Auditor Report of Ceeta Industries Ltd.

Mar 31, 2025

We have audited the accompanying (Standalone) Ind AS Financial statements of Ceeta Industries
Ltd. ("the company") which comprise the Balance Sheet as at 31st March, 2025, the statement of
Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity, Cash
Flow Statement for the year ended, and notes to the Standalone Ind AS Financial Statements
including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone Ind AS Financial Statements give the information required by the Companies
Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the
Indian Accounting Standards prescribed under section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2025, the profit and
total comprehensive income, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are
further described in the Auditor''s Responsibilities for the Audit of the Ind AS 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 Ind AS Financial Statements under the provisions of the
Companies Act, 2013 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 we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the standalone Ind AS Financial Statements of the current period. These matters
were addressed in the context of our audit of the standalone Ind AS 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 that there are no key audit matters to communicate in our report.
Information other than the Ind AS Financial Statements and auditors'' report thereon
The Company''s board of directors is responsible for the preparation of the other information. The
other information comprises the information included in the Board''s Report including Annexures
to Board''s Report, Business Responsibility Report but does not include the Ind AS Financial
Statements and our auditor''s report thereon.

Our opinion on the Ind AS 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 Ind AS Financial Statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially
inconsistent with the standalone Ind AS Financial Statements or our knowledge obtained during
the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is no material misstatement of
this other information; we are required to report that fact. We have nothing to report in this regard.
Management''s Responsibility for the (Standalone) Ind AS Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the
Companies Act, 2013 ("the Act") with respect to the preparation of these (Standalone ) Ind AS

Financial Statements that give a true and fair view of the financial position, financial performance
and cash flows of the company in accordance with the accounting principles generally accepted in
India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7
of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the act for safeguarding the
assets of the Company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the Ind AS Financial
Statements that give a true and fair view and are free from material misstatement, whether due to
fraud or error.

Auditor''s Responsibility for the audit of the (Standalone) Ind AS Financial Statements

Our responsibility is to express an opinion on these (standalone) Ind AS Financial Statements based
on our audit.

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

We conducted our audit in accordance with the Standards on Auditing specified under Section
143(10) of the Act. Those Standards require that we comply with the ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether the Ind AS Financial
Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the
disclosures in the Ind AS Financial Statements. The procedures selected depend on the auditor''s
judgment, including the assessment of the risks of material misstatement of the Ind AS Financial
Statements, whether due to fraud or error. In making those risk assessments, the auditor considers
internal financial control relevant to the Company''s preparation of the Ind AS 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 Ind AS Financial
Statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion on the (Standalone) Ind AS Financial Statements.

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

d. In our opinion, the aforesaid (Standalone) Ind AS Financial Statements comply with the
Accounting Standards specified under section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.

e. On the basis of written representations received from the directors as on March 31,
2025 taken on record by the Board of Directors, none of the directors is disqualified as
on March 31, 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 over financial reporting

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

g. With respect to the other matters to be included in the Auditor''s Report in accordance
with the requirements of section 197(16) of the Act, as amended: In our opinion and to
the best of our information and according to the explanations given to us, the
remuneration paid by the Company to its directors during the year is in accordance with
the provisions of section 197 of the Act.

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

1. The Company has pending litigations with tax authorities; and the company has disclosed

the impact of pending litigations as at 31st March 2025 on its financial position in its

standalone financial statements - Refer contingent liabilities and commitments disclosed in

Note 29 to the standalone financial statements.

2. The Company did not have any long-term contracts including derivative contracts for which

there were any material foreseeable losses.

3. There were no amounts which were required to be transferred to the Investor Education and

Protection Fund by the Company.

4. (a) The Management has represented that, to the best of its knowledge and belief, no funds

(which are material either individually or in the aggregate) have been advanced or
loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) by the Company to or in any other person or entity, including foreign
entity ("Intermediaries"), with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;

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

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

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

6. Based on our examination, which included test checks, the company has used such accounting
software for maintaining its books of account for the financial year ended March 31 2025,
which has a feature of recording audit trail (edit log) facility and the same has been operated
throughout the year for all transactions recorded in the software and the audit trail has been
preserved by the company as per the statutory requirements for record retention. Further,
during the course of our audit we did not come across any instance of the audit trail feature
being tempered with.

7. Based on our examination which included test checks, except for the instance mentioned
below, the Company has used accounting software for maintaining its books of account, which
have a feature of recording audit trail (edit log) facility and the same has operated throughout
the year for all relevant transactions recorded in the respective software.

For the periods where audit trail (edit log) facility was enabled and operated for the respective
accounting software, we observed that the software have a feature to disable it, however we did
not come across any instance of the audit trail feature being tampered with and the audit trail has
been preserved by the company as per the statutory requirements for record retention.

For and on behalf of
G K Tulsyan & Co.

Chartered Accountants

Firm''s registration number: 323246E

G K Tulsyan
Partner

Membership number: 050511

Date: 30.05.2025

UDIN:25050511B0EPEE3548

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Mar 31, 2024

Ceeta Industries Ltd.

Report on the Ind As Financial Statements

We have audited the accompanying (Standalone) Ind AS Financial statements of Ceeta Industries Ltd. ("the company") which comprise the Balance Sheet as at 31st March, 2024, the statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity, Cash Flow Statement for the year ended, and notes to the Standalone Ind AS Financial Statements including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS Financial Statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, the profit and total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Ind As 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 Ind As financial statements under the provisions of the Companies Act, 2013 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 we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone Ind As financial statements of the current period. These matters were addressed in the context of our audit of the standalone Ind As financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report:

Key Audit Matter

Auditor Response

Evaluation of uncertain tax positions The Company has material uncertain tax positions which involve significant judgment to determine the possible outcome.

Principal Audit Procedures Obtained details of completed tax assessments and demands till the year ended March 31, 2024 from management. We involved our internal experts to challenge the management''s underlying assumptions in estimating the tax provision and the possible outcome of the disputes. Our internal experts also considered legal precedence and other rulings in evaluating management''s position on these uncertain tax positions. Additionally, we considered the effect of new information in respect of uncertain tax positions as at April 1, 2023 to evaluate whether any change was required to management''s position on these uncertainties.

Information other than the Ind AS Financial Statements and auditors'' report thereon

The Company''s board of directors is responsible for the preparation of the other information. The other information comprises the information included in the Board''s Report including Annexures to Board''s Report, Business Responsibility Report but does not include the Ind AS Financial Statements and our auditor''s report thereon.

Our opinion on the Ind AS 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 Ind AS Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone Ind AS Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is no material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

Management''s Responsibility for the (Standalone) Ind AS Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act,2013 ("the Act") with respect to the preparation of these (Standalone) Ind AS Financial Statements that give a true and fair view of the financial position, financial performance and cash flows of the company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Ind AS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility for the audit of the (Standalone) Ind AS Financial Statements

Our responsibility is to express an opinion on these (standalone) Ind AS Financial Statements based on our audit.

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

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Ind AS Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Ind AS Financial Statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the Ind AS Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the Ind AS 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 Ind AS Financial

Statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a

basis for our audit opinion on the (Standalone) Ind AS Financial Statements.

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

d. In our opinion, the aforesaid (Standalone) Ind AS Financial Statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

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

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

g. With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section 197(16) of the Act, as amended: In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

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

(1) The Company has pending litigations with tax authorities; and the company has disclosed the impact of pending litigations as at 31st March 2024 on its financial position in its standalone financial statements - Refer contingent liabilities and commitments disclosed in Note 29 to the standalone financial statements.

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

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

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

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

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

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

(6) Based on our examination, which included test checks, the company has used such accounting software for maintaining its books of account for the financial year ended March 31, 2024 which has a feature of recording audit trail (edit log) facility and the same has been operated throughout the year for all transactions recorded in the software and the audit trail has been preserved by the company as per the statutory requirements for record retention. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with.

(7) Based on our examination which included test checks, except for the instance mentioned below, the Company has used accounting software for maintaining its books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the respective software except for :

a) For Tumkur Branch the ERP Software with audit trail (edit log) feature was in operation since 17.04.2023.

b) For Bangalore Branch the ERP Software with audit trail (edit log) feature was in operation since 04.04.2023.

For the periods where audit trail (edit log) facility was enabled and operated for the respective accounting software, we observed that the software have a feature to disable it, however we did not come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the company as per the statutory requirements for record retention.

For and on behalf of

G K Tulsyan & Co.

Chartered Accountants

Firm''s registration number: 323246E

G K Tulsyan

Partner

Membership number: 050511

Date: 30. 05. 2024

UDIN:24050511BKJMFJ8646

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Mar 31, 2015

We have audited the accompanying financial statements of CEETA INDUSTRIES LIMITED which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statement

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the 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.

Auditor's Responsibility

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

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

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true & fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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 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, 2015.

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

(c) In the case of the Cash Flow Statement of the cash flows for the year ended on that date. Report on Other Legal & Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order,2015 (the Order) issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Companies Act, 2013, we give in the Annexure a Statement on the matters specified in paragraphs 3 and 4 of the Order.

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

(i) 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.

(ii) 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.

(iii) The Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account.

(iv) In our opinion the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

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

(vi) With respect to the other matters included in the Auditor's Report and to the best of our information and according to the explanations given to us:

(a) The Company does not have any pending litigations which would impact its financial position.

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

(c) There is no amount required to be transferred to the Investor Education and Protection Fund by the Company.

Annexure to the Auditor's Report

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

(b) The fixed assets have been physically verified by the management during the year at reasonable intervals and no material discrepancies have been noticed on such verification.

(ii) (a) As informed to us, the Company has conducted physical verification of inventories at reasonable intervals;

(b) The procedures of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business;

(c) Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

(iii) The Company has not granted any loans to body corporate covered in the Register maintained under section 189 of the Companies Act, 2013.

(iv) In our opinion and according to the information and explanation given to us there are adequate internal control systems commensurate with the size of the company and the nature of the business. During the course of our audit no major mistakes has been noticed in the internal control.

(v) The Company has not accepted any deposits.

(vi) To the best of our knowledge and as explained, the company is not engaged in production, processing, manufacturing or mining activities. Hence in our opinion the provisions of sub-section (1) of section 148 of the Companies Act, 2013 is not applicable to the company.

(vii) (a) According to the records of the company the company is regular in depositing undisputed statutory dues including income tax and other statutory dues applicable to it with the appropriate authorities. According to the information and explanations given to us there are no undisputed amounts payable in respect of provident fund, employees' state insurance, income tax, wealth tax, service tax, sales tax, customs duty, excise duty, value added tax and cess which were outstanding as at 31st March, 2015 for a period of more than six months from the date they became payable.

(b) The company has disputed the demands raised by the Sales Tax Department and the details of the same are given below:

Year of Dispute Forum Amount (Rs.)

1988-89 Orissa Sales Tax Tribunal, Cuttack 20,49,049/-

1998-99 Rajasthan Tax Board, Ajmer 7,93,971/-

(c) There is no amount required to be transferred to the Investor Education and Protection Fund by the Company.

(viii) The Company has no accumulated losses at the end of the financial year. The company has not incurred cash losses in current financial year or in the immediately preceding financial year.

(ix) Based on our audit procedures and the information and explanation given by the management the company has no dues to financial institution or bank or debenture holders.

(x) According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

(xi) The Company has not raised any term loans during the year.

(xii) Based on information and explanations furnished by the Management, which have been relied upon by us there were no frauds on or by the Company noticed or reported during the year.

FOR G. K. TULSYAN & CO. CHARTERED ACCOUNTANTS FIRM REGISTRATION NUMBER: 323246E

G.K.Tulsyan PARTNER Membership No.50511 4,Gangadhar Babu Lane, Kolkata-700012

Dated : the 30th day of May, 2015

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Mar 31, 2014

We have audited the accompanying financial statements of CEETA INDUSTRIES LIMITED ( "The Company") which comprise the Balance Sheet as at 31st March, 2014 , the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statement

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 Flow of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 read with General Circular 15/2013 dated 13th September, 2013, issued by the Ministry of Corporate Affairs, in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of the 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 Profit for the year ended on that date; and

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

Report on Other Legal & 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 Companies Act,1956 and sub-section (11) of section 143 of the Companies Act, 2013, 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:

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 far as appears from our examination of those books.

iii) The Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account.

iv) In our opinion, the Balance Sheet , Statement of Profit and Loss and Cash Flow Statement comply with the accounting standards notified under the Companies Act, 1956 read with General Circular 15/2013 dated 13th September, 2013 issued by the Ministry of Corporate Affairs in respect of Section 133 of the Companies act, 2013.

v) On the basis of written representations received from the directors, as on 31st March, 2014, and taken on record by the Board of Directors,we report that none of the directors is dis-qualified 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 Auditor''s Report

The Annexure referred to in our report to the members of Ceeta Industries Limited ("THE Company") for the year ended 31st March, 2014. We further report that :-

1. 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) Fixed Assets have been physically verified by the management during the year, which in our opinion is reasonable having regard to the size of the company and nature of its Fixed Assets.

(c) Since there is no substantial disposal of fixed assets during the year , the preparation of financial statement on a going concern basis is not affected on this account.

2. In respect of its inventories:

(a) As explained to us the stocks of finished goods, stores and raw materials have been physically verified by the Management during the year at reasonable intervals. The frequency of such verification is reasonable having regard to the size of the Company and the nature of its business.

(b) In our opinion and according to the information and explanation given to us the procedures of physical verification of the above referred stock followed by the Management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintained proper records of inventories.

(d) As explained to us no material discrepancies were noticed on physical verification of the stocks of raw materials, finished goods and packing materials as compared to the book records.

3. (a) According to the information and explanations given to us the Company has granted unsecured loan of Rs. 9150000/- to 2 (two) Companies covered in the register maintained under section 301 of the Companies Act, 1956 and Section 189 of the Companies Act, 2013 having year end outstanding balance NIL.

(b) As informed to us and as per books of accounts , the company has accepted unsecured loan of Rs. 6,00,000/- from 1 (one) related parties mentioned in the register under section 301 of the companies act ,1956 having year end outstanding as on 31/3/2014 balance NIL.The rate of interest and other terms & conditions to which loan have been granted are prima- facies not prejudicial to the interest of the company.

(c ) The principal amount of loan is repayable on demand

(d) There has been no over due amount of more than 6 months outstanding

(iv) In our opinion and according to the information and explanation given to us there are adequate internal control procedures commensurate with the size of the company and the nature of the business for purchase and disposal of Investment. During the course of our audit no major mistakes has been noticed in the internal control.

(v) According to the information and explanations provided, we are of the opinion that there have been no transactions that need to be entered into the register maintained under Section 301 and hence clause (v) (b) is also not applicable.

(vi) The Company has not accepted any deposit from public within the meaning of Section 58A and 58AA of the Companies Act, 1956.

(vii) In our opinion, the Company has internally designed internal audit System commensurate with the size and nature of the business

(viii) To the best of our knowledge and as explained, the company is not engaged in production, processing, manufacturing or mining activities. Hence ,in our opinion the provision of sec 209 (1) (d) of Companies Act,1956 is not applicable to the company.

(ix) (a) According to the records of the company the company is regular in depositing undisputed statutory dues including income tax and other statutory dues applicable to it with the appropriate authorities. According to the information and explanations given to us there are no undisputed amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which were outstanding at the year end for a period of more than six months from the date they became payable.

(b) There are no dues outstanding of sales tax, custom duty excise duty, income tax and cess on account of any dispute.

(x) The Company has no accumulated losses at the end of the financial year. The company has not incurred cash losses in current financial year or in the immediately preceding financial year.

(xi) Based on our audit procedures and the information and explanation given by the management the company has no dues to financial institution or bank or debenture holders. There were no debenture holders at any time during the year.

(xii) According to information and explanations given to us and based on the documents and records produced to us, the company has not granted loans and advances on the basis of the 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 nature of activities of the company does not attract any special statute applicable to chit fund and nidhi/mutual benefit fund/societies.

(xiv) According to information and explanations given to us and based on the documents and records produced to us, during the year the Company has maintained proper records of the transactions in respect of investments and timely entries have been made therein. The share and other investments have been held by the company in its own name.

(xv) According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

(xvi) The Company has not raised any term loans during the year..

(xvii) In our opinion no short term funds have been utilized for long term purposes

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

(xix) The Company did not have any outstanding debenture during the year.

(xx) The Company has not raised any money through a public issue during the year.

(xxi) Based on information and explanations furnished by the Management, which have been relied upon by us there were no frauds on or by the Company noticed or reported during the year.

For G. K. TULSYAN & COMPANY CHARTERED ACCOUNTANTS, Registration No. 323246E

G.K. Tulsyan PARTNER Membership No. 50511

4, Gangadhar Babu Lane, Kolkata-700012 Dated : the 30th day of May, 2014.

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Mar 31, 2010

We have audited the attached Balance Sheet of Ceeta Industries Limited as at 31st March, 2010 and also the Profit and Loss Account and Cash Flow Statement 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.

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 from material mistakes. An audit includes examining on test basis evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe our audit provides a reasonable basis for our opinion.

In accordance with the provisions of Section 227 of the Companies Act, 1956, we report that:

01. As required by the Companies (Auditors Report) Order, 2003, issued by the Government of India under Sub-section (4A) of Section 227 of the Companies Act, 1956, 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 enclose in the Annexure a statement on the matters specified in Paragraph 4 and 5 of the said order.

02. 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 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 they appear 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 Balance sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in-section (3C) of Section 211 of the Companies Act, 1956.

(e) On the basis of written representation received from the directors, as on 31 st March, 2010, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 st March, 2010, from being appointed as a director in the terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

(f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information as required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

(i) in the case of Balance sheet, of the state of affairs of the Company as at 31st March, 2010, and

(ii) in the case of the Profit and Loss Account of the Profit for the year ended on that date.

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

Annexure referred to in Paragraph No. (1) to our report of even date on the basis of such checks as we consider appropriate and in terms of information and explanations given to us, we state as follows :

01. (a) The Company maintains prooer records showing full particulars including quantitative details and situation of fixed assets.

(b) The Fixed Assets are physically verified by the management at reasonable intervals and no material discrepancies between the books of records and the physical inventory have been noticed.

(c) The company has not disposed off a substantial part of fixed assets during the year which would not affect the going concern of the company.

02. (a) As explained to us, the inventories have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable.

(b) As per the information given to us, the procedures of physical verification of inventory followed by management are, in our opinion, reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company maintains proper records of inventory. No discrepancies were noticed on verification between the physical stocks and the books of records.

03. (a) According to the information and explanations given to us, the company has not given any unsecured loans to any company covered in the register maintained u/s.301 of the Companies Act, 1956 during the year. Therefore Point (b), (c) & (d) is not applicable.

(e)As informed to us and as per books of accounts, the company has taken unsecured loan from Eight (8) group companies, mentioned in the register maintained under Section 301 of the Companies Act, 1956 and the balance out standing as at 31.03.2010 is amounting Rs.83837323.

(f) In our opinion, the rate of interest and other terms and conditions of the loan taken, are prima facie not prejudicial to the interest of the company

04. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of itsbusiness for the purchase of inventory, fixed assets and for the sale of goods. 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 procedures.

05. (a) According to the information and explanations, in our opinion, the transactions that need to be entered in to the Register maintained under Section 301 of the Act, have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

06. The company has not accepted any deposit from the public within the meaning of Section 58A and 58AA of the Act and the rules framed there under.

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

08. As informed to us, the Central Government has not prescribed the maintenance of cost records u/s. 209(1 )(d) of the Companies Act, 1956

09. (a) According to the information and explanations given to us and the records of the company examined by us, in our opinion, the company is generally regular in depositing undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, custom duty, excise duty, cess and other material statutory dues as applicable with appropriate authorities and there were no such outstandings as on 31st March, 2010 for a period of six months from the date they became payable. (b) According to the information and explanations given to us and the records of the company examined by us, the particulars of sales tax, excise duty as at 31st March, 2010, which have not been deposited on account of disputes pending are as follows :

Name of the Nature of Amount Forum where Statute disputed dues Rs. dispute is pending

Various Sales Tax & Central Demand of 9821910 Orissa Sales Tax Sales Tax Act, 1961 Sales Tax Tribunal, Cuttack

Rajasthan Sales Tax & Demand of Sales Tax R.S.T. Rs. The Rajasthan Central Sales Tax 791025/- and Tax Board, Ajmer CST Rs.2496/-

Central Sales Tax Demand of Sales Tax C.S.T. of Rs. The Comme -rcial Tax 1,73,06,671 /- (Recovery) Dept., Tumkur

10. The companys accumulated losses at the end of the financial year were more than 50% of its net worth. The company did not incur any cash losses during the financial year covered by our audit and also in the immediately preceding financial year.

11. The Company has not taken any secured loan from Bank or Financial Institution during the year, and has not defaulted in repayment of the instalments of its secured loan taken in earlier years, as applicable.

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

13. According to the information and explanations given to us, the nature of activities of the company does not attract any special statute applicable to chit fund and nidhi / mutual benefit fund / societies.

14. According to the information and explanations given to us, the company is not dealing or trading in shares, debentures or other investments and hence paragraph 4(xiv) of the Order is not applicable.

15. According to the information and explanations given to us, the company has not given any guarantee forloans taken by others from banks or financial institutions.

16. According to the information and explanations given to us, the company has not taken any term loans during the year and hence requirement of reporting regarding application of term loans does not arise.

17. In our opinion and according to the information and explanations given to us and shown by the records examined by us, no fund raised on short term basis have been used for long term investment and vice versa during the year.

18. According to the information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act.

19. According to the information and explanations given to us, the company has not issued any debenture.

20. The Company has not raised any money by way of public issue during the year.

21. During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instances of material fraud on or by the company, noticed or reported during the year, nor have we been informed of such case by management.

For G.K.Tulsyan & Company

Chartered Accountants

Firms Registration No. 323246E

4, Gangadhar Babu Lane G.K.Tulsyan

Kolkata-700 012 Partner

Dated: the 301h day of July, 2010 Membership No.50511