Auditor Report of Bacil Pharma Ltd.

Mar 31, 2024

To the Board of Directors of BACIL PHARMA LIMITED Report on the Audit of Financial ResultsOpinion

We have audited the annual financial results of BACIL PHARMA LIMITED (hereinafter referred to as the ''Company") for the year ended March 31, 2024 and the Balance Sheet and the Statement of Cash Flows as at and for the year ended on that date, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the ''Listing Regulations'').

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial results:

i. are presented in accordance with the requirements of Regulation 33 and Regulation 52 of the Listing Regulations in this regard; and

ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (the "Act") and other accounting principles generally accepted in India, of net profit and other comprehensive income and other financial information of the Company for the year ended March 31, 2024 and the balance sheet and the statement of cash flows as at and for the year ended on that date.

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

Key Audit Matter	How the matter was addressed in our Audit
The company has given unsecured loans and advances to various parties which is not the main object / core business activity of the company.	We have verified whether the same is recognized on the fair value and interest income is recognized on accrual basis. However, if the interest is not recoverable then management does not recognise the same.

Emphasis of Matter

Recoverability of the balances of loans and advances given to various parties are yet to be determined by the management. These loans and advances are subject to confirmation by management.

Other Information

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

Management''s Responsibilities for the Financial Results

These financial results have been prepared on the basis of the annual financial statements. The Company''s Board of Directors are responsible for the preparation and presentation of these financial results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Company and the balance sheet and the statement of cash flows in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52 of the Listing Regulations. The Board of Directors of the Company are responsible for 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 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, which have been used for the purpose of preparation of the financial results by the Directors of the Company, as aforesaid.

In preparing the financial results, the Board of Directors of the Company are responsible for assessing the ability of the Company 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 of the Company are responsible for overseeing the financial reporting process of the Company.

Auditor''s Responsibilities for the Audit of the Financial Results

Our objectives are to obtain reasonable assurance about whether the financial results 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 results.

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

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

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

d. Conclude on the appropriateness of the Board of Directors'' 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 results 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 results including the disclosures, and whether the financial results 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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 (''the Order'') issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the "Annexure 1" a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, we report that:

a) Apart from matters stated in emphasis of matter paragraph, 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 accounts as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss including other comprehensive income, the statement of change in equity and the Cash Flow Statement dealt with by this Report are in agreement with the relevant books of account.

d) In our opinion, the aforesaid financial statements comply with Ind AS specified under Section 133 of the Act.

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 is disqualified as on March 31, 2024, from being appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure 2" to this report.

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

a) The Company has no pending litigations as of March 31, 2024, on its financial position in its standalone financial statements.

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

c) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

d) The management has represented that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; The management has represented that, to the best of its knowledge and belief, no funds have been received by the Company from any person or entity, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, 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; and

Based on such audit procedures that were considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) contain any material misstatement.

3. As proviso to rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable for the Holding Company or any of its subsidiary companies incorporated in India only with effect from 1 April 2024, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is not applicable.

4. In our opinion and to the best of our information and according to the explanation given to us, the company has not paid any remuneration to its directors during the year. Hence the provisions of Section 197 of the Act are not applicable.

5. Based on our examination which included test checks, the company has not used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility Accordingly, we are unable to comment on any instance of audit trail feature being tampered.

For Laxmikant Kabra & Co LLP

Chartered Accountants FRN.: 117183W/ W100736

Sd-

CA Siddhant Kabra

Partner

Place: Thane

Membership No.: 193348

Date: 21^st May 2024

UDIN: 24193348BKEFUP3126

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Mar 31, 2014

We have audited the accompanying financial statements of BACIL PHARMA 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.

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 the Companies Act, 1956 ("the Act"'') read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

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

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

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("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 appears from our examination of those books;

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

d. in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013;

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

ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT

(Referred to in paragraph 1 of our report of even date to the members of BACIL PHARMA LIMITED on the financial statements for the year ended on 31st March, 2014.)

1) The provisions of clauses ii, x, xi, xii, xiii, xiv, xv, xvi, xviii and xix of paragraph 4 and 5 of the Companies (Auditors'' Report) Order, 2003 are not applicable for the current year.

2) In respect of its fixed assets:

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

(b) As informed to us, fixed assets of the company were physically verified during the year by the Management in accordance with a program of verification, which in our opinion provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us no material discrepancies were noticed on such verification.

3) During the year the Company has neither granted nor taken any loan, secured or unsecured to/from the Companies, firms or other parties covered in the Register maintained u/s 301 of the Companies Act, 1956.

As explained to us, the Company has entered into all the particulars of contracts or arrangements referred to in section 301 of the Act.

4) In our opinion and according to the information and explanations given to us, the company has adequate internal control procedures commensurate with the size of the company and nature of its business with regard to purchase and sale of plant and machinery, equipment and other assets.

5) According to the information and explanations provided by the management, there have been no transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956.

6) The company has not accepted any deposits from the public. Accordingly provisions of section 58A and 58AA of Companies Act, 1956 are not applicable to the company.

7) In our opinion the company has an internal audit system commensurate with the size and nature of its Business.

8) The Central Government has not prescribed the maintenance of Cost Records under Section 209(1) of the Companies Act, 1956 for any of the products of the Company.

9) a) As informed to us Provident Fund and Employee State Insurance Act is not applicable to the Company.

b) According to the information and explanations given to us, there was no undisputed amounts payable in respect of Income-Tax, Wealth-tax, Sales-tax, Custom Duty and Excise Duty, which have remained outstanding as at the date of Balance Sheet for the period of more than six months from the date they became payable.

10) According to the cash flow statement and other records examined by us and the information and explanations given to us, on an overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term investments (fixed assets, etc.) and vice versa, other than temporary deployment pending application.

11) The Company has not raised any money through a public issue during the year under review.

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.

Place: Mumbai For A. W. KETKAR & CO. Dated: May 30, 2014 Chartered Accountants Registration No.: 105006W

Address: 4, "SOUKHYA", Opp. B.M.C. Hospital A. W. KETKAR V. N. Purav Marg Proprietor Chunabhatti, Mumbai 400 022 Membership No.: 012287

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Mar 31, 2012

1. We have audited the attached Balance Sheet of BACH PHARMA UMITED as at 31st March 2012 and Cash Flow Statement of the Company fo; the year ended on thai date, annexed thereto. These financial statements are the respanslbflrty of the Company's management, Our responsiblity Is to express an opinion on these financial statements based on our audit.

2. We conducted our audit In accordance with auditing standaids generally accepted in India. Those Standards requite that we plan and perform the audit io obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit Includes examining, on a test basis, evidence supporting the omounts 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 overal financial statement presentation. We believe that our audit provides a reasonable basts for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 Issued by the Central Government of India rn terms of sub-secton 4A of section 227 of the Companies Act, 1956, we enclose in the Amexure a statement on the matters specified In paragraph 4 and 5 of the said Order.

4. Further to our comments In the Amexure referred to in paragraph 3 above, we report that:

I] We hove obtained al the Information and explanations, which to the best ot our knowledge and belief were necessary for the purposes of our audit:

U) In our opinion, proper books of Account as required by law have been kepi Dy the Company, so far as appears from our examination of such books;

HI) The Balance Sheet ond Cash Flow Statement dealt whh by this report ore In agreement with the books of account;

to) In our opinion, the Balance Sheet and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

v) On the basis of written representations received from the directors, as on 31 st March. 2012, and taken on record by the Board of Directors, we report that none of the directors !s disqualified as on 31s* March 2012 from being appointed as a director In terms of clause (g) of sub-sectton |1) ot section 274 of the Companies Act, 1956;

vi) In our opinion and to the best of our information and occording to the explanations given to us. the said accounts read wtlh the Significant Accounting Policies and Notes on Accounts give the information required by 1he Companies Act, 1956 In the manner so required and give a true and fair view :

a) In case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012; and

b) In the case of the Profit and Loss Account, of the profit fa the year ended on that date; and

c) In Ihe cose of the cash flow statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

(Referred to In paragraph 3 of our report of even dole on the accounts of BACK. PHARMA UfvBTED, for the year ended on 31 st March, 2012.)

1) The provisions of clauses ix, x. xi. xii, xiii. xiv, xv, xvi, xvii and xviii of paragraph 4 and 5 of the Companies (Auditors' Report) Order, 2003 are not oppftcabte fa the current year.

2) In respect of Its fixed assets:

(a} The Company has matrtolned proper records showing tut parttcurors. Including quantttatrve detafts and situation of fixed assets.

[b) As Named to us, fixed assets of the company were physlcaly verified during the year by the Management In accordance wtfh a program of verification, which In our opinion provides fa physical verification of all the fixed assets at reasonable Intervals. According to the Information and explanations grven to us no material discrepancies were noticed on such verification.

3) During the year the Company has neither granted nor taken any loan, secured or unsecured to/from the Companies, firms or other parties covered In the Register maintained u/s 301 of the Companies Act, 1966.

As explained to us, the Company has entered Into oil the particulars of contracts or arrangements referred to In section 301 of the Act,

4) In our opinion and according to the Information and explanations given to us, the company has rxJequuie Wemol control procedures commensurate wtth the sbe of the company and nature of Its business wtth regard to purchase and sale of plant and machinery, equipment and other ossets.

5) According to the information and explanations provided by the management, there have been no transactions that need to be entered intc the register maintained under Section 301 of the Companies Act, 1956.

6 The compony has not accepted any deposits from the public. Accordingly provisions of section 58A and 56AA of Companies Act, 1956 are not applcabfe to the company.

7) In our opinion the company has an Internal audit system commensurate wtth the sbe and nature of Its Business.

8) The Central Government has not prescribed the maintenance of Cost Records under Section 209(1) of the Companies Act, 1956 tor any of the products of the Company.

9) a) As Informed to us Provident Fund and Employee State Insurance Act is not applicable to the

Company.

b) According to the information and explanations grven to us. there was no undisputed amounts

payable In respect of Income-Tax, Wearth-tax Sates-tox Custom Duty and Excise Duty, which have remained outstanding as at the date of Balance Sheet for the period of more than six months from the date they became payable.

10) According to the cosh flow statement and other records examined by us and the Information and exptanatlons grven to us, on an overall basis, funds raised on short term baste have, prima facie, not been used during the year for long term Investments (fixed assets, etc.) and vice versa, other than temporary deployment pending appicatlon,

11) Tie Compary has not raised any money through o pubic Issue during the year under review.

12) To the best of our knowledge and better and according to the Information and explanations given to us, no fraud on or by the compony was noticed or reported dutng the year.

Place: Mumbal for A. W. KETKAR & CO.

Dated: May 30,2012 Chartered Accountants

Registration No.: I05006W

Address: 4, "SOUKHYA', Opp. B.M.C.

Hospital A. W. KETKAR

V. N. Purav Marg Proprietor

Chunabhatti. Mumbal 400 022 Membernbefsnlp No.: 012287

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Mar 31, 2010

1. We have audited the attached Balance Sheet of BACH PHARMA LIMITED as at 31 st March 2010 and Cash Flow Statement of the Company for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility Is to express an opinion on these financial statements based on our audit.

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 accordance about whether the financial statements ore free of material misstatement. An audit Includes examining. on a test basis, evidence supporting the amounts and disclosures In the financial statements. An audit also Includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

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 paragraph 4 and 5 of the said Order.

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

I) 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;

II) In our opinion, proper books of Account as required by law have been kept by the Company, so for as appears from our examination of such books;

III) The Balance Sheet and Cash Flow Statement dealt with by this report are In agreement with the books of account;

IV) In our opinion, the Balance Sheet and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to In sub-section (3C) of section 211 of the Companies Act, 1956;

v) On the basis of 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) of section 274 of the Companies Act, 1956:

vi) In our opinion and to the best of our Information and according to the explanations given to us, the said accounts read with the Significant Accounting Policies and Notes on Accounts give the Information required by the Companies Act, 1956 in the manner so required and give a true and fair view:

a) In case of the Balance Sheet, of the state of affairs of the Company as at 31 st March. 2010; and

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

c) In the case of the cash flow statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT

(Referred to In paragraph 3 of our report of even date on the accounts of BACIL PHARMA LIMITED, for the year ended on 31st March, 2010.)

1) The provisions of clauses II, x, xi, xii, xiii, xiv, xv, xvi, xviii and xlx of paragraph 4 and 5 of the Companies (Auditors Report) Order, 2003 are not applicable for the current year.

2) In respect of Its fixed assets:

(a) The Company has maintained proper records showing full particulars, Including quantitative details and situation of fixed assets.

(b) As Informed to us, fixed assets of the company were physically verified during the year by the Management In accordance with a program of verification, which In our opinion provides for physical verification of all the fixed assets at reasonable intervals. According to the Information and explanations given to us no material discrepancies were noticed on such verification.

3) (a) Loans taken by the company:

The Company has taken unsecured loans from Companies, Firms, or other parties ought to be listed In the register maintained under Section 301 of the Companies Act, 1956 and the rate of Interest wherever applicable and other terms and conditions of such loans are prima facie not prejudicial to the interest of the company and the maximum amount outstanding to them amounts to Rs. 6,74,376/- and we are informed that there Is no Company under the same management within the meaning of section 370(1-B) of the Companies Act, 1956.

(b) Loans given by the company:

The company has not granted any loans, secured or unsecured, to the companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

4) In our opinion and according to the Information and explanations given to us, the company has adequate internal control procedures commensurate with the size of the company and nature of Its business with regard to purchase and sale of plant and machinery, equipment and other assets.

5) According to the information and explanations provided by the management, there have been no transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956.

6) The company has not accepted any deposits from the public. Accordingly provisions of section 58A and 58AA of Companies Act, 1956 are not applicable to the company.

7) In our opinion the company has an Internal audit system commensurate with the size and nature of its Business.

8) The Central Government has not prescribed the maintenance of Cost Records under Section 209(1) of the Companies Act. 1956 for any of the products of the Company,

9) a) As informed to us Provident Fund and Employee State Insurance Act is not applicable to the Company.

b) According to the Information and explanations given to us, there was no undisputed amounts payable In respect of Income-Tax, Wealth-tax. Sales- tax, Custom Duty and Excise Duty, which have remained outstanding as at the date of Balance Sheet for the period of more than six months from the date they became payable.

10) According to the cash flow statement and other records examined by us and the information and explanations given to us, on an overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term Investments (fixed assets, etc.) and vice versa, other than temporary deployment pending application.

11) The Company has not raised any money through a public issue during the year under review.

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.

Place: Mumbai For A. W. KETKAR & CO.

Dated: May 31, 2010 Chartered Accountants

Registration No.: 105006W

Address: 4. "SOUKHYA", Opp. B.M.C. Hospital A. W. KETKAR

V. N. Purav Marg Proprietor

Chunabhatti, Mumbai 400 022 Membership No.: 012287