Agarwat Prakash & Co.

CHARTERED ACCOUNTANTS

508, Indra Prakash, 21, Barakhamba Road, New Delhi - 110001

Phones : 23730880/1 Fax :01143516377
E-mail : pagarwal0285@gmail.com

Independent Auditors' Review Report

The Board of Directors

Indiabulls Wholesale Services Limited
Consolidated Unaudited Financial Results
We have reviewed the accompanying statement of
and. its subsidiaries
of Indiabulls rJfholesale s"JJ"".Li-ittd ("the Holding Company'')
fot the quatter
(the Holdinq Company and rts subsidiaries togeiher refered to as "the Group")
Holdrng
10, 2016 ('ihe statemenc'). berng subrrurred by.rhe
H il;-r.;.;'dJJ.p,.-u..
of ihe SEBI pisting Obligatrons and
Company prusuant to ,h. ,"qoiltrn"nt of Regulation 33
which is the responsibility of the
Disclosute Requifements) Regulations, 2015.1his statement
of Directors' has been ptepared
Holding Company', tu"t^g.-.tf u"d approved by the Boatd
lard down. in Accounting
in accordance wrth rhe recognition u"i -t^"."trntt't pnnciples
prescnbed under sectton IJJ ot the
Standatd for Intetim Fr.tunciul Repotting (AS 25),
under and othet accountmg
C"-p""i". Act, 2013 tead wrth "lt"u"I des issued thete
a report on the Statement
accepted in India' out responsibility is to issue

*;;'G

g.n".u[y

based on our fe\lew.

on Review E'ngagements (SRE)

We conducted our re11ew tn accotdance with the Standard

2410,'Rer,rewoflnterimFinanciallnformationPerformedbythelndependentAuditorofthe
of india This standatd requires that
Entity', issued by th. frrrutote oiChatte"d Accountants
as to whether the Statement Ls
*. pi" -a p..'fo.- the review to obtain modetate assuraflce
primati\t to inquiries of Holding Company
ftee of material mlsstatement. A teview is hmited
thus provides less assutance
p"rr"""a and anal1'tical procedures' applied to financial data and we do not exptess an audit
and accordingly'
than an audit. \0e have not petfotmJan audit
opiruon.
entities:
The Starement rncludes the results of the followrng

Indiabulls Vholesale Sersices Limited

2. Stote One Retail India Limrted
3. Store One Infra Resoutces Limited
4. Albasta Wholesale Services Limited
5. Lucina Infrastructure Limited
6. Sentia PtoPettres Limited
7. Mahabala Infracon Private Limited
8. Ashv Stud and Agricultural Farms Limited
9. Airmid Aviation Services Limited

1.

to out attentlon that causes

as stated above' nothing has.come
Based on out review conducted

ustoberieve,t,,,t.u."o-i"lv",.i;;ffi

t;f ,#:1iffi'::H;JitJH^:iXTT:1

**xrn:'r**#fi1r.:'::T.T.xil::5',i;'J:?.;dd"-:i;tir'i1nnr
2015 including the manner rn
u"d Distlftii ntq"it"rnt"tt; a"g"lxions'
(Listing Obligauo,,s
tottiuiot any material misstatement'
l"TiJu r. i"'u" disclosed, or that it

FORAGARWAL PRAKASH & CO'

Charteted Accountants
Firmrs Registtation No':

VIKASAGGARWAL
MembershiP No': 097848

GURGAON
Date: 8th Novembet, 2016

Place:

Agarwat Paakash & Co.

CHARTERED ACCOUNTANTS

508, lndra Prakash, 21, Barakhamba Road, New Delhi- 110001

Phones : 23730880/1 Fax :011-43515377
E-mail : Pagarwa10286@Smail.com

Independent Auditors' Review Report

The Board of Ditectots

Indiabutls Wholesale Services Limited
Financial Results
Statement of Standalone Unaudited
We have teviewed the accompanying
the quarter and six

of Indiabulls Wholesale

St;i;;

Limited ("the Company") fot

('the statement"). being submitted by the Company

months ended September lot, ZOte

of int sier (Lisung obhgatr::Li*
pursuant ro rhe req.'rem.t, ;;'Rt;;;"n-]l
ot
statement whrch is rhe respon$b ty
il;.i;;;. Reqt tements) Reguladoni' 2015' This
the Board o{ Ditectots' has been ptepared
the company's Management 'J ^p'p"to"tJty
princrples laid down tn A1oul$8
in accordance .*-ith the tecognition and measuremeflt
undet section 133 olj::
(AS
Standatd for Intedm F-""";*i;;ttitg
?t'Prescnbed
issued thete undet and othet accountng
l"-p"-* a.i, 2073 rcad *itn 'Jtt'utti tlesresponsibihty
is to issue a report on the
principles generally accepted';;;;; o"t
Statement based on our tevlew'

with the Standard on Rel'lew

out tevieur of the Statement in accotdance
Financial lnformation Performed by the
Engagement (SRE) 2410,'nttt* of lnterim
t'y tttt Institute of Chateted Accountants of
IndiJendent Audrtot of tht;;;;';t;;J
the reriiew to obtain moderate
Jr"*;;-,;q"'"'lh;;'*' fr'" i'a performnJsstatement.
A review is limited
ii ftee of material
assurance as to whethet ,fr" i "i.-*,
analitical procedures applied to financial
ctt;;;;;;-"""r
primatily to inquiries
""a
"f
riv" Ituu" not performed an audir and
dara and thus pro'des lttt J;;lJ*;'".
^" "a'

rWe conducted

iiltl;t,

opmlon
accotdingly, we do not expfess an audlt

that
above, nothing has come to ouf attention
Based on our review conducted as stated
Statement, ptepated in accotdance with,the

to believe that the accompanying

in
oih"i accounting pt'ncioles generally accepted
afotesaid Accounting Standatds u"d
33
Regulation
tequked to bt i-ittlo'"i in terms of
India, has not disclosed tnt Jfo'tt"*"
Regulations'
of the SEBI g-isttng obffi"t l"J bittf"'ure
^2015
,RequirementO
material
is to be disclosed' oi that it cofltains any
rncluding the manner - ;:;;-;

causes us

misstatement.

WAL
Partner
MembershiP No.: 097848
Place: GURGAON
Date: 8th November, 2016