Auditor Report of Abhishek Finlease Ltd.

Mar 31, 2024

We have audited the accompanying financial statements of ABHISHEK FINLEASE LIMITED ("the Company"), which comprise the
Balance Sheet as at March 31, 2024 and the Statement of Profit and Loss, including the Statement of Other Comprehensive
Income, the Statement of Changes in Equity and the Cash Flow Statement for the year then ended, and notes to the financial
statements including a summary of the significant accounting policies and other explanatory information (hereinafter referred
to as "Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements
give the information required by the Companies Act, 2013, as amended ("the Act") in the manner so required and give a true
and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as
at March 31, 2024, and its profit including other comprehensive income, the changes in equity and its cash flows for the year
ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs), as specified under
section 143(10) of the Act. Our responsibilities under those Standards are further described in the ''Auditor''s Responsibilities for
the Audit of the Financial Statements'' section of our report. We are independent of the Company in accordance with the ''Code
of Ethics'' issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant
to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Financial Statements.

Information other than the Financial Statements and Auditor''s Report Thereon

The Company''s Board of Directors is responsible for the other information. The other information comprises the information
included in the Directors report, but does not include the Financial Statements and our Auditor''s Report thereon. Our opinion
on the Financial Statements does not cover the other information and we do not express any form of assurance conclusion
thereon.

In connection with our audit of the Financial Statements, our responsibility is to read the other information and, in doing so,
consider whether such other information is materially inconsistent with the financial statements or our knowledge obtained in
the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is
a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibility of Management for the Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the
preparation of these Financial Statements that give a true and fair view of the financial position, financial performance including
other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting Standards (IND AS) specified under Section 133 of the Act, read with
the Companies (Indian Accounting Standards) Rules, 2015, as amended.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the

accuracy and completeness of the accounting records, 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.

In preparing the Financial Statements, management is responsible for assessing the Company''s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company''s financial reporting process

Auditor''s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout
the audit. We also:

• Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in
the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the
Company has adequate internal financial controls with reference to financial statements in place and the operating
effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.

• Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on
the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor''s report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s
report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether
the Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We
also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central Government of India in
terms of sub-section (11) of section 143 of the Act, we give a statement in "Annexure A" on the matters Specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

2. A. As required by section 143(3) of the Act, we report that: As required by Section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit;

b) 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 those books;

c) The Balance Sheet, the Statement of Profit and Loss including the statement of other comprehensive Income, the
Statement of Changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the
books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards prescribed under Section
133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.

e) On the basis of the written representations received from the Directors as on March 31, 2024 taken on record by
the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a director
in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls of the Company with reference to these financial
statements and the operating effectiveness of such controls, refer to our separate report in "Annexure B" to this
report.

B. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the
explanations given to us:

I. The Company did not have any pending litigations which have impact on its financial position in its financial
statements;

II. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses; and

III. There were no amounts which were required to be transferred to the Investor Education and Protection Fund
by the Company.

IV. According to the information and explanation given to us:

a) The Management has represented that, to the best of its knowledge and belief, no funds (which are
material either individually or in the aggregate) have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any
other persons or entities, including foreign entities ("Intermediaries"), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company
("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries;

b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are
material either individually or in the aggregate) have been received by the Company from any person or
entities, including foreign entities ("Funding Parties"), with the understanding, whether recorded in
writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

c) Based on the audit procedures that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the representations
under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material
misstatement.

V. The company has not paid proposed dividend during the year subsequent to the year-end by the Company is
in compliance with section 123 of the Act.

VI. As proviso to rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable for the Company only with effect
from 1 April 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is not
applicable.

C. With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section
197(16) of the Act, as amended, in our opinion and according to the information and explanation given to us by the
management, remuneration has paid/provided during the Current Year by the Company to its directors is in accordance
with the provisions of Section 197 read with Schedule V of the Act.

For AKGVG & ASSOCIATES
Chartered Accountants

ICAI Firm Registration No.: 131546W

Priyank Shah
Partner

Membership No.: 118627 Date: May 28, 2024

UDIN: 24118627BKEFUK8147 Place: Ahmedabad

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Mar 31, 2014

We have audited the accompanying financial statements of Abhishek finlease Limited, which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

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:

a) in the case of the Balance Sheet, of the State of affairs of the Company as at March 31, 2014;

b) in the case of the Profit and Loss Account, of the Profit for the year ended on that date; and

c) 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 ("theOrder") 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;

e. On the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company. X. In our opinion the company does not have accumulated losses of more than 50% of its networth, However the Company has not incurred cash losses during the financial year under report as well as in the preceding financial year.

XI. In our opinion, the Company has not defaulted in repayment of dues to financial institution, bank or debenture holders.

XII. In our opinion and according to the information and explanation given to us, the Company has maintained adequate documents and record in cases where the company has granted loans or advances on the basis of security by way of pledge of shares , debentures and other securities.

XIII. In our opinion and according to information and explanations given to us the company is not chit fund or a nidhi or mutual benefit fund/society. Accordingly, the provisions of clause 4(xiii) of the Order are not applicable to the company.

XIV. The Company has maintained proper records of transaction and contracts in respect of trading in shares, debentures and other securities and timely entries have been made therein. All shares , debentures and other securities have been held by the company in its own name except to the Company.

XV. On the basis of records examined by us and information provided by the management, we are of the opinion that the company has not given guarantees for loans taken by others from banks or financial institutions.

XVI. The Company has not taken any term loan during the current financial year hence clause-4(xvi) of the Companies (Auditor''s Report) Order 2003 is not applicable to the assessee company.

XVII. Based on an overall examination of the Balance Sheet of the company and a review of the consolidated fund flow statement for the year, we report that no funds raised on short-term basis have been used for long-term investment.

XVIII. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s 301 of the Act, during the year.

XIX. The company has not issued any debentures during the year. Therefore provisions of clause 4(xix) of the Order are not applicable to the company.

XX. The company has not raised money from the public during the year under audit.

XXI. According to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the year.

ANNEXURE TO INDEPENDENT AUDITOR''S REPORT

Referred to in our Audit Report of even date:

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

(b) Fixed assets have been physically verified by the management at reasonable intervals; No material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets has been disposed off during the year, and it has not affected the going concern.

II. (a) Physical verification of Shares & Securities is conducted by the management at reasonable intervals.

(b) The company has followed reasonable and adequate procedure for physical verification of Shares & Securities.

(c) Material discrepancies if any noticed on physical verification are properly dealt with in the books of accounts.

III. The company has not granted or taken any secured or unsecured to or from companies or firms or other parties covered in the register maintained u/s 301 of the companies Act- 1956. Hence this clause is not applicable to the company.

IV. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to finished goods, equipment and other assets and with regard to the sale of goods.

V. Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that there are no transaction that need to be entered into the register maintained under section 301 of the Companies Act,1956.

VI. The company has not accepted any deposits from the public.

VII. The company has internal audit system commensurate with its size and nature of its business.

VIII. According to the information and explanation given to us, the maintenance of cost records are not prescribed by the Central Government under clause (d) of sub section (1) of Section 209 of the Act.

IX. (a) The company is regular in depositing with appropriate authorities undisputed statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, services tax, sales tax, custom duty, excise duty and cess were in arrears, as at 31 March, 2014 for a period of more than six months from the date they became payable.

For, Bhagat & Co. Chartered Accountants Firm Registration No: 127250W

Shankar Prasad Bhagat Membership No: 052725 Ahmedabad, 31st May, 2014

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Mar 31, 2013

We have audited the accompanying financial statements of Abhishek finlease Limited, which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

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 wre comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about w'hether 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:

a) in the case of the Balance Sheet, of the State of affairs of the Company as at March 31, 2013;

b) in the case of the Profit and Loss Account, of the Profit for the year ended on that date; and

c) 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 ("theOrder") 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;

e. On the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO INDEPENDENT AUDITOR'S REPORT Referred to in our Audit Report of even date:

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

(b) Fixed assets have been physically verified by the management at reasonable intervals; No material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets has been disposed off during the year, and it has not affected the going concern.

II. (a) Physical verification of Shares & Securities is conducted by the management at reasonable intervals.

(b) The company has followed reasonable and adequate procedure for physical verification of Shares & Securities.

(c) Material discrepancies if any noticed on physical verification are properly dealt with in the books of accounts.

III. The company has not granted or taken any secured or unsecured to or from companies or firms or other parties covered in the register maintained u/s 301 of the companies Act- 1956. Hence this clause is not applicable to the company.

IV. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to finished goods, equipment and other assets and with regard to the sale of goods.

V. Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that there are no transaction that need to be entered into the register maintained under section 301 of the Companies Act,l 956.

VI. The company has not accepted any deposits from the public.

VII. The company has internal audit system commensurate with its size and nature of its business.

VIII. According to the information and explanation given to us, the maintenance of cost records are not prescribed by the Central Government under clause (d) of sub section (1) of Section 209 of the Act.

IX. (a) The company is regular in depositing with appropriate authorities undisputed statutory' dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, w-ealth tax, services tax, sales tax, custom duty, excise duty and cess were in arrears, as at March, 2013 for a period of more than six months from the date they became payable.

X. In our opinion the company does not have accumulated losses of more than 50% of its networth. However the Company has not incurred cash losses during the financial year under report as well as in the preceding financial year.

XI. In our opinion, the Company has not defaulted in repayment of dues to financial institution, bank or debenture holders.

XII. In our opinion and according to the information and explanation given to us, the Company has maintained adequate documents and record in cases where the company has granted loans or advances on the basis of security by way of pledge of shares , debentures and other securities.

XIII. In our opinion and according to information and explanations given to us the company is not chit fund or a nidhi or mutual benefit fund/society. Accordingly, the provisions of clause 4(xiii) of the Order are not applicable to the company.

XIV. The Company has maintained proper records of transaction and contracts in respect of trading in shares, debentures and other securities and timely entries have been made therein. All shares , debentures and other securities have been held by the company in its own name except to the Company.

XV. On the basis of records examined by us and information provided by the management, we are of the opinion that the company has not given guarantees for loans taken by others from banks or financial institutions.

XVI. The Company has not taken any term loan during the current financial year hence clausc-4(xvi) of the Companies (Auditor's Report) Order 2003 is not applicable to the assessee company.

XVII. Based on an overall examination of the Balance Sheet of the company and a review of the consolidated fund flow statement for the year, we report that no funds raised on short-term basis have been used for long-term investment.

XVIII. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s 301 of the Act, during the year.

XIX. The company has not issued any debentures during the year. Therefore provisions of clause 4(xix) of the Order are not applicable to the company.

XX. The company has not raised money from the public during the year under audit.

XXI. According to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the year.

For, Bhagat & Co. Chartered Accountants Firm Registration No: 127250W

Shankar Prasad Bhagat Membership No: 052725 Ahmedabad, 05 August,2013

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Mar 31, 2012

1. We have audited the attached Balance Sheet of ABHISHEK FINLEASE LTD. As at March 31,2012 and also the Profit and Loss account for the year ended an that date annexed thereThese financial statements are the responsibility of the company's management 0 responsibility is to express an opinion on these financial stateme based on our audit.

2. We conducted our audit in accordance with auditing standads generally accepted in India Those Standards require that we plan and perform the audit obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit indue examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting nciples used and significant estimates made by management, as well as evaluating rh overall financial statement : presentation. We believe that our audit provides a reasonable be- for our opinion,

3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Governent of India in Terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to above, we port that,

i) We have obtain all the information and explanations, which to the best of our know and belief were necessary for the purpose of our audit;

ii) In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books;

iii) The balance sheet and profit and loss account and cash flow lea It with by this report are in agreement with the books of account;

iv) In our opinion , The Balance-Sheet, Profit and Loss account and cash flow statement dealt with the report comply with the accounting standard referred in sub-section (3c) of section 211 of Companies Act, 1956.

v) On the basis of the written representations received from the Directors as on March 31,2012 and taken on record by the Board of Directors, we repart that none of the Dirertors are disqualified as on March 31, 2012 from being appointed as a Director in terms of clause of sub-section (1) of section 274 of' the Companies Act.I956

vi) In our opinion the said accounts to the best of our information and according to the- explanations given to us and subject to

1. Notes no. (B) 2. B (9), B (10) of Schedule -21, and.

2. In respect of assets stated in schedules 12 to the balance sheet, we have relied upon the management about their perception treating that assets standard assets, and read with other notes thereon given the information required by the Companies Act, 1956, in the manner so required and, give a true and fair view :

a) In the case of Balance Sheet, of the state of affairs of the Company as at March 31,2012;

And

b) In the case of the Profit and Loss account, of the Profit for the year ended on that date.

ANNEXTURE REFERED TO IN PARAGRAPH 3 OF OUR PORT OF EVEN DATE

1) (i) The Company is maintaining proper records showing full pati culars , including quantitative details and situation of fixed assets.

(ii) All the assets have been physically verified by the management during the year as per the regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets . No material discrepancies were noticed on such verification.

(iii) There was no disposal of fixed assets during the year.

2) (i) The management has conducted physical verification of Shares & Securities at reasonable intervals.

(ii) The procedures of physical verification of Shares & Securities followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(iii) the Company is maintaining proper records of Shares & Securities and explained to us no material discrepancies were noticed on physical verification.

3) The company has neither granted nor taken any loans, s ured or unsecured to/form companies , firms or other parties covered in the register maintain u/s.301 of the Com pan Act, 1956, Accordingly, clause 4(iii)(a), to (iii)(g) of Companies Auditors Order)2003 are n t applicable.

4) In our opinion and according ito the information and expUa ations given to us, there are adequate internal control procedures commensurate with he ,ize of the Company and the nature of its business, with regard to purchases of inventory, fixe I assets and with regard to sal. of goods and Securities, During the course of our audit, no majo weakness has been noticed in internal controls.

5) Based on the audit procedures applied by'us and according to the information and explanation provided by by the management, we are of the opinion that then are no transactions that nee to be entered into the register maintained under section 301 ft > Companies Act,1956

6) The company has not accepted any deposits from the public

7) The company has internal audit system commensurate with its si and nature of its business.

8) According to the information and explanation given to us, the i maintenance of cost records an not prescribed by the Central Government under clause (d) of s ub section (1) of Section 209 of the Act.

9) (i) According to the records of the company, the Company is ,r egular in depositing undisputed statutory dues including Provident Fund, Investor Education fund Employees State Insurance Income-tax, Sales-tax, Wealth Tax, Service tax , Excise Duty, ce and other material statuor. dues applicable to it with the appropriate authorities.

(ii) According to the information and explanations given to us, there are no dues outstanding of Provident Fund , Sakes tax , Income tax ; Wealth tax , Excise duty or cess on account of any dispute.

10) In our opinion the company does not have accumulated losses ol ore than 50% of its networt However the Company has not incurred cash losses during tin financial year under report as well as in the preceding financial year.

11) The Company has no outstanding dues to financial institution bank or debenture holders accordingly clause 4(xi) of Companies (Auditors Report) order 003, is not applicable to Company,

12) In our opinion and according to the information and explanation given to us-; the Company has maintained adequate documents and records in cases where tin company has granted loans m advances on the basis of security by way of pledge of shares, del mtures and other securities

13) In our opinion the company is not a chit fund or a nidhi/rnutu I L: i refit funds/society. The re Ion clause 4(xiii) of the Companies (Auditor's Report) Order 2003 is not applicable to the Company

14) The Company has maintained proper records of transaction ar t contracts in respect of trading in shares, debentures and other securities and timely entries have been made therein Al shares, debentures and other securities have been held by the c mpany in its own name except to the Company.I

15) According to the information and explanations given to us , the Company has not given any guarantee for |oans taken by its subsidiaries and associates and from bank or financial institutions.

16) The Company has not taken any term loan during the current financial year hence clause 4(xvi) of the Companies (Auditors' Report) Order 2003 is not applicable to the assessee company.

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 during the current financial year company has not borrowed any short term or long term funds.

18) During the year , the Company has not made preferential alltment of shares to parties of companies covered in the register maintained under section 301 the Companies Act,1956

19) The Company did not have any outstanding debentures during year.

20) The Company has not raised any money through a public issue during the year.

21) Based upon the audit procedures performed and information and explanations given by the management, we report that no fund on or by the Company has been noticed or reported during the course of our audit.

FOR, BHAGAT & CO., CHARTERED ACCOUNTANTS,

(SANKAR-PRASAD BHAGAT) Place: Ahmedabad Memb. No.052725 Date :09/08/2012 Firm Reg No.127250W