S.B.DANDEKER & CO.

Chartered Accountants
_____________________________________________________________________________________________________
P-36 India Exchange Place, Kolkata 700001
Tel # 033-22254832 Tele-fax # 91-33-22258149 Email- kabkol@yahoo.com

AUDITORSREPORT
(U/s 227 of the Companies Act 1956)

To,
The Members of
THE HANUMAN ESTATES LTD.
Kolkata

We have audited the attached Balance Sheet of THE HANUMAN ESTATES LTD. as at
31st March 2008 and also the Profit & Loss Account for the year ended on that date
annexed thereto. 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 auditing standards generally accepted in

India. Those standards require that we plan and perform our audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An
audit includes examination, on a test basis, evidence supporting the amount and
disclosures in the financial statements. An audit also 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 Central
Government of India in terms of section 227(4A) of the Companies Act 1956, we enclose
in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said
Order.

Further to our comments in the Annexure, we report that:-

1. We have obtained all the information and explanations, which to the best our
knowledge and belief were necessary for the purpose of our audit.

2. 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.

3. In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this Report
are in agreement with the books of account.

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4. In our opinion the Balance Sheet and Profit & Loss Account comply with the
Accounting Standards referred to in clause C of subsection 3 of section 211 of the
Companies Act 1956, except for Accounting Standard 15 on 'Accounting for
Retirement Benefits in the Financial Statements of the Employer' no provision
for leave encashment has been made in the accounts. Since no actuarial
valuation for the liability has been made, the financial effect, in any, due to the
deviation from AS 15 is not ascertainable.

5. On the basis of representations received from Directors as on 31 st March 2008 and

taken on record by the Board of Directors, none of the Directors is disqualified as on
31st March 2008, in terms of clause (g) of subsection (1) of section 274 of the
Companies Act 1956.

6. In our opinion and to the best of our information and according to the explanations
given to us, the said accounts, read with the notes thereon, 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;

In case of the Balance Sheet, of the state of affairs of the Company as at 31 st March
2008; and
In case of the Profit & Loss Account of the Profit of the Company for the year ended
on that date.

For and on behalf of

S.B.DANDEKER & CO.
Chartered Accountants

(Kedarashish Bapat)
Partner

Place : Kolkata
Date: 18th July, 2008

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 ANNEXURE

Statement on matters specified in paragraphs 4 & 5 of the Companies (Auditor's

Report) Order 2003, issued by the Central Government in terms of section 227(4A)
of the Companies Act 1956

1. The Company is maintaining proper records to show full particulars, including

quantitative details and situation of fixed assets.
The fixed assets have been physically verified by the management at reasonable
Intervals during the year, and no material discrepancies were noticed on such
verification.
No substantial part of the fixed assets of the Company have been disposed off
during the year.

2. The Company had no inventory during the year and hence we offer no comments
regarding the same.

3. In accordance with the information and explanation given to us the Company has
neither granted nor accepted any loans, secured or unsecured, to or from
companies, firms or other parties covered in the register maintained under section
301 of the Companies Act 1956.
In view of our comment above the matter of rate of interest and other terms and
conditions of such loans is inapplicable.
In view of our comment above the matter regarding repayment of principal amount
and interest of such loans is inapplicable.
In view of our comment above the matter of disclosure regarding overdue amounts of
such loans (and interest thereon) exceeding Rs.1 lakh is inapplicable.

4. The Company has an internal control procedure commensurate with the size of the
Company and nature of the business, for the purchase of inventory and fixed assets
and for the sale of goods. In our opinion reasonable steps have been taken during
the year to correct the major weaknesses, if any, in internal control as soon as they
are noticed or reported.

5. In accordance with the information and explanation given to us, no transactions,

exceeding Rs.5 lakhs in value, which require to be entered into a register in
pursuance of section 301 of the Companies Act 1956, have been entered into by the
Company during the year.
In view of our comment above the matter regarding relevance of prices in such
transactions is inapplicable.

6. In accordance with information and explanations given to us, the provisions of

section 58A and 58AA of the Companies Act 1956, and rules framed there under,
and directions issued by the Reserve Bank of India are inapplicable to the Company
since it has not accepted any deposits from the public.

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7. The Company has an internal audit system commensurate with its size and nature of
business

8. As explained to us the Central Government has not prescribed any rules for
maintenance of cost records by the Company under clause (d) of subsection (1) of
section 209 of the Companies Act 1956.
Hence our comments on whether such records have been maintained, are not
required.

9. In accordance with our examination of records produced before us for verification,

the Company is regular in depositing of all undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees' State
Insurance, Income-tax, Sales-tax, Custom Duty, Excise Duty, cess and any other
statutory dues, so far as applicable to the Company, with the appropriate authorities.

As explained to us the Company has no disputed dues on account of the taxes,

duties or cess except as stated in point 1of Part B of Schedule N to the accounts.

10. The Company has no accumulated losses as at 31 st March 2008. It has not incurred
any cash losses in the financial year as well as in the immediately preceding financial
year.

11. In accordance with the information and explanations given to us the Company has
not defaulted in repayment of any dues of any financial institution or Bank or
debenture holder.

12. The Company has not granted any loan and/or advance on the basis of security by
way of pledge of shares, debentures and other securities and hence the matter
regarding deficiencies in documents in respect of such loans and advances is
inapplicable.

13. The Company is not a Nidhi, Mutual Benefit Fund or Society and hence we have no
comments to make regarding matters concerning such organisations.

14. The Company is not dealing in shares, securities, debentures or other investments
except for certain purchase and sale of securities during the year, hence we have no
comment to make regarding matters relating to maintenance of records of
transactions in such shares etc.

15. In accordance with the information and explanation given to us the Company has not
given any guarantee for loans taken by others from banks or financial institutions

16. In accordance with the information given to us, no term loans have been accepted by
the Company during the year and hence we make no comment on whether term
loans have been applied to the purpose for which they were taken.

17. In accordance with the information and explanation given to us no short term
borrowings were invested in long-term investments or vice versa.

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18. In accordance with the information and explanation given to us the Company has not
made any preferential allotment of equity shares to parties covered in the register
maintained under section 301 of the Companies Act 1956, during the year.

19. No debentures have been issued by the Company and hence we offer no comments
regarding whether securities have been created in respect of such debenture issue.

20. No public issue has been made by the Company and hence we have no comments
regarding the matter of end use of money raised through such public issue.

21. In accordance with the information and explanation given to us, no fraud by or on the
Company has been noticed or reported during the year.

For and on behalf of

S.B.DANDEKER & CO.
Chartered Accountants

(Kedarashish Bapat)
Partner

Place: Kolkata
Date : 18th July, 2008