Auditor Report of Anjani Foods Ltd.

Mar 31, 2024

We have audited the Standalone Financial Statements of Anjani Foods Limited, which comprise the Balance Sheet as at March 31, 2024, and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the Standalone Financial Statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as "the Standalone Financial Statements").

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 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 March 31,2024, and 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 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 Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics issued by the Institute of Chartered Accountants of India. 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 judgement, were of most significance in our audit of the Standalone Financial Statements of the current period. These matters were addressed in the context of our audit of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matter	Auditor''s Response
Revenue Recognition	Principal Audit Procedures
Revenue from the sale of goods	Our audit approach was a combination
(hereinafter referred to as "Revenue") is	of tests of internal controls and
recognised when the Company	substantive procedures including:
performs its obligation to its customers	Q Assessing the appropriateness of
and the amount of revenue can be	Company''s revenue recognition in
measured reliably and recovery of the	line with Ind AS 115 - Revenue from
consideration is probable. The timing of	Contracts with Customers.
such recognition is when the control	Q Evaluating the design and
over goods is transferred to the	implementation of Company''s
customers, which is mainly upon	controls in respect of revenue
delivery.	recognition.
The timing of revenue recognition is	Q Testing the effectiveness of such
relevant to the reported performance of	controls over revenue cut off at the
the Company. The management	year end.
considers revenue as a key measure for	Q Testing the supporting
evaluation of performance. There is a	documentation for sales
risk of revenue being recorded before	transactions recorded during the
the control over goods is transferred.	period closer to the year-end and
Refer Note 2 to the Standalone Financial	subsequent to the year-end,
Statements - Material Accounting	including examination of credit notes
Policies.	issued after the year end to determine whether revenue was recognised in the correct period.

Information other than financial statements

The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in Directors'' Report but does not include the standalone and consolidated financial statements and our auditor''s report thereon. The other information is expected to be made available to us after the date of this auditor''s report.

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 identified above when it becomes available 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.

When we read the Directors report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to the Board of Directors.

Responsibilities of Management and Those Charged with Governance 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 accounting standards 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 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 Standalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, the Board of Directors of the company 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 the Board of Directors 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 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 judgement and maintain professional skepticism throughout the audit. We also:

Q 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.

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

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

Q 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.

Q 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.

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 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 except for the matter stated in paragraph 1 (i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

(c) The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income), 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 Indian Accounting Standards specified under Section 133 of the Act.

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

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(f) The modification relating to the maintenance of accounts and other matters connected there with are as stated in paragraph 1(b) above and paragraph 1(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

(g) With respect to the adequacy of the internal financial controls with reference to the standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A".

(h) 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 or provided by the company to its directors during the year is in accordance with the provisions of section 197 of the Act read with Schedule V of the Companies Act,2013 except for managerial remuneration aggregating to Rs.12.00 lakhs for which the company is in the process of obtaining necessary approvals in the ensuring AGM.

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

i. The Company does not have any pending litigations which would impact its financial position in its Standalone Financial Statements;

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

iii. The Company has not transferred Rs. 0.67 Lakh, which was required to be transferred to the Investor Education and Protection Fund by the Company;

iv. (a) The Management has represented that (Refer Note No.35 of the Financial

Statements), to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; (Refer Note 35 of the Standalone Financial Statements).

(b) The Management has represented, that (Refer Note No.35 of the Financial Statements), to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the

Company from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; (Refer Note 35 of the Standalone Financial Statements).

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

v. The Company has not declared or paid any dividend during the year.

vi. Based on our examination which included test checks, the company has enabled the feature of recording audit trail (edit log) facility w.e.f April 1,2023 and the same has operated throughout the year since then for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with. However, the accounting software used by the Company has not been enabled with the feature of audit trail log at the server or database to log direct file level changes.

2. As required by the Companies (Auditor''s Report) Order, 2020, (''the Order'') issued by the Central Government of India in terms of Section 143 (11) of the Act, we give in "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order.

For M. Anandam & Co.,

Chartered Accountants

(Firm''s Registration No. 000125S)

Y. Lakshmi Nagaratnam

Partner

Membership No. 212926

UDIN: 24212926BKAKUW8621

Place: Hyderabad

Date: 29.05.2024

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Mar 31, 2023

We have audited the Standalone Financial Statements of Anjani Foods Limited, which comprise the Balance Sheet as at 31st March 2023, and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the Standalone Financial Statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as “the Standalone Financial Statements”).

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 accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2023, and 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 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 Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics issued by the Institute of Chartered Accountants of India. 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 judgement, were of most significance in our audit of the Standalone Financial Statements of the current period. These matters were addressed in the context of our audit of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matter

Revenue Recognition Revenue from the sale of goods (hereinafter referred to as “Revenue”) is recognised when the Company performs its obligation to its customers and the amount of revenue can be measured reliably and recovery of the consideration is probable. The timing of such recognition is when the control over goods is transferred to the customers, which is mainly upon delivery.

The timing of revenue recognition is relevant to the reported performance of the Company. The management considers revenue as a key measure for evaluation of performance. There is a risk of revenue being recorded before the control over goods is transferred.

Refer Note 2 to the Standalone Financial Statements - Significant Accounting Policies.

Auditor''s Response Principal Audit Procedures Our audit approach was a combination of tests of internal controls and substantive procedures including: • Assessing the appropriateness of Company’s revenue recognition in line with Ind AS 115 - Revenue from Contracts with Customers. • Evaluating the design and implementation of Company’s controls in respect of revenue recognition. • Testing the effectiveness of such controls over revenue cut off at the year end. • Testing the supporting documentation for sales transactions recorded during the period closer to the year-end and subsequent to the year-end, including examination of credit notes issued after the year end to determine whether revenue was recognised in the correct period.

Other Information

The Company’s Board of Directors is responsible for the other information. The other information comprises the information included in Directors’ Report but does not include the standalone and consolidated financial statements and our auditor’s report thereon. The Directors Report is expected to be made available to us after the date of this auditor’s report.

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 identified above when it becomes available 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.

When we read the Directors report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to the Board of Directors.

Responsibilities of Management and Those Charged with Governance 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 accounting standards 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 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 Standalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, the Board of Directors of the company 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 the Board of Directors 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 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 judgement and maintain professional skepticism throughout the audit. We also:

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

• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(I) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to 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.

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 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), 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 Accounting Standards specified under Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on 31st March, 2023 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2023 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 with reference to the standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”.

(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 or provided by the company to its directors during the year is in accordance with the provisions of section 197 of the Act read with Schedule V of the Companies Act,2013.

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

i. The Company does not have any pending litigations which would impact its financial position in its Standalone Financial Statements;

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

iii. The Company has not transferred Rs. 0.67 Lakh, which was 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 (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

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

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

v The Company has not declared or paid any dividend during the year.

vi. As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable to the Company only w.e.f. 1st April, 2023, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year ended 31st March, 2023.

2. As required by the Companies (Auditor’s Report) Order, 2020, (‘the Order’) issued by the Central Government of India in terms of Section 143 (11) of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order.

For M. Anandam & Co.,

Chartered Accountants (Firm''s Registration No. 000125S)

Y. Lakshmi Nagaratnam

Partner

Membership No. 212926 UDIN: 23212926BGWWEP6616

Place: Hyderabad Date: 30.05.2023

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Mar 31, 2014

We have audited the accompanying financial statements of Raasi Enterprises Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2014, 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

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub section (3C) of section 211 of Companies Act, 1956. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal 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, 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.

Emphasis of Matter

We draw attention to the following note to the financial statements:

Note No 18. Regarding the sale of fixed assets, the future plans of the company based on which the accounts have been drawn on going concern basis.

Our opinion is not qualified in respect of the above matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by 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 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 Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

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

RE: RAASI ENTERPRISES LIMITED

Referred to in paragraph 3 of our report of even date

i. (a) The company has compiled the fixed assets register showing full particulars including quantitative details, location and situation of the fixed assets.

(b) No physical verification of fixed assets was carried out by the management during the year; hence we are unable to comment on the discrepancies, if any.

(c) According to the information and explanations given to us, the company has disposed off substantial part of fixed assets comprising of Buildings situated at Bimavaram, W.G. District and hence, fundamental assumption of going concern will not be effected - refer no. 19 notes on account.

ii. According to the information and explanations given to us, there are no inventories. Therefore the provisions of Clause 4 (ii) (a), (b) and (c) of Companies (Auditor''s Report) Order, 2003 as amended are not applicable to the Company.

iii. (a) According to the information and explanations given to us, the Company has not granted unsecured loans to the parties covered in the Register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 397.25 lakhs and year-end balance of such loans was Rs. 142.25 lakhs. However the maximum amount outstanding in respect of loans were granted earlier years.

(b) According to the information given to us, the terms and conditions of such loan is prima facie not prejudicial to the interest of the Company. Since the loans granted are repayable on demand, question of overdue amounts does not arise. Therefore commenting under Clause 4 (iii) (c) and (d) of Companies (Auditor''s Report) Order, 2003 as amended does not arise.

(e) According to the information and explanations given to us, the Company has not taken unsecured loan from the parties covered in Register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 499.41 lakhs and year end balance was Rs. 17.91lakhs. However the maximum amount outstanding in respect of loans were granted earlier years.

(f) Since the loans taken are repayable on demand, question of overdue amounts does not arise. Therefore commenting under Clause 4 (iii) (g) of Companies (Auditor''s Report) Order, 2003 as amended does not arise.

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 fixed assets, sale of goods and services. In our opinion and according to the information given to us, there is no continuing failure to correct major weaknesses in the Internal Control System of the Company.

v. (a) In our opinion and according to the information and explanations given to us, and based on the representations by the management, there are no transactions that need to be entered into the register in pursuance of Section 301 of the Companies Act, 1956. Accordingly clause (v) (b) of this order is not applicable to the Company for the current year.

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

vii. The Company has no internal audit system in vogue.

viii. In our opinion and according to the information and explanations given to us, the Central Government has not prescribed the maintenance of Cost Records under Section 209 (1) (d) of the Companies Act, 1956 for the activities of the Company. Therefore, the provisions of clause 4(viii) of Companies (Auditor''s Report) Order, 2003 as amended are not applicable to the Company.

ix. (a) According to the information and explanations given to us, the Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and any other applicable statutory dues with the appropriate authorities. According to information and explanation given to us, there are no arrears of statutory dues as at 31st March, 2014 which are outstanding for a period of more than six months from the date they became payable except an amount of Rs. 0.62 lakhs (Previous Year Rs. 0.62 lakhs) towards Investor Education and Protection Fund and an amount Rs. 0.67 lakhs towards Tax Deducted at source.

(b) According to the information and explanations given to us, there are no dues of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty and Cess which have not been deposited on account of any dispute except as stated below:

Name of the Nature of dues Amount Forum where statute (Rs. in lakhs) dispute is pending

Income Tax Disputed of tax demand 6.80 Commissioner for the AY - 1998-99 Income Tax (Appeals), Hyderabad.

Disputed tax demand 1.78 Commissioner towards lease income Income Tax from buildings for the (Appeals), AY - 2004-05 Hyderabad.

x. The company has no accumulated losses as on 31st March 2014. The company has not incurred any cash losses in the financial year under report and in the immediately preceding financial year.

xi. According to the information and explanation given to us, the company has not defaulted in repayment of dues to financial institutions and banks.

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

xiii. The company is not a Chit Fund/Nidhi/Mutual Benefit Fund/Society. Therefore, the provisions of clause 4(xiv) of Companies (Auditor''s Report) Order, 2003 as amended are not applicable to the Company.

xiv. The company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4(xiv) of Companies (Auditor''s Report) Order, 2003 as amended are not applicable to the Company.

xv. In our opinion and according to the information and explanations given to us during the course of the audit, the company has not given any guarantee for loans taken by others from bank or financial institutions.

xvi. In our opinion and according to the information and explanations given to us, term loans were applied for the purpose for which the loans were obtained.

xvii. On the basis of an overall examination of the balance sheet of the company in our opinion and according to information and explanation given to us, there are no funds raised on short term basis which have been used for long term investment.

xviii. During the year under report 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.

xix. The company has not issued any debentures.

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

xxi. In accordance with the information and explanations given to us and our examination of books and records, no fraud on or by the company has been noticed or reported during the year.

For M. Bhaskara Rao & Co., Chartered Accountants Firm Registration No.00459S

V. Raghunandan Place: Hyderabad Partner Date : 29.05.2014 Membership No.26255

---

Mar 31, 2013

Report on Financial Statements

We have audited the accompanying financial statements of Raasi Enterprises Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2013, 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

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub section (3C) of section 211 of Companies Act, 1956. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal 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, financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by 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 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 Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

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

Annexure

Re: Raasi Enterprises Limited

Referred to in paragraph 3 of our report of even date

i. (a) The company has compiled the fixed assets register showing full particulars including quantitative details, location and situation of the fixed assets.

(b) No physical verification of fixed assets was carried out by the management during the year; hence we are unable to comment on the discrepancies, if any.

(c) According to the information and explanations given to us, the company has not disposed off substantial part of fixed assets and hence, reporting on the going concern status in this regard does not arise.

ii. According to the information and explanations given to us, there are no inventories.

Therefore the provisions of Clause 4 (ii) (a), (b) and (c) of Companies(Auditor''s Report) Order, 2003 as amended are not applicable to the Company.

iii. (a) According to the information and explanations given to us, the Company has granted unsecured loans to two parties covered in the Register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs.447.20 lakhs and year end balance of such loans was Rs.342.37 lakhs.

(b) According to the information given to us, the terms and conditions of such loan is prima facie not prejudicial to the interest of the Company. Since the loans granted are repayable on demand, question of overdue amounts does not arise. Therefore commenting under Clause 4 (iii) (c) and (d) of Companies (Auditor''s Report) Order, 2003 as amended does not arise.

(e) According to the information and explanations given to us, the Company has taken unsecured loan from two parties covered in Register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 123.02lakhs and year end balance was Rs. 119.52lakhs.

(f) Since the loans taken are repayable on demand, question of overdue amounts does not arise. Therefore commenting under Clause 4 (iii) (g) of Companies (Auditor''s Report) Order, 2003 as amended does not arise.

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 fixed assets, sale of goods and services. In our opinion and according to the information given to us, there is no continuing failure to correct major weaknesses in the Internal Control System of the Company.

v. (a) In our opinion and according to the information and explanations given to us, and based on the representations by the management, there are no transactions that needs to be entered into the register in pursuance of Section 301 of the Companies Act, 1956. Accordingly clause (v) (b) of this order is not applicable to the Company for the current year.

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

vii. The Company has no internal audit system in vogue.

viii. (d) In our opinion and according to the information and explanations given to us, the Central Government has not prescribed the maintenance of Cost Records under Section 209 (1) of the Companies Act, 1956 for the activities of the Company. Therefore, the provisions of clause 4(viii) of Companies (Auditor''s Report) Order, 2003 as amended are not applicable to the Company.

ix. (a) According to the information and explanations given to us, the Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and any other applicable statutory dues with the appropriate authorities. According to information and explanation given to us, there are no arrears of statutory dues as at 31st March, 2013 which are outstanding for a period of more than six months from the date they became payable except an amount of Rs. 0.62 lakhs (Previous Year Rs. 0.62 lakhs) towards Investor Education and Protection Fund and an amount Rs.2.27 lakhs towards Tax Deducted at source.

(b) According to the information and explanations given to us, there are no dues of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty and Cess which have not been deposited on account of any dispute except as stated below:

Name of the Nature of dues Amount Forum where dispute is statute (Rs. in lakhs) pending

Disputed of tax demand for the AY - 6.80 Commissioner Income Tax 1998-99 (Appeals), Hyderabad.

Income Tax

Disputed tax demand towards lease 1.78 Commissioner Income Tax income from buildings for the AY - (Appeals), Hyderabad. 2004-05

x. The company has no accumulated losses as on 31st March 2013. The company has not incurred any cash losses in the financial year under report and in the immediately preceding financial year.

xi. According to the information and explanation given to us, the company has not defaulted in repayment of dues to financial institutions and banks.

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

xiii. The company is not a Chit Fund/Nidhi/Mutual Benefit Fund/Society. Therefore, the provisions of clause 4(xiv) of Companies (Auditor''s Report) Order, 2003 as amended are not applicable to the Company.

xiv. The company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4(xiv) of Companies (Auditor''s Report) Order, 2003 as amended are not applicable to the Company.

xv. In our opinion and according to the information and explanations given to us during the course of the audit, the company has not given any guarantee for loans taken by others from bank or financial institutions.

xvi. In our opinion and according to the information and explanations given to us, term loans were applied for the purpose for which the loans were obtained.

xvii. On the basis of an overall examination of the balance sheet of the company in our opinion and according to information and explanation given to us, there are no funds raised on short term basis which have been used for long term investment.

xviii. During the year under report 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.

xix. The company has not issued any debentures.

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

xxi. In accordance with the information and explanations given to us and our examination of books and records, no fraud on or by the company has been noticed or reported during the year.





For M.Bhaskara Rao & Co.,

Chartered Accountants

Firm Registration No.00459S

V.Raghunandan

Place: Hyderabad Partner

Date: 28th May 2013 Membership No.26255

---

Mar 31, 2012

1. We have audited the attached Balance Sheet of Raasi Enterprises Limited (formerly Raasi Finance & Investment Limited) as at 31st March 2012, the Profit and Loss Account and also Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based * on our audit.

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

3. As required by the Companies (Auditor's Report) Order, 2003, issued by the Central Government of India in terms of Sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose 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 accounts 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 applicable Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of written representations received from the directors as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March 2012 from being appointed as a director in terms of clause (g) of sub-section (1) to Section 274 of Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with significant accounting policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i. in the case of the Balance Sheet, of the state of affairs of the company as at 31st March 2012;

ii. in the case of the Profit and Loss Account, of the profit of the company for the year ended on that date; and

iii. in the case of the Cash Flow Statement of the cash flow for the year ended on that date.

RE: RAASI ENTERPRISES LIMITED

Statement referred to in Paragraph (3) of our report of even date

i. (a) The company has compiled the fixed assets register showing full particulars including quantitative

details, location and situation of the fixed assets.

(b) No physical verification of fixed assets was carried out by the management during the year; hence we are unable to comment on the discrepancies, if any.

(c) According to the information and explanations given to us, the company has not disposed off substantial part of fixed assets and hence, reporting on the going concern status in this regard does not arise. ,

ii. According to the information and explanations given to us, there are no inventories. Therefore the provisions of Clause 4 (ii) (a), (b) and (c) of Companies (Auditor's Report) Order, 2003 as amended are not applicable to the Company.

iii. (a) According to the information and explanations given to us, the Company has granted interest free unsecured loans to four parties covered in the Register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs.91.70 lakhs and year end balance of such loans was Rs.91.70akhs.

(b) According to the information given to us, the terms and conditions of such loan is prima facie not prejudicial to the interest of the Company. Since the loans granted are repayable on demand, question of overdue amounts does not arise. Therefore commenting under Clause 4 (iii) (c) and (d) of Companies (Auditor's Report) Order, 2003 as amended does not arise.

(e) According to the information and explanations given to us, the Company has taken interest free unsecured loan from three parties covered in Register maintained under Section 301 ofthe Companies Act, 1956. The maximum amount involved during the year was Rs.116.52lakhs and year end balance was Rs.113.02lakhs.

(f) Since the loans taken are repayable on demand, question of overdue amounts does notarise. Therefore commenting under Clause 4 (iii) (g) of Companies (Auditor's Report) Order, 2003 as amended does not arise.

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 fixed assets, sale of goods and services. In our opinion and according to the information given to us, there is no continuing failure to correct major weaknesses in the Internal Control System of the Company.

v. (a) In our opinion and according to the information and explanations given to us, the particulars of contracts and arrangements referred to in Section 301 of the Companies Art, 1956 that need to be entered in the register maintained under the said section 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 to be entered in the register maintained under Section 301 of the Companies Art, 1956 and exceeding the value of five lakhs 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 the public.

vii. The Company has no internal audit system in vogue.

viii. In our opinion and according to the information and explanations given to us, the Central Government has not prescribed the maintenance of Cost Records under Section 209 (1) (d) ofthe Companies Act, 1956 for the activities of the Company. Therefore, the provisions of clause 4(viii) of Companies (Auditor's Report)

Order, 2003 as amended are not applicable to the Company.

ix. (a) According to the information and explanations given to us, the Company is regular in depositing

undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and any other applicable statutory dues with the appropriate authorities. According to information and explanation given to us, there are no arrears of statutory dues as at 31st March, 2012 which are outstanding for a period of more than six months from the date they became payable except an amount of Rs.0.62 lakhs (Previous Year Rs.0.62 lakhs) towards Investor Education and Protection Fund.

(b) According to the information and explanations given to us, there are no dues of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty and Cess which have not been deposited on account of any dispute except as stated below:

Name of the Nature of dues Amount Forum where statute (Rsin lakhs) dispute is pending

Income Tax Disputed of tax demand for the 6.80 Commissioner Income Tax AY - 1998-99 (Appeals), Hyderabad.

Disputed tax demand towards 1.78 Commissioner Income Tax lease income from buildings (Appeals), Hyderabad. for the AY - 2004-05

x. The company has no accumulated losses as on 31st March 2012. The company has not incurred any cash losses in the financial year under report and in the immediately preceding financial year.

XT. According to the information and explanation given to us, the company has not defaulted in repayment of dues to financial institutions and banks.

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

xiii. The company is not a Chit Fund/Nidhi/Mutual Benefit Fund/Society. Therefore, the provisions of clause 4(xiv) of Companies (Auditor's Report) Order, 2003 as amended are not applicable to the Company.

xiv. The company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4(xiv) of Companies (Auditor's Report) Order, 2003 as amended are not applicable to the Company.

xv. In our opinion and according to the information and explanations given to us during the course of the audit, the company has not given any guarantee for loans taken by others from bank or financial institutions.

xvi. In our opinion and according to the information and explanations given to us, term loans were applied for the purpose for which the loans were obtained.

xvii. On the basis of an overall examination of the balance sheet of the company in our opinion and according to information and explanation given to us, there are no funds raised on short term basis which have been used for long term investment.

xviii. During the year under report 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.

xix. The company has not issued any debentures.

xx.- The Company has not raised any money by public issues during the year.

xxi. In accordance with the information and explanations given to us and our examination of books and records, no fraud on or by the company has been noticed or reported during the year.



for M. Bhaskara Rao & Co.,

Chartered Accountants

Firm Reg No: 000459S

V.Raghunandan

Place: Hyderabad (Partner)

Date : 14.08.2012 Membership No. 26255

---

Mar 31, 2011

1. We have audited the attached Balance Sheet of Raasi Enterprises Limited (formerly Raasi Finance & Investment Limited) as at 31st March 201 1, the Profit and Loss Account and also Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditor's Report) Order, 2003, issued by the Central Government of India in terms of Sub-section (4A) of Section 227 of the Companies Act, 1 956, we enclose 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 accounts 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 agree ment 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 applicable Accounting Standards referred to in sub-section (3C) of Section 21 1 of the Companies Act, 1 956.

e) On the basis of written representations received from the directors as on 31st March, 201 1 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31 st March 201 1 from being appointed as a director in terms of clause (g) of sub-section (1) to Section 274 of Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with significant accounting policies and other notes thereon give the information required by the Companies Act, 1 956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i) in the case of the Balance Sheet, of the state of affairs of the company as at 31st March 201 1;

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

iii) in the case of the Cash Flow Statement of the cash flow for the year ended on that date.

Statement referred to in Paragraph (3) of our report of even date

01. (a) The company has compiled the fixed assets register showing full particulars including quantitative details, location and situation of the fixed assets.

(b) No physical verification of fixed assets was carried out by the management during the year; hence we are unable to comment on the discrepancies, if any.

(c) According to the information and explanations given to us, the company has not disposed off substantial part of fixed assets and hence, reporting on the going concern status in this regard does not arise.

02. According to the information and explanations given to us, there are no inventories. Therefore the provisions of Clause 4 (ii) (a), (b) and (c) of Companies (Auditor's Report) Order, 2003 as amended are not applicable to the Company.

03. (a)According to the information and explanations given to us, the Company has granted unsecured loan to one party covered in the Register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 93.70 lakhs and year end balance of such loan was Rs. 16.34 lakhs.

(b)According to the information given to us, the terms and conditions of such loan is prima facie not prejudicial to the interest of the Company.

03. (a)According to the information and explanations given to us, the Company has granted unsecured loan to one party covered in the Register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 93.70 lakhs and year end balance of such loan was Rs. 16.34 lakhs.

(b)According to the information given to us, the terms and conditions of such loan is prima facie not prejudicial to the interest of the Company.

(c)The party is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest.

(d)There is no overdue amount of loan granted to the Company listed in the register maintained under Section 301 of the Companies Act, 1 956.

(e)According to the information and explanations given to us, the Company has taken interest free unsecured loan from one party covered in Register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 1 1.84 lakhs and year end balance was Rs. NIL.

(f) Since the loans taken are repayable on demand, question of overdue amounts does not arise. Therefore com- menting under Clause 4 (iii) (g) of Companies (Auditor's Report) Order, 2003 as amended does not arise.

04. 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 fixed assets, sale of goods and services. In our opinion and according to the information given to us, there is no continuing failure to correct major weaknesses in the Internal Control System of the Company.

05. (a)In our opinion and according to the information and explanations given to us, the particulars of contracts and arrangements referred to in Section 301 of the Companies Act, 1956 that need to be entered in the register maintained under the said section have been so entered.

(b)In our opinion and according to the information and explanations given to us, and based on representations made by the management, there are no transactions (except clause 4 (iii) above) made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs. 5,00,000/- and above in respect of each party.

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

07. The Company has no internal audit system in vogue.

08. In our opinion and according to the information and explanations given to us, the Central Government has not prescribed the maintenance of Cost Records under Section 209 (1) (d) of the Companies Act, 1956 for the activities of the Company. Therefore, the provisions of clause 4(viii) of Companies (Auditor's Report) Order, 2003 as amended are not applicable to the Company.

09. (a) According to the information and explanations given to us, the Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and any other applicable statutory dues with the appropriate authorities. According to information and explanation given to us, there are no arrears of statutory dues as at 31st March, 201 1 which are outstanding for a period of more than six months from the date they became payable except an amount of Rs. 0.62 lakhs (Previous Year Rs. 0.62 lakhs) towards Investor Education and Protection Fund which was outstanding for a period of more than seven years.

(b)According to the information and explanations given to us, there are no dues of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty and Cess which have not been deposited on account of any dispute except as stated below.

Name of the Amount Forum where statute Nature of dues (in lakhs) dispute is pending

Commissioner Income Tax (Appeals),Hyderabad

Disputed of tax demand for the AY - 1998-99 6-80

Income Tax

Disputed tax demand towards lease income from building for 1.78 Commissioner Income Tax (Appeals),Hyderabad the AY - 2004-05

10. The company has no accumulated losses as on 31st March 201 1. The company has not incurred any cash losses in the financial year under report and in the immediately preceding financial year.

11. According to the information and explanation given to us, the company has not defaulted in repayment of dues to financial institutions and banks.

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

13. The company is not a Chit Fund/Nidhi/Mutual Benefit Fund/Society. Therefore, the provisions of clause 4(xiv) of Companies (Auditor's Report) Order, 2003 as amended are not applicable to the Company.

14. The company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4(xiv) of Companies (Auditor's Report) Order, 2003 as amended are not applicable to the Company.

15. In our opinion and according to the information and explanations given to us during the course of the audit, the company has not given any guarantee for loans taken by others from bank or financial institutions.

1 6. In our opinion and according to the information and explanations given to us, term loans were applied for the purpose for which the loans were obtained.

17. On the basis of an overall examination of the balance sheet of the company in our opinion and according to information and explanation given to us, there are no funds raised on short term basis which have been used for long term investment.

18. During the year under report 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 has not issued any debentures.

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

21. In accordance with the information and explanations given to us and our examination of books and records, no fraud on or by the company has been noticed or reported during the year.

For M.Bhaskara Rao & Co., Chartered Accountants Firm Reg No: 000459S

V.Raghunandan

Place Hyderabad partner

Date : 12.08.2011 Membership No.26255

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Mar 31, 2010

1. We have audited the attached Balance Sheet of Raasi Enterprises Limited (formerly Raasi Finance & Investment Limited) as at 31 st March 201 0, the Profit and Loss Account and Cash Flow Statement of the Company for the year ended on that date both annexedthereto. 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 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 reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of India in terms of Sub- section (4A) of Section 227 of the Companies Act, 1956, we enclose 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 accounts 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 applicable Accounting Standards referred to in sub-section (3C) of Section 21 1 of the Companies Act, 1956.

e) Based on the written representations received from the directors as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March 2010 from being appointed as a director in terms of clause (g) of sub-section (1) to Section 274 of Companies Act, 1 956.

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with significant accounting policies and subject to note 5 regarding reconciliation and confirmation of Sundry Creditors, Unsecured Loans, Loans and Advances and other notes thereon give the information required by the Companies Act, 1 956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i) in the case of the Balance Sheet, of the state of affairs of the company as at 31st March 2010;

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

iii) in the case of the Cash Flow Statement of the cash flow for the year ended on that date.

Re: RAASI ENTERPRISES LIMITED Statement referred to in Paragraph (3) of our report of even date

01.(a) The company has compiled the fixed assets register showing full particulars including quantitative details, location and situation of the fixed assets.

(b) No physical verification of fixed assets was carried out by the management during the year; hence we are unable to comment on the discrepancies, if any.

(c) In our opinion, the Company has not disposed off substantial part of the fixed assets during the year and the going concern status of the company is not affected.

02.(a) The company has no inventories. Hence, the question of conducting physical verification by the management at reasonable intervals and the reasonableness of frequency of such verification does not arise.

(b) As there are no inventories, the question of reasonableness and adequacy of the procedures of physical verification followed by the management does not arise.

(c) As there are no inventories, the question of maintenance of proper records of inventory and discrepancies on physical verification does not arise.

03.(a) According to the information and explanations given to us, the Company has granted unsecured loan to M/s Anjani Portland Cement Limited covered in the Register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs.25,23,832/- and year end balance of the loans granted to such party is Rs.93,70,274/-.

(b) According to the information given to us, the terms and conditions of such loan is prima facie not prejudicial to the interest of the Company.

(c) The party is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest.

(d) There is no overdue amount of loan granted to the Company listed in the register maintained under Section 301 of the Companies Act,l 956.

(e) According to the information and explanations given to us, the Company has not taken any loans, secured or unsecured from Companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1 956. Accordingly, the provisions of clause (ii) (e), (f) and (g) of the Companies (Auditors Report) Order,2003 are not applicable to the Company.

04. 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 fixed assets, sale of goods and services. During the course of our audit, we have not observed any major weaknesses in the Internal Controls.

05. (a) In our opinion and according to the information and explanations given to us, the particulars of contracts and arrangements referred to in Section 301 of the Companies Act, 1 956 that need to be entered in the register maintained under the said section have been so entered.

(b) In our opinion and according to the information and explanations given to us, there are no transactions (excluding loans reported under Paragraph-03 above) made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs 5,00,000/- and above in respect of each party.

06. The company has not accepted any deposits from the public during the year.

07. The Company has no internal audit system in vogue.

08. In our opinion and according to the information and explanations given to us, the Central Government has not prescribed the maintenance of Cost Records under Section 209 (1) (d) of the Companies Act, 1 956 for the activities of the Company.

09. (a) In our opinion and according to the information and explanations given to us, the Company is generally regular in depositing the Provident Fund dues with the appropriate authorities. According to the information and explanations given to us, the provisions of Employees State Insurance Act, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty and Cess are not applicable to the company at present. The total amount of unclaimed dividends outstanding for more than seven years and payable to Investor Education and Protection Fund account is Rs 61,780/ - (Previous Year Rs 7,90,875/-)

(b) According to the information and explanations given to us, there are no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty outstanding as at 31st March 201 0 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, there are no dues of Sales Tax, Customs duty, Wealth Tax, Service Tax, Excise duty & Cess, which have not been deposited on account of any dispute except Income Tax Demand amounting to Rs.6.80 lakhs for the Assessment year 1 998-99 as on 31st March 201 0 (Previous Year.Rs.6.80 lakhs) which has not been paid as the matter is under appeal with Commissioner of Income Tax (Appeals) and Rs.4.78lakhs/- (Previous Year Rs.4.78 lakhs/-) towards lease income from buildings in respect of which the company has filed an appeal with Commissioner Income Tax (Appeals).

10. The company has no accumulated losses as on 31st March 2010. Further, it has not incurred cash losses in the financial year under report and in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions and banks.

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

13. The provisions of any special Statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund / Societies are not applicable to the Company.

14. In our opinion and according to the information and explanations given to us during the course of the audit, the company does not deal or trade in shares, securities, debentures or other investments.

15. In our opinion and according to the information and explanations given to us during the course of the audit, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. To the best of our knowledge and belief and according to the information and explanations given to us, in our opinion, term loans availed by the Company were, prima facie, applied by the Company during the year for the purposes for which the loans were obtained. During the year the company has taken a term loan from a Nationalised Bank, which was utilized for the purpose for which it was availed.

17. During the year the company has not raised any funds on short-term basis, hence the question of its applicability for long-term investment does not arise.

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

19. According to the information and explanations given to us during the year, no debentures have been issued by the Company hence the question of creation of securities does not arise.

20. The Company has not raised any money by public issues during the year; hence the question of disclosure and verification of end-use of such money does not arise.

21. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For M.Bhaskara Rao & Co.,

Chartered Accountants

V.Raghunandan

Date: 14.08.2010 Partner

Membersh.p No.26255