Auditor Report of Kumbhat Financial Services Ltd.

Mar 31, 2025

We have audited the accompanying financial statements of Kumbhat Financial Services Limited
("the Company"), which comprise the balance sheet as at 31 March 2025, and the statement of Profit
and Loss including other comprehensive income, 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
material accounting policies and other explanatory information. (hereinafter referred to as "financial
statements")

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid financial statements give the information required by the Companies Act, 2013 (''the Act'') in
the manner so required and give a true and fair view in conformity with the Indian Accounting Standards
prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules,
2015, as amended (Ind AS), and other accounting principles generally accepted in India, of the state of
affairs of the Company as at 31 March 2025, its profit and other comprehensive income, changes in
equity and its cash flows for the year ended on that date.

Basis for Opinion

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

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the context
of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.

We haves determined the matters described below to be the key audit matters to be communicated in
our report.

Credit Risk and Provisioning of Loans & Advances:

As at March 31, 2025, the company''s total loans and advances is Rs. 1,773.44 lakhs against which a
provision for stage 1 assets of Rs.16.85 lakhs have been recognized by the company. Under Ind AS 109,

Financial Instruments, allowances for loan assets are determined using expected credit loss ("ECL")
estimation model. The estimation of ECL on financial instruments involves significant judgement and
estimates. The underlying forecasts and assumptions used in the estimates of impairment loss allowance
are subject to uncertainties which are often outside the control of the company. Given the size of loan
portfolio relative to the balance sheet and the impact of impairment allowance on the financial
statements, we have considered this as a key audit matter. (Reference is invited to Note 5 and Note 27,
read with Statement of Material Accounting Policies Note 2.3 to the Financial Statements)

How the matter was addressed in our Audit:

1. Assessed the accounting policy for impairment of financial assets and its compliance with
Ind AS 109

2. Obtained an understanding of the Company''s Expected Credit Loss (ECL) calculation and
the underlying assumptions.

3. Tested the key controls over the assessment and identification of significant increase in
credit risk and staging of assets.

4. Tested the arithmetical accuracy of the computation of the ECL and also performed
analytical procedures to verify the reasonableness of the computation.

5. Assessed the disclosure made in relation to Ind AS 109 for ECL allowance. Further, we also
assessed whether the disclosure of key judgements and assumptions are adequate

Information Other than the Financial Statements and Auditors’ Report Thereon

The Company''s Management and Board of Directors are responsible for the preparation of the other
information. The other information comprises the information included in the Directors report but
does not include the financial statements and our auditors'' report thereon.

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

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

Responsibilities of the Management and Board of Directors for Financial Statements

The Company''s Management and 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 state of affairs, profit and other comprehensive income, changes in equity and cash flows
of the Company in accordance with the accounting principles generally accepted in India, including
the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act. This responsibility
also includes maintenance of adequate accounting records in accordance with the provisions of the
Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring the accuracy and completeness
of the accounting records, relevant to the preparation and presentation of the financial statements
that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, Management and Board of Directors are 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 the Board of Directors 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.

Auditors’ Responsibilities for the Audit of the Financial Statements

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

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

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

• Obtain an understanding of internal financial control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the
Act, we are also responsible for expressing our opinion on whether the company has
adequate internal financial controls with reference to the financial statements in place and
the operating effectiveness of such controls.

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

• Conclude on the appropriateness of Management and Board of Directors 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 auditors'' 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 auditors''
report. However, future events or conditions may cause the Company to cease to continue
as a going concern; and

• 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.

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

Other Matters

The audited financial statements of the Company for the corresponding year ended 31 March 2024
prepared in accordance with Ind AS included in these financial statements, have been audited by the
predecessor auditors whose audit report dated 22^nd May 2024 expressed an unmodified opinion on
those audited financial statements.

Our opinion is not modified in respect of this matter stated in the audit report.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors'' Report) Order, 2020 ("the Order"), issued by the
Central Government of India in terms of Section 143 (11) of the Act, we give in the "Annexure
A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable.

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

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

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

(c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive
income), the Statement of Changes in Equity and the statement of cash flows dealt
with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid financial statements comply with the (Ind AS) specified
under Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on 31 March
2025 taken on record by the Board of Directors, none of the directors is disqualified
as on 31 March 2025 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 with reference to the
financial statements of the Company and the operating effectiveness of such controls,
refer to our separate Report in "Annexure B".

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

i. The Company has no pending litigations as at 31 March 2025 - Refer Note 36
to the financial statements;

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

iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company during the year ended 31
March 2025.

iv. (a) The management has represented that, to the best of its knowledge

and belief, as disclosed in the notes to the accounts, no funds have been
advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the company to or in
any other person(s) or entity(ies), including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall, whether, directly or indirectly
lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries.

(b) The management has represented, that, to the best of its knowledge
and belief, as disclosed in the notes to the accounts, no funds have been
received by the company from any person(s) or entity(ies), including
foreign entities ("Funding Parties"), with the understanding, whether
recorded in writing or otherwise, that the company shall, whether,
directly or indirectly, lend or invest in other persons or entities identified
in any manner whatsoever by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries.

(c) Based on such audit procedures that we have 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
(a) and (b) contain any material misstatement.

v. The Company has not paid/declared any dividend during the financial year.
Accordingly, reporting on compliance with the provisions of Section 123 of
the Act are not applicable.

vi. Based on our examination which included test checks, the company has used
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 software.

Further, during the course of our audit we did not come across any instance of
audit trail feature being tampered with. The audit trail has been preserved by
the company as per the statutory requirements for record retention.

3. With respect to the matter to be included in the Auditors'' Report under Section 197(16) of
the Act, in our opinion and according to the information and explanations given to us, the
remuneration paid by the Company to its directors during the current year is in accordance
with the provisions of Section 197 of the Act.

For PKF Sridhar & Santhanam LLP

Chartered Accountants
Firm''s Registration No.003990S/S200018

T V Balasubramanian

Partner

Place: Chennai Membership No. 027251

Date: 23.05.2025 UDIN: 25027251BMIAEA7379

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Mar 31, 2024

We have audited the Ind AS financial statements of KUMBHAT FINANCIAL SERVICES LIMITED ("the Company"),
which comprise the Balance Sheet as at 31st March 2024, the Statement of Profit and Loss, statement of
changes in equity and Cash Flow Statement for the year ended and notes to the financial statements, including
a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
Ind AS financial statements give the information required by the Companies Act, 2013 in the manner so
required and give a true and fair view in conformity with the accounting principles generally accepted in India,
of the state of affairs of the Company as at March 31, 2024, and its loss, changes in equity and its cash flows
for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10)
of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor''s
Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India
together with the ethical requirements that are relevant to our audit of the financial statements under the
provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 year. 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 the matters described below to be the Key Audit Matters to be communicated in our
report:

S.no	Key Audit Matters	How the matter was addressed in our Audit
1	Credit Risk and Provisioning of Loans &	Our audit procedures related to the allowance for
	Advances:	ECL included the following, among others:
	As at March 31, 2024 the company''s total loans and advances is Rs. 415.94 lacs against which a provision for non-performing assets	1. Assessed the accounting policy for impairment of financial assets and its compliance with Ind AS 109.
	of Rs.212.29 lacs and provision against stage 1 assets of Rs.1.17 lacs have been recognized by the company. Under Ind AS 109, Financial Instruments,	2. obtained an understanding of the Company''s Expected Credit Loss (ECL) calculation and the underlying assumptions.
	allowances for loan assets are determined using expected credit loss ("ECL") estimation model. The estimation of ECL on financial instruments	3. Tested the key controls over the assessment and identification of significant increase in credit risk and staging of assets.
	involves significant judgement and estimates. The underlying forecasts and assumptions used in the estimates of impairment loss allowance are subject to uncertainties which are often	4. Sample testing of the accuracy and appropriateness of information used in the estimation of Probability of Default (PD) and Loss Given Default (LGD).
	outside the control of the company. Given the size of loan portfolio relative to the balance sheet and the impact of impairment allowance on the standalone financial statements, we have	5. Tested the arithmetical accuracy of the computation of PD and LGD and also performed analytical procedures to verify the reasonableness of the computation.
	considered this as a key audit matter. (Reference to Note 6 and Note 20, read with Statement of Accounting Policies Note 1.3 to the Financial Statements)	6. Assessed the disclosure made in relation to Ind AS 109 for ECL allowance. Further, we also assessed whether the disclosure of key judgements and assumptions are adequate.

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

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act,
2013 with respect to the preparation of these financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read
with Rule 7 of the Companies (Accounts) Rules, 2014.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions
of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making judgments and estimates
that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial statements that give a true and fair view and are
free from material misstatement, whether due to fraud or error.

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

The Board of Directors are also responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Financial Statements

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

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

• Identify and assess the risks of material misstatement of the 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

1. As required by the Companies (Auditor''s Report) Order, 2020 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.

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

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

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, except for the matters stated in the paragraph below
on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 and proper returns
adequate for the purposes of our audit have been received from the branches not visited by us.

c. There are no branch offices of the Company.

d. The Balance Sheet, Statement of Profit and Loss, Cash Flow Statement and Statement of changes in
Equity dealt with by this Report are in agreement with the books of accounts.

e. In our opinion, the aforesaid standalone Ind AS financial statements comply with Accounting Standards
specified under section 133 of the Act, read with Companies (Indian Accounting Standard) Rules, 2015
as amended.

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

g. With respect to the adequacy of the internal financial controls over financial reporting of the Company
and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".

h. The modifications relating to the maintenance of accounts and other matters connected therewith are
as stated in the paragraph above on reporting under section 143(3)(b) of the Act and paragraph below
on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

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 which would impact its financial position.

ii) The Company does not have any long-term contracts requiring a provision for material foreseeable
losses.

iii) The Company does not have any amounts required to be transferred to the Investor Education and
Protection Fund.

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;

(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 reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from
1 April 2023; Based on our examination which included test checks and information given to us, the
company has used accounting software for maintaining its books of account, which did not have a
feature recording audit trail (edit log) facility throughout the year for all relevant transactions recorded
in the respective software, hence we are unable to comment on audit trail feature of the said software.

For Mardia & Associates

Chartered Accountants

Firm''s registration number: 007888S

(Manish Mardia)

Proprietor

Membership number: 205307

UDIN:24205307BKATRG2126

Place: Chennai

Date: 22.05.2024

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Mar 31, 2014

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

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS:

Management is responsible for the preparation of these financial statements that give a true and fair view of the fin.ncial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in Section 133 of the Companies Act, 2013 ( the Act ) in terms of General circular 15/2013 dated 13th September, 2013 and in accordance with the generally accepted accounting principles in India . This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements thgt 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 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 the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, 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 March 31, 2014;

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 & REGULATORY REQUIREMENTS:

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

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

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

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

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

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in section 133 of the Companies Act, 2013; in terms of General Circular No 15/2013 dated 13,h September,2013 of the Ministry of corporate Affairs.

e) on the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31.2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

KUMBHAT FINANCIAL SERVICES LIMITED, CHENNAI ANNEXURE REFERRED TO IN PARA ''V OF OUR REPORT OF EVEN DATE

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of Kumbhat Financial Services Limited on the accounts of the company for the year ended 31** March, 2014.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

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

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals, no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, no fixed asset has been disposed during the year and therefore does not affect the going concern assumption. -

2. (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals. Shares held in demat form have been duly confirmed by the Depository.

(b) In our opinion and according to the information and explanations given to us, 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.

(c) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records. And also the Company has stock in trade of shares which Is lying with and confirmed by the depository.

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 parties 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.

(b) 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.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of shares.. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

b) As per information & explanations given to us and in our opinion, the transaction entered into by the company with parties covered u/s 301 of the Act does not exceeds five lakhs rupees in a financial year therefore requirement of reasonableness of transactions does not arise.

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

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

8. As per information & explanation given by the management, maintenance of cost records has been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act are not applicable to 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 there were no outstanding statutory dues as on 31" of March. 2014 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 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 does not have any accumulated loss and has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

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

12. According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. 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, the Company is not trading in Shares, Mutual funds & other Investments. Proper records & timely entries have been maintained in this regard & further investments specified are held in their own name.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

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. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31" March, 2013, we report that no funds raised on short-term basis 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 money by 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 KRISHNAN & GIRI Chartered Accountants

Chennai R. Saptagiri Date: 25/08/2014 Partner M No:38623

---

Mar 31, 2012

We have audited the attached Balance Sheet of KUMBHAT FINANCIAL SERVICES LIMITED, CHENNAI as at 31th March 2012 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

1 We conducted our audit in accordance with the 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 from any material misstatements An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements An audit also includes, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

2 As required by the Companies (Auditor''s Report), Order 2003 issued by the Central Government 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 & 5 of the said order

3 Further as required by the Non-Banking Financial Companies Auditor''s Report (Reserve Bank) '' Directions 1998, vide Notification No.DFC 114/DG(SPT)-98 dated January 2~ 1998. we enclose in the Annexure a statement on the matters specified in paragraphs 3 of the said notification

4 Further to our comments in the annexure referred to in paragraph T above we report that

a) We have obtained all the information and explanations which to the best to 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 appears from our examination of such books

c ) The Balance Sheet, Profit and Loss Account and cash flow statement are in agreement with the books of accounts

d) In our opinion the the Balance Sheet. Profit and Loss Account and Cash flow statement comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956 .

e) On the basis of the information and explanations given to us and representations obtained by the company there are no directors of the company who. as at 31* March 2012. are disqualified under section 274{1)(g) of the Companies Act,1956, from being appointed as Directors.

f) In our opinion and to the best of our information and according to the explanations given to us the said account read along with the notes thereon give the information required by the Companies Act, 1956 in the manners required and also give a true and fair view tn conformity with the accounting principles generally accepted in India

i) In so far as it relates to the Balance Sheet of the state of affairs of the Company as at 31st March, 2012 and

ii) In so far as it relates to the Profit and Loss Account of the Profit of the Company for the year ended on that date.

iii)'' In so far as it relates to the Cash flow statement, of the cash flow for the year ended on that date.

KUMBHAT FINANCIAL SERVICES LIMITED, CHENNAI ANNEXURE REFERRED TO IN PARA ''2'' OF OUR REPORT OF EVEN DATE

1. The Company has maintained proper records showing lull particulars including quantitative details and situation of Fixed Assets. Al! the assets have been physically verified by the management during the year which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No serious discrepancies were noticed on such verification. None of the Fixed Assets were disposed off during the year and therefore do not affect the going concern status of the Company.

2. The stock of Shares were physically verified by the management at the year-end. As per the information given to us, the procedure of physical verification of stocks followed by the management is in our opinion reasonable and adequate in relation to the size of the company and nature of its business

On the basis of our examination of stock records, it is found that the some have been properly maintained and as per the explanations given to us, no material discrepancies have been noticed on physical verification as compared to book records.

3. In our opinion, the company has not taken / granted loans during the year from / to patties listed in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and in accordance with the information and explanations given to us, there are adequate internal control procedure commensurate with the size of the company and nature of its business, for purchases of inventory and fixed assets and with regard to the sale of goods.

5 In our opinion, and according to the information and explanations given to us, there are no transactions for purchase / sale of goods, services made in purchase of contracts or arrangements required to be entered in the register maintained under section 301 of the register, aggregating during the year to Rs.5,00,000/- or more in respect of each party.

6. In our opinion, and according to the information and explanations given to us. the company has not accepted any deposits from public.

7. In our opinion, the company does have an an internal audit system, the scope and coverage of which needs to be strengthened to make it commensurate with the size and nature of its business.

8. The Company is not required to maintain any cost records as prescribed by the Central Government under section 209{1 )(d) of the Companies Act, 1956 as the same is not applicable to the Company.

9. According to the explanations given to us, the provisions of the Employees Provident Fund and Miscellaneous Provisions Act. 1952 and Employees State Insurance Act, 1918 are not applicable to the Company.

10. According to the information and explanations given to us, there are no undisputed amounts payable in respect of Sales Tax, Customs Duty and Excise Duty as at 31st March, 2011. for a period of more than six months from the date they became payable. Further, according to the information and explanations give to us, there are no disputed statutory dues pending payment.

11. On the basis of the financial statements, the company does not have accumulated loss nor has it incurred cash loss during the year as well as in the immediately preceding financial year.

12. The Company has not issued any debentures. According to the records of the Company examined by us, the Company has not availed any term loan or working capital limits from any bank of financial institution.

13 The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, clause 4(xh) of the Order is not applicable.

14. The Company is not a Chit Fund, Nidhi, Mutual Benefit Fund or a Society. Accordingly, clause 4(xiii) of the order is not applicable.

15. According to the information and the explanations given to us and based on the records examined by us, the company is maintaining proper records in respect of the shares dealt and the said investments (subject to note on investment) have been held by the company in its own name as per the provisions of the Section 49 of the Companies Act, 1956.

16. On the basis of reformation and explanations given to us, the company has not given guarantee to any Bank or Financial Institution on behalf of other parties.

17. The Company has not taken any term loans. Hence clause (xvi) of para''4(A) is not applicable.

18. On the basis of our examination of the books of account and the information and explanation given to us, in our opinion, the funds raised on short term bastes have not been used for long term investment.

19. The Company has not made any preferential allotment of shares to any party listed in the register maintained under section 301 of the Companies Act. 1956 Hence clause 4(xviii) of the Order is not applicable.

20. The Company has not issued debentures. Hence, clause 4(xix) of the Order is not applicable.

21. The Company has not raised any money by way of public issues during the year. Hence clause 4(xx) of the Order is not applicable.

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

for KRISHNAN & GIRI

Chartered Accountants

Chennai R. Saptagiri

Date : 22nd August 2012 Partner

M No: 38623

Firm No: 001512S

---

Mar 31, 2011

1. We conducted our audit in accordance with the 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 from any material misstatements. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Companies (Auditor's Report), Order 2003 issued by the Central Government 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 & 5 of the said order.

3. Further as required by the Non-Banking Financial Companies Auditor's Report (Reserve Bank) Directions, 1998, vide Notification No.DFC.114/DG(SPT)-98 dated January 2nd 1998, we enclose in the Annexure a statement on the matters specified in paragraphs 3 of the said notification.

4. Further to our comments in the annexure referred to in paragraph '1' above we report that:

a) We have obtained all the information and explanations which to the best to 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 appears from our examination of such books.

c ) The Balance Sheet, Profit and Loss Account and cash flow statement are in agreement with

the books of accounts.

d) In our opinion, the the Balance Sheet, Profit and Loss Account and Cash flow statement comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of the information and explanations given to us and representations obtained by the company there are no directors of the company who, as at 31st March 2011, are disqualified under section 274(1)(g) of the Companies Act,1956, from being appointed as Directors.

f) In our opinion and to the best of our information and according to the explanations given to us, the said account read along with the notes thereon give the information required by the Companies Act, 1956 in the manners required and also give a true and fair view in conformity with the accounting principles generally accepted in India.

i) In so far as it relates to the Balance Sheet of the state of affairs of the Company as at 31st March, 2011 and

ii) In so far as it relates to the Profit and Loss Account of the Profit of the Company for the year ended on that date.

iii) In so far as it relates to the Cash flow statement, of the cash flow for the year ended on that date.

ANNEXURE REFERRED TO IN PARA '2' OF OUR REPORT OF EVEN DATE

1. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. Ail the assets have been physically verified by the management during the year which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No serious discrepancies were noticed on such verification. None of the Fixed Assets were disposed off during the year and therefore do not affect the going concern status of the Company.

2. The stock of Shares were physically verified by the management at the year-end. As per the information given to us, the procedure of physical verification of stocks followed by the management is in our opinion reasonable and adequate in relation to the size of the company and nature of its business.

On the basis of our examination of stock records, it is found that the same have been properly maintained and as per the explanations given to us, no material discrepancies have been noticed on physical verification as compared to book records.

3. In our opinion, the company has not taken / granted loans during the year from / to parties listed in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and in accordance with the information and explanations given to us, there are adequate internal control procedure commensurate with the size of the company and nature of its business, for purchases of inventory and fixed assets and with regard to the sale of goods.

5. In our opinion, and according to the information and explanations given to us, there are no transactions for purchase / sale of goods, services made in purchase of contracts or arrangements required to be entered in the register maintained under section 301 of the register, aggregating during the year to Rs.5,00,000/- or more in respect of each party.

6. In our opinion, and according to the information and explanations given to us, the company has not accepted any deposits from public.

7. In our opinion, the company does have an an internal audit system, the scope and coverage of which needs to be strengthened to make it commensurate with the size and nature of its business.

8. The Company is not required to maintain any cost records as prescribed by the Central Government under section 209(1 )(d) of the Companies Act, 1956 as the same is not applicable to the Company.

9. According to the explanations given to us, the provisions of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 and Employees State Insurance Act, 1948 are not applicable to the Company.

10. According to the information and explanations given to us, there are no undisputed amounts payable in respect of Sales Tax, Customs Duty and Excise Duty as at 31st March, 2011, for a period of more than six months from the date they became payable. Further, according to the information and explanations give to us, there are no disputed statutory dues pending payment.

11. On the basis of the financial statements, the company does not have accumulated loss nor has it incurred cash loss during the year as well as in the immediately preceding financial year.

12. The Company has not issued any debentures. According to the records of the Company examined by us, the Company has not availed any term loan or working capital limits from any bank of financial institution.

13. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, clause 4(xii) of the Order is not applicable.

14. The Company is not a Chit Fund, Nidhi, Mutual Benefit Fund or a Society. Accordingly, clause 4(xiii) of the order is not applicable.

15. According to the information and the explanations given to us and based on the records examined by us, the company is maintaining proper records in respect of the shares dealt and the said investments (subject to note on investment) have been held by the company in its own name as per the provisions of the Section 49 of the Companies Act, 1956.

16. On the basis of information and explanations given to us, the company has not given guarantee to any Bank or Financial Institution on behalf of other parties.

17. The Company has not taken any term loans. Hence clause (xvi) of para'4(A) is not applicable.

18. On the basis of our examination of the books of account and the information and explanation given to us, in our opinion, the funds raised on short term basis have not been used for long term investment.

19. The Company has not made any preferential allotment of shares to any party listed in the register maintained under section 301 of the Companies Act, 1956. Hence clause 4(xviii) of the Order is not applicable.

20. The Company has not issued debentures. Hence, clause 4(xix) of the Order is not applicable.

21. The Company has not raised any money by way of public issues during the year. Hence clause 4(xx) of the Order is not applicable.

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

for KRISHNAN & GIRI Chartered Accountants

Chennai R. Saptagiri

Date : 19th August 2011 Partner

M No: 38623 Firm No: 001512S

---

Mar 31, 2010

We have audited the attached Balance Sheet of KUMBHAT FINANCIAL SERVICES LIMITED, CHENNAI as at 31st March, 2010 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 Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We conducted our audit in accordance with the 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 from any material misstatements. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Companies (Auditors Report), Order 2003 issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 & 5 of the said order.

3. Further as required by the Non-Banking Financial Companies Auditors Report (Reserve Bank) Directions, 1998, vide Notification No.DFC.114/DG(SPT)-98 dated January 2nd 1998. we enclose in the Annexure a statement on the matters specified in paragraphs 3 of the said notification.

4. Further to our comments in the annexure referred to in paragraph 1 above we report that:

a) We have obtained all the information and explanations which to the best to 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 appears from our examination of such books.

c) The Balance Sheet . Profit and Loss Account and cash flow statement are in agreement with the books of accounts.

d) In our opinion, the the Balance Sheet, Profit and Loss Account and Cash flow statement comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of the information and explanations given to us and representations obtained by the company there are no directors of the company who, as at 31st March 2010, are disqualified under section 274(1 )(g) of the Companies Act.1956. from being appointed as Directors.

f) In our opinion and to the best of our information and according to the explanations given to us, the said account read along with the notes thereon give the information required by the Companies Act, 1956 in the manners required and also give a true and fair view in conformity with the accounting principles generally accepted in India.

i) In so far as it relates to the Balance Sheet of the state of affairs of the Company as at 31st March. 2010 and

ii) In so far as it relates to the Profit and Loss Account of the Profit of the Company for the year ended on that date.

iii) In so far as it relates to the Cash flow statement, of the cash flow for the year ended on that date.

ANNEXURE REFERRED TO IN PARA 2 OF OUR REPORT OF EVEN DATE

1. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. All the assets have been physically verified by the management during the year which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No serious discrepancies were noticed on such verification. None of the Fixed Assets were disposed off during the year and therefore do not affect the going concern status of the Company.

2. The stock of Shares were physically verified by the management at the year-end. As per the information given to us, the procedure of physical verification of stocks followed by the management is in our opinion reasonable and adequate in relation to the size of the company and nature of its business.

On the basis of our examination of stock records, it is found that the same have been properly maintained and as per the explanations given to us, no materia! discrepancies have been noticed on physical verification as compared to book records.

3. In our opinion, the company has not taken / granted loans during the year from / to parties listed in the register maintained under section 301 of the Companies Act.. 1956.

4. In our opinion and in accordance with the information and explanations given to us. there are adequate internal control procedure commensurate with the size of the company and nature of its business, for purchases of inventory and fixed assets and with regard to the sale of goods.

5. in our opinion, and according to the information and explanations given to us, there are no transactions for purchase / sale of goods, services made in purchase of contracts or arrangements required to be entered in the register maintained under section 301 of the register, aggregating during the year to Rs.5.00,000/- or more in respect of each party.

6. In our opinion, and according to the information and explanations given to us, the company has not accepted any deposits from public.

7. In our opinion, the company does have an an internal audit system, the scope and coverage of which needs to be strengthened to make it commensurate with the size and nature of its business.

8. The Company is not required to maintain any cost records as prescribed by the Central Government under section 209(1 )(d) of the Companies Act, 1956 as the same is not applicable to the Company.

9. According to the explanations given to us, the provisions of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 and Employees State Insurance Act, 1948 are not applicable to the Company.

10. According to the information and explanations given to us, there are no undisputed amounts payable in respect of Sales Tax, Customs Duty and Excise Duty as at 31st March, 2010, for a period of more than six months from the date they became payable. Further, according to the information and explanations give to us, there are no disputed statutory dues pending payment.

11. On the basis of the financial statements, the company does not have accumulated loss nor has it incurred cash loss during the year as well as in the immediately preceding financial year.

12. The Company has not issued any debentures According to the records of the Company examined by us, the Company has not availed any term loan or working capital limits from any bank of financial institution

13. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, clause 4(xii) of the Order is not applicable.

14. The Company is not a Chit Fund. Nidhi Mutual Benefit Fund or a Society. Accordingly. clause 4(xiii) of the order is not applicable.

15. According to the information and the explanations given to us and based on the records examined by us. the company is maintaining proper records in respect of the shares dealt and the said investments (subject to note on investment) have been held by the company in its own name as per the provisions of the Section 49 of the Companies Act, 1956.

16. On the basis of information and explanations given to us. the company has not given guarantee to any Bank or Financial Institution on behalf of other parties.

17 The Company has not taken any term loans. Hence clause (xvi) of para 4(A) is not applicable.

18. On the basis of our examination of the books of account and the information and explanation given to us. in our opinion, the funds raised on short, term basis have not been used for long term investment.

19 The Company has not made any preferential allotment of shares to any party listed in the register maintained under section 301 of the Companies Act. 1956. Hence clause 4(xviii) of the Order is not applicable.

20. The Company has not issued debentures. Hence, clause 4(xix) of the Order is not applicable.

21 The Company has not raised any money by way of public issues during the year. Hence clause 4(xx) of the Order is not applicable.

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

for KRISHNAN & GIRI

Chartered Accountants

Chennai R.Saptagiri

Date : 30th June, 2010. Partner

Membership No.38623