CHARTERED ACCOUNTANTS

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1 CHARTERED ACCOUNTANTS KOLKATA, NEW DELHI INDEPENDENT AUDIR^S REPORT THE MEMBERS OF EAST KOLKATA INFRASTRUCTURE DEVELOPMENT PVT LTD Reprt n the Financial Statements We have audited the accmpanying financial statements f EAST KOLKATA INFRASTRUCTURE DEVELOPMENT PVT LTD ("the Cmpany"), which cmprise the Balance Sheet as at 31st March 2017, the Statement f Prfit and Lss and the Cash Flw Statement fr the year then ended, and a summary f significant accunting plicies and ilier explanatry infrmatin. Management's Respnsibility fr the Financial Statements The Cmpany's Bard f Directrs is respnsible fr the matters stated in Sectin 134(5) f Cmpanies Act, 2013 (" the Act") with respect t the preparatin f these financial statements that give a true and fair view f the financial psitin, financial perfrmance and cash flws f the Cmpany in accrdance with the accunting principles, generally accepted in India, including the Accunting Standards specified under sectin 133 f the Act, read with Rule 7 f the Cmpanies (Accunts) Rules,2014. This respnsibility als includes maintenance f adequate accunting recrds in accrdance with the prvisins f the Act fr safeguarding the assets f the Cmpany and fr preventing and detecting frauds and ther irregularities; selectin and applicatin f apprpriate accunting plicies; making judgments and estimates that are reasnable and prudent; the design, implementatin and maintenance f adequate internal financial cntrls, that were perating effectively fr ensuring the accuracy and cmpleteness f the accunting recrds, relevant t the preparatin and presentatin f the financial statements that give a true and fair view and are free frm material misstatement, whether due t fraud r errr. Auditr's Respnsibility Our respnsibility is t express an pinin n these financial statements bdsed n ur audit. We have taken int accunt the prvisins f the Act, the accunting and auditing standards, and matters which are required t be included in the audit reprt under the prvisins f the Act and the Rules made there under. We cnducted ur audit in accrdance with the Standards n Auditing specified under Sectin 143(10) f the Act. Thse Standards require that we cmply with 16A,SHAKESPEARE SARANI, KOLKATA PHONE : /6809/6807, FAX : 2282^921 Website : Web- klkatafgjrkthari.in

2 Cntinuatin Sheet ethical requirements and plan and perfrm the audit t btain reasnable assurance abut whether the financial statements are free frm material misstatement. An audit invlves perfrming prcedures t btain audit evidence abut the amunts and disclsures ha the financial statements. The prcedures selected depend n the auditr's judgment, including the assessment f the risks f material misstatement f the financial statements, whether due t fraud r errr. In making thse risk assessments, the auditr cnsiders internal financial cntrl relevant t the Cmpany's preparatin f the financial statements that give a true and fair view in rder t design audit prcedures that are apprpriate in the circumstances. An audit als includes evaluating the apprpriateness f accunting plicies used and the reasnableness f the accunting estimates made by the cmpany's management, as well as evaluating the verall presentatin f the financial statements. We believe that the audit evidence, we have btained is sufficient and apprpriate t prvide a basis fr ur audit pinin n the financial statements. Opinin In ur pinin and t the best f ur infrmatin and accrding t the explanatins given t us, the afresaid financial statements, give the infrmatin required by the Act in the manner s required and give a true and fair view in cnfrmity with the accunting principles generally accepted ha hadia, (a)in the case f Balance Sheet f the state f affairs f the Cmpany as at 31st March 2017; (b)in the case f Statement f Prfit and Lss, f the lss f the Cmpany fr the year ended n that date; and (c)in the case f Cash Flw Statement, f the cash flws f the Cmpany fr the year ended n that date. Reprt n Other Legal and Regulatry Requirements 1.This reprt des nt include a statement n the matters specified ha Paragraph '3 and 4' f the Cmpanies s(auditrs Reprt) Order, 2016 ('the rder') issued by the Central Gvernment f India since ha ur phain and accrding t the infrmatin and explanatins given t us the said Order is nt applicable t the Cmpany. 2.As required by Sectin 143(3) f the Act, we reprt that: (a) We have sught and btained all the infrmatin and explanatins which t the best f ur knwledge and belief were necessary fr the purpses f ur audit.

3 Cntinuatin Sheet (b)in ur pinin, prp^r bks f accunt as required by law have been kept by the Cmpany s far as it appears frm ur examinatin f thse bks. (c)the Balance Sheet, the Statement f Prfit and Lss and the Cash Flw Statement dealt with by this Reprt are in agreement with the bks f accunt. (d)in ur pinin, the afresaid financial statements cmply with the Accunting Standards specified under sectin 133 f the Act, read with Rule 7 f the Cmpanies (Accunts) Rules, (e)on the basis f written representatins received frm the directrs as n 31st March 2017, and taken n recrd by the Bard f Directrs, nne f the directrs is disqualified as n 31st March 2017, frm being appinted as a directr in terms f Sectin 164 (2) f the Act; (f)with respect t the adequacy f the internal financial cntrls ver financial reprting f the cmpany and the perating effectiveness f such cntrls, refer t ur separate reprt in "Annexure A"; and (g)with respect t the ther matters t be included in the Auditr's Reprt in accrdance with Rule 11 f the Cmpanies (Audit and Auditrs) Rules,2014, in ur pinin and t the best f ur infrmatin and accrding t the explanatins given t us: i.the Cmpany des nt have any pending litigatins which wuld impact n financial psitin in its financial statements. ii. The Cmpany did nt have any lng-term cntracts including derivatives cntracts fr which there were any material freseeable lsses. iii. There were n amunts which were required t be transferred by the Cmpany t the Investr Educatin and Prtectin Fund. iv. The Cmpany had prvided requisite disclsures in its financial statements as t hldings as well as dealings in Specified Bank Ntes during the perid frm 8th Nvember, 2016 t 30th December, 2016 and these are in accrdance with the bks f accunts maintained by the cmpany. Fr R. KtharL& Cmpany rterd Accuntants E C. Sni) Place: KlkataPartner Date R. KOTHARI & COMPANY CHARTERED ACCOUNTANT: 2 4 MAT A, SHAKESPEARE SARANI ^OLKATA Membership Number:

4 Cntinuatin Sheet Annexure - A t the Independent Auditrs' Reprt Reprt n the Internal Financial Cntrls ver Financial Statements under Clause (i) f Sub-sectin 3 f Sectin 143 f the Cmpanies Act, 2013 ("the Act") We have audited the internal financial cntrls ver financial reprting f EAST KOLKATA INFRASTRUCTURE DEVELOPMENT PVT LTD ("the Cmpany") as f 31 March, 2017 in cnjunctin with ur audit f the financial statements f the Cmpany fr the year ended n that date. Management's Respnsibility fr Internal Financial Cntrls The Cmpany's management is respnsible fr establishing and maintaining internal financial cntrls based n the internal cntrl ver financial reprting criteria established by the Cmpany cnsidering the essential cmpnents f internal cntrl stated in the Guidance Nte n Audit f Internal Financial Cntrls ver Financial Reprting issued by the Institute f Chartered Accuntants f India (TCAT). These respnsibilities include the design, implementatin and maintenance f adequate internal financial cntrls that were perating effectively fr ensuring the rderly and efficient cnduct f its business, including adherence t cmpany's plicies, the safeguarding f its assets, the preventin and detectin f frauds and errrs, the accuracy and cmpleteness f the accunting recrds, and the timely preparatin f reliable financial infrmatin, as required under the Cmpanies Act, Auditrs' Respnsibility Our respnsibility is t express an pinin n the Cmpany's internal financial cntrls ver financial reprting based n ur audit. We cnducted ur audit in accrdance with the Guidance Nte n Audit f Internal Financial Cntrls ver Financial Reprting (the "Guidance Nte") and the Standards n Auditing, issued by ICAI and prescribed under sectin 143(10) f the Cmpanies Act, 2013, t the extent applicable t an audit f internal financial cntrls, bth applicable t an audit f Internal Financial Cntrls and, bth issued by the Institute f Chartered Accuntants f India. Thse Standards and the Guidance Nte require that we cmply with ethical requirements and plan and perfrm the audit t btain reasnable assurance abut whether adequate internal financial cntrls ver financial reprting was established and maintained and if such cntrls perated effectively in all material respects. Our audit invlves perfrming prcedures t btain audit evidence abut the adequacy f the internal financial cntrls system ver financial reprting and their perating effectiveness. Our audit f internal financial cntrls ver financial reprting included btaining an understanding f internal financial cntrls ver financial reprting, assessing tire risk that a material weakness exists, and testing and evaluating the design and perating effectiveness f internal cntrl based n tire assessed risk. The prcedures selected depend n the auditr's judgment, including the assessment f the risks f material misstatement f tire financial statements, whether due t fraud r errr. We believe that the audit evidence we have btained is sufficient and apprpriate t prvide a basis fr ur audit pinin n tire Cmpany's internal financial cntrls system ver financial reprtiirg.

5 Cntinuatin Sheet Meaning f Internal Financial Cntrls ver Financial Reprting A cmpany's internal financial cntrl ver-financial reprting is a prcess designed t prvide reasnable assurance regarding the reliability f financial reprting and the preparatin f financial statements fr external purpses in accrdance with generally accepted accunting principles. A cmpany's internal financial cntrl ver financia reprting includes thse plicies and prcedures that (1) pertain t the maintenance f recrds that in reasnable detail accurately and fairly reflect the transactins and dispsitins f the assets f tire cmpany; (2) prvide reasnable assurance that transactins are recrded as necessary t permit preparatin f financial statements in accrdance wrth generally accepted accunting principles, and that receipts and expenditures f the cmpany are being made nly in accrdance with authrizatins f management and directrs f the cmpany; and (3) prvide reasnable assurance regarding preventin r timely detectin f unauthrized acquisitin, use, r dispsitin f tire cmpany's assets that culd have a material effect n the financial statements. Inherent Limitatins f Internal Financial Cntrls Over Financial Reprting Because f the inherent limitatins f internal financial cntrls ver financial reprtmg, including the pssibility f cllusin r imprper management verride f cntrls, material misstatements due t errr r fraud may ccur and nt be detected. Als, prjectins f any evaluatin f the internal financial cntrls ver financial reprting t future perids are subject t the risk that the internal financial cntrl ver financial reprting may becme inadequate because f changes in cnditins, r that die degree f cmpliance with tire plicies r prcedures may deterirate. Opinin.. In ur pinin, the Cmpany has, in all material respects, an adequate internal financia cntrls system ver financial reprting and such internal financial cntrls ver financial reprting were perating effectively as at 31 March 2017, based n the internal cntrl ver financial reprting criteria established by tire Cmpany cnsidering the essential cmpnents f internal cntrl stated in the Guidance Nte n Audit f Internal Financial Cntrls Over Financial Reprting issued by the Institute f Chartered Accuntants f India. Fr R. Kthajri & Cmpany Chartei4dccuntants 07069E Place: Klkata Date: R. KOTHARI & COMPANY CHARTERED ACCOUNTANTS 2 4 ^AY A, SHAKESPEARE SARAN1, KOLKATA Me. Sni) Partner

6 East Klkata Infrastructure Develpment Pvt. Ltd. Balance Sheet as at March 31, 2017 ParticularsNtes As On As On Amunt (in Rs.) Amunt (in Rs.) I. EQUITY 8b LIABILITIES Sharehlders' Funds Share Capital Reserve & Surplus Current Liabilities Other Current Liabilities 4 12,076 9,47,182 II. ASSETS Nn-Current Assets Fixed Assets Tangible Assets Current Assets Shrt Term Lans & Advances Cash 8s cash equivalents 5 6 9,35,819 11,363 9,47,182 9,93,319 6,681 Significant Accunting plicies1.1 t 1.6 Ntes t Financial Statements2 t 15 The accmpanying ntes (1 t 15) frm an integral part f the financial statements As per ur reprt f even date annexed Fr R.Kthari 8b Cmpany Chartered Accuntants Firm Reg^stratine3069E Fr and n Behalf f the Bard (CA K.C.Sni) Partner Date: 2.^^. 6T- 7b/*} Place : Klkata Sunil Jha Directr Rahul Varma Directr

7 East Klkata Infrastructure Develpment Pvt. Ltd. Statement f Prfit 8s Lss as at March 31, 2017 Year EndedYear Ended ParticularsNtes31j0$.2O1^ Amunt (in Rs.) Amunt (in Rs.) INCOME Revenue frm peratins Other Incme Ttal Revenue EXPENSES Depreciatin and Amrtizatin Expenses Other Expense8 Ttal Expenses Prfit/(Lss) befre exceptinal and extrardinary items and tax 64,894 64,894 Exceptinal items Prfit/(Lss) befre extrardinary items and tax Extrardinary Items/ Prir perid items Prfif/(Lss) befre tax Tax Expense:- -Current tax -Earlier tax -Deferred tax -MAT Credit Entitlement Prfit/(Lss) fr the perid Earning per EquityShare (Face value f Rs. 10 each) (1)Basic (2)Diluted Significant Accunting plicies1.1 t 1.6 Ntes t Financial Statements2 t 15 The accmpanying ntes (2 t 15) frm an integral part f the financial statements As per ur reprt f even date annexed FpsJJ.Kthari & Cmpany Chartered Accuntants ^rm Re Fr and n Behalf f the Bard (CA R.C Partner unil Jha Directr RahulVarma Directr Date : Place : Klkata

8 East Klkata Infrastructure Develpment Pvt. Ltd. Cash Flw Statement fr the year ended Particulars A. CASH FLOW OPERATING ACTIVITES Year Ended Amunt (Rs.) Year Ended Amunt (Rs.) Net Prfit/ (Lss) befre Taxatin and Extrardinry activities Adjustments fr Prfit 86 Lss A/c Increase / (Decrease) in depreciatin Sundry Balance written ff (17,305) 8,383 Operating Prft Befre Wrking Capital Changes Adjustments fr: (Increase) / Decrease in Shrt Term Lan 86 Advances Increase / (Decrease) in Shrt Term Brrwings Increase / (Decrease) in Trade Payables Increase / (Decrease) in Other Current Liabilities Net Cash Frm Operating Activities 57,50016,47,163 (2,38,65,000) (8,98,798) 12,076(61,680) (12,623) (2,31,69,932) B. CASH FLOW FROM INVESTING ACTIVITIES (Increase) / Decrease in Pre-perative Expenses Purchase f Fixed Assets ; 2,31,52,627 2,31,52,627 C. CASH FLOWS FROM FINANCING ACTIVTIES Receipt f Brrwings Net increase/ (decrease) in cash and cash equivalents (A+B+C) Opening Cash and cash equivalents Clsing Cash and cash equivalents Clsing Cash and cash equivalents as per Balance Sheet (12,623) 6,681 (5,942) Hi 363 (17,305) 23,986 6,681 6,681 Significant Accunting plicies1.1 t 1.6 Ntes t Financial Statements2 t 15 The accmpanying ntes (1 t 15) frm an integral part f the financial statements As per ur reprt f even date annexed Fr^R^JCthari & Cmpany Charteed Accuntants Firk Fr and n Behalf f the Bard (CA Par Sunil Jha Rahul Varma DirectrDirectr 0008S S064 Dat Place : Klkata

9 EAST KOLKATA INFRASTRUCTURE DEVELOPMENT PVT. LTD. Ntes t Financial Statements fr the year ended 31st March, SIGNIFICANT ACCOUNTING POLICIES: 1.1Basis f Accunting The Cmpany prepares its financial statements in accrdance with generally accepted accunting practices and als in accrdance with requirements f Cmpanies Act, All expenses incurred up t the date f cmmercial peratin are recgnized as Preperative Expenses. 1.2Miscellaneus Expenditure Miscellaneus Expenditure t the extent nt written ff is carried frward t be charged t revenue ver five years starting frm the year f cmmencement f cmmercial activity. 1.3Cntingent Liability N prvisin is made fr liabilities which are cntingent in nature, unless it is prbable that future events will cnfirm that an asset has been impaired r a liability incurred as at the balance sheet date and a reasnable estimate f the revenue lss can be made. Hwever, all knwn material cntingent liabilities are disclsed by way f separate nte. 1.4Fixed Assets Fixed Assets are stated at cst inclusive f taxes and ther attributable csts up t the date the asset is ready fr intended use less Depreciatin. Depreciatin as per Schedule II f the Cmpanies Act 2013 has nt been prvided during the year and the same shall be taken int accunt in the next Financial Year. 1.5Taxatin Current Tax is determined n the basis f the amunt f tax payable fr the year under Incme Tax Act. And Deferred Tax is calculated at current tax rate and is recgnized n timing differences between taxable prfit and bk prfit that riginate in ne perid and are capable f reversal in ne r mre subsequent perid. 1.6Brrwing Cst Brrwing cst relating t acquisitin/ cnstructin f qualifying assets are capitalized until the time all substantial activities necessary t bring the assets fr their intended use are cmplete. All ther Brrwing csts are charged t revenue.

10 Nte -2: Share Capital Authrised 1,000,000 Equity Shares f Rs. 10/- each East Klkata Iuf^^tructura Develpment Pvt. Ltd. Ntes t Financial Statements fr the year ended 31th March, 2017 Issued, Subscribed & Paid up 1,00,000 (P.Y 1,00,000) Equity Shares f Rs. 10/- each fully paid up in cash As at March 31,2017 Amunt (in Rs.) 1,00,00,000 As at March 31, 2016 Amunt (in Rs.) 1,00,00,000 a) Rights, Preference, repayability and restrictin, if any, n equity shares The cmpany has nly ne class f equity shares having a par value f Rs 10/- per share. Each hlder f equity shares is entitled t have ne vte per share. Dividend if any prpsed by the Bard f Directrs is subject t apprval f the share hlders in the ensuing Annual General Meeting. In the event f liquidatin f the cmpany, the hlders f equity shares will be entitled t receive any f the remaining assets f the cmpany after ^istributin f all preferential amunts in prprtin t the n. f equity shares held by them. \ b) Recnciliatin f number f Shares utstanding at the beginning and end f the year ParticularsMarch 31,2017March 31, 2016 Shares at the beginning f the year Issued during the year Shares at the end f the year N.Value (in Rs.) 1,00,000 1,00,000 N.Value (in Rs.) 1,00,000 1,00,000 c) Details f sharehlders hlding mre than 5% shares in the cmpany Name f the sharehldermarch 31,2017 Number Number March 31, 2016 Shristi Infrast. Dev. Crp. Ltd. alng with % its nminees. - Shristi Husing Develpment Crpratin Limited alng with its nminees (Amalgamated with Shristi Infrastructure Develpment Crpratin Limited pursuant t Hn'ble High Curt Order, Calcutta dated 16th February, 2016 which became effective n 31st March, 2016) % Nte -3 : Reserves & Surplus Surplus/ (deficit) in the statement f prfit and lss Balance as per last financial statements Add: Prfit fr the year Nte -4 : Other Current Liabilities Liability fr Expenses Nte -5 : Shrt Term Lans & Advances (Unsecured, cnsidered gd, unless therwise stated) Advance t Hlding Cmpany (Recverable in cash r in kind r fr value t be received) Nte -6 : Cash & cash equivalents Balance with Scheduled Banks -In Current Accunts Cash n Hand (As Certified by the Managem 12,076 12,076 9,35,819 9,35,819 4,381 6,982 11,363 9,93,319 9,93,319 6,681

11 Rs.) g v O t q i I * 3 < q (0) (0) 44 O c q IA < q i i ih t q IA < q r4 ih 4 si 44 IA 1-4 Ia ftv 2b >CO g Q 2 0 H 2 DEPR]^ IA >-i,_, CO u ^ 44 O y c > a) "^ ft jrec iatin 1 theye ar Q " ' s nfra; ^ K lka 44 H O nc ia l! Tna 44 0 ^O 44 q & r-4 t q IA < in ' 1-4 t < I CO V ^IA IA 1-4 [2 ij a CO O J ft OS ft 0 ^ "5" a "XJ u^f^ VO ih t ^}- < q 1 00 t' r-i CO ft D.RTI men! i '3 a cr W Ofic^ ii ^ IH CO w > < sni T ta! Prev i

12 Nte -8: Other Expenses Security Services Filing Fees Depreciatin Prfessinal Fees Interest n TDS General Expenses Amunt written ff Auditr's Remuneratin - Statutry Audit Fees East Klkata Infrastructure Develpment Pvt. Ltd. Ntes t Financial Statements fr the year ended 31th March, 2017 As at March 31,2017 Amunt (in Rs.) 35,000 9,600 3,876 6,068 10,350 64,894 As at March 31, 2016 Amunt (in Rs.) 2,10,000 3,000 5,750 47,163 8,383 10,112 2,84,408 Nte -9: Other denminatin Clsing cash in hand as n (+) Permitted receipts (-) Permitted payments (-) Amunt depsited in Banks Clsing cash in hand as n SBNs 20,000-20, ntes 6,531 25,000 18,094 13,437 - Ttal 26,531 25,000 38,094 13,437 -

13 EAST KOLKATA INFRASTRUCTURE DEVELOPMENT PVT. LTD. Ntes t Financial Statements fr the year ended 31st March, Related Party Transactins As per the Accunting Standard - 18, issued by the Institute f Chartered Accuntants f India, the Cmpany's related parties and transactins with them have been discussed belw: a.list f related parties & relatinships, where cntrl exists: Hlding cmpany f reprting Enterprise Shristi Infrastructure Develpment Crpratin Limited. b.transactins with Related Parties: S. 1. Relatinship Hlding Cmpany Nature Advance Given Outstanding Balance T~As n 31st March, J20JI7JRs.) 9,35,819/- 9,35,819/- As n 31st March 2016 (RsJ _ 9,93,319/- 9,93,319/ 11. The Cmpany has identified scial infrastructure real estate business as its sle perating segment and the same has been treated as the primary segment. As such n separate segment infrmatin is applicable as per the prvisins f Accunting Standard - 17 issued by ICAI. 12. Since the cmpany is nt having any timing difference as prescribed under Accunting Standard - 22 issued by ICAI hence, prvisin f Deferred Tax is nt required. 13. As per decisin taken by the Bard f Directrs in their meeting dated 14th February, 2017, the cmpany shall be merged with its 100% hlding cmpany viz. Shnsti Infrastructure Develpment Crpratin Limited subject t necessary apprvals f the sharehlders/ creditrs and/r any ther regulatry bdy, as may be required. The appinted date f Scheme f amalgamatin is 1st January, The said accunt is prepared withut giving any effect f the scheme f arrangement, since the applicatin with Natinal Cmpany Law Tribunal (NCLT) is in prcess. 14.Previus year figures are regruped / rearranged wherever necessary. 15.The Cmpany is in the prcess f btaining Trade License frm the cncerned authrities. ri & Cmpany cuntants E Fr and n behalf f the Bard (CA. H.C.Sni Partn^r Sunil JhaRahul Varma DirectrDirectr Place:-Klkata Date: u, Bv",

S. S. KOTHARI & CO. CHARTERED ACCOUNTANTS

S. S. KOTHARI & CO. CHARTERED ACCOUNTANTS S. S. KOTHARI &. CHARTERED ACUNTANTS S.S. KOTHARIB.Cm., C.T.A. (LOND), F.C.A. R.K. ROYCHOUDHURYB.Sc., B.Cm., F.C.A. IK. SENGUPTAB.Cm., LL.B., F.C.A. S. CHAKRABORTYB.Cm., F.C.A., D.I.S.A. (I.C.A.I.) R.N.