Auditor Report of Kuber Udyog Ltd.

Mar 31, 2024

We have audited the accompanying financial statements of KUBER UDYOG LIMITED ("the Company"), which
comprise the balance sheet as at March 31, 2024, and the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of changes in Equity and statement of cash flows for the year then
ended, and notes to the financial statements, including a summary of significant accounting policies and other
explanatory information. (hereinafter referred to as ''financial statement'').

In our opinion and to the best of our information and according to the explanations given to us, the foresaid
financial statements give the information required by the Companies Act, 2013 (''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, its profit, total comprehensive income, changes in equity and cash flows for the year
ended on that date.

Basis for opinion

We conducted our audit of the financial statement in accordance with the standards on auditing specified
under section 143 (10) of the Companies Act, 2013. Our responsibilities under those Standards are further
described in the auditor''s responsibilities for the audit of the financial statements section of our report. We
are independent of the Company in accordance with the code of ethics issued by the Institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our audit of the financial
statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the code of ethics.

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

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. We have determined that there are no key audit matters to communicate in our
report.

Information other than the financial statements and auditors'' report thereon

The Company''s Board of Directors is responsible for the other information. The other information comprises
of Board''s report, Corporate governance report and Management discussion analysis report, but does not
include the Standalone financial statements and our auditors'' report thereon. The Board''s report, corporate
governance report and Management discussion analysis 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 such other information is materially inconsistent with the
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 of this other
information; we are required to report that fact.

We have nothing to report in this regard as no other information as described above has been made available
for review.

Management''s responsibility for the financial statements

The Company''s board of directors are 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 including other comprehensive income, cash flows and changes in equity of the
Company in accordance with the accounting principles generally accepted in India, including the accounting
standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company
and for preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the financial statement 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 is also responsible for overseeing the Company''s financial reporting process.

Auditor''s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial results as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor''s report that includ.es 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 results.

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

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

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also

responsible for expressing our opinion on whether the company has adequate internal financial controls
system in place and the operating effectiveness of such controls

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

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

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

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

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

Report on other legal and regulatory requirements

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 Companies Act, 2013, we give in the
Annexure “A”, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable.

As required by Section 143(3) of the Act, we report that:

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

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

(c) The balance sheet, the statement of profit and loss in the Statement of Other Comprehensive Income, the
cash flow statement and Statement of Changes in Equity 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 under
section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;

(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
with reference to these Standalone Financial Statements and the operating effectiveness of such controls,
refer to our separate Report in “Annexure B” to this report; and

(g) In our opinion and according to the information and explanation given to us, no managerial remuneration
has been paid / provided by the Company to its directors for the year ended March 31, 2023. Accordingly,
reporting u/s 197 (16) of the Act is not applicable;

(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;

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

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

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

d. i. The Management has represented that, to the best of its knowledge and belief, no funds (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 (Refer Note 37 to the financial
statement) ;

ii. 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 (Refer Note 37 to the financial statement);

iii. 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.

iv. No dividend declared and paid during the year by the Company, hence no such compliance with
Section 123 of the Act applicable to the company.

v. Provision to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account
using accounting software which has a feature of recording audit trail (edit log) facility is
applicable to the Company with effect from April 1, 2023, and accordingly, reporting under Rule
11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year ended
March 31, 2023.

For NAMITA & CO

Chartered Accountants

Firm Reg.No.151040W

Sd/-

CA Namita Agrawal

Proprietor

M.No.188559

Place of signature: Mumbai

Date: 10.05.2024

UDIN: 24188559BKGRVS7202

---

Mar 31, 2015

We have audited the accompanying financial statements of KUBER UDYOG LIMITED, which comprise the Balance Sheet as at 31March 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

As required by the Companies (Auditor's Report) Order 2015 issued by Government of India in terms of Section 143 (11) of the Companies Act, 2013, we enclose herewith in annexure.

Management's Responsibility for the Financial Statements:

The Company's Board of Directors is responsible for the matters in section134(5) of the Companies Act,2013("the Act")with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash fiows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 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 internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 hereunder.

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. 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 nancial statements.

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.

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 manners o 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 March 31, 2015;

b) In the case of the Statement of Prot and Loss, of the prot for the year ended on that date; and

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

Report on other Legal and Regulatory Requirements:

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

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

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

c) The Balance Sheet, the Statement of Prot 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 specied under Section 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 31March, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31March,2015, from being appointed as a director in terms of Section 164(2) ofthe Act.

f) With respect to the other matters included in the Auditor's Report and to our best of our information and according to the explanations given to us:

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

II. The Company did not have any long term contacts including derivative contacts for which there were any material foreseeable losses.

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

Annexure to the Independent Auditors' Report

The Annexure referred to in our Independent Auditors' Report to the members of KUBER UDYOG LIMITED for the year ended 31 March 2015, we report that:

i. (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 over a period of three years. In accordance with this programme, certain 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 natureofits assets.

ii. The physical verification of the inventories has been conducted at reasonable interval by the management.

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

The company has maintained proper records of inventory and no material discrepancies were noticed on such physical verification and the same have been properly dealt with in the books of accounts.

iii. (a) the company has not granted loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under section189 of the Companies Act, 2013('the Act').

(b) In view of our comments in (a) above no further comments are warranted on receipt of principal amount and rate of interest on such loan.

(c) There are no overdue amounts of more than rupees one lakh in respect of the loans granted to the bodies corporate listed in the register maintained undersection189 of the Act.

iv. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets and sale of services. The activities of the Company do involve purchase of inventory and the sale of goods. We have not observed any major weakness in the internal control system during the course of the audit.

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

vi. We are informed that maintenance of cost records has not been prescribed by the Central Government U/s 148 of the Act.

vii. (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities.

According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31st March,2015 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us, there are no material dues of wealth tax, duty of customs and cess which have not been deposited with the appropriate authorities on account of any dispute.

c) No amount are required to be transferred to investor education and protection fund in accordance with the relevance provisions of the Companies Act, 2013 and rules made there under.

viii. In our Opinion, 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.

viii. The Company did not have any outstanding dues to financial institutions, banks or Debentureholders during the year.

ix. In our opinion and according to the information and the explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

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

Xi. 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.

Xii. As required by the Non Banking Financial Companies Auditors Report (Reserve Bank) Direction, 1988. we further state that we have submitted a report to the board of directors of the company containing a statement of the matters as specified in the said direction to the extent applicable namely the following:

(a) The Company was incorporated on 25th November,1982 and has been granted registration certificate No. 05.00630 dated 4th March, 1998 as provided in 45IA of the Reserve Bank of India.

(b) The Company has not accepted any Public Deposits during the year under reference.

(c) The Company is engaged in the business of Non Banking Financial Institution in the year under reference requiring it to hold certificate of registration under Section 45IA of the RBI Act, 1934.

For, Arpan Chudgar & Associates Chartered Accountants FRN: 133877W

(CA. ArpanChudgar) Proprietor M. No. 131876

Place:Mumbai Date: 30.05.2015

---

Mar 31, 2014

We have audited the accompanying financial statements of KUBER UDYOG LTD ("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 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 and financial performance of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (the "Act") (which continue to be applicable in respect of Section 133 of the Companies Act,2013 in terms of General Circular 1512013 dated 13th September, 2013 of the Ministry of Corporate Affairs) and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the reparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material 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 control relevant to the Company's preparation and fair presentation of th6 financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expression an opinion on the effectiveness of the Company's internal control.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Management, as well as evaluating the overall presentation of the financial statements.

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

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view 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 Profit and Loss Account, of the loss of the Company for the year ended on that date.

c) in case of 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 ("the Order") issued by the Central Government of India in terms of section 227(3) 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 it appears from our examination of those books.

c. The Balance Sheet and Statement of Profit and Loss and cash flow statement dealt with by this Report are in agreement with the books of account.

d. In our opinion, the Balance Sheet and Statement of Profit and Loss and cash flow statement comply with the Accounting Standards notified under the Act (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 1512013 dated 13th September, 2013 of the Ministry of Corporate Affairs).

e. On the basis of written representations received from the directors as on 31st March,2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31't March, 2014, from being appointed as a director in terms of section 274 (1)(g) of the Act.

ANNEXURE TO INDEPENDENT AUDITORS REPORT

Referred in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date

1. The company has no fixed assets. Therefore, the provisions of clause 4(i) (a), (b) & (c) of the order relating to verification of assets are not applicable.

2. The company does not have inventory. Therefore the provisions of clause 4(ii) (a), (b) & (c) relating to verification of inventories are not applicable as the company is an investment company.

3. (a) According to the information and explanations given to us and on the basis of our examination of the books of account,the company has not granted any loans, secured or unsecured, to companies, firms or other partie listed in the register maintained under Section 301 of the companies Act, 1956. Consequently, the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company.

(e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956' Thus sub clauses (f) & (g) are not applicable to the company.

4. The internal control procedures for purchase of investment are adequate and commensurate with size of the company and its nature of business.

5. The Company has not entered into any transactions that need to be entered into register in pursuance of section 301 of the Act.

6. According to the information and explanations given to us, the Company has not accepted any deposits from the public. Therefore the provisions of clause (vi) of paragraph 4 of the Order are not applicable to the Company.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. 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) of section 209 of the Act for the product of the company.

9. (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 to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of aforesaid dues were outstanding as on 31st of March,2014 for a period of more than six months from the date of becoming payable.

(b) According to the information and explanations given to us, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

10. The Company has accumulated losses at the end of the financial year. But the Company has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institution, bank or debenture holders.

12. In our opinion and according to the information and explanations given to us and based on the information available, no loan and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor's Report) Order, 2003 (as amended) is not applicable to the Company.

14. According to information and explanations given to us, we are of the opinion the Company has maintained proper records of the transactions and contracts in respect of dealing or trading in shares, securities, debentures and other investments and timely entries have been made therein.

All shares, securities and other investments are held by the company in its own name.

15. In our opinion, the company has not engaged in dealing or trading in shares, securities, debentures and other investments during the year. Accordingly, the provisions of clause (xiv) are not applicable to the company

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that there are no funds raised on short-term basis that have been used for long term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

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

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For RAJ GUPTA & CO. CHARTERED ACCOUNTANTS

SD/- RAJ GUPTA (PARTNER) M. NO.: 017039 Date: 31.05.2014 Place: Ludhiana

---

Mar 31, 2013

We have audited the accompanying financial statements of KUBER UDYOG LTD ("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 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 and financial performance of the Company in accordance with Accounting Standard referred to in sub-section (3C) section 211 of the Companies Act, 1956. ("The Act") This responsibility includes the design, implementation and maintenance of internal control relevant to the reparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material 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. ln making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of th6 financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expression an opinion on the effectiveness of the Company's internal control.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Management, as well as evaluating the overall presentation of the financial statements.

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

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view 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 Profit and Loss Account, of the loss of the Company for the year ended on that date.

c) in case of 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 ("the Order") issued by the Central Government of India in terms of section 227(3) 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 it appears from our examination of those books.

c. The Balance Sheet and Statement of Profit and Loss and cash flow statement dealt with by this Report are in agreement with the books of account.

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

e. On the basis of written representations received from the directors as on 31't March,2013, and taken on record by the Board of Directors, none of the directors is disqualified as on 31't March, 2013 from being appointed as a director in terms of section 274 (1)(g) of the Act.

ANNEXURE TO INDEPENDENT AUDITORS REPORT

Referred in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date

1. The company has no fixed assets. As such, the provisions of clause (i) (a), (b) & (c) of the order are not applicable.

2. The company does not have inventory. Hence clause (ii) (a), (b) & (c) are not applicable.

3. (a) According to the information and explanations given to us, the company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the companies Act, 1956. Hence clauses iii (b), (c), (d), (e), (f) and (d) of the order are not applicable to the Company.

4. In our opinion and according to 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. The company has not made any purchase of inventory or fixed assets and for sale of goods and services during the year. We have not observed any continuing failure to correct major weakness in internal control system.

5. According to information and explanation given to us, we are of the opinion that all the particulars of arrangements and contracts required to be made in registrar maintained u/s 301 has been so entered.

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

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. Maintenance of cost records has not been prescribed by Central Government under clause of sub Section (1) of sec 209 of the Companies Act in the case of the Company.

9. There are no un disputed amounts payable in respect of Income Tax, Wealth Tax, Sales tax, Customs Duty, Exercise Duty, and Service Tax Outstanding for period more than six Months as at 31st March, 2013 from the date they became payable.

10. There are no Accumulated losses of the Company at the end of financial year. The Company has suffered losses of Rs. 3,352.00 during the financial year covered by our audit.

11. In our opinion and according to information given to us, The Company has not availed term loan during the year.

12. As explained to us, The Company has not granted any loans or advances on the basis of security by way of Pledge of shares, debentures and other securities.

13. In our opinion, the Company is not a chit fund or a nidhi, mutual benefit fund and Society. Therefore the provisions of clause (xiii) are not applicable.

14. In our opinion, the company has not engaged in or trading in shares, securities, debentures and other investments during the year. Accordingly, the provisions of clause (xiv) are not applicable to the Company.

15. In our opinion and according to information given to us The Company has not given any Guarantees for loan taken by others from bank or financial institutions.

16. The Company has not availed term loan during the year

17. The Company has not raised any funds on short-term basis during the year.

18. The Company has not made any preferential allotment of share to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not issued any Debenture during the Year.

20. The company has not raised any money by public issued during the year.

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

For RAJ GUPTA & CO. CHARTERED ACCOUNTANTS

SD/- RAJ GUPTA Date: 20.6.2013 M. NO:017039 Place: Ludhiana

---

Mar 31, 2012

1. We have audited the attached Balance sheet of KUBER UDYOG LTD as at 31st March, 2012, the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditor's Report) Order, 2003 as amended by the Companies (Auditor's Report) (amendment) Order, 2004, issued by the Central Government of India in terms of section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order to the extent to which it is applicable to the Company.

4. Further to out comments in the annexure referred to the paragraph (3) above, we state 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 the law have been kept by the Company so far as it appears from out examination of such books;

c) The Balance sheet and Profit and Loss account dealt with by this report comply with the Accounting Standards notified under the Act.

d) On the basis of written representations received from the directors as on 31st March,2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014, from being appointed as a director in terms of section 274 (1)(g) of the Act.

e) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements read together with the Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956 in the manner 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 Profit and Loss Account, of the loss of the Company for the year ended on that date.

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

ANNEXURE TO INDEPENDENT AUDITORS REPORT

Referred in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date

i. In the case of its fixed assets:

a) The Company has no fixed assets.

ii. In the case of its inventory:

a) According to the information given to us, physical verification of inventories has been conducted at the reasonable intervals by the management

b) In our opinion, the procedure of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) The company is maintaining proper records of inventory. As explained to us, no discrepancies were noticed on physical verification.

iii. In the case of Loan granted or taken by the Company:

The company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the companies Act, 1956. So provisions of clause (b), (c) and (d) is not applicable to the said Company.

The Company has not taken loans secured or unsecured from companies, firms or otherwise listed in the register maintained under Section 301 of the Companies Act, 1956. So, Provisions of clauses (f) and (g) are not applicable to the said company.

iv. In the case of internal Control:

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

v. In the case of maintenance of register u/s 301

In our opinion and according to the information and explanation given to us all the particulars of contracts or arrangement required to be made in the register maintained u/s 301 has been made.

vi. In the case of Deposits:

According to the information and explanations given to us, the Company has not accepted any deposits within the meaning of Section 58, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules made thereunder.

vii. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

viii. To the best of our knowledge and as explained, maintenance of cost records has not prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 156.

ix. In the case of Statutory dues:

(a) According to information and explanations given to us, there are no undisputed amounts payable in respect of wealth tax, sales tax, customs duty, excise duty and service tax outstanding for a period of more than six months from the date of becoming payable as on 31st of March, 2012.

(b) According to the information and explanations given to us, no disputed amounts is pending for deposit.

x. The Company has suffered cash loss of Rs. 3751.00 in the current year and Rs. 327653.00 in the previous year. There are no accumulated losses of the Company as on 31st March, 2012.

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

xii. Based on our audit procedures and the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to financial institution, bank, etc.

xiii. In our opinion and according to the information given to us, no guarantee has been given by the Company for loan taken by others from banks and financial institutions.

xiv. The Company has not availed any term loan during the year.

xv. In our opinion and according to the information and explanations given to us, no shot term funds have been used for long term investment other than pending deployment pending application.

xvi. The Company has not made any preferential allotment during the year.

xvii. To the best of our knowledge and belief and according to the explanation given to us, no fraud on or by the Company has been noticed or reported during the year.

In our opinion and according to the information & explanations given to us, other provisions of the said order are not applicable to the Company.

For RAJ GUPTA & CO. CHARTERED ACCOUNTANTS

Date: 28.06.2012 RAJ GUPTA Place: Ludhiana (PARTNER)SD/- (PARTNER) M. NO.: 017039

---

Mar 31, 2011

1. We have audited the attached Balance Sheet of KUBER UDYOG LIMITED as 31st March, 2011 the Profit and Loss Accounts and Cash Flow Statements of the Company 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.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards requires that we plan and perform 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 financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by Companies (Auditors' Report) Order, 2003 as amended by the Companies (Auditor's Report) (amendment) Order 2004, issued by Central Government of India in terms of section 227 (4a) of Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order to the extent to which it is applicable to the Company.

4. Further to our comments in the annexure referred to in paragraph (3) above, we state 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 it appears from our examination of such books.

c. The Balance Sheet and Profit and Loss Account dealt with by this report comply with the Accounting standard referred Accounting Standards notified under the Companies Act, 1956.

d. On the basis of written representations received from the directors as on 31st March,2011, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March,2011, from being appointed as a director in terms of section 274 (1)(g) of the Act.

e. 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:

I. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March,

2011.

ii. In the case of the Profit and Loss Account, of the loss of the Company for the year ended on that date.

iii. In case of Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE TO INDEPENDENT AUDITORS REPORT

Referred in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date

i. In the case of its fixed assets:

a) The Company has no fixed assets.

ii. In the case of its inventory:

a) According to the information given to us, physical verification of inventories has been conducted at the reasonable intervals by the management

b) In our opinion, the procedure of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) The company is maintaining proper records of inventory. As explained to us, no discrepancies were noticed on physical verification.

iii. In the case of Loan granted or taken by the Company:

The company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the companies Act, 1956. So provisions of clause (b), (c) and (d) is not applicable to the said Company.

The Company has not taken loans secured or unsecured from companies, firms or otherwise listed in the register maintained under Section 301 of the Companies Act, 1956. So, Provisions of clauses (f) and (g) are not applicable to the said company.

iv. In the case of internal Control:

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

v. In the case of maintenance of register u/s 301

In our opinion and according to the information and explanation given to us all the particulars of contracts or arrangement required to be made in the register maintained u/s 301 has been made.

vi. In the case of Deposits:

The Company has not accepted any deposits within the meaning of Section 58, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules made thereunder.

vii. In our opinion and according to information & explanations given to us, the Company has an internal audit system commensurate with its size and the nature of its business.

viii. Maintenance of cost records has not prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956.

ix. In the case of Statutory dues:

(a) According to information and explanations given to us, there are no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty and Service Tax outstanding for a period of more than six months from the date of becoming payable as on 31st of March, 2011.

(b) According to the information and explanations given to us, no disputed amounts are pending for deposit.

x. The Company has suffered cash loss of Rs. 3021.00 in the current year and Rs. 4718.00 in the previous year. There are no accumulated losses of the Company as on 31st March, 2011.

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

xii. Based on our audit procedures and the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to financial institution, bank, etc.

xiii. In our opinion and according to the information given to us, no guarantee has been given by the Company for loan taken by others from banks and financial institutions.

xiv. The Company has not availed any term loan during the year.

xv. In our opinion and according to the information and explanations given to us, no shot term funds have been used for long term investment other than pending deployment pending application.

xvi. The Company has not made any preferential allotment during the year.

xvii. To the best of our knowledge and belief and according to the explanation given to us, no fraud on or by the Company has been noticed or reported during the year.

In our opinion and according to the information & explanations given to us, other provisions of the said order are not applicable to the Company.

For RAJ GUPTA & CO. CHARTERED ACCOUNTANTS

RAJ GUPTA (PARTNER)SD/- Date: 04.06.2011 (PARTNER) Place: Ludhiana M. NO.: 017039