Auditor Report of Ishwarshakti Holdings & Traders Ltd.

Mar 31, 2024

1. We have audited the accompanying Ind AS standalone financial statements of Ishwarshakti Holdings &
Traders Limited ("the Company") which comprise the Balance Sheet as at 31^st March, 2024, the Statement
of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement, the Statement of
Changes in Equity for the year ended on that date, and a summary of the significant accounting policies
and other explanatory information.

Opinion

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

Basis of Opinion

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

Key Audit Matters

4. Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the standalone financial statements of the current year. These matters were addressed in the
context of our audit of the standalone financial statements as a whole, and in forming our opinion
thereon, we do not provide a separate opinion on these matters. We have determined the matters
described below to be the key audit matters to be communicated in our report.

Sr. No.	Key Audit Matter	Auditor''s Response
1	The Hon. National Company Law Tribunal, Mumbai Bench vide its order dated 10th April, 2024 has approved the Scheme of Arrangement of Seksaria Industries Private Limited ("Demerged Company No.1") and Seksaria Agritech Private Limited ("Resulting Company No 1") and Ishwarshakti Holdings & Traders Limited ("Demerged Company no.2") with Seksaria Finance Limited ("Resulting Company No 2") and their respective shareholders (" the Scheme"). The appointed date in terms of the said Scheme is 1st April, 2021. Hence we have considered the same as a key audit matter.	Understanding the detailed order being passed by the Hon. National Company Law Tribunal, Mumbai Bench, giving impact in the books of the accounts to the various clauses mentioned in the order w.e.f 1st April, 2021, drawing the balance sheet for the current and past year, post merger, taking into consideration the impact of the said order.

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

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

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

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

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

Management''s Responsibility for the Standalone Financial Statements

6. The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with
respect to the preparation of these standalone financial statements that give a true and fair view of the
financial position, financial performance including other comprehensive income, cash flows and changes
in equity of the Company in accordance with the accounting principles generally accepted in India. This
responsibility also includes maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud
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.

In preparing the financial statements, management is responsible for assessing the Company''s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the

going concern basis of accounting unless management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

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

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

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

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

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

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

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

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

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

We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other

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

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

Report on Other Legal & regulatory Requirements

8. 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 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 I a statement on the matters specified in paragraphs 3 and 4 of the
Order.

9. (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 purposes of our audit.

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

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

d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards
specified under Section 133 of the Act.

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

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

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

i. The Company does not have any pending litigation.

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

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

iv. As per the management representation we report,

(a) no funds have been advanced or loaned or invested by the company to or in any other
person(s) or entities including foreign entities ("Intermediaries"),with the understanding that
the intermediary shall whether directly or indirectly lend or invest in other persons or entities
identified in any manner by or on behalf of the company (Ultimate Beneficiaries) or provide
any guarantee, security or the like on behalf of the Ultimate beneficiaries.

(b) no funds have been received by the company from any person(s) or entities, including foreign
entities ("Funding Parties"),with the understanding that the such 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 guarantee,
security or the like on behalf of the Ultimate beneficiaries.

(c) Based on the audit procedures performed, we report that nothing has come to our notice that
has caused us to believe that the representations given under sub-clause (i) and (ii) of Rule 11(
e ) by the management contain any material mis-statement.

v. Since the company has not declared or paid any dividend during the year, the question of
commenting on whether dividend declared or paid is in accordance with Section 123 of the Act
does not arise.

vi. Based on the audit procedures performed in terms of Proviso to Rule 3(1) of the Companies
(Accounts) Rules, 2014 for maintaining books of account using accounting software which has a
feature of recording audit trail (edit log) facility with effect from 1st April 2023, we report that the
company has maintained the books of accounts in the software which has a feature of recording
audit trail of transactions entered in the software.

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

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

For and on behalf of

B L Dasharda & Associates
Chartered Accountants

F.R. No.:112615W

Sushant Mehta

Partner

M.No. : 112489

Dated : 30^th May, 2024

UDIN NO: 24112489BKANYE323.

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Mar 31, 2014

We have audited the accompanying financial statements of Ishwarshakti Holdings & Traders Limited, which comprise the Balance Sheet as at March, 31, 2014, and the Statement of Profit and Loss & Cash Flow for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards notified under the Companies Act, 1956 read with General Circular 15/2013 dated 13 September 2013, issued by the Ministry of Corporate Affairs, in respect of Section 133 of the Companies Act, 2013. 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 misstatements.

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

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 accounting

principles generally accepted in India: 3 //£/

(a) in the case of the Balance Sheet, of the state of affairs''

2014; and

(b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date;

(c) in the case of the Cash Flow Statement, of the cash flows of the year ended on that date.

Report oh Other Legal and Regulatory Requirements

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

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

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

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

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

d. In our opinion, the Balance Sheet, 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 read with General Circular 15/2013 dated 13 September 2013, issued by the Ministry of Corporate Affairs, in respect of section 133 of the Companies Act, 2013;

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 AS REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE FOR THE YEAR ENDED 31ST MARCH, 2014

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

b) The fixed assets have been physically verified by the management during the year and no material discrepancies were noticed on such verification.

ii) a) The inventory has been physically verified during the year by the management.

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 & no material discrepancies were noticed on verification between the physical stocks and the book records.

iii) a) The Company has taken Loan from three parties covered in the register maintained under section 301 of the companies act, 1956. The maximum total amount involved during the year was Rs. 66,98,500/- & year end balance of loans taken from such parties was Rs. 61,93,370/-.

b) The Company has not given loan to any party covered in the register maintained under section 301 of the Companies Act, 1956.

c) In our opinion the rate of interest and other terms and conditions on which loans have been taken from/granted to parties, company listed in the registers maintained under section 301 are not, prima facie, prejudicial to the interest of the company.

d) As the terms of repayment are not specified we are unable to express our opinion under this clause.

iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business for purchase & sale of inventory and fixed assets. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

v) Based on the audit procedures applied by us and the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered.

vi) Based on our scrutiny of the Company''s records and according to the information and explanations provided by the management, in our opinion, the company has not accepted any public deposits so far upto 31st March 2014.

vii) The company has no formal internal audit department as such. However, its control procedures ensure reasonable internal checking of its financial and other records.

viii) We have been informed by the management, that the company is not engaged in production, processing, manufacturing or mining activities. Hence, the provision of section 209(l)(d) do not apply to the company. Therefore, no comment on maintenance of cost records under section 209(1) (d) is required.

ix) a) According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including Income-Tax, TDS & other statutory dues applicable to it.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, TDS, Profession Tax etc. were outstanding as at 31-3-2014 for a period of more than six months from the date they become payable.

c) According to the records of the company, there are no dues of Income-tax, TDS, and Profession Tax etc. which have not been deposited on account of any dispute.

x) The company did not incur any cash loss during the current financial year as well as immediately preceding financial year. The Company does not have any accumulated losses till date of the balance sheet.

xi) According to records of the company, the company has not borrowed from financial institutions or banks or issued debentures till 31st March, 2014. Hence, in our opinion, the question of reporting on defaults in repayment of dues to financial institutions or banks or debenture does not arise.

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

xiii) In our opinion, the company is not a chit fund or a nidhi / fund / society. Therefore, the provisions of clause 4(xiii) of the/jfiompanie^Auditor''s Report) Order, 2003 are not applicable to the company is maintaining adequate records regarding transactions and contracts regarding its trading activities in shares securities, debenture and other investment and timely entries have been made in these records.

xv) According to information and explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institution.

xvi) According to the records of the company, the company has not obtained any term loans. Hence, comments under the clause are not called for.

xvii) 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 no funds raised on short-term basis have been used for long term investments.

xviii) According to the records of the company and the information and explanations provided by the management, the company has not made any preferential allotment of share to parties and companies covered in the register maintained under section 301 of the Act.

xix) According to the records of the company has not issued any debenture.

xx) The company has not raised any money by public issue during the period covered by our audit report.

xxi) Based upon audit procedures performed and information 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.

FOR AND ON BEHALF OF PHIRODIA BAFNA & ASSOCIATES CHARTERED ACCOUNTANTS Firm Registration No. 107911W

PLACE: MUMBAI (DEVEN J. BAFNA) DATED: 14 MAY 2014 PARTNER Membership No. 043314

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Ishwarshakti Holdings & Traders Limited ("the Company"), which comprise the Balance Sheet as at March, 31, 2013, and the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information,

Management''s Responsibility for the Financial Statements

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

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

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 veiw in conformity with the accounting principles generally accepted in India:

*W, SANGAM ARCADE, VALLABHBHAJ ROAD, OP N, VILE PARLE
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013; and

(b) in the case of the Statement of Profit and Loss, of the profit 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 fn the Annexure a statement on the matters specified in paragraphs A 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;

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

c, The Balance Sheet and Statement of Profit and Loss dealt with by this report are in agreement with the books of account;

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

e, On the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 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.

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

b) The fixed assets have been physically verified by the management during the year and no material discrepancies were noticed on such verification.

jj) aj 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 & no material discrepancies were noticed on verification between the physical stocks and the book records,

iii) a) The Company has taken fresh loan from three parties covered in the register maintained under section 301 of the companies act 1956. The maximum total amount involved during the year was Rs. 65,33,629/- & year end balance of loans taken from such parties was Rs, 65,83,629/-,

b) The Company has not given loan to any party covered in the register maintained under section 301 of the Companies Act, 1956.

c) In our opinion the rate of interest and other terms and conditions on which loans have been taken from/granted to parties, company listed in the registers maintained under section 301 are not, prima fade, prejudicial to the interest of the company.

d) As the terms of repayment are not specified we are unable to express pur opinion under this clause.

e) The company has taken reasonable steps for recovery of the principal a.rnqurit-

iv) In our opinion and according to the Jnfownstkin and explanations given to us, there is an adequate internal control sySJpn commensurate with the size of the company

«*, SANGAM ARCADE. VALLABHBHA. ROAD, O^JU^V^ON. V,L£ PARLE
and the nature of its business for purchase & sale of inventory and fixed assets, During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

v) Based on the audit procedures applied by us and the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered.

vi) Based on our scrutiny of the Company''s records and according to the information and explanations provided by the management, in our opinion, the company has not accepted any public deposits so far upto 31st March 2013.

vi''O The company has no formal internal audit department as such. However, its control procedures ensure reasonable internal checking of its financial and other records.

viii) We have been informed by the management, that the company is not engaged in production, processing, manufacturing or mining activities. Hence, the provision of section 209(1)(d) do not apply to the company. Therefore, no comment on maintenance of cost records under section 209(1) (d) is required.

ix) a) According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including Income-Tax, TOS & other statutory dues applicable to it.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, TDS, Profession Tax etc. were outstanding as at 31-3-2013 for a period of more than six months from the date they become payable.

c) According to the records of the company, there are no dues of Income-tax, TDS, Profession Tax etc. which have not been deposited on account of any dispute,

v} The company did not incur any cash loss during the current financial year and there is a cash loss of Rs. 1,14,571/- immediately preceding financial year. The Company does not have any accumulated losses till date of the balance sheet.

kj) According to records of the company, the company has not borrowed from financial institutions or banks or issued debentures till 31st March, 2013. Hence, in our opinion, the question of reporting on defaults in repayment of dues to financial institutions or banks or debenture does not arise,

xii) According to the records of the company, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures or other securities,

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

xiv) On the basis of our examination of the company records we are of the opinion that the company is maintaining adequate records regarding transactions and contracts regarding its trading activities in shares securities, debenture and other investment and timely entries have been made in these records.

xv) According to information and explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institution,

xvi) According to the records of the company, the company has not obtained any term loans. Hence, comments under the clause are not called for.

xvii) 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 no funds raised on short-term basis have been used for long term investments,

xviii) According to the records of the company and the information and explanations provided by the management, the company has not made any preferential allotment of share to parties and companies covered in the register maintained under section 301 of the Act.

xix) According to the records of the company has not issued any debenture.

xx) The company has not raised any money by public Issue during the period covered by our audit report.

xxi) Based upon audit procedures performed and information 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,



FOR AND ON BEHALF OF

PHIRODIA BAFNA & ASSOCIATES

CHARTERED ACCOUNTANTS

Firm Registration No. 107911W



SANGAM ARCADE.

VAULABHBHAI ROAD,

PLACE: MUMBAI vheparle(westi. (DEVEN J. BAFNA)

MUMBAI-400 056.

DATED:--) 28 MAY 2013 PARTNER

Membership No. 043314

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Mar 31, 2012

We have audited the attached Balance Sheet of ISHWARSHAKTI HOLDINGS & TRADERS LIMITED as at 31st March, 2012 and also Profit and Loss Account and the 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.

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

1. As required by the Companies (Auditor's Report) order, 2003 as amended by the Companies (Auditor's Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, 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 an Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

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

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

(iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the directors, as on 31st March, 2012, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2012 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give 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, 2012; and

(b) in case of the Profit and Loss Account, of the PROFIT for 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 AS REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE FOR THE YEAR ENDED 31st MARCH, 2012

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

b) The fixed assets have been physically verified by the management during the year and no material discrepancies were noticed on such verification.

ii) 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 & no material discrepancies were noticed on verification between the physical stocks and the book records.

iii) a) The Company has taken fresh loan from parties covered in the register maintained under section 301 of the companies act, 1956. The maximum total amount involved during the year was Rs. 5,45,000/- & year end balance of loans taken from such parties was Rs. NIL/-.

b) The Company has not given loan to any party covered in the register maintained under section 301 of the Companies Act, 1956.

c) In our opinion the rate of interest and other terms and conditions on which loans have been taken from/granted to parties, company listed in the registers maintained under section 301 are not, prima facie, prejudicial to the interest of the company.

d) As the terms of repayment are not specified we are unable to express our opinion under this clause.

e) The company has taken reasonable steps for recovery of the principal amount.

iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business for purchase & sale of inventory and fixed assets. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

v) Based on the audit procedures applied by us and the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered.

vi) Based on our scrutiny of the Company's records and according to the information and explanations provided by the management, in our opinion, the company has not accepted any public deposits so far upto 31st March 2012.

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

viii) We have been informed by the management, that the company is not engaged in production, processing, manufacturing or mining activities. Hence, the provision of section 209(1)(d) do not apply to the company. Therefore, no comment on maintenance of cost records under section 209(1) (d) is required.

ix) a) According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including Income-Tax, TDS & other statutory dues applicable to it.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, TDS, Profession Tax etc. were outstanding as at 31-3-2012 for a period of more than six months from the date they become payable.

c) According to the records of the company, there are no dues of income-tax, TDS, Profession Tax etc. which have not been deposited on account of any dispute.

x) The company has incurred a cash loss of Rs. 1,39,571/- in the current financial year and there is no cash loss immediately preceding financial year. The Company does not have any accumulated losses till date of the balance sheet.

xi) According to records of the company, the company has not borrowed from financial institutions or banks or issued debentures till 31st March, 2012. Hence, in our opinion, the question of reporting on defaults in repayment of dues to financial institutions or banks or debenture does not arise.

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

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

xiv) On the basis of our examination of the company records we are of the opinion that the company is maintaining adequate records regarding transactions and contracts regarding its trading activities in shares securities, debenture and other investment and timely entries have been made in these records.

xv) According to information and explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institution.

xvi) According to the records of the company, the company has not obtained any term loans. Hence, comments under the clause are not called for.

xvii) 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 no funds raised on short-term basis have been used for long term investments.

xviii) According to the records of the company and the information and explanations provided by the management, the company has not made any preferential allotment of share to parties and companies covered in the register maintained under section 301 of the Act.

xix) According to the records of the company has not issued any debenture.

xx) The company has not raised any money by public issue during the period covered by our audit report.

xxi) Based upon audit procedures performed and information 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.



FOR AND ON BEHALF OF PHIRODIA BAFNA & ASSOCIATES

CHARTERED ACCOUNTANTS Firm Registration No. 107911W

(DEVEN J. BAFNA) PARTNER Membership No. 043314

PLACE: MUMBAI

DATED: 30 MAY 2012

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Mar 31, 2010

NOt Available