Auditor Report of Ajel Ltd.

Mar 31, 2024

The Members of AJEL Limited,

Opinion

We have audited the accompanying standalone Financial Statements of Ajel Limited (''the Company''), which comprise the Balance Sheet as at 31 March, 2024, the Statement of Profit and Loss(including other comprehensive income), the statement of changes in Equity and Statement of Cash Flows for the year then ended, notes to the Financial Statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as ''Standalone Financial Statements'').

In our opinion and to the best of the information and according to the explanations given to us by the Management and Board of Directors, the aforesaid Standalone Financial Statements give the information required by the Companies'' Act, 2013 (the ''Act'') read with its relevant rules in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of Companies Act read along with the Companies(Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other principles generally accepted in India, of the state of affairs of the Company as at 31 March, 2024, its profit, total comprehensive income, changes in equity and its cash flows for the period ended on that date subject to the following matters mentioned in Emphasis of Matter paragraph.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs'') specified under Section 143(10) of the Companies'' Act, 2013 (''Act''). Our responsibilities under those Standards are further described in the "Auditor''s Responsibilities for the Audit of the Standalone 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 together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Companies Act, 201 3 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 opinion.

Information Other than the Standalone Financial Statements and Auditor''s Report thereon

The Company''s Management and Board of Directors are responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Board of Directors Report including Annexures to Board of Directors Report, Shareholder''s Information and any other management report but does not include the Standalone Financial Statements and our auditor''s report thereon.

Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of assurance or conclusion thereon.

In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Financial Statements or our knowledge obtained during the course of our 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. In the said context, we have no material observations to report for the Company.

Management''s And Those Charged with Governance Responsibilities for the Standalone Financial Statements

The Company''s Management, Board of Directors and those charged with governance are responsible for the matters stated in Section 1 34(5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance including the other comprehensive Income, cash flows and changes in the equity of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities, if any; 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, whether operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of these Standalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, the Management and Board of Directors are 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.

The Board of Directors is also responsible for overseeing financial reporting process of the Company. Auditor''s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone 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 standalone financial statements.

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

• Identify and assess the risks of material misstatement of the standalone 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 controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 1 43(3)(i) of the companies act 2013, we are responsible for expressing our opinion on whether the company has in place an adequate internal financial control with reference to standalone financial statements 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 the Board of Directors.

• Conclude on the appropriateness of the Board of Directors'' 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 standalone 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 standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the standalone financial statements of the company to express an opinion on the standalone financial statements.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and the qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.

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.

Emphasis of Matter Paragraph

• The Standalone Financial Statements majorly consists of the revenue and other financial items that have been booked at the AJEL Limited branch office (''Branch'') in United States of America ( ''USA''). The financial statements of the Branch have been independently audited by Certified Public Accountants - Vijay Vedanfham & Associates based in Princeton, New Jersey, USA. We have not conducted any audit procedures on the said financial statements and have solely relied on the said audited numbers pertaining to the Branch in the audit of Standalone financial statements of the Company.

• Amounts directly attributable to project expenses during the financial year ended 31.03.2024 have been considered as an Intangible Asset under development owing to the Memorandum of Understanding entered into between the Company and Transcord Telscape Private Limited dated 15.10.2022.

• The Company has availed a Cash Credit facility amounting to INR 5,00,00,000 (Five Crore Rupees only) from Bank of Maharashtra, Hyderabad for the purpose of servicing the expenses pertaining to the ongoing project activities out of which INR 3,00,00,000 (Three Crore Rupees only) has been advanced to Transcord Telscape Private Limited towards advance for services.

• Confirmations pertaining to accounts receivables have been received on behalf of the respective debtors from Mr. Arikatla Srinivasa Reddy, Managing Director of the Company with difference which may not materially impact the financial position of the Group.

• We have verified the Cash Flow Statement of the Company for the year ended on 31 March, 2024, which has been derived from the annual books of accounts after making such adjustments / groupings as were considered appropriate.

Other Matters:

We have not audited or reviewed the comparative financial information appearing in the Standalone Financial Statements of the corresponding year ended on 31 March 2023. The comparative financial information appearing in the Standalone Financial Statements are audited by the previous auditor whose report dated 30.05.2023, expressed an unmodified opinion on those standalone financial statements.

Report on Other Legal and Regulatory Requirements

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

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

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.

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 other comprehensive income, 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 Standalone Financial Statements comply with the Accounting Standards specified in Section 133 of the Act read with rule 7 of the companies (Accounts) Rules, 2014 and the Companies (Indian Accounting Standards) Rules 2015 as amended.

e) On the basis of the written representations received from the directors as on 31 March, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2024 from being appointed as a director in terms of Section 1 64(2) of the Act.

f) With respect to the adequacy of internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure B". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting

g) 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 has pending litigation(s) as disclosed further below in this audit report.

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

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

3. With respect to other matters to be included in the Auditors'' Report in accordance with the requirements of Section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the company to the directors during the year is in accordance with provisions of sections of section 1 97 of act.

4. The reporting under Rule 11 (g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from 1 April 2023.

Based on our examination which included test checks and information given to us, the Company has used accounting software for maintaining its books of account, which has a feature of recording audit trail (edit log) facility, however, the same was not enabled throughout the year for all all-relevant transactions recorded in the software.

For G M K & CO LLP

Chartered Accountants ICAI FRN:S200357

Sd/-

Gottipalli Rajdeep Lawrence

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Mar 31, 2014

We have audited the accompanying financial statements of AJEL LIMITED ("the company"), 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.

The financial statements of branch of the company located in the USA, is audited by M/s. Sid Kumar & Associates LLC. Hence we have relied on the financial statements as submitted by them. The total assets of the branch are Rs. 400.85 lakhs and total revenues are 830.84 lakhs for the year ended on 31st March 2014.

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 Statement of ProfitandProfit,of thelossfortheyearendedonthat date; and

c. in the case of the Cash Flow Statement, of the cash flows for 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") 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 the 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 sub-section (3C) of section 211 of the Companies Act,1956;

e. on the basis of written representations received from the directors as on March 31,2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2014, 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 INDEPENDENT AUDITOR''S REPORT

Referred to in paragraph (1) under heading of report on other legal and regulatory requirements

1. a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets on the basis of available information.

(b) As explained to us all the assets have been physically verified by the management during the year on is a 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.

(c) In our opinion and according to the information and explanations given to us, the company has not made any substantial disposal of fixed assets during the year and the going concern status of the company is not affected.

2. According to the information and explanation given to us during the year the company does not carry any inventory and the paragraph 4(iii)(a) and (b) of CARO is not applicable.

3. in respect of the loans secured or unsecured, granted or taken by the company to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

During the year the Company has neither granted nor taken any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act consequently clause(iii)(b) to (iii)(d) of paragraph 4 of CARO are not applicable.

4. In our opinion and according to the information and given to us the company has an adequate internal control system commensurate with the size and nature of its business, for sale of goods and services during the course of our audit, we have not observed any failure to correct major weakness in internal control system.

5. In respect of the contracts or arrangements referred to in section 301 of the companies act, 1956.

According to information and explanations given to us the company does not make any transactions in pursuance of contracts / arrangements that need to be entered in the registrar maintained U/s. 301 of the Companies Act, 1956.

6. According to the information and explanations given to us the Company has not accepted any fixed deposits from public during the year in respect of which section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 are applicable, therefore provisions of clause 4(vi) of the CARO not applicable to the company..

7. According to the information and explanations given to us the company has an in house Internal Audit System commensurate with the size and nature of its business.

8. According to the information and explanations given to us and in our opinion Paragraph 4(viii) of CARO is not applicable to the company for the year.

9. According to the books and records as produced and examined by us in accordance accepted auditing practices in India and also based on Management with generally representations, undisputed statutory dues in respect of Provident Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, and any other material statutory dues have generally been regularly deposited, by the Company during the year with the appropriate authorities in India except the following.

10. The company does not have accumulated losses. The company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to bank. Further in our opinion and according to the information and explanations given to us, the company did not have any amount outstanding to financial institutions or debenture holders.

12. The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, considering the nature of activities carried on the Company during the year, the provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund /societies are not applicable to it.

14. The Company has not dealt or traded in shares, securities, debentures and other investments during the year.

15. The Company has not given any guarantees for loan taken by others from bank or financial institutions during the year and also there are no such outstanding guarantees as on 31st March 2014

16. According to the information and explanations given to us, The company has not raised any term loans.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, in our opinion funds raised on Short Term based have, prima facie, not been used for long term based investments.

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 Act during the year.

19. The Company has not issued any debentures and hence creation of necessary security or charge does not arise.

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

21. As per the information and explanations given to us and on the basis of examination of records, no fraud on or by the Company was noticed or reported during the year.

BOPPUDI & ASSOCIATES Chartered Accountants

Sd/-

B. APPA RAO Partner Place: Hyderabad M.No. 028341 Date: 29.05.2014 Firm Reg. No. 00502S

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Mar 31, 2013

1. We have audited the attached Balance Sheet of Ajel Limited as at March 31, 2013 and also the Profit and Loss Account for the year ended as 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 forouropinion.

3. As required by the Companies (Auditors'' Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 (the ''Act'') and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we set out in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in Annexure referred to in paragraph 3 above, we report that:

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary forthe purposes of ouraudit;

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 and the Profit and Loss Account dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet and the Profit and Loss Account dealt with by this report comply with the applicable accounting standards referred to in sub-section (3C) of Section 211 of the Act;

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, we report that none of the directors are 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 Act;

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with notes thereto and Statement of Significant Accounting Policies give in the prescribed manner the information required by the Companies Act 1956, and also give, a true and fair view in conformity with the accounting principles generally accepted in India;

i) In case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2013

ii) In case of the Profit and Loss Account, the profit forthe year ended on that date.

BOPPUDI & ASSOCIATES

Chartered Accountants

Sd/-

B. APPA RAO

Partner

Place: Hyderabad M-No- 028341

Date: 29.05.2013 Firm Reg. No. 00502S

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Mar 31, 2012

1. We have audited the attached Balance Sheet of Ajel Limited as at March 31, 2012 and also the Profit and Loss Account for the year ended as 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 the Companies (Auditors' Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 (the 'Act') and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we set out in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in Annexure referred to in paragraph 3 above, 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 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 appears from our examination of those books;

c) The Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet and the Profit and Loss Account dealt with by this report comply with the applicable accounting standards referred to in sub-section (3C) of Section 211 of the Act;

e) On the basis of written representations received from the Directors as on March 31, 2012 and taken on record by the Board of Directors, we report that none of the directors are disqualified as on March 31, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act;

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with notes thereto and Statement of Significant Accounting Policies give in the prescribed manner the information required by the Companies Act 1956, and also give, a true and fair view in conformity with the accounting principles generally accepted in India;

i) In case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2012

ii) In case of the Profit and Loss Account, the profit for the year ended on that date.

For and on behalf of

K N Murthy

Chartered Accountants

Firm No. 0068235

Sd/-

KSVL Narasimha Murthy

Place: Mumbai Proprietor

Date : 03.08.2012 Membership No. 203849

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Mar 31, 2011

1. We have audited the attached Balance Sheet of Ajel Limited (Formerly Ajel Infotech Limited) as at March 31, 2011 and also the Profit and Loss Account for the year ended as 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 the Companies (Auditors' Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 (the ‘Act') and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we set out in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in Annexure referred to in paragraph 3 above, 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 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 appears from our examination of those books;

c) The Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet and the Profit and Loss Account dealt with by this report comply with the applicable accounting standards referred to in sub-section (3C) of Section 211 of the Act;

e) On the basis of written representations received from the Directors as on March 31, 2011 and taken on record by the Board of Directors, we report that none of the directors are disqualified as on March 31, 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act;

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with notes thereto and Statement of Significant Accounting Policies give in the prescribed manner the information required by the Companies Act 1956, and also give, a true and fair view in conformity with the accounting principles generally accepted in India;

a) In case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2011

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

For and on behalf of

KN Murthy

Chartered Accountants

Firm No. 0068235

KSVL Narasimha Murthy Proprietor

Membership No. 203849 Place: Mumbai

Date: 11-08-2011

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Mar 31, 2010

We have audited the attached Consolidated Balance Sheet of Ajel Infotech Limited and its subsidiaries (collectively referred to as the group) as at March 31, 2010 and the Consolidated Profit and Loss Account of the company for the year ended on that date annexed thereto, which we have signed under reference to this report. These consolidated financial statements are the responsibility of the Companys management and have been prepared by the management on the basis of separate financial statements and other financial information regarding components. Our responsibility is to express an opinion on these financial statements based on our audit.

1. 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 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.

2. The financial statements of M/s Ajel Technologies, Inc subsidiary of subsidiary is audited in USA by M/s Atul Malhotra & Co., LLC. Hence we have relied on the financial statements as submitted by them. The total assests of the above subsidiary is Rs.2217.03 lakhs and total revenues of Rs. 4671.46 lakhs for the year ended on that date.

3. We report that the Consolidated Financial Statements have been prepared by the company in accordance with the requirements of accounting standard 21,Consolidated Financial Statements as referred to in sub- section (3C) of section 211 of the Companies Act, 1956 and on the basis of the separate audited financial statements of the company and its subsidiary included in the consolidated financial statements.

4. This report does not include a statement on the matters specified in paragraph 4 of the Companies (Auditors Report) Order, 2003, issued by the Department of Company Affairs, in terms of section 227(4A) of the Companies Act, 1956.

5. On the basis of the information and explanations given to us and on consideration of the separate audit report on individual audited financial statements of the Company and its aforesaid subsidiary, in our opinion, the consolidated financial statements give a true and fair view in conformity with accounting policies generally accepted in India:

a) in the case of the Consolidated Balance Sheet, of the consolidated state of affairs of the Group as at March 31,2010;

b) in the case of Consolidated Profit and Loss Account, of the consolidated results of operations of the Group for the year ended March 31 2010.

For and on behalf of KN Murthy & Co., Chartered Accountants

Sd/ KSVL Narasimha Murthy Proprietor Place: Hyderabad Membership No.203849 Date: 28-08-2010 FRN006823S