Auditor Report of Alchemist Corporation Ltd.

Mar 31, 2024

We have audited the accompanying standalone Ind AS financial statements of ALCHEMIST CORPORATION LTD (''the
Company''), which comprise the Balance Sheet as at 31 March 2024, the Statement of Profit and Loss, the Cash Flow Statement
and the Statement of Changes in Equity for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS
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 31 March 2024, its profit including other comprehensive income, its cash flows and the changes in equity for the
year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS 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 together with the ethical requirements that are
relevant to our audit of the financial statements under the provisions of the Act and the Rules there under, 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.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial
statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as
a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the
matters described below to be the key audit matters to be communicated in our report.

We have determined that there are no key audit matters to communicate in our report.

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

The Company''s Board of Directors is responsible for the preparation of the other information. The other information comprises the
information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Business
Responsibility Report, Corporate Governance and Shareholder''s Information, 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
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 standalone 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. We have nothing to report in this regard.

Responsibility of Management''s for the Standalone 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 standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance
including other comprehensive income, cash flows and changes in equity 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 frauds and other irregularities; selection and application of appropriate accounting policies; making

judgments and estimates that are reasonable and prudent; and the 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 standalone Ind AS 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 Ind AS 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 charged with governance are also responsible for overseeing the Company''s financial reporting process.

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

Our objectives are to obtain reasonable assurance about whether the standalone Ind AS financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditors'' 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 Ind AS financial statements.

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

(a) Identify and assess the risks of material misstatement of the standalone Ind AS 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.

(b) 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 system in place and the operating effectiveness of such controls.

(c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by Management.

(d) 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 auditors'' 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
auditors'' report. However, future events or conditions may cause the Company to cease to continue as a going concern.

(e) Evaluate the overall presentation, structure and content of the standalone Ind AS financial statements, including the
disclosures, and whether the standalone Ind AS financial statements represent the underlying transactions and events in
a manner that achieves fair presentation.

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 financial statements may be influenced. We consider
quantitative materiality and 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 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.

From the matters communicated with those charged with governance, we determine those matters that were of most significance
in the audit of the standalone Ind AS financial statements for the current period and are therefore the key audit matters. We
describe these matters in our auditors'' report unless law or regulation precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

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 sub-section (11) of section 143 of the Companies Act, 2013, ,we give in the Annexure ''I'' 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 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
Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books
of account;

(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards
specified under Section 133 of the Act, read with Section 469 of Companies Act,2013

(e) On the basis of the written representations received from the directors as on 31st March, 2024 taken on record by the
Board of Directors, none of the directors is disqualified as on31^stMarch, 2024 from being appointed as a director in
terms of Section 164 (2) of the Act.

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

(g) With respect to the other matters to be included in the Auditors Report in accordance with 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 its directors during the year is in accordance with the provisions of section 197 of the Act.

(h) 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, in our opinion and to the best of our information and according to the explanations
given to us:

i. The Company does not have any pending litigations on its financial position in its financial statements.

ii. According to the information and explanations provided to us, the Company did not have any long-term contracts
including derivative contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company.

iv. (a) The management has represented that other than those disclosed in the notes to accounts,

I. 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 person or entity, including foreign entity ("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;

II. No funds (which are material either individually or in the aggregate) have been received by the Company
from any person or entity, including foreign entity ("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;

(b) 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 (I) and (II) above, contain any material misstatement.

v. As per Management''s representation received that to the best of its knowledge and belief, the company has not
declared or paid dividend either final or interim in nature during the year.

vi. Based on the MCA Notification dated 24.03.2021, read together with the MCA Notification dated 31.03.2022, it is
mandatory to have an audit trail feature in accounting software effective from 01.04.2023 (beginning with FY 2023¬
24).

Upon examination, which included a test check, we found that the company has used accounting software with an
audit trail (Edit Log) feature to maintain its books of accounts. This feature has been operational throughout the
year for all relevant transactions recorded in the software. During our audit, we did not encounter any instances of
tampering with the audit trail feature.

For . STRG & Associates
CHARTERED ACCOUNTANTS
Firm Regn No. 014826N

Sd/-

Place: DELHI (CA Rakesh Gupta)

Date: 23.05.2024 .

Partner

UDIN: 24094040BKAOIJ3892 M No.094040

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Mar 31, 2014

We have audited the accompanying financial statement of ALCHEMIST CORPORATION LIMITED ( Formerly known as Haryana Fibres Limited) ("the Company"), which comprises the Balance Sheet as at March 31, 2014 and the Statement of Profit and Loss and the 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

The Company''s 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") and in accordance with the accounting principles generally accepted in India. 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 the 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 the 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, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the 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 aforesaid financial statements give the information required by the Companies Act, 1956 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 Statement of Profit and Loss, of the Loss of the Company for the year ended on that date; and

c) In the case of Cash Flow Statement, of the Cash Flows of the Company 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 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act 1956 (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 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. Statement of Profit & 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 & Loss, and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Act; &

e) On the basis of the 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 THE INDEPENDENT AUDITORS'' REPORT (Referred to in paragraph 7 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)

i) (a) Company has maintained proper records showing full particulars, including quantitative details of fixed assets.

(b) As per the information and explanation given to us, fixed assets have been physically verified by the management at reasonable interval during the year.

(c) No substantial part of fixed assets has been disposed off during the year.

ii) (a) According to the information and explanations given to us physical

verification of inventory has been conducted by the management at regular intervals.

(b) In our opinion, the procedure of physical verification of inventories followed by the management is commensurate with the size of the company and nature of its business.

(c) In our opinion, company is maintaining proper records of inventory. No material discrepancies have been noticed on physical verification of inventories as compared to books of accounts and minor discrepancies found, have been properly dealt with in the books of accounts.

iii) According to information and explanations given to us, the company has not taken interest free unsecured loans from any of its group Companies during the year.

iv) In our opinion, and according to information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company & the nature of the business, for the purchase of inventory and Fixed Assets and for the sale of goods.

v) According to information and explanations given to us, during the year there are no transactions / purchase or sales that need to be entered is the register maintained U/S 301 of Companies Act. 1956. The company is a holding company of Kautilya Infotech Limited .

vi) According to information and explanations given to us, the company has not accepted any deposits from public hence provisions of Section 58A of Companies Act, 1956 and rules framed there under are not applicable.

vii) a) According to the records of the company and explanation given to us, the provisions of Provident Fund and Employees State Insurance are not

applicable to the company.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, customs duty and excise duty were outstanding as at 31st March 2014 for a period of more than six months from the date these became payable. Except the taxation payable (Net off DTA ) for Rs. 5,40,300/- pertaining to the earlier years.

viii) According to information and explanations given to us and from the records of the company, the Company has not defaulted, in repayment of dues of bank.

ix) As explained to us, company has not given any guarantee for loans taken by others from banks or financial institutions.

x) According to information and explanations given to us, and from the records of the company, perused by us during the course of audit, term loans have not been raised during the year.

xi) According to information and explanations given to us and from the records of the company, no short-term funds have been raised during the year.

xii) According to information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained U/S 301 of the Companies Act, 1956.

xiii) Company has not issued any debenture during the year.

xiv) According to the information and explanations given to us, company has not raised any money by public issue during the year.

xv) According to information and explanations given to us and from the records of the company, perused by us during the course of our audit, we have not come across any fraud on or by the company during the year.

xvi) The other clauses of the Order are not applicable to the Company

For A A A M & CO. CHARTERED ACCOUNTANTS FRN: 008113C

Sd/- (CA RAHUL GUPTA, ACA) Partner M. No:419625

PLACE: NOIDA DATE: 30-05-2014

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statement of ALCHEMIST CORPORATION LIMITED ( Formerly known as Haiyana Fibres Limited) ("the Company"),, which comprises the Balance Sheet as at March 31, 2013 and the Statement of Profit and Loss and the 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

The Company''s 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 ira sub- section (3C) of section 211 of the Companies Act, 1956 ("the Act") and in accordance with the accounting principles generally accepted in India.This responsibility includes the desigpn, 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 frown 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 auiiit 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 the disclosures in the f nancial statements. The procecL ''es selected depend on the auditor''s judgment, including th-j assessment of the risks of material misstatement of the financial statements, whether c ie to fraud or error. In making, nose risk assessments, the auditor considers the interna# ontrol relevant to the Compare* '' preparation and fair presentation of the financial statements in order to design audit pjc-oedures that are appropriate in the circumstances, but nci for the purpose of expressing s."V opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of the accounting policies us.-d and the reasonableness of accounting estimates made by the 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 aforesaid financial statements give the information required by the Companies Act,. 1956 in the manner so required and give a true and fair view in conformity witln 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 Statement of Profit and Loss, of the Loss of the Company for the year ended on that date; and

c) In the case of Cash Flow Statement, of the Cash Flows of the Company 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 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act 1956 (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 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, Statement of Profit & 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 & Loss, and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Act; &

e) On the basis of the 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; .

i) (a) Company has maintained proper records showing full particulars, including quantitative details of fixed assets.

(b) As per the information and explanation given to us, fixed assets have been physically verified by the management at reasonable interval during the year.

(c) No substantial part of fixed assets has been disposed off during the year.

ii) (a) According to the informati on and explanations given to us physical verification of inventory has been conducted by the management at regular intervals.

(b) In our opinion, the procedure of physical verification of inventories followed by the management is commensurate with the size of the company and nature of its business.

(c) In our opinion, company is maintaining proper records of inventory. No material discrepancies have beeir noticed on physical verification of inventories as compared to books of accounts and minor discrepancies found, have been properly dealt with in the books of accounts.

iii) According to information and explanations given to us, the csmpany has not taken interest free unsecured loans from any of its group Companies during the year.

iv) In our opinion, and according to information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company & the nature of the business, for the purchase of inventory and Fixed Assets and for the sale of goods.

v) According to information and explanations given to us, during the year there are no transactions / purchase or sales that need to be entered is the register maintained U/S 301 of Companies Act. 1956. The company is a holding company of Kautilya Infotech Limited .

vi) According to information and explanations given to uskthe company has not accepted any deposits from public hence provisions of Section 58A of Companies Act, 1956 and rules framed there under are not applicable.

vii) a) According to the records of the company and explanation given to us, the provisions of Provident Fund and Employees State Insurance are not applicable to the company.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, customs duty and excise duty were outstanding as at 31st March 2013 for a period of more than six months from the date these became payable. Except the taxation payable (Net off DTA) for Rs. 5,40,300/- pertaining to the earlier years.

viii) According to information and explanations given to us and from the records of the company, the Company has not defaulted, in repayment of dues of bank.

ix) As explained to us, company has not given any guarantee for loans taken by others from banks or financial institutions.

x) According to information and explanations given to us, and from the records of the company, perused by us during the course of audit, term loans have not been raised during the year.

xi) According to information and explanations given to us and from the records of the company, no short-term funds have been raised during the year.

xii) According to information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained U/S 301 of the Companies Act, 1956.

xiii) Company has not issued any debenture during the year.

xiv) According to the information and explanations given to us, company has not raised any money by public issue during the year.

xv) According to information and explanations given to us and from the records of the company, perused by us during the course of our audit, we have not come across any fraud on or by the company during the year.

xvi) The other clauses of the Order are not applicable to the Company.

For A A A M & CO.

CHARTERED ACCOUNTANTS

FRN: 008113C



Sd/-

(CA AYUSH AGRAWAL, ACA)

Partner

M. No: 414952



PLACE: NOIDA

DATE: May 30, 2013

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Mar 31, 2011

We have audited the attached Balance Sheet of M/s. ALCHEMIST CORPORATION LIMITED (Formerly known as Haryana Fibres Limited), Delhi as at 31st MARCH, 2011 and also the Profit and Loss Account for 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.

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.

A. We report that:

1. 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.

2. 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.

3. The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

4. In our opinion, the Balance Sheet and the Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956.

5. On the basis of written representation received from the directors as on 31st March 201 land taken on record by the Board of directors we report that none of directors is disqualified as on 31st March 2011 from being appointed as director in terms of clause (g) of subsection (1) of section 274 of the company Act 1956.

6. In our opinion and to the best of our information and according to the explanations given to us, the said accounts, subject to the above, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

i) In the case of the Balance Sheet, of the State of Affairs of the Company as at 31st March, 2011;

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

iii) In the case of Cash Flow Statement, of the cash flows for the year ended on that date.

B As required by the Companies (Auditors Report) Order 2003, issued by the Central Government of India in terms of Sub Section (4A) Section 227 of the Companies Act, 1956, we further report on the matters specified in paragraphs 4 and 5 of the said order that

i) (a) Company has maintained proper records showing full particulars, including quantitative details of fixed assets.

(b) As per the information and explanation given to us, fixed assets have been physically verified by the management at reason- able interval during the year.

(c) No substantial part of fixed assets has been disposed off during the year.

ii) (a) According to the information and explanations given to us physical verification of inventory has been conducted by the man- agreement at regular intervals.

(b) In our opinion, the procedure of physical verification of inventories followed by the management is commensurate with the size of the company and nature of its business.

(c) In our opinion, company is maintaining proper records of inventory. No material discrepancies have been noticed on physical verification of inventories as compared to books of accounts and minor discrepancies found, have been properly dealt with in the books of accounts.

iii) According to information and explanations given to us, the company has not taken interest free unsecured loans from any of its group Companies during the year.

iv) In our opinion, and according to information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company & the nature of the business, for the purchase of inventory and Fixed Assets and for the sale of goods.

v) According to information and explanations given to us, during the year there are no transactions / purchase or sales that need to be entered is the register maintained U/S 301 of Companies Act. 1956. The company is a holding company of Kautilya Infotech Limited

vi) According to information and explanations given to us, the company has not accepted any deposits from public hence provisions of Section 58A of Companies Act, 1956 and rules framed there under are not applicable.

vii) a) According to the records of the company and explanation given to us, the provisions of Provident Fund and Employees State Insurance are not applicable to the company.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, customs duty and excise duty were outstanding as at 31st March 2011 for a period of more than six months from the date these became payable. Except the taxation payable (Net off DTA ) for Rs. 5,40,300/- pertaining to the earlier years.

viii) According to information and explanations given to us and from the records of the company, the Company has not defaulted, in repayment of dues of bank.

ix) As explained to us, company has not given any guarantee for loans taken by others from banks or financial institutions.

x) According to information and explanations given to us, and from the records of the company, perused by us during the course of audit, term loans have not been raised during the year.

xi) According to information and explanations given to us and from the records of the company, no short-term funds have been raised during the year.

xii) According to information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained U/S 301 of the Companies Act, 1956.

xiii) Company has not issued any debenture during the year.

xiv) According to the information and explanations given to us, company has not raised any money by public issue during the year.

xv) According to information and explanations given to us and from the records of the company, perused by us during the course of our audit, we have not come across any fraud on or by the company during the year.

xvi) The other clauses of the Order are not applicable to the Company.

For AGRAWAL ATUL & ASSOCIATES

Chartered Accountants

Sd/- Place : New Delhi (ATUL AGRAWAL, FCA)

Dated : 31.12.2011 Partner Membership No.: 077293

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Mar 31, 2010

We have audited the attached Balance Sheet of M/s. ALCHEMIST CORPORATION LIMITED (Formerly known as Haryana Fibres Limited), Delhi as at 31st MARCH, 2010 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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.

A. We report that :

1 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.

2. 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.

3. The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

4. In our opinion, the Balance Sheet and the Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Companies Act 1956.

5. On the basis of written representation received from the directors as on 31st March 2010 and taken on record by the Board of directors we report that none of directors is disqualified as on 31st March 2010 from being appointed as director in terms of clause (g) of subsection (1) of section 274 of the company Act 1956.

6. In our opinion and to the best of our information and according to the explanations given to us, the said accounts, subject to the above, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

i) In the case of the Balance Sheet, of the State of Affairs of the Company as at 31st March, 2010;

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

iii) In the case of Cash Flow Statement, of the cash flows for the year ended on that date.

B As required by the Companies (Auditors Report) Order 2003, issued by the Central Government of India in terms of Sub Section (4A Section 227 of the Companies Act, 1956, we further report on the matters specified in paragraphs 4 and 5 of the said order that : -

I)

(a) Company has maintained proper records showing full particulars, including quantitative details of fixed assets.

(b) As per the information and explanation given to us, fixed assets have been physically verified by the management at reasonable interval during the year.

c) No substantial part of fixed assets has been disposed off during the year.

ii) (a) According to the information and explanations given to us physical verification of inventory has been conducted by the management at regular intervals.

(b) In our opinion, the procedure of physical verification of inventories followed by the management is commensurate with the size of the company and nature of its business.

(c) In our opinion, company is maintaining proper records of inventory. No material discrepancies have been noticed on physical verification of inventories as compared to books of accounts and minor discrepancies found, have been properly dealt with in the books of accounts.

iii) According to information and explanations given to us, the company has not taken interest free unsecured loans from any of its group Companies during the year.

iv) In our opinion, and according to information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company & the nature of the business, for the purchase of inventory and Fixed Assets and for the sale of goods.

v) According to information and explanations given to us, during the year there are no transactions / purchase or sales that need to be entered is the register maintained U/S 301 of Companies Act. 1956. The company is a holding company of Kautilya Infotech Limited .

vi) According to information and explanations given to us, the company has not accepted any deposits from public hence provisions of Section 58A of Companies Act, 1956 and rules framed there under are not applicable.

vii) a) According to the records of the company and explanation given to us, the provisions of Provident Fund and Employees State Insurance are not applicable to the company.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, customs duty and excise duty were outstanding as at 31st March 2010 for a period of more than six months from the date these became payable. Except the taxation payable (Net off DTA ) for Rs. 5,40,300/- pertaining to the earlier years.

viii) According to information and explanations given to us and from the records of the company, the Company has not defaulted, in repayment of dues of bank.

ix) As explained to us, company has not given any guarantee for loans taken by others from banks or financial institutions.

x) According to information and explanations given to us, and from the records of the company, perused by us during the course of audit, term loans have not been raised during the year.

xi) According to information and explanations given to us and from the records of the company, no short-term funds have been raised during the year.

xii) According to information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained U/S 301 of the Companies Act, 1956.

xiii) Company has not issued any debenture during the year.

xiv) According to the information and explanations given to us, company has not raised any money by public issue during the year.

xv) According to information and explanations given to us and from the records of the company, perused by us during the course of our audit, we have not come across any fraud on or by the company during the year.

xvi) The other clauses of the Order are not applicable to the Company.

for AGRAWAL ATUL & ASSOCIATES

CHARTERED ACCOUNTANTS

(CA ATUL AGRAWAL, FCA)

PARTNER

Membership No: 077293

FRN NO: 008113C

Place : Delhi.

Date : 13th August,2010