1) We have audited the attached Balance Sheet of M/s. MEDIAONE GLOBAL
 ENTERTAINMENT LTD (Formerly known as RAJAMATA INVESTMENTS AND FINANCE
 LIMITED), as at 30th June 2011 , the Profit and Loss Account and the
 Cash Flow Statement of the Company for the period ended on that date,
 both 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.
 
 2) 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 out audit provides a reasonable basis
 for our opinion.
 
 3) As required by the Companies (Auditor''s Report) Order 2003 (as
 amended) issued by the. Central Government of India in terms of
 sub-section (4A) of sec.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.
 
 4) further to our comments in the Annexure referred to above and
 subject to Notes on Accounts (Schedule 17, point 1(g), 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 account as required by law have
 been kept by the company as far as appears from our examination of
 those books, The company does not have any branches. Hence branch audit
 and branch audit report is not applicable.
 
 iii. The balance Sheet, Profit and Loss Account and Cash flow Statement
 dealt with by this report are in agreement with the books of accounts.
 
 iv. in our opinion, the Balance Sheet, Profit and Loss Account and Cash
 Flow Statement dealt with by this report comply with the accounting
 standards referred to in sub-section (3C) of sec.211 of the Companies
 Act, 1956,
 
 v.  On the basis of written representations, received from the
 directors, as on 30th June, 2011 and taken on. record by the Board of
 Directors, we report that none of the directors is disqualified as on
 30th June 2011 from being appointed as a director in terms of clause
 (g) of sub-sec (l) of sec.274 pf 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 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
 
 a) In the case of the Balance Sheet, of the state of affairs of the
 company as at 30th June 11and
 
 b) In the case of the Profit and Loss Account, of the Profit of the
 Company for the Period ended on that date; and
 
 c) In the case of the Cash flow Statement, of the cash flows of the
 Company for the Period ended on that date
 
 Annexure referred to in Paragraph 3 of our report of even date
 
 i) (a) The Company is maintaining proper records showing full
 particulars, including quantitative details and situation of fixed
 Assets.
 
 (b) The fixed assets have not been physically verified by the
 management during the year and there is no program of verification
 which in our opinion is not reasonable having regard to the size of the
 company and the nature of its business.
 
 (c) During the year, the company has not disposed off any major part of
 the fixed Assets.
 
 ii). We have been Informed that the management at reasonable intervals
 of time has conducted the physical verification of Closing stock and
 there were no material discrepancies found on such verification.
 
 iii) (a) The Company had not taken loan Coveted u/s 301 of the Act,
 unsecured from parties covered under section 301 of the Companies
 Act,l956.
 
 (b) In our opinion the rate of interest and other terms and conditions
 on which loans have been granted to companies, firms or other parties
 listed in the registers maintained under Section 301 are not, prima
 facie, prejudicial to the interest of the company
 
 (c). The Payment of Principal & Interest No Issues has been reported.
 
 iv). In our opinion and according to the information and explanations
 given to us, there are adequate internal control procedures
 commensurate with the size and the nature of the business for the
 purchase of plant and machinery equipment and other assets. 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 into the
 register maintained ''under section 301 of the Companies Act, 1956 have
 not been entered.
 
 (b) in our opinion and according to the information and explanations
 given to us, there are transactions made in pursuance of contracts or
 arrangements entered in the registers maintained under Section 301 and
 has been made at prices which are reasonable having regard to
 prevailing market prices at the relevant time
 
 vi) The Company has hot accepted any deposits as defined under sections
 58A and 58AA of the Companies Act, 1956 and the Companies {Acceptance
 of Deposits) Rules, 1975.
 
 vii) In our opinion, the Company is not having an internal audit system
 commensurate with its size and nature of its business.
 
 viii) The central Government has not prescribed the maintenance of cost
 records u/s, 209(1) (d) of the Companies Act, 1956.
 
 ix) (a) There are statutory dues payable for the year ending 30.06.20il
 as follows
 
 i) Tax Deducted at Source - Rs 43,92,543/- 
 
 ii) Dividend Tax - Rs 20,00,742.40/-
 
 (b) According to the information and explanations given to us ,
 undisputed amount payable to respect of Income Tax to the tune of Rs
 20,986,347/-, were in arrears, at June 30, 2011 for a period of more
 than six months from the date they became payable.
 
 (c) According to the information and explanation given to us, there are
 no dues of Income Tax which have not been deposited on account of the
 above dispute.
 
 x) The company has no accumulated and cash losses at the end of the
 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 a
 financial institution, bank or debenture holders
 
 xii) The Company has not granted loans and advances on the basis of
 security by way of pledge of shares, debentures and other securities.
 
 xiii) The special statutes applicable to chit fund is not applicable to
 the company since the company is not a chit fund company
 
 xiv) The Company does not deal or trade in shares, securities,
 debentures and other investments.
 
 xv) The Company has not given any guarantee for loans takers by others
 from bank or financial Institutions.
 
 xvi) The Term loans so obtained were applied for the purpose for which
 the loans were obtained.
 
 xvii) According to the information and explanations given to us no
 funds rose on short term basis and have been used for long term
 Investments and vice-versa.
 
 xviii) We are informed that the company has not made any preferential
 allotment of shares to parties and companies covered to the register
 maintained under section 301 of the Companies Act, 1956
 
 xix) The company has not issued any debentures to create the securities
 
 xx) The Management of the Company had disclosed on the end use of the
 money raised by public issues & the same have been verified by us.
 
 xxi) No fraud on or by the company has been noticed or reported during
 the year.
 
                                                  For R.P.Madhu & Co
 Place: Chennai
 
 Date: 29.08.11                                   Chartered Accountants
 
                                                  R.P.Madhu
 
                                                  Partner
 
                                                  Firm Regn No: 006372S