Azure Exim Services Ltd Auditors Report.

To the Members,

AZURE EXIM SERVICES LIMITED

CIN: L74999MH1993PLC190019

Report on the Financial Statements

1. We have audited the accompanying financial statements of AZURE EXIM SERVICES LIMITED., which comprise the Balance Sheet as at 31s1 March, 2015, the Statement of Profit and Loss for the year then ended and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

2. The management and Board of Directors of the Company are responsible for the matters stated in Section 134(5) of the Companies Act. 2013 (The act’) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with rule 7 of Companies (Accounts) Rules, 2014. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent: design, implementation and maintenance of adequate internal financial control, that are operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit.

4. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which arc required to be included in the audit report under the provisions of the Act and the Rules made there under.

5. We have conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from matprlnl misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statement, that give a true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Companys management and Board of Directors, as well as evaluating the overall presentation of the financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at 31st March 2015, its loss for the year ended on that date.

Report on Other Legal and Regulator} Requirements

9. As required by the companies (Auditors Report) Order, 2015 issued by the Central Government of India in terms of sub section (11) of section 143 of the Act (hereinafter referred to as the "Order" and on the basis of such checks of the books and records of the Company 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 3 and 4 of the Order.

10. As required by section 143(3) of the Act, wc report that:

(a) Wc have sought and obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose 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 and Statement of Profit and Loss dealt with by this Report are in agreement with the books of accounts;

(d) in our opinion , the aforesaid financial statements comply with the Accounting standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014;

(e) on the basis of written representations received from the directors as on 31st March, 2015 and taken on record by the Board of Directors, none of the directors is disqualified as on 3Ll March, 2015, from being appointed as a director in term of Section 164(2) of the Act.

(f) In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:

(i) The Company does not have any pending litigations which would impact its financial position in its financial statements.

(ii) The Company did not have any long-term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise.

(iii) There has not been an occasion in case of the Company during the year under report to transfer any sums to the investor Education and Protection Fund. The question of delay in transferring such sums does not arise.

For K. R. TIWARI & Co.

CHARTERED ACCOUNTANTS

FIRM REGISTRATION NO. 1110003W

K.R. TIWARI

Proprietor

MEMBERSHIP NO. 043003

Annexure referred to in paragraph 9 of Our Report of even date to the members of M/s. AZURE EXIIM SERVICES LIMITED, on the accounts of the Company for the year ended 31st March, 2015.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of the audit, we report that:

1. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;

(b) As explained to us, fixed assets have been physically verified by the management at regular intervals; as informed to us no material discrepancies were noticed on such verification.

2. The nature of business of the Company does not require it to have any inventory. Lance, the requirement of clause (ii) of paragraph 3 of the said order is not applicable to the Company.

3. The Company has not granted loans to companies, firms or other parties listed in the register maintained under Section 189 of the Companies Act, 2013 and the terms and conditions were not prejudicial to the interest of the Company.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business and for the sale of services. Further, on the basis of our examination of the books and records of the Company and according to the information and explanations given to us. no major weakness has been noticed or reported.

5. The Company has not accepted any deposit from the public covered under Section 73 to 76 of the Companies Act, 2013.

6. As informed to us, the Central Government has not prescribed maintenance of cost records under sub-section (1) of section 148 of the Act

7. (a) According to the information and explanations given to us and based on the records of the Company examined by us, the Company is regular in depositing the undisputed statutory dues, including Provident Fund, Employees State Insurance, Income-tax, Sales Tax. Wealth Tax, Service Tax, Custom Duty. Excise Duty and other material statutory dues, as applicable, with the appropriate authorities in India;

(b) According to the information and explanations given to us and based on the records of the Company examined by us. there are no dues of Income Tax. Service Tax. Wealth Tax, Custom Duty. Excise Duty and which have not been deposited on account of any disputes.

(c) There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investors Education and Protection Fund. The question of reporting delay in transferring such sums does not arise.

8. The Company has accumulated losses at the end of the financial year and it has incurred cash losses in the current year.

9. According to the records of the Company examined by us and as per the information and explanations given to us, the Company has not availed of any loan from an\7^^H^IaT^ts^f^on or banks and has not issued debentures. :p

10. In our opinion and according to the information and explanations given to us the company as not given any guarantee for loan taken by others from bank or financial institution

11. in our opinion and according to the information and explanations given to us, the Company has not raised any term loan during the year.

12. During the course of our examination of the books and records of the Company carried in accordance with the auditing standards generally accepted in India, we have neither come across any instance of fraud on or by the Company noticed or reported during the course of our audit nor have been informed of any such instance by the Management.

For K. R. TIWARI & Co.

CHARTERED ACCOUNTANTS

FIRM REGISTRATION NO. 111003W

K.R. TIWARI

Proprietor

MEMBERSHIP NO. 043003

Place: Mumbai

Date: 30-05-2015