Management's Responsibility for the Financial Statements Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act,1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control 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

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's 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 control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the 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:

(i) in the case of the balance sheet, of the state of affairs of the Company as at 31 March 2014;

(ii) in the case of the statement of profit and loss, of the profit for the year ended on that date; and

(iii) in the case of the cash flow statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2003 ("the Order"), as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, 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 those books;

c. The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d. In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; and

e. On the basis of written representations received from the directors as on 31 March 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

Annexure to the Auditors' Report

The Annexure referred to in our report to the members of Aashee Infotech Limited ('the Company') for the year ended 31 March 2014. We report that:

1. a) The company has maintained proper records of fixed assets showing full particulars including quantitative details and situation of fixed Assets.

b) The fixed assets were physically verified by the management at reasonable intervals. There is a regular program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets.

c) As per the information and explanation given to us none of the fixed assets have been disposed off during the year.

2. a) As explained to us the inventories have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such Verification is reasonable.

b) In our opinion and according to the information and explanations given by us the Procedures of physical verification of inventories followed by the management are Reasonable and adequate in relation to the size of the company and the nature of its business.

c) On the basis of our examination of the inventory, we are of the opinion that the company is maintaining proper records of inventory. As explained to us, no material discrepancies have been noticed on physical verification of stocks as compared to book records.

3. The company has not taken/granted any loans, secured or unsecured loans, to/from companies, firms, or, other parties covered in the register maintained under section 301 of the Act. Accordingly, clause (iii) (b), (c), (d), (e), (f), and (g) are not applicable to the company.

4. In our opinion and according to the information and explanations provided to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for purchase of inventory and for sale of inventory. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. According to the information and explanations given to us, the Company has not entered in to the transactions that need to be recorded into the register maintained under Section 301 of the Companies Act, 1956.

6. In our opinion and according to the information an explanations given to us, the company has not accepted any deposits from the public during the year and hence the provision of section 58A of Companies Act, 1956 and rule made there underdo not apply.

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

8. According to the information and explanation given to us the central govt. has not prescribed for the maintenance of cost record u/s 209(1) (d) of the companies act.

9. a) In our opinion and according to the information and explanations given to us the company is regular in depositing undisputed statutory dues including Investor education and Protection fund, income tax, VAT, sales tax, service tax, custom duty, excise duty, cess, and other material statutory dues with appropriate authorities.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, VAT, Wealth Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty were outstanding as at 31st March 2014 for a period of more than six months from the date of they become payable.

10. The accumulated loss of the company at the end of year is of Rs. 33,985,294/- which are not less then 50% of its net worth. Further the company has not incurred cash loss in current financial year as well as in immediately preceding financial year.

11. No dues of financial institution were outstanding as at the beginning of the financial year and no fresh loans has been received from any financial Institution during the year under consideration.

12. As per information and explanations provided to us the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion the company is not a chit fund or a nidhi/mutual, benefit fund/society. Therefore, the provision of clause 4(XIII) of the Companies (Auditor's Report) Order, 2003 (as amended) are not applicable to the company.

14. The company has not dealt in shares during the year.

15. As per information and explanations provided to us the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. Based on our information and explanation given by the management, there is no term loan in the company, so this clause is not applicable.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-term basis have been used for long-term investment.

18. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. During the period covered by our audit report, the company has not issued any debentures.

20. The Company has not raised any money by public issues during the year concerned.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

                                                     For UBS & Company
                                                 Chartered Accountants
                                                       FRN No. 012351N

                                                         SHISHIR GUPTA
DATE : 15th May, 2014                                          Partner
PLACE : DELHI                                           M. NO.: 093589