cesc projects ltd Auditors report

AUDITOR

TO THE MEMBERS OF

CESC PROJECTS LIMITED

1. We have audited the attached Balance Sheet and cash flow statement of CESC Projects Limited as at 31st March, 2012 and the related Profit & Loss Account as on that date, all of which have been signed under reference to this report. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the 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 misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and 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 (Auditors Report) Order, 2003, as amended by the Companies (Auditors Report) (Amendment) Order, 2004 (together the "Order") issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, and on the basis of such verification of the books of records as considered appropriate and available and according to the information and explanations given to us, we report that;

i) The Company does not have any fixed assets, accordingly, sub-clause (a), (b) and (c) of clause (i) are not applicable.

ii) The Company does not have any inventory, accordingly, sub-clause (a), (b) and (c) of clause (ii) are not applicable.

iii) (a) The Company has not granted any loans, secured or unsecured to Companies, Firms or other parties covered In the register maintained u/s 301 of the Act. As such information in terms of clause (b), (c) and (d) are not required for disclosure.

(b) The Company has not granted any loans, secured or unsecured to Companies, Firms or other parties covered in the register maintained u/s 301 of the Act. As such information in terms of clause (f) and (g) are not required for disclosure.

iv) The Company does not have any inventory, fixed assets and sale of goods and services accordingly clause (iv) is not applicable.

v) In our opinion and according to the information and explanations given to us and based on the representations by the management, there is no contract or arrangement that needs to be entered in the register maintained under Section 301 of the Act. Accordingly sub clause (b) of Clause (v) of the Order is not applicable for the company for the current year.

vi) The company has not accepted any deposits from the public within the meaning, of Sections 58A and 58AA of the Act and the rules framed there under.

vii) As the Company is not listed on any stock exchange or the paid-up capital and reserves as at the commencement of the financial year did not exceed Rupees Fifty Lakhs and the company does not have any turnover, clause (vii) of paragraph 4 of the Companies (Auditors Report) Order, 2003 in respect of Internal Audit is not applicable for the period.

viii) The Central Government of India has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Act for any of the products of the company.

ix) According to the information and explanations given to us, the Company does not have any statutory dues payable during the period, hence clause (ix) of paragraph 4 of the Companies (Auditors Report) (Amendment) Order, 2004 is not applicable.

x) As the Company Is registered for a period less than five years, clause (x) of paragraph 4 of the Companies (Auditors Report) Order, 2003, as amended by the Companies (Auditors Report) (Amended) Order, 2004, in respect of accumulated losses and cash loss is not applicable for the period.

xi) According to the records of the company examined by us and the information and explanation given to us, during the period the company has not obtained any loan from any financial institution or bank or debenture holders.

xii) The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) The provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the company.

xiv) In our opinion, the company Is not a dealer or trader in shares, securities, debentures and other investments, hence disclosure not required.

xv) In our opinion, and according to the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions during the year.

xvi) In our opinion, and according to the information and explanations given to us, the company has not obtained any term loans during the year.

xvii) On the basis of an overall examination of the balance sheet of the company, in our opinion and according to the information and explanations given to us, we report that the company has not used funds raised on short term basis for long term purposes.

xviii) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act during the year.

xix) The company has not issued any debenture during the year and accordingly the question of creation of security or charge does not arise.

xx) The company has not raised any money by public issues during the year, hence disclosure not required.

xxi) During the course of our examinations of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the company, noticed or reported during the year, nor have we been informed of such case by the management.

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 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 such books.

(e) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report is 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 subsection (3C) of section 211 of the Companies Act, 1956.

{e) On the basis of the written representations received from the directors as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31st March, 2012 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 Balance Sheet, of the state of affairs of the Company as at 31st March, 2012;

ii) In the case of the Profit and Loss Account, of the Loss for the year ended on 31st March, 2012; and;

iii) In the case of the Cash Flow Statement, of the cash flows for the period ended on 31st March, 2012.

For Batllboi, Purohit & Oarbari

Chartered Accountants

Firm Registration Number: 303086E

(CA P.J. Bhide)

Partner M, No. 004714

Kolkata

Dated: 12 - 6 -2012