Auditor Report of Balurghat Technologies Ltd.

Mar 31, 2025

We have audited the standalone financial statements of BALURGHAT TECHNOLOGIES LIMITED
(hereinafter referred to as “the Company”), which comprise the Standalone Balance Sheet as at 31^st March
2025, and the Standalone Statement of Profit and Loss (Including other comprehensive income),
Standalone Statement of Changes in Equity and Standalone Statement of Cash Flows for the year then
ended, and notes to the standalone financial statements, including a summary of the material accounting
policies and other explanatory information (hereinafter referred to as “the standalone financial
statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
standalone financial statements give the information required by the Companies Act, 2013 (“the Act”) in
the manner so required and give a true and fair view in conformity with the accounting principles generally
accepted in India, of the state of affairs of the Company as at 31 March 2025, and its profit and other
comprehensive loss, changes in equity and its cash flows forthe year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section
143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor’s
Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our audit of the standalone
financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that
the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion on the
standalone financial statements.

Key Audit Matters

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

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. The Company’s annual report is expected to be made
available to us after the date of this auditor’s report.

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

In connection with our audit of the standalone financial statements, our responsibility is to read the other
information identified above when it becomes available and, in doing so, consider whether the other
information is materially inconsistent with the standalone financial statements or our knowledge obtained
in the audit or otherwise appears to be materially misstated.

When we read the Company’s annual report, if we conclude that there is a material misstatement therein,
we are required to communicate the matter to those charged with governance and take necessary actions,
as applicable under the relevant laws and regulations.

Managements and Board of Directors’ Responsibility for the Standalone Financial
Statements

The Company’s Management and Board of Directors are responsible for the matters stated in Section
134(5) of the Act with respect to the preparation of these standalone financial statements that give a tme
and fair view of the state of affairs, profit/loss and 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. This responsibility also
includes maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal financial
controls that were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparationand presentation of the standalone financial statements that give a true
and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, the Management and Board of Directors are responsible
for assessing theCompany ’ s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using thegoing 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 is also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibility for the Audit of Standalone Financial Statements

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

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

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due
to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit

evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• 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
standalone financial statements in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of the Management and Board of Directors use of the going concern
basis of accounting in preparation of standalone financial statements and, based on the audit evidence
obtained, whether a materialuncertainty 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 reportto the related disclosures in the standalone financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may
cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements, including
the disclosures, and whether the standalone financial statements represent the underlying transactions and
events in a manner that achievesfair 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 duringour 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 mayreasonably be thought to bear on our independence, and where applicable, related
safeguards.

From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the standalone financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that
a matter should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory⁷ Requirements:

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central
Government of Indiain terms of Section 143(11) of the Act, we give in the “Annexure A” a statement on
the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. (A) 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 fromour examination of those books.

c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including other

comprehensive income), the Standalone Statement of Changes in Equity and the Standalone Statement
of Cash Flows dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under

Section 133 of theAct.

e) On the basis of the written representations received from the directors as on 31 March 2025 taken on

record by the Board of Directors, none of the directors is disqualified as on 31 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 standalone financial

statements of the Company and the operating effectiveness of such controls, refer to our separate Report
in “Annexure B”.

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

a) The pending litigations as at 31 March 2025 are disclosed as contingent liabilities (Please refer Note
number 25.7) and no impact 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 has been no delay in transferring amounts, required to be transferred, in applicable cases to the
Investor Education and Protection Fund by the Company.

d) (i) 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 persons or entities, including foreign entities
(“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall:

• directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever
(“Ultimate Beneficiaries”) by or on behalf of the Company or

• provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(ii) The management has represented, that, to the best of its knowledge and belief, no funds have been
received by the Company from any persons or entities, including foreign entities (“Funding Parties”), with
the understanding, whether recorded in writing or otherwise, that the Company shall:

• directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever
(“Ultimate Beneficiaries”) by or on behalf of the Funding Party or

• provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries; and

(iii) Based on such audit procedures as considered reasonable and appropriate in the circumstances, nothing

has come to our notice that has caused us to believe that the representations under subclause (d) (i) and (d)
(ii) contain any material mis-statement.

e) The company has not declared any dividend or paid during the year.

(C) With respect to the matter to be included in the Auditor’s Report under Section 197(16) of the Act

In our opinion and according to the information and explanations given to us, the remuneration paid by the
Company to itsdirectors during the current year is in accordance with the provisions of Section 197 of the
Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the
Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act
which are required to be commented upon by us.

For SAMBHU N. DE & CO

Chartered Accountants
FRN: 307055E

Sd/-

(SAMBHU NATH MITTRA)

Partner

Membership No.: - 011678
UDIN: 25011678BMJAKG8596

Place: Kolkata
Date: 26.05.2025

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Mar 31, 2024

We have audited the standalone financial statements of BALURGHAT TECHNOLOGIES LIMITED (hereinafter referred to as “Hie Company”), which comprise the Standalone Balance Sheet as at 31 March 2024, and the Standalone Statement of Profit and Loss (Including other comprehensive income), Standalone Statement of Changes in Equity and Standalone Statement of Cash Flows for the year then ended, and notes to the standalone financial statements, including a summary of the material accounting policies and other explanatory information (hereinafter referred to as “die standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give die information required by die Companies Act, 2013 (‘the Act”) in die maimer so required and give a true and fair view in conformity witii die accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2024, and its profit and otiier comprehensive loss, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of Hie Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of Hie standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.

Key Audit Matters

Key audit matters (‘KAM’) are diose matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

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. The Company’s annual report is expected to be made available to us after the date of this auditor’s report.

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

In connection with our audit of the standalone financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially

inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

When we read Hie Company’s annual report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and take necessary actions, as applicable under the relevant laws and regulations.

Managements and Board of Directors’ Responsibility for the Standalone Financial Statements

The Company’s Management and Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the state of affairs, profit/loss and 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. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, the Management and Board of Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless 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 is also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibility for the Audit of Standalone Financial Statements

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

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

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

• Obtain an understanding of internal 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 standalone financial statements in place and the operating effectiveness of such controls.

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

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

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

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

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

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor’s Report) Order, 2020 rihc Order”) issued by the Central Government of India in terms of Section 143( 11) of the Act, we give in the “Amiexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. (A) 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 Hie 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 Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including other comprehensive income), the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows dealt with by this Report are in agreement with the books of account.

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

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

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

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

a) The pending litigations as at 31 March 2024 are disclosed as contingent liabilities (Please refer point number 27.8) and no impact 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 has been no delay in transferring amounts, required to be transferred, in applicable cases to the Investor Education and Protection Fund by the Company.

d) (i) 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 Hie Company to or in any other persons or entities, including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall:

• directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Company or

• provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(ii) The management has represented, that, to the best of its knowledge and belief, no funds have been received by Hie Company from any persons or entities, including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall:

• directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Funding Party or

• provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries; and

(iii) Based on such audit procedures as considered reasonable and appropriate in Hie circumstances, nothing has come to our notice that has caused us to believe that the representations under subclause (d) (i) and (d) (ii) contain any material mis-statement.

e) The company has not declared any dividend or paid during the year.

(C) With respect to the matter to be included in the Auditor’s Report under Section 197(16) of the Act:

In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act which are required to be commented upon by us.

For SAMBHU N. DE & CO

Chartered Accountants

FRN: 307055E

Sd/-

SA\1 mil'' NATHMITTRA)

Partner

Membership No.: - 011678

UDIN: 24011678BKFRZS7727

Place: Kolkata

Date: 29.05.2024

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Mar 31, 2015

1. We have audited the accompanying financial statements of Balurghat Technologies Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015, the statement of Profit and Loss the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.

2. 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 to give a true and fair view of the financial position ,financial performance and cash flows to the company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under 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 of the assets of the Company and for preventing and detecting frauds and other irregularities, selection and application of appropriate accounting policies , making judgments and estimates that are reasonable and prudent and design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records , relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement whether due to fraud or error.

3. Our responsibility is to express an opinion on these financial statements based on our audit.

4. We have taken into account the provisions of the Act and the Rules made there under including the accounting standards and matters which are required to be included in the audit report.

5. We conducted our audit in accordance with the Standards on Auditing specified under Section 143 (10) of the Act and other applicable authoritative pronouncements issued by the ICAI. Those standards and pronouncements require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

6. An Audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements whether due to fraud or error .In making those risk assessments the auditor considers internal control relevant to the Company's preparation of the financial statements that give a true and fair view. in order to design audit procedures that are appropriate in the circumstances , but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls . An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors as well as evaluating the overall presentation of the financial statements.

7. 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.

8. 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 ,of state of affairs of the Company as at March 31, 2015 and its profit and its Cash Flows for the year ended on that date .

9.As required by the Companies (Auditor's Report ) Order , 2015 , issued by the Central Government of India in terms of sub-section (11) of Section of Section 143 of the Act ( hereinafter referred to as the Order") , and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us , we give in the Annexure a statement on the matters specified in Paragraphs 3 and 4 of the Order .

10. 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 purpose of our Audit.

b. In our opinion , proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books, except that the backup of the books of accounts and other books and paper maintained in electronic mode has not been maintained on servers physically located in India.

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

d. In our opinion, the aforesaid financial statements with the books of account.

e. On the basis of the written representations received from the directors as on March 31, 2015 from being appointed as a Director in terms of Section 164 (2) of the Act.

f. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors

Rules , 2014 , in our opinion and to the best to our knowledge and according to the information and explanations given to us :

1. The Company has disclosed the impact, if any, of litigations as at March 31, 2015 on its financial statements -Refer Note19. 2 The Company has no long term contracts as at 31, March, 2015.

3.There is no such requirement of transferring funds to Investor Protection Fund during the Year ended March 31, 2015.

(Referred to in Para 9 of the Independent Auditor's Report of even date to the Members of Balurghat Technologies Limited on the financial statements as of and for the year ended March 31, 2015.

i) In respect of its fixed assets :

a) The Company is maintaining proper records showing full particulars, including quantitative details and situation, of fixed assets.

(b) The fixed assets are physically verified by the Management according to a phased programmed designed to cover all items over a period of three years which in our opinion, is reasonable having regard to the size of the company and the nature of its assets .Pursuant to the programmed, a portion of the fixed assets has been physically verified by the Management during the year and no material discrepancies have been noticed on such verification. ii) a) The inventory (excluding stocks with third parties ) has been physically verified by the Management during the year . In respect of inventory lying with third parties, these have substantially been confirmed by them. In our opinion, the frequency of verification is reasonable.

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

c) On the basis of our examination of the inventory records, in our opinion, the Company is maintaining proper records of inventory as compared to book records were not material.

iii) The Company has not granted any loans, secured or unsecured, to Companies, firms or other parties covered in the register maintained under Section 189 of the Act. Therefore, the provisions of Clause 3 (iii), (iii) (a) and (iii) (b) of the said Order are not applicable to the Company.

iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. Further , on the basis of our examination of the books and records of the Company ,and according to the information and explanations given to us , we have neither come across , nor have been informed of , any continuing failure to correct major weaknesses in the aforesaid internal control system .

v) In our opinion and information given to us, the Company has not accepted any deposits within the meaning of sections 73 to 76 or any other relevant provisions of the Companies Act 2013 and the rule framed there under. Therefore, the provisions of clause (v) of paragraph 3 of the CARO are not applicable to the company.

vi) Since the net worth of the Company and turnover HSD is less than the limits prescribed by the Central Government under section 148 of the Companies Act, 2013 , maintenance of Cost records is not considered necessary.

vii) a) According to the information and explanations given to us the company has been generally regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employees' state insurance, income tax, wealth tax, service tax, custom , cess and other material statutory dues as applicable to it with the appropriate authorities during the year.

b) As at 31st March 2015 according to the record of the company and the information and explanation given to us there are no disputes in respect of any of the statutory dues Except an amount of damages imposed by the PF authorities Rs. 12,50,404/- (Previous year Rs. 12,50,404) for a period prior to incorporation of the company, pending before the Hon'ble of PF at New Delhi for necessary adjustment.

viii) The company is having accumulated losses as at 31st March, 2015, & the company has not incurred cash losses during the financial year ended on that date & the immediately preceding financial year. But the accumulated losses incurred by the company has exceeds 50% of its net worth.

ix) Based on our audit procedures and according to the information given to us we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions and banks .The Company has not accepted any fund on account of issue of debentures.

x) According to the information and explanations given to us, The Company has not granted any loans or any guarantees for loans taken by others from banks or financial institutions, or any advances on the basis of security by way of pledge of shares, debentures and other securities.

xi) In my opinion and according to the information and explanations given to us, the company has maintained proper records of the transactions and contracts and timely entry have been made therein; & the company is holding the investments in its own name.

xii) According to the information and explanations given to us, during the year, no fraud on or by the company has been noticed or reported during the year.

In terms of our report of even date attached

GUHA & SONS

Place: Kolkata CHARTERED ACCOUNTANTS

Dated: 29th Day of May 2015. 15/1, Chowringee Square

Kolkata – 700 069



(K. GUHA) PROPRIETOR

Membership No: 008256

Firm Registration No: 302159E

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Mar 31, 2014

1. We have audited the attached Balance sheet of M/S BALURGHAT TECHNOLOGIES LIMITED as at 31st March 2014 and also Profit and Loss account of the company for the year ended 31st March 2014 annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in 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 (Auditor''s Report) Order, 2003 (CARO) issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in the paragraphs 4 and 5 of the said Order.

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

a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 appears from our examination of those books;

c) The Balance Sheet and Profit and loss account dealt with by this report are in agreement with the books of account;

d) In our opinion, the profit & loss account and balance sheet comply with the mandatory accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

e) Based on representation made by all the directors of the company to the Board and the information and explanations as made available to us by the company, none of the directors of the company prima- facie have any disqualification as referred to section 274(1) (g) of the Companies Act, 1956.

In our opinion and to the best of our information & according to the explanations given to us the said account, read together with the notes thereon gives the information required by the Companies Act,1956 in the manner so required and give a true & fair view.

i) in case of the Balance Sheet , of the state of affairs of the company as on 31st March 2014 and

ii) in case of the Profit and Loss Account, of the company for the year ending 31st March 2014

ANNEXURE TO THE AUDITOR''S REPORT (Referred to in Para 3 of our report of even date)

i) In our opinion and having regard to the nature of the Company''s business clauses (viii) and (xiii) are not applicable.

ii) a) The Company is maintaining proper records showing full particulars, including quantitative details & situation of fixed assets.

b) In our opinion, the fixed assets have been physically verified by the management at reasonable intervals, having regard to the size of the company and the nature of its assets. No discrepancies have been noticed between the book records & physical inventory.

c) During the year, in our opinion, a substantial part of fixed assets has not been disposed off by the company.

iii) a) In our opinion, the inventories have been physically verified by the management at reasonable intervals.

b) The procedures of physical verification of inventory followed by management are reasonable and adequate having regard to the size of the company and the nature of its business.

c) The company is maintaining proper records of inventory. No discrepancies have been noticed between the book records & physical inventory.

iv) the company has neither granted nor taken any unsecured loan to/from companies, firms and other parties listed in the Register maintained under section 301 of the Companies Act, 1956. Consequently clauses (iii)(a) to (iii)(g) of Para 4 of CARO are not applicable

v) In our opinion and according to information and explanation given to us, there is an adequate internal control system commensurate with the size of the company and nature of its business for the purchase of inventory and fixed assets and for the sale of goods & services and we have not observed any continuing failure to correct major weaknesses in such internal control system.

vi) To the best of our knowledge and belief and according to information and explanations provided to us:

a) the particulars of contract referred to in section 301 of the Act have been entered in the register required to be maintained under that section; and

b) the transactions made in pursuance of such contracts have been made at terms reasonable with regard to prevailing market rates at the relevant time.

vii) In our opinion and according to information and explanation given to us, the Company has not accepted any deposit from the public within the purview of section 58A, 58AA and other relevant provisions of the Companies Act ,1956, and the Companies (Acceptance of Deposits) Rules, 1975 as applicable.

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

ix) a) According to information and explanation given to us the company has been generally regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income tax, wealth tax, service tax, custom duty, excise duty, cess and other and other material statutory dues as applicable to it with the appropriate authorities during the year. b) As at 31st March 2014 according to the record of the company and the information and explanation given to us there are no disputes in respect of any of the statutory dues Except an amount of damages imposed by the PF authorities Rs. 12,50,404/- (Previous year Rs. 12,50,404) for a period prior to incorporation of the company, pending before the Hon''ble of PF at New Delhi for necessary adjustment.

x) The company is having accumulated losses as at 31st March 2014, & the company has not incurred cash losses during the financial year ended on that date & the immediately preceding financial year. But the accumulated losses incurred by the company has exceeds 50% of its net worth.

xi) According to the information and explanations given to us, the company has not taken any loan from a financial institution or bank or debenture-holders & as such no comments are needed.

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

xiii) In our opinion and According to the information and explanations given to us, the company has maintained proper records of the transactions and contracts and timely entry have been made therein; & the company is holding the investments in its own name.

xiv) According to the information and explanations given to us, the company has not given any guarantees for loans taken by others from banks or financial institution.

xv) In our opinion and according to the information and explanations given to us, the company has not taken any term loan whatsoever during the year under review & as such clause (xvi) of the order in inapplicable to the company for the year under review.

xvi) Based on the information and explanation given to us, and on and overall examination of the balance sheet of the company, in our opinion, there are no funds raised on a short term basis which have been used for long term investment, and vice versa.

xvii) The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956 during the year.

xviii) The company has not issued any debentures & hence the provisions of clause (xix) of the order are not applicable to the company for the year under review.

xix) The company has not raised any money by way of public issue during the financial year ending 31.03.2014 and hence the question of end use of public issue proceeds does not arise.

xx) According to the information and explanations given to us, during the year, no fraud on or by the company has been noticed or reported

In terms of our report of even date attached GUHA & SONS CHARTERED ACCOUNTANTS Place: Kolkata 15/1, Chowringhee Square, Dated: 30th Day of Kolkata – 700069 May, 2014

(K. GUHA) Proprietor Membership No: 008256 Firm Reg No : 302159E

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Mar 31, 2010

We have audited the attached Balance Sheet of Balurghat Technologies Limited as at 31st March, 2010 and the annexed Profit & Loss Account for the year ended on that date. 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.

We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the Audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examination on a test basis the evidence supporting the amounts and disclosures made 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 reporting. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors Report) (Amendment) order 2005, issued by the Central Govt, in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 & 5 of the said Order.

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

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

b) In our opinion, proper books of accounts as required by law had been kept by the Company so far as it appears from our examination of those books and proper returns adequate for the purpose of our Audit have been received from the Branches, not visited by us.

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

d) Subject to the observations made in para 1 of clause 6 of the Notes on Accounts, in our opinion the Balance Sheet and Profit & Loss Account dealt with by this report, substantially complies with the Accounting Standards referred to in Sec. 211 (3C) of the Companies Act, 1956.

e) On the basis of representations received from the Directors taken on record by the Board, we report that none of the Directors are disqualified as on 31.03.2010 from being reappointed as a Director in terms of clause (g) of Sub-section (1) of Section 274 of the Companies Act, 1956.

Subject to the observation referred to above, in our opinion and to the best of the information and explanation given to us, the annexed accounts give the information required under the Companies Act, 1956 in the manner so required and give a true & fair view, in conformity, with the accounting principles generally accepted in India.

i, in the case of the Balance sheet, of the state of affairs of the Company as on 31st March, 2010;

ii. in the case of the Profit & Loss Account of the Losses incurred by the Company for the year ended on that date.





ANNEXURE

Re: Balurahat Technologies limited.

Referred to in para 3 of our report of even date,

i.

a) The fixed assets of the Company are widely dispersed and the Company is maintaining necessary records of all the particulars relating of such assets including the situation thereof:

b) The Fixed Assets of the Company have not been physically verified during the year. ii.

a) The inventory had been physically verified by the Management during the year.

b) The frequency and the procedures of the physical verification of the inventories followed by the Management are reasonable and adequate commensurate with the volume of business.

c) The Company is maintaining proper and adequate records of the inventories at the location and no material discrepancies were reported during the year

iii.a) The Company has granted the above loan free of interest which in contrary to the provisions of Sec 372A (3) of the Companies Act, 1956.

b) The principal amount repayable on demand is good and fully recoverable as per stipulated terms, in the regular course of business.

c) No amount is overdue on such loan account with the concerned party.

d) The Company has taken interest free unsecured loan from three parties enlisted in the Register maintained pursuant to Sec 301 of the Companies Act, 1956. The maximum amount outstanding during the year is Rs. 50,25„000/-(previous year Rs.21,75,000/-)

e) In our opinion the terms of funding of the said loans are prima-facie not prejudicial to the interests of the Company.

f) According to the information and explanations given to us, due to acute paucity of funds, the Company was not in a position to repay the matured obligations as such all of which stands overdue for repayment. However the Management has obtained favorable reschedulement in almost all cases, expect a few cases wherein the recovery proceedings initiated and are being contested on merits also expected to be settled favorable.

iv. In our opinion and as per the information and the explanations given to us in the course of the Audit, the Internal control systems are satisfactory and there are no evidences of any continuing weakness and /or failure in the system.

v. In our opinion and according to the information and explanations given to us in course of our Audit, there were no transactions with any related party listed in the Register maintained under Sec. 301 of the Companies Act, 1956 over Rs. Five Lacs during the year.

vi. In our opinion and according to the information and explanation given to us, the Company has not accepted any deposit from the public to which the provisions of Sec. 58A & Sec. 58AA along with applicable rules under the Companies Act, 1956 are applicable, as such the question of compliance or non- compliance with the said rules does not arise.

vii. In our opinion the provisions of the Clause VII of the CAR (Amendment) Order 2005, are applicable to the Company, but as per the information and explanations given to us, the acute paucity of funds prevented Company to arrange for the Internal Audit, which shall be complied with on priority basis as and when the situation improves.

viii. In our opinion and according to the information and explanations given to us, the provisions for maintenances of Cost Records in terms of Sec. 209 (1) (d) of the Companies Act, 1956 are not applicable to this Company.

ix.a) According to the informationand explanations given us in course of the Audit, in our opinion the Company was not regular in payment of statutory obligations viz. in respect of E.S.I, contributions. Whereas the PF contributions had been deposited with the authorities concerned up to the date. The Company continues to be liable for the Interest and damages applicable. The undisputed liabilities in arrears for the year ended 31.03.10 pending for more than 6 months include the following:

ESI - Rs. 2,68,058/- (Previous year Rs. 2,68,058/-)

b) As regard the liabilities under dispute, there were no amounts in arrears payable to any of the Statutory Authorities e.g. under Income tax, Sales Tax, Service Tax, Customs and Excise Duties / Cess as at the year end expect an amount of damages imposed by the PF authorities Rs. 12,50,404/- (Previous year Rs. 12,50,404/- ) for a period prior to incorporation of the Company, pending before the Honble Tribunal of PF at New Delhi for necessary adjudication.

x. In our opinion and as per the information and explanations given to us, the accumulated losses incurred by the Company has exceeded 50 % of its net worth, and has not incurred cash loss for the year under review.

xi. In our opinion and as per the information given to us, the Company has mutually settled the redemption & interest obligation of its privately placed debenture of Rs.100.00 lacs with Karnataka State Financial Corporation, Bangalore. The principal has been paid & interest amount has been settled for Rs.33,94,594/-, which has been paid within stipulated time.

xii. The Company has not granted any loans and advances against any securities placed to it and as such maintenance of any records in the context does not apply.

xiii. In our opinion and as per the information and explanation given to us the Company is not a Chit Fund or a Nidhi/Mutual Benefit Fund/ Society and as such provision of Clause 4 (xiii) of the order does not apply.

xiv. In our opinion and as per the information and explanation given to us in the normal course of our Audit the Company is not dealing or trading in shares, debentures or any other securities and as such Clause 4 (xiv) of the order has no application herein.

xv. In our opinion and as per the information and explanation given to us in the normal course of Audit the Company the company had not Issued any guarantee for loans taken by any third party from Banks and/or Financial institutions and thus provisions for clause 4(xv) of the order are not applicable to this Company.

xvi. As per the information and explanation given to us in normal course of our Audit, the Company has not availed any Term Loan from any of the Banks or financial Institutions and thus any comment on the deployment of such funds, are impertinent to the context.

xvii. In our opinion and as per the information and explanation given to us in the normal course of Audit and upon overall examination of the Balance Sheet of the Company no funds raised on short term basis were deployed for long term purposes and vice versa.

xviii. According to the information and explanation given to us, the Company had not issued/allotted any shares to the parties enlisted in the Register maintained under Sec. 301 of the Companies Act, 1956, on preferential basis during the year under review.

xix. According to the information and explanation given to us, the debentures issued by the Company is adequately secured, with the charge there upon created on the securities are duly registered with the appropriate authority.

xx. According to the information and explanation given to us, the Company has not raised any money through a public issue during the year.

xxi. Based upon the audit procedure performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the Management, we report that no fraud on or by the Company had been noticed or reported during the course of our Audit.



GUHA & SONS

Chartered Accountants



Place: Kotkata K.Guha

Dated: 17thAugust, 2010. Proprietor

Membership No. - F/8256