 company, if any, have been regularly deposited with the appropriate
 authorities during the financial year. We are informed that the
 provisions of Excise Duty are not applicable to the company.
 
 (b) According to the information and explanations given to us, there
 are no dues of Sales tax, Income-tax, Customs Duty, Wealth tax and
 Service tax which have not been deposited on account of any dispute.
 
 (x) In our opinion, the company does not have accumulated losses and
 has not incurred cash losses during the financial year covered by our
 audit and the immediately preceding financial year.
 
 (xi) Based on our audit procedures and the information and explanations
 given by the management we are of the opinion that the company has not
 defaulted in repayment of dues to any financial institution or bank. 
 As informed to us no money has been raised through debentures by the 
 company.
 
 (xii) According to the information and explanations given to us, the
 company has not granted any loans and/or advances on the basis of
 security by way of pledge of shares, debentures and other securities.
 Therefore, the provisions of paragraph 4(xii) of the Order are not
 applicable to the company.
 
 (xiii) The company is not a chit fund company or nidhi/mutual benefit
 fund/society. Therefore, the provisions of Paragraph 4 (xiii) of the
 said Order are not applicable to the company.
 
 (xiv) The Company is not dealing or trading in shares, securities,
 debentures and other investments. Therefore the provisions of
 paragraph 4(xiv) of the said Order are not applicable to the company.
 
 (xv) According to the information and explanations given to us, the
 company has not given any guarantee for loans taken by others from
 banks or financial institutions. Accordingly, the provisions of
 paragraph 4(xv) of the said Order are not applicable to the company.
 
 (xvi) According to the information and explanations given to us and on
 the basis of the books and records examined by us in the normal course
 of audit and to the best of our knowledge and belief, we report that
 the term loans raised have been utilised for the purpose for which the
 loans were obtained.
 
 (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
 investments by the company.
 
 (xviii) According to the information and explanations given to us the
 company has not made any preferential allotment of shares to parties
 and companies covered in the register maintained under section 301 of
 the Act.
 
 (xix) According to the information and explanations given to us, the
 company has not issued any debentures. Therefore the provisions of
 paragraph 4 (xix) of the said Order are not applicable to the company.
 
 (xx) According to the information and explanations given to us, the
 company has not raised any money by public issue during the year.
 Therefore, the provisions of paragraph 4 (xx) of the said Order are not
 applicable to the company.
 
 (xxi) According to the information and explanations given to us, no
 fraud, on or by the company has been noticed or reported during the
 year.
 
 
                                          For S.C.Vasudeva & Co.
                                           Chartered Accountants 
                                           Firm Reg. No. 000235N 
 
                                                 Sanjay Vasudeva 
                                                         Partner
                                                     M.No. 90989
 
 Place: New Delhi 
 Dated: 23rd May, 2012