1.  We have audited the attached Balance Sheet of TANTIA CONSTRUCTIONS
 LIMITED, KOLKATA as at 31st March, 2011, the Profit and Loss Account
 and the Cash Flow Statement of the Company for the year 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 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 misstatements. An audit
 includes examining, on a test basis, evidence supporting the amounts
 and the 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 (Auditor''s Report) Order, 2003 (CARO)
 issued by the Central Government of India in terms of sub-section (4A)
 of Section 227 of the Companies Act, 1956, we give 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 in Paragraph 3
 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 account as required by 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 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 sub-section 3(c) of Section 211 of the
 Companies Act, 1956;
 
 e) On the basis of the written representation received from the
 directors as on 31st March, 2011, and taken on record by the Board of
 Directors, we report that none of the directors is disqualified as on
 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 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:
 
 i) in the case of the Balance Sheet, of the state of affairs of the
 Company as at 31st March, 2011;
 
 ii) in the case of the Profit and Loss Account, of the profit for the
 year ended on that date; and
 
 iii) in the case of Cash Flow Statement, of the cash flows for the year
 ended on that date.
 
 Annexure to Auditors Report
 for the year ended on 31st March, 2011
 
 (Referred to in paragraph 3 of our report of even date.)
 
 i) a) The Company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 b) The Company has a regular programme of physical verification of its
 fixed assets by which all fixed assets are verified on rotational basis
 over a period of three years which in our opinion, is reasonable,
 having regard to the size of the Company and nature of its assets.
 Accordingly, the physical verification of the fixed assets has been
 carried out by the Management during the year and no material
 discrepancies were noticed on such verification.
 
 c) The fixed assets disposed off during the year, in our opinion, do
 not constitute a substantial part of the fixed assets of the Company
 and such disposal has, in our opinion, not affected the going concern
 status of the Company.
 
 ii) a) As explained to us, the inventories have been physically
 verified by the Management in phased manner during the year. In our
 opinion the frequency of such verification is reasonable.
 
 b) In our opinion, and according to the information and explanations
 given to us, the procedures of physical verification of inventories
 followed by the Management are reasonable and adequate in relation to
 the size of the Company and the nature of its business.
 
 c) In our opinion and according to the information and explanations
 given to us, the Company has maintained proper records of its
 inventories and no material discrepancies were noticed on physical
 verification.
 
 iii) a) According to the information and explanations given to us, the
 Company has not granted any loans, secured or unsecured to companies,
 firms or other parties covered in the register maintained under section
 301 of the Companies Act, 1956. Accordingly, Paragraphs 4(iii) (b), (c)
 and (d) of the Order is not applicable.
 
 b) According to the information and explanations given to us, the
 Company has not taken any loans, secured or unsecured from Companies,
 firms or other parties covered in the register maintained under section
 301 of the Companies Act, 1956. Accordingly, Paragraphs 4(iii) (f) and
 (g) of the Order is not applicable
 
 iv) In our opinion and according to the information and explanations
 given to us, there are adequate internal control systems commensurate
 with the size of the Company and the nature of its business for the
 purchase of inventory, fixed assets and for the sale of goods and
 services. During the course of our audit we have not observed any
 failure to correct major weaknesses in the aforesaid internal control
 systems.
 
 v) a) In our opinion and according to the information and explanations
 given to us, and based on our verification, we are of the opinion that
 the particulars of contracts or arrangements that need to be entered in
 the register maintained under section 301 of the Companies Act, 1956
 have been entered.
 
 b) In our opinion and according to the information and explanations
 given to us, and based on our verification, we report that the
 transactions made in pursuance of such contracts or arrangements
 entered in the register maintained under section 301 of the Companies
 Act, 1956, and exceeding the value of Rupees five lakh in respect of
 any party during the year have been made at prices which are reasonable
 having regard to the prevailing market prices at the relevant time.
 
 vi) The Company has not accepted any deposits from the public to which
 the provisions of Sections 58A, 58AA or any other relevant provisions
 of the Companies Act, 1956 and the Companies (Acceptance of Deposit)
 Rules, 1975 apply.
 
 vii) In our opinion, the Company has an internal audit system
 commensurate with the size and nature of its business.
 
 viii) To the best of our knowledge, the Central Government has not
 prescribed any rules for maintenance of cost records and accounts under
 Section 209 (1) (d) of the Companies Act, 1956.
 
 ix) a) The Company is generally regular in depositing with appropriate
 authority undisputed statutory dues including Provident Fund, Investor
 Education and Protection Fund, Employees State Insurance, Income- tax,
 Sales Tax, Wealth Tax, Service Tax, Custom duty, Excise duty, Cess and
 other material statutory dues as applicable.
 
 b) According to the information and explanations given to us, no
 undisputed amounts payable in respect of Provident Fund, Employees
 State Insurance, Income- tax, Sales Tax, Wealth Tax, Service Tax,
 Custom duty, Excise duty, Cess and other material statutory dues were
 outstanding as the year end, for a period of more than six months from
 the date they became payable.
 
 c) According to the information and explanations given to us, details
 of dues of Provident Fund, Employees State Insurance, Income-tax, Sales
 Tax, Wealth Tax, Service Tax, Custom duty, Excise duty, Cess and other
 material statutory dues which has not been deposited on account of any
 dispute are given below
 
                                                  (Rs. in Lakhs)
 
 Name of the      Nature of the   Nature of            Amount in
 Statue           States          Dues                     (Rs.)
 
 Sales Tax        West Bengal     Appeal demand           301.63
 
 Sales Tax        West Bengal     Normal assessment       517.27
                                  demand 
 
 Sales Tax        Jharkhand       Normal assessment
                                  demand                    4.91
 
 
 
 Name of the    Periods to which       Forum where
 Statue         the amount relates     dispute is pending
 
 Sales Tax      2005-06                Revisionary Board
 
 Sales Tax      2006-07                Joint Commissioner
                                       (Appeal)
 
 Sales Tax      2006-07                Asst Commissioner
 
 x) The Company has no accumulated losses at the end of the financial
 year and it has not incurred cash losses in the current and 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
 financial institutions or banks.
 
 xii) In our opinion and according to the information and explanations
 given to us, the Company has not granted loans and advances on the
 basis of security by way of pledge of shares, debentures and other
 securities.  Accordingly the provisions of Para (xii) of CARO are not
 applicable.
 
 xiii) In our opinion, the Company is not a chit fund, nidhi, mutual
 benefit fund or society. Accordingly the provisions of clause 4(xiii)
 CARO are not applicable to the Company.
 
 xiv) In our opinion, the Company is not dealing in or trading in
 shares, securities, debentures and other investments.  Therefore the
 provisions of clause (xiv) CARO are not applicable to the Company.
 
 xv) In our opinion and according to the information and explanations
 given to us, the Company has not given any guarantees for loans taken
 by others, from banks or financial institutions.
 
 xvi) In our opinion and according to the information and explanations
 given to us, the term loans have been applied for the purpose for which
 they were obtained.
 
 xvii) According to the information and explanations given to us and on
 overall examination of the Balance Sheet and Cash Flow Statement of the
 Company, we report that funds raised on short term basis that have not
 been used during the year for long term investment.
 
 xviii) According to the 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.
 
 xix) In our opinion and according to the information and explanations
 given to us, the Company has not issued any secured debentures during
 the period covered by our report.
 
 xx) The Company has not raised any money by way of public issue during
 the period covered by our audit.
 
 xxi) To the best of our knowledge and according to the information and
 explanations given to us, no fraud by the Company and no material fraud
 on the Company has been noticed or reported during the year.
 
 
                                    For Konar Mustaphi and Associates
                                      Firm''s Registration No. 314125E
                                                Chartered Accountants
 
 
                                                       S. K. Mustaphi 
 Place: Kolkata                                               Partner
 Dated : 20th May, 2011                         Membership No. 051842