Auditor Report of Kiran Print Pack Ltd.

Mar 31, 2024

We have audited the standalone financial statements of Kiran Print-Pack Limited ("the Company"),
which comprise the balance sheet as at March 31, 2024, and the statement of Profit and Loss, and
statement of cash flows for the year then ended, and notes to the financial statements, including a
summary of significant accounting policies.

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone financial statements give the information required by the Act in the manner so
required and give a true and fair view in conformity with the accounting principles generally
accepted in India of the state of affairs of the Company as at March 31, 2024, its profit, and its cash
flows 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 Companies Act, 2013. 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 together with the ethical requirements that are relevant
to our audit of the financial statements under the provisions of the Companies Act, 2013 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.

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

The Company''s Board of Directors is responsible for the other information, the other information
comprises the information included in the Director''s report, but does not include the Financial
Statements and our Auditor''s report thereon. The Director''s report is 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 do not
express any form of assurance conclusion thereon.

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

When we read Director''s report, if we conclude that there is a material misstatement therein, we
are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the Standalone 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 standalone financial
statements that give a true and fair view of the financial position, financial performance, and cash
flows of the Company in accordance with the accounting principles generally accepted in India,
including the accounting Standards specified under section 133 of the Act. This responsibility also
includes maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the financial statements, management 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.

Those Board of Directors are also responsible for overseeing the company''s financial reporting
process.

Auditor''s Responsibilities 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 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 control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are

also responsible for expressing our opinion on whether the company has adequate internal financial
controls with reference to standalone financial statements 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 auditors'' 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.

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

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

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

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

Report on Other Legal and Regulatory Requirements

1 As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), as amended,
issued by the Central Government of India in terms of sub-section (11) of Section 143 of the
Act and on basis of such checks of books and records of the company as we considered

appropriate and according the information and explanations given to us, we give in the

"Annexure A", a statement on the matters specified in paragraphs 3 and 4 of the Order.

2 As required by Section 143(3) of the Act, we 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 purposes of our audit.

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

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

(iv) In our opinion, the aforesaid standalone financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014 subject to the possible effects of the matters
described in the Basis for Qualified Opinion paragraphs.

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

(vi) With respect to the adequacy of the internal financial controls over financial reporting
of the Company and 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 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:

a) The Company does not have any pending litigations which would impact its
financial position.

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

c) There were no amounts 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 to or on behalf of the Ultimate Beneficiaries;

(ii) The management has represented, that, to the best of its 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 from or on behalf of
the Ultimate Beneficiaries; and

(iii) Based on audit procedures which we considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under sub-clause (i) and (ii) contain any
material mis-statement.

e) The company has not declared or paid any dividend during the year in
contravention of the provisions of section 123 of the Companies Act, 2013.

f) Based on our examination, which included test checks, the Company has used
accounting software for maintaining its books of account for the financial year
ended March 31, 2024 which has a feature of recording audit trail (edit log)
facility and the same has operated throughout the year for all relevant
transactions recorded in the software. Further, during the course of our audit we
did not come across any instance of the audit trail feature being tampered with.

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

(viii) With respect to the matter to be included in the Auditors'' Report under Section

197(16) of the Act:

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

For VMRS & Co

Chartered Accountants

Firm''s Registration No.: 122750W

Ramanuj Sodani

Mumbai Partner

May 30, 2024 Membership No. : 049217

UDIN: 24049217BKCXNB1922

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Mar 31, 2014

We have audited the accompanying financial statements of Kiran Print-Pack Ltd., which comprise the Balance Sheet as at 31st March, 2014 and also the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September, 2013 of 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 the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgement, 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 the management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the informa- tion 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 31stMarch, 2014;

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

(c) In the case of the Cash Flow Statement, of the cash flows of the Company 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 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, 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:

(I) 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;

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

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

(iv) In our opinion, the Balance Sheet and the Statement of Profit & Loss dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act 2013;

(v) On the basis of written representations received from all the directors of the Company and taken on record by the Board of Directors, 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;

Re : KIRAN PRINT-PACK LIMITED

Annexure to the Auditors'' Report referred to in our report of even date

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 further report as under. Matters specified in clauses (i)(c), (vi), (viii), (xi), (xii), (xiii), (xiv), (xv), (xvi), (xvii), (xviii), (xix), (xx) and (xxi) of paragraph 4 of the CARO 2003 do not

apply to the Company. Accordingly, no comments have been made on these clauses which are not applicable to the company.

(I) (a) The Company has maintained proper records showing full particulars, including quantitative details and situations of fixed

assets.

b) The fixed assets have not been physically verified by the management during the year but there is a regular programme of verifica- tion which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrep- ancies were noticed on such physical verification.

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

(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 the nature of its business.

(c) The Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification of inventory as compared to the book records.

(iii) (a) The Company has granted interest free advances to seven parties covered in the register maintained under section 301 of the Companies Act, 1956 on call basis. The maximum amount involved was Rs. 2,24,69,379 and the year-end balance was Rs. Nil.

(b) In our opinion, the other terms and conditions on which the advances have been granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are prima facie, not prejudicial to the interest of the Company.

(c) According to the information and explanations given to us, the loans given by the Company are without any stipulation as to the payment of principal and as explained to us, the receipts of the principal amounts are regular.

(d) The Company has taken unsecured interest free loans from two parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved was Rs. 1,77,000 and the year-end balance was Rs. Nil.

(e) In our opinion, the rate of interest, wherever applicable and other terms and conditions on which the loan has been taken from the parties listed in the register maintained under section 301 of the Companies Act, 1956 is prima facie, not prejudicial to the interest of the Company.

(f) According to the information and explanations given to us, the loans taken by the Company are without any stipulation as to the payment of principal and as explained to us, the Company is regular in the payment of the principal amounts.

(iv) In our opinion and according to the information and explanations given to us, there is adequate internal control system commensu- rate with the size of the Company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to sale of goods and services. We have neither come across nor have been informed of any continuing failure to correct major weaknesses in internal control system.

(v) Based on the audit procedures applied by us and according to the information and explanations given to us, there are no transac- tions with any party listed in the register maintained under section 301 of the Companies Act, 1956, that exceeded an amount of Rs. 5,00,000 during the year under audit.

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

(vii) (a) As per the records of the Company and according to the information and explanations given to us, the Company is generally regular in depositing with the appropriate authorities the undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues to the extent applicable to it.

According to the information and explanations given to us, there are no arrears of outstanding statutory dues as at the last day of the financial year concerned, for a period of more than six months from the date they became payable.

(b)According to the information and explanations given to us, there are no dues of Income Tax/Sales Tax/Wealth Tax/Service Tax/Customs Duty/ Excise Duty/Cess, which have not been deposited on account of any dispute

(viii) The accumulated losses as at the end of the financial year do not exceed fifty percent of its net worth and the Company has incurred cash losses in the current financial year and in the immediately preceding financial year.

For ASL & CO. Chartered Accountants Firm Regn. No.: 101921W

Saurabh P. Shah (Partner) Membership No. 41749

Place: Mumbai Dated : 29thMay, 2014

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Mar 31, 2012

We have audited the attached Balance Sheet of Kiran Print-Pack Ltd. as at 31st March, 2012 and also the Statement of Profit and Loss 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 the auditing standards generally accepted in india. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the companies (auditor’s report) order, 2003 issued by the central government of india in terms of sub-section (4a) of section 227 of the companies act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

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

(i) 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;

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

(iii) The Balance Sheet and Statement of Profit & Loss dealt with by this report are in agreement with the books of accounts;

(iv) In our opinion, the Balance Sheet, Statement of Profit & Loss 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;

On the basis of written representations received from all the directors of the Company and taken on record by he Board of Directors, we report that none of the directors are 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;

In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the significant accounting policies and notes forming part of the accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

(a) in the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2012;

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

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

Re : KIRAN PRINT-PACK LIMITED

Annexure to the Auditors’ Report referred to in paragraph 3 of our report of even date

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 further report as under. No comments have been made on the clauses not applicable to the Company.

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situations of fixed

assets.

(b) The fixed assets have not been physically verified by the management during the year but 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 physical verification.

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

verification is reasonable.

(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 the nature of its business.

(c) The Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification o f inventory as compared to the book records.

(iii) (a) The Company has granted advances to five companies and four other parties covered in the register maintained under

section 301 of the Companies Act, 1956 on call basis. The maximum amount involved is Rs. 2,49,57,707 and the year-end balance was Rs. 2,38,42,178.

(b) In our opinion, the rate of interest, wherever applicable and other terms and conditions on which the advances have been granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are prima facie, not prejudicial to the interest of the Company.

(c) The parties have repaid the principal amounts and interest as stipulated, wherever applicable.

(d) The Company has not taken any advances from any party covered in the register maintained under section 301 of the Companies Act, 1956.

(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 with regard to purchases of inventory, fixed assets and with regard to sale of goods and services. We have neither come across nor have been informed of any continuing failure to correct major weaknesses in internal control system.

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

(vi) (a) The Company is generally regular in depositing with the appropriate authorities the undisputed statutory dues including

Provident Fund, Investor Education Protection Fund, Employees’ State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it. There are no arrears of outstanding statutory dues as at the last day of the financial year concerned, for a period of more than six months from the date they became payable.

(b) There are no dues of Income Tax/Sales Tax/Wealth Tax/Service Tax/Customs Duty/ Excise Duty/Cess, which have not been deposited on account of any dispute.

(vii) The accumulated losses as at the end of the financial year do not exceed fifty percent of its net worth and the Company has incurred cash losses in the current financial year and in the immediately preceding financial year.

(viii) The Company has neither taken any loans from a financial institution or a bank nor issued any debentures.

(ix) The company is not dealing or trading in shares and securities.

(x) The Company has not given any guarantees for loans taken by others from banks or financial institution.

(xi) The Company has not made any preferential allotment of shares during the current financial year.

(xii) The Company has not raised any money by way of public issue during the year covered by our audit.

(xiii) Based on the audit procedures performed and the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

For ASL & CO. Chartered Accountants

Saurabh P. Shah (Partner)

Place: Mumbai

Dated : August 6, 2012

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Mar 31, 2010

We have audited the attached Balance Sheet of Kiran Print-Pack Ltd. as at 31st March, 2010 and also the 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 Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain 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.

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

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

(I) 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;

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

(iii) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts;

(iv) In our opinion, the Balance Sheet, Profit & 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;

On the basis of written representations received from all the directors of the Company and taken on record by he Board of Directors, we report that none of the directors are 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;

In our opinion and to the best of our information and according to the explanations given to us, the said accounts, subject to Note No. 2 in Schedule L, regarding non provision of doubtful debtors amounting to Rs. 408,833 and read together with the significant accounting policies and notes forming part of the accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

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

(b) in the case of Profit & Loss Account, of the Loss for the year ended on that date and

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

Annexure to the Auditors Report referred to in paragraph 3 of our report of even date

On the basis of such checks of the books and records of the Company as we considered appropriate and according to the information an explanations given to us, we further report as under. No comments have been made on the clauses not applicable to the Company.

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

(b) The fixed assets have not been physically verified by the management during the year but 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 physical verification.

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

(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 the nature of its business.

(c) The Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification of inventory as compared to the book records.

(iii) (a) The Company has granted advances to six companies and four other parties covered in the register maintained under section 301 of the Companies Act, 1956 on call basis. The maximum amount involved is Rs. 150.77 lacs and the year-end balance was Rs. 150.27 lacs.

(b) In our opinion, the rate of interest, wherever applicable and other terms and conditions on which the advances have been granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are prima facie, not prejudicial to the interest of the Company.

(c) The parties have repaid the principal amounts and interest as stipulated, wherever applicable.

(d) The Company has not taken any advances from any party covered in the register maintained under section 301 of the Companies Act, 1956.

(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 with regard to purchases of inventory, fixed assets and with regard to sale of goods and services. We have neither come across nor have been informed of any continuing failure to correct major weaknesses in internal control system.

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

(vi) (a) The Company is generally regular in depositing with the appropriate authorities the undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it. There are no arrears of outstanding statutory dues as at the last day of the financial year concerned, for a period of more than six months from the date they became payable.

(b) There are no dues of Income Tax/Sales Tax/Wealth Tax/Service Tax/Customs Duty/ Excise Duty/Cess, which have not been deposited on account of any dispute.

(vii) The accumulated losses as at the end of the financial year do not exceed fifty percent of its net worth and the Company has not incurred cash losses in the current financial year and the immediately preceding financial year.

(viii) The Company has neither taken any loans from a financial institution or a bank nor issued any debentures.

(ix) The Company has not given any guarantees for loans taken by others from banks or financial institution.

(x) The Company has not made any preferential allotment of shares during the current financial year.

(xi) The Company has not raised any money by way of public issue during the year covered by our audit.

(xii) Based on the audit procedures performed and the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

For ASL & CO.

Chartered Accountants

Saurabh P. Shahr

Place : Mumbai (Partner)

Dated : June 18, 2010 Firm Regn. No.: 101921W