Auditor Report of Kovalam Investment and Trading Co. Ltd.

Mar 31, 2024

We have audited the accompanying financial statements of Kovalam Investment And Trading Company Limited
("the Company"), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss
(including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the
year ended on that date, and a summary of the significant accounting policies and other explanatory information
(hereinafter referred to as "the financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial
statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give
a true and fair view in conformity with the Indian Accounting Standards prescribed under 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 March 31, 2024, the profit 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 specified under
section 143(10) of the Act (SAs). 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
independence requirements that are relevant to our audit of the financial statements under the provisions of the Act
and the Rules made there under, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, 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 as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
There is no key 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 Board''s Report including annexures to the Board''s Report and Management
Discussion & Analysis Report, but does not include the standalone financial statements and our auditors'' report
thereon. The Board''s Report including annexures to the Board''s Report and Management Discussion & Analysis Report
is expected to be made available to us after the date of this auditors'' report.

Our opinion on the standalone 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 standalone 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 standalone financial statements or our knowledge obtained during the course of our audit, or
otherwise appears to be materially misstated. When we read the Board''s Report including annexures to the Board''s
Report and Management Discussion & Analysis 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 Act with respect
to the preparation of these financial statements that give a true and fair view of the financial position, financial
performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with
the Ind AS and other accounting principles generally accepted in India. 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; 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.

The Board of Directors are 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 financial statements, whether due to fraudor 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.

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

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit we report that:

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

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

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of
Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the
relevant books of account.

d) In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of
the Act, read with Rule 7 of the Companies (Accounts) Rules,2014.

e) On the basis of the written representations received from the directors as on 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.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate Report in "Annexure A". Our report expresses
an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial
controls over financial reporting.

g) 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:

The Company has not paid any managerial remuneration.

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

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

ii. The Company has made provision, as required under the applicable law or accounting standards, for
material foreseeable losses, if any, on long-term contracts including derivative contracts.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education
and Protection Fund by the Company.

iv. (a) The Management has represented that, no funds (which are material either individually or in the

aggregate) 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 or
entity, including foreign entity ("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, no funds (which are material either individually or in
the aggregate) have been received by the Company from any person or entity, including foreign
entity ("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;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of Rule 11(e), as provided under and (a) and (b)
above, contain any material misstatement.

v. Company has not been declared or paid dividend during the year. Hence reporting under rule
11(2)(f) of companies (Audit and Auditors) amendment 2021 is not applicable to the company.

vi. 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.

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

For YAPL & Co.

Chartered Accountants
Firm Regn.No.017800N

(CA Sakshi Garg)

Partner

M.No.553997

UDIN:24553997BKBZLK6276

Dated: 23.05.2024
Place: Ludhiana

---

Mar 31, 2014

We have audited the accompanying financial statements of M/s Kovalam Investment and Trading Company Limited, Ludhiana ("the Company"), which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13.09.2013 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 fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgement, including the assessment of the risks, 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, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, we well as evaluating the overall presentation of the financial statements.

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

Opinion

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

(a) in the case of the Balance Sheet, of the state of affiars of the Company as at March 31, 2014;

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

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

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

d. In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash flow Statement comply with the Accounting Standards notified under the Companies Act, 1956 read with the General Circular 15/2013 dated 13.09.2013 of the Ministry of Corporate Affairs in respect of section 233 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.

(Referred to in paragraph (1) UNDER THE HEADING OF "Reporting on Other Legal and Regulatory Requirements" of our report of even date]

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

b) According to the information and explanation given to us, the Company had only Land & Building as its fixed assets the same were physically verified by the management during the year.

c) During the year, the company has disposed off all its fixed assets and the going concern status of the company is not affected as the company is primarily in investment business.

(ii) The Company does not have any inventories. Hence Clauses 4(11) (a), (b) and (c) are not applicable to the Company.

(iii) a) The Company has granted loan to one party covered in the register maintained u/s 301 of the Companies Act, 1956. The maximum amount outstanding during the year was Rs.8, 16, 02,460 and yearend balance is Rs.8, 16, 02,460/-.

b) in our opinion, the rate of interest and other terms & conditions on which the loans have been granted are not prima-facie prejudicial to the interest of the Company.

c) The Loans granted are receivable on demand.

d) There is no overdue amount.

e) The Company has not taken any loans from the parties covered in the registered maintained u/s 301 of the Companies Act, 1956. Accordingly, the clauses 4(iii) (f) & (g) are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business. During the course of our audit, we have not observed any major weaknesses in internal control.

(v) a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section; and

b) In our opinion and according to the information and explanations given to us, no transactions have been made in pursuance of such contracts or arrangements during the year.

(vi) The company has not accepted any deposits from public. Hence, the clause 4(vi) of the Order is not applicable to the company.

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

(viii) The maintenance of cost records has not been prescribed by the Central Government for the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956. Hence clause 4(viii) of the Order is not applicable.

(ix) a) According to the records of the company, undisputed statutory dues including provident fund, investor education and 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 the company, if any, have been regularly deposited with appropriate authorities.

According to the information and explanations given to us, undisputed amounts payable in respect of above dues were not in arrears, as at 31st March, 2014 for a period of more than six months from the date they become payable.

b) According to the information and explanation given to us, there are no dues of sales tax, income tax, custom duty, wealth tax, service-tax, excise duty and cess which have not been deposited on account of any disputes.

(x) The company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the financial year immediately preceding such financial year.

(xi) The Company has not borrowed any money from banks or financial institutions. Hence Clause 4(xi) is not applicable.

(xii) In our opinion and according to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Therefore, the provisions of clause 4(xii) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the company.

(xiii) The company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the company.

(xiv) In respect of dealing/investments in shares, in our opinion and according to the information and explanations given to us, proper records have been maintained of the investments and timely entries have been made therein.The shares and other investments have been held by the company in its own name.

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

(xvi) The Company has not taken any term loans and hence not applicable.

(xvii) The Company has not raised any funds on short term basis. Accordingly, Clause 4(xvii) is not applicable to the Company.

(xviii) 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. Hence clause 4(xviii) of the Order is not applicable.

(xix) The company has not issued debentures during the year. Therefore, the provisions of clause 4(xix) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the company.

(xx) The company has not raised money by way of public issue during the year. Therefore, the provisions of clause 4(xx) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the company.

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

For GUPTA VIGG & CO. Chartered Accountants Firm Regn.No.001393N

Sd/- (CA.VINOD KUMAR MAMA) PARTNER M.N0.81585

Dated: 30.05.2014

Place: LUDHIANA.

---

Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of M/s Kovalam Investment And Trading Company Limited, Ludhiana ("the Company"), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explantory 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 maintenance of internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

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

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

Opinion

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

(a) in the case of the Balance Sheet, of the state of affiars of the Company as at March 31, 2013;

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

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

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

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

ANNEXURE TO INDEPENDENT AUDITORS'' REPORT

[Referred to in paragraph (1) UNDER THE HEADING OF "Reporting on Other Legal and Regulatory Requirements" of our report of even date}

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

b) According to the information and explanation given to us, the Company has only Land & Building as its fixed assets the same are physically verified by the management at the year end.

c) In our opinion, the company has not disposed off substantial part of its fixed assets during the year and the going concern status of the company is not affected.

(ii) The Company does not have any inventories. Hence Clauses 4(ii) (a), (b) and (c) are not applicable to the Company.

(iii) a) The Company has granted loan to one party covered in the register maintained u/s 301 of the Companies Act, 1956. The maximum amount outstanding during the year was Rs.6,84,35,652 and year end balance is Rs.5,30,13,235/-.

b) In our opinion, the rate of interest and other terms & conditions on which the loans have been granted are not prima-facie prejudicial to the interest of the Company.

c) The Loans granted are receivable on demand.

d) There is no overdue amount.

e) The Company has not taken any loans from the parties covered in the registered maintained u/s 301 of the Companies Act, 1956. Accordingly, the clauses 4 (iii) (f) & (g) are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business. During the course of our audit, we have not observed any major weaknesses in internal control.

(v) a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section; and

b) In our opinion and according to the information and explanations given to us, no transactions have been made made in pursuance of such contracts or arrangements during the year.

(vi) The company has not accepted any deposits from public. Hence, the clause 4(vi) of the Order is not applicable to the company.

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

(viii) The maintenance of cost records has not been prescribed by the Central Government for the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956. Hence clause 4(viii) of the Order is not applicable.

(ix) a) According to the records of the company, undisputed statutory dues including provident fund, investor education and 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 the company, if any, have been regularly deposited with appropriate authorities.

According to the information and explanations given to us, undisputed amounts payable in respect of above dues were not in arrears, as at 31st March, 2013 for a period of more than six months from the date they become payable.

b) According to the information and explanation given to us, there are no dues of sales tax, income tax, custom duty, wealth tax, service-tax, excise duty and cess which have not been deposited on account of any disputes.

(x) The company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the financial year immediately preceding such financial year.

(xi) The Company has not borrowed any money from banks or financial institutions. Hence Clause 4(xi) is not applicable.

(xii) In our opinion and according to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Therefore, the provisions of clause 4(xii) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the company.

(xiii) The company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the company.

(xiv) In respect of dealing/investments in shares, in our opinion and according to the information and explanations given to us, proper records have been maintained of the investments and timely entries have been made therein.The shares and other investments have been held by the company in its own name.

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

(xvi) The Company has not taken any term loans and hence not applicable.

(xvii) The Company has not raised any funds on short term basis. Accordingly, Clause 4(xvii) is not applicable to the Company.

(xviii) The company has not made any preferential allotment of shaires to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956. Hence clause 4(xviii) of the Order is not applicable.

(xix) The company has not issued debentures during the year. Therefore, the provisions of clause 4(xix) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the company.

(xx) The company has not raised money by way of public issue during the year. Therefore, the provisions of clause 4(xx) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the company.

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



For GUPTA VIGG & CO.

Chartered Accountants

Firm Regn.No. 00139 3N



Dated: 11.05.2013

Place: LUDHIANA. (CA. VI NOD KUMAR KHANNA)

Partner

M.No.81585

---

Mar 31, 2012

We have audited the attached Balance Sheet of M/s Kovalam Investment & Trading Company Limited, Ludhiana as at 31st March, 2012 and the Statement of Profit & Loss and also 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.

As required by the Companies (Auditors' Report) Order, 2003, as amended by the Companies (Auditor's Report) (Amendment) Order, 2004 (together the 'Order'), issued by the Central Government of India in terms of Section 227(4A) of the Act, and on the basis of such checks as we considered appropriate, and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable to the Company.

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, Statement of Profit & Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account.

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

(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 reportthat 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, there is no adverse effect on the functioning of the Company.

(vii)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 & Notes on 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 the Statement of Profit & Loss, of the profit/loss for the year ended on that date; and

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

(i) a) The Company has maintained proper records showing full particular including quantitative details and situation of the fixed assets. b) According to the information and explanation given to us, the Company has only Land & Building as its fixed assets the same are physically verified by the management at the year end.

c) In our opinion, the company has not disposed off substantial part of its fixed assets during the year and the going concern status of the company is not affected.

(ii) The Company does not have any inventories. Hence Clauses 4 (ii) (a), (b) and (c) are not applicable to the Company.

(iii) a) The Company has granted loan to one party covered in the register maintained u/s 301 of the Companies Act, 1956. The maximum amount outstanding during the year was Rs.6,84,35,652 and year end balance is Rs.6,84,35,6527-.

b) In our opinion, the rate of interest and other terms & conditions on which the loans have been granted are not prima-facie prejudicial to the interest of the Company.

c) The Loans granted are receivable on demand.

d) There is no overdue amount.

e) The Company has not taken any loans from the parties covered in the registered maintained u/s 301 of the Companies Act, 1956. Accordingly, the clauses 4 (iii) (f) & (g) are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business. During the course of our audit, we have not observed any major weaknesses in internal control.

(v) a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section; and

b) In our opinion and according to the information and explanations given to us, no transactions have been made made in pursuance of such contracts or arrangements during the year.

(vi) The company has not accepted any deposits from public. Hence, the clause 4(vi) of the Order is not applicable to the company.

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

(viii) The maintenance of cost records has not been prescribed by the Central Government for the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956. Hence clause 4(viii) of the Order is not applicable.

(ix) a) According to the records of the company, undisputed statutory dues including provident fund, investor education and 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 the company, if any, have been regularly deposited with appropriate authorities. According to the information and explanations given to us, undisputed amounts payable in respect of above dues were not in arrears, as at 31st March, 2012 for a period of more than six months from the date they become payable.

b) According to the information and explanation given to us, there are no dues of sales tax, income tax, custom duty, wealth tax, service-tax, excise duty and cess which have not been deposited on account of any disputes.

(x) The company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the financial year immediately preceding such financial year.

(xi) The Company has not borrowed any money from banks institutions. Hence Clause 4(xi) is not applicable. or financial

(xii) In our opinion and according to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Therefore, the provisions of clause 4(xii) of the Companies (Auditors' Report) Order, 2003 are not applicable to the company.

(xiii) The company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors' Report) Order, 2003 are not applicable to the company.

(xiv) In respect of dealing/investments in shares, in our opinion and according to the information and explanations given to us, proper records have been maintained of the investments and timely entries have been made therein.The shares and other investments have been held by the company in its own name.

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

(xvi) The Company has not taken any term loans and hence not applicable.

(xvii) The Company has not raised any funds on short term basis. Accordingly, Clause 4(xvii) is not applicable to the Company.

(xviii) 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. Hence clause 4(xviii) of the Order is not applicable.

(xix) The company has not issued debentures during the year. Therefore, the provisions of clause 4(xix) of the Companies (Auditors' Report) Order, 2003 are not applicable to the company.

(xx) The company has not raised money by way of public issue during the year. Therefore, the provisions of clause 4(xx) of the Companies (Auditors' Report) Order, 2003 are not applicable to the company.

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

For GUPTA VIGG & CO.

Chartered Accountants

Firm Regn No 001393N

Dated: 31.08.2012 (CA.VINOD KUMAR KHANNA)

partner

Place: LUDHIANA. M.No. 81585

---

Mar 31, 2011

We have audited the attached Balance Sheet of n/s Kovalam Investment &. The a cling Company Limited, Luoniana as at 3ist March, 2011 and Profit & Loss Account and also Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the . responsibility by 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. «n 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, as amended by the Companies (Auditor s Report.) (Amendment) Order, 2004 (together the "Order1'), issued by 'the Central Government of India in terms of Section 227(4A) of the Act, and on the basis of such checks as we considered appropriate, and according to the information and explanations given to us, we give in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said under to the extent applicable to the Company.

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 tar as appears from our examination of those books. (iii) The Balance Sheet, Profit & 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 & Loss Account and Cash Flow Statement dealt with by this report comply with the mandatory accounting standards referred to in sub-section (3C) of Section 2ii of the Companies Act, 1956 to the extent applicable.

(v) On the basis of written representations received from the Directors as on 31st March, 20ii and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 3ist March, 2011 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, mere is no adverse effect on the functioning of the Company.

(vii) In our opinion and to the best of our information and according to the explanations given to the said accounts read together with the Notes on accounts as per give the information required by rage 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 3ist March, 2011;

(b) in the case of the Profit & Loss Account, of the profit/loss for the year ended oh that date; and

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

ANNEXURE TO AUDITORS" REPORT

(i) a) the Company has maintained proper records showing full particular including quantitative details and situation of the fixed assets.

b) According to the information and explanation given to us, the Company has only Land & Building as its fixed assets the same are physically verified by the management at the year end.

c) In our opinion, the company has not disposed off substantial part of its fixed assets during the year and the going concern status of the company is not affected.

ii)The Company does not have any inventories. .Hence Clauses 4{ii){a),{b) and (.are not applicable to the Company.

(iii) The Company has granted loan to one party covered in the register maintained u/s 30i of the Companies Act, 1956. The maximum amount outstanding during the year was Rs.4,34,88,642 and year end. balance is Rs.4,34,88f642/.

b) In our opinion, the rate of interest and other terms & conditions on which the loans have been granted are not prima-facie prejudicial to the interest of the Company.

c) The Loans granted are receivable on demand.

d) There is no overdue amount.

e) The Company has not taken any loans from the parties covered in the registered maintained u/s 30i of the Companies Act, 1956. Accordingly, the clauses 4(iii) (f) & (g) are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business. During the course of our audit, we have not observed any major weaknesses in internal control.

(v) a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section; and

b) In our opinion and according to the information and explanations given to us, no transactions have been made made in pursuance of such contracts or arrangements during the year.

(vi) The company has not accepted any deposits from public. Hence, the clause 4 (vi) of the Order is not applicable to the company.

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

(vii)The maintenance of cost records has not been prescribed by the Central Government for the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956. Hence clause 4(VIII) of the Order is not app1icab1e .

ix a) According to the records of the company, undisputed statutory dues incurring provident fund, investor education and. protection fund, employees 'state insurance, income tax, sales tax, wealth tax, service-rack, custom duty, excise duty, cess and other material) statutory clues applicable to the company, if any, have been regularly deposited with appropriate authorities.

According to the information and explanations given to us, undisputed amounts payable in respect of above dues were not in arrears, as at 31st March/ 2.0li for a period of more than six months from the date they become payable.

b) According to" the information and explanation given to us, there are no dues to sales tax, income tax, custom duty, wealth tax, service-tax, excise duty and cess which have not been deposited on account of any disputes. '

(x) The company does not have any accumulated, losses at the end of the financial year and has not incurred cash losses in the financial year and in the financial year immediately preceding such financial year.

(xi) The Company has not borrowed any money from banks or financial institutions. Hence Clause 4(xi) is not applicable,

(xii) In our opinion and according to the information and explanations given to us, the company has not granted any loans and advances on the basis to security by way of pledge of shares, debentures and other securities. Therefore, the provisions of clause 4(xiii of the Companies (Auditors" Report) Order, 2003 are not applicable to the company.

(xiii) The company is not a chit fund or a nidhi mutual benefit fund/society. therefore, the provisions of clause 4(xiii) of the Companies (Auditors' Report) Order, 2003 are not applicable to the company.

(xiv) In respect of dealing/investments in shares, in our opinion and according to the information and explanations given to us, proper records have been maintained of the investments and timely entries have been made there in. The shares and other investments have been held by the company in its own name.

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

(xvi) The Company has not taken any term loans and hence not applicable.

(xvii) The Company has not raised any funds on short term basis. Accordingly, Clause 4(xvi) is not applicable to the Company.

(xviii) 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. Hence clause 4(xviii) of the Order is not applicable.

(xix) The company has not issued debentures during the year. Therefore, the provisions of clause 4(xix) to the Companies (Auditors* Report) Order, 2003 are not applicable to the company.

{xx) The company has, not raised money by way of public issue during the year. Therefore, the provisions of clause 4(xx) of the Companies (Auditors' Report) Order, 2003 are not applicable to the company.

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

For GUPTA VI6G & CO.

Chartered Accounta

Firm Regn.No. 001393

Dated: 22.06,2011

Place: LUDHIANA. (VINOO KHANNA)

M. NO .81535

PARTNER

---

Mar 31, 2010

We have audited the attached Balance Sheet of M/s Kovaiam Investment & Trading Company Limited, Ludhiana as at 31st March, 2010 and Profit & Loss Account and also 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 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, as amended by the Companies (Auditors Report) (Amendment) Order, 2004 (together the Order), issued by the Central Government of India in terms of Section 227(4A) of the Act, and on the basis of such checks as we considered appropriate, and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable to the Company.

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

(i) We have obtained ail the information and explanations which to the best of our Knowledge and beiief were necessary for the purpose of our audit.

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

(iii)The Balance Sheet, Profit & 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 & Loss Account and Cash Flow

Statement dealt with by this report comply with the mandatory accounting standards referred to in sub-section (3C) of Section 2ii of the Companies Act, 1956 to the extent applicable.

(v) On the basis of written representations received from the Directors as on 3ist March, 2010 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2010 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

(vi) In our opinion, there is no adverse effect on the functioning of the Company.

(vii)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 Notes on Accounts as per Schedule - IX 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 3ist March, 2010;

b) in the case of the Profit & Loss Account, of the profit/loss for the year ended on that date; and

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

ANNEXURE TO AUDITORS REPORT [Referred to in paragraph (3) thereof]

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

b) According to the information and explanation given to us., the Company has only Land & Building as its fixed assets the same are physically verified by the management at the year end.

c) In our opinion, the company has not disposed off substantial part of its fixed assets during the year and the going concern status of the company is not affected.

(ii) The Company does not have any inventories. Hence Clauses 4(ii)(a),(b) and (c) are not applicable to the Company.

(iii) a) The Company has granted loan to one party covered in the register maintained u/s 301 of the Companies Act, 1956. The maximum amount outstanding during the year, was Rs.2,57,44,183 and year end balance is Rs.2,57,44,183/-.

b) in our opinion, the rate of interest and other terms & conditions on which the ioans have been granted are not prima-facie prejudicial to the interest of the Company.

c) The Loans granted are receivable on demand.

d) There is no overdue amount.

e) The Company has not taken any loans from the parties covered in the registered maintained u/s 301 of the Companies Act, 1956. Accordingly, the clauses 4(iii)(f) & (g) are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business. During the course of our audit, we have not observed any major weaknesses in internal control.

(v) a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act have been Centered in the register required to be maintained under that section; and

b) In our opinion and according to the information and explanations given to us, no transactions have been made made in pursuance of such contracts or arrangements during the year.

(vi) The company has not accepted any deposits from public. Hence, the clause 4(vi) of the Order is not applicable to the company.

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

(viii) The maintenance of cost records has not been prescribed by the Central Government for the maintenance of cost records under section 209(1)(d) of the Companies Act, i956. Hence clause 4(viii) of the Order is not applicable.

(ix) a) According to the records of the company, undisputed statutory dues including provident fund, investor education and 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 the company, if any, have been regularly: deposited with appropriate authorities.

According to the information and explanations given to us, undisputed amounts payable in respect of above dues were not in arrears, as at 3ist March, 2010 for a period of more than six months from the date they become payable.

b) According to the information and explanation given to us, there are no dues of sales tax, income tax, custom duty, wealth tax, service-tax, excise duty and cess which have not been deposited on account of any disputes.

(x) The company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the financial year immediately preceding such financial year.

(xi) The Company has not borrowed any money from banks or financial institutions. Hence Clause 4(xi) is not applicable.

(xii) In our opinion and according to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Therefore, the provisions of clause 4(xii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

(xiii) The company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

(xiv) In respect of deaiing/investments in shares, in our opinion and according to the information and explanations given to us, proper records have been maintained of the investments and timely entries have been made there in.The shares and other investments have been held by the company in its own name.

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

(xvi) The Company has not taken any term loans ana hence not applicable.

(xvii) The Company has not raised any funds on short term basis. Accordingly, Clause 4(xvii) is not applicable to the Company.

(xviii) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 30i of the Companies Act, 1956. Hence clause 4(xviii) of the Order is not applicable.

(xix) The company has not issued debentures during the year. Therefore, the provisions of clause 4(xix) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

(XX) The company has not raised money by way of public issue during the during the year. Therefore, the provisions of clause 4(xx) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

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

For GUPTA VIGG & CO.

Chartered Accountants Firm Regn.No.001393N

Dated: 31.07.2010 Place: LUDHIANA.

(VINOD KHANNA) Partner M.No. 81585