Auditor Report of Hari Govind International Ltd.

Mar 31, 2024

We have audited the accompanying standalone financial statements of HARIGOVIND
INTERNATIONAL LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2024,
the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of
Changes in Equity and the Statement of Cash Flows for the year ended on that date, and 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 March 31, 2024, the profit and loss and
total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

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

Information Other than the Standalone Financial Statements and Auditor''s Report Thereon

The Company''s Board of Directors is responsible for the preparation of the other information. The other
information comprises the information included in the Management Discussion and Analysis, Board''s
Report including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance and
Shareholder''s Information, but does not include the standalone financial statements and our auditor''s
report thereon.

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
during the course of our audit or otherwise appears to be materially misstated. If, based on the work we
have performed, we conclude that there is 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 Standalone Financial Statements

The Company''s Board of Directors is 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
financial position, financial performance, total comprehensive income, changes in equity and cash flows of
the Company in accordance with the Ind AS and other accounting principles generally accepted in India.
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 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, 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.

The Board of Directors is 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
skepticism throughout the audit. We also:

i. 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.

ii. Obtain an understanding of internal financial controls 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
system in place and the operating effectiveness of such controls.

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

iv. 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 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.

v. 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.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the
financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i)
planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the
effect of any identified misstatements in the financial statements.

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

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

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

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit 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 including Other Comprehensive Income, Statement
of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the
relevant books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS 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 March 31, 2024 taken on
record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being
appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company
and the operating effectiveness of such controls, refer to our separate Report in "Annexure A". Our report
expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal
financial controls over financial reporting.

g) With respect to the other matters to be included in the Auditor''s Report in accordance with the
requirements of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the explanations given to us, the
remuneration paid by the Company to its directors during the year is in accordance with the provisions of
section 197 of the Act.

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

1. The Company has disclosed the impact of pending litigations on its financial position in its standalone
financial statements.

ii. The Company has made provision, as required under the applicable law or accounting standards, for
material foreseeable losses, if any, on long-term contracts including derivative contracts.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education
and Protection Fund by the Company.

2. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central
Government in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the matters
specified in paragraphs 3 and 4 of the Order.

For C. V. Paturkar& Co.

Chartered Accountants

FRN: 114085W

S/d

Place:-Nagpur CA Devashish V. Chitaley

Date: 30/05/2024 Mem. No. 151276

UDIN: 23151276BGWIWP7629

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Mar 31, 2012

We have audited the attached Balance Sheet of HARI GOVIND INTERNATIONAL LIMITED as at 31st March, 2012, the Profit and Loss Account FOR THE YEAR EXDED ON THAT DATE annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis evidence supporting the amounts and disclosures in 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 Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in Annexure, a statement on the matters specified in paragraphs 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 ne3cessary for the purpose of our audit.

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

c) The Balance Sheet, the Profit & Loss Account dealt with by this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, the Profit & Loss Account dealt with by this report comply with the mandatory Accounting Standards referred to in sub-section (3c) of section 211 of the Companies Act 1956

e) In our opinion, and based on information and explanation given to us, none of Directors are disqualified as on 31st March, 2012 form being appointed as Directors in term of section 274(1)(g) of The Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required, and present a true and fair view in conformity with the accounting principles generally accepted in India:

(i) In so far as it is relates to Balance Sheet, of the state of affairs of the company as at 31st March, 2012;

(ii) In so far as it relates to the Profit & Loss Account, the profit of the company for the year ended on that date;

(iii) In so far as it relates to Cash Flow Statement, of the Cash Flow for the year ended on that date

ANNEXURE REFERRED TO IN PARAGRAPH 2 OF THE AUDITOR'S REPORT ON THE ACCOUNTS OF HARIGOVIND INTERNATIONAL LIMITEDFOR THE YEAR ENDING 2012

As required by the Companies (Auditor's report) Order, 2003 issued by the central Government of India in terms of section 227(4-A) of the Companies Act, 1956, we report that:

It is informed by the management and directors of the company that the company is under closure since 1999-2000. Most of the records in the form of original register, documents etc. are soiled and destroyed by termites that were kept in factory premises.

Regarding the inventory position, there are no records available for the period from 01-04-1999 to 31-03-2000 and onwards.

Whatever data and records that the management have collected from the available spoiled papers etc. is made available to us for audit and examination for the said financial year.

From the above available records the comments on the accounts as annexure to auditor report is as follows.

1. The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. As the company ceases to operate the company has not verified all the fixed assets physically. However to the best of our information and explanations given to us no serious discrepancies been noticed in the records.

2. None of the Fixed Assets have been revalued by the company during the year.

3. Physical verification was not conducted by the management at reasonable intervals during the year in respect of finished goods, raw material, stores & spare part as the operation of the company had stopped in the year 1999-2000.

4. The procedure of physical verification (was nor carried out as the company ceases to operate) of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

5. As explained to us no significant discrepancies were noticed on such verification as compared with the book records and the same have been properly dealt with in the books of accounts.

6. The valuation of these stock is fair and proper and in accordance with the normally accepted accounting principles. The basis of valuation of stock is same as in the preceding year

7. During the year the company has taken unsecured loan of Rs. NIL/- age amount of interest is not provided.

8. The company has not granted loans secured or unsecured to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and/or to the companies under the same management as detailed under section 370 (1-B) of the Companies Act, 1956.

9. The principal amount and interest there on accumulated is nor recoverable from the said parties. Hence for the current year interest is not charged on the outstanding loan and advance account.

10. As the company ceases to operate since 1999-2000 there were no transaction of purchases of stores, raw material including components plant and machinery and other assets and for the spell of goods. The question of internal control procedures does not arise.

11. The company has not accepted any deposits from the public.

12. The company has no by-products and in our opinion reasonable records have been maintained by the company for sale and disposal of realizable scraps, wherever significant.

13. The company did not have any formal internal audit system but its internal control procedure ensures the checking of financial records which in our opinion is reasonable commensurate with its size and nature of its business.

14. The central government has not prescribed maintenance of cost records to zip manufacturing industry under section 209 (1) (d) of the Companies Act, 1956 (1 of 1956.

15. The company is regular in depositing Provident Fund and Employees State Insurance dues with the appropriate authority.

16. According to the information and explanations give to us, no undisputed amounts payable in respect of Income Tax, Customs Duty and Excise Duty, Wealth Tax, Sales Tax were outstanding as at the last day of the financial year for a period of more then six months from the date they became payable.

17.During the course of our examination of the books of accounts carried out in accordance with generally accepted auditing practices and as per the information and explanations given to us there are no personal expenses charged to revenue account.

18. The company is not a sick industrial company within the meaning of clause (O) of the sub-section (1) of section (3) of the Sick Industrial Companies, (Special) Provision Act, 1985.

For DILIP JAMBHEKAR & COMPANY Chartered Accountants Sd/- Place : Mumbai (Vinay P. Sapre) Date : 10th August, 2012 Patner Membership No. 10360

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Mar 31, 2011

We have audited the attached Balance Sheet of HARI GOVIND INTERNATIONAL LIMITED as at 31st March, 2011, the Profit and Loss Account annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in 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 Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 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 the law, have been kept by the company, so far as appears from our examination of those books.

c) The Balance Sheet, the Profit & Loss Account dealt with by this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, the Profit & Loss Account dealt with by this report comply with the mandatory Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act 1956

e) In our opinion, and based on information and explanation given to us, none of Directors are disqualified as on 31st March, 2011 from being appointed as Directors in term of section 274(1 )(g) of The Companies Act, 1956.

I) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required, and present a true and fair view in conformity with the accounting principles generally accepted in India:

(i) In so far as it is relates to Balance Sheet, of the state of affairs of the company as at 31st March, 2011;

(ii) In so far as it relates to the Profit & Loss Account, the profit of the company for the year ended on that date;

(iii) In so far as it relates to Cash Flow Statement, of the Cash Flow for the year ended on that date

ANNEXURE REFERRED TO IN PARAGRAPH OF THE AUDITOR'S REPORT ON THE ACCOUNTS OF HARIGOVTND INTERNATIONAL LBVUTEDFOR THE YEAR ENDING 2011

As required by the Companies (Auditor's report) Order, 2003 issued by the central Government of India in terms of section 227(4-A) of the Companies Act, 1956, we report that:

It is informed by the management and directors of the company that the company is under closure since 1999-2000. Most of the records in the form of original register, documents etc. are soiled and destroyed by termites that were kept in factory premises.

Regarding the inventory position, there are no records available for the period from 01-04-1999 to 31-03-2000 and onwards.

Whatever data and records that the management have collected from the available spoiled papers etc. is made available to us for audit and examination for the said financial year.

From the above available records the comments on the accounts as annexure to auditor report is as follows.

1. The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. As the company ceases to operate the company has not verified all the fixed assets physically. However to the best of our information and explanations given to us no serious discrepancies been noticed in the records.

2. None of the Fixed Assets have been revalued by the company during the year.

3. Physical verification was not conducted by the management at reasonable intervals during the year in respect of finished goods, raw material, stores & spare part as the operation of the company had stopped in the year 1999-2000.

4. The procedure of physical verification (was not carried out as the company ceases to operate) of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

5. As explained to us no significant discrepancies were noticed on such verification as compared with the book records and the same have been properly dealt with in the books of accounts.

6. The valuation of these stock is fair and proper and in accordance with the normally accepted accounting principles. The basis of valuation of stock is same as in the proceeding year.

7. During the year the company has taken unsecured loan of Rs. NIL/- The amount of interest is not provided.

8. The company has not granted loans secured or unsecured to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and/or to the companies under the same management as detailed under section 370 (1-B) of the Companies Act, 1956.

9. The principal amount and interest there on accumulated is not recoverable from the said parties. Hence for the current year interest is not charged on the outstanding loan and advance account.

10. As the company ceases to operate since 1999-2000 there were no transaction of purchases of stores, raw material including components plant and machinery and other assets and for the sell of goods. The question of internal control procedures does not arise.

11. The company has not accepted any deposits from the public.

12. The company has no by-products and in our opinion reasonable records have been maintained by the company for sale and disposal of realizable scraps, wherever significant.

13. The company did not have any formal internal audit system but its internal control procedure ensures the checking of financial records which in our opinion is reasonable commensurate with its size and nature of its business.

14. The central government has not prescribed maintenance of cost records to zip manufacturing industry under section 209 (1) (d) of the Companies Act, 1956 (1 of 1956).

15. The company is regular in depositing Provident Fund and Employees State Insurance dues with the appropriate authority.

16. According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Customs Duty and Excise Duty, Wealth Tax, Sales Tax were outstanding as at the last day of the financial year for a period of more then six months from the date they became payable.

17. During the course of our examination of the books of accounts carried out in accordance with generally accepted auditing practices and as per the information and explanations given to us there are no personal expenses charged to revenue account.

18. The company is not a sick industrial company within the meaning of clause (O) of the sub-section (1) of section (3) of the Sick Industrial Companies, (Special) Provision Act, 1985.

For DILIP JAMBHEKAR & COMPANY

Chartered Accountants

Sd/-

Place : Mumbai (Vinay P. Sapre)

Date : 10th August, 2011 Partner

Membership No. 103602

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Mar 31, 2010

1. We have audited the attached Balance Sheet of M/S HARI GOVIND INTERNATIONAL LIMITED., (name of the company), as at 31st March, 2010, and also the profit and loss account for the year ended on that date annexed thereto [in which are incorporated accounts of NIL branches audited by us, NIL branches audited by other auditors and NIL. Branches exempt from audit under the Companies (Branch Audit) Exemption Rules, 1961]. 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 mis-statement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit ;

(ii) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books [and proper returns adequate for the purposes of our audit have been received from the branches not visited by us. The Branch Auditor's Report have forwarded to us and have been appropriately dealt with];

(iii) The balance sheet, profit and loss account and- cash flow statement dealt with by this report are in agreement with the books of account [and with the audited returns from the branches];

(iv) In our opinion, the balance sheet, profit and loss account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

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

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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; .

(a) in the case of the balance sheet, of the state of affairs of the company as at 31st March, 2010 ;

(b) in the case of the profit and loss account, of the profit/loss for the year ended on that date.

Annexure refered to in paragraph (1) of our report of even date on the Accounts of M/S HARI GOVIND INTERNATIONAL LTD., for the year ended 31st March, 2010 :

It is informed by the management and directors of the company that the company is under closure since 1999-2000. Most of the records in the form of original register-, documents etc. are soiled and destroyed by termites that were kept in factory premises.

Regarding the inventory position, there are no records available for the period from 01-04-1999 to 31-03-2000 and onwards.

Whatever data and records that the management have collected from the available spoilecH papers etc. is made available to us for audit and examination for the said financial year.

From the above available records the comments on the accounts as annexure to auditor report is as follows.

1. The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. As the company ceases to operate the company had not verified all the fixed assets physically. However to the best of our information and explanations given to us no serious discrepancies been noticed in the records.

2. None of the Fixed Assets have been revalued by the company during the year.

3. Physical verification was not conducted by the management at reasonable intervals during the year in respect of finished goods, raw material, stores & spare part as the operation of the company had stoped in the year 1999-2000.

4. The procedure of physical verification (was not carried out as the company ceases to operate) of stocks followed by the management are reasonable and. adequate in relation to the size of the company and nature of its business.

5. As explained to us no significant discrepancies were noticed on such verification as compared with the book records and the same have been properly dealt with in the books of accounts.

6. The valuation of these stock is fair and proper and in- accordance with the normally accepted accounting principles. The basis of valuation of stock: is same as in the preceeding year.

7. During the year the company has taken unsecured loan of Rs. 10883525/- from Mr. Jugalkishore H. Maniyar director of the company for payment of Administrations & Sales Tax Liability under the amnesty scheme launched by the State Government and payment of unsecured loan of Mrs. Sunita Jugalkishore Maniyar. The amount of interest is not provided.

8. The company has not granted loans secured or unsecured to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and/or to the companies under the same management as detailed under section 370 (1 - B) of the Companies Act, 1956:

9. The principal amount and interest there on accumulated is not recoverable from the said parties. Hence for the current year interest is not charged on the outstanding loan and advance account.

10. As the company ceases to operate since 1999-2000 there were no transaction of purchases of stores, raw material including components plant and machinery and other assets and for the sell of goods. The question of internal control procedures does not arise.

11. The company has not accepted any deposits from the public.

12. The company has no-by-products and in our opinion reasonable records have been maintained by the company for sale and disposal of realizable scraps, wherever significant.

13. The company did not have any formal internal audit system but its internal control procedure ensures the checking of financial records which in our opinion is reasonable commensurate with its size and nature of its business.

14. The central government has not prescribed maintenance of cost records to zip manufacturing industry under section 209 (1) (d) of the Companies Act 1956 (1 of 1956).

15. The company is regular in depositing Provident Fund and Employees State Insurance dues with the appropriate authority.

16. According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Customs Duty and Excise Duty, Wealth Tax, Sales Tax were outstanding as at the last day of the financial year for a period of more then six months from the date they became payable.

17. During the course of our examination of the books of accounts carried out in accordance with generally accepted auditing practices and as per the information and explanations given to us there are no personal expenses charged to revenue account.

18. The Company is not a sick industrial company within the meaning of clause (O) of the sub-section (1) of section (3) of the Sick Industrial Companies, (Special) Provision Act, 1985.

FOR DILIP JAMBHEKAR & COMPANY,

CHARTERED ACCOUNTANTS.

PLACE: NAGPUR.

DATE : 20th August, 2010. (VINAY P. SAPRE)

PARTNER.

Membership No. 103602.