Auditor Report of Alfavision Overseas (India) Ltd.

Mar 31, 2024

We have audited the standalone financial statements of ALFAVISION OVERSEAS (INDIA) LIMITED (“the Company”), which comprise the balance sheet as at 31 March 2024, and the statement of profit and loss (including other comprehensive income), statement of changes in equity and statement of cash flows for the year then ended, and notes to the standalone financial statements, including a summary of the 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 financial statements give the information required by the Companies Act, 2013 (“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, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statement in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) other Act. Our responsibilities under those SAs 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 our audit of the standalone 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 opinion.

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 for the financial year ended 31 March, 2024. 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 matter described below to be the key audit matter to be communicated in our report. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the standalone financial statements section of our report, including in relation to these matters. Accordingly our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the standalone financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying standalone financial statements.

Key Audit Matter	Auditor''s Response
Existence and completeness of Trade Receivables and Other Advances We discussed in basis of unqualified opinion, the company has to get confirmation and made reconciliation with all respective parties on periodic basis.	Principal Audit Procedures Our audit procedures related to confirmation and reconciliation included the following, among others: We tested the effectiveness of controls relating to (1) recording of revenue and estimation of price and application controls pertaining to revenue recording.
	We selected a sample of revenue recognized during the year and verified with the necessary documents.
	We have verified the subsequent payment received and trace to the bank statements.
Allowance for credit losses	Principal Audit Procedures
The Company determines the allowance for credit losses based on historical loss experience adjusted to reflect current and estimated future economic conditions. The Company considered current and anticipated future economic conditions relating to industries the Company deals with and the countries where it operates. In calculating expected credit loss, the Company has also considered credit reports and other related credit information for its customers to estimate the probability of default in future.	Our audit procedures related to the allowance for credit losses for trade receivables and unbilled revenue included the following, among others: We tested the effectiveness of controls over the (1) development of the methodology for the allowance for credit losses, including consideration of the current and estimated future economic conditions (2) completeness and accuracy of information used in the estimation of probability of default and (3) Computation of the allowance for credit losses.
We identified allowance for credit losses as a key audit matter because the Company exercises Significant judgment in calculating the expected credit losses.	For a sample of customers: We tested the input data such as credit reports and other credit related information used in estimating the probability of default by comparing them to external and internal sources of information.
	We tested the mathematical accuracy and computation of the allowances by using the same input data used by the Company.

Other Information

The Company’s management and Board of Directors are responsible for the other information. The other information comprises the information included in the Company’s annual report, but does not include the standalone financial statements and our auditors’ 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 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 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 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 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, 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.

Going Concern

In preparing the standalone financial statements, 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. Board of Directors is also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit ofthe 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.

• Subsidiary Removal is on 21.05.2023 and therefore we have not taken any effect of the same at the time of finalizing this report.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section143(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 standalone 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 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.

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 financial statements for the financial year ended 31 March, 2024 and is therefore the key audit matters. We describe these matters in our auditor’s 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 (Auditors’ 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 in the “Annexure 1” 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) ofthe Act, were 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 other comprehensive income), the statement of changes in equity and the statement of cash flows 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 under Section 133 of the Act, read with 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 164(2) ofthe Act;

f) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate report in “Annexure 2”to this report;

g) In our Opinion, the managerial remuneration of the year ended 31 March, 2024 has been paid/provided by the Company to its Directors the provisions of Section 197 read with Schedule V to the Act;

h) With respect to the other matters to be included in the Auditors’ 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 no pending litigations therefore not required to disclosed the impact of pending litigations on its financial position in its standalone financial statements;

ii. The Company has made provision as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.

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

iv. a. The management has represented that, to the best of its knowledge and belief, no funds 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 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 ofthe Ultimate Beneficiaries;

b. The management has represented that, to the best of its knowledge and belief, no funds have been

received by the Company from any person or entity, including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company

shall, whether, directly or indirectly, lendor 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; and

c. Based on such audit procedures that were 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 (a)and (b) contain any material misstatement.

v. The dividend declared/paid during the year and subsequent to the year-end by the Company is in compliance

with Section 123 of the Act.

For CA. S.N. Gadiya & Co.

Chartered Accountants

FRN: 002052C

(CA. S.N. Gadiya & Co.)

Place: Indore Proprietor

Date: May 30, 2024 M No: 071229

UDIN: 24071229BKCRCB1565

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Mar 31, 2015

We have audited the accompanying standalone financial statements of ALFAVISION OVERSEAS (I) LTD. (CIN :L67120MP1994PLC008375) ('the Company') which comprise the balance sheet as at 31 March 2015, 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 Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these standalone 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. 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; 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.

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, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial control systems over financial reporting and the operating effectiveness of such controls. 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 aforesaid standalone 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, of the state of affairs of the Company as at 31 March 2015 and its profit and its 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, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 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 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 under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

(e) On the basis of the written representations received from the directors as on 31 March 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2015 from being appointed as a director in terms of Section 164 (2) oftheAct;and

(f) 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 has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 2.20 and 2.37 to the financial statements;

ii. the Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts - Refer Note 2.7 to the financial statements; and

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

Place: - INDORE For, ABHISHEK NAHAR & ASSOCIATES

(Chartered Accountants)

Date :-30.05.2015 (CA ABHISHEK NAHAR)

Partner

M.No.407340

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Mar 31, 2014

[1] We have audited the attached Balance Sheet of ALFAVISION OVERSEAS (I).LTD as at 31st March 2014 and the Statement of Profit & Loss of the company for the year ended on that date. 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 have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan & perform the audit to obtain the reasonable assurance that the financial statements are free of material misstatement. An audit includes examining, on a test basis , evidence supporting the amounts & disclosures in the financial statements. An audit also includes assessing the accounting principles used & significant estimates made by management , as well as evaluating the overall presentation of financial statements. We believe that our audit provides a reasonable basis for our opinion.

[3] As required by the Statement on Companies (Auditors Report) Order 2003, issued by the Central Government of India, in terms of section 227(4A) of the Companies Act,1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 & 5 of the said order.

[4] Further to our comments in the Annexure referred to above. we report that:

(a) We have obtained all the information and explanations which to the best of our knowledge and belief was necessary for the purpose of our audit;

(b) In our opinion, proper books of accounts as required by law, have been maintained by the company so far as appears from our examination of these books;

(c) The Balance Sheet and Statement of Profit & Loss dealt with by this report are in agreement with the books of accounts;

(d) In our opinion, the Statement of Profit & Loss and the Balance Sheet comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 read with the general circular 15/2013, dated 13th September, 2013 of the MCA in respect of section 133 of Companies Act,2013;

(e) On the basis of written representation received from the directors of the company as on 31st March 2014 and taken on record by the Board of Directors, we report that none of the director is disqualified as on 31st March 2014 from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956;

(f) In our opinion and to the best of our information and according to explanations given to us, the said accounts read with other notes thereon and forming part of the accounts, give the information required by the Companies Act, 1956 in the manner so required and present a true and fair view

[i] In the case of the Balance sheet, of the State of Affairs of the Company as at 31st March 2014; and

[ii] In the case of Statement of Profit & Loss, of the profit for the year ended on that date.

ANNEXURE TO THE AUDIT REPORT

With reference to the annexure referred to in paragraph 2 of our report of even date to the members of Alfavision Overseas (I) Limited, Indore for the year ended on 31st March 2014, we report that, in our opinion and to the best of our information and explanation furnished to us and the books and records examined by us in the normal course of Audit.

1. (a) The work of compiling Fixed Assets register showing full particulars including quantitative details and situation of Fixed Assets in progress.

(b) As explained to us , the Fixed Assets have been physically verified by the management during the year, which in our opinion is reasonable, having regard to the size of the company and nature of its assets. We were informed that no material discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off any assets according to the information and explanations given to us.

2. (a) As explained to us, the stock of Inventory i.e. Trading goods, Agricultural products have been physically verified by the management at reasonable intervals during the year.

(b) In our opinion and according to the information & explanation given to us the procedure of physical verification of inventories followed by the management are reasonable & adequate in relation to the size of the company and the nature of its business.

(c) The company has maintained proper record of inventories. The Discrepancies noticed on verification between physical stock and book stock were not material having regard to the size of the operations of the company and have been properly dealt with in books of accounts.

3. The Company has taken loan from the 2 parties in the register maintained under section 301 of the Companies Act 1956, during the year. Further the company has granted loans to companies, firms or other parties covered in the register maintained u/s 301 of the Companies Act, 1956, aggregating to Rs. Nil during the year.

4. 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, for the purchase of inventory, fixed assets and for the sale of goods. Further, on the basis of our examination of the books and records of the company, and according to the explanations given to us, we have either come across nor have been informed of any continuing failure to correct major weakness in the aforesaid internal control procedures.

5. (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered in the register maintained under section 301 of the Act have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Act, and exceeding the value of five lacs rupees in respect of any party during the year have been made at prices the terms of which are reasonable having regard to the market price prevailing at the relevant time, based on prices charged to others for similar goods

6. The Company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Company Act, 1956 during the year.

7. Whether the Company has an internal audit system commensurate with the size and nature of its business.

NOT APPLICABLE.

8. As informed, that no cost accounting records have been prescribed for the company under section 209(1)(d) of the Companies Act, 1956.

9. According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues as applicable, with the appropriate authorities. As at 31st March, 2014 there were no arrears in respect of the aforesaid dues for a period of more than six months from the date they became payable.

10. According to the records examined by us and the information and explanations given to us the company has not defaulted in repayments of dues to the banks.

11. According to information and explanations given to us the company has not given any loans or advances on the basis of security of shares by way of pledge of Shares, debentures and other securities.

12. In our opinion the company is not a chit fund or a nidhi/ mutual fund/ benefit fund / society. Therefore the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

13. In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of CARO, 2003 are not applicable to the company.

14. In our Opinion and according to the Information and Explanations given to us the Company has not given any guarantee for the loans taken by others from banks or financial Institution during the Year

15. The Company has not obtained any term Loans during the Year.

16. On the basis of an overall examination of the balance sheet of the Company, in our opinion and According to the information and Explanations given to us, no fund raised on Short term basis have been used for Long Term Investments; funds raised on Long Term basis have been used to finance Short Term Investments during the Year.

17. The Company has not made any Predefined Allotment during the Year.

18. The Company has not issued any Debentures during the year and accordingly the question of creation of Securities in this regard does not arise.

19. The Company has not raised any Money by Public Issue during the Year.

20. To the best of our knowledge and belief and according to the information and explanation given to us, no fraud on or by the company was noticed or reported during the Year.

Place: - INDORE For, ABHISHEK NAHAR & ASSOCIATES (Chartered Accountants) Date: - 30.05.2014 ( CA ABHISHEK NAHAR ) PARTNER M.No. 407340 FRN 013738 C

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Mar 31, 2013

[1] We have audited the attached Balance Sheet of ALFAVISION OVERSEAS (I) LTD as at 31st March 2013 and the Statement of Profit & Loss of the company for the year ended on that date. 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 have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan & perform the audit to obtain the reasonable assurance that the financial statements are free of material misstatement. An audit includes examining, on a test basis , evidence supporting the amounts & disclosures in the financial statements. An audit also includes assessing the accounting principles used & significant estimates made by management , as well as evaluating the overall presentation of financial statements. We believe that our audit provides a reasonable basis for our opinion.

[3] As required by the Statement on Companies (Auditors Report) Order 2003, issued by the Central Government of India, in terms of section 227(4A) of the Companies Act,1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 & 5 of the said order.

[4] Further to our comments in the Annexure referred to above. we report that:

(a) We have obtained all the information and explanations which to the best of our knowledge and belief was necessary for the purpose of our audit;

(b) In our opinion, proper books of accounts as required by law, have been maintained by the company so far as appears from our examination of these books;

(c) The Balance Sheet and Statement of Profit & Loss dealt with by this report are in agreement with the books of accounts;

(d) In our opinion, the Statement of Profit & Loss and the Balance Sheet comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 to the extent applicable:

(e) On the basis of written representation received from the directors of the company as on 31st March 2013 and taken on record by the Board of Directors, we report that none of the director is disqualified as on 31st March 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) In our opinion and to the best of our information and according to explanations given to us, they said accounts read with other notes thereon and forming part of the accounts, give the information required by the Companies Act, 1956 in the manner so required and present a true and fair view

[i] In the case of the Balance sheet, of the State of Affairs of the Company as at 31st March 2013; and

[ii] In the case of Statement of Profit & Loss, of the profit for the year ended on that date.

With reference to the annexure referred to in paragraph 2 of our report of even date to the members of Alfavision Overseas (I) Limited, Indore for the year ended on 31st March 2013, we report that, in our opinion and to the best of our information and explanation furnished to us and the books and records examined by us in the normal course of Audit.

1. (a) The work of compiling Fixed Assets register showing full particulars including quantitative details and situation of Fixed Assets in progress.

(b) As explained to us , the Fixed Assets have been physically verified by the management during the year, which in our opinion is reasonable, having regard to the size of the company and nature of its assets. We were informed that no material discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off any assets according to the information and explanations given to us.

2. (a) As explained to us, the stock of Inventory i.e. Trading goods, Agricultural products have been physically verified by the management at reasonable intervals during the year.

(b) In our opinion and according to the information & explanation given to us the procedure of physical verification of inventories followed by the management are reasonable & adequate in relation to the size of the company and the nature of its business.

(c) The company has maintained proper record of inventories. The Discrepancies noticed on verification between physical stock and book stock were not material having regard to the size of the operations of the company and have been properly dealt with in books of accounts.

3. The Company has taken loan from the 2 parties in the register maintained under section 301 of the Companies Act 1956, during the year. Further the company has granted loans to companies, firms or other parties covered in the register maintained u/s 301 of the Companies Act, 1956, aggregating to Rs. Nil during the year.

4. 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, for the purchase of inventory, fixed assets and for the sale of goods. Further, on the basis of our examination of the books and records of the company, and according to the explanations given to us, we have either come across nor have been informed of any continuing failure to correct major weakness in the aforesaid internal control procedures.

5. (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered in the register maintained under section 301 of the Act have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Act, and exceeding the value of five lacs rupees in respect of any party during the year have been made at prices the terms of which are reasonable having regard to the market price prevailing at the relevant time, based on prices charged to others for similar goods

6. The Company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Company Act, 1956 during the year.

7. Whether the Company has an internal audit system commensurate with the size and nature of its business. NOT APPLICABLE.

8. As informed, that no cost accounting records have been prescribed for the company under section 209(1)(d) of the Companies Act, 1956.

9. According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues as applicable, with the appropriate authorities. As at 31st March, 2013 there were no arrears in respect of the aforesaid dues for a period of more than six months from the date they became payable.

10. The Company has accumulated business loss of Rs. 221103/- & Rs. 408/- related to F.Y. 2010-11 & 2011-12 respec. & unabsorbed depreciation of Rs. 32323 & 19680 related to F.Y. 2010-11 & 2011-12 respectively as at 31st March 2013.

11. According to the records examined by us and the information and explanations given to us the company has not defaulted in repayments of dues to the banks.

12. According to information and explanations given to us the company has not given any loans or advances on the basis of security of shares by way of pledge of Shares, debentures and other securities.

13. In our opinion the company is not a chit fund or a nidhi/ mutual fund/ benefit fund / society. Therefore the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

14. In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of CARO, 2003 are not applicable to the company.

15. In our Opinion and according to the Information and Explanations given to us the Company has not given any guarantee for the loans taken by others from banks or financial Institution during the Year

16. The Company has not obtained any term Loans during the Year.

17. On the basis of an overall examination of the balance sheet of the Company, in our opinion and According to the information and Explanations given to us, no fund raised on Short term basis have been used for Long Term Investments; funds raised on Long Term basis have been used to finance Short Term Investments during the Year.

18. The Company has not made any Predefined Allotment during the Year.

19. The Company has not issued any Debentures during the year and accordingly the question of creation of Securities in this regard does not arise.

20. The Company has not raised any Money by Public Issue during the Year.

21. To the best of our knowledge and belief and according to the information and

explanation given to us, no fraud on or by the company was noticed or reported during the Year.

Place: - INDORE For, ABHISHEK NAHAR & ASSOCIATES

(Chartered Accountants)

Date: - 13/05/2013

( CA ABHISHEK NAHAR )

Proprietor

M.No. 407340

FRN 013738 C

---

Mar 31, 2010

[1] We have audited the attached Balance Sheet of ALFAVISION OVERSEAS (I).LTD as at 31st March 2010 and the Profit & Loss Account of the company for the year ended on that date. 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 have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan & perform the audit to obtain the reasonable assurance that the financial statements are free of material misstatement. An audit includes examining, on a test basis , evidence supporting the amounts & disclosures in the financial statements. An audit also includes assessing the accounting principles used & significant estimates made by management , as well as evaluating the overall presentation of financial statements. We believe that our audit provides a reasonable basis for our opinion.

[3] As required by the Statement on Companies (Auditors Report) Order 2003, issued by the Central Government of India, in terms of section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 & 5 of the said order.

[4] Further to our comments in the Annexure referred to above, we report that:

(a) We have obtained all the information and explanations which to the best of our knowledge and belief was necessary for the purpose of our audit;

(b) In our opinion, proper books of accounts as required by law, have been maintained by the company so far as appears from our examination of these books;

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

(d) In our opinion, the Profit & Loss Account and the Balance Sheet comply with with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 to the extent applicable:

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

(f) In our opinion and to the best of our information and according to explanations given to us, the said accounts read with other notes thereon and forming part of the accounts, give the information required by the Companies Act, 1956 in the manner so required and present a true and fair view

[i] In the case of the Balance sheet, of the State of Affairs of the Company as at 31st March 2010; and '

[ii] In the case of Profit & Loss Account, of the profit for the year ended on that date.

ANNEXURE TO THE AUDIT REPORT

With reference to the annexure referred to in paragraph 2 of our report of even date to the members of Alfavision Overseas (I) Limited, Indore for the year ended on 31st March 2010, we report that, in our opinion and to the best of our information and explanation furnished to us and the books and records examined by us in the normal course of Audit.

1. (a) The work of compiling Fixed Assets register showing full particulars including quantitative details and situation of Fixed Assets in progress.

(b) As explained to us , the Fixed Assets have been physically verified by the management during the year, which in our opinion is reasonable, having regard to the size of the company and nature of its assets. We were informed that no material discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off any assets according to the information and explanations given to us.

2. (a) As explained to us, the stock of Inventory i.e. Trading goods, Agricultural products have been physically verified by the management at reasonable intervals during the year.

(b) In our opinion and according to the information & explanation given to us the procedure of physical verification of inventories followed by the management are reasonable & adequate in relation to the size of the company and the nature of its business.

(c) The company has maintained proper record of inventories. The Discrepancies noticed on verification between physical stock and book stock were not material having regard to the size of the operations of the company and have been properly dealt with in books of accounts.

3. The Company has not taken loan from the parties in the register maintained under section 301 of the Companies Act 1956, during the year. Further the company has granted loans to companies, firms or other parties covered in the register maintained u/s 301 of the Companies Act, 1956, aggregating to Rs. Nil during the year.

4. 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, for the purchase of inventory, fixed assets and for the sale of goods. Further, on the basis of our examination of the books and records of the company, and according to the explanations given to us, we have either come across nor have been informed of any continuing failure to correct major weakness in the aforesaid internal control procedures.

5. (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered in the register maintained under section 301 of the Act have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Act, and exceeding the value of five lacs rupees in respect of any party during the year have been made at prices the terms of which are reasonable having regard to the market price prevailing at the relevant time, based on prices charged to others for similar goods

6. The Company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Company Act, 1956 during the year.

7. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its activities with regard to purchase of inventory, fixed assets and for the sale of goods and services.

8. As informed, that no cost accounting records have been prescribed for the company under section 209(1 )(d) of the Companies Act, 1956.

9. According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues as applicable, with the appropriate authorities. As at 31st March, 2010 there were no arrears in respect of the aforesaid dues for a period of more than six months from the date they became payable.

10. The Company has accumulated business loss of Rs. 27317/- related to F.Y. 2007-08 & unabsorbed depreciation of Rs. 19254 related to F.Y. 2007-08 as at 31st March 2010.

11. According to the records examined by us and the information and explanations given to us the company has not defaulted in repayments of dues to the banks.

12. According to information and explanations given to us the company has not given any loans or advances on the basis of security of shares by way of pledge of Shares, debentures and other securities.

13. In our opinion the company is not a chit fund or a nidhi/ mutual fund/ benefit fund / society. Therefore the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

Place: - INDORE For T.VAIDYA & ASSOCIATES

(Chartered Accountants)

Date:- 19/08/2010 (GIRRAJ GUPTA)

Proprietor

M.No. 408804

---

Mar 31, 2009

We have audited the attached Balance Sheet of M/s ALFAVISION OVERSEAS (I) LIMITED as at 31st March 2009 and also the Profit & Loss Account of the company for the year ended on that date. These financial statements are the responsibilities of the Company's management. 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 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.

2) As required by the Companies (Auditor's Report) Order, 2003, issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraph 4 and 5 of the said order.

3) Further to our comments in the Annexure referred to 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 purpose of our audit.

b) In our opinion, proper books of accounts as required by law have been kept by the Company so far as it appears from our examination of books.

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

d) In our opinion, the Profit & Loss Account and the Balance Sheet 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 of the Company as at 31st March 2009 and taken on record by the Board of Directors, we report that none of the director is disqualified as on 31st March 2009 from being appointed as director of the Company under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanation given to us, the said accounts read with other notes thereon and forming part of the accounts, give the information required by the Companies Act, 1956, in the manner so required and present a true and fair view:

i) in the case of Balance Sheet of the State of affairs of the Company as at 31st March 2009 and

ii) in the case of Profit & Loss Account of the Profit for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

With reference to the Annexure referred to in paragraph 2 of our report of even date to the members of ALFA VISION OVERSEAS (I) LIMITED, INDORE for the year ended on 315f March, 2009, We report that, in our opinion and to the best of our information and explanations furnished to us and the books and records examined by us in the normal course of Audit:

1. a. The Work of Compiling Fixed Assets register showing full particulars including quantitative details and Situation of Fixed Assets is in Progress.

b. As explained to us, the Fixed Assets have been physically verified by the management during the Year, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. We were informed that no material discrepancies were noticed on such physical verification.

c. During the year, the company has not disposed off any assets according to the information and explanations given to us.

2. a. As explained to us, the stock of Inventories i.e. investment in share & Agriculture product have been physically verified by the management at reasonable intervals during the year.

b. In our opinion, & according to the information & explanation given to us the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c. The Company has maintained proper record of inventories except quantitative details. The discrepancies noticed on verification between Physical stock and book stock were not material having regard to the size of the operations of the company and have been properly dealt with in Books of Accounts.

3.a. The Company has not taken loan from the parties covered in the register maintained under section 301 of the Companies Act, 1956, during the year. The Company has granted loans to Companies, firms or other parties covered in the register maintained u/s 301 of the Companies Act, 1956. aggregating to Rs. Nil during the year. The outstanding balance as on the date of Balance Sheet is Rs. Nil.

b. In our opinion and according to the information and explanations given to us, the loan is interest free.

c. In respect of Loans given by the Company, the Repayment of the loans shall be made on demand by the parties.

d. As explained to us, in case overdue amount exceeds one lakhs reasonable steps have been taken by the company for payment of the principal.

4. In our opinion and according to the information and explanation given to us, there is adequate internal control procedure commensurate with the size of the Company and the nature of its business for the Purchase of Goods, fixed assets and also for the Sale of goods. Further, on the basis of our examination of the books and records of the company, and according to the explanation given to us, we have either come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedures.

5. (a) Based on the Audit Procedures applied by us and according to the information and explanations given to us, the transactions that need to be entered into the register maintained in pursuance of section 301 of the Companies Act, 1956.have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Act. And exceeding the value of five lac rupees in respect of any party during the year have been made at prices the terms of which are reasonable having regard to the market prices prevailing at the relevant time, based on prices charged to others for similar goods.

6. The Company has not accepted any deposits from the public within the meaning of Section 58A and 58 AA of the Companies Act, 1956 and the rules framed there under.

7. In our opinion & according to explanations given to us, the company has an Internal Audit System commensurate with its size and the nature of its business.

8. We were informed that Central Government has not prescribed maintenance of cost records under section 209(l)(d) of the Companies Act, 1956 in respect of business activity of the Company.

9. According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees, state Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, Cess and other statutory dues, whatever applicable to the Company have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2009 for a period of more than six months from the date they become payable.

10. The Company has no accumulated losses as at 31st March 2009 and it has not incurred any cash losses during the financial year covered by our audit.

11. The Company did not have any outstanding debentures. The Company has not defaulted in repayment of dues to financial institutions/banks or debenture holders.

12. The Company during the year has not granted Loans and Advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a nidhi/ mutual benefit fund/ society to which the provisions of special statue relating to chit fund are applicable.

14. In our opinion & according to explanation given to us, the company maintained record;; regarding transaction & contracts of shares, securities, debentures and other investments. All the shares purchased during the year are in the company's owe name.

15. The Company has not given any guarantees for Loans taken by others from Banks or Financial Institutions.

16. The Company has not raised any new term loans during the year.

17. According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized the funds raised from short term sources towards Long term investment and vice versa.

18. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. The Company did not have issued debentures and therefore question of creating of Securities does not arise.

20. The Company has not raised any money by way of Public issue during the year.

21. In our opinion and according to the information and explanation given to us, no fraud on or by the Company has been noticed or reported during the year that causes the financial statements to be materially misstated.

For TAPAIV GOYAL & CO.

Chartered Accountants

Tapan Goyal

Proprietor

M.No. 404374

Place : Indore

Date : 21st August, 2009

---

Mar 31, 2008

We have audited the attached Balance Sheet of M/s ALFAVISION OVERSEAS (I) LIMITED as at 31st March 2008 and also the Profit & Loss Account of the company for the year ended on that date. These financial statements are the responsibilities of the Company's management. 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 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.

2) As required by the Companies (Auditor's Report) Order, 2003, issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraph 4 and 5 of the said order.

3) Further to our comments in the Annexure referred to 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 purpose of our audit.

b) In our opinion, proper books of accounts as required by law have been kept by the Company so far as it appears from our examination of books.

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

d) In our opinion, the Profit & Loss Account and the Balance Sheet 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 of the Company as at 31st March 2008 and taken on record by the Board of Directors, we report that none of the director is disqualified as on 31st March 2008 from being appointed as director of the Company under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanation given to us, the said accounts read with other notes thereon and forming part of the accounts, give the information required by the Companies Act, 1956, in the manner so required and present a true and fair view:

i) in the case of Balance Sheet of the State of affairs of the Company as at 31st March 2008

and

ii) in the case of Profit & Loss Account of the Profit for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

With reference to the Annexure referred to in paragraph 2 of our report of even date to the members of ALFAVISION OVERSEAS (I) LIMITED, INDORE for the year ended on 31st March, 2008, We report that, in our opinion and to the best of our information .and explanations furnished to us and the books and records examined by us in the normal course of Audit:

1. a. The Work of Compiling Fixed Assets register showing full particulars including quantitative details and Situation of Fixed Assets is in Progress.

b. As explained to us, the Fixed Assets have been physically verified by the management during the Year, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. We were informed that no material discrepancies were noticed on such physical verification.

c. During the year, the company has not disposed off any assets according to the information and explanations given to us.

2. a. As explained to us, the stock of Inventories i.e. investment in share & Agriculture product have been physically verified by the management at reasonable intervals during the year.

b. In our opinion, & according to the information & explanation given to us the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c. The Company has maintained proper record of inventories except quantitative details. The discrepancies noticed on verification between Physical stock and book stock were not material having regard to the size of the operations of the company and have been properly dealt with in Books of Accounts.

3. a The Company has not taken loan from the parties covered in the register maintained under section 301 of the Companies Act, 1956, during the year. But outstanding balance of one party is Rs. 60,010/-Further the Company has granted loans to Companies, firms or other parties covered in the register maintained u/s 301 of the Companies Act, 1956. aggregating to Rs. Nil during the year. The outstanding balance as on the date of Balance Sheet is Rs. Nil.

b. In our opinion and according to the information and explanations given to us, the loan is interest free.

c. In respect of Loans given by the Company, the Repayment of the loans shall be made on demand by the parties.

d. As explained to us, in case overdue amount exceeds one lakhs reasonable steps have been taken by the company for payment of the principal.

4. In our opinion and according to the information and explanation given to us, there is adequate internal control procedure commensurate with the size of the Company and the nature of its business for the Purchase of Goods, fixed assets and also for the Sale of goods. Further, on the basis of our examination of the books and records of the company, and according to the explanation given to us, we have either come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedures.

5. (a) Based on the Audit Procedures applied by us and according to the information and explanations given to us, the transactions that need to be entered into the register maintained in pursuance of section 301 of the Companies Act, 1956.have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Act. And exceeding the value of five lac rupees in respect of any party during the year have been made at prices the terms of which are reasonable having regard to the market prices prevailing at the relevant time, based on prices charged to others for similar goods.

6. The Company has not accepted any deposits from the public within the meaning of Section 58A and 58 AA of the Companies Act, 1956 and the rules framed there under.

7. In our opinion & according to explanations given to us, the company has an Internal Audit System commensurate with its size and the-nature of its business.

8. We were informed that Central Government has not prescribed maintenance of cost records under section 209(l)(d) of the Companies Act, 1956 in respect of business activity of the Company.

9. According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees, state Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, Cess and other statutory dues, whatever applicable to the Company have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2008 for a period of more than six months from the date they become payable.

10. The Company has no accumulated losses as at 31st March 2008 and it has not incurred any cash losses during the financial year covered by our audit.

11. The Company did not have any outstanding debentures. The Company has not defaulted in repayment of dues to financial institutions/banks or debenture holders.

12. The Company during the year has not granted Loans and Advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a nidhi/ mutual benefit fund/ society to which the provisions of special statue relating to chit fund are applicable.

14. In our opinion & according to explanation given to us, the company maintained records regarding transaction & contracts of shares, securities, debentures and other investment. All the shares purchased during the year are in the company's owe name.

15. The Company has not given any guarantees for Loans taken by others from Banks or Financial Institutions.

16. The Company has not raised any new term loans during the year.

17. According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized the funds raised from short term sources towards Long term investment and vice versa.

18. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. The Company did not have issued debentures and therefore question of creating of Securities does not arise.

20. The Company has not raised any money by way of Public issue during the year.

21. In our opinion and according to the information and explanation given to us, no fraud on or by the Company has been noticed or reported during the year that causes the financial statements to be materially misstated.



For TAPAN GOYAL & CO.

Chartered Accountants

Tapan Goyal

Proprietor

M.No. 404374

Place: Indore

Date : 13th August, 2008