1.  We have audited the attached Balance Sheet of M/s SIKOZY REALTORS
 LIMITED as at 31st March 2011 and the Profit and Loss Account and the
 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.
 
 2.  We 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 from material misstatement. An audit also
 includes examining on a test basis, evidence supporting the amounts and
 disclosures in the financial statements. As audit also includes
 assessing the accounting principle used and significant estimates made
 by the management, as well as evaluation 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 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 paragraph 4 & 5 of the said
 order, to the extent applicable to the Company.
 
 4.  Further to our comments in the Annexure referred to in paragraph
 (3) above and notes referred to in the notes to accounts, 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 purpose of our
 audit;
 
 b) 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;
 
 c) The Balance Sheet, Profit and Loss Account and the Cash Flow
 Statement dealt with by this report are in agreement with the books of
 account;
 
 d) 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 Section 211 (3C) of the Companies Act, 1956
 unless otherwise stated in the significant accounting policies and
 notes to accounts annexed to this report.
 
 
 e) On the bases of written representation received form the directors
 as on 31st March, 2011, we report that none of the directors is
 disqualified as on 31st March, 2011 from being appointed as director in
 terms of clause (g) of sub-section (1) of section 274 of the Companies
 Act, 1956. and
 
 f) In our opinion and to the best of our information and according to
 the explanations given to us, the said accounts give the information as
 required by the Companies Act, 1956, in the manner so required and
 gives a true and fair view in conformity with the accounting principles
 generally accepted in India :
 
 i) in the case of the Balance Sheet, of the state of affairs of the
 Company as at 31st March, 2011, and
 
 ii) in the case of the Profit and Loss Account, of the Loss for the
 year ended on that date.
 
 iii) In the case of Cash Flow Statement, of the cash flow for the year
 ended on that date.
 
 i.  a. The Company has maintained the proper records showing full
 particulars including quantitative details and situation of Fixed
 Assets.
 
 b.  All the assets have been physically verified by the management
 during the year and in our opinion it 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.  In our opinion, the Company has not disposed off any part of the
 Fixed Assets during the year and therefore paragraph 4 (1) (c) of the
 Companies (Auditor’s Report) Order, 2003 (hereinafter referred to as
 order) is not applicable.
 
 ii.  a.  Physical verification of Inventories was conducted by the
 management during the year and in our opinion, the frequency of
 verification is reasonable.
 
 b.  The procedure of physical verification of inventories followed by
 the management are reasonable adequate in relation to the size of the
 Company and the nature of its business.
 
 c.  The Company is maintaining proper records of inventory and no
 material discrepancies have been noticed on Physical Verification of
 inventories as compared to book records.
 
 iii.  a.  The Company has not accepted unsecured loan from the
 companies, or other parties listed in the register maintained under
 Section 301 of the Companies Act,1956.
 
 b.  The Company has granted loans and advances in the nature of current
 account to the companies, firms or other parties listed in the
 registrar maintained under Section 301 of the Companies Act, 1956 and
 the companies under the same management as defined in sub-section (1B)
 of Section 370 of the Companies Act, 1956. Further the Company has also
 taken unsecured loans from one of the directors and Company or other
 parties listed in the register maintained under section 301 of the Act.
 
 c.  In our opinion and as per explanation provided to us, the rate of
 interest and other terms and conditions of the aforesaid advances given
 by the company are not prima-facie prejudicial to the interest of the
 company.
 
 d.  The parties to whom loans and advances in the nature of loans have
 been given by the Company are generally repaying the principle amount
 as stipulated wherever stipulations have been made, are also regular in
 payment of interest where applicable.
 
 iv. In our opinion and according to the information and explanation
 given to us, the company has adequate internal control procedures
 commensurate with the size of the Company and the nature of its
 business, for the purchase of inventory and for sale of goods.
 
 v. As explained to us and according to the information and explanation
 given to us, there was transaction that need to be entered in the
 register in pursuance of section 301 of the Companies Act, 1956 have
 been so entered.
 
 vi. The Company has not accepted any deposits from public as specified
 under Section 58 A and 58 AA of the Companies Act, 1956 and therefore
 the Directives issued by the Reserve Bank of India and the provisions
 of section 58 A and 58 AA of the Companies Act, 1956 and rules framed
 there under is not applicable. As explained to us, the Company has not
 received any order from the Company Law Board.
 
 vii.  As per the information and explanation given to us, during the
 year under audit, the Company did not have an Internal Audit System but
 had an efficient system for accounting and internal controls.
 
 viii. As per the information and explanations given to us, the Central
 Government has not prescribed the maintenance of costs records, under
 Section 209(1)(d) of the Companies Act, 1956.
 
 ix. a. The Company is generally regularly deposited undisputed
 statutory dues, including provident fund, investor education and
 protection fund, employees state insurance, income tax, sales tax,
 wealth tax, custom duty, excise duty, cess and any other statutory dues
 with the appropriate authorities to the extent applicable and payable
 by the company. According to the information and explanations given to
 us no undisputed amounts were outstanding as at 31st March, 2011 for a
 period of more then six months except last year Income Tax of Rs.
 3,34,298/- from the date of becoming payable.
 
 b.  There is no undisputed statutory dues as on 31st March, 2011.
 
 x. Accumulated losses of the Company at the end of financial year is
 less than fifty percent of its net worth and it has incurred cash
 losses in current financial year however there is no cash losses in
 previous financial year.
 
 xi. In our opinion and according to the information and explanation
 given to us, the Company has defaulted in repayment of its dues to
 Financial Institutions, Banks during the year.
 
 xii. The Company has not granted loans and advances on the basis of
 securities by way of pledge of shares, debentures and other securities.
 
 xiii. We are to inform that the provisions of any special statute
 applicable to the Chit Fund, Nidhi or Mutual Benefit Society do not
 apply to the Company.
 
 xiv. In our opinion and according to the information given to us, the
 Company has maintained proper records in respect of dealing in shares.
 All securities are held by the Company in its name.
 
 xv. As explained to us, the company has not given any guarantee for
 loans taken by others from banks or financial institutions.
 
 xvi. The company has availed term loans from The CKP Co-Operative Bank
 Ltd., however Company has not paid the interest accrued on the same as
 well as no provision for interest has been made during the year, since
 the said account become non-performing account.
 
 xvii. According to the information and explanations given to us and on
 overall examination of the Balance Sheet of the Company, in our opinion
 there are no funds raised on short term basis which have been used for
 long term investments and vice versa.
 
 xviii. The company has not made any preferential allotment of shares.
 
 xix. The company has not issued any debentures during the year under
 review.
 
 xx. During the year under review the Company has not raised any money
 by public issue.
 
 xxi. Based on the audit procedures performed and as per the information
 and explanations given to us by the management, we report that no fraud
 on or by the company has been reported or noticed during the year.
 
                                                 For Asim Kumar Santara 
                                                  Chartered Accountants
 
                                                    Asim Kumar Santara
 
 Place : Mumbai
 Dated : 30th June, 2011