Auditor Report of K Z Leasing & Finance Ltd.

Mar 31, 2024

We have audited the accompanying IND AS Financial Statements of K Z LEASING & FINANCE LTD ("the Company"), which comprise the Balance
Sheet as at March 31, 2024, the Statement of Profit and Loss (including Other Comprehensive Income), and the Statement of Changes in
Equity and statement of Cash flows for the year then ended, and notes to the financial statements, including a summary of significant
accounting policies and other explanatory information.

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

Basis for Opinion

We conducted our audit of the 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 Financial
Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the financial statements under
the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of
the current period. These matters were addressed in the context of our audit of the financial statements, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters. We have determined that there are no key audit matters to be communicated
in our report.

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

The Company''s Board of Directors is responsible for the preparation of the other information. The other information comprises the
information included in the Management Discussion and Analysis Report, Board''s Report including Annexures to Board''s Report, and
Shareholder''s Information, but does not include the financial statements and our auditor''s report thereon. The above-mentioned reports are
expected to be made available to us after the date of this auditor''s report.

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

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

When we read the above-mentioned reports, if we conclude that there is a material misstatement therein, we are required to communicate
the matter to those charged with governance and take appropriate actions as per the applicable laws and regulations.

Management''s Responsibility for the Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and fair view of the financial position, financial performance including other
Comprehensive Income, cash flows and Changes in Equity of the Company in accordance with the accounting principles generally accepted in
India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act, read with relevant rules issued thereunder.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; design, implementation and maintenance of adequate
internal financial controls, that are 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, disclos¬
ing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intendss to
liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

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

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

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

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

• Obtain an understanding of internal financial 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 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 independ¬
ence, and where applicable, related safeguards.

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 of India in
terms of sub-section (11) of section 143 of the Act, we give in the "Annexure A", a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

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

(i) 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.

(ii) 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.

(iii) The Balance Sheet, Statement of Profit and Loss including other comprehensive income, Cash Flow Statement and
statement of changes in equity dealt with by this Report are in agreement with the books of account.

(iv) In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards prescribed under
Section 133 of the Act, read with Companies (Indian Accounting Standard) Rules, 2015, as amended.

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

(vi) With respect to 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",

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

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

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

given to us:

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

ii) The Company did not have any long-term contracts including derivative contracts; as such the question
of commenting on any material foreseeable losses thereon does not arise.

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

iv) A] The Management has represented that, to the best of their 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 entities, 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;

B] the management has represented, that, to the best of their knowledge and belief, 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

C] Based on such audit procedures, nothing has come to our notice that has caused them to believe that the
representations under sub-clause (A) and (B) contain any material mis-statement.

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

The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from 01st
April,2023. Based on our examination, which included test checks, the company has used accounting software for
maintaining its books of account for the financial year ended March 31,2024 however software used does not
have a feature of recording audit trail (Edit Log) facility.

For, S V J K and Associates

Chartered Accountants Date -30^th May, 2024

Firm Reg. No. 135182W Place-Ahmedabad

Sd/-

Reeturaj Verma

Partner

Membership No : 193591

UDIN:- 24193591BKAFLW8300

---

Mar 31, 2014

We have audited the attached Balance sheet of K. Z. Leasing & Finance Ltd. As on the 31/03/2014 and also the Profit & loss A/c / Cash Flow Statement of the company for the year ended on that date annexed there to. There is financial statement are the responsibility of the company management. our responsibility is to express an opinion on these financial statement based on our audit.

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

As required by the companies ( Auditors Report ) order, 2004 issued by the central Government in terms of section 227( 4A ) of the companies Act, 1956, we give in the Annexure a Statement on the Matters specified 4 & 5 if the said order.

Further to our comment in the Annexure referred to in the above paragraph, 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 accounts and cash flow statement, as required by low have been kept by the Company so as far it appears from our examination of the books.

( C ) The Balance sheet and Profit and loss account and cash flow statement dealt with by this report are in agreement with the books of Account.

( D ) In our opinion the balance sheet and the profit & loss account comply with the accounting standards referred to in sub - section (3C) of section 211 of the companies Act. 1956. Except accounting standard 28 (Impairment of assets), AS-22 (Tax on Income) and AS-18 (Related party discloser).

( E ) On the basis of written representations received from the directors as on 31/03/2014 and taken on record by the board of directors, we report that none of the directors are disqualified as on 31/03/2013 from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the companies Act. 1956

Subject to the foregoing, in our opinion and to the best of our information and according to the explanations given to us, the said balance sheet and profit & loss account read together with notes thereon, give the information required by the companies Act. 1956. in the manner so required and give a true & fair view in conformity with the accounting principles generally applicable in India:

1 ) In case of the balance sheet, of the state of affairs of the company as at March 31,2014 and

2 ) In case of Profit & loss account of the Profit(Previous year''s loss) for the year ended on that date.

3 ) In case of cash flow Statement of the company for the year ended on that date.

1. In Respect of Fixed Assets

a. The Company is maintained proper records showing full particulars, including quantitative details and situation of fixed assets;

b. as explained to us, these fixed assets have been physically verified by the management at reasonable intervals: no discrepancies were noticed on such verification.

c. In our opinion the company has not disposes off a part of fixed assets during the year. Which will affect he going concern of the company.

2. In Respects Of Its Inventories.

a. Physical verification of Inventory has been conducted at reasonable interval by the management.

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

c. The company is maintaining proper records of inventory. There were no material discrepancy noticed on physical verification.

3. In Respect of loan, secured or unsecured, granted or taken by the company to/from companies,

Firm or other parties, covered in the register Maintain under section 301 of the companies ACT 1956;

a. According to the information and explanation given to us. The company has not granted / taken any loans, secured or unsecured, to / from companies, firms, or other parties covered under section 301 of the Companies Act. 1956 except deposits accepted from promoters.

b. As stated by management the rate of interest and other terms and conditions of the unsecured loan taken by the company are prima facie not prejudicial to the interest of the company.

c. Payment of the principal amount and interest are also regular repaid and repayable on demand.

d. There is no overdue amount in respect of loan taken by the company. In respect of loans given by the company, these are repayable on demand and therefore the question of overdue amount does not arise.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of fixed assets and also for the sale of shares.

5. In respect of the transactions covered under section 301 of the companies Act. 1956;

a. In our opinion and according to the information and explanation given to us, there are no transactions that need to be entered in to the registered maintained under Section 301 of the Companies Act. 1956 except deposits accepted from promoters.

6. The Company has not accepted any deposits form the public.

7. In our Opinion, the internal audit system of the company is commensurate with its size and nature of its business.

8. As this company is in the business of finance and therefore cost records under section 209( 1 ) ( d ) does not arises.

9. In respect Of Statutory Dues

a. according to information and explanation given to us the company is regular in depositing undisputed statutory dues including Provident Fund, Investor, Education and Protection Fund, Employees State Insurance, Income Tax, sales Tax, Wealth Tax, Custom Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities.

10. The company has accumulated Profit and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares. Debenture and other securities.

13. As explained to us, it is the company''s intention to make investments on a long term basis and therefore it is not dealing or trading in shares, securities, debenture and other investments, company''s has made trading in shares.

14. The company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and other investments and timely entries have been made therein. All shares, debentures and other investments have been held by the company in its own name.

15. According to information and explanation given to us. The company has not given any guarantee for loans taken by others from bank of finance institutions.

16. According to information and explanation given to us. The company has not raised any term loan during the year under review and hence question of its application does not arise.

17. According to information and explanation given to us and on an overall examination of the balance sheet of the company there is proper utilization of all short term and long term resources and as per objects of the company.

18. During The Year, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the companies Act. 1956.

19. According to the information and explanation given to us there is no debenture issue therefore this clause is not applicable.

20. The Company has not raised any money by the way of public issue during the year.

21. In our opinion and according to the information and explanations and given to us, no fraud on or by the company has been noticed or reported during the year, that causes the financial statements to be materially misstated.

22. The board of Directors has passed a resolution on dated. 30/08/2002 for the non acceptance of public deposits.

23. The company has not accepted public deposit and old deposits ( except from promoter and relative ) were repaid.

24. The Company has complied with the prudential norms relating to income recognition, accounting standards, asset classification and provisioning for bad and doubtful debts as applicable to it.

25. Capital Adequacy

(a) The capital adequacy ratio as disclosed in the return submitted to the bank in from (NBS -1,2,3) has been an correctly arrived at and find ratio is in compliance with the minimum CRAR Prescribed by the bank.

(b) The Company has furnished to the bank the annual statement as capital funds, risk assets/exposures and risk asset ratio ( NBS 1,2,3 ) within the stipulated period.

26. The company has received registration as provided in section 45IA of the Reserve bank Of India Act. 1934.

Place : Ahmedabad For, J. M. Patel & Bros. Date : 22-05-2014 Chartered Accountants

J. M. Patel (Proprietor) FR NO.107707W

---

Mar 31, 2012

We have audited the attached Balance sheet of K. Z. Leasing & Finance Ltd. As on the 31/03/2012 and also the Profit & loss A/c / Cash Flow Statement of the company for the year ended on that date annexed there to. There is financial statement are the responsibility of the company management, our responsibility is to express an opinion on these financial statement based on our audit.

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

As required by the companies ( Auditors Report) order, 2004 issued by the central Government in terms of section 227( 4A ) of the companies Act, 1956, we give in the Annexure a Statement on the Matters specified 4 & 5 if the said order.

Further to our comment in the Annexure referred to in the above paragraph, 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 accounts and cash flow statement, as required by low have been kept by the Company so as far it appears from our examination of the books. ( C ) The Balance sheet and Profit and loss account and cash flow statement dealt with by this report are in agreement with the books of Account.

( D) In our opinion the balance sheet and the profit & loss account comply with the accounting standards referred to in sub - section (3C) of section 211 of the companies Act. 1956. Except accounting standard 28 (Impairment of assets), AS-22 (Tax on Income) and AS-18 (Related party discloser).

( E ) On the basis of written representations received from the directors as on 31/03/2012 and taken on record by the board of directors, we report that none of the directors are disqualified as on 31/03/2012 from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the companies Act. 1956

Subject to the foregoing, in our opinion and to the best of our information and according to the explanations given to us, the said balance sheet and profit & loss account read together with notes thereon, give the information required by the companies Act. 1956. in the manner so required and give a true & fair view in conformity with the accounting principles generally applicable in India:

1 ) In case of the balance sheet, of the state of affairs of the company as at March 31, 2012 and

2 ) In case of Profit & loss account of the Profit(Previous year's loss) for the year ended on that date.

3 ) In case of cash flow Statement of the company for the year ended on that date.

ANNEXURE TO AUDITORS REPORT AS ON 31/03/2012

1. In Respect of Fixed Assets

a. The Company is maintained proper records showing full particulars, including quantitative details and

situation of fixed assets;

b. as explained to us, these fixed assets have been physically verified by the management at reasonable intervals: no discrepancies were noticed on such verification.

c. In our opinion the company has not disposes off a part of fixed assets during the year. Which will affect he going concern of the company.

2. In Respects Of Its Inventories.

a. Physical verification of Inventory has been conducted at reasonable interval by the management.

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

c. The company is maintaining proper records of inventory. There were no material discrepancy noticed on physical verification.

3. In Respect of loan, secured or unsecured, granted or taken by the company to/from companies,

Firm or other parties, covered in the register Maintain under section 301 of the companies ACT 1956;

a. According to the information and explanation given to us. The company has not granted / taken any loans, secured or unsecured, to / from companies, firms, or other parties covered under section 301 of the Companies Act. 1956 except deposits accepted from promoters.

b. As stated by management the rate of interest and other terms and conditions of the unsecured loan taken by the company are prima facie not prejudicial to the interest of the company.

c. Payment of the principal amount and interest are also regular repaid and repayable on demand.

d. There is no overdue amount in respect of loan taken by the company. In respect of loans given by the company, these are repayable on demand and therefore the question of overdue amount does not arise.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of fixed assets and also for the sale of shares.

5. In respect of the transactions covered under section 301 of the companies Act. 1956;

a. In our opinion and according to the information and explanation given to us, there are no transactions that need to be entered in to the registered maintained under Section 301 of the Companies Act. 1956 except deposits accepted from promoters.

6. The Company has not accepted any deposits form the public.

7. In our Opinion, the internal audit system of the company is commensurate with its size and nature of its business.

8. As this company is in the business of finance and therefore cost records under section 209( 1 ) ( d ) does not arises.

9. In respect Of Statutory Dues

a. according to information and explanation given to us the company is regular in depositing undisputed statutory dues including Provident Fund, Investor, Education and Protection Fund, Employees State Insurance, Income Tax, sales Tax, Wealth Tax, Custom Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities.

10. The company has no accumulated Profit and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares. Debenture and other securities.

13. As explained to us, it is the company's intention to make investments on a long term basis and therefore it is not dealing or trading in shares, securities, debenture and other investments.

14. The company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and other investments and timely entries have been made therein. All shares, debentures and other investments have been held by the company in its own name.

15. According to information and explanation given to us. The company has not given any guarantee for loans taken by others from bank of finance institutions.

16. According to information and explanation given to us. The company has not raised any term loan during the year under review and hence question of its application does not arise.

17. According to information and explanation given to us and on an overall examination of the balance sheet of the company there is proper utilization of all short term and long term resources and as per objects of the company.

18. During The Year, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the companies Act. 1956.

19. According to the information and explanation given to us there is no debenture issue therefore this clause is not applicable.

20. The Company has not raised any money by the way of public issue during the year.

21. In our opinion and according to the information and explanations and given to us, no fraud on or by the company has been noticed or reported during the year, that causes the financial statements to be materially misstated.

22. The board of Directors has passed a resolution on dated. 30/08/2002 for the non acceptance of public deposits.

23. The company has not accepted public deposit and old deposits ( except from promoter and relative ) were repaid.

24. The Company has complied with the prudential norms relating to income recognition, accounting standards, asset classification and provisioning for bad and doubtful debts as applicable to it.

25. Capital Adequacy

(a) The capital adequacy ratio as disclosed in the return submitted to the bank in from (NBS -7) has been an correctly arrived at and find ratio is in compliance with the minimum CRAR Prescribed by the bank.

(b) The Company has furnished to the bank the annual statement as capital funds, risk assets/exposures and risk asset ratio ( NRS-7 ) within the stipulated period.

26. The company has received registration as provided in section 45IA of the Reserve bank Of India Act. 1934.

27. The copy has sudmitted nbs-1 Annual return on deposit in time.

Place : Ahmedabad For, J. M. Patel & Bros.

Date : 01-08-2012 Chartered Accountants.

(J. M. Patel)

M.com, F.C.A.

FRNO. 107707W

---

Mar 31, 2010

We have audited the attached Balance sheet of K. Z. Leasing & Finance Ltd. As on the 31/03/2010 and also the Profit & loss A/c / Cash Flow Statement of the company for the year ended on that date annexed there to. There is financial statement are the responsibility of the company management, our responsibility is to express an opinion on these financial statement based on our audit.

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

As required by the companies ( Auditors Report) order, 2003 issued by the central Government in terms of section 227( 4A ) of the companies Act, 1956, we give in the Annexure a Statement on the Matters specified 4 & 5 if the said order.

Further to our comment in the Annexure referred to in the above paragraph, 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 accounts and cash flow statement, as required by low have been kept by the Company so as far it appears from our examination of the books.

( C ) The Balance sheet and Profit and loss account and cash flow statement dealt with by this report are in agreement with the books of Account.

( D ) In our opinion the balance sheet and the profit & loss account comply with the accounting standards referred to in sub - section (3C) of section 211 of the companies Act. 1956. Except accounting standard 28 (Impairment of assets), AS-22 (Tax on Income) and AS-18 (Related party discloser).

( E ) On the basis of written representations received from the directors as on 31/03/2010 and taken on record by the board of directors, we report that hone of the directors are disqualified as on 31/03/2010 from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the companies Act. 1956

Subject to the foregoing, in our opinion and to the best of our information and according to the explanations given to us, the said balance sheet and profit & loss account read together with notes thereon, give the information required by the companies Act. 1956. in the manner so required and give a true & fair view in conformity with the accounting principles generally applicable in India:

1 ) In case of the balance sheet, of the state of affairs of the company as at March 31, 2010 and

2 ) In case of Profit & loss account of the Profit(Previous years loss) for the year ended on that date.

3 ) In case of cash flow Statement of the company for the year ended on that date.



ANNEXURE TO AUDITORS REPORT AS ON 31/03/2010

1. In Respect of Fixed Assets

a. The Company is maintained proper records showing full particulars, including quantitative details and situation of fixed assets;

b. as explained to us, these fixed assets have been physically verified by the management at reasonable intervals: no discrepancies were noticed on such verification.

c. In our opinion the company has not disposes off a part of fixed assets during the year. Which will affect he going concern of the company.

2. In Respects Of Its Inventories.

a. Physical verification of Inventory has been conducted at reasonable interval by the management.

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

c. The company is maintaining proper records of inventory. There were no material discrepancy noticed on physical verification.

3. In Respect of loan, secured or unsecured, granted or taken by the company to/from companies, Firm or other parties, covered in the register Maintain under section 301 of the companies ACT 1956;

a. According to the information and explanation given to us. The company has not granted / taken any loans, secured or unsecured, to / from companies, firms, or other parties covered under section 301 of the Companies Act. 1956 except deposits accepted from promoters.

b. As stated by management the rate of interest and other terms and conditions of the unsecured loan taken by the company are prima facie not prejudicial to the interest of the company.

c. Payment of the principal amount and interest are also regular repaid and repayable on demand.

d. There is no overdue amount in respect of loan taken by the company. In respect of loans given by the company, these are repayable on demand and therefore the question of overdue amount does not arise.

4. in our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of fixed assets and also for the sale of shares.

5. In respect of the transactions covered under section 301 of the companies Act. 1956;

a. In our opinion and according to the information and explanation given to us, there are no transactions that need to be entered in to the registered maintained under Section 301 of the Companies Act. 1956 except deposits accepted from promoters.

6. The Company has not accepted any deposits form the public.

7. In our Opinion, the internal audit system of the company is commensurate with its size and nature of its business.

8. As this company is in the business of finance and therefore cost records under section 209(1) (d) does not arises.

9. In respect Of Statutory Dues

a. according to information and explanation given to us the company is regular in depositing Undisputed statutory dues including Provident Fund, Investor, Education and Protection Fund, Employees State Insurance, Income Tax, sales Tax, Wealth Tax, Custom Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities.

10. The company has no accumulated losses and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares. Debenture and other securities.

13. As explained to us, it is the companys intention to make investments on a long term basis and therefore it is not dealing or trading in shares, securities, debenture and other investments.

14. The company has maintained proper records of transactions and contracts in respect of trading in Securities, debentures and other investments and timely entries have been made therein. All shares, debentures and other investments have been held by the company in its own name.

15. According to information and explanation given to us. The company has not given any guarantee for loans taken by others from bank of finance institutions.

16. According to information and explanation given to us. The company has not raised any term loan during the year under review and hence question of its application does not arise.

17. According to information and explanation given to us and on an overall examination of the balance sheet of the company there is proper utilization of all short term and long term resources and as per objects of the company.

18. During The Year, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the companies Act. 1956.

19. According to the information and explanation given to us there is no debenture issue therefore this clause is not applicable.

20. The Company has not raised any money by the way of public issue during the year.

21. In our opinion and according to the information and explanations and given to us, no fraud on or by the company has been noticed or reported during the year, that causes the financial statements to be materially misstated.

22. The board of Directors has passed a resolution on dated. 30/08/2002 for the non acceptance of public deposits.

23. The company has not accepted public deposit and old deposits ( except from promoter and relative ) were repaid.

24. The Company has complied with the prudential norms relating to income recognition, accounting standards, asset classification and provisioning for bad and doubtful debts as applicable to it.

25. Capital Adequacy

(a) The capital adequacy ratio as disclosed in the return submitted to the bank in from (NBS -7) has been an correctly arrived at and find ratio is in compliance with the minimum CRAR Prescribed by the bank.

(b) The Company has furnished to the bank the annual statement as capital funds, risk assets/exposures and risk asset ratio (NRS-7) within the stipulated period.

26. The company has received registration as provided in section 45IA of the Reserve bank Of India Act. 1934.

Place : Ahmedabad For, J. M. Patel & Bros.

Date : 16-08-2010 Chartered Accountants.

(J. M. Patel)

M.com, F.C.A.