Auditor Report of Enbee Trade & Finance Ltd.

Mar 31, 2025

We have audited the accompanying Standalone Financial Statements of Enbee Trade and Finance
Limited (“the Company”), which comprise the standalone Balance Sheet as at 31st March 2025, and
the standalone Statement of Profit and Loss (including other comprehensive income), standalone
Statement of Changes in Equity and standalone statement of Cash Flows for the year then ended, and
notes to the Standalone Financial Statements, including a summary of the Significant Accounting
Policies and other explanatory information (hereinafter referred to as “the Standalone Financial
Statements”).

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid Standalone Financial Statements give the information required by the Companies Act, 2013
(the “Act”) in the manner so required and give a true and fair view in conformity with the 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 31st March 2025, and profit and other
comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of this Interim Standalone Financial Statement in accordance with the
Standards on Auditing (“SAs”) specified under Section 143(10) of the Act. Our responsibilities under
those Standards are further described in the Auditor''s Responsibilities for the Audit of the Interim
Standalone Financial Statement section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”)
together with the independence requirements that are relevant to our audit of the Interim
Standalone Financial Statement under the provisions of the Act and the Rules thereunder and we
have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s
Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to
provide a basis for our audit 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 for the current period. These matters were addressed as part of
our audit of the financial statements as a whole and in forming our audit opinion. We do not provide
a separate opinion on these matters. The key audit matters identified are described below:

Right Issues

The Board of Directors, at its meeting held on 6th January 2025, allotted 3,46,76,061 shares
to the equity shareholders of the Company through a Rights Issue in the ratio of 121 equity
share for every 50 fully paid-up equity shares at an issue price of Rs. 13 per equity share
(including a premium of Rs. 3 per equity share). The Company has received a sum of Rs.
4,507.89 lakhs.

How the matter was addressed in our audit:

• The Company has adequately disclosed all pertinent information in relation to the
aforesaid securities in its Notes to Accounts.

• We have verified the receipt of consideration against the said securities and have
found them to be received in full.

Information Other than the Standalone 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. The other information is expected
to be made available to us after the date of this auditor''s report.

Our opinion on the Standalone Financial Statements does not cover the other information and we do
not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the Standalone Financial Statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated.

Management and Board of Directors'' Responsibility for the Standalone Financial Statements

The Company''s management and Board of Directors are responsible for the matters stated in section
134(5) of the Act with respect to the preparation of these Standalone Financial Statements that give
a true and fair view of the state of affairs, profit/loss and other comprehensive income, changes in
equity and cash flows of the Company in accordance with the accounting principles generally
accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of
the Act. This responsibility also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls that were operating
effectively for ensuring accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the Standalone Financial Statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.

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

Further, the Management and Board of Directors are responsible for using only such accounting
software which has the following features:

• Records an audit trail of each and every transaction,

• Creating an edit log of each change made in the books of account along with the date when
such changes were made.

They should ensure that the audit trail is not disabled and there is no option to disable it and it has
been effectively Implemented throughout the year.

Board of Directors is also responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the Standalone Financial Statements

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

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

Auditor''s Responsibilities for the Audit of the Standalone Financial Statements

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

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

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

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

• Evaluate the overall presentation, structure and content of the Standalone Financial Statements,
including the disclosures, and whether the Standalone Financial Statements represent the underlying
transactions and events in a manner that achieves fair presentation.

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

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

Other Matter

This Auditors'' Report on the audit of the annual financial results pursuant to Regulation 33 of the
Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended after incorporating Correction of Prior Period Errors in Accordance
with Ind AS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" refer note 36. Audit
Report is in continuation to our audit report dated 28/04/2025 UDIN: 25111829BMIFNB3355
where we expressed an unmodified opinion on financial results.

Report on Other Legal and Regulatory Requirements

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

B. 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 standalone balance sheet, the standalone statement of profit and loss (including other
comprehensive income), the standalone statement of changes in equity and the standalone statement
of cash flows dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid Standalone Financial Statements comply with the Ind AS specified under
section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31st March 2025 taken
on record by the Board of Directors, none of the directors are disqualified as on 31st March 2025
from being appointed as a director in terms of Section 164(2) of the Act.

f) The modifications relating to the maintenance of accounts and other matters connected therewith
are as stated in the paragraph 2A(b) above on reporting under Section 143(3)(b) of the Act and
paragraph 2B(f) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014.

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

C. With respect to the other matters to be included in the Auditors'' 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 litigations which would impact its financial position.

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

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

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

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

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

v. The company has not declared or paid dividends during the year.

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using
accounting software which has a feature of recording audit trail (edit log) facility is applicable to the
Company with effect from April 1, 2023.

The company has used an accounting software that has a feature of audit trail and the same was
operated/ enabled from 10^th June 2024. The transactions recorded in the software were covered in
the audit trail feature from the date it was enabled. Further, the audit trails were preserved as per
statutory requirements for record retention. Refer Note 41 to the Financial Statements

For Ambavat Jain And Associates LLP

Chartered Accountants

Firms Registration No:109681W

Sd/-

Ashish J Jain
Partner

Membership No:

UDIN: 25111829BMIFNB3355
Place: Mumbai
Date: 28/04/2025

---

Mar 31, 2024

We have audited the accompanying Standalone Financial Statements of Enbee Trade and Finance Limited (“the Company”), which comprise the standalone Balance Sheet as at 31st March 2024, and the standalone Statement of Profit and Loss (including other comprehensive income), standalone Statement of Changes in Equity and standalone statement of Cash Flows for the year then ended, and notes to the Standalone Financial Statements, including a summary of the Significant Accounting Policies and other explanatory information (hereinafter referred to as “the Standalone Financial Statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by the Companies Act, 2013 (the “Act”) in the manner so required and give a true and fair view in conformity with the 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 31st March 2024, and profit and other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

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

Key audit matters

We have determined that there are no key audit matters to be communicated in our report.

Information Other than the Standalone 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. The other information is expected to be made available to us after the date of this auditor''s report.

Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

Management and Board of Directors'' Responsibility for the Standalone Financial Statements

The Company''s management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the state of affairs, profit/loss and other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

Further, the Management and Board of Directors are responsible for using only such accounting software which has the following features:

• Records an audit trail of each and every transaction,

• Creating an edit log of each change made in the books of account along with the date when such changes were made.

They should ensure that the audit trail is not disabled and there is no option to disable it and it has been effectively Implemented throughout the year.

Board of Directors is also responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the Standalone Financial Statements

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

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

Auditor''s Responsibilities for the Audit of the Standalone Financial Statements

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

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

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

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

• Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

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

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

Other Matter

This Auditors'' Report on the audit of the annual financial results pursuant to Regulation 33 of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended after incorporating Correction of Prior Period Errors in Accordance with Ind AS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" refer note 36.

Audit Report is in continuation to our audit report dated 27/05/2024 UDIN: 24111829BKCBVN9313 where we expressed an unmodified opinion on financial results.

Report on Other Legal and Regulatory Requirements

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

B. 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 standalone balance sheet, the standalone statement of profit and loss (including other comprehensive income), the standalone statement of changes in equity and the standalone statement of cash flows dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid Standalone Financial Statements comply with the Ind AS specified under section 133 of the Act.

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

f) The modifications relating to the maintenance of accounts and other matters connected therewith are as stated in the paragraph 2A(b) above on reporting under Section 143(3)(b) of the Act and paragraph 2B(f) below on reporting under Rule11(g) of the Companies (Audit and Auditors) Rules, 2014.

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

C. With respect to the other matters to be included in the Auditors'' 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 litigations which would impact its financial position.

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

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

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

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

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

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

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company with effect from April 1, 2023.

The company has not used an accounting software that has a feature of audit trail and the same was not operated/ enabled throughout the year. The transactions recorded in the software were not covered in the audit trail feature. Further, the audit trails were not reserved as per statutory requirements for record retention.

For Ambavat Jain And Associates LLP

Chartered Accountants Firms Registration No: 109681W

Sd/-

Ashish J Jain

Partner

Membership No:

UDIN: 24111829BKCBWQ9909 Place: Mumbai Date: 18/06/2024

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Mar 31, 2014

We have audited the accompanying financial statements of M/s ENBEE TRADE AND FINANCE 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 Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

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

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

Opinion

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

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

(b) in the case of the Profit and Loss Account, 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 and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the 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 account as required by law have been kept by the Company so far as appears from our examination of those books.

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

d) in our opinion, the Balance Sheet and Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

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

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company..

ANNEXURE TO THE AUDIRORS'' REPORT FOR THE YEAR ENDED 31ST MARCH, 2014 (Referred to in Paragraph 1 of our report of even date)

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

(b) As explained to us, all the fixed assets except machinery in stock were physically verified during the year by the management. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, the Company has not disposed substantial part of its fixed assets during the year.

2. There is no inventory in the Company.

3. (a) The company has granted unsecured loans to a company covered in the register maintained under section 301 of the Companies Act, 1956. The Maximum amount involved was Rs. 17.25 lacs and there is Nil balance at the end of the year.

(b) In our opinion the rate of interest and other terms and conditions on which unsecured loan have been given to the Company listed in the register maintained under section 301 of the Companies Act, 1956 are prima facia, not prejudicial to the interest of the Company.

(c) In our opinion and according to the information and explanation given to us, the Company is regular in payment of principal and interest thereon.

(d) As explained to us there is no overdue amount of Loans exceeding Rupees one Lacs.

(e) The Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of the business with regards to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

5. (a) According to the information and explanations given to us, the particulars of contract or arrangement referred to in section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that Section.

(b) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of such contracts and arrangements and aggregating to Rs. 500000/-in respect of each party.

6. The Company has not accepted any deposits from the public to which the provisions of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975 apply.

7. During the year the Company has no internal audit system, as in the opinion of management, considering the size and nature of its business and personal supervision by the Directors, the same is considered to be adequate and commensurate with its size and nature of its business.

8. In view of the activities of the Company maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 is not applicable.

9. (a) According to the information and explanations given to us and on the basis of records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues, including Provident Fund, Investor Education Protection Fund, Employees'' State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise-Duty, cess and other statutory dues, as applicable, with the appropriate authorities.

(b) According to the information and explanation given to us, there are no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty and Cess which have not been deposited on account of any dispute.

10. There are no accumulated losses in the Company and the Company has not incurred any cash loss in the year under review or in the immediately preceding year.

11. The Company has not taken any loan from Financial Institutions or Banks or Debenture holders.

12. According to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of Shares, Debentures and other Securities.

13. The Company is not a chit fund or a nidhi/mutual benefit fund/society.

14. The Company is not dealing in or trading in shares, securities, debentures and other investments. All the Shares and Securities held as investments are in company''s own name.

15. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions.

16. According to the information and explanations given to us, there are no term loans raised by the Company during the year.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, no funds raised on short-term basis have been used for long-term investment.

18. According to the information and explanations given to us, during the year 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.

19. According to the information and explanations given to us, the Company has not issued any debentures during the year.

20. According to the information and explanations given to us, the Company has not raised any money through public issues during the year.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For B. CHHAWCHHARIA & CO. Chartered Accountants Place: NAGPUR SANJAY AGARWAL Date: 22nd May, 2014 Partner Firm Registration No. 305123E Membership No. 66580

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Mar 31, 2010

We have audited the attached Balance Sheet of Bajaj Global Limited as on 31st March, 2010 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto and the Financial statesment are the responsibility of the companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We have 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 by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Manufacturing and Other Companies (Auditors Report) Order, 2003, and the Companies (Auditors Report)( Amendment) Order, 2004 issued under the Companies Act,1956, and on the basis of the such cheks as we consider appropriate we enclose in the Annexure a atatement on the matters specified in a pragraph 4 and 5 of the said order.

3. Further to our comments in the Annexure referred to in paragraph (3) above, we report that;

a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 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 comply with the Accounting Standards referred to in Sub- Section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable and

e) On the basis of written representation received from the Directors and taken on record by the Board of Directors, we report that none of the Director are disqualified as on March 31, 2010 from being appointed as a Director in 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 explanation given to us, the said accounts read with the notes thereon gives the information required by Companies Act, 1956 in the maanner so required and give a true and fair view in confirmity with the accounting principles generally accepted in India:

I In the case of the Balance Sheet of the state of affairs of the company as at 31 st March 2010 and

II In the case of the Profit and Loss Account, of Profit of the Company for the year ended on that date.

III In the case of Cash Flow statements of the Cash Flows for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT FOR THE YEAR ENDED 31st MARCH, 2010 (Referred to in Paragraph 1 of our report of even date)

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

(b) As explained to us, all the fixed assets were physically verified during the year by the management According to the information and explanations given to us, no material discrepancies were noticed on such verification.

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

2 The Company has not granted or taken any loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

Accordingly sub-clauses (b), (c), (d), (f) and (g) of para 4 (iii) are not applicable.

3 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 the business with regards to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

4 Based upon the audit procedures, performed and according to the information and explanations given to us, there are-no transactions that need to be entered into the register maintained in pursuance of section 301 of the Companies Act, 1956.

Sub-clause (b) of para 4(v) of the Order is not applicable.

5. The Company has not accepted any deposits from the public to which the provisions of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975 apply.

6. During the year the Company has no internal audit system, as in the opinion of management, considering the Size and nature of its business and personal supervision by the Directors, the same is considered to be adequate and commensurate with its size and nature of its business.

7. The Central Government has not prescribed the maintenance of cost records under section 209(l)(d) of the Companies Act, 1956.

8.( a) According to the information and explanations given to us and on the basis of records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues, including Provident Fund, Investor Education Protection Fund, Employees State Insurance Income- Tax, Wealth Tax, Service Tax, Custom Duty, Excise-Duty, cess and other statutory dues applicable to it.

(b) According to the information and explanation given to us, there are no dues of Sales Tax Income Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty and Cess which have no, been deposited on account of any dispute.

9. The Company does not have any accumulated losses and has not incurred cash losses in the current financial year and in the immediately preceding financial year.

10. The Company has not taken any loan from Financial Institutions or Banks or Debenture holders.

11 According to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of Shares, Debentures and other Securities.

12. The Company is not a chit fund or a nidhi /mutual benefit fund/society.

13 As per the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investment. The investments have been held in its own name.

14. The Company has not given any guarantee for loans taken by others from banks or financial institutions.

15. According to the information and explanations given to us, there are no term loans raised by the Company during the year.

16 According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, no funds raised on short-term basis have been used for long-term investment.

17 According to the information and explanations given to us, during the year the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 30) of the Companies Act, 1956.

18. According to the information and explanations given to us, the Company has not issued any debentures during the year.

19. According to the information and explanations given to us, the Company has not raised any money through public issues during the year.

20. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

Looking to the nature of activities being carried on, at present, by the Company and also considering the nature of matters referred to in the various clauses of the Companies {Auditors Report) Order, 2003, and the Companies (Auditors Report) (Amendment) Order, 2004, clauses (ii) of paragraph 4 of the aforesaid order is in our opinion, not applicable to the Company.

For BANKIM V. SHAH Chartered Accountants

( BANKIM V. SHAH) Proprietor Membership No. 31800

NAGPUR Dated: 04.09.2010

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Mar 31, 2009

We have audited the attached Balance Sheet of Enbee Trade & Finance Limited as on 31st March, 2009 and also the Profit and Loss Account of Company for the year ended on that date annexed thereto and the Cash Flow Statement for the year ended on that date, which we have signed under reference to this report. These financial statements are the ssponsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that ws 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. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Manufacturing and other Companies (Auditors Report) Order, 2003 and the Companies (Auditors Report) (Amendment) Order, 2004 issued under the Companies Act, 1956, and on the basis of tide such checks as we consider appropriate we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order.

3. Further to our comments in the Annexure referred to in paragraph 2 above, we report that;

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

b) In our opinion, proper books of account as required by law has been kept by the Company so far as appears from out examination of books.

c) The Balance Shest and the Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

d) In our opinion, the Balance Sheet and the Profit & Loss Account comply with the Accounting Standards referred to in Sub-Section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable and

e) On the basis of the written representation received from the Directors and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31st March, 2009 from being appointed as Directors in 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 account together with the notes thereon 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 the Balance Sheet, of the state of the Companys affairs as at 31st March, 2009 and, H. In the case of the Profit and Loss Account, of the Profit of the Company for the year ended on that date. III. In the case of Cash Flow Statements of the Cash Flows for the year ended on that date

ANNEXURE TO THE AUDITORS REPORT FOR THE YEAR ENDED 31ST MARCH, 2008 (Referred to in Paragraph 1 of our report of even date)

1. (a) The Company has maintained proper records showing full particulars including

quantitative details and situation of fixed assets.

(b) As explained to us, all the fixed assets were physically verified during the year by the management. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) During the year, in-our opinion, a substantial part of fixed assets ha? not been disposed off by the Company.

2. The Company has not granted or taken any loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

Accordingly sub-clauses (b), (c), (d), (f) and (g) of para 4 (iii) are not applicable.

3. 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 the business with regards to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

4. Based upon the audit procedures, performed and according to the information and explanations given to us, there are no transactions that need to be entered into the register maintained in pursuance of section 301 of the Companies Act, 1956.

Sub-clause (b) of para 4(v) of the Order is not applicable.

5. The Company has not accepted any deposits from the public to which the provisions of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975 apply.

6. During the year the Company has no internal audit system, as in the opinion of management, considering the size and nature of its business and personal supervision by the Directors, the same is considered to be adequate and commensurate with its size and nature of its business.

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

8. (a) According to the information and explanations given to us and on the basis of

records of the Company,, the Company is regular in depositing with appropriate authorities undisputed statutory dues, including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income-Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty, Excise-Duty, Cess and other statutory dues applicable to it. (b) According to the information and explanation given to us, there are no dues of Sales Tax, Income Tax, Customs Duty, Service Tax, Wealth Tax, Excise Duty and Cess which have not been deposited on account of any dispute.

9. The Company does not have any accumulated losses and has not incurred cash losses in the current financial year and in the immediately preceding financial year.

10. The Company has not defaulted in repayment of dues to Financial Institutions or Banks or Debenture holders.

11. According to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of Shares, Debentures and other Securities.



12. The Company is not a chit fund or a nidhi / mutual benefit fund/society.

13. As per the information and explanations given to us the Company is not dealing in shares, securities and other investments. The Shares and securities have been held in its own name.

14. The Company has not given any guarantee for loans taken by others from banks or financial institutions.

15. According to the information and explanations given to us, there are no term loans raised by thje Company during the year.

16. Accordingto the information and explanations given to us and on an overall examination of the balance sheet of the Company, in our opinion, no funds raised on short-term basis have been used for long-term investment.

17. According to the information and explanations given to us, during the yearthe Company has net made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

18. According) to the information and explanations given to us, the Company has not issued any debentures during the year.

19. According to the information and explanations given to us, the Company has not raised any money through public issues during the year.

20. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For BANKIMV. SHAH Chartered Accountants NAGPUR (BANKIM SHAH) Dated: 04.09.2009 Proprietor Membership No.31800