We have audited the attached balance sheet of M/s Vantage Corporate
 Services Limited as on 3 T''March, 2012, the profit and loss account and
 the cash flow statement for the year ended on that date. These finan-
 cial statements are the responsibility of the management of the Company
 Our responsibility is to express an opinion on these financial
 statements based on our audit.
 
 We conducted our audit in accordance with auditing standards generally
 accepted in India. Those stan- dards 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 test basis, evidence sup- porting the amounts and
 disclosures in the financial statements. An audit also includes
 assessing the accounting principles used and significant estimates made
 by the management, as well as evaluating the overall financial
 statement presentation. We believe that our audit provides a reasonable
 basis for our opinion. We report that
 
 1.  As required by the Companies (Auditors'' Report) Order, 2003 (CARO)
 issued by the Central Government in terms of Section 227(4A) of the
 Companies Act, 1956 (the Act) and on the basis of such verification of
 the books and records as we considered appropriate and according to the
 information and explanations given to us, we give in the annexure, a
 statement on the matters specified in paragraphs 4 and 5 of the said
 Order.
 
 2.  Further to our comments in the annexure referred to in paragraph
 (1) above -
 
 a.  We have obtained all the information and explanations which to the
 best of our knowledge and beliefwerenecessaryforthepurposesofour 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 such
 books;
 
 c.  The balance sheet and profit and loss account referred to in this
 report are in agreement with the books of accounts;
 
 d.  In our opinion, the profit and loss account and balance sheet
 comply with the accounting standards referred to in section211(3C) of
 the Companies Act, 1956;
 
 e.  In the absence of required information, we have relied on the
 written representations received from the directors on the basis of
 which, none of the directors are disqualified from being a director of
 the Companyintermsofsection274(l)(g)oftheCompaniesAct,1956;
 
 f In our opinion and to the best of our information and according to
 explanations given to us, the said
 
 accounts give the information required under 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
 
 - in the case of the balance sheet, of the state of affairs of the
 Company as on 31st March, 2012, and
 
 - in the case of the profit and loss account, of the profit for the
 year ended on that date.
 
 - in case of cash flow statement, of the cash flows of the Company for
 the year ended on that date.
 
                                     For VINAY SANJAY & ASSOCIATES
 
                                             Chartered Accountants
 
                                     Firm Registration No. 112195W
 
 
                                                      SanjayRBhat
 
 Place: Mumbai                                            Partner
 
 Dated: 30* June 2012                              M. No. F 43376
 
 ANNEXURE TO THE AUDITORS'' REPORT
 
 As required by the companies (Auditor''s 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 report that:
 
 I.  In respect of its Fixed Assets:
 
 a)Thecompanyhasmaintainedbasicrecordsshowingparticularsoffixed assets.
 
 b) As explained to us, the management has conducted physical
 verification of the fixed assets and no material discrepancies were
 found on such verification.
 
 c) We are informed that the Company has not disposed any fixed assets
 as substantial as to affect it as a going concern.
 
 II.  In respect of Inventories
 
 a) As explained to us, the management has carried out physical
 verification of the inventory at reasonable intervals.
 
 b) In our opinion, the procedures of physical verification of stocks
 followed by the management are reasonable and adequate in relation to
 the size of the Company and nature of its business.
 
 c) We are informed that the discrepancies noticed on verification of
 stocks as compared to book
 recordwerenotmaterialandhavebeenappropriatelydealtwithinthebooksofaccount.
 
 III.  In respect of loans, secured or unsecured of unsecured , granted
 or taken by the company to/from companies, firms or other parties
 covered in the register maintained under Section 301and 370 (1-B) of
 the Companies Act, 1956:
 
 a) The company has granted unsecured or secured loans to the parties
 listed in the register main- tained U/Sec. 301 of the Indian Companies
 Act 1956 wherein the interest has been recovered but there is
 stipulation as to the repayment of the principal. The details of the
 same are given in the Note: 22 of theNotes formingpart of the financial
 statement.
 
 b) The company has granted advances to the parties listed U/sec.
 370(1B) of the Indian Companies Act, 1956 for purchase of the shares as
 mentioned in Note: 22 of the Notes forming part of the financial
 statement.
 
 c) In our opinion and according to the information and explanation
 given to us the terms of the above loans and advances granted by the
 company are not prima facie prejudicial to the interest of the company.
 
 IV.  In our opinion, there are adequate internal control procedures
 commensurate with the size of the Company and the nature of its
 business for purchase of inventory and fixed assets and for sale of
 goods.
 
 V.  We are informed that the register of contracts or arrangements
 refer in the section 301 are under compilationandweare informed that
 the transaction if any with this partiesare as per the prevailing
 parties and as such are comparable with the market practices.
 
 VI.  As per the information available to us and as per the explanations
 given to us, the Company has not accepted any deposits from public, in
 terms of section 58Aof the Act and rules framed there under.
 
 VII.  In our opinion, the Company has an adequate system of internal
 checks on its day to day affairs, which acts as an internal audit
 system.
 
 VIII.  We are informed that, the central government has not prescribed
 maintenance of cost records under section209(l)(d)oftheAct.
 
 IX.  In respect of Statutory dues:
 
 On the basis of the information and explanations made available to us,
 the provisions of Provident Fund and Employees'' State Insurance Acts
 are not applicable to the Company. The Company is generally regular in
 depositing undisputed statutory dues (wherever applicable) to
 appropriate authorities during the year except Income tax of Rs
 1,00,497 for the financial year 2009-10.
 
 X.  The company has no accumulated losses and has not incurred any cash
 losses during the financial yearorimmediatelyprecedingfmancialyear.
 
 XL In our opinion and based on the information and explanations made
 available to us, since the Company does not have any dues payable to
 any financial institutions, banks or debenture holders, the question of
 defaulting on repayment does not arise.
 
 XII.  Based on our examinations of the books and record and according
 the information and explanations given to us, the Company has not
 granted any loans or advances on the basis of security by way of pledge
 of shares, debentures or other securities.
 
 XIII.  As explained to us, the provisions of any special statute
 applicable to a chit fund, nidhi or mutual benefit societies, are not
 applicable to the Company.
 
 XIV The Company has maintained basic records of the transactions and
 contracts and has made timely entries in respect of its dealings in
 securities and investments. The securities and investments at the year
 end are held by the Company in its own name within the meaning of
 section 49(4) of the CompaniesAct,1956,
 
 XV.  As per the explanations given to us and on the basis of our
 examination of the books of account, the Company has not availed any
 term loans from banks or financial institutions.
 
 XVI.  According to the cash flow statement and other record examined by
 us and the information and explanations given to us, on an overall
 basis, the Company has not prima facie, used the funds borrowed on
 short term basis for long term investments and vice versa during the
 year.
 
 XVII.  The Company has not made any preferential allotment of shares s
 during the year which is prima facie not prejudicial to the interest of
 the company.
 
 XVIII. The Company has not issued any debentures during the year.
 
 XIX.  The Company has not raised any money by way of public issue of
 its shares or securities during the year.
 
 XX.  To the best of our knowledge and belief and according to the
 information and explanations made available to us, there have been no
 cases of fraud on or by the Company noticed or reported during theyear.
 
                                           For VINAY SANJAY & ASSOCIATES
 
                                                   Chartered Accountants
 
                                           Firm Registration No. 112195W
 
 
                                                           Sanjay R Bhat
 
 Place: Mumbai                                                   Partner
 Dated: 30th June 2012                                     M.No. F 43376