1.  We have audited the attached Balance Sheet of RADHE DEVELOPERS
 (INDIA) LIMITED as at 31st March 2011, the Profit and Loss Account and
 also the Cash Flow Statement for the year ended on that date annexed
 thereto (together read as financial statements). 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 conducted our audit in accordance with auditing standards
 generally accepted in India. These 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 also
 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.
 
 3.  As required by the Companies (Auditors'' Report) Order, 2003 issued
 by the Company Law Board in terms of section 227 (4 A) of the Companies
 Act, 1956, we enclose in the Annexure a statement on the matters
 specified in paragraphs 4 & 5 of the said Order.
 
 4.  Further to our comments in the Annexure referred to in paragraph 3
 above, we report that:
 
 (i) We have obtained all the information and explanations, which are to
 the best of our knowledge and belief, were necessary for the purpose of
 our audit;
 
 (ii) 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
 those books;
 
 (iii) The Balance Sheet, Profit and Loss Account and Cash Flow
 Statement dealt with by this report are in agreement with the books of
 account;
 
 (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 section 211 of
 the Companies Act, 1956;
 
 (v) On the basis of written representation received from directors as
 on 31st March 2011 and taken on records by the board of directors, we
 report that none of the directors are disqualified as on 31st March,
 2011 from being appointed as director of the company in terms of clause
 (g) of subsection (1) of section 274 of the Companies Act, 1956; and
 
 (vi) In our opinion and to the best of our information and according to
 the explanations given to us, the said accounts, read together 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
 
 (a) In the case of the Balance Sheet, of the state of affairs of the
 Company as at 31st March, 2011; and
 
 (b) In the case of the Profit and Loss Account, of the Loss of the
 Company for the year ended on that date; and
 
 (c) In the case of Cash Flow Statement, of the cash flows for the year
 ended on that date.
 
 ANNEXURE TO THE AUDITORS REPORT
 (Referred to in paragraph 3 of our Report of even date)
 
 1.  In respect of Fixed Assets:
 
 a.  The company has maintained proper records showing full particulars,
 including quantitative details and situation of fixed assets.
 
 b.  Some of the fixed assets have been physically verified during the
 year by the management in accordance with a programme of verification,
 which in our opinion provides for physical verification of all the
 fixed assets at reasonable intervals having regard to the size of the
 company and nature of its business.  According to the information and
 explanations given to us no material discrepancies were noticed on such
 verification.
 
 c.  The company has not disposed off substantial part of fixed assets
 during the year under audit and thus the going concern concept of the
 company has not been affected.
 
 2.  The company does not have inventories and therefore, the provisions
 of clause 4(ii) of the Companies (Auditor''s Report) Order, 2003 are not
 applicable to the company.
 
 3.  In respect of loans, secured or unsecured, granted or taken by the
 company to/from companies, firms or other parties covered in the
 register maintained under section 301 of the Companies Act, 1956.
 
 a.  The Company has granted loans to two parties covered in the
 register maintained under section 301 of the Companies Act, 1956, the
 year-end balances is Rs.245.50 Lacs and the maximum amount involved
 during the year was Rs.454.16 Lacs.
 
 b.  The loans granted are interest free and other terms and condition
 of such loans are, in our opinion are prima facie not prejudicial to
 the interest of the Company.
 
 c.  The terms on which the principle and interest are repayable are not
 stipulated hence we are not in a position to comment on the same.
 
 d.  There is no amount which remains overdue amounts at the year-end.
 
 e.  The company has not taken loans from any related party during the
 year under review, the year-end balances of such loans taken aggregate
 of Rs. Nil and the maximum amount involved during the year was Rs. Nil
 
 f.  The rate of interest and other terms and condition of such loans
 are, in our opinion, prima facie not prejudicial to the interest of the
 Company.
 
 g.  The terms of repayments of principal amounts and interest thereon
 in respect of such loans are not stipulated hence we are not in a
 position to comment on the same.
 
 4.  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 with regard to purchases of inventory, fixed assets and with
 regard to the sale of goods and services. During the course of our
 audit, we have not observed any continuing failure to correct major
 weakness in the internal controls system.
 
 5.  In respect of contracts or arrangements covered under section 301
 of the Companies Act, 1956:
 
 a.  Based on the audit procedures applied by us and according to the
 information and explanations provided by the management, we are of the
 opinion that the particulars of contracts or arrangements that needs to
 be entered into the register maintained under section 301 have been so
 entered.
 
 b.  In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of contracts or
 arrangements entered in the registers maintained under section 301
 during the year have been made at prices which are reasonable having
 regard to prevailing market prices at the relevant time.
 
 6.  During the year under audit the company has accepted deposits from
 public, in our opinion and according to information and explanation
 given to us the provisions of section 58A and 58AA of the Companies
 Act, 1956 and other relevant provision have been complied with.
 
 7.  In our opinion, the company does not have any formal internal audit
 system.
 
 8.  According to the information and explanation provided to us, the
 company is not required to maintain cost records pursuant to the rules
 made by the Central Government for the maintenance of cost records
 under Section 209 (1) (d) of the Companies Act, 1956.
 
 9.  In respect of Statutory Dues:
 
 a.  As per records of the company, the company is normally regular in
 depositing with appropriate authorities undisputed statutory dues
 including income tax, wealth tax, service tax and other statutory dues
 applicable to it.
 
 b.  According to the information and explanations given to us, no
 undisputed amounts payable in respect of income tax, wealth tax and
 other statutory dues applicable to it.
 
 c.  Following are the outstanding statutory dues with to income tax
 payable by the company
 
 Assessment Year          Amount (Rs.)
 
 A.Y. 2005-06             5,10,822/-
 
 A.Y. 2006-07             3,13,533/-
 
 A.Y 2007-08              80,762/-
 
 10.  The company has accumulated losses at the end of the year. The
 company has incurred cash losses during the immediately preceding
 financial year.
 
 11.  In our opinion and according to the information and explanations
 given to us, the company has not defaulted in repayment of dues to
 financial institutions, banks or debenture holders.
 
 12.  Based on our examination of documents and records and information
 and explanations given to us, the company has not granted any loans and
 advances on the basis of security by way of pledge of shares,
 debentures and other securities.
 
 13.  The provisions of any special statute applicable to Chit Fund,
 Nidhi or Mutual benefit Fund/Societies are not applicable to the
 Company. Therefore, clause 4 (xiii) of the Companies (Auditor''s Report)
 Order, 2003 is not applicable to the company.
 
 14.  Based on our examination of documents and records and information
 and explanations given to us, the company is not dealing in or trading
 in shares, debentures and other securities. Accordingly, provisions of
 clause 4 (xiv) of the Companies (Auditors Report) Order, 2003 are not
 applicable
 
 15.  As per the information provided to us, the company has not given
 any guarantee for loans taken by others from bank or financial
 institutions.
 
 16.  To the best of our knowledge and belief and according to the
 information and explanations given to us, in our opinion, term loans
 availed by the company were prima facie applied for the purpose for
 which loans are obtained.
 
 17.  According to the information and explanations given to us, and on
 an overall examinations of the balance sheet of the company, there are
 no funds raised that have been raised on short term basis.
 
 18.  The company has not made any preferential allotment of shares to
 the parties and companies/firms covered in the register maintained
 under section 301 of the Companies Act, 1956 which in our opinion are
 not prima facie prejudicial to the interest of the company.
 
 19.  During the year, the company has not issued any debentures.
 
 20.  During the year, the company has not raised any money by way of
 public issues.
 
 21.  To the best of our knowledge and belief and according to the
 information and explanation given to us, no fraud on or by the company
 has been noticed or reported during the year under audit.
 
 
                                        For, R. CHOUDHARY & ASSOCIATES
 
                                             Chartered Accountants
 
                                             RAMCHANDRA CHOUDHARY
 
                                                    Partner
                                            Firm Regn. No. 101928W
 
                                             Membership No. 43979
 
 Place: Ahmedabad          
 
 Date : 10-08-2011