1. We have audited the attached Balance Sheet of HIFUNDA.COM LIMITED as at 31st March 2002, the Profit & Loss Account of the Company 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.

2. We conducted our audit in accordance with 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 misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by Manufacturing and Other Companies (Auditor's Report) Order, 1988 issued by the Companies Law Board in terms of Section 227(4A) of the Companies Act, 1956, we have annexed hereto a statement on the matters specified on the Paragraph 4 & 5 of the said Order.

4. Further to our comments in the Annexure referred to in paragraph 1 above, we state that

   1. 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;

   2. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of such books;

   3. The Balance Sheet and the Profit & Loss Account referred to in this report are in agreement with the books of account;

   4. In our opinion, the Balance Sheet and Profit and Loss Account are drawn up in compliance with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act,1956;

   5. As per the representation made by the Company and all its Directors, no Director is disqualified from being appointed as Director u/s 274 (1) (g) 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 Balance Sheet and Profit and Loss Account, read together with the Notes and Schedules annexed thereto, give the information required by the Companies Act,1956 in the manner so required and give a true and fair view:

   1. in so far as it relates to the Balance Sheet, of the state of affairs of the Company as at March 31,2001,and

   2. in so far as it relates to the Profit and loss Account, of the loss of the Company for the year ended on that date.

For Ranjeet Agarwal & Associates.
Chartered Accountants