Auditor Report of Chambal Breweries & Distilleries Ltd.

Mar 31, 2025

We have audited the financial statements of M/s. CHAMBAL BREWERIES & DISTILLERIES LIMITED
(the "company"), which comprise the Balance Sheet as at March 31, 202S, 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.

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, of the state of affairs of the Company as at March 31, 2025, and profit/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 Companies Act, 2013. Our responsibilities under those Standards are further described in
the Auditor''s Responsibilities for the Audit of the Financial Statements section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our audit of the financial
statements under the provisions of the Companies Act, 2013 and the Rules there under, 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 financial statements of the current period. These matters were addressed in the context of
our audit of the financial statements as a whole, and in forming our opinion thereon.

We want to express our opinion that going concern of the company has adversely effected after written
off several balances of various advances in previous years. Company''s capital has declined significantly in
last years. (Refer notes to accounts point No 3)

Emphasis of Matter

As per the management the company is still a going concent entity because it is in process of identifying
new plans to start the business of the company. But in our view there is no certainty on the company’s
going concern. Although the company has prepared its financial statements on a going concern, basis.

information other than the Financial Statements and Auditors'' Report thereon.

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, hut does not include the
financial statements and our auditors'' report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon. In connection with our audit of the financial statements, our
responsibility is to read the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated.

If, based on the work we have performed on the other information obtained prior to the date of this
auditor''s report, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.

Management’s Responsibility for the (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 and presentation of these Ind AS financial statements

that give a true and fair view of the financial position, financial performance and rash 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 Df adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from material misstatement, whether due to
fraud or error.

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

Auditors'' Responsibility

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that
includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee thal an audit conducted in
accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material If, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

> Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances.

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

> Conclude on the appropriateness of management''s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention In our auditor''s
report to the related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion.

> Our conclusions are based on the audit evidence obtained up to the date of our auditors report.
However, future events or conditions may cause the Company to cease to continue as a going concern.

> Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in
a manner that achieves fair presentation,

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 cohtrol that we identify during our audit.

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

Report on Other Legal and Regulatory Requirements

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

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 tD the best of our
knowledge and belief were necessary for the purposes of our audit.

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

c) the balance sheet, the statement of profit and loss 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 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 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; and

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 Rule
11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:

i. the Company does not have any pending litigation which would impact its financial position.

ii. the Company does not have any long term contracts including derivative contracts forwhich
there were any material foreseeable losses.

iii. There has been no amount to be transferred to the Investor Education and Protection Fund
by the Company.

iv. a the management has represented that, to the best of it''s knowledge and belief other than as

disclosed in the notes to the accounts, no funds have been advanced or loaned or invested
(either from borrowed funds or share premium or any other sources or kind of funds) by
the company to or in any other person(s) or entity[ies), including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that
the Intermediary shall, whether, directly or indirectly lend or invest in other persons or
entities identified in any manner whatsoever by or ort behalf of the company {"Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries;(Also refer point no 3 of annexure A to this audit report)

iv, b the management has represented, that, to the best of it''s knowledge and belief, other than

as disclosed in the notes to the accounts, no funds have been received by the company from
any person(s) or entity(ies), including foreign entities ["Funding Parties"), with the
understanding, whether recorded in writing or otherwise, that the company shall, whether,
directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

iv.c Based on such audit procedures that the auditor has considered reasonable and appropriate
in the circumstances, nothing has come to their notice that has caused them to believe that
the representations under sub-clause (i) and (11) of rule 11(e), as provided under (a) and (b)
above, contain any material mis-statement.

iv.d There is no dividend declared or paid during the year by the company. Accordingly,
provisions of section 123 of the Companies Act, 2013 is not applicable.

v. According to information and explanation given to us, the book of accounts are entirely
maintained manually hence rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not
applicable on company.

For Lokesli Mahcshwari & Associates
Chartered Accountants

(Registration No. 020075C)

PLACE : KOTA
DATED : 24/05/2025

UDIN 25463940BMLKKM3867 Sd/-

(Partner)

CA Deepchand Nagar
Membership No. 463940

---

Mar 31, 2024

We have audited the financial statements of M/s. CHAMBAL BREWERIES & DISTILLERIES
LIMITED (the “company”), which comprise the Balance Sheet as at March 31, 2024, 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.

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, of the state of affairs of the Company as at March 31, 2024, and
profit/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 Companies Act, 2013. Our responsibilities under those Standards are
further described in the Auditor''s Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the Company in accordance with the Co de of Ethics
issued by the Institute of Chartered Accountants of India together with the ethical requirements
that are relevant to our audit of the financial statements under the provisions of the Companies
Act, 2013 and the Rules there under, 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 financial statements of the current period. These matters were
addressed in the context of our audit of the financial statements as a whole, and in forming our
opinion thereon.

We want to express our opinion that going concern of the company has adversely effected after
written off several balances of various advances in last year. Company''s capital has declined
significantly in last years. (Refer notes to accounts point No 8)

Emphasis of Matter

As per the management the company is still a going concern entity because it is in process of
identifying new plans to start the business of the company. But in our view there is no certainty
on the company''s going concern. Although the company has prepared its financial statements
on a going concern basis.

Information other than the Financial Statements and Auditors'' Report thereon.

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

Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon. In connection with our audit of the financial
statements, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial statements or our
knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information obtained prior to the date of
this auditor''s report, we conclude that there is a material misstatement of this other

information, we are required to report that fact. We have nothing to report in this regard .
Management''s Responsibility for the (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 and presentation of these 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 ac counting records, relevant to the preparation and presentation of the financial statements
that give a true and fair view and are free from material misstatement, whether due to fraud or
error.

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

Auditors'' Responsibility

Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor''s report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions o f users
taken on the basis of these 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 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.

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

> Conclude on the appropriateness of management''s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Company''s
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor''s report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify our opinion.

> Our conclusions are based on the audit evidence obtained up to the date of our auditor''s
report. However, future events or conditions may cause the Company to cease to
continue as a going concern.

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

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
elationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 20 20 (“the Order”) issued by
the Central Government of India in terms of sub-section (11) of section 143 of the Act,
we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of
the Order, to the extent applicable.

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

a) we have sought and obtained all the information and explanations whi ch to the best of
our knowledge and belief were necessary for the purposes of our audit.

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

c) the balance sheet, the statement of profit and loss 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 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 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; and

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 Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to
the best of our information and according to the explanations given to us:

i. the Company does not have any pending litigation which would impact its
financial position.

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

iii. There has been no amount to be transferred to the Investor Education and
Protection Fund by the Company.

iv. a the management has represented that, to the best of it''s knowledge and belief

other than as disclosed in the notes to the accounts, no funds have been
advanced or loaned or invested (either from borrowed funds or share

premium or any other sources or kind of funds) by the company to or in any
other person(s) or entity(ies), including foreign entities (“Intermediaries”),
with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the
company (“Ultimate Beneficiaries”) or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries;(Also refer point no 3 of annexure A
to this audit report)

iv.b the management has represented, that, to the best of it''s knowledge and belief,
other than as disclosed in the notes to the accounts, no funds have been
received by the company from any person(s) or entity(ies), including foreign
entities (“Funding Parties”), with the understanding, whether recorded in
writing or otherwise, that the company shall, whether, directly or indirectly,
lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

iv. c Based on such audit procedures that the auditor has considered reasonable

and appropriate in the circumstances, nothing has come to their notice that
has caused them to believe that the representations under sub-clause (i) and
(ii) contain any material mis-statement.

iv.d There is no dividend declared or paid during the year by the company is in
compliance with section 123 of the Companies Act, 2013.

v. The Company has paid/ provided for managerial remuneration in
accordance with the requisite approvals mandated by the provisions of
Section 197 read with Schedule V to the Act.

For VAG & COMPANY

CHARTERED ACCOUNTANTS

(Registration No. 003014C)

PLACE : KOTA

DATED : 30/05/2024 Sd/-

UDIN : 24409781BKEKOH5108

CA ARPIT JAIN

(PARTNER)

Membership No. 409781

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Mar 31, 2015

We have audited the accompanying financial statements of M/s. CHAMBAL BREWERIES & DISTILLERIES LIMITED (the "company"), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, financial performance 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 financial statements that give a true and fair view and are free from material misstatement,whether due to fraud or error..

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

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

An audit involves performing procedures to obtain audit evidence about the amounts and 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 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.

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

(a) In case of 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 of the company for the year ended 31st March, 2015.

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

Report on Other Legal and Regulatory Requirements

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 Act, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

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 purposes of our audit.

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

(c) the balance sheet, the statement of profit and loss 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 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 the written representations received from the directors as on 31 March 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2015 from being appointed as a director in terms of Section 164 (2) of the Act; and

(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 of our information and according to the explanations given to us:

i. the Company does not have any pending litigation which would impact its financial position.

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

iii. There has been no amount to be transferred to the Investor Education and Protection Fund by the Company.



Annexure to the Auditors report of the even date to the members:

The Annexure referred to in our Independent Auditors'' Report to the members of the Company on the financial

statements for the year ended 31 March 2015, we report that:

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

(b) The Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a phased manner over a period of three years. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.

ii (a) The physical verification of inventory has been conducted at reasonable intervals by the management.

(b) In our opinion and according to the information and explanation given to us, the procedure of physical verification of inventory followed by the management were found reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion the company has maintained proper records of the inventory. The discrepancies between physical stock and the book stock were not material and have properly dealt with in books of accounts.

(iii) (a) The Company has granted loans to two parties covered in the register maintained under section 189 of the Companies Act, 2013 (''the Act'').

(b) In the case of the loans granted to the related party listed in the register maintained under section 189 of the Act, the borrowers have been regular in the payment of the interest as stipulated. The terms of arrangements do not stipulate any repayment schedule and the loans are repayable on demand. Accordingly, paragraph 3(iii)(b) of the Order is not applicable to the Company in respect of repayment of the principal amount.

(c) There are no overdue amounts of more than rupees one lakh in respect of the loans granted to the bodies corporate listed in the register maintained under section189 of the Act.

(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 with regard to purchase of fixed assets and sale of goods.. We have not observed any major weakness in the internal control system during the course of the audit.

(v) The Company has not accepted any deposits from the public.

(vi) The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for any of the activities done by the Company.

(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us,the Company did not have any dues on account of employees'' state insurance and duty of excise.

According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31 March 2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no material dues of wealth tax, duty of customs and cess which have not been deposited with the appropriate authorities on account of any dispute.

(c) According to the information and explanations given to us there were no amounts which were required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act.

(viii) The Company have accumulated losses of Rs. 2690696/- at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

(ix) The Company did not have any outstanding dues to financial institutions, banks or debenture holders during the year.

(x) In our opinion and according to the information and the explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xi) The Company did not have any term loans outstanding during the year.

(xii) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.

For VAG & COMPANY CHARTERED ACCOUNTANTS (Registration No. 003014C)

PLACE : KOTA DATED: 30/05/2015 Sd/- CA ARPIT JAIN (PARTNER) Membership No. 409781

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Mar 31, 2014

We have audited the accompanying financial statements of M/s. CHAMBAL BREWERIES & DISTILLERIES LIMITED (the "company"), which comprise the Balance Sheet as at March 31, 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 Statements

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

Auditors'' Responsibility

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

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 audit opinion.

Opinion

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

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

(b) In the case of the Statement of Profit and Loss, of the Profit of the company for the year ended 31 st March, 2014.

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

Report on Other Legal and Regulatory Requirements

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

2. As required by Section 227(3) of the Act, we report that:

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

(b) In our opinion, proper books of accounts are required by the law have been kept by the company, so far as appears from our examination of the books.

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

(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in Section 211 (3C) of the Act;

(e) On the basis of the written representation received from the Directors and taken on record by the Board of Directors, none of the directors is disqualified as on 31 st March, 2014 from being appointed as a directors in terms of Section 274 (1 )(g) of the Act.

ANNEXURETOTHE AUDITORS REPORT OF THE EVEN DATE TO THE MEMBERS:

i) A) The company is maintained proper records to show full particulars including quantitative details & situation of its fixed assets.

B) The fixed assets have been physically verified by the management during the year our opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the company and the nature of the assets. The discrepancies noticed have been properly dealt with in the book of accounts,

C) The assets disposed off during the year are not significant and therefore do not affected the going concern assumption,

ii) A) The physical verification of inventory has been conducted at reasonable intervals by management.

B) In our opinion and according to the information and explanations given to us, the procedures of physical verifications of inventory followed by the management were found reasonable and adequate in relation to the size of the company and the nature of its business.

C) In our opinion the company has maintained proper records of inventory. The discrepancies between physical stock and the book stock were not material and have been properly dealt with in the book of accounts.

iii) A) As informed to us, during the year the company has not taken any unsecured loan from the parties covered in the Register maintained under section 301 of the Act.

iv) In our opinion according to the information and explanation given to us there are adequate internal control procedure commensurate with the size of the company and the nature of its business with regard to purchase of inventory, fixed assets and for sale of goods. During the course of our audit, no major weakness has been noticed in the internal control.

v) A) Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that the transaction that need to be entered into the register maintained under section 301 of the Act have been properly in the said register.

B) In our opinion and according to the information and explanations given to us the transactions entered in the registers maintained under section 301 and exceeding during the year by Rupees five lakh in respect of each party have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

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

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

viii) The Central Government has not prescribed maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956 for the company.

ix) A) According to the information and explanation given to us the company is generally regular in depositing undisputed statutory dues including IncomeTax, SalesTax, Excise Duty, Service Tax and any other statutory dues.There are no outstanding statutory dues for a period of more than six month from the date they become payable.

B) According to the information and explanation given to us the company has no disputed dues of sale tax/ income tax/ excise duty/ cess and and any other statutory dues.

x) The company has accumulated losses of Rs.2799040/- at the end of the financial year and has incurred cash loss of Rs.2006361 during the year but has not incurred any cash loss in the immediately year preceding.

xi) Based on our audit procedure and on the information and explanations by the management, the company has not defaulted in repayment of dues to any financial institution or bank.

xii) Based on our examination and according to the information and explanation 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 security.

xiii) The company is not a chil/nidhi/natural benefit fund/ society and clauses xii of the order is not applicable.

xiv) The company is not dealing or trading in shares, securities, debenture and other investment.

xv) On the basis of the information and explanation given to us the company has not given any guarantee for loans taken by other from bank or financial institutions.

xvi) The company has not taken any term loan during the year.

xvii) On the basis of the information and explanation given to us the company has not used funds raised on short term basis for investment in long term use and vice versa.

xviii) During the year, the company has not made any preferential allotment of share of parties and companies covered in the Register maintained under section 301 of the Act.

xix) The company did not have any outstanding debentures during the year.

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

xxi) Based on the audit procedures performed and information and explanation given to us by the management, we report that no fraud on or by the company had been noticed or reported during the course or our audit.

FOR BIPIN ZAVAR & ASSOCIATES CHARTERED ACCOUNTANTS (Registration No. 121523W) PLACE: MUMBAI DATED: 30.05.2014 SD/- BIPINP. ZAVAR (Proprietor) Membership No. 110250

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of M/s. CHAMBAL BREWERIES And DISTILLERIES LIMITED (the "company"), which comprise the Balance Sheet as at March 31, 2013, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

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

Auditors'' Responsibility

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

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 audit opinion.

Opinion

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

(a) In case of Balance Sheet, of the state of affairs of the Company as at 31 st March, 2013.

(b) In the case of the Statement of Profit and Loss, of the Profit of the company for the year ended 31 st March, 2013.

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

Report on Other Legal and Regulatory Requirements

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

2. As required by Section 227(3) of the Act, we report that:

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

(b) In our opinion, proper books of accounts are required by the law have been kept by the company, so far as appears from our examination of the books.

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

(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in Section 211 (3C) of the Act;

(e) On the basis of the written representation received from the Directors and taken on record by the Board of Directors, none of the directors is disqualified as on 31 st March, 2013 from being appointed as a directors in terms of Section 274 (1 )(g) of the Act.

Annexure to the Auditors report of the even date to the members:

i) A) The company is maintained proper records to show full particulars including quantitative details & situation of its fixed assets.

B) The fixed assets have been physically verified by the management during the year our opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the company and the nature of the assets. The discrepancies noticed have been properly dealt with in the book of accounts,

C) The assets disposed off during the year are not significant and therefore do not affected the going concern assumption,

ii) A) The physical verification of inventory has been conducted at reasonable intervals by management.

B) In our opinion and according to the information and explanations given to us, the procedures of physical verifications of inventory followed by the management were found reasonable and adequate in relation to the size of the company and the nature of its business.

C) In our opinion the company has maintained proper records of inventory. The discrepancies between physical stock and the book stock were not material and have been properly dealt with in the book of accounts.

iii) A) As informed to us, during the year the company has not taken any unsecured loan from the parties covered in the Register maintained under section 301 of the Act.

iv) In our opinion according to the information and explanation given to us there are adequate internal control procedure commensurate with the size of the company and the nature of its business with regard to purchase of inventory, fixed assets and for sale of goods. During the course of our audit, no major weakness has been noticed in the internal control.

v) A) Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that the transaction that need to be entered into the register maintained under section 301 of the Act have been properly in the said register.

B) In our opinion and according to the information and explanations given to us the transactions entered in the registers maintained under section 301 and exceeding during the year by Rupees five lakh in respect of each party have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

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

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

viii) The Central Government has not prescribed maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956 for the company.

ix) A) According to the information and explanation given to us the company is generally regular in depositing undisputed statutory dues including IncomeTax, Sales Tax, Excise Duty, Service Tax and any other statutory dues.There are no outstanding statutory dues for a period of more than six month from the date they become payable.

B) According to the information and explanation given to us the company has no disputed dues of sale tax/ income tax/ excise duty/ cess and any other statutory dues.

x) The company has accumulated losses of Rs.656445/- at the end of the financial year and has not incurred cash loss during the year nor has incurred any cash loss in the immediately year preceding.

xi) Based on our audit procedure and on the information and explanations by the management, the company has not defaulted in repayment of dues to any financial institution or bank.

xii) Based on our examination and according to the information and explanation 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 security.

xiii) The company is not a chit/nidhi/natural benefit fund/ society and clauses xii of the order is not applicable.

xiv) The company is not dealing or trading in shares, securities, debenture and other investment.

xv) On the basis of the information and explanation given to us the company has not given any guarantee for loans taken by other from bank or financial institutions.

xvi) The company has not taken any term loan during the year.

xvii) On the basis of the information and explanation given to us the company has not used funds raised on short term basis for investment in long term use and vice versa.

xviii) During the year, the company has not made any preferential allotment of share of parties and companies covered in the Register maintained under section 301 of the Act.

xix) The company did not have any outstanding debentures during the year.

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

xxi) Based on the audit procedures performed and information and explanation given to us by the management, we report that no fraud on or by the company had been noticed or reported during the course or our audit.

FOR BIPIN ZAVAR & ASSOCIATES CHARTERED ACCOUNTANTS (Registration No. 121523W) PLACE: MUMBAI DATED: 30.05.2013

SD/- BIPINP.ZAVAR (Proprietor) Membership No. 110250

---

Mar 31, 2012

1. We have audited the attached Balance Sheet of M/s. CHAMBAL BREWERIES & DISTILLERIES LIMITED as at 31st March, 2012 and also the Profit and Loss Account of the Company for the Year ended on that date annexed there to. 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 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 examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956. We enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order in so far as they are applicable to the company.

4. Further to our comments in the Annexure referred to in paragraph in (3) & subject to paragraph (4) above, we state 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 are required by the law have been kept by the company, so far as appears from our examination of the 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 & Loss Account death with the report comply with the mandatory Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

(e) On the basis of the written representation received from the Director's and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2012 from being appointed as a directors in terms of clause (g) of sub-section (1) of section 274 of the Companies Act 1956.

(f) In our opinion and to our best of our information and according to the explanation given to us, the Profit & Loss A/

c. and Balance Sheet read together with other notes thereon in Schedule 16 give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

(i) In case of Balance Sheet, of the state of affairs of the Company as at 31 st March, 2012.

(ii) In the case of the Profit and Loss Account, of the Profit of the company for the year ended 31st March, 2012.

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

Annexure to the Auditors report of the even date to the members:

i) A) The company is maintained proper records to show full particulars including quantitative details & situation of its

fixed assets.

B) The fixed assets have been physically verified by the management during the year our opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the company and the nature of the assets. The discrepancies noticed have been properly dealt with in the book of accounts,

C) The assets disposed off during the year are not significant and therefore do not affected the going concern assumption,

ii) A) The physical verification of inventory has been conducted at reasonable intervals by management.

B) In our opinion and according to the information and explanations given to us, the procedures of physical verifications of inventory followed by the management were found reasonable and adequate in relation to the size of the company and the nature of its business.

C) In our opinion the company has maintained proper records of inventory. The discrepancies between physical stock and the book stock were not material and have been properly dealt with in the book of accounts.

iii) A) As informed to us, during the year the company has not taken any unsecured loan from the parties covered in the

Register maintained under section 301 of the Act. The company has granted unsecured loans to the six parties and one company covered under section 301 of the act.

Opening Amount Amount Closing

Balance Granted Recovered Balance

8,19,08,049/- 30,70,000/- 2,22,04,545/- 6,27,73,504/-

B) The rate of interest and other terms and conditions are prejudicial to the interest of the company.

C) As informed to us, during the year the company has started the process of recovering the loans granted.

iv) In our opinion according to the information and explanation given to us there are adequate internal control procedure commensurate with the size of the company and the nature of its business with regard to purchase of inventory, fixed assets and for sale of goods. During the course of our audit, no major weakness has been noticed in the internal control.

v) A) Based on the audit procedures applied by us and according to the information and explanation provided by the

management, we are of the opinion that the transaction that need to be entered into the register maintained under section 301 of the Act have been properly in the said register.

B) In our opinion and according to the information and explanations given to us the transactions entered in the registers maintained under section 301 and exceeding during the year by Rupees five lakh in respect of each party have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

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

vii) The company has an in house internal audit system , which in our opinion is commensurable with the size of the company and the nature of its business

viii) The Central Government has not prescribed maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956 for the company.

ix) A) According to the information and explanation given to us the company is generally regular in depositing undisputed statutory dues including Income Tax, Sales Tax, Excise Duty, Sen/ice Tax and any other statutory dues. There are no outstanding statutory dues for a period of more than six month from the date they become payable.

B) According to the information and explanation given to us the company has no disputed dues of sale tax/ income tax/ excise duty/ and and any other statutory dues.

x) The company has accumulated losses of Rs.7,67,641/- at the end of the financial year and has neither incurred cash loss during the year nor has incurred any cash loss in the immediately year preceding.

xi) Based on our audit procedure and on the information and explanations by the management, the company has not defaulted in repayment of dues to any financial institution or bank.

xii) Based on our examination and according to the information and explanation 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 security.

xiii) The company is not a chit/n id hi/natural benefit fund/ society and clauses xii of the order is not applicable.

xiv) The company is not dealing or trading in shares, securities, debenture and other investment.

xv) On the basis of the information and explanation given to us the company has not given any guarantee for loans taken by other from bank or financial institutions.

xvi) The company has not taken any term loan during the year.

xvii) On the basis of the information and explanation given to us the company has not used funds raised on short term basis for investment in long term use and vice versa.

xviii) During the year, the company has not made any preferential allotment of share of parties and companies covered in the Register maintained under section 301 of the Act.

xix) The company did not have any outstanding debentures during the year.

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

xxi) Based on the audit procedures performed and information and explanation given to us by the management, we report that no fraud on or by the company had been noticed or reported during the course or our audit.

For BIPIN ZAVAR & ASSOCIATES CHARTERED ACCOUNTANTS FRN - 121523W

PLACE : MUMBAI

DATED : 14/08/2012

Sd/-

BIPIN P. ZAVAR

(Proprietor)

M.NO. 110250.

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Mar 31, 2010

1. We have audited the attached Financial Statements of M/s. CHAMBAL BREWERIES & DISTILLERIES LIMITED as at 31st March, 2010. 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 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 examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956. We enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order in so far as they are applicable to the company.

4. Further to our comments in the Annexure referred to in paragraph in (3) & subject to paragraph (4) above, we state 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 are required by the law have been kept by the company, so far as appears from our examination of the books.

(c) The Financial Statements dealt with by this report are in agreement with the books of account.

(d) In our opinion, the Financial Statements dealt with the report comply with the mandatory Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

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

(f) In our opinion and to our best of our information and according to the explanation given to us, the Profit & Loss A/c. and Balance Sheet read together with other notes thereon in Schedule 16 give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India. (i) In case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2010. [ii) In the case of the Profit and Loss Account, of the Loss of the company for the year ended 31st March, 2010. (iii) In the case of the Cash Flow Statement, of the cash flow for the year ended on that date.

Annexure to the Auditors report of the even date to the members:

i) A) The company is maintained proper records to show full particulars including quantitative details & situation of its fixed assets.

B) The fixed assets have been physically verified by the management during the year our opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the company and the nature of the assets. The discrepancies noticed have been properly dealt with in the book of accounts,

C) The assets disposed off during the year are not significant and therefore do not affected the going concern assumption,

ii) A) The physical verification of inventory has been conducted at reasonable intervals by management.

B) In our opinion and according to the information and explanations given to us, the procedures of physical verifications of inventory followed by the management were found reasonable and adequate in relation to the size of the company and the nature of its business.

C) In our opinion the company has maintained proper records of inventory. The discrepancies between physical stock and the book stock were not material and have been properly dealt with in the book of accounts.

iii) As informed to us, during the year the company has taken unsecured loan from three parties covered in the Register maintained under section 301 of the Act. The maximum amount outstanding during the year is Rs.596000/-.

iv) In our opinion according to the information and explanation given to us there are adequate internal control procedure commensurate with the size of the company and the nature of its business with regard to purchase of inventory, fixed assets and for sale of goods. During the course of our audit, no major weakness has been noticed in the internal control.

v) A) Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that the transaction that need to be entered into the register maintained under section 301 of the Act have been properly in the said register.

B) In our opinion and according to the information and explanations given to us the transactions entered in the registers maintained under section 301 and exceeding during the year by Rupees five lakh in respect of each party have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

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

vii) The company doesn't have any internal audit system.

viii) The Central Government has not prescribed maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 for the company.

ix) A) According to the information and explanation given to us the company is generally regular in depositing undisputed statutory dues including Income Tax, Sales Tax, Excise Duty, Service Tax and any other statutory dues. There are no outstanding statutory dues for a period of more than six month from the date they become payable.

B) According to the information and explanation given to us the company has no disputed dues of sale tax/ income tax/ excise duty/ cess and any other statutory dues.

x) The company has accumulated losses of Rs.999010/- at the end of the financial year and has incurred cash loss of Rs. NIL during the year and has incurred cash loss of Rs.241991/- in the immediately year preceding.

xi) Based on our audit procedure and on the information and explanations by the management, the company has not defaulted in repayment of dues to any financial institution or bank.

xii) Based on our examination and according to the information and explanation 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 security.

xiii) The company is not a chil/nidhi/natural benefit fund/ society and clauses xii of the order is not applicable.

xiv) The company is dealing or trading in shares, securities, debenture and other investment.

xv) On the basis of the information and explanation given to us the company has not given any guarantee for loans taken by other from bank or financial institutions.

xvi) The company has not taken any term loan during the year.

xvii) On the basis of the information and explanation given to us the company has not used funds raised on short term basis for investment in long term use and vice versa.

xviii) During the year, the company has not made any preferential allotment of share of parties and companies covered in the Register maintained under section 301 of the Act.

xix) The company did not have any outstanding debentures during the year.

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

xxi) Based on the audit procedures performed and information and explanation given to us by the management, we report that no fraud on or by the company had been noticed or reported during the course or our audit.

For BIPIN ZAVAR & ASSOCIATES

CHARTERED ACCOUNTANTS

PLACE : MUMBAI

DATE : August 28, 2010 IPIN P. ZAVAR

(Proprietor)