Woodsvilla Ltd

TO THE MEMBERS OF WOODSVILLA LTD.

We have audited the attached Balance Sheet of Woodsvilla Limited (formerly CostplusCredit Capital Limited), as at March 31, 2010 and also the Profit and Loss Account and thecash flow statement for the year ended on that date annexed thereto. These financialstatements are the responsibility of the Company's management. Our responsibility is toexpress an opinion on these financial statements based on our audit.

1. We conducted our audit in accordance with auditing standards generally accepted inIndia. Those Standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material mis-statement. Anaudit includes examining, on a test basis, evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accounting principlesused and significant estimates made by the management, as well as evaluating the overallfinancial statement presentation. We believe that our audit provides a reasonable basisfor our opinion.

2. As required by the Companies (Auditors Report) Order, 2003 issued by the CentralGovernment of India in terms of subsection (4A) of section 227 of the Companies Act, 1956,we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 ofthe said Order.

3. Further to our comments in the Annexure referred to in paragraph 2 above, we reportthat

(a) We have obtained all the information and explanations which, to the best of ourknowledge and belief were necessary for the purpose of the audit.

(b) In our opinion, proper books of account as required by law, have been kept by theCompany, so far as appears from our examination of those books .

(c) The balance sheet, profit and loss account and cash flow statement dealt with bythis report are in agreement with the books of account.

(d) In our opinion, the balance sheet, profit and loss account and cash flow statementdealt with by this report comply with the accounting standards referred to in subsection(3C) of section 211 of the Companies Act, 1956.

(e) On the basis of written representations received from the Directors, as on March31, 2010 and taken on record by the Board of Directors, we report that none of theDirectors is disqualified as on March 31,2010 from being appointed as a Director in termsof clause (g) of subsection (1) of Section 274 of the Companies Act, 1956.

(f) In our opinion and to the best of our information and according to explanationsgiven 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 accountingprinciples generally accepted in India:

(i) In the case of the Balance Sheet, of the state of affairs of the Company as atMarch 31,2010 (ii) In the case of Profit and Loss Account, of the profit for the yearended on that date, and, (iii) In the case of the cash flow statement. of the cash flowsfor the year ended on that date.

FOR THE YEAR ENDED MARCH 31, 2010

(i) (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The management has carried out physical verification of its Fixed Assets during theyear and no discrepancies have been noticed in respect thereof.

(c) There was no substantial disposal of fixed assets during the year.

(ii) (a) According to the information and explanations given to us, the stock ofsecurities and inventories at the Resort have been physically verified by the managementat regular intervals during the year.

(b) In our opinion and according to explanations given to us, the procedure of physicalverification of stock of securities and inventories at Resort followed by the managementis reasonable and adequate in relation to the size of the Company and nature of itsbusiness.

(c) The Company is maintaining proper and adequate records of inventories and nodiscrepancy was noticed between the physical stock of securities and book records.

(iii) (a) The Company has not granted any loans, secured or unsecured, to companies,firms or other parties listed in the register maintained u/s 301 of the Companies Act,1956.

(b) The Company has taken unsecured loans from four of its directors. The amount ofloans outstanding as at March 31, 2010 was Rs. 26.88 lacs. The terms and conditions of theloans taken are not prejudicial to the interests of the Company.

(iv) In our opinion and according to information and explanations given to us, thereare adequate internal control procedures commensurate with the size of the Company and thenature of its business with regard to purchase of shares, plant and machinery, equipmentand other assets and sale of shares and assets. During the course of our audit, no majorweakness has been noticed in the internal controls in respect of these areas.

(v) (a) According to the information and explanations provided by the management, weare of the opinion that the transactions that need to be entered into the registermaintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to explanations given to us, the transactions withparties with whom transactions exceeding value of rupees five lacs have been entered intoduring the financial year are at prices which are reasonable having regard to theprevailing market prices at the relevant time.

(vi) The Company has not accepted any deposits from the public.

(vii) In our opinion, the Company has an internal audit system commensurate with thesize and nature of its business.

(viii) To the best of our knowledge and as explained, the Central Government has notprescribed maintenance of cost records under clause (d) of subsection (1) of section 209of the Companies Act, 1956.

(ix) (a) The Company is regular in depositing with appropriate authorities undisputedstatutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed statutorydues were outstanding, at the year end, for a period of more than six months from the datethey became payable.

(c) According to the information and explanations given to us, there are no statutorydues which have not been deposited on account of any dispute.

(x) The Company has no accumulated losses at the end of the financial year and it hasnot incurred cash losses in the current and immediately proceeding financial year.

(xi) Based on our audit procedures and as per the information and explanations given bythe management, we are of the opinion that the Company has not defaulted in repayment ofdues to financial institutions, banks or debenture holders.

(xii) According to the information and explanations given to us and based on documentsand records produced to us, the Company has not granted loans or advances on the basis ofsecurity by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the Company is not a chit fund or a nidhi / mutual benefitfund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors'Report) Order, 2003 are not applicable to the Company.

(xiv) In respect of dealing /trading in shares, securities, debentures and otherinvestments, in our opinion and according to the information and explanations given to us,proper records have been maintained of the transactions and contracts and timely entrieshave been made therein. The shares, securities have been held by the Company in its ownname except where they have been sent for transfer.

(xv) According to the information and explanations given to us, the Company has notgiven any guarantee for loans taken by others from bank or financial institutions.

(xvi) Based on information and explanations given to us by the management, no termloans were obtained by the Company.

(xvii) According to the information and explanations given to us and on an overallexamination of the Balance Sheet and Cash Flow statement of the Company, we report that nofunds raised on short term basis have been used for long term investment and no long termfunds have been used to finance short term assets (excluding permanent working capital)

(xviii) The Company has not made any preferential allotment of shares to parties orcompanies covered in the register maintained under section 301 of the Companies Act, 1956

(xix) The Company did not have any outstanding debentures during the year.

(xx) The Company has not raised any monies from public issues during the year.

(xxi) Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and as per the information and explanationsgiven by the management, we report that no fraud on or by the Company has been noticed orreported during the course of our audit