Análisis crítico de la interfase implante-pilar.

Auditor’s Report as required by Part II of Schedule II to the Companies Act, 1956.

To,

The Board of Directors, Sangam Advisors Ltd

33/34, 3rd _{Floor, Printing House,} 28-D, Police Court Lane, Behind Old Handloom House, Fort, Mumbai – 400 001 Maharashtra, India

Dear Sirs,

Re: Proposed Public Issue of Equity Shares of Sangam Advisors Limited

We have examined and found correct the annexed restated summary statements of M/s Sangam Advisors Limited for the years ended March 31, 2012, 2011, 2010, 2009 and 2008 prepared by the Company and approved by its Board of Directors.

At the date of signing this report, we have not come across any material adjustment, which would affect the result shown by these accounts drawn up in accordance with the requirements of Part II of Schedule II to the Companies Act, 1956.

In accordance with the requirements of:

• Paragraph B (1) of Part II of Schedule II to the Companies Act, 1956;

• Securities and Exchange Board of India (Issue of Capital and Disclosure Requirement) Regulations, 2009 (‘the SEBI ICDR Regulations’) and

• The Guidance Note on Reports in Company Prospectus and Guidance Note on Audit Reports/Certificates on Financial Information in Offer Documents issued by the Institute of Chartered Accountants of India and terms of reference received from the Company in connection with the proposed public issue of Equity shares of the Company.

• The terms of reference given vide the Company’s letter dated 01/02/2012 requesting us to carry out work in connection with the Issue as aforesaid, we report that:-

1. The summary statement of assets and liabilities, as restated, of the Company as at March 31, 2012, 2011, 2010, 2009 and 2008 are as set out in ANNEXURE - I to this report after making such adjustments / restatements and regrouping as in our opinion are appropriate and are subject to the Significant Accounting Policies and Notes to Accounts along with adjustments on account of audit qualifications as appearing in ANNEXURE - IV to this report. 2. The summary statement of profit and loss, as restated of the Company for the years ended March 31, 2012, 2011,

  such adjustments / restatements and regrouping as in our opinion are appropriate and are subject to the Significant Accounting Policies and Notes to Accounts along with adjustments on account of audit qualifications as appearing in ANNEXURE - IV to this report.

3. We have examined the summary statement of cash flow, as restated relating to the Company for the years ended March 31, 2012, 2011, 2010, 2009 and 2008 appearing in ANNEXURE - III to this report after making such adjustments / restatements and regrouping as in our opinion are appropriate and are subject to the Significant Accounting Policies and Notes to Accounts along with adjustments on account of audit qualifications as appearing in ANNEXURE - IV to this report.

These statements have been prepared by the Company and approved by its Board of Directors (these statements are herein collectively referred to as the “Restated Summary Statements”. These statements have been extracted from the audited financials statement of the Company for the respective period / years.

Audit of the financial statements for the years ended March 31, 2012, 2011, 2010 and 2009 have been conducted by Company’s Statutory Auditor M/s. Mahesh Bairat & Associates, Chartered Accountants and for the year ended March 31 2008 by Company’s Statutory Auditor M/s. Rajesh Modi & Associates, Chartered Accountants. Further, financial statements for the year ended March 31, 2012 have been re-audited by us as required under the SEBI ICDR Regulations. This report, in so far as it relates to the amounts included for the financial years ended March 31, 2011, 2010 and 2009 is based on the audited financial statements of the Company which were audited by the Statutory Auditor M/s. Mahesh Bairat & Associates, Chartered Accountants and for financial year ended March 2008 is based on the audited financial statements of the Company which were audited by the Statutory Auditor M/s. Rajesh Modi & Associates, Chartered Accountants whose Auditors’ report has been relied upon by us for the said periods.

The Restated Summary Statements of the Company as included in this report as at for the years ended March 31, 2011, 2010, 2009 and 2008 are based on the audited financial statements of the Company which were audited by the Statutory Auditor of the Company and whose Auditors’ report has been relied upon by us for the said years and for the year ended March 31, 2012 examined by us as set out in ANNEXURE I, II and III of this report are after making such adjustments and regrouping as in our opinion were appropriate.

Based on the above and also as per the reliance placed by us on the audited financial statements of the Company which were audited by Statutory Auditor and the Auditors’ report for the years ended March 31, 2011, 2010, 2009 and 2008, we are of the opinion that the Restated Summary Statements have been made after incorporating:

i. Adjustments for the changes in accounting policies retrospectively in respective financial period/years to reflect the same accounting treatment as per changed accounting policy for all the reporting periods;

ii. Adjustments for the material amounts in the respective financial period/years to which they relate; iii. And there are no extra-ordinary items that need to be disclosed separately in the accounts.

We have examined the following financial information relating to the Company proposed to be included in the Offer Document as approved by you and annexed to this report. In respect of the financial years ended March 31, 2011, 2010, 2009 and 2008, this information has been included based on the audited financial statements of the Company which were audited by the Statutory Auditor of the Company and whose Auditors’ report has been relied upon by us for the said years:

1. Details of Sundry Debtors as Restated enclosed as ANNEXURE V to this report;

2. Details of Current Liabilities and Provisions as Restated as appearing in ANNEXURE VI to this report; 3. Details of Loans and Advances as Restated as appearing in ANNEXURE VII to this report;

4. Details of Inventories as Restated as appearing in ANNEXURE VIII to this report;

5. Details of Income from Operations as Restated as appearing in ANNEXURE IX to this report; 6. Details of Other Income as Restated as appearing in ANNEXURE X to this report;

  9. Capitalization Statement as Restated as at March 31 ,2012 as appearing in ANNEXURE XIII to this report;

10. Statement of Tax Shelters as Restated as appearing in ANNEXURE XIV to this report; 11. Details of Investments as Restated as appearing in ANNEXURE XV to this report;

12. Details of Related Parties Transactions as Restated as appearing in ANNEXURE XVI to this report; 13. Details of Reserves and Surplus as Restated as appearing in ANNEXURE XVII to this report.

In our opinion the above financial information of the Company read with Significant Accounting Policies and Notes to Accounts enclosed in ANNEXURE IV to this report and also as per the reliance place by us on the audited financial statements of the Company which were audited by the Statutory Auditor and the Auditors’ report for the years ended March 31, 2011, 2010, 2009 and 2008, after making adjustments / restatements and regroupings as considered appropriate has been prepared in accordance with paragraph B(1) Part II of Schedule II of the Companies Act and the SEBI ICDR Regulations.

This report should not be in any way construed as a reissuance or redrafting of any of the previous audit reports issued by us or by other firm of Chartered Accountants, nor should this report be construed as a new opinion on any of the financial statements referred herein.

This report is intended solely for your information and for inclusion in the Offer Document in connection with the proposed Initial Public Offering of the Company and is not to be used, referred to or distributed for any other purpose without our prior written consent.

For R T JAIN & CO Chartered Accountants

(FRN No. 103961W)

(CA R T JAIN)

Place: Mumbai Partner

  ANNEXURE – I

STATEMENT OF ASSETS AND LIABILITIES AS RESTATED

(Amount in `) Sr. No. Particulars AS AT MARCH 31, 2008 2009 2010 2011 2012 A Fixed Assets Gross Block - - - - 329,525 Less: Depreciation - - - - 48,391 Net Block - - - - 281,134 B Investment 7,050,000 8,250,000 5,447,200 51,372,006 36,364,182

C Current Assets, Loans & Advances

Inventories - - - 80,917,529 3,769,621

Sundry Debtors - - - - 2,282,367

Cash and Bank Balances 56,028 36,293 2,588,109 744,325 961,401

Loans & Advances 359,395 245,936 11,757,993 18,994,136 717,600

Total 415,423 282,229 14,346,102 100,655,989 7,730,989

D Liabilities & Provisions

Deferred Tax Liability - - - - 15,594

Current Liabilities & Provisions 9,794 16,458 36,861 113,379,306 867,035 Total 9,794 16,458 36,861 113,379,306 882,629

E Net Worth (A+B+C-D) 7,455,629 8,515,771 19,756,441 38,648,688 43,493,676

F Represented by

Share Capital 2,790,000 3,000,000 4,123,000 37,353,500 37,988,750

Reserves & Surplus 4,665,629 5,515,771 15,633,441 1,295,188 5,504,925 Net Worth 7,455,629 8,515,771 19,756,441 38,648,688 43,493,676

  ANNEXURE –II