We have audited the attached Balance Sheet of Lyons Corporate Market
 Limited as , at 31st March, 2009 and also the Profit and Loss Account
 for the year ended on that date annexed thereto. 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 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.
 
 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.
 
 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 accounts as required by law have
 been kept by the Company so far as appears from our examination of
 those books;
 
 c) The Balance Sheet and Profit and Loss Account dealt with by this
 report are in agreement with the books of accounts;
 
 d) In our opinion, theBalance Sheet and Profit & Loss Account 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 31st March, 2009 and taken on record by the Board of Directors,
 we report that none of the Director is disqualified as on 31st March.
 2009 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 Balance Sheet, Profit & Loss
 Account and Cash Flow Statement;
 
 (i) in the case of Balance Sheet, of the state of affairs of the
 Company as at 31st March, 2009; and
 
 (ii) in the case of Profit and Loss Account, of the Profit for the year
 ended 31 st March 2009, and
 
 (iii) in the case of Cash Flow Statement, of the Cash Flow for the year
 ended on that date.  .
 
 ANNEXURE TO THE AUDITORS REPORT
 
 Statement referred to in paragraph 3 of our report of even date to the
 members of M/s Lyons Corporate Market Limited on the accounts for the
 year ended 31st March, 2009.
 
 In terms of the information and explanations given to us and the books
 and records examined by us in normal course of audit and to the best of
 our knowledge and belief, we state that:
 
 I.  a) The Company has maintained proper records showing full
 particulars including quantitative details and situation of Fixed
 Assets.
 
 b) The Fixed Assets of the Company except assets given on lease have
 been physically verified by the management at reasonable intervals. No
 material discrepancies have been noticed on such verification.
 
 c) None of the Fixed Assets have been sold/disposed off during the year
 under report.
 
 II.  a) Stock of Shares physically lying with the Company has been
 verified by the management at reasonable intervals. No material
 discrepancies have been noticed on such verification. Further the
 Company has received confirmations of shares lying with depository
 participants at regular intervals.
 
 b) In our opinion, the procedures of physical verification of stocks
 followed by the Management are reasonable and adequate in relation to
 the size of the Company and nature of its business.
 
 c) The Company is maintaining proper records of inventory. No material
 discrepancies have been noticed on such verification.
 
 III.  As informed to us, the company has neither granted noUaken any
 loans, secured or unsecured to/from companies, firms or other parties
 listed in the register maintained under section 301 of the Companies
 Act, 1956 and as such clauses (iii) (a) to (iii) (g) of the Companies
 (Auditors Report) Order 2003 are not applicable.
 
 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 nature of its business with regard to
 purchase of shares, fixed assets and with regard to sale of shares.
 During the course of our Audit, we have not observed any continuing
 failure to correct major weaknesses in internal controls.
 
 V.  a) According to the information and explanations given to us, we
 are of the opinion that the transactions that need to be entered, if
 any, into the register maintained under section 301 of the. companies
 Act, 1956 have been so entered.
 
 b) According to the information and explanations given to us, there are
 no transaction of purchase of shares and materials and sale of shares,
 materials and services made in pursuance of contracts or arrangements
 with any party entered in the register maintained under Section 301 of
 the Companies Act, 1956 for value aggregating to Rs. 5,00,000/- or more
 during the year under review.
 
 VI.  The Company has not accepted any deposits from the public during
 the year within the meaning of Section 58A and Section 58AA of the
 Companies Act, 1956 and the rules framed there under with regard to the
 deposits accepted from the public. No order has been passed by the
 Company Law Board, National Company Law Tribunal or Reserve Bank or any
 Court or any other Tribunal.
 
 VII.  In our opinion there is an adequate internal Audit system
 commensurate with the size of the Company 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 sections 209(l)(d) of the companies Act, 1956, for any of the
 products of the company.
 
 IX.  a) As explained to us, the Provident Fund Scheme and Employees
 State Insurance Scheme are not applicable to the Company.
 
 b) According to the information given to us, no undisputed amounts
 payable in respect of Income Tax, Sales Tax, Wealth Tax, Service Tax,
 Customs Duty and Excise Duty and Cess were in arrears, as at 31s1
 March, 2009 for the period exceeding six months from the date they
 became payable.
 
 c) According to the information and explanations given to us, there are
 no dues of Sales Tax, Income Tax, Service Tax, Customs Duty, Wealth
 Tax, Excise Duty and Cess, which have not been deposited on account of
 any dispute.
 
 X.  In our opinion the accumulated losses of the Company are not more
 than 50% of the net worth. The Company has incurred not incurred cash
 losses during the financial year covered by our audit but incurred cash
 losses in the immediately preceding financial year.
 
 XI.  In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in repayment of dues to bank
 with whom transactions have been made during the year.
 
 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.
 
 XIII.  The Company is not a chit fund, nidhi/mutual benefit fund and
 therefore the requirements pertaining to such class of companies is not
 applicable. Therefore, the provisions of clause 4(xiii) of the
 Companies (Auditors Report) Order 2003 are not applicable to the
 company.
 
 XIV. The Company has maintained proper records of transactions and
 contracts in respect of trading in shares and other securities and
 timely entries have been made therein.  The Investments are held by the
 Company in its own name except to the extent exemption provided under
 section 49 of the Companies Act, 1956.
 
 XV.  The Company has not given any guarantee for loans taken by others
 from banks or financial institutions.
 
 XVI. The Company has not taken any term loans during the year.
 
 XVII. According to the informations and explanations given to us and on
 overall examination of the Balance Sheet of the company we report that
 no Funds raised on short term basis which have been used for long term
 investment.
 
 XVIII.The Company has not made any preferential allotment of shares
 during the year to parties and companies covered in the Register
 maintained under Section 301 of the Companies Act, 1956.
 
 XIX The Company has not issued any debentures during the year and
 therefore the question of creating security in respect thereof does not
 arise.
 
 XX.  The Company has not made any public issues during the year and
 therefore the question of disclosing the end use of money does not
 arise.
 
 XXI. According to the information and explanations given no fraud on or
 by the company has been noticed or reported during the year.  
 
                                     For R. K. LAKHOTIA & ASSOCIATES
 
                                               Chartered Accountants
 
 Place: Kolkata                                         R.K.LAKHOTIA
 
 Date: 30th June, 2009                                       Partner
 
                                                Membership No. 61096