Auditor Report of Heera Ispat Ltd.

Mar 31, 2025

We have audited the accompanying financial statements of Heera Ispat Limited ("the Company") which
comprise the Balance Sheet as at March 31, 2025 and the Statement of Profit and Loss (including the Other
Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then
ended, and notes to the financial statements, including material accounting policies and other explanatory
information (hereinafter referred to as the "financial statements").

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

Basis for Qualified Opinion

The Company has Rs. Nil (Previous Year Rs. Nil) revenue from operations. The company has been unable to
conclude negotiation or obtain business orders. In view of the management''s expectation of the successful
business agreement in near future, the financial statements have been prepared on going concern basis. This
situation indicates that a material uncertainty exists that may cast significant doubt on the Company''s ability
to continue as a going concern. The financial statements do not adequately disclose this matter.

We conducted our audit in accordance with the Standards on Auditing ("SA"s) specified under section 143(10)
of the Act. Our responsibilities under those SAs are further described in the Auditor''s Responsibilities for the
Audit of the 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
ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act
and the Rules made there under, 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 financial statement.

Emphasis of matter

We draw attention to Note 13 to the accompanying Financial Results, which describes the application
submitted by the Company to the Securities and Exchange Board of India (SEBI) on 13th June 2023, requesting a
waiver of the penalty imposed in connection with non-submission/late submission of various listing compliance
documents to BSE. The outcome of this application is uncertain and may have a material impact on the financial
statements. Furthermore, the said note also discloses the company''s provision of Rs. 10 Lakhs for the estimated
penalty amount payable and its classification as an exceptional item in FY 2023-24. Our conclusion is not
modified in respect of this matter.

Other information

The Company''s Management and Board of Directors are responsible for the other information. The other
information comprises the information included in the Company''s Annual re port, but does not include the
Financial Statements and Auditor''s report there on. The Company''s Annual report is expected to be made
available to us after the date of this Auditors Report.

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

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

If, based on the work we have performed, we conclude that if there is a material misstatement of this other
information, we are required to communicate the matter to those charged with governance and take necessary
actions, as applicable under the relevant laws and regulations.

Management''s and Board of Directors'' Responsibilities for the Financial Statemen ts

The Company''s Management and Board of Directors are responsible for the matters stated in Section 134(5) of
the Companies Act, 2013 with respect to the preparation of these financial statements that give a true and fair
view of the state of affairs, profit/loss and other 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,
including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act. This responsibility
also includes maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant
to the preparation and presentation of the financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the financial statements, management 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 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 also responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibility for Audit of the Financial Statements

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

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

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

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

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

• Conclude on the appropriateness of 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 relat ed disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may
cause the Company to cease to continue as a going concern.

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

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

We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all 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 financial statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

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

2. (A) As required by Section 143(3) of the Act, 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 except for the matters stated in the paragraph 2B(f) below
on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

(c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the
Statement of Changes in Equity and the Cash Flows dealt with by this report are in agreement with the
books of account.

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

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

(f) The modification 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) Rule, 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".
Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the
Company''s internal financial controls over financial reporting

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

a. The Company has disclosed the impact of pending litigations as at 31^st March 2025 on its financial
position in its financial statements.

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

c. There has been no delay in transferring amounts, required to be transferred, to the

Investor Education and Protection Fund by the Company.

d. (1) The management has represented that, to the best of its knowledge and belief, no funds have been
advanced or loaned or invested (either from borrowed funds or share premium or any other sources or
kind of funds) by the Company to or in any other persons or entities, including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall:

• directly or indirectly lend or invest in other persons or entities identified in any manner what soever
("Ultimate Beneficiaries") by or on behalf of the Company

or

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

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

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

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

(3) Based on the audit procedures performed 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 subclause (d) (i) and (d) (ii) of the Rule 11(e), as provided under (i) and (ii) above, contain any
material mis-statement.

e. The company has not declared or paid any dividend during the year, hence there is no noncompliance
with Section 123 of the Act.

f. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable

from 1 April 2023.

Based on our examination, which included test checks, the Company has used accounting software for
maintaining its books of account for the Financial Year ended March 31, 2025 which has a feature of
recording audit trail (edit log) facility. However, the feature of recording audit trail (edit log) facility was not
enabled at the database and application layer of the accounting softwares for the period 1 April 2024 to 31
March 2025. Therefore we are unable to comment whether there are any instances of the audit trail
features being tempered with.

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

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

For Dhrumil A Shah & Co

Chartered Accountants

FRN: 145163W

Dhrumil A. Shah

(Proprietor)

Place of Signature: Ahmedabad Membership No. 166079

Date: 16-04-2025 UDIN: 25166079BMLJAW9763

---

Mar 31, 2024

We have audited the accompanying financial statements of Heera Ispat Limited ("the Company")
which comprise the Balance Sheet as at March 31, 2024 and the Statement of Profit and Loss
(including the Other Comprehensive Income), the Statement of Changes in Equity and the Statement
of Cash Flows for the year then ended, and notes to the financial statements, including material
accounting policies and other explanatory information (hereinafter referred to as the "financial
statements").

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

Basis for Qualified Opinion

The Company has Rs. Nil (Previous Year Rs. Nil) revenue from operations. The company has been
unable to conclude negotiation or obtain business orders. In view of the management''s expectation
of the successful business agreement in near future, the financial statements have been prepared
on going concern basis. This situation indicates that a material uncertainty exists that may cast
significant doubt on the Company''s ability to continue as a going concern. The financial statements
do not adequately disclose this matter.

We conducted our audit in accordance with the Standards on Auditing ("SA"s) specified under section
143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor''s
Responsibilities for the Audit of the 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 ethical requirements that are relevant to our audit of
the financial statements under the provisions of the Act and the Rul0065s made there under, 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 financial statement.

Emphasis of matter

We draw attention to Note 13 to the accompanying Financial Results, which describes the application
submitted by the Company to the Securities and Exchange Board of India (SEBI) on 13th June 2023,
requesting a waiver of the penalty imposed in connection with non-submission/late submission of
various listing compliance documents to BSE. The outcome of this application is uncertain and may
have a material impact on the financial statements. Furthermore, the said note also discloses the
company''s provision of Rs. 10 Lakhs for the estimated penalty amount payable and its classification
as an exceptional item. Our conclusion is not modified in respect of this matter.

Other information

The Company''s Management and Board of Directors are responsible for the other information. The
other information comprises the information included in the Company''s Annual report, but does not
include the Financial Statements and Auditor''s report there on. The Company''s Annual report is
expected to be made available to us after the date of this Auditors Report.

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

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

If, based on the work we have performed, we conclude that if there is a material misstatement of this
other information, we are required to communicate the matter to those charged with governance
and take necessary actions, as applicable under the relevant laws and regulations.

Management''s and Board of Directors'' Responsibilities for the Financial Statements

The Company''s Management and Board of Directors are responsible for the matters stated in Section
134(5) of the Companies Act, 2013 with respect to the preparation of these financial statements that
give a true and fair view of the state of affairs, profit/loss and other 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, including the Indian Accounting Standards (Ind AS) specified
under section 133 of the Act. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding of the assets of the Company
and for preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that are reasonable and prudent;
and design, implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting records, relevant
to the preparation and presentation of the financial statements that give a true and fair view and are
free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management 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 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 also responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibility for Audit of the Financial Statements

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

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

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

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

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

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

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

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

We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
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 financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor''s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.

Report on Other Legal and Regulatory Requirements

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

2. (A) As required by Section 143(3) of the Act, 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 except for the matters stated in the
paragraph 2B(f) below on reporting under Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014.

(c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income),
the Statement of Changes in Equity and the Cash Flows dealt with by this report are in
agreement with the books of account.

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

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

(f) The modification 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) Rule, 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". Our report expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company''s internal financial controls over financial reporting

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

a. The Company has disclosed the impact of pending litigations as at 31^st March 2024 on its
financial position in its financial statements.

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

c. There has been no delay in transferring amounts, required to be transferred, to the

Investor Education and Protection Fund by the Company.

d. (1) The management has represented that, to the best of its knowledge and belief, no funds
have been advanced or loaned or invested (either from borrowed funds or share premium or
any other sources or kind of funds) by the Company to or in any other persons or entities,
including foreign entities ("Intermediaries"), with the understanding, whether recorded in
writing or otherwise, that the Intermediary shall:

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

or

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

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

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

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

(3) Based on the audit procedures performed 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 subclause (d) (i) and (d) (ii) of the Rule 11(e), as
provided under (i) and (ii) above, contain any material mis-statement.

e. The company has not declared or paid any dividend during the year, hence there is no
noncompliance with Section 123 of the Act.

f. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is
applicable from 1 April 2023.

Based on our examination, which included test checks, the Company has used accounting
software for maintaining its books of account for the Financial Year ended March 31, 2024 which
has a feature of recording audit trail (edit log) facility. However, the feature of recording audit
trail (edit log) facility was not enabled at the database and application layer of the accounting
softwares for the period 1 April 2023 to 31 March 2024. Therefore we are unable to comment
whether there are any instances of the audit trail features being tempered with.

As per proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1,
2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on
preservation of audit trail as per the statutory requirements for record retention is not
applicable for the Financial Year ended on March 31, 2024.

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

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

For Dhrumil A Shah & Co
Chartered Accountants
FRN: 145163W

Dhrumil A. Shah
(Proprietor)

Place of Signature: Ahmedabad Membership No. 166079

Date: 30-05-2024 UDIN: 24166079BKHJPG9708

---

Mar 31, 2015

We have audited the accompanying Financial statements of HEERA ISPAT LIMITED ("the company"),which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements :

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these Financial Statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Financial Statements based on our audit.

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

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give true and fair view 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 Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion :

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

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2015;

b) in the case of the Statement of Profit and Loss, of the loss 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 Legal and Other Regulatory Requirements :

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

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

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

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

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

(d) in our opinion, the aforesaid Financial Statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

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

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

i. the Company has disclosed the impact of pending litigations on its financial position in its financial statements ;

ii. In our opinion and as per the information and explanation provided to us the Company has not entered into any long-term contracts including derivatives contract, requiring provision under applicable laws or accounting standards, for material foreseeable losses.

iii. the company is not required to transfer any amount to Investor Education and Protection Fund .

ANNEXURE TO THE AUDITOR'S REPORT

The Annexure referred to in our report to the members of HEERA ISPAT LIMITED for the year Ended on 31st March,2015, we report that:

(1) The company has no fixed assets, thus the clause 3(i)(a) and (b) are not applicable to the company.

(2) As explained to us, the company had not engaged during the year in any activity which involves hence verification of stock and other related matter are not applicable.

(3) The company has not granted any loans, secured or unsecured to the parties covered in the register maintained U/s 189 of the companies act, 2013. Accordingly, clause(III) (a) and (b) of the order are not applicable.

(4) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business. During the course of our audit, no major weakness has been noticed in the internal controls.

(5) The company has not accepted andy loans or deposits which are "deposits" within the meaning of Rule 2(b) of the Companies

(6) The company is not dealing in any products and hence the need for maintainence of cost records under section 148(1) of the Act does not arise and hence para 3(vi) of CARO 2015 is not applicable.

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

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

(c) The company is not required to transfer the amount of investor education and protection fund in accordance with the relevant provisions of the Companies Act.

(8) The accumulated losses of the company are not more than 50% of its net worth. The company has not incurred any cash losses during the financial year covered by our audit but has incurred cash loss in the immediately preceding financial year. .

(9) According to the records of the company the company has not borrowed from financial institutions or banks or issued debentures till 31st March, 2015. Hence in our opinion the question of reporting on defaults in repayment of dues to financial institutions or banks or debentures does not arise.

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

(11) According to the records of the company the company has not taken any term loans during the year, hence comments under the clause are not called for.

(12) Based on the audit procedures performed and informations and explanations given by the management we report that no fraud on or by the company has been noticed or reported during the course of our audit.

Place : Ahmedabad For DJNV & CO. Date : Chartered Accountants Firm Regn. No. 115145W

Sd/-

Devang Doctor (Partner) M. No. 39833

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Mar 31, 2014

We have audited the accompanying financial statements of Heera Ispat Limited, which comprise the Balance Sheet as at 31 March, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the nine months period ended on 31st March, 2014 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 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 evidences 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 controls 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, but not for the purpose of expressing an opinion on the effectiveness of the company''s internal control . 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 statement of Profit and Loss, of the loss for the nine months period ended on that date ;

(c ) In the case of the Cash Flow Statement, of the cash flows for the nine months period ended on that date.

Report on Legal and Other Regulatory Requirements

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

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

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, 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, 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 AUDITOR''S REPORT

(1) (a) The company has no fixed assets, thus the clause 4(i)(a), (b) and (c) are not applicable to the company.

(2) As explained to us, the company had not engaged in any activity during the year under review, thus there was no closing stock at the year end, hence verification of stock and other related matter are not applicable.

(3) The company has neither granted nor taken any loans, secured or unsecured to or from parties covered in the register maintained under Section 301 of the companies Act, 1956. Accordingly, clauses III (a) to (g) of the Order are not applicable.

(4) In our opinion and according to the information and explanation given to us, as the company has not engaged itself in any activity, thus the clause does not apply to the company.

(5) (a) In our opinion and according to the information and explanation given to us, there are no transactions for the year that are needed to be entered into the register maintained under section 301 of the Companies Act, 1956, hence clause 4(v) (b) is not applicable to the company.

(6) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public which falls within the provisions of section 58 A and 58 AA of the Companies Act, 1956, and the rules framed there under.

(7) According to information and explanations given to us, the company does not have an internal audit system commensurate with the size and nature of its business.

(8) According to the best of knowledge and according to the information given to us, the Central Government has not prescribed maintenance of cost record under section 209 (1)(d) of the Companies Act, 1956.

(9) (a) According to the information and explanations given to us and on the basis of our examination of the books of accounts, the company is regular in depositing undisputed statutory dues including Investor education protection fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom duty, Excise Duty, Cess and other statutory dues to the extent applicable with the appropriate authorities. According to information and explanation given to us, there are no dues which have not been deposited on account of any dispute as on 31st March, 2014 for a period of more than six months from the date they became payable.

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

(10) In our opinion, the accumulated losses of the company are not more than fifty per cent of its net worth at the end of the financial year. Further, the company has incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

(11) In our opinion and according to the information and explanation given to us, the company has not taken any loans from a financial institution / bank, thus the clause regarding the repayment is not applicable to the company.

(12) According to the information & explanation given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(13) In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(14) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(15) According to the information & explanations given to us, the company has not given any guarantees for the loans taken by others from banks or financial institutions

(16) According to the information & explanations given to us, the company has not taken any term loans 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, we report that the company has not raised any funds on short term basis.

(18) According to the information and explanation given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(19) According to the information and explanations given to us, Company has not issued any debenture during the year. Accordingly, the provisions of clause 4(xix) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(20) The company has not raised any fund by way of public issues during the year.

(21) Based upon the audit procedures performed and on the basis of information and explanation provided by the management, we report that no fraud on or by the company has been noticed or reported during the year.

For, DJNV & CO. Chartered Accountants Firm Reg. No:115145W

Sd/- Jayesh Parikh Place : Ahmedabad (Partner) Date : 30/05/2014 Membership No: 40650

---

Jun 30, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Heera Ispat Limited, which comprise the Balance Sheet as at 30 June 2013, and 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 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 controls 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 June 30, 2013;

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

(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 ("the Order") 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 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, 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, 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 June 30, 2013, and I taken on record by the Board of Directors, none of the directors is disqualified as on June 30,

2013, 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 AUDITORS REPORT

(1) (a) In our opinion and according to the information and explanation given to us, the company has maintained all the relevant records showing full particulars including quantitative details and situation of fixed assets.

(b) In our opinion, the fixed assets have been physically verified by the management at reasonable intervals having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) According to the information and explanation given to us, the company has disposed off all the fixed assets during the year covered by our report and the Company has so far not made any plans to replace the fixed assets that have been sold. These factors raise a substantial doubt about company''s ability to continue as a going concern in the foreseeable future.

(2) As explained to us, the company had not engaged in any activity during the year under review, thus there was no closing stock at the year end, hence verification of stock and other related matter are not applicable.

(3) The company has neither granted nor taken any loans, secured or unsecured to or from parties covered in the register maintained under Section 301 of the companies Act, 1956. Accordingly, clauses III (a) to (g) of the Order are not applicable.

(4) In our opinion and according to the information and explanation given to us, as the company has not engaged itself in any activity, thus the clause does not apply to the company.

(5) (a) In our opinion and according to the information and explanation given to us, the transactions for the year that needed to be entered into the register maintained under section 301 of the Companies Act, 1956, have so been entered.

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

(6) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public which falls within the provisions of section 58 A and 58 AA of the Companies Act, 1956, and the rules framed there under.

(7) According to information and explanations given to us, the company does not have an internal audit system commensurate with the size and nature of its business.

(8) According to the best of knowledge and according to the information given to us, the Central Government has not prescribed maintenance of cost record under section 209 (l)(d) of the Companies Act, 1956.

(9)(a) According to the information and explanations given to us and on the basis of our examination of the books of accounts, the company is regular in depositing undisputed statutory dues including Investor education protection fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom duty, Excise Duty, Cess and other statutory dues to the extent applicable with the appropriate authorities.

According to information and explanation given to us, there are no dues which have not been deposited on account of any dispute as on 31st March, 2011 for a period of more than six months from the date they became payable.

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

(10) In our opinion, the accumulated losses of the company are not more than fifty per cent of its net worth at the end of the financial year. Further, the company has incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

(11) In our opinion and according to the information and explanation given to us, the company has not taken any loans from a financial institution / bank, thus the clause regarding the repayment is not applicable to the company.

(12) According to the information & explanation given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(13) In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(14) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(15) According to the information & explanations given to us, the company has not given any guarantees for the loans taken by others from banks or financial institutions

(16) According to the information & explanations given to us, the company has not taken any term loans 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, we report that the company has not raised any funds on short term basis.

(17) According to the information and explanation given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(18) According to the information and explanations given to us, Company has not issued any debenture during the year. Accordingly, the provisions of clause 4(xix) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(19) The company has not raised any fund by way of public issues during the year.

(20) Based upon the audit procedures performed and on the basis of information and explanation provided by the management, we report that no fraud on or by the company has been noticed or reported during the year.



For DJNV & CO.

Chartered Accountants

Firm Regn. No. 115145W





Jayesh Parikh

(Partner)

M. No. 40650



Place : Ahmedabad

Date : 08th August, 2013.

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Jun 30, 2011

1. We have audited the attached Balance Sheet of HEERA ISPAT LTD.for the year ended 30 June, 2011 and the Profit & Loss Account & cash flow for the year ended 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.

2. We conducted our audit in accordance with the auditing standards generally accepted in India . Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies ( Auditor's Report ) Order, 2003 and the Companies (Auditor's Report) (Amendment) Order , 2004 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956 we enclose in the Annexure a statement on the matter specified in paragraphs 4 & 5 of the said order.

4. Further, 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 the law have been kept by the company so far as appears from our examination of the books;

(c) The Balance Sheet, and Profit & Loss Account & cash flow 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 & cash flow dealt with by this report comply with the Accounting Standards referred to in Sub Section (3C) of Section 211 of the Companies Act, 1956

(e) On the basis of written representations received from the Directors of the company as at 30th the June, 2011 and taken on record by the board of directors, we report that no director is disqualified from being appointed as director of the company under clause

(g) of sub- section (1) of section 274 of the Companies Act, 1956.

(f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with Accounting Policies and other notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true & fair view;

(I) in case of the Balance Sheet , of the state of Affairs of the company as at 30 June, 2011

(II) in case of the Profit & Loss Account, of the loss for the year ended on that date.

(III) in case of cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

Referred to in paragraph 1 of the Auditor's Report to even date on the accounts of HEERA ISPAT LTD. For the year ended 30 June, 2011.

(1) (a) The company has not shown us records showing full particulars including quantitative details and situation of fixed assets.

(b) As informed to us, all fixed assets were physically verified by the management during the year. However we are unable to find any discrepancies between the book records and physical inventory in absence of book records and physical verification taken by the management.

( c) As informed to us, no substantial parts of fixed assets have been disposed of during the year. (2) As informed to us, the company has not done any activity during the year under review, & there was no closing stock at the year end, hence verification of stock and other related matter are not applicable.

(3) (a) The company has not granted any loans, secured or unsecured to parties covered in the register maintained under Section 301 of the companies Act, 1956. Accordingly, clauses III (a) to (d) of the Order are not applicable.

(b) The company has taken loan from 2 parties covered in the register maintained under section 301 of the Companies Act, 1956. The Maximum amount involved during the year was Rs.837815/- and the year end balance of loan taken from company is Rs.537815/--

(c) As per the information and explanation given to us unsecured loans granted by the company is interest free and repayable on demand.

(d) In respect of loan taken from the company, the loan is interest free and repayable on demand.

(4) In our opinion and according to the information and explanation given to us, there are no adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase.

(5) According to the information and explanation given to us there were no transaction of purchase & sale of goods & material made in pursuance of contract or arrangements entered in the register maintained under section 301 of the companies Act 1956, aggregating during the year to Rs.50000/- or more in respect of each party.

(6) The company has not accepted any deposit within the means of section 58A of the Companies Act, 1956 and the Companies (Acceptance of deposit Rules), 1975.

(7) There is no internal audit system in the Company.

(8) As informed to us, the company is not required maintain cost records u/s 209 (1) (d) of the Companies Act, 1956 as the company has not done any business activity during the year under review.

(9) (a) As informed to us, Provident fund and employee state insurance act are not applicable to the company for the year under report. According to the information and explanations given to us, there were no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, and Customs Duty which have remained outstanding as at 30 June, 2011 for a period of more than six months from the date they became payable. However the company has not given statutory records for our verification during audit time.

(b) As informed to us, there is no disputed amount towards statutory liabilities during the year.

(10) The company has accumulated loss but it is less than 50% of the net-worth and the company has incurred cash losses in such financial year and in the financial year immediately proceeding such financial year also.

(11) The company has not defaulted in repayment of dues to a financial institution or debenture holder as the company has not taken such kind of loan.

(12) The company has not granted loans & advances on the basis of security by way of pledge of shares, debentures and other securities.

(13) Provision of any special statute applicable to chit fund are not applicable to the Company.

(14) The company is not dealing and trading in shares, securities, debentures and other investment.

(15) As informed to us, the company has not given any guarantee for loan taken by others from bank or financial institution.

(16) The Company has not taken any term loan during the year under review.

(17) As inform to us, no short term funds raised have been use for long term investment.

(18) The Company has not made any preferential allotment of shares to parties and companies toward in the register maintain u/s 301 of the act.

(19) The Company has not issued any debentures.

(20) The Company has not raised money by way of public issue during the year under review.

For DJNV & Co.

Chartered Accountants

ICAI Firm No.:115145 W

(Nainesh Khandhar)

Partner

Membership no.39925

Place: Ahmedabad

Date: 21.07.2011

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Jun 30, 2010

1. We have audited the attached Balance Sheet of HEERA ISPAT LTD. for the year ended 30th June, 2010 and the Profit & Loss Account & cash flow for the year ended 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.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies ( Auditor's Report ) Order, 2003 and the Companies (Auditor's Report) (Amendment) Order , 2004 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956 we enclose in the Annexure a statement on the matter specified in paragraphs 4 & 5 of the said order.

4. Further, 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 subject to our notes forming parts of accounts;

(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 the books;

(c) The Balance Sheet, and Profit & Loss Account & cash flow 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 & cash flow dealt with by this report comply with the Accounting Standards referred to in Sub Section (3C) of Section 211 of the Companies Act, 1956 except for AS-22 in respect of Deferred Taxation.

(e) On the basis of written representations received from the Directors of the company as at 30th June, 2010 and taken on record by the board of directors, we report that no director is disqualified from being appointed as director of the company under 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 subject to effect on the financial statements of the matter referred to in the paragraph (4), the said accounts read together with Accounting Policies and other notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true & fair view;

(I) in case of the Balance Sheet, of the state of Affairs of the company as at 30th June, 2010

(II) in case of the Profit & Loss Account, of the loss for the year ended on that date.

(III) in case of cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

(Referred to in paragraph 1 of the Auditor's Report to even date on the accounts of HEERA ISPAT LTD. For the year ended 30th June, 2010.

(1) (a) The company has not shown us records showing full particulars including quantitative details and situation of fixed assets.

(b) As informed to us, all fixed assets were physically verified by the management during the year. However we are unable to find any discrepancies between the book records and physical inventory in absence of book records and physical verification taken by the management.

(c) As informed to us, no substantial parts of fixed assets have been disposed of during the year.

(2) As informed to us, the company has not done any activity during the year under review, & there was no closing stock at the year end, hence verification on stock and other related matter are not applicable.

(3) (a) As informed to us, the company has not taken any loans, secured or unsecured from companies, firms, or other parties listed in the register maintained under section 301 of Companies Act 1956 or from companies under the same management within the meaning of section 370(1-B) of the Companies Act, 1956.

(b) As informed to us, the Company has granted advances & loans, secured or unsecured, to companies firms, or other parties listed under section 301 of companies Act, 1956 or to companies under the same management but we are unable to verify in absence of records whether the same is granted as per Companies Act and as per terms & conditions are mutually agreed by the parties.

(c) The Company has granted unsecured loans to companies, firms or other parties. The parties has not paid any interest and repayment of loans / advances as per terms and conditions of such loans / advances mutually agreed between both the parties and to that extent it is prima facie prejudicial to the interest of the company.

(4) In our opinion and according to the information and explanation given to us, there are no adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase.

(5) According to the information and explanation given to us, no transaction of purchase & sale of goods & material made in pursuance of contract or arrangements entered in the register maintained under section 301 of the companies Act 1956, aggregating during the year to Rs.50000/-or more in respect of each party.

(6) The company has not accepted any deposit within the means of section 58A of the Companies Act, 1956 and the Companies (Acceptance of deposit Rules), 1975.



(7) The Company has not appointed a firm of chartered accountant for an internal audit system commensurate with the size of the Company and nature of it's business.

(8) As informed to us, the company is not required maintain cost records u/s 209 (1) (d) of the Companies Act, 1956 as the company has not done any business activity during the year under review.

(9) (a) As informed to us, Provident fund and employee state insurance act are not applicable to the company for the year under report. According to the information and explanations given to us, there were no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, and Customs Duty which have remained outstanding as at 30th June, 2009 for a period of more than six months from the date they became payable. However the company has not given statutory records for our verification during audit time.

(b) As inform to us, there is no disputed amount towards statutory liabilities during the year.

(10) The company has accumulated loss but it is less than 50% of the net-worth and the company has incurred cash losses in such financial year and in the financial year immediately proceeding such financial year also.

(11) The company has not defaulted in repayment of dues to a financial institution or debenture holder as the company has not taken such kind of loan.

(12) The company has not granted loans & advances on the basis of security by way of pledge of shares, debentures and other securities.

(13) Provision of any special statute applicable to chit fund are not applicable to the Company.

(14) The company is not dealing and trading in shares, securities, debentures and other investment.

(15) As inform to us, the company has not given any guarantee for loan taken by others from bank on financial institution.

(16) The Company has not taken any term loan during the year under review.

(17) As inform to us, no short term funds raised have been use for long term investment.

(18) The Company has not made any preferential allotment of shares to parties and companies toward in the register maintain u/s 301 of the act.

(19) The Company has not issued any debentures.

(20) The Company has not raised money by way of public issue during the year under review.

(21) According to the information and explanations given to us, a fraud on or by the company has not been noticed or reported during the year.

For Hiren R. Patel & Co. Chartered Accountants FRN: 128984W (Hiren R. Patel) Proprietor Membership No.: 128863

Place: Ahmedabad Date: 04.09.2010

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Jun 30, 2009

1.We have audited the attached Balance Sheet of HEEHA ISPAT ITD, for the year ended 30th June, 2009 and the Profit &. Loss Account & cash flow for the year ended Of) that date, annexed thereto. These financial statements are the responsibility of the Company's management- Our responsibility is to express an opinion on 1hesc financial statements based cm our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides -a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 and the Companies (.Auditor's Report) (Amendment) Order . 2004 issued by the Central Government in term of Section 227 (4A) of the Companies Act, 1956 we enclose in the Annexure n statement on the matter specified in paragraphs 4 & 5 of the said order.

4. Further, 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 with our notes forming parts of Accounts'.

(b) In our opinion, proper bocks of account as required by the law have been kepi by the company so Jar as appears front our examination of the books:

(c) The Balance Sheet, and Profit & Loss Account & cash flow dealt with by this re-port are in agreement with the Books of Account;

(d) In our opinion, the Balance Sheet and Profit and Loss Account & cash flow dealt with by this report comply with the Accounting Standards referred to in Sub Section (3C) of Section 211 of the Companies Act,. 1956 except for AS-22 in respect of Deferred Taxation.

(e) On the basis of written representations received from the Directors of the company as at 30'h June, 2009 and taken on record by the board of directors, we report that no director is disqualified from being appointed as director of the company under clause (g) of sub- section (I) 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 subject to effect on the financial statements of the matter referred to in the paragraph (4) they said accounts read together with Accounting Policies and other notes thereon. give the information required by the Companies Act, 1956, in their manner so required and give a true & fair view;

(i) in ease of the Balance Sheet , of the- state of Affairs of the company as at 30th June, 2009

(ii) in case of die Profit & Loss Account, of the loss for the year ended on that date.

(iii) in ease of cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

(Referred to in paragraph 1 of the Auditor's Report to even date on the accounts of HEF.RA ISP AT LTD. For the year ended 30th June, 2009

(1) (a) The company has not shown us records showing full particulars including quantitative details and situation of fixed assets.

(b)As informed to us, alt fixed assets were physically verified by the management during the year. However, we are unable to find any discrepancies between the book records and physical inventory in absence of book records and physics! verification taken by the management,

(c) As informed to us, no substantial parts of fixed assets have been disposed of during the year,

(2) As informed to us the company has not done any activity during the year under review, & there was no closing, stock at the year end, hence verification on stock and other related matter are not applicable.

(3) (a) As informed to us, the company has not taken any bans, secured or unsecured from companies, firms, or other parties listed in the register maintained under section 301 of Companies Act 1956 or from companies under the same management within the meaning of section 370(1-11) of the Companies Act, 1956.

(b) As informed to us, the Company has granted advances & loans, secured or unsecured, to companies firms, or other parties listed under section 301 of companies Act, 1956 or to companies under the same management hut we are unable to verify in absence of records whether the same is granted as per Companies Act and as per terms & conditions are mutually agreed by the parties,

(c) The Company has granted unsecured loans to companies, firms or other parties. The parties has not paid any interest and repayment of loans / advances as per terms and conditions of such loans / advances mutually agreed between both the parties and to that extent it is prima facie prejudicial to the interest of the company.

(4) In our opinion and according to the information and explanation given to us, there are no adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase.

(5) According to the information and explanation given to us, no transaction of purchase & sale of goods & material made in pursuance of contract or arrangements entered in the register maintained under section 301 of the companies Act 1956, aggregating during the year to Rs.500000/- or more in respect of each party.

(6) The company has not accepted any deposit within the means of section 38A of the Companies Act, 1956 and the Companies (Acceptance of deposit Rules), 1975.

(7) The Company has not appointed a firm of chartered account-am for an internal audit system commensurate with the size of the Company and mature of if $ business.

(8) As informed to us, the company is not required maintain cost records u/s 209 (I) of the Companies Act. 1956 as the company has not done any business activity during the year under review,

(9) (a) As informed to us, Provident fund and employee stale insurance act arc not applicable to the company for the year under report. According to the information and explanations given to us, (here were no undisputed amounts payable in respect of Income Tax. Wealth Tax, Saks Tax, and Customs Duty which have remained outstanding as at 30,h June, 2010 for a period of more than six months from the date they became payable. However the company has not given statutory records for our verification during audit time.

(b) As inform to us, there is no disputed amount towards statutory liabilities during the year.

(10) The company has accumulated loss but it is less than 50% of the net-worth and the company has incurred cash losses in such financial year and in the financial year immediately preceding such financial year

(11) The company has not defaulted in. repayment of dues to a financial institution or debenture holder as the company has hoc taken such kind of loan

(12) The company lm not granted loans & advances on the basis id security by way of {Hedge of share*, " debenture* and other securities.

(13) Provision of any special statute applicable to chit funds are not applicable to the Company,

(14) The company is no! dealing and trading in shares* securities, debentures and other investment,

(15) As informed to US, the company has not given any guarantee for loan taken by others tram bank or financial institution.

(16) The Company has not taken any term loan during the year under review.

(17) As inform to us, no short term funds raised have been use for long terra investment.

(18) The Company has not made any preferential allotment of shares to parties and companies toward in the register maintain u/$ 301 of the act.

(19) The Company has not issued any 'debentures.

(20) The Company has not raised money by way of public issue during the year under review.

(21) According to the information and explanations given to us. a fraud on or before the company has not been noticed or reported during the year,

For Hiren R, Patel & Co.

Chartered Accountants

(Hiren R.Patel)

Proprietor

Membership NO 128863

Place: Ahmedahad

Date : 04.09.20D9

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Jun 30, 2008

We have audited the attached balance sheet of HEERA ISPAT LTD. as at 30th' June, 2008, and also the profit and loss account for the year ended on that date annexed there to These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the financial statements based on our audit.

We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain a reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures made in the financial statements. An audit .also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

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.

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

01. We have obtained all the information and explanation, which to the best of our knowledge and belief were' necessary for the purposes of our audit.

02. In our opinion, proper books of accounts as requested by law have been kept by the company so far as appears from our examination of those books except company law record.

03. The balance sheet. Profit & Loss account dealt with by this report are in agreement with' the books of accounts.

04. In our opinion, the balance sheet, profit & loss account dealt with by this report, subject to the effect on the financial statements of the matter referred to in the preceding paragraph, comply with the. Accounting standards referred to in sub-sectary (3c) of Section 211 Of the Companies Act,.1956.

05.on the basis of Written representations recycle from' the directors, as an: 30th June, 2008, and taken en record by the Board. of Directors/ we report -that the directors are disqualified as -on 50s11 June, 2008 from being, appointed as a "director in terms' of clause (g) of sub- section (I); of. section'274 of the' Companies'-Act 1956.

06. In our -opinion, and to the best of our information and according to the explanation given to us, subject to the effect on the financial statements 0f the matter:, referred to in the paragraph (4) the financial statements 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 30th June,2008

(b) in. the case of Profit and Loss Account of the loss far the year ended on, that date.,

(c) In the case of. cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE TO AUDITOR'S REPORT

(Referred to in paragraph 1 of the Auditor7 s Report to; even date on, the accounts of HEERA LISAPT LTD. for .the year; ended 30th June 2008.

(1) (a) The. company, has hot shown, us records showing full particulars including quantitative. details and situation of fixed assets.

(b) As informed to us, all fixed assets were physically verified by the management during the year. However we are unable to find any discrepancies between the book records and physical inventory in absence of book records and physical verification taken by the management.

© As per inform to us, no substantial parts of fixed assets have been disposed of during the. year.

(2) As informed to us, the company is not doing any activity during the year under review, hence verification on stock and other matter are not applicable and there is no closing stock. in the company.

(3) (a) As informed to us, the company has not taken any loans, secured or unsecured from companies, firms, or other parties listed in the register maintained under section 301 of Companies Act,1956 or from Companies under the same management within the meaning of section 370(1-B) of the Companies Act,1956.

(b) As informed to us, the company has granted advances loans, secured or unsecured, to companies firms, or other parties listed under section 301 of Companies Act, 1956 or to Companies under the same management but we' are unable to verify in absence of records whether the same is granted as per Companies Act and as per terms 6 conditions are- mutually, agreed by the parties. The company has granted unsecured loans to companies, firms or other parties.. The parties has not paid any interest and repayment of loans /advances as per terms and conditions of such leans/advances mutually agreed between both the parties and to that extent it is prima facie prejudicial to the interest of the company.

(4) In our opinion and- according to the information and explanation, given to us, there are no adequate internal control procedures commensurate with the size of the company and the nature of its: business With regard. to purchase.

(5) According to the information and explanation given to us, no transaction of purchase & sale of goods material made in pursuance; of contract, or arrangements -entered In the register maintained under section 301 of. 'the. companies Act 1956 aggregating during the year to Rs. 500.00/- or .more in respect of each party.

(6) The company has not accepted, any "deposit within the means of section 58A of the Companies Act, 1956 and the Companies Acceptance; of deposit Rules),1975.

(7) The Company has not appointed. of Chartered Accountant for Internal Audit. commensurate with the size and. the nature of the: business of the Company.

(8) As Inform to 'us. the company is hot required maintain cost records, u 209 (1) id) of the- Companies Act; 1956 at he company has: not done: any business activity during the year under review.

(9) (a) As informed to us, Provident fund and employee State Insurance Act are not applicable to the company for the year under report. According to the information and explanations given to us, there were no undisputed amounts payable in respect of income tax, wealth tax, sales tax, and customs .duty which have remained outstanding as at 30th June,2008 for a period of more than six months from the date they became payable. However the company has not given Statutory records for our verification during audit time.

(b) As inform to us, there is no disputed amount towards statutory liability during the year.

(10) The company has accumulated loss but it is less than 50% of the net-worth and the company has incurred cash losses in such financial year and in the financial year immediately preceding such financial year also.

(11) The company is not defaulted in repayment of dues to a financial institution or debenture holder as the company has not taken such kind of loan.

(12) The company has not granted loans & advances oh the basis of security by way of pledge of shares, debentures and other securities.

(13) There is no provision of any special statute applicable: to chit fund.

(14) The company is hot dealing and trading in shares, securities, debentures and: other investment.

(15) As inform to. us, the:, company has not given any guarantee for loan taken by others from bank or financial institution.

(16) The company has. not taken any term loan during, the year under review.

(17) As. inform to us, there is" no "fund raised. on short term basis have been use for long term investment.

(18) The company has. "not made any .preferential allotment of shares; to parties and, companies toward, in the register maintain 301. of the act.

(19) The company has hot issued any debentures.

(20) The company has not raised money by way of public issue during the year under review.

(21) According to the information and explanations given to us, a fraud en or by the company has hot been noticed or reported during the year.



For deepak c. Gandhi & co. Chartered Ageauntants.

Place : Kalol Date : 28.08.2008 Proprietor.

(Deepak Gandhi) Membership No.035182