Auditor Report of Anupam Finserv Ltd.

Mar 31, 2025

We have audited the accompanying financial statements of Anupam Finserv Limited (‘the Company’)
which comprise the Balance Sheet as at 31^st March 2025, the Statement of Profit and Loss [including
other comprehensive income], the Cash Flow Statement and the statement of changes in equity for the
year then ended and notes to financial statements, including a summary of significant accounting
policies and other explanatory information (hereinafter referred to as the financial statements).

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid financial statements give the information required by the Companies Act, 2013 (“Act”) in the
manner so required and gives a true and fair view in conformity with the accounting principles [with
the Indian Accounting Standards (‘Ind AS’) specified under section 133 of the act read with the
companies(Ind AS) Rules, 2015] and other accounting principal generally accepted in India of the state
of affairs of the Company as at 31st March 2025 and its profit [including the other comprehensive
income] its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10)
of the Act (SAs). 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 made 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
audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the context
of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters

We have described the matters described below to be the key audit matters to be communicated in our
report.

Key audit matter			How our audit addressed the key audit matter
Allowances for Expected Credit Losses (ECL):			Our procedures included, but were not limited to the following: • Review of completeness and accuracy of the Exposure of Default (EAD) and the classification thereof into stages consistent with the definitions applied in accordance with the policy approved by the Board of Directors including the appropriateness of the qualitative factors to be applied; • Completeness, accuracy and appropriateness of information used in the estimation of the PD and LGD for the different stages depending on the nature of the loan; • Accuracy and completeness of the input data such as period of default and other related information used in estimating the PD.
Gross Loans	2,91,978.27
Less: Provision for ECL	(7,669.85)
Net Loans	2,84,308.42
These loans constituted approximately 89% of the Company’s total assets. Significant judgment is used in classifying these loan assets and applying appropriate measurement principles. The elements of estimating ECL which involved increased level of audit focus are the following: • Reasonable and appropriate policies in bucketing of loans into appropriate stages for ECL calculation. • Basis used for calculation of Probability of default (PD) based on past trends • Policy implemented in calculation of Loss Given Default (LGD) at product level.

Compliance and Disclosures: Compliance and disclosure requirements under the applicable Indian Accounting Standards (Ind AS), Reserve Bank of India (RBI) guidelines and other applicable statutory, regulatory and financial reporting framework.

Our procedures included, but were not limited to the following: • Assessed systems and processes laid down by the Company to ensure appropriate compliance with the applicable Ind AS and relevant RBI provisions and applicable statutory, regulatory and financial reporting framework. • Examined relevant forms and filings by the Company with the ROC, RBI, SEBI and other authorities including the Corporate Actions by the Company during the year.

Related Party Transactions: We identified related party transactions as a key audit matter due to the significance of related party transactions, regulatory compliance and risk of such transactions remaining undisclosed in the financial statements.

Our procedures included, but were not limited to the following: • Evaluated the Company’s policies, processes and procedures in respect of identifying and disclosing related party transactions. • Assessed the compliance with the Act, including authorization and approvals as specified in sections 177 and 188 of the Act and Rules thereon and the Securities and Exchange Board of India regulations with respect to related party transactions. • Ensured appropriate disclosures with respect to the related party transactions

Information other than the Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors are responsible for the other information. The other information
comprises the information included in the Management Discussion and Analysis on Corporate
Governance, Directors Report, but does not include the financial statements and our auditor’s report
thereon.

Our opinion on the financial statements does not cover the other information and we do not and will
not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained during the course of our audit or otherwise appears to
be materially misstated. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing to report
in this regard.

Responsibilities of Management and Those Charged with Governance for the Financial
Statements

The accompanying financial statements have been approved by the Company’s Board of Directors.
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the
Companies Act, 2013 (“the Act”) with respect to the preparation and presentation of these financial
statements that give a true and fair view of the financial position, financial performance including other
comprehensive income, 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, 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.

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

The Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 a part of an audit in accordance with Standards on Auditing specified under section 143(10) of the
Act, we exercise professional judgment and maintain professional skepticism throughout the audit. We

also:

a. 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.

b. Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3) (i) of the Companies
Act, 2013, we are also responsible for expressing our opinion on whether the company has
adequate internal financial controls system in place and the operating effectiveness of such controls.

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

d. Conclude on the appropriateness of Board of Director’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.

e. 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.

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 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. (A) Further to our comments in Annexure A, as required by Section 143 (3) of the Act,

based on our audit, we report, to the extent applicable, 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 of the
accompanying financial statements;

(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 financial statements dealt with by this report are in agreement with the books of
account;

(d) In our opinion, the aforesaid 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 and taken on
record by the Board of Directors, none of the directors are disqualified as on 31st
March 2025 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
financial statement of the Company as on 31^st March 2025 and the operating
effectiveness of such controls, refer to our separate report in “Annexure A”. Our
report expresses an unmodified opinion; and

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

i. The Company has disclosed the impact of pending litigations on its financial
position as at 31st March, 2025 in its financial statements

ii. The Company has made provision as at 31st March 2025, as required under the
applicable law or accounting standards, for material foreseeable losses, if any, on
long-term contracts including derivative contracts.

iii. The company was not liable to transfer any amounts to the Investor Education and
Protection Fund during the year ended 31^st March 2025;

iv. a. The management has represented that, to the best of its knowledge and belief,

no funds have been advanced or loaned or invested (either from borrowed
funds or securities premium or any other sources or kind of funds)
by the Company to or in any person(s) or entity(ies), including foreign entities
(‘the 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 (‘the Ultimate Beneficiaries’) or provide any guarantee,
security or the like on behalf the Ultimate Beneficiaries;

b. The management has represented that, to the best of its knowledge and belief,
that funds have been received by the Company from any person(s) or entity(ies),
including foreign entities (‘the 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’) but not provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries; and

c. Based on such audit procedures performed as considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has
caused us to believe that the management representations under sub-clauses (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 used
accounting softwares for maintaining its books of accounts for the financials year
ended 31st March, 2025 which has a feature of recording audit trail (edit log) facility
and the same has operated throughout the year for all relevant transactions
recorded in the softwares. Further, during the course of our audit we did not come
across any instance of the audit trail feature being tampered with. Additionally, the
audit trail of the prior year has been preserved by the Company as per the statutory
requirements for record retention, to the extent it was enabled and recorded in the
prior year.

2. 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 B”, a statement on the matters specified in the paragraph 3 and 4 of the order,
to the extent applicable.

For CGCA & Associates LLP

Chartered Accountants

Firm Regn No : 123393W/ W100755

Place: Mumbai Champak K. Dedhia

Date : May 13, 2025 Partner

UDIN: 25101769BMLXEN9105 Membership No: 101769

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Mar 31, 2024

We have audited the accompanying financial statements of Anupam Finserv Limited ("the
Company"), which comprise the Balance Sheet as at 31^st March, 2024, the statement of Profit
and Loss, including the statement of Other Comprehensive Income, the cash flow statement
and the statement of changes in equity for the year then ended and notes to the financial
statements, including a summary of significant accounting policies and other explanatory
information.

In our opinion and to the best of our information and according to the explanations given to
us, the aforesaid financial statements give the information required by the Companies Act,
2013, as amended ("the Act") in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India, of the state of affairs of
the Company as at 31^st March, 2024, its profit including other comprehensive income, its cash
flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are
further described in the Auditor''s Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the Company in accordance with the Code of
Ethics issued by the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the financial statements under the provisions of
the Act and the Rules there under, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the 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 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 financial statements for the financial year ended 31^st March,
2024. These matters were addressed in the context of our audit of the 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 following matters to be the key audit matters to be
communicated in our report:

Sr. No.	Key Audit Matter	Auditor''s Response
a.	Impairment of financial assets (expected credit losses) (as described in Note No 5 of the financial statements)	Principal Audit Procedures:
	Ind AS 109 requires the Company to	We read and assessed the Company''s
	recognise impairment loss allowance	accounting policies for impairment of
	towards its financial assets	financial assets and their compliance with
	(designated at amortised cost) using	Ind AS 109 read with RBI guidelines.
	the expected credit loss (ECL)	• We tested the criteria for staging of loans
	approach. Such ECL allowance is	based on their past-due status to check
	required to be measured considering	compliance with requirement of Ind AS
	the guiding principles of Ind AS 109	109 read with RBI guidelines. Tested a
	including:	sample of performing (stage 1) loans to assess whether any loss indicators were
	• unbiased, probability weighted	present requiring them to be classified
	outcome under various	under stage 2 or 3 and vice versa.
	scenarios;	• We evaluated the reasonableness of the
	• time value of money;	management estimates by understanding
	• impact arising from forward	the process of ECL estimation and tested
	looking macro-economic factors	the controls around data extraction and
	and;	validation.
	• availability of reasonable and	• Tested the ECL model, including
	supportable information without	assumptions and underlying
	undue costs. Applying these principles involves significant estimation in various aspects, such as: • grouping of borrowers based on homogeneity; • staging of loans and estimation of behavioural life; • determining macro-economic factors impacting credit quality of receivables; • estimation of losses for loan products with no / minimal	computation.

	historical defaults. Considering the significance of such allowance to the overall financial statements and the degree of estimation involved in computation of expected credit losses, this area is considered as a key audit matter.
b.	Evaluation of Loans and Advances Given: Being a non-banking finance Company holding registration under section 45IA of the Reserve Bank of India Act, 1934, the loans and advances given by the Company constitute the major component out of the total assets of the Company. Therefore, there is a significant inherent exposure of such risk¬ bearing assets to the uncertainties of default in interest or principle or both.	Principle Audit Procedures: Our Audit Procedures involved assessment of Company''s policy and control system along with the review of procedures adopted for determining eligibility and thereafter sanctioning of the loans and advances. Furthermore, we have selected a sample of loan agreements/ contracts and through inspection of evidence and material available and placed on record, verified whether the same comply with set policies of the Company for determining the operating effectiveness of such controls.

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

The Company''s Board of Directors is responsible for the other information. The other
information comprises the information included in the Annual Report but does not include
the financial statements and our auditor''s report thereon.

Our opinion on the 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 financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the audit or otherwise appears to
be materially misstated. If, based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance 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 including other
comprehensive income, cash flows and changes in equity of the Company in accordance with
the accounting principles generally accepted in India, including the Indian Accounting
Standards (''Ind AS'') specified under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance
of adequate accounting records in accordance with the provisions of the Act for safeguarding
of the assets of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and estimates
that are reasonable and prudent; and the design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the accuracy
and completeness of the accounting records, relevant to the preparation and presentation of
the AS financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors 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.

The 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 statements.

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

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

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

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

From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements for the financial
year ended 31^st March, 2024 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

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, in our opinion and to the best of our information
and according to the explanations given to us, the Company has not paid/ provided for any
remuneration to its directors during the year.

As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Companies Act,
2013, we give in the "Annexure A" statement on the matters specified in paragraphs 3 and 4 of
the Order, to the extent applicable.

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 company has no branch offices whose accounts are audited by branch auditors;

(d) the Balance Sheet, the Statement of Profit and Loss including the Statement of Other
Comprehensive Income, the Statement of Cash Flow and the Statement of Changes in
Equity dealt with by this Report are in agreement with the books of account;

(e) in our opinion, the aforesaid financial statements comply with the Indian Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2015;

(f) On the basis of the written representations received from the directors as on 31^st March,
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 Act.

(g) 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.

(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. there are no pending litigations against the Company.

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

iii. there were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company during the year ended March 31,
2024.

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 sub-clause (i) and (ii) of Rule 11(e), as
provided under (a) and (b) above, contain any material misstatement.

v. The Company''s Board of Director has not proposed any dividend for the financial
year covered under Audit. The Company had not paid dividend in respect of
previous financial year.

vi. Based on our examination, which included test checks, the Company has used
accounting software for maintaining its books of account for the financial year
ended March 31, 2024, which has a feature of recording audit trail (edit log)
facility and the same has operated throughout the year for all relevant transactions
recorded in the software. Further, during the course of our audit we did not come
across any instance of the audit trail feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable
from April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014 on preservation of audit trail as per the statutory
requirements for record retention is not applicable for the financial year ended
March 31, 2024

For J. K. Shah & Co.

Chartered Accountants

Firm''s registration number: 109606W

CA Sanjay Dhruva

Partner

Membership Number: 038480

UDIN: 24038480BKBGIZ1123

Place: Mumbai

Date: May 30, 2024

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Mar 31, 2015

We have audited the accompanying financial statements of Vantage Corporate Services Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015, 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 management and Board of Directors of the Company are 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 flow 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 Companies (Accounts) Rules, 2014. This responsibility 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 are 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 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 control system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's management and Board of 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 aforesaid 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, 2015;

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 flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters Specified in paragraphs 3 and 4 of the Order.

As required by section 143(3) of the Act, we further 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 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 aforesaid financial statements comply with the applicable 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, and taken on record by the Board of Directors, none of the directors except Mr. R. C. Dedhia, is disqualified as on March 31, 2015, from being appointed as a director in terms of Section 164(2) of the Act;

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

1. the Company does not have any pending litigations which would impact its financial position.

2. the Company did not have any long-term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise.

3. there are no amounts required to be transferred, to the Investor Education and Protection Fund by the Company.

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

Annexure referred to in our Independent Auditors' Report to the members of the company on the financial statements for the year ended 31st March, 2015.

1) There are no Fixed Assets of the Company and hence clause 1(a) and clause 1(b) of the order is not applicable.

2)

a) The Company is trading and dealing in securities. The securities held in demat form, have been verified with the demat statement and the securities held in physical form have been physically verified with share certificate by the management at reasonable intervals during the year.

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

c) In our opinion and according to the information and explanation given to us, the company has maintained proper records of its inventories and the discrepancies noticed on physical verification between physical stock and the book records were not material and have been adequately dealt with in the books of account.

3) According to information and explanation given to us, the company has granted unsecured loans to six parties covered in the register maintained under section 189 of the Companies Act, 2013.

a) The principle amounts in respect of five parties were fully repaid during the year and the principle amount in respect of one party was partly repaid during the year. The receipt of interest is regular during the year.

b) There is no specific time bound stipulation as regards the repayment of principal or interest.

4) The company has adequate internal control procedure commensurate with the size of the company and nature of its business with regard to purchase of inventories and for sale of securities and services. We have not come across any major weakness in internal control.

5) In our opinion and according to the information given to us, the company, during the year, has not accepted deposits from public.

6) According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under section (1) of section 148 of the Companies Act, 2013.

7)

a) According to the records of the company, the company is regular in depositing undisputed statutory dues including Income Tax and Service tax with the appropriate authorities. According to the information and explanation given to us, there are no undisputed amounts payable in respect of such statutory dues which have remained outstanding as at 31st March, 2015 for a period of more than six months from the day they became payable except Income tax (Net of TDS) for the financial year 2009-10 of Rs. 1,00,497/-

b) According to information and explanation given to us, there are no disputed dues with statutory authorities.

c) There are no amounts required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Act and rules made thereunder.

8) The accumulated losses of the Company are not more than fifty percent of its net worth at the end of the financial year. The company has incurred cash losses during the current financial year covered under audit. However, the company had not incurred cash losses in the immediately preceding financial year.

9) The company has no borrowings from financial institution or banks or from debenture holders.

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

11) The company has not taken any term loans during the year.

12) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.

For J. K. Shah & Co. Chartered Accountants Firm Registration No. 109606W

Sd/- Sanjay Dhruva Partner M.no. 038480

Place: Mumbai Date: 29th August, 2015

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Mar 31, 2014

We have audited the accompanying financial statements of Vantage Corporate Services Limited (the Company), which comprise the Balance Sheet as at 31st March, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Managements'' Responsibility

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 of 13th September, 2013 of the Ministry of Corporate Affairs (MCA) in respect of section 133 of the companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to preparation & presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is appropriate and sufficient to provide a basis for our audit opinion.

Auditors'' 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 (refer point ''20'' of Note ''R'') in conformity with the accounting principles generally accepted in India:

* in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2014;

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

* in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Other Regulatory Requirements

As required by the Companies (Auditor''s Report) Order, 2003 (CARO) issued by the Central Government of India in terms of section 227(4A) of the Act, we give in the Appendix a statement on the matters specified in paragraphs 4 and 5 of CARO. 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 notified under the Act read with the general Circular 15/2013 of 13th September, 2013 of the MCA in respect of section 133 of the companies Act, 2013:

(e) On the basis of written representations received from the directors, and taken on record by the board of directors, none of the directors except Mr. R. C. Dedhia, is disqualified as on 31st March, 2014, from being appointed as a director in terms of section 274(1)(g) of the Act.

For Manoj Mehta & Co Chartered Accountants (FRN.: 116681W)

(M. M. Mehta) Proprietor (M. No.: 44355)

Mumbai, 21st May, 2014

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Mar 31, 2012

We have audited the attached balance sheet of M/s Vantage Corporate Services Limited as on 3 T'March, 2012, the profit and loss account and the cash flow statement for the year ended on that date. These finan- cial statements are the responsibility of the management of the Company Our responsibility is to express an opinion on these financial statements based on our audit.

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

1. As required by the Companies (Auditors' Report) Order, 2003 (CARO) issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956 (the Act) and on the basis of such verification of the books and records 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.

2. Further to our comments in the annexure referred to in paragraph (1) above -

a. We have obtained all the information and explanations which to the best of our knowledge and beliefwerenecessaryforthepurposesofour 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 such books;

c. The balance sheet and profit and loss account referred to in this report are in agreement with the books of accounts;

d. In our opinion, the profit and loss account and balance sheet comply with the accounting standards referred to in section211(3C) of the Companies Act, 1956;

e. In the absence of required information, we have relied on the written representations received from the directors on the basis of which, none of the directors are disqualified from being a director of the Companyintermsofsection274(l)(g)oftheCompaniesAct,1956;

f In our opinion and to the best of our information and according to explanations given to us, the said

accounts give the information required under 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

- in the case of the balance sheet, of the state of affairs of the Company as on 31st March, 2012, and

- in the case of the profit and loss account, of the profit for the year ended on that date.

- in case of cash flow statement, of the cash flows of the Company for the year ended on that date.

For VINAY SANJAY & ASSOCIATES

Chartered Accountants

Firm Registration No. 112195W

SanjayRBhat

Place: Mumbai Partner

Dated: 30* June 2012 M. No. F 43376

ANNEXURE TO THE AUDITORS' REPORT

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 report that:

I. In respect of its Fixed Assets:

a)Thecompanyhasmaintainedbasicrecordsshowingparticularsoffixed assets.

b) As explained to us, the management has conducted physical verification of the fixed assets and no material discrepancies were found on such verification.

c) We are informed that the Company has not disposed any fixed assets as substantial as to affect it as a going concern.

II. In respect of Inventories

a) As explained to us, the management has carried out physical verification of the inventory at reasonable intervals.

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

c) We are informed that the discrepancies noticed on verification of stocks as compared to book recordwerenotmaterialandhavebeenappropriatelydealtwithinthebooksofaccount.

III. In respect of loans, secured or unsecured of unsecured , granted or taken by the company to/from companies, firms or other parties covered in the register maintained under Section 301and 370 (1-B) of the Companies Act, 1956:

a) The company has granted unsecured or secured loans to the parties listed in the register main- tained U/Sec. 301 of the Indian Companies Act 1956 wherein the interest has been recovered but there is stipulation as to the repayment of the principal. The details of the same are given in the Note: 22 of theNotes formingpart of the financial statement.

b) The company has granted advances to the parties listed U/sec. 370(1B) of the Indian Companies Act, 1956 for purchase of the shares as mentioned in Note: 22 of the Notes forming part of the financial statement.

c) In our opinion and according to the information and explanation given to us the terms of the above loans and advances granted by the company are not prima facie prejudicial to the interest of the company.

IV. In our opinion, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for purchase of inventory and fixed assets and for sale of goods.

V. We are informed that the register of contracts or arrangements refer in the section 301 are under compilationandweare informed that the transaction if any with this partiesare as per the prevailing parties and as such are comparable with the market practices.

VI. As per the information available to us and as per the explanations given to us, the Company has not accepted any deposits from public, in terms of section 58Aof the Act and rules framed there under.

VII. In our opinion, the Company has an adequate system of internal checks on its day to day affairs, which acts as an internal audit system.

VIII. We are informed that, the central government has not prescribed maintenance of cost records under section209(l)(d)oftheAct.

IX. In respect of Statutory dues:

On the basis of the information and explanations made available to us, the provisions of Provident Fund and Employees' State Insurance Acts are not applicable to the Company. The Company is generally regular in depositing undisputed statutory dues (wherever applicable) to appropriate authorities during the year except Income tax of Rs 1,00,497 for the financial year 2009-10.

X. The company has no accumulated losses and has not incurred any cash losses during the financial yearorimmediatelyprecedingfmancialyear.

XL In our opinion and based on the information and explanations made available to us, since the Company does not have any dues payable to any financial institutions, banks or debenture holders, the question of defaulting on repayment does not arise.

XII. Based on our examinations of the books and record and according the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or other securities.

XIII. As explained to us, the provisions of any special statute applicable to a chit fund, nidhi or mutual benefit societies, are not applicable to the Company.

XIV The Company has maintained basic records of the transactions and contracts and has made timely entries in respect of its dealings in securities and investments. The securities and investments at the year end are held by the Company in its own name within the meaning of section 49(4) of the CompaniesAct,1956,

XV. As per the explanations given to us and on the basis of our examination of the books of account, the Company has not availed any term loans from banks or financial institutions.

XVI. According to the cash flow statement and other record examined by us and the information and explanations given to us, on an overall basis, the Company has not prima facie, used the funds borrowed on short term basis for long term investments and vice versa during the year.

XVII. The Company has not made any preferential allotment of shares s during the year which is prima facie not prejudicial to the interest of the company.

XVIII. The Company has not issued any debentures during the year.

XIX. The Company has not raised any money by way of public issue of its shares or securities during the year.

XX. To the best of our knowledge and belief and according to the information and explanations made available to us, there have been no cases of fraud on or by the Company noticed or reported during theyear.

For VINAY SANJAY & ASSOCIATES

Chartered Accountants

Firm Registration No. 112195W

Sanjay R Bhat

Place: Mumbai Partner Dated: 30th June 2012 M.No. F 43376

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Mar 31, 2010

We have audited the attached balance sheet of Vantage Corporate Services Limited as at 31st March 2010, the profit and loss account and the cash flow statement for the year ended on that date. These financial statements are the responsibility of the management of the Company. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We report that-

1. As required by the Companies (Auditors Report) Order, 2003 (CARO) issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956 (the Act) and on the basis of such verification of the books and records as we considered appropriate and according to the information and explanations given to us, we give in the annex-ure, a statement on the matters specified in paragraphs 4 and 5 of the said Order.

2. Further to our comments in the annexure referred to in paragraph (1) above -

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 such books;

c. the balance sheet and profit and loss account referred to in this report are in agreement with the books of account;

d. in our opinion, the profit and loss account and balance sheet comply with the accounting standards referred to in section 211 (3C) of the Companies Act, 1956;

e. in the absence of required information, we have relied on the written representations received from the directors on the basis of which, none of the director except Mr. R. C. Dedhia, is disqualified from being a director of the Company in terms of section 274(1 )(g)ofthe Companies Act, 1956;

f. in our opinion and to the best of our information and according to explanations given to us, the said accounts give the information required under 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 -

- in the case of the balance sheet, of the state of affairs of the Company as at 31 st March 2010, and

- in the case of the profit and loss account, of the profit for the year ended on that date.

- in case of cash flow statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT DATED 30th JUNE 2010 OF VANTAGE CORPORATE SERVICES LIMITED

1) The company has maintained basic records showing particulars of fixed assets.

2) As explained to us, the management has conducted physical verification of the fixed assets and no material discrepancies were found on such verification.

3) We are informed that the Company has not disposed any fixed assets as substantial as to affect it as a going concern.

4) As explained to us, the management has carried out physical verification of inventory at reasonable intervals.

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

6) We are informed that the discrepancies noticed on verification of stocks as compared to book record were not material and have been appropriately dealt with in the books of account.

7) The Company has not taken any loans, from parties listed in the register specified under section 301 nor from companies under the same management as defined in section 370(16), except trade or other advances (refer point M of Schedule "J"), of the Companies Act, 1956.

8) The Company has not, granted any loans, secured or unsecured, to parties listed in the register specified under section 301 nor to companies under the same management as defined in section 370(1 B), except trade or other advances (refer point M of Schedule "J"), of the Companies Act, 1956.

9) As per explanations given to us, the terms of the advances in the nature of loans granted by the Company, are not prima facie prejudicial to the interests of the Company (also refer point M of Schedule "K").

10) In our opinion, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for purchase of inventory and fixed assets and for sale of goods.

11) We are informed that the register specified under section 301 of the Act, is under preparation and /or updation.

12) As per the information available to us and as per the explanations given to us, the Company has not accepted any deposits from public, in terms of section 58A of the Act and rules framed there under.

13) In our opinion, the Company has an adequate system of internal checks on its day to day affairs, which acts as an internal audit system.

14) We are informed that, the central government has not prescribed maintenance of cost records under section 209(l)(d)of the Act.

15) On the basis of the information and explanations made available to us, the provisions of Provident Fund and Employees State Insurance Acts are not applicable to the Company. The Company is generally regular in depositing undisputed statutory dues (wherever applicable) including income tax, sales tax, wealth tax, customs duty, excise duty, cess and other dues with the appropriate authorities during the year.

16) As it appears from the books and record produced before us, the Company has accumulated losses of? 640178/- during the financial year and? 1014553/-during the immediately preceding financial year. The Company however has not incurred any cash losses during the financial year or immediately preceding financial year.

17) In our opinion and based on the information and explanations made available to us, since the Company does not have any dues payable to any financial institutions, banks or debenture holders, the question of defaulting on repayment does not arise.

18) Based on our examinations of the books and record and according the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or other securities.

19) As explained to us, the provisions of any special statute applicable to a chit fund, nidhi or mutual benefit societies, are not applicable to the Company.

20) The Company has maintained basic record of the transactions and contracts and made timely entries in respect of its dealings in securities and investments. The securities and investments at the year end are held by the Company in its own name within the meaning of section 49(4) of the Companies Act, 1956, in dematerialized form.

21) As per the explanations given to us and on the basis of our examination of the books of account, the Company has not availed any term loans from banks or financial institutions.

22) According to the cash flow statement and other record examined by us and the information and explanations given to us, on an overall basis, the Company has not prima facie, used the funds borrowed on short term basis for long term investments and vice versa during the year.

23) The Company has not made any preferential allotment of any shares during the year.

24) The Company has not issued any debentures during the year.

25) The Company has not raised any money by way of public issue of its shares or securities during the year.

26) To the best of our knowledge and belief and according to the information and explanations made available to us, there have been no cases of fraud on or by the Company noticed or reported during the year.

Manoj M. Mehta

Proprietor

For and on behalf of

MANOJ MEHTA & CO

Chartered Accountants



Mumbai, 30th June, 2010