We have audited the attached Balance Sheet of Integrated Financial
 Services Limited as an 30th March, 2012 and also the Profit and Loss
 Accounts and cash Flow Statement for the year ended on that date
 annexed thereto. 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. These standards required that we plan and perform
 the audit to obtain reasonable assurance about whether the financial
 statement are free of material misstatement. An audit include
 examining, on a test basis, evidence supporting the amounts and
 disclosures in 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 statements
 presentation. We believe that our audit provides a reasonable basis for
 our opinion.
 
 1)As required by the Companies (Auditors Report) order, 2003 issued by
 Government of India in terms of Sub-Section (4A) of section 227 of the
 Companies Act, 1956, we enclose in the Annexure, a statements on the
 matters specified in paragraph 4 and 5 of the said order.
 
 2)Further to our comments in the Annexure referred to above, we report
 that:
 
 i)We have obtained all the information and explanation which to the
 bets of our knowledge and belief were necessary for the purpose of our
 Audit.
 
 ii) in our opinion, proper books of accounts as required by the law
 have been kept by the company so far as appears from our examination of
 those books.
 
 iii) The Balance Sheet profit & Loss Account and Cash Flow Statement
 deals with by this report are in agreement with the books of accounts.
 
 iv) In our opinion, Balance Sheet, Profit & Loss Accounts and cash Flow
 Statements deal with by this report comply with the Accounting
 Standards reffered is in sub-section(3C) of section 211 of the
 Companies Act, 1956.
 
 v) On the basis of written representations received from the 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 directors in terms of clause(g) of sub
 section (i) as 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, they said accounts give the information
 required read together with other notes given in schedule 10, gives a
 true and fair view in conformity with the accounting principle
 generally accepted in India:
 
 a) In the case of the balance Sheet, of the State of Affairs of the
 Company as at 31st March, 2012.
 
 b)In case of profit & Loss Accounts of the profit for the year ended on
 that date and c)in that case of Cash Flow Statements, of the Cash Flows
 of Company for the year ended on that date.
 
 
 
                                                      
 
 
 ANNEXURE TO THE AUDITORS'' REPORT
 
 Statement referred to in paragraph (1) of our report of even date to
 the members of the Integrated Financial Services Limited on the
 accounts for the year ended 31st March, 2012.
 
 1.  (a)The Company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 (b)The Fixed Assets have been physically verified by the management
 during the year and there is also a regular program of verification
 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) no substantial part of fixed assets have been disposed off during
 the year.
 
 2.  The company does not have any inventory during the year.
 
 3.(a) The company has given loans to the companies, firms and other
 parties listed in the register maintained under section 301 of the
 Companies Act, 1956.
 
 (b)The company has not taken any loans, secured or unsecured from the
 companies, firms and other parties covered in the register maintained
 under section 301 of the Companies Act, 1956.
 
 4.  In our opinion and according to the information and explanations
 given to us, there are adequate internal control procedures
 commensurate with the company and nature of its business with regard to
 purchases of inventory, fixed assets and with regard to the sales of
 goods. During the course of our audit, we have not observed any
 continuing failure to correct major weakness in internal controls.
 
 5.(a) According to the information and explanations given to us, we are
 of the opinion that the transaction that need to be entered into the
 register maintained under section 301 of the Companies Act, 1956 have
 been so entered.
 
 (b) In our opinion and according to the information and explanations
 given to us, the transaction made in pursuance of contrast or
 arrangement entered in the register maintained under section 301 of the
 company Act, 1956 and exceeding the value of rupees five lacs in
 respect of any party during prices at the relevant time.
 
 6. In our opinion and according to the information and explanations
 given to us, the company has not accepted any deposits within the
 meaning of section 58A and 58AA of the Companies Act, 1956.
 
 7. In our opinion, the company has internal audit system commensurate
 with the size and nature of the business.
 
 8. As explained to us the central government has not prescribed the
 maintenance of cost records under section 209(1)(d) of the Companies
 Act, 1956 in the ease of the company.
 
 9. (a)The company is not covered under provident fund and the ESI Act.
 
 (b) According to information and explanations given to us. No
 undisputed amounts is payable in respect of Income Tax, Sales tax,
 Custom Duty and excise Duty were in arrears, as at 31.3.2012 for a
 period of six months from the date they became payable.
 
 10. There are no accumulated losses at the end of financial year.  The
 company has also not incurred cash losses during the financial year
 covered by our audit preceding financial year.
 
 11. In our opinion and accordance to the information and explanations
 given to us, the company has not defaulted in repayment of dues to a
 financial institution or bank.
 
 12. According to information & explanation given to us the company ha
 not given any loan and advances on the basis of security by way of
 pledge of shares, debentures and other securities.
 
 13. The Company is not a chit fund therefore, the provisions of clause
 4 (iii) of Companies(Auditors report) Order, 2003 are not applicable to
 the company.
 
 14. In our opinion, the company has maintained proper records of
 transactions and contracts in respect of trading in securities,
 debentures and investments. And timely entries have been made therein.
 All shares and debentures and other investment have been held by the
 company in its name.
 
 15. According to the information & explanations given to us, the
 company has not given any guarantee for loans taken by others from
 banks or financial institutions.
 
 16. The company has raised any term loan during the year.
 
 17. Accordance to the information and explanations given to us and on
 overall examination of the company, we report that the no funds raised
 on short term basis have been for long term investment. No long term
 funds have been used to finance short term assets.
 
 18. According to the information and explanation given to us, the
 company has not made preference allotment of share to parties and
 companies during the year, covered in the register maintained under
 section 301 of the Act.
 
 19. The company has not issued debentures during the year.
 
 20. The Company has not raised any money through public issue during
 the year.
 
 21. According to the information and explanations given to us, no fraud
 on by the company has been noticed or reported in the course of our
 audit.
 
 
 
                                                      For Dua & Kumar
                                                Chartered Accountants
 
                                                                 Sd/-
                                                       (Mahesh Kumar)
                                                           Proprietor
                                                 Membership No. 85757
  
 
 Place: NEW DELHI
 DATE: 25.05.2012