Auditor Report of Integra Switchgear Ltd.

Mar 31, 2024

We have audited the accompanying financial statements of INTEGRA SWITCHGEAR LIMITED, (Company Limited by Shares), Vadodara as at 31^st March, 2024, which comprises the Balance Sheet as at March 31, 2024, Statement of Profit and Loss for the year ended, cash flow statements for the year ended, changes in equity and a summary of significant accounting policies and other explanatory information.

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 March 31, 2024;

b) In the case of the Profit and Loss Statement, of the loss for the year ended on that date.

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

Basis for opinion:

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Our responsibilities under those Standards are further described in the ''Auditor''s Responsibilities for the Audit of the Standalone Financial Results'' section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of

Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Management''s Responsibility for the Financial Statements:

Management is responsible for the matter stated in Section 134 (5) of the Companies Act, 2013(“The Act”) with respect to preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flow of the Company in accordance with the accounting principles generally accepted in India, including Accounting Standards specified under section 133 of the Act notified under the Act, read with Rule 07 of the Companies (Accounts) Rule 2015.

This responsibility also includes maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding the assets of the company and for preventing and detecting fraud and irregularities, selections 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.

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

Auditors Responsibility:

Our objective is to obtain reasonable assurance about whether the financial statement 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. Material misstatement 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 decision 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 the risks of material misstatement of the financial statement, whether due to fraud or error, design and perform audit procedures response 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 error, as fraud may involve collusion, forgery, intentional omission, misrepresentation, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, 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 management.

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

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

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

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

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.

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 the Annexure ‘A'', statements on the matters specified in paragraphs 3 and 4 of the said order.

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

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

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

(c) The Balance Sheet, Profit & Loss statements and cash flow statements dealt with by this report are in agreement with the Books of accounts of the Company.

(d) In our opinion, the Balance Sheet, Profit & Loss Statement and cash flow statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 07 of the Companies (Accounts) Rule 2015.

(e) On the basis of the written representations received from the Directors of the Company as on 31^st March 2024, taken on record by the Board of Directors of the Company, none of the Directors is disqualified as on 31^st March, 2024 from being appointed as a Director in terms section 164 (2) of the companies Act 2013.

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

B. With respect to other matters to be included in the Auditor ‘s Report in accordance with rule 11 of the companies (Audit & Auditors) Rule 2014, 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 on its financial Statements as of 31^st March 2024,

b. The Company has made provision in its Financial Statements as required under the applicable law or accounting standards , for material foreseeable losses on long terms contracts,

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

d.

I) 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 person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

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

III) Based on such audits 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 (i) and (ii) of Rule 11(e) contain any material misstatement.

e. There is no dividend declared or paid during the year by the Company and hence provisions of section 123 of the companies Act, 2013 are not applicable.

f. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rule,2024 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, which have a features of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transaction recorded in the respective software.

Further, for the period where audit trail (edit log) facility was enabled and operated throughout the year for the respective accounting software, we did not come across any instance of the audit trail features being tampered with.

g. In our opinion and to the best of our information and according to the explanation given to us, the said accounts read with the notes on accounts in Notes annexed to and forming part of accounts give the information required by the Companies Act,2013 in the manner so required give a true and fair view.

PLACE: VADODARA. FOR C. MUKHERJEE & CO.

DATE: 29/05/2024 Chartered Accountants

Firm Reg.. 0021495

UDIN: 24050861BKHISQ3241

(C.MUKHERJEE)

Proprietor

M.No.050861

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Mar 31, 2014

We have audited the accompanying financial statements of INTEGRA SWITCHGEAR LIMITED, (Company Limited by Shares) Vadodara as at 31st March 2014, which comprises the Balance Sheet as at March 31,2014, Statement of Profit and Loss for the year 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 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.

Auditors Responsibility:

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

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

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

Opinion:

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

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

(b) In the case of the Profit and loss Statement of the loss 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 in terms of section 227 (4A) of the Companies Act 1956 are not applicable to the Company.

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 the books of the Company.

(c) The Balance Sheet and the Profit & Loss Statements dealt with by this report are in agreement with the Books of accounts of the Company.

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

(e) On the basis of the written representations received from the Directors of the Company as on 31st march 2014 and taken on record by the Board of Directors of the Company we report that none of the Directors is disqualified as on 31st March, 2014 from being appointed as a Director in terms of Clause (g) of Sub Section (1)of Section 274 of the Companies Act, 1956.

(f) In our opinion and to the best of our information and according to the explanation given to us, the said accounts read with the notes on accounts in Note 14 to 31 annexed to and forming part of accounts give the information required by the Companies Act, 1956 in the manner so required give a true and fair view subject to:

1. Non provision of depreciation on fixed assets for the Company of Rs. 6.41 Lacs read with note no. 16 forming part of the Other notes to Accounts.

I. In the case of Balance sheet, of the state affairs of the Company as at 31 st Mach 2014;

ii In the Case of Profit and Loss account, the Loss of the company for the year ended on that date.

iii In the case of cash flow statement, of the cash flows of the company for the year ended on that date.

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

and

2. In the Case of the Profit & Loss Account, of the LOSS for the year ended on that date.

ANNEXURE TO THE AUDITOR''S REPORT

ANNEXURE REFERRED TO IN PARAGRAPH-2 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF

INTEGRA SWITCHGEAR LIMITED.

(i) In respect of fixed assets.

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

(b) All the assets have been physically verified by the management during the year and there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No. material discrepancies were noticed on such verification.

(c) None of the fixed assets have been disposed off during the year.

(ii) In respect of Inventories

(a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

(iii) In respect of secured or unsecured loans to / from companies, firms or other parties listed under section 301 of the Companies Act, 1956,

The company has not granted or taken any loan, secured or unsecured to / from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 hence sub-clauses (iii a) to (iii g) are not applicable.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of inventory and fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

(v) In respect of particulars of contract or arrangements referred to in section 301 of the Companies Act, 1956.

(a) According to the information and explanation given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion, and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 have been made at prices which are reasonable having regard to prevailing market prices as available with the Company.

(vi) The Company has not accepted deposit from public and hence directives issued by the Reserve Bank of India and the provision section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under are not applicable for the year under report.

(vii) We have been informed that the company has not appointed any Internal Auditor for the year under report because the company is incurring losses since last many years.

(Viii) The Central Government has not prescribed the maintenance of Cost Records under Section 209 (1) (d) of the Companies Act, 1956 for the products of the Company hence need no comments.

(ix) According to the information and explanations given to us in respect of statutory and other dues:

(a) The company is regular in depositing the statutory dues as applicable to the company for the year under report.

(b) There are no undisputed statutory dues payable in respect of provident fund, investor education and protection fund, employee state insurance, income tax, sales tax, service tax, wealth tax, customs duty, excise duty and cess, which are outstanding and in arrears, as at 31st March, 2014 for a period of more than six months from the date they become payable

(c) There are no dues of sales tax, income tax, customs duty, service tax, wealth tax, excise duty and cess which have not been deposited on account of any dispute. except for Income Tax demand of Rs. 3.01 Lacs for the A. Y. 2006-07 raised under section 143(3) / 147 of the I.T. act, 1961 by the Department & the same demand is contested in Appeal.

(x) The accumulated loss (including non provision of depreciation) at the end of financial year is more than fifty percent of its net worth. The company has incurred cash losses during the financial year covered by our audit.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

(xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) 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.

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

(xv) In our opinion, the company has not given any guarantees for loans taken by others from banks or financial institutions.

(xvi) The company has not taken any term loans and hence requirement of reporting regarding application of term loans does not arise.

(xvii) The company has not taken any short term loans and hence requirement of reporting regarding application of short term loans does not arise.

(xviii) According to the information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

(xix) According to the information and explanations given to us, during the period covered by our audit report, the company had not issued debentures.

(xx) The company has not raised any money by public issues during the year under report

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

FOR D.C. PARIKH & CO. Chartered Accountants Firm Reg. No. 107537W Sd/-

PLACE : VADODARA (D.C. PARIKH) DATE : 30/05/2014 Partner M. No. 037212

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Mar 31, 2013

We have audited the attached Balance Sheet of INTEGRA SWITCHGEAR LIMITED Vadodara as at 31st March 2013, the profit & Loss account and cash flow statement 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.

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

2. As required by the Companies (Auditor''s report) Order, 2003 issued by the Central Government in terms of section 227 (4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraphs 4 & 5 the said order to the extent applicable to company.

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

(a) We have obtained all the information and explanations which, to the best of our knowledge and beliefs, 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 such books of account of the Company.

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

(d) In our opinion, the Balance Sheet, Profit & Loss Account and cash flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of Companies Act, 1956 so far as they are applicable to the Company.

(e) On the basis of the written representations received from the Directors of the Company as on 31st March, 2013 and taken on record by the Board of directors of the Company, we report that none of the directors is disqualified as on 31st March, 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) In our opinion and to the best of our information and according to the explanation given to us, the balance sheet and profit & loss account read together with the notes thereon and attached thereto given in the prescribed manner, the information required by the Companies Act, 1956 in the manner so required and give a true and fair view subject to :

1. Non-provision of interest on advances for Rs. 12.83 Lacs (Approx) given by the Company read with notes no. 3 of schedule 15 forming part of the accounts.

2. Non Provision of Depreciation on fixed assets for the company of Rs. 6.41 Lacs read with note no. 4 of schedule 14 forming part of the accounts.

The aggregate affect due to above qualification, the Loss of the company is understated by Rs. 6.42 Lacs.

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

ii. In the case of Profit & Loss account, the Loss of the Company for the year ended on that date; and

iii. In the case of cash flow statement, of the cash flows of the company for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH-2 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF INTEGRA SWITCHGEAR LIMITED.

(i) In respect of fixed assets.

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

(b) All the assets have been physically verified by the management during the year and there is a regular programe of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No. material discrepancies were noticed on such verification.

(c) None of the fixed assets have been disposed off during the year. (ii) In respect of Inventories

(a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

(iii) In respect of secured or unsecured loans to / from companies, firms or other parties listed under section 301 of the Companies Act, 1956,

The company has not granted or taken any loan, secured or unsecured to / from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 hence sub-clauses (iii a) to (iii g) are not applicable.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of inventory and fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

(v) In respect of particulars of contract or arrangements referred to in section 301 of the Companies Act, 1956.

(a) According to the information and explanation given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion, and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 have been made at prices which are reasonable having regard to prevailing market prices as available with the Company.

(vi) The Company has not accepted deposit from public and hence directives issued by the Reserve Bank of India and the provision section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under are not applicable for the year under report.

(vii) We have been informed that the company has not appointed any Internal Auditor for the year under report because the company is incurring losses since last many years.

(Viii) The Central Government has not prescribed the maintenance of Cost Records under Section 209 (1) (d) of the Companies Act, 1956 for the products of the Company hence need no comments.

(ix) According to the information and explanations given to us in respect of statutory and other dues :

(a) The company is regular in depositing the statutory dues as applicable to the company for the year under report.

(b) There are no undisputed statutory dues payable in respect of provident fund, investor education and protection fund, employee state insurance, income tax, sales tax, service tax, wealth tax, customs duty, excise duty and cess, which are outstanding and in arrears, as at 31st March, 2013 for a period of more than six months from the date they become payable

(c) There are no dues of sales tax, income tax, customs duty, service tax, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

(x) The accumulated loss (including non provision of depreciation) at the end of financial year is more than fifty percent of its net worth. The company has incurred cash losses during the financial year covered by our audit.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

(xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) 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.

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

(xv) In our opinion, the company has not given any guarantees for loans taken by others from banks or financial institutions.

(xvi) The company has not taken any term loans and hence requirement of reporting regarding application of term loans does not arise.

(xvii) The company has not taken any short term loans and hence requirement of reporting regarding application of short term loans does not arise.

(xviii) According to the information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

(xix) According to the information and explanations given to us, during the period covered by our audit report, the company had not issued debentures.

(xx) The company has not raised any money by public issues during the year under report

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

FOR D.C. PARIKH & CO.

Chartered Accountants

Firm Reg. No. 107537W

Sd/-

PLACE : VADODARA (D.C. PARIKH)

DATE : 30/05/2013 Partner

M. No. 037212

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Mar 31, 2010

We have audited the attached Balance Sheet of INTEGRA, SWITCHGEAR LIMITED Vadodara as at 31st March 2010, the profit & loss account and cash flow statement 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.

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

2. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government in terms of section 227 (4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraphs 4 & 5 the said order to the extent applicable to company.

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

(a) We have obtained all the information and explanations which, to the best of our knowledge and beliefs, 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 Such books of account of the Company.

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

(d) In our opinion, the Balance sheet, Profit & Loss Account and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of Companies Act. 1956 so far as they are applicable to the company.

(e) On the basis of the written representations received from the Directors of the Company as on 31 st March, 2010 and taken on record by the Board of Directors of the Company, we report that none of the Directors is disqualified as on 31st March - 2010 from being appointed as a Director in terms of Clause (g) of Sub Section (1) of Section 274 of the Companies Act 1956.

(f) In our opinion and to the best of our information and according to the explanation given to us, the balance sheet and profit & loss account read together with the notes thereon and attached thereto given in the prescribed manner, the information required by the Companies Act. 1956 in the manner so required and give a true and fair view subject to:

1.Non provision of interest on advances for Rs. 12.83 Lacs (Approx.) given by the company read with notes no. 3 of schedule 14 forming part of the accounts.

2. Non provision of depreciation on fixed assets for the company of Rs. 6.41 Lacs read with note no. 4 of schedule 14 forming part of the accounts. The aggregate effect due to above qualification, the profit of the company is understated by Rs. 6.42 Lacs.

i. In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2010;

ii. In the case of Profit & Loss account, the Profit of the company for the year ended on that date; and

iii. In the case of cash flow statement, of the cash flows of the company for the year ended on that date. ANNEXURE TO THE AUDITORS' REPORT ANNEXURE REFERRED TO IN PARAGRAPH-2 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF INTEGRA SWITCHGEAR LIMITED.

(i) In respect of fixed assets.

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

(b) All the assets have been physically verified by the management during the year and there is a regular programme of verification which, *in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) None of the fixed assets have been disposed off during the year.

(ii) In respect of Inventories

(a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

(iii) In respect of secured or unsecured loans to/from companies, firms, or other parties listed under section 301 of the Companies Act, 1956,

The company has not granted or taken any loan, secured or unsecured to/from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 hence sub-clauses (iii a) to(iii g) are not applicable.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of inventory and fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) In respect of particulars of contract or arrangements referred to in section 301 of the Companies Act, 1956.

(a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act. 1956 have been so entered.

(b) In our opinion, and according to the information and explanations given to us. the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act. 1956 have been made at prices which are reasonable having regard to prevailing market prices as available with the Company.

(vi) The company has not accepted deposit from public and hence directives issued by the Reserve Bank of India and the provision section 58A and 58AA or any other relevant provisions of the Companies Act 1956 and the rules framed thereunder are not applicable for the year under report.

(vii) We have been informed that the company has not appointed any Internal Auditor for the year under report because the company is incurring losses since last many years.

(viii) The Central Government has not prescribed the maintenance of Cost Records under Section 209 (1) (d) of the Companies Act. 1956 for the products of the Company hence need no comments.

(ix) According to the information and explanations given to us in respect of statutory and other dues:

(a) The company is regular in depositing the statutory dues as applicable to the company for the year under report.

(b) There are no undisputed statutory dues payable in respect of provident fund, investor education and protection fund. employee state insurance, income tax, sales tax, service tax, wealth tax, customs duty, excise duty and cess, which are outstanding and in arrears, as at 31st March, 2010 for a period of more than six months from the date they became payable.

(c) There are no dues of sales tax, income tax, customs duty, service tax, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

(x) The accumulated loss (including non provision of depreciation) at the end of financial year is more than fifty percent of its net worth. The Company has not incurred cash losses during the financial year covered by our audit.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

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

(xiii) 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.

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

(xv) In our opinion, the company has not given any guarantees for loans taken by others from banks or financial institutions.

(xvi) The company has not taken any term loans and hence requirement of reporting regarding application of term loans does not arise.

(xvii) The company has not taken any short term loans and hence requirement of reporting regarding application of short term loans does notarise.

(xviii) According to the information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

(xix) According to the information and explanations given to us, during the period covered by our audit report, the company had not issued debentures.

(xx) The Company has not raised any money by public issues during the year under report.

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

FOR D.C. PARIKH & CO., Chartered Accountants

Firm Reg. No. 107537W

Sd/- (D.C. PARIKH) Partner M. No. 37212

PLACE : VADODARA DATE : 10/08/2010

---

Mar 31, 2009

We have audited the attached Balance Sheet of INTEGRA, SWITCHGEAR LIMITED Vadodara as at 31st March 2009, the profit & loss account and cash flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our Audit.

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

2. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government in terms of section 227 (4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraphs 4 & 5 the said order to the extent applicable to company.

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

(a) We have obtained all the information and explanations which, to the best of our knowledge and beliefs, 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 such books of account of the Company.

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

(d) In our opinion, the Balance sheet, Profit & Loss Account and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of Companies Act. 1956 so far as they are applicable to the company.

(e) On the basis of the written representations received from the Directors of the Company as on 31 st March, 2009 and taken on record by the Board of Directors of the Company, we report that none of the Directors is disqualified as on 31 st March - 2009 from being appointed as a Director in terms of Clause (g) of Sub Section (1) of Section 274 of the Companies Act 1956.

(f) In our opinion and to the best of our information and according to the explanation given to us, the balance sheet and profit & loss account read together with the notes thereon and attached thereto given in the prescribed manner, the information required by the Companies Act. 1956 in the manner so required and give a true and fair view subject to:

1. Non provision of interest on advances for Rs. 12.83 Lacs (Approx.) given by the company read with notes no. 3 of schedule 14 forming part of the accounts.

2. Non provision of depreciation on fixed assets for the company of Rs. 6.38 Lacs read with note no. 4 of schedule 14 forming part of the accounts.

The aggregate effect due to above qualification, the profit of the company is understated by Rs. 6.42 Lacs.

i. In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2009;

ii. In the case of Profit & Loss account, the Profit of the company for the year ended on that date; and

iii. In the case of cash flow statement, of the cash flows of the company for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT ANNEEXURE REFERRED TO IN PARAGRAPH-2 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF INTEGRA SWITCHGEAR LIMITED.

(i) In respect of fixed assets.

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

(b) All the assets have been physically verified by the management during the year and there is a regular programme of verification which, *in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) None of the fixed assets have been disposed off during the year. (ii) In respect of Inventories

(a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

(iii) In respect of secured or unsecured loans to/from companies, firms, or other parties listed under section 301 of the Companies Act, 1956,

The company has not granted or taken any loan, secured or unsecured to/from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 hence sub-clauses (iii a) to(iii g) are not applicable.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of inventory and fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) In respect of particulars of contract or arrangements referred to in section 301 of the Companies Act, 1956.

(a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act. 1956 have been so entered.

(b) In our opinion, and according to the information and explanations given to us. the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act. 1956 have been made at prices which are reasonable having regard to prevailing market prices as available with the Company.

(vi) The company has not accepted deposit from public and hence directives issued by the Reserve Bank of India and the provision section 58A and 58AA or any other relevant provisions of the Companies Act 1956 and the rules framed thereunder are not applicable for the year under report.

(vii) We have been informed that the company has not appointed any Internal Auditor for the year under report because the company is incurring losses since last many years.

(viii) The Central Government has not prescribed the maintenance of Cost Records under Section 209 (1) (d) of the Companies Act. 1956 for the products of the Company hence need no comments.

(ix) According to the information and explanations given to us in respect of statutory and other dues:

(a) The company is regular in depositing the statutory dues as applicable to the company for the year under report.

(b) There are no undisputed statutory dues payable in respect of provident fund, investor education and protection fund. employee state insurance, income tax, sales tax, service tax, wealth tax, customs duty, excise duty and cess, which are outstanding and in arrears, as at 31st March, 2009 for a period of more than six months from the date they became payable.

(c) There are no dues of sales tax, income tax, customs duty, service tax, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

(x) The accumulated loss (including non provision of depreciation) at the end of financial year is more than fifty percent of its net worth. The Company has not incurred cash losses during the financial year covered by our audit.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

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

(xiii) 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 (Auditors Report) Order, 2003 are not applicable to the company.

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

(xv) In our opinion, the company has not given any guarantees for loans taken by others from banks or financial institutions.

(xvi) The company has not taken any term loans and hence requirement of reporting regarding application of term loans does not arise.

(xvii) The company has not taken any short term loans and hence requirement of reporting regarding application of short term loans does notarise.

(xviii) According to the information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

(xix) According to the information and explanations given to us, during the period covered by our audit report, the company had not issued debentures.

(xx) The Company has not raised any money by public issues during the year under report.

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

FOR D.C.PARIKH & CO.,

Chartered Accountants

Sd/- PLACE : VADODARA (D.C. PARIKH)

DATE : 30/06/2009 Proprietor

M. No. 37212