Auditor Report of Amco India Ltd.

Mar 31, 2024

We have audited the accompanying standalone financial statements of Amco India Limited (“the Company”),
which comprises of the balance sheet as at 31st March 2024, and the statement of Profit and Loss (including other
comprehensive income), and the Statement of changes in equity and statement of cash flows 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 financial statements give the information required by the Companies Act, 2013 (“the Act”) in the
manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed
under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended,
(“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at
31 March 2024, and its profit, total 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 financial statements in accordance with the Standards on Auditing (SAs)
specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the
Auditor''s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI)
together with the ethical requirements that are relevant to our audit of the financial statements under the provisions
of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion on the standalone 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. Based on our audit, there are no key audit matters to be discussed.

Management’s Responsibility 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, changes in equity and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section
133 of the Act.

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 implementation and maintenance of 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 statement that give a true
and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company''s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless management either intends to liquidate the Company or to cease operations, or has
no realistic alternative but to do so. Those Board of Directors are also responsible for overseeing the Company''s
financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

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

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

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

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

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

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

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

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

We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.

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 of the current period and are 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 (Auditor''s Report) Order, 2020 (“the Order”) issued by the Central Government
of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure A, a statement on the
matters specified in the paragraph 3 and 4 of the order.

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 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 financial statements comply with the Indian 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 31st March 2024 taken on
record by the Board of Directors, none of the directors is disqualified as on 31st March 2024 from being

appointed as a director in terms of Section 164 (2) of the Act;

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

g. With respect to the other matters to be included in the Auditor''s Report in accordance with the
requirements of section 197(16) of the Act, as amended, in our opinion and to the best of our information
and according to the explanations given to us, the remuneration paid by the Company to its directors
during the year is in accordance with the provisions of section 197 read with Schedule V to 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 has disclosed the impact, wherever necessary, 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 Indian Accounting
Standards, for material foreseeable losses, if any, on long-term contracts including derivative
contracts;

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, to the best of it''s 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(s) or
entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf
of the Ultimate Beneficiaries.

(b) The Management has represented, that, to the best of it''s knowledge and belief , no
funds have been received by the Company from any person(s) or entity(ies), including
foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or
otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries.

(c) Based on the audit procedures performed that have been considered reasonable and
appropriate in the circumstances, nothing has come to my/our notice that has caused me/
us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e) contain any
material mis-statement.

v. The company has not declared or paid any dividend during the financial year ended 31st March,
2024 and thus the reporting requirement as per Rule 11(f) is not applicable.

vi. Based on our examination, the accounting software used by the Company for maintaining its
books of accounts for the financial year ended 31st March 2024 has not activated audit trail
feature.

For, V.V Kale & Co

Chartered Accountants

Firm''s registration number: 000897N

Sd/-

Vijay V Kale

Partner

Membership number: 080821

UDIN: 24080821BKEJTG5449

Place: Noida, U.P

Date: 30.05.2024

---

Mar 31, 2015

We have audited the accompanying financial statements of Amco India Limited (The Company), which comprise the balance sheet as at March 31,2015, the statement of Profit and Loss & the cash flow statement for the year then ended, and a Summary of significant accounting polices 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 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 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 have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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 internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view 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 controls system over financial reporting and the operating effectiveness of such controls.

An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting

estimates made by the Company's Directors, 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 on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2015 and

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

iii) In the case of Cash Flow Statement, of the cash flows during 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 in terms of sub- section 11 of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of

the Order.

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 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 written representations received from the directors as on March 31.2015 taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2015, from being appointed as a director in terms of Section 164(2) of the Act.

ANNEXURE TO INDEPENDENT AUDITORS' REPORT

) Referred to in Paragraph (1) under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date)

The Annexure referred to in our report to the members of Amco India Limited (the Company') for the year Ended on 31st March, 2015. We report that:

(i) (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets;

(b) As explained to us, major fixed assets have been physically verified by the management in a phased &reasonable manner, which in our opinion is reasonable, as considered appropriate by the management. We have been explained that no material discrepancies were noticed on such verification as compared to book records.

(ii) (a) The inventory of the Company, except for the inventory with third parties & material in transit, has been physically verified by the management at reasonable intervals.

(b) The procedure of physical verification of inventory followed by the Management is in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanation given to us, the Company is maintaining proper records of inventory. As per the information and explanations given to us, the company had undertaken extensive stock verification during the year. Discrepancies noticed during physical verification of inventory were not material & have been properly dealt with in the accounts.

(iii) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act.

(iv) According to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of fixed assets and for sale of goods.

(v) The company has not accepted any deposits from the public thus Paragraph 3(v) of Order is not applicable.

(vi) The central government has not prescribed maintenance of cost records for the Company under Section 148(1) of the Companies Act, 2013. Accordingly, Paragraph 3(vi) of the Order is not applicable.

(vii) (a) The Company is regular in depositing undisputed statutory dues including provident fund, employees' state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities.

(b) According to the information and explanations given to us and the records of the company examined by us, there are no dues of Sales Tax, Income Tax, Service Tax and duties of excise as at 31 't March 2015 which have not been deposited on account of any dispute.

(c) No amount is required to be transferred to investor education and protection fund and thus Paragraph 3(vii)(c) of the Order is not applicable.

(viii) As at the end of the period covered by the audit, the Company does not have any accumulated losses. During the financial year ended 31st March, 2015, the Company has not incurred any cash loss. The Company had incurred a cash loss of Rs. 32,758,096 in the immediately preceding financial year.

(ix) The company has not defaulted in repayment of dues to a financial institution or bank or debenture holders.

(x) The company has not given any guarantee for loans taken by others from bank or financial institutions.

(xi) The Company has applied term loans for the purpose for which they had been obtained.

(xii) No fraud on or by the company has been noticed of reported during the year.

For V. V. KALE & Co. Chartered Accountants FRN : 000897N

SD/- PLACE : Noida, U.P. VIJAY V. KALE DATE : 30.05.2015 (Partner) M. No. 080821

---

Mar 31, 2014

We have audited the accompanying financial statements of Amco India Limited, which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of Significant Accounting Policies and other explanatory information.

Management''s Responsibility for the Financial Statements

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 notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 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 disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

(b) In the case of the Statement of Profit and Loss, of the Loss for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order. 2003, as amended by the Companies (Auditor''s Report) (Amendment) Order 2004'', issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Act (hereinafter referred to as the ''Order). and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order,

2. As required by Section 227(3) of the Act, we report that:

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

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

c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account:

d) In our opinion, the balance sheet, statement of profit and loss and cash flow statement comply with the Accounting Standards referred to in sub–section (3C) of section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013; and

e) On the basis of written representations received from the directors as on March 31. 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act'' 1956.

ANNEXURE TO INDEPENDENT AUDITORS'' REPORT

Referred to in Report on Other Legal and Regulatory Requirements paragraph of the Independent Auditors'' Report of even date to the members of AMCO INDIA LIMITED on the financial statements for the year ended on March 31st 2014:

i. a ) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b) As explained to us fixed assets have been physically verified by the management during the year based on a phased programme of verifying all the assets over a period of two years which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

c) During the current year, substantial amount of fixed asset of Bhiwadi Unit has been disposed off. However in the opinion of the Management, this will not make any affect on the going concern of the Company.

ii. a) The inventory (excluding stocks with the third parties and material in transit) has been physically verified by the management during the year. In respect of inventory lying with third parties, these have been confirmed by them. In our opinion, the frequency of verification is reasonable.

b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) In our opinion on the basis of our examination of the inventory records, the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and were properly dealt with in the books of accounts.

iii. a) The company has not granted any loans to parties covered in the register maintained under Section 301 of the Companies Act, 1956.

b) The company has taken loans (Interest free) during the year from the parties covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount outstanding at any time during the year was Rs. 121.65 Lacs and the year-end balance is Rs. 111.85 Lacs.

c) In respect of the said loans, there are no overdue amounts.

iv. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale of goods and services. On the basis of our examination of books of accounts and records of the company and according to information and explanations given to us, we have neither come across nor have been Informed of any major weakness in the internal control system during the course of our audit.

v. a) According to the information and explanations given to us, the particulars of contracts or arrangements that need to be entered into the register maintained under 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 such contracts or arrangement entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi. The Company has not accepted any deposits from public. Therefore the provisions of clause 4(vi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

vii. In our opinion, the internal audit functions carried out by the management of the Company during the year have been commensurate with the size of the Company and the nature of its business.

viii. We have broadly received the cost records maintained by the Company pursuant to the companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(I)(d) of the Companies Act, 1956 and are of the opinion that prime facie the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

ix a) According to the information and explanation 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 including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues as applicable, with the appropriate authorities in India.

b) According to the information and explanation given to us and the records of the company examined by us, there are no dues of Provident Fund, Employees'' State Insurance, Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues as applicable, which have not been deposited on account of any dispute.

x The Company has no accumulated losses as at 31st March, 2014 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

xi. According to the records of the Company examined by us and as per the information and explanation given to us, the Company has not defaulted in repayment of dues to financial institution or Bank as at the Balance Sheet date.

xii. The Company has not granted Loans and advances on the basis of security by way of pledge of shares, debenture and other securities during the year.

xiii. In our opinion, the Company is not a Chit Fund, Nidhi or Mutual Benefit Fund/ Society. Therefore the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

xiv. In our opinion and as per records examined by us, the Company is not dealing in or trading in shares, securities, debentures and other investment during the year. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

xv. As per information and explanations given to us the Company has not given guarantees for loans taken by others from banks or financial institutions.

xvi. In our opinion and according to the information & explanations given to us, on an overall basis, the term loans have been applied for the purpose for which they were obtained.

xvii. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that the funds raised on short-term basis have not been used for long-term investment.

xviii. According to the information and explanations given to us, the Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 during the year.

xix. During the year covered by our Audit Report, the company has not issued any debentures and no debentures were outstanding at the beginning of the year. Therefore the provisions of clause 4(xix) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

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

xxi. During the course of our examination of the books of account and records of the Company carried out in accordance with generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year.

For V. V. KALE & Co. Chartered Accountants FRN : 000897N

SD/- PLACE : NEW DELHI VIJAY V. KALE DATE : 30.05.2014 (Partner) M. No. 080821

---

Mar 31, 2013

1. We have audited the attached Balance Sheet of AMCO INDIA LIMITED as at 31st March 2013, related Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto, which we have signed under reference to this report. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the 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 mis-statement. 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 statements presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor''s Report) Order, 2003 as amended by the Companies (Auditor''s Report) (Amendment) Order, 2004 (together the ''Order'') issued by the Central Government of India in terms of sub-section (4A) of section 227 of The Companies Act, 1956'' of India (the Act) and on the basis of such checks of the books and the records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

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

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

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

e) On the basis of written representations received from the directors of the Company, as on 31st March, 2013 and taken on record by the Board of Directors of the Company, none of the directors 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 Act;

f) In our opinion and to the best of our information and according to the explanations given to us, they said financial statements together with notes thereon and attached thereto give in prescribed manner the information required by the Act 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, 2013.

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

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

Referred to in Paragraph 3 of the Auditors'' Report of even date to the members of AMCO INDIA LIMITED on the financial statements for the year ended on March 31st 2013:

i. a ) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b) As explained to us fixed assets have been physically verified by the management during the year based on a phased programme of verifying all the assets over a period of two years which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

c) According to the information and explanation given to us, in our opinion, the Company has not disposed of any substantial part of the fixed assets during the year.

ii. a) The inventory (excluding stocks with the third parties and material in transit) has been physically verified by the management during the year. In respect of inventory lying with third parties, these have been confirmed by them. In our opinion, the frequency of verification is reasonable.

b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) In our opinion on the basis of our examination of the inventory records, the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and were properly dealt with in the books of accounts.

iii. a) The company has not granted any loans to parties covered in the register maintained under Section 301 of the Companies Act, 1956.

b) The company has not taken any loans during the year from any party covered in the register maintained under Section 301 of the Companies Act, 1956.

iv. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale of goods and services. On the basis of our examination of books of accounts and records of the company and according to information and explanations given to us, we have neither come across nor have been Informed of any major weakness in the internal control system during the course of our audit.

v. a) According to the information and explanations given to us, the particulars of contracts or arrangements that need to be entered into the register maintained under 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 such contracts or arrangement entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi. The Company has not accepted any deposits from public. Therefore the provisions of clause 4(vi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

vii. In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

viii. We have broadly received the cost records maintained by the Company pursuant to the companies (Cost Accounting

Records) Rules, 2011 prescribed by the Central Government under Section 209(I)(d) of the Companies Act, 1956 and are of the opinion that prime facie the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

ix a) According to the information and explanation 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 including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues as applicable, with the appropriate authorities in India.

b) According to the information and explanation given to us and the records of the company examined by us, there are no dues of Provident Fund, Employees'' State Insurance, Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues as applicable, which have not been deposited on account of any dispute.

x The Company has no accumulated losses as at 31st March, 2013 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

xi. According to the records of the Company examined by us and as per the information and explanation given to us, the Company has not defaulted in repayment of dues to financial institution or Bank as at the Balance Sheet date.

xii. The Company has not granted Loans and advances on the basis of security by way of pledge of shares, debenture and other securities during the year.

xiii. In our opinion, the Company is not a Chit Fund, Nidhi or Mutual Benefit Fund/ Society. Therefore the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

xiv. In our opinion and as per records examined by us, the Company is not dealing in or trading in shares, securities, debentures and other investment during the year. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

xv. As per information and explanations given to us the Company has not given guarantees for loans taken by others from banks or financial institutions.

xvi. In our opinion and according to the information & explanations given to us, on an overall basis, the term loans have been applied for the purpose for which they were obtained.

xvii. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that the funds raised on short-term basis have not been used for long-term investment.

xviii. According to the information and explanations given to us, the Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 during the year.

xix. During the year covered by our Audit Report, the company has not issued any debentures and no debentures were outstanding at the beginning of the year. Therefore the provisions of clause 4(xix) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

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

xxi. During the course of our examination of the books of account and records of the Company carried out in accordance with generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year.

For V. V. KALE & Co.

Chartered Accountants

FRN : 000897N

SD/-

PLACE : NEW DELHI VIJAY V. KALE

DATE : 30.05.2013 (Partner)

M. No. 080821

---

Mar 31, 2012

1. We have audited the attached Balance Sheet of AMCO INDIA LIMITED as at 31st March 2012, related Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto, which we have signed under reference to this report. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether this financial statements are free of material mis-statement. 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 statements presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor''s Report) Order, 2003 as amended by the Companies (Auditor''s Report) (Amendment) Order, 2004 (together the ''Order'') issued by the Central Government of India in terms of sub-section (4A) of section 227 of The Companies Act, 1956'' of India (the Act) and on the basis of such checks of the books and the records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

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

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

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

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

f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with notes thereon and attached thereto give in prescribed manner the information required by the Act 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 31 st March, 2012.

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

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

ANNEXURE TO AUDITORS'' REPORT

Referred to in Paragraph 3 of the Auditors'' Report of even date to the members of AMCO INDIA LIMITED on the financial statements for the year ended on March 31 st2012:

i. a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b) As explained to us fixed assets have been physically verified by the management during the year based on a phased programme of verifying all the assets over a period of two years which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

c) According to the information and explanation given to us, in our opinion, the Company has not disposed of any substantial part of the fixed assets during the year.

ii. a) The inventory (excluding stocks with the third parties and material in transit) has been physically verified by the management during the year. In respect of inventory lying with third parties, these have been confirmed by them. In our opinion, the frequency of verification is reasonable.

b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) In our opinion on the basis of our examination of the inventory records, the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and were properly dealt with in the books of accounts.

iii. a) The company has not granted any loans to parties covered in the register maintained under Section 301 of the- Companies Act, 1956.

b) The company has not taken any loans during the year from any party covered in the register maintained under Section 301 of the Companies Act, 1956. _ -

iv. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale of goods and services. On the basis of our examination of books of accounts and records of the company and according to information and explanations given to us, we have neither come across nor have been Informed of any major weakness in the internal control system during the course of our audit.

v. a) According to the information and explanations given to us, the particulars of contracts or arrangements that need to be entered into the register maintained under 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 such contracts or arrangement entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi. The Company has not accepted any deposits from public. Therefore the provisions of clause 4{vi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

vii. In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

viii. The Central Government has not prescribed the maintenance of the cost records under section 209(1) (d) of the Companies Act 1956. Therefore the provisions of clause 4(viii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

ix a) According to the information and explanation 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 including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues as applicable, with the appropriate authorities in India. ''

b) According to the information and explanation given to us and the records of the company examined by us, there are no dues of Provident Fund, Employees'' State Insurance, Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues as applicable, which have not been deposited on account of any dispute.

x The Company has no accumulated losses as at 31h March, 2012 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

xi. According to the records of the Company examined by us and as per the information and explanation given to us, the Company has not defaulted in repayment of dues to financial institution or Bank as at the Balance Sheet date.

xii. The Company has not granted Loans and advances on the basis of security by way of pledge of shares, debenture and other securities during the year.

xiii. In our opinion, the Company is not a Chit Fund, Nidhi or Mutual Benefit Fund/ Society. Therefore the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

xiv. In our opinion and as per records examined by us, the Company is not dealing in or trading in shares, securities, debentures and other investment during the year. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

xv. As per information and explanations given to us the Company has not given guarantees for loans taken by others from banks or financial institutions.

xvi. In our opinion and according to the information & explanations given to us, on an overall basis, the term loans have been applied for the purpose for which they were obtained.

xvii. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that the funds raised on short-term basis have not been used for long-term investment.

xviii. According to the information and explanations given to us, the Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 during the year.

xix. During the year covered by our Audit Report, the company has not issued any debentures and no debentures were outstanding at the beginning of the year. Therefore the provisions of clause 4(xix) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

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

xxi. During the course of our examination of the books of account and records of the Company carried out in accordance with generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year.

For V. V. KALE & Co.

Chartered Accountants

FRN : 000897N

SD/-

PLACE: NEW DELHI VIJAY V. KALE

DATE: 30.05.2012 (Partner) M. No. 080821

---

Mar 31, 2011

1. We have audited the attached Balance Sheet of AMCO INDIA LIMITED as at 31st March 2011, related Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto, which we have signed under reference to this report. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the 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 mis-statement. 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 statements presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 as amended by the Companies (Auditor's Report) (Amendment) Order, 2004 (together the 'Order') issued by the Central Government of India in terms of sub-section (4A) of section 227 of The Companies Act, 1956' of India (the Act) and on the basis of such checks of the books and the records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

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

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

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

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

f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with notes thereon and attached thereto give in prescribed manner the information required by the Act 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 and Loss Account, of the Profit for the year ended on that date; and

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

ANNEXURE TO AUDITORS' REPORT

Referred to in Paragraph 3 of the Auditors' Report of even date to the members of AMCO INDIA LIMITED on the financial statements for the year ended on March 31st 2011:

i. a ) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b) As explained to us fixed assets have been physically verified by the management during the year based on a phased programme of verifying all the assets over a period of two years which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

c) According to the information and explanation given to us, in our opinion, the Company has not disposed of any substantial part of the fixed assets during the year.

ii. a) The inventory (excluding stocks with the third parties and material in transit) has been physically verified by the management during the year. In respect of inventory lying with third parties, these have been confirmed by them. In our opinion, the frequency of verification is reasonable.

b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) In our opinion on the basis of our examination of the inventory records, the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and were properly dealt with in the books of accounts.

iii. a) The company has not granted any loans to parties covered in the register maintained under Section 301 of the Companies Act, 1956.

b) The company has not taken any loans during the year from any party covered in the register maintained under Section 301 of the Companies Act, 1956.

iv. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale of goods and services. On the basis of our examination of books of accounts and records of the company and according to information and explanations given to us, we have neither come across nor have been informed of any major weakness in the internal control system during the course of our audit.

v. a) According to the information and explanations given to us, the particulars of contracts or arrangements that need to be entered into the register maintained under 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 such contracts or arrangement entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi The Company has not accepted any deposits from public. Therefore the provisions of clause 4(xvi) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

vi. In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

viii The Central Government has not prescribed the maintenance of the cost records under section 209(1) (d) of the Companies Act 1956. Therefore the provisions of clause 4(viii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

ix a) According to the information and explanation 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 including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues as applicable, with the appropriate authorities in India.

b) According to the information and explanation given to us and the records of the companyexamined by us, there are no dues of Provident Fund, Employees' State Insurance, Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues as applicable, which have not been deposited on account of any dispute.

x The Company has no accumulated losses as at 31st March, 2011 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year..

xi According to the records of the Company examined by us and as per the information and explanation given to us, the Company has not defaulted in repayment of dues to financial institution or Bank as at the Balance Sheet date.

xii The Company has not granted Loans and advances on the basis of security by way of pledge of shares, debenture and other securities during the year.

xiii In our opinion, the Company is not a Chit Fund, Nidhi or Mutual Benefit Fund/ Society. Therefore the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

xiv In our opinion and as per records examined by us, the Company is not dealing in or trading in shares, securities, debentures and other investment during the year. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

xv As per information and explanations given to us the Company has not given guarantees for loans taken by others from banks or financial institutions.

xvi In our opinion and according to the information & explanations given to us, on an overall basis, the term loans have been applied for the purpose for which they were obtained.

xvii . According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that the funds raised on short-term basis have not been used for long-term investment.

xviii According to the information and explanations given to us, the Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 during the year.

xix During the year covered by our Audit Report, the company has not issued any debentures and no debentures were outstanding at the beginning of the year. Therefore the provisions of clause 4(xix) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

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

xxi During the course of our examination of the books of account and records of the Company carried out in accordance with generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year.

For V. V. KALE & Co. Chartered Accountants

SD/- PLACE: NEW DELHI VIJAY V. KALE DATE : 31.05.2011 Partner

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of AMCO INDIA LIMITED as at 31 st March 2010, related Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto, which we have signed under reference to this report. 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.

2. We conducted our audit in accordance with the 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 mis-statement. 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 statements presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors Report) (Amendment) Order, 2004 (together the Order) issued by the Central Government of India in terms of sub-section (4A) of section 227 of The Companies Act, 1956 of India (the Act) and on the basis of such checks of the books and the records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

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

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

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

e) On the basis of written representations received from the directors of the Company, as on 31 * March, 2010 and taken on record by the Board of Directors of the Company, none of the directors is disqualified as on 31 st March, 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act;

f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with notes thereon and attached thereto give in prescribed manner the information required by the Act 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 31* March, 2010.

(ii) ln the case of the Profitand Loss Account, of the Profit for the year ende don that date;and

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

ANNEXURETO AUDITORS REPORT

Referred to in Paragraph 3 of the Auditors Report of even date to the members of AMCO INDIA LIMITED on the financial statements for the year ended on March 31 "2010:

i. a) The Company has maintained proper records showing particulars including and relative details and situation of fixed assets.

b) As explained to us fixed assets have been physically verified by the management duiing the year based on a phased programme of verifying all the assets over a period of two years which in our opinion is reasonable having regard to the« size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

c) According to the information and explanation given to us, in our opinion, the Company has not disposed of any substantial part of the fixed assets during the year.

ii. a) The inventory (excluding stocks with the third parties and material in transit) has been physically verified by the management during the year. In respect of inventory lying with third parties, these have been confirmed by them. In our opinion,thefrequencyof verification is reasonable.

b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) In our opinion on the basis of our examination of the inventory records, the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and were properly dealt with in the books of accounts.

iii. a) The company has not granted any loans to parties covered in the register maintained under Section 301 of the Companies Act, 1956.

b) The company has not taken any loans during the year from any party covered in the register maintained under Section 301 of the Companies Act, 1956.

iv. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale of goods and services. On the basis of our examination of books of accounts and records of the company and according to information and explanations given to us, we have neither come across nor have been Informed of any major weakness in the internal control system during the course of our audit.

v. a) According to the information and explanations given to us, the particulars of contracts or arrangements that need to be entered into the register maintained under 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 such contracts or arrangement entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi. The Company has not accepted any deposits from public. Therefore the provisions of clause 4(xvi) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

vii. In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

viii. The Central Government has not prescribed the maintenance of the cost records under section 209(1) (d) of the Companies Act 1956. Therefore the provisions of clause 4(viii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

ix a) According to the information and explanation 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 including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues as applicable, with the appropriate authorities in India.

b) According to the information and explanation given to us and the records of the company examined by us, there are no dues of Provident Fund, Employees State Insurance, Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues as applicable, which have not been deposited on account of any dispute.

x The Company has no accumulated losses as at 31 st March, 2010 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

xi. According to the records of the Company examined by us and as per the information and explanation given to us, the Company has not defaulted in repayment of dues to financial institution or Bank as at the Balance Sheet date.

xii. The Company has not granted Loans and advances on the basis of security by way of pledge of shares, debenture and other securities during the year.

xiii. In our opinion, the Company is not a Chit Fund, Nidhi or Mutual Benefit Fund/ Society. Therefore the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

xiv. In our opinion and as per records examined by us, the Company is not dealing in or trading in shares, securities, debentures and other investment during the year. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

xv. As per information and explanations given to us the Company has not given guarantees for loans taken by others from banks orfinancial institutions.

xvi. In our opinion and according to the information & explanations given to us, on an overall basis, the term loans have been applied for the purpose for which they were obtained.

xvii. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that the funds raised on short-term basis have not been used for long-term investment.

xviii. According to the information and explanations given to us, the Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 during the year.

xix. During the year covered by our Audit Report, the company has not issued any debentures and no debentures were outstanding at the beginning of the year. Therefore the provisions of clause 4(xix) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

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

xxi. During the course of our examination of the books of account and records of the Company carried out in accordance with generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year.

ForV.V.KALE&Co. Chartered Accountants SD/- PLACE : NEW DELHI VIJAYV.KALE

DATE : 31.05.2010 Partner

---

Mar 31, 2000

We have audited the attached Balance Sheet of M/s Amco Vinyl Limited as at 31st March, 2000 and the Profit & Loss Account for the year ended on that date, annexed thereto and report that :-

1. As required by the Manufacturing and other Companies (Auditors Report) Order, 1988 issued by the Company Law Board in terms of Section 227 (4A) of the Companies Act 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 1 and 5 of the said order on the basis of such checks as we considered appropriate and according to information and explanations given to us.

2. Further to our comments in the Annexure referred to in Paragraph 1 above, we state 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 the proper books of account as required by law have been kept by the Company so far as appears from our examination of such books.

c) That Balance Sheet and Profit & Loss Account referred to in this report are in agreement with the books of accounts.

d) In our opinion the Balance Sheet and Profit & Loss Account as referred to in this report comply with the mendatory accounting standards, as applicable to the company.

e) In Our opinion and to the best of our information, the said Balance Sheet and Profit & Loss Account read together with the notes thereon give the information required by the Companies Act 1956, in the manner so required and give a true and fair view :-

(i) In so far as it relates to the Balance Sheet, of the state of affairs of the Company as at 31 st March, 2000 and

(ii) in so far as it relates to the Profit and Loss Account of the profit of the Company for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORTTOTHE MEMBERS OF M/S. AMCO VINYL LIMITED : NEW DELHI

Referred to in Paragraph 1 of our report of even date.

1. The Company has maintained proper records showing full particulars including quantative details and situation of fixed assets. All the assets have not been physically verified by the management during the year but there is a regular programme of verification which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed in verification.

2. None of the Fixed Assets have been revalued during the year.

3. The Stock, of finished goods, stores, spare parts and raw material have been physically verified by the management during the year, in our opinion the frequency of verification is reasonable.

4. The procedures of physical verification of stock followed by the Management are reasonable and adequate in relation to the size of Company and the nature of its business.

5. The discrepancies noticed on verification between the physical stock and book records were not material which have been properly dealt with in the accounts.

6. As per the information given to us and on the basis of the examination of stock records, we are of the opinion that the valuation of stock is fair and proper and in accordance with the normally accepted accounting principles. The Closing Stock of Raw material has been valued on the Weighted Average Cost and the Finished Goods have been valued at the estimated selling price method.

7. As per the information made available to us, in our opinion, the Company has taken loan from the Companies, firms or other parties listed in the register maintained under secction 301 and from the companies under the same management as defined under section 370 of the Companies Act are not prima facie prejudicial to the interest of the Company.

8. Advances or trade advances have been given to the Companies, firms and other parties listed in the Register maintained under section 301 of the Companies Act 1956. No loans and advances have been given to the Companies under the same management as defined under section 370 of the Act.

9. In respect of loans and advances in the nature of loans given by the company to employees, they are repaying the principal amount as stipulated and no interest has been charged on such advances.

10. In our opinion and according to the information and explanations given to us there is an adequate system of internal control procedure commensurate with the size of the Company and the nature of its business with regard to purchase of stores, raw materials including components, plant and machinery equipment and other assets with regard to the sale of goods being exercised by the directors.

11. In our opinion, the price for job work charges in excess of Rs. 50,000/- in value for each type from firms or companies or other parties in which directors are interested as listed in the register maintained under section 301 of the companies Act 1956, are reasonable as compared to the purchase of similar items purchased from other parties.

12. The Company has regular procedure for the determination of unserviceable or damaged stores, raw material and finished goods. Adequate provisions are made in the books of accounts for the loss arising on the items so determined if any.

13. In our opinion and explanations given to us, the company has not accepted any deposits from public in terms of section 58 A of the companies Act 1956 and the Companies (Acceptances of Deposits) Rule 1975 are complied with.

14. In our opinion, reasonable records have been maintained by the company for the sale and disposal of realisable scrap.

15. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

16. We are also informed that the maintenance of cost records has not been prescribed by the Central Government under section 209 (1) (d) of the Companies Act, 1956 for the products of the Company and as such no accounts and records have been made and maintained.

17. According to the records of the Company, Employee State Insurance & Provident Fund dues have been regularly deposited during the year with appropriate authorities.

18. No undisputed amount payable in respect of Income Tax, Wealth Tax Sales Tax, Custom Duty, Excise Duty were outstanding as at 31st March, 2000 for a period of more than six months form the date they become payable.

19. No personal expenses of employees or directors have been charged to revenue account, other than those payable under contractual obligation or in accordance with generally accepted business practices.

20. The Company is not a sick industrial company within the meaning of clause (0) of Sub-section (1) of Section 3 of the Sick Industrial Companies (Special Provisions Act.) 1985.

For D. C. JAIN & ASSOCIATES Chartered Accountants Place: New Delhi

Date : 28th July, 2000 ( D. C. JAIN )

Proprietor