1.  We have audited the attached Balance Sheet of M/s Ranklin Solutions
 Limited, Hyderabad as at 31st March, 2011 and the annexed Profit & Loss
 Account for the year ended on that date and report that 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 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 from 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 signifcant 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 (Auditor''s Report) Order, 2003, issued
 by the Company Law Board in terms of Section 227(4A) of the Companies
 Act, 1956, We annex a Statement on the matters specifed in Paragraphs 4
 and 5 of the said Order.
 
 4.  Further to our comments in paragraph 1 above:
 
 (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 accounts, as required by law, have
 been kept by the company so far as it appears from our examination of
 those books;
 
 (c) the said Balance Sheet and Profit and Loss Account are in agreement
 with the books of accounts;
 
 (d) in our opinion the Balance Sheet and the Profit and Loss Account
 subject to Note No. 8 of Schedule 12 comply with the Accounting
 Standards referred to in Sub-section 3(C) of Section 211 of the
 Companies Act, 1956;
 
 (e) on the basis of written representation received from the directors
 and taken on record by the board of directors, we report that none of
 the directors is disqualified as at 31st March, 2011 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 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:
 
 (i) in the case of the Balance Sheet, of the State of Affairs of the
 Company as on 31st March, 2011; and
 
 (ii) in the case of Profit and Loss Account, of the Profit of the Company
 for the year ended on that date.
 
 ANNEXURE TO THE AUDITOR''S REPORT (Referred to in Paragraph (3) of our
 Report of even date to the members of
 
 Ranklin Solutions Limited)
 
 (1) (a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.
 
 (b) Physical verification of major assets was conducted by the
 management during the year, which in our opinion is reasonable having
 regard to the size of the company and nature of its assets. No.
 material discrepancies were noticed on such verification as compared
 with book records.
 
 (c) During the year the company has not disposed off any substantial
 part of its fixes assets.
 
 (2) In our opinion and according to the information and explanations
 made available to us the Company is not maintaining any inventories and
 accordingly clause 2(a), (b) and (c) of the Order are not applicable in
 respect of verification of inventories etc.
 
 (3) The company has neither granted nor taken any loans, secured or
 unsecured, from companies, firms or other parties listed in the register
 maintained u/s 301 of the Companies Act, 1956
 
 Since the Company has not granted or taken any loans from parties
 listed in the register maintained u/s 301 clauses 3(b) 3(c) and 3(d)
 are not applicable.
 
 (4) In our opinion and according to the information and explanations
 given to us, during the course of our audit, there are adequate
 internal control procedures commensurate with the size of the company
 and the nature of its business, for the purchase of goods and fixed
 assets and for the sale of goods. During the course of our audit, we
 have not observed any continuing failure to correct major weakness in
 such internal controls.
 
 (5) To the best of our knowledge and belief and according to the
 information and explanation given to us, we are of the opinion that
 there were no contracts or arrangements that need to be entered in the
 register maintained under section 301 of the Companies Act, 1956
 Consequently requirement of clauses (5A) and (5B) of paragraph 4 of the
 order are not applicable.
 
 (6) The Company has not accepted any deposits from public within the
 meaning of Section 58A and 58AA of the Companies Act, 1956 and
 Companies (Acceptance of Deposits) Rules 1975 with regard to the
 deposits accepted from public during the current financial year.
 
 (7) The Company yet to introduce the internal audit system commensurate
 with the size and nature of business.
 
 (8) According to the information given to us the Central Government has
 not prescribed maintenance of cost records u/s 209 (1)(d) of the
 Companies Act in respect of the business of the company.
 
 (9) (a) The company is not regular in depositing undisputed statutory
 dues with
 
 appropriate authorities including provident fund, Employees State
 insurance, Income Tax , Sales tax, Wealth Tax, Service tax, Custom
 duty, Excise duty, cess and other material dues applicable to the
 Company.
 
 (b) There are undisputed statutory dues outstanding as on 31st March
 2011 for a period of more than six months from the date they become
 payable.
 
 S. No.      Particulars                               Amount (Rs.)
 
 1           Income tax relating to Previous Year      3,22,77,196/-
 
 2           Service Tax Payable                       20,92,082/-
 
 3           TDS relating to Previous years            1,94,957/-
 
 10.  The Company does not have its accumulated losses as on 31st March,
 2011 exceeding 50% of its networth. The Company has not incurred cash
 losses in the current and immediately preceding financial year.
 
 11.  In our opinion and according to the information and explanations
 made available to us, the Company has not defaulted in repayment of
 dues to Financial Institution or Bank. The Company has not raised any
 funds from Debenture Holders as at the balance sheet date.
 
 12.  In our opinion 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 Company is not a chit fund, nidhi/mutual benefit fund/ society
 and therefore the provisions of clause 4(xiii) of the Companies
 (Auditor''s Report) Order, 2003 are not applicable to the Company.
 
 14.  According to the information and explanations given to us, the
 company is not dealing or trading in shares, securities, debentures and
 other investments. Accordingly provisions of clause 4(xiv) of the
 Companies (Auditors Report) Order, 2003 are not applicable to the
 Company.
 
 15.  In our opinion and according to the information and explanations
 given to us, the Company has not given guarantees for loans taken by
 other from banks or financial institutions.
 
 16.  In our opinion and according to the information and explanations
 given to us, No term loans were raised by the Company during the year.
 
 17.  In our opinion and according to the information and explanations
 given to us, the Company has not raised on short term basis were not
 utilised for long term investment purpose and vice versa
 
 18.  According to 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
 Companies Act, 1956 during the year.
 
 19.  In our opinion and according to information and explanations given
 to us, the Company has not issued any secured debentures during the
 period covered by the report. Accordingly, Clause 19 of the Companies
 (Auditors Report) Order, 2003 is not applicable to the Company.
 
 20.  During the period covered by our audit report, the Company has not
 raised any money by public issues.
 
 21.  To the best of our knowledge and belief and according to the
 information and explanations given to us, no fraud on or by the Company
 has been noticed or reported during the course of our audit for the
 year ended on 31st March, 2011.
 
 
 
 Place  : Hyderabad                            For P.S. NAGARAJU & CO.,
 
 Date    : 03.09.2011                            Chartered Accountants,
 
 
                                                             Sd/-
 
                                                     CA P. S. NAGARAJU
 
                                                           Partner
 
                                                 (Membership No: 210268)
 
                                         (Firm Registration No: 011447S)