We have examined the attached Balance Sheet of ABIRAMI FINANCIAL SERVICES (INDIA) LIMITED as at 31st March 2011 and the annexed Profit and Loss Account for the year ended on that date. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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 misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit 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.

As required by the Companies Auditor's Report Order, 2003 issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in the said order.

Further to the comments in the annexure referred to paragraph 3 above, we report that:

1. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit.
2. In our opinion, the Company has kept proper books of account as required by law so far as it appears from our examination of such books.
3. The Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the books of account.
4. As per the information and explanations given to us and on the basis of the written representation received from Directors, we report that none of the directors of the company are prima facie disqualified from being appointed as directors of the Company as at 31st March 2011, in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956.
5. The said profit and loss account and the balance sheet comply with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956.
6. In our opinion and to the best of our information and according to the explanations furnished to us, the accounts read with the notes thereon give the information required by the Companies Act, 1956 in the manner so required, give a true and fair view in conformity with the accounting principles generally accepted in India.

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

(b) The Company has a regular programme of physical verification of its fixed assets which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. In accordance with this programme, fixed assets have been physically verified by the management during the year and no material discrepancies have been identified on such verification.
(c) The Company has not during the year disposed off a substantial part of its Fixed Assets.
2. (a) The Company, being Non-Banking Financial Company, does not have any inventory.
3. (a) The Company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the register maintained under section 301 of the Act.
4. In our opinion, the company has an internal control system commensurate with the size of the company and the nature of its business for purchase of inventory and fixed assets and for the sale of goods and services.
5. a) The particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required and these transactions have been entered in the prevailing market rates.
6. The company has not accepted any deposits from the public during the year of audit to which provisions of section 58A and 58 AA of The Companies Act, 1956 are applicable.
7. The company has an internal audit system commensurate with its size and the nature of its business.
8. According to the information and explanation given to us maintenance of cost records are not applicable to the company.
9. (a) According to the information and explanation given to us the company is regular in depositing undisputed statutory dues including income tax, Sales tax, etc to the appropriate authorities.
10. As the Company has not incurred any cash loss this clause is not applicable to the company.
11. According to the information and explanations given to us and to the extent of our examination of the records of the company it has not defaulted on repayment of dues to the financial institution or bank.
12. The company has granted loans on the basis of any security and proper records of the same are maintained.
13. The company is not a Chit Fund, and hence this clause is not applicable to the company.
14. As the company is dealing in shares, securities and proper records have been maintained of the transactions and contracts and timely entries have been made therein. The investments have been held by the company, in its own name.
15. As the company has not given any guarantee and hence this clause is not applicable to the company.
16. The company has not availed any term loan except corporate borrowings.
17. In so far as our examination of the books of accounts the company has not applied Short Term Funds for Long Term purposes.
18. The company has not made any preferential allotment of shares.
19. Debentures have not been issued by the company.
20. No public money has been raised during the year of audit.
21. There is no fraud on or by the company has been noticed or reported during the year.
22. We further report that the company is engaged in the business of Non Banking Financial Institution and it has obtained a Certificate of Registration.
23. Company has fulfilled the norms in terms of Assets/Income pattern as on 31st March 2011.
24. Based on the criteria set forth by RBI, the company is not an AFC.
25. The Board of Directors have passed a resolution for Non-acceptance of any public deposits and the company has not accepted the same during the financial year ended 31st March 2011.
26. The company has complied with the prudential norms relating to income recognition, accounting standards, asset classification and provisioning for bad and doubtful debts as applicable to it in terms of Non-Banking Financial (Non- Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.