Auditor Report of Krishna Capital & Securities Ltd.

Mar 31, 2024

1. We have audited the accompanying Standalone Financial Statements of Krishna Capital & Securities Limited ("the Company"),
which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss, (including the statement of Other
Comprehensive Income), the Cash Flow Statement and the statement of changes in Equity for the year then ended, and a
summary of significant accounting policies information and other explanatory information (herein after referred to as "the
Standalone Financial Statements").

2. In our opinion and to the best of our information and according to the explanations given to us, the Standalone Financial
Statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true
and fair view in conformity with the accounting principles generally accepted in India including Indian Accounting Standards
("Ind AS") specified under section 133 of the Act read with Companies (Indian Accounting Standard) Rules, 2015, as amended
(“Ind AS”), of the state of affairs of the Company as at March 31, 2024 its profits (including other comprehensive income), its
cash flows and the changes in equity for the year ended on that date.

Basis for Opinion.

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

Information other than the Standalone Financial Statements and Auditor''s Report thereon.

4. The Company''s Board of Directors is responsible for the Preparation of other information and the Presentation of its report.
The other information comprises the information included in the Management Discussion and Analysis, Director’s Report
including Annexure to Director’s Report, Corporate Governance Report, but does not include the Standalone 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 Standalone Financial Statements does not cover the other information and we do not express any form of
assurance conclusion thereon.

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

If, based on the work we have performed, we conclude that there is a material misstatement therein, we are required to
communicate the matter to those charged with governance and take necessary actions, as applicable under relevant laws and
regulations.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements.

5. The company''s board of directors is responsible for the matters stated in section 134(5) of the Act with respect to the
preparation of these Standalone financial statement that give a true and fair of the financial position, financial performance
including other comprehensive Income, cash flows and changes in equity of the company in accordance with accounting
principles generally accepted in India, including Indian Accounting Standards (Ind AS) specified under section 133 of the Act.
This responsibility also includes maintenance of adequate accounting records in accordance with the provision 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 the
design implementation and maintenance of adequate internal financial control that were operating effectively for ensuring the
accuracy and completeness of the accounting records relevant to preparation and presentation of the Standalone Financial
Statements that give true and fair view and are free from material misstatement , whether due to fraud or error.

6. In preparing the Standalone Financial Statements, management is responsible for assessing the Company''s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting
unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do
so.

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

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements.

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

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

a. 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.

b. 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 explaining our opinion on whether
the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

c. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.

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

e. 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.

10. 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.

11. 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.

12. 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.

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

Report on other Legal and Regulatory Requirements

14. As required by section143(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 our knowledge and belief were
necessary for the purpose of our audit;

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

c. The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Cash Flow Statement and
Statement of Changes in Equity dealt with this Reports are in agreement with the books of accounts;

d. In our opinion, the aforesaid Standalone Financial Statements comply with Ind AS specified under section 133 of the Act.

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

f. With respect to the adequacy of the internal financial controls with reference to Standalone financial statement of the
Company and operating effectiveness of such controls, refer to our separate Report in the “Annexure 1” to this report, our

report expresses an unmodified opinion on the adequacy and operating effectiveness of the company’s internal financial
control with reference to standalone financial statements.

g. In our opinion and to the best of our information and according to explanation given to us, the managerial remuneration
for the year ended March 31, 2024 has been paid / provided by the Company to its directors in accordance with the
provisions of section 197 of the Act;

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 in our opinion and to the best of our Information and according to the explanations
given to us:

i. The Company does not have any pending litigation that have impact on its financial position in its Standalone
Financial Statements:

ii. The Company did not have any material foreseeable losses in long term contract including derivative contracts
during the year ended March 31, 2024.

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, to the best of its knowledge and belief, 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, to the best of its knowledge and belief, 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; and.

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 (a) and (b) above, contain any material misstatement.

v. The Company has not declared or paid dividend during the year covered by our audit.

vi. Reporting on Audit trail

Based on our examination which included test checks, the company uses an accounting software for maintaining
its books of account 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 accounting software, except that audit trail feature
is not enabled for certain direct changes to the data for users with the certain privileged access right to the ERP
application. Further, no instance of audit trail feature being tempered with was noted in respect of the accounting
software. Presently, the log has been activated at the application and the privileged access to ERP continues to be
restricted to limited set of users who necessarily require this access for maintenance and administration of the
database. Refer note 28 of standalone financial statements.

15. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central Government of India in terms
of sub-section (11) of section 143 of the Act, we give in the "Annexure 2" a statement on the matters specified in paragraphs 3
and 4 of the Order, to the extent applicable.

For, Rinkesh Shah & Co
Chartered Accountant
FRN: 129690W

SD/-

CA RINKESH SHAH
Partner
M. No: 131783
UDIN: 24131783BKCUDE9169

Place: Ahmedabad

Date: 24/05/2024

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Mar 31, 2015

We have audited the accompanying financial statements of M/s. KRISHNA CAPITAL & SECURITIES LIMITED, AHMEDABAD, the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility forthe Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation 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, includingthe Accounting Standards specified underSection 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. 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 judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company's Directors, 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 on thefinancial statements.

Opinion

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

A. in the case of the Balance Sheet, of the state of affairs of the Krishna Capital & Securities Limited as at March 31,2015;

B. in the case of the Statement of Profit and Loss, of the profit 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, 2015 ('the Order') issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

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

A. We have sought and obtained all the information and explanations which to the best of our knowledgeand beliefwere necessary for the purposes of ouraudit.

B. In our opinion proper books of account as required by law have been kept by the Krishna Capital & Securities Limited so far as appears from our examination of those books.

C. the Balance Sheet, the 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 aforesaid financial statements comply with the Accounting Standards specified underSection 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

E. On the basis of written representations received from the directors as on 31st March, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31' March, 2015, from being appointed as a director in terms of Section 164(2) of the Act.

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

1. The company does not have any pending litigations which would impact financial positions.

2. The Company did not have any long-term contracts including derivative contracts for which there are any material foreseeable losses.

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

The Annexure referred to in our Independent Auditors' Report to the members of the Company on the standalone financial statements for the year ended 31st March 2015, we report that:

A. The Company has maintained proper records showing full particulars, including Quantitative details and situation of fixed assets

B. The Company has a regular Programme of physical verification of its fixed assets by which fixed assets are verified in a phased manner during the year under review. In accordance with this Programme, fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.

C. As explained to us, inventories were physically verified by the management at Resonable intervals during the year

D. In our opinion & according to the information & explanations given to us, the procedures of physical verification of inventories followed by the management were reasonable & adequate in relation to the size of the company & nature of its business.

E. In our opinion and according to the information and explanations given to us, the company is maintaining proper records of inventory. There were no material discrepancies found during the verification reported to us.

F. The Company has not granted loans to any party covered in the register maintained under section 189 of the Companies Act, 2013 ('the Act').

G. As the company has not granted any loans to any party covered in the register maintained under section 189 of the Companies Act, 2013, the question of regularity of Interest does not arise. The terms of arrangements do not stipulate any repayment schedule and the loans are repayable on demand. Accordingly, paragraph 3(iii)(b) of the Order is not applicable to the Company in respect of repayment of the principal amount.

H. As the company has not granted any loans to any party covered in the register maintained under section 189 of the Companies Act, 2013 the comments on overdue amounts is not applicable.

I. 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 purchase of inventory and fixed assets and sale of goods and services. We have not observed any major weakness in the internal control system during the course of the audit.

J. The Company has not accepted any deposits from the public.

K. The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for any of the services rendered by the Company.

L. There were no statutory dues pending from the Company's side during the year.

M. 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 immediately preceding financial year.

N. The Company did not have any outstanding dues to financial institutions, banks or debenture holders during the year.

O. The Company has not given any kind of guarantee during the year.

P. The Company did not have any term loans outstanding during the year.

Q. According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.

For, K.G Vakharia & Co Chartered Accountants FRN No.: 117022W

(CA Kalpesh Vakharia) M. No: 102521

Date: May 29, 2015 Place: Ahmedabad

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Mar 31, 2014

We have audited the accompanying financial statements of Krishna Capital & Securities Limited ("The Company"), which comprise the Balance Sheet as at 31st March, 2014. The Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's 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 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with 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 the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the 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 information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

(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 as amended by Companies (Auditor's Report) (Amendment) Order, 2004 ("The Order") issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956 ("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 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, Statement of Profit and Loss, and the Cash Flow Statement dealt with this Report are in agreement with the books of account.

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

(e) On the basis of the written representations received from the directors as on 31 March, 2014 taken on record by the Board of Directors, We Report that none of the directors are disqualified as on 31 March, 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

Annexure to the Auditors Report

Based on the audit procedures performed for the purpose of reporting a true & fair view on the financial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit we report that:

1 In respect of its fixed assets:

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

(b) Fixed assets have been physically verified by the management at reasonable intervals; No material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets have been disposed off during the year, and it has not affected the going concern.

2 In respect of its inventories:

(a) Inventory has been physically verified by the management at reasonable intervals during the year.

(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) Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification.

3 In respect of loans granted and taken to / from parties covered in the register maintained u/s 301 of the Companies Act, 1956.

(a) The company has not granted unsecured loans to companies, firms or other parties covered in the register maintained u/s 301 of the companies Act-1956.

(b) The company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Act. Accordingly, clause (iii)(b) to (iii)(d) of paragraph 4 of the Order are not applicable to the Company for the Current year.

(c) As per Information & Explanation given to us the company has not granted any loan u/s 301 of the companies Act so Receipt of Principal & Interest thereon is Not Applicable

(d) There is no overdue amount of loans granted to companies, firms or other parties listed in the register maintained under section 301 of the companies Act, 1956.

(e) The company has not taken any loan from the companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(f) The company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under Section 301 of the Act. Accordingly, clause (iii)(f) and (iii)(g) of paragraph 4 of the Order are not applicable to the Company for the Current year.

(g) The Company has not taken any loan so Payment of Interest & Principal is Not Applicable

4 In respect of internal control

In our opinion and according to the information and explanations given to us there are adequate internal control systems commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of audit, We have not observed continuing failure to correct major weaknesses in internal control system.

5 In respect of contracts or arrangements need to be entered into a register maintained u/s 301 of the Companies Act, 1956

According to the information and explanation given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the companies Act 1956 have been entered in the register required to be maintained under that section.

In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the companies Act 1956 are made at price which are reasonable having regard to prevailing market prices at the relevant time.

6 In respect of deposits from public

The company has not accepted any deposits from the public.

7 In respect of internal audit system

In our opinion, the Company does not have any adequate internal audit system commensurate with its size and nature of business.

8 In respect of maintenance of cost records

To the best of our knowledge and as explained, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) section 209 of the companies Act, 1956 for the products of the company.

9 In respect of statutory dues

(a) The company is regular in depositing with appropriate authorities undisputed statutory dues including income tax, sales tax, wealth tax, Cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, cess were in arrears, as at year end for a period of more than six months from the date they became payable.

10 In respect of accumulated losses and cash losses

The Company has accumulated losses as on 31st March 2014. The Company has not incurred cash losses during the current Financial Year

11 In respect of dues to financial institution / banks / debentures

The company has not defaulted in repayment of dues to financial institution, or a bank.

12 In respect of loans and advances granted on the basis of security

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

13 In respect of provisions applicable to Chit fund

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

14 In respect of dealing or trading in shares, securities, debentures and other investment

The Company is mainly dealing or trading in shares, securities, debentures and other investments, and proper records have been maintained of the said transactions and contracts and timely entries have been made therein; also the shares, securities, debentures and other securities have been held by the company, in its own name except to the extent of the exemption, if any, granted under section 49 of the Act;

15 In respect of guarantee given for loans taken by others

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

16 In respect of application of term loans

According to information and explanation given to us and records examined by us, no term loans have been taken by the Company.

17 In respect of fund used

According to the information and explanations given to us and on overall examination of the balance sheet and cash flow statement of the company, we report that no funds raised on short-term basis have been used for long-term investment.

18 In respect of preferential allotment of shares

The company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s 301 of the Act, during the year.

19 In respect of securities created for debentures

The company has not issued any debentures during the year.

20 In respect of end use of money raised by public issues

The company has not raised any money from the public during the year under audit.

21 In respect of fraud

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

Place: Ahmedabad For K G Vakharia & Co Date : 29/05/2014 (Chartered Accountants) FRN. :117022W

Kalpesh Vakharia (Partner) Membership No : 102521

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Mar 31, 2013

We have audited the accompanying financial statements of Krishna Capital & Securities Limited ("The Company"), which comprise the Balance Sheet as at 31st March, 2013. The Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's 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 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with 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 the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the 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 information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2013;

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

(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 as amended by Companies (Auditor's Report) (Amendment) Order, 2004 ("The Order") issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956 ("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 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, Statement of Profit and Loss, and the Cash Flow Statement dealt with this Report are in agreement with the books of account.

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

(e) On the basis of the written representations received from the directors as on 31 March, 2013 taken on record by the Board of Directors, We Report that none of the directors are disqualified as on 31 March, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

Annexure to the Auditors Report

Based on the audit procedures performed for the purpose of reporting a true & fair view on the financial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal cousse of audit we report that:

1 In respect of its fixed assets:

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

(b) Fixed assets have been physically verified by the management at reasonable intervals; No material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets have been disposed off during the year, and it has not affected the going concern.

2 In respect of its inventories:

(a) Inventory has been physically verified by the management at reasonable intervals during the year.

(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) Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification.

3 In respect of loans granted and taken to / from parties covered in the register maintained u/s 301 of the Companies Act, 1956.

(a) The company has not granted unsecured loans to companies, firms or other parties covered in the register maintained u/s 301 of the companies Act-1956.

(b) The company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Act. Accordingly, clause (iii)(b) to (iii)(d) of paragraph 4 of the Order are not applicable to the Company for the Current year.

(c) As per Information & Explanation given to us the company has not granted any loan u/s 301 of the companies Act so Receipt of Principal & Interest thereon is Not Applicable

(d) There is no overdue amount of loans granted to companies, firms or other parties listed in the register maintained under section 301 of the companies Act, 1956.

(e) The company has not taken any loan from the companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(f) The company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under Section 301 of the Act. Accordingly, clause (iii)(f) and (iii)(g) of paragraph 4 of the Order are not applicable to the Company for the Current year.

(g) The Company has not taken any loan so Payment of Interest & Principal is Not Applicable

4 In respect of internal control

In our opinion and according to the information and explanations given to us there are adequate internal control systems commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of audit, We have not observed continuing failure to correct major weaknesses in internal control system.

5 In respect of contracts or arrangements need to be entered into a register maintained u/s 301 of the Companies Act, 1956

According to the information and explanation given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the companies Act 1956 have been entered in the register required to be maintained under that section.

In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the companies Act 1956 are made at price which are reasonable having regard to prevailing market prices at the relevant time.

6 In respect of deposits from public

The company has not accepted any deposits from the public.

7 In respect of internal audit system

In our opinion, the Company does not have any adequate internal audit system commensurate with its size and nature of business.

8 In respect of maintenance of cost records

To the best of our knowledge and as explained, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) section 209 of the companies Act, 1956 for the products of the company.

9 In respect of statutory dues

(a) The company is regular in depositing with appropriate authorities undisputed statutory dues including income tax, sales tax, wealth tax, Cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, cess were in arrears, as at year end for a period of more than six months from the date they became payable.

10 In respect of accumulated losses and cash losses

The Company has accumulated losses of Rs 32,38,368 as on 31st March 2013. The Company has not incurred cash losses during the current Financial Year

11 In respect of dues to financial institution / banks / debentures

The company has not defaulted in repayment of dues to financial institution, or a bank.

12 In respect of loans and advances granted on the basis of security

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

13 In respect of provisions applicable to Chit fund

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

14 In respect of dealing or trading in shares, securities, debentures and other investment

The Company is mainly dealing or trading in shares, securities, debentures and other investments, and proper records have been maintained of the said transactions and contracts and timely entries have been made therein; also the shares, securities, debentures and other securities have been held by the company, in its own name except to the extent of the exemption, if any, granted under section 49 of the Act;

15 In respect of guarantee given for loans taken by others

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

16 In respect of application of term loans

According to information and explanation given to us and records examined by us, no term loans have been taken by the Company.

17 In respect of fund used

According to the information and explanations given to us and on overall examination of the balance sheet and cash flow statement of the company, we report that no funds raised on short-term basis have been used for long-term investment.

18 In respect of preferential allotment of shares

The company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s 301 of the Act, during the year.

19 In respect of securities created for debentures

The company has not issued any debentures during the year.

20 In respect of end use of money raised by public issues

The company has not raised any money from the public during the year under audit.

21 In respect of fraud

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

Place: Ahmedabad For K G Vakharia & Co Date : 29/05/2013 (Chartered Accountants) FRN. :117022W

Kalpesh Vakharia (Partner) Membership No : 102521

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Mar 31, 2012

We have audited the attached Balance Sheet of Krishna Capital & Securities Limited as at 31st March, 2012 and also The Profit & Loss Account and Cash Flow Statement for the year ended On that date, annexed there to. 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 amount and disclosures in the financial statement. An audit also includes accessing 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 the said order.

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

1 We have obtained all the information and explanation, which to the best of our knowledge and belief were necessary for the purpose of our audit:

2 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.

3 The Balance Sheet and Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with books of accounts.

4 In our opinion, the Balance Sheet and Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub - sections (3C) of section 211 of the companies Act, 1956.

5 On the basis of written representation received from the Directors, as on 31st March, 2012 and taken on record by the board of directors, we report that none of the directors is disqualified as on 31st March, 2012 from being appointed as a directors in terms of clause (g) of Sub Section (1) of section 274 of the Companies Act, 1956;

6 In our opinion and to the best of our information and according to the explanation given to us.

Read together with notes on accounts forming parts of the said 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 th accounting principles generally accepted in India;

a) In the case of the Balance Sheet, of the state of affairs of the companies as at 31st March, 2012.

b) In the case of the Profit & Loss Accounts, 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.

Annexure to the Auditors Report

Based on the audit procedures performed for the purpose of reporting a true & fair view on the financial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal cousse of audit we report that:

1 In respect of its fixed assets:

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

(b) Fixed assets have been physically verified by the management at reasonable intervals; No material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets have been disposed off during the year, and it has not affected the going concern.

2 In respect of its inventories:

(a) Inventory has been physically verified by the management at reasonable intervals during the year.

(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) Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification.

3 In respect of loans granted and taken to / from parties covered in the register maintained u/s 301 of the Companies Act, 1956.

(a) The company has not granted unsecured loans to companies, firms or other parties covered in the register maintained u/s 301 of the companies Act-1956.

(b) In our opinion and according to the information and explanations given to us. The rate of interest and other terms and conditions for such loans are not prima facie prejudicial to the interest to the company.

(c) In respect of loans granted, repayment of the principal amount is as stipulated and payment of interest have been regular.

(d) There is no overdue amount of loans granted to companies, firms or other parties listed in the register maintained under section 301 of the companies Act, 1956.

(e) The company has taken loan unsecured loan from the companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(f) In our opinion and according to the information and explanation given to us, the rate of interest and other terms and conditions for such loans are not prima facie prejudicial to the interest of the company.

(g) In respect of loans taken, repayments of principal interest have been regular.

4 In respect of internal control

In our opinion and according to the information and explanations given to us there are adequate internal control systems commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of audit, We have not observed continuing failure to correct major weaknesses in internal control system.

5 In respect of contracts or arrangements need to be entered into a register maintained u/s 301 of the Companies Act, 1956

(a) According to the information and explanation given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the companies Act 1956 have been entered in the register required to be maintained under that sectip-rfc----

(b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the companies Act 1956 are made at price which are reasonable having regard to prevailing market prices at the relevant time.

6 In respect of deposits from public

The company has not accepted any deposits from the public.

7 In respect of internal audit system

In our opinion, the Company does not have any adequate internal audit system commensurate with its size and nature of business.

8 In respect of maintenance of cost records

To the best of our knowledge and as explained, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) section 209 of the companies Act, 1956 for the products of the company.

9 In respect of statutory dues

(a) The company is regular in depositing with appropriate authorities undisputed statutory dues including income tax, sales tax, wealth tax, Cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, cess were in arrears, as at year end for a period of more than six months from the date they became payable.

10 In respect of accumulated losses and cash losses

The Company has accumulated losses of Rs 26,18,838 as on 31st March 2012. The Company has not incurred cash losses during the current Financial Year

11 In respect of dues to financial institution / banks / debentures

The company has not defaulted in repayment of dues to financial institution, or a bank.

12 In respect of loans and advances granted on the basis of security

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

13 In respect of provisions applicable to Chit fund

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

14 In respect of dealing or trading in shares, securities, debentures and other investment

The Company is mainly dealing or trading in shares, securities, debentures and other investments, and proper records have been maintained of the said transactions and contracts and timely entries have been made therein; also the shares, securities, debentures and other securities have been held by the company, in its own name except to the extent of the exemotion. if anv. oranted under section 49 of the Act:

15 In respect of guarantee given for loans taken by others

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

16 In respect of application of term loans

According to information and explanation given to us and records examined by us, no term loans have been taken by the Company.

17 In respect of fund used

According to the information and explanations given to us and on overall examination of the balance sheet and cash flow statement of the company, we report that no funds raised on short-term basis have been used for long-term investment.

18 In respect of preferential allotment of shares

The company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s 301 of the Act, during the year.

19 In respect of securities created for debentures

The company has not issued any debentures during the year.

20 In respect of end use of money raised by public issues

The company has not raised any money from the public during the year under audit.

21 In respect of fraud

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

Place: Ahmedabad For K G Vakharia & Co Date : 31st May 2012 (Chartered Accountants) FRN. :117022W



Kalpesh Vakharia (Partner) Membership No : 102521

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Mar 31, 2011

1. We have audited the attached Balance Sheet of KRISHNA CAPITAL & SECURITIES LIMITED as at 31st March 2011 and also the Profit and Loss Account and the cash flow statement for the year ended on that date. 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.

2. We conducted our audit in accordance with auditing standards generally accepted in India. These 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 managements, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. 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 the said Order.

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

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

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

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

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

(e) On the basis of written representations received from the Directors as on 31st March 2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st 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.

(f) In our opinion and to the best of our information and according to the explanations given to us, and subject to

Read together with notes on accounts forming parts of the said 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.;

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31 st March 2011,

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

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

ANNEXURE TO AUDITORS' REPORT

Referred to in Paragraph 3 of even date.

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

(b) The Management at reasonable intervals has physically verified these Fixed Assets and no material discrepancies were noticed on such verification.

(c) During the year, the Company has not disposed off a substantial part of Fixed Assets, which could not affect its continuation as a going concern.

II. (a) The physical verification of inventory has been conducted at reasonable intervals by the management.

(b) In our opinion, 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 and no material discrepancies were noticed on physical verification

III. (a) The Company has taken unsecured loans from companies, firms or other parties covered in the Register maintained under Section 301 of the Act.

Loan Taken (During year) From 3 Party Amount NIL

(b) The Company has granted unsecured loans to the companies, firms or other parties covered in the Register maintained under Section 301 of the Act.

Loan Granted (During year) to 2 parties Amount 130.26 Lacs

(c) The rate of interest and other terms and conditions of loans given or taken by the Company, secured or unsecured, are prima facie not prejudicial to the interest of the Company;

(d) Payment of the principal amount as well as interest are regular;

(e) There are no overdue amounts more than 1.00 lac

IV. In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regards to the purchase of inventory, fixed assets and also for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal controls.

V. (a) Based on our audit procedures applied by us and according to the information and explanations given by the management, we are of opinion that all the transactions that needed to be entered into the Register in pursuance of Section 301 of the Act have been entered in the Register to be maintained under that Section;

(b) According to the information and explanations given to us, the transactions made in pursuance of contracts and arrangements entered in the Register maintained under Section each of these transactions has been made at prices which are reasonable having regard to the prevailing market prices at the relevant time;

VI. The Company has not accepted any deposits from the public,

VII. We are opinion that, the Company has an adequate internal audit system commensurate with the size and nature of its business;

VIII. Maintenance of cost records has not been prescribed by the Central Government under clause (d) of Sub-Section (1) of Section 209 of the Act,

IX. (a) According to records of the Company, the Company is regular in depositing undisputed statutory dues including Income-tax, Sales-tax, Wealth Tax, cess and any other statutory dues with the appropriate authorities;.

(b) On the basis of our examination of documents and records of the Company and according to the information and explanation given to us on enquiries in this regards there are no undisputed amounts payable in respect of Income-tax, Sales-tax, Wealth Tax, cess outstanding as at the year end for a period of more than 6 months from the date they become payable.

(c) According to the information and explanation given to us there are no amount dues in respect of Income-tax, Sales-tax, Wealth Tax, cess outstanding on account of any dispute.

X. The Company has accumulated losses of Rs 62,95,789/- as on 31st March, 2011. The Company has incurred cash losses during the financial year and in the immediately preceding financial year are as below:- - During the year 2010 :- Amount Rs 23,55,711/-

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

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

(xiii) In our opinion the company is not a Chit Fund or a Nidhi or Mutual Benefit Fund/ Society. Therefore, the provisions of any special statute are not applicable to the Company.

(xiv) The Company is mainly dealing or trading in shares, securities, debentures and other investments, and proper records have been maintained of the said transactions and contracts and timely entries have been made therein; also the shares, securities, debentures and other securities have been held by the Company, in its own name except to the extent of the exemption, if any, granted under Section 49 of the Act;

(xv) According to information and explanation given by the management, in our opinion the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xvi) According to information and explanation given to us and records examined by us, no term loans have been taken by the Company.

(xvii) On the basis of overall examinations of records, Balance Sheet and Cash Flow Statement of the Company and the information and explanation given to us by the management, the Company has not utilized the funds raised on short-term basis for long term basis for investment or vice versa.

(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 Act.

(xix) During the period the Company has not issued any type of Debentures.

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

(xxi) On the basis of our audit procedure performed and information and explanations given by the management, no fraud on or by the Company has been noticed or reported during the year.

For, KPSJ & ASSOCIATES Chartered Accountants

Place: Ahmedabad Date: 16/06/2011 [KEDAR RAMLADDHA] PARTNER M. NO. 101886