Auditor Report of Lykis Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial statements of Lykis Limited (the "Company"), which comprise
the standalone balance sheet as at March 31, 2025, and the standalone statement of Profit and Loss (including other
comprehensive income), and the standalone statement of changes in equity and the standalone statement of cash flows
for the year then ended, and notes to the standalone financial statements, including a summary of significant accounting
policies and other explanatory information (hereinafter referred to as the "Standalone Financials Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone
financial statements give the information required by the 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 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 31,2025, and 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 Standards are further described in the Auditor''s Responsibilities for the Audit of
the standalone Financial Statements section of our report. We are independent of the Company in accordance with the
Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements
that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s
Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion on the standalone 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
standalone financial statements of the current period. These matters were addressed in the context of our audit of the
standalone 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.

Sr. No.	Key Audit Matter	Auditor''s Response
1	Provision made towards doubtful debts & advances	Our audit procedures included the following:
	During the FY 2024-25, the Company has made	• We gained an understanding of the process
	provision for doubtful debts and advances amounting	undertaken by the company for recoverability of
	to '' 215.27 Lakhs and reversed provision amounting to '' 317.83 for the current year.	such amount. • We have assessed the management''s forecast and
	Refer Note No. 30 to the Standalone Financial Statements.	communication with parties. • We have verified that the company has taken requisite approval from the appropriate authorities and checked proper presentation and disclosure of the same in the financial statements.

Sr. No.	Key Audit Matter	Auditor''s Response
2	Recoverability of Other Advances	Our audit procedures involve the following activities:
	As at March 31, 2025, Other current assets include	• Assessing and updating our understanding of
		internal controls over financial reporting with
	'' 451.45 Lakhs in respect of Advances to vendors and are pending to be adjusted/settled.	respect to advances given;
		• Assessment of the Company''s SOP of purchases
	Management exercises significant judgment when determining whether to record any impairment loss on advances. As the carrying amount of Other Advances	outlining authority for approving and responsibility to manage vendor advances;
	accounts for a relatively high proportion of assets,	• Inquiries with management in order to understand
	there would be a material impact on the financial	and assess governance and follow-up/monitoring
	statements if such advances cannot be settled on	of key vendors;
	schedule or fail to be recovered /settled. Therefore, we consider the recoverability of Other Advances as	• Obtain balance confirmations from selected parties
	a key audit	to ensure existence thereof
	matter.	• Review of Purchase orders and/or agreements
		for selected parties and enquire management
	Refer Note 16 to the Standalone Financial Statements.	regarding reasons for unsettled advances as on date.

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

The Company''s Management and Board of Directors are responsible for the other information. The other information
comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexures
to Board''s Report, Corporate Governance, Shareholder''s Information and Director''s report, but does not include the
standalone financial statements and our auditor''s report thereon.

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

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the standalone financial statements
or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information; we are required to report that
fact. We have nothing to report in this regard.

Management''s Responsibilities for the Standalone Financials Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the
preparation of these standalone financial statements that give a true and fair view of the financial position, financial
performance, including 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 standalone financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, the management and the 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 are also responsible for overseeing the company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with 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 standalone financial statements.

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

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

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

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

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

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

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

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

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the Central Government of
India in terms of sub-section (11) of section 143 of the Act, we give in the "Annexure 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 standalone Balance Sheet, the standalone Statement of Profit and Loss (including other comprehensive
income), the standalone statement of changes in equity and the standalone statement of cash flows dealt with
by this Report are in agreement with the books of account;

(d) In our opinion, the aforesaid standalone 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 March 31, 2025 taken on record
by the Board of Directors, none of the directors is disqualified as on March 31,2025 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 over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate Report in "Annexure B".

(g) With respect to the matter to be included in the Auditor''s Report under Section 197(16) of the Act, in our
opinion, according to the information and explanation give to us, the remuneration paid by the Company to
its directors during the year is in accordance with the provisions of section 197 read with Schedule V of the
Act, and

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

i. The Company does not have any pending litigation which would impact its financial position except as
disclosed in note 39 to the standalone 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.

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 persons or entities, including foreign entities ("Intermediaries"), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall 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
persons or entities, including foreign entities ("Funding Parties"), with the understanding, whether
recorded in writing or otherwise, that the company shall, 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 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) contain any material mis-statement.

v. The Company has neither declared nor paid any dividend during the year.

vi. Based on our examination, which included test checks, the Company has used accounting software
for maintaining its books of account for the financial year ended 31 March 2025 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''s. Further, during the course of our audit we did not come across
any instance of the audit trail feature being tampered with and the audit trail has been preserved by the
Company as per the statutory requirements for record retention.

For J A S S & Co LLP
(formerly known as Singrodia & Co LLP)

Chartered Accountants
Firm Registration No: W100280

Akshay Agarwal

Partner

Date : May 23, 2025 Membership No. 170148

Place : Mumbai UDIN : 25170148BMLGFT8661

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Mar 31, 2024

LYKIS LIMITED

REPORT ON THE AUDIT OF THE STANDALONE IND AS FINANCIAL STATEMENTS

Opinion

We have audited the accompanying standalone financial statements of Lykis Limited (the "Company"), which comprise the standalone balance sheet as at March 31, 2024, and the standalone statement of Profit and Loss (including other comprehensive income), and the standalone statement of changes in equity and the standalone statement of cash flows for the year then ended, and notes to the standalone financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as the "Standalone Financials Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the 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 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, and 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 Standards are further described in the Auditor''s Responsibilities for the Audit of the standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone 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 standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone 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.

Sr. No.	Key Audit Matter	Auditor''s Response
1	Sundry Balances Written Off & Provision made towards doubtful debts & advances During the FY 2023-24, the Company has written off as bad debts a sum of '' 3.86 Lakhs for advances and receivables which are not recoverable and provided for in the previous year and has made additional provision for doubtful debts and advances amounting to '' 625.26 Lakhs (net of reversal) for the current year. Refer Note No. 36 to the Standalone Financial Statements.	Our audit procedures included the following: > We gained an understanding of the process undertaken by the company for recoverability of such amount. > We have assessed the management''s forecast and communication with parties. > We have verified that the company has taken requisite approval from the appropriate authorities and checked proper presentation and disclosure of the same in the financial statements.

Sr. No.	Key Audit Matter	Auditor''s Response
2	Recoverability of Other Advances	Our audit procedures involve the following activities:
	As at March 31, 2024, Other current assets	>	Assessing and updating our understanding of internal
	include '' 573.99 Lakhs in respect of Advances to		controls over financial reporting with respect to
	vendors and are pending to be adjusted/settled.		advances given;
	Management exercises significant judgment when	>	Assessment of the Company''s procurement policy
	determining whether to record any impairment loss on advances. As the carrying amount of Other Advances accounts for a relatively high proportion of assets, there would be a material impact on the financial statements if such advances cannot be settled on schedule or fail to be recovered /	>	outlining authority for approving and responsibility to manage vendor advances; Inquiries with management in order to understand and assess governance and follow-up/monitoring of key vendors;
	settled. Therefore, we consider the recoverability	>	Obtain balance confirmations from selected parties to
	of Other Advances as a key audit matter.		ensure existence thereof;
	Refer Note 16 to the Standalone	>	Review of Purchase orders and/or agreements for
	Financial Statements.		selected parties and enquire management regarding reasons for unsettled advances as on date.

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

The Company''s Management and Board of Directors are responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Business Responsibility and Sustainability Report, Corporate Governance, Shareholder''s Information and Director''s report, but does not include the standalone financial statements and our auditor''s report thereon.

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

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

Management''s Responsibilities for the Standalone Financials Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, including 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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, the management and the 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 are also responsible for overseeing the company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with 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 standalone financial statements.

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

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

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

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

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

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

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

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

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the Central Government of

India in terms of sub-section (11) of section 143 of the Act, we give in the "Annexure 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 standalone Balance Sheet, the standalone Statement of Profit and Loss (including other comprehensive income), the standalone statement of changes in equity and the standalone statement of cash flows dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the aforesaid standalone 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 March 31, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2024 from being appointed as a director in terms of Section 164 (2) of the Act;

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

(g) With respect to the matter to be included in the Auditor''s Report under Section 197(16) of the Act, in our opinion, according to the information and explanation give to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 read with Schedule V of the Act, and

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

i. The Company does not have any pending litigation which would impact its financial position.

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.

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 persons or entities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall 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 persons or entities, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the company shall, 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 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) contain any material mis-statement.

v. The Company has neither declared nor paid any dividend during the year.

vi. Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of account for the financial year ended March 31,2024 which has a feature of recording audit trail (edit log) facility for all relevant transactions recorded in the software and the said feature was not enabled for the period from 01st April 2023 to 6th April 2023. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with for the period the where audit trail (edit log) facility was enabled.

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

For SINGRODIA & CO. LLP

Chartered Accountants Firm Registration No.: W100280

Shyamratan Singrodia

Partner

Place: Mumbai Membership No. 049006

Date: 13th May, 2024 UDIN: 24049006BKCGAE4282

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Mar 31, 2018

INDEPENDENT AUDITORS'' REPORT

TO THE MEMBERS OF M/S LYKIS LIMITED Report on the Financial Statements

We have audited the accompanying (standalone) financial statements of LYKIS LIMITED ("the Company"), which comprise the Balance Sheet as at 31 March 2018, the Statement of Profit and Loss (including other comprehensive income), the statement of changes in Equity & the statement of Cash Flow for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the (Standalone) Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these (Standalone) 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 Indian accounting Standard (Ind AS) prescribed u/s 133 of the Act read with the companies (Indian Accounting Standard) rules 2015 as amended, and other accounting principles generally accepted in India. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone 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 (Standalone) financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under and the order issued u/s 143(11) of the act.

We conducted our audit of standalone financial statement 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 standalone 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 and audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s directors as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the (Standalone) financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid (Standalone) financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at 31st March, 2018, its profit, total comprehensive income the changes in Equity and its cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

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

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

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

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

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

e) On the basis of written representations received from the directors of the company as on 31 March, 2018, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2018, from being appointed as a director in terms of Section 164(2) of the Act.

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

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

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

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

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

2. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the "Annexure B" a statement on the matters Specified in paragraphs 3 and 4 of the Order, to the extent applicable.

[Referred to in paragraph 2 under ''Report on Other Legal and Regulatory Requirements'' of our Report of even date to the members of LYKIS LIMITED on the accounts of the company for the year ended 31st March, 2018 ]

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

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

b) As explained to us, fixed assets have been physically verified by the management during the year in accordance with the phased programe of verification adopted by the management which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

c) The title deeds of the immovable properties are held in the name of the company.

(ii) a) As explained to us, the inventories of finished goods, semi finished goods, stores, spare parts and raw material physically verified at the end of the year by the Management. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business.

b) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification as compared to book records.

(iii) According to the information and explanations given to us, the Company has not granted any loan to companies, firms or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013; and therefore paragraph 3 (iii) of the Order is not applicable.

(iv) In our opinion and according to the information and explanations given to us, in respect of loans, investments, guarantees and securities provisions of sections 185 and 186 of the Companies Act, 2013 has been complied with.

(v) The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.

(vi) As informed to us, the Central Government has not prescribed maintenance of cost records under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the Company.

(vii) According to the information and explanations given to us, in respect of statutory dues:

a) The Company is not regular in depositing undisputed statutory dues, including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Service Tax Goods and Service Tax, Value Added Tax, Customs Duty, Excise Duty, Cess and other material statutory dues applicable to it with the appropriate authorities.

b) There were undisputed amounts payable in respect of Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Service Tax, Value Added Tax, Goods and Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues in arrears as at March 31, 2018 for a period of more than six months from the date they became payable as per detail given below:

Tea Cess Rs, 13,28,435.35

Vat Rs, 2,95,072.45

Agricultral Income Tax Rs, 11,74,715.00

c) Details of dues of Income Tax, Sales Tax, Service Tax, Excise Duty and Value Added Tax which have not been deposited as at March 31, 2018 on account of dispute are given below:

Nature of the statute	Nature of dues	Forum where Dispute is Pending	Period to which the Amount Relates	Amount in lakhs*
The Income Tax Act, 1961	Income Tax	CIT Appeal Kolkata	A.Y. 2015-16 A.Y 2014-15	95,05,640/ 2,72,690/-
Central Sales Tax	CST	Deputy Commissioner of Sales tax Mumbai	F.Y. 2012-13	41,44,217/-

(viii) According to the information and the explanation given to us the Company has not defaulted in repayment of loans & borrowings to financial institution, bank, government or due to any debenture holder.

(ix) Based upon the audit procedures performed and the information and explanations given by the management, the Company has not raised any money by way of term loans, debt instrument & initial public offer or further public offer during the year.

(x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

(xi) According to the information & explanations given to us and based on our examination of records of the company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provision of Section 197 read with Schedule v to the act.

(xii) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 4 (xii) of the Order are not applicable to the Company.

(xiii) In our opinion and according to the information and explanations given to us, all transactions with related parties are in compliance with Sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the financial statements etc., as required by the applicable accounting standard.

(xiv) Based upon the audit procedures performed and the information and explanations given by the management, the Company has not made any preferential issue of equity shares during the year under review.

(xv) Based upon the audit procedures performed and the information and explanations given by the management, the Company has not entered into any non-cash transactions with directors or persons connected with him.

Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.

(xvi) In our opinion and according to information given to us, the Company is not Required to obtain registration under Section 45 IA of the Reserve Bank of India Act, 1934.

Report of even date on the Standalone Financial Statements of LYKIS LIMITED Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Lykis Limited as of March 31, 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Management''s Responsibility for Internal Financial Controls

The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors'' Responsibility

Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For SANJAY P AGARWAL & ASSOCIATES

Chartered Accountants

Firm Registration No.: 325683E

(Sanjay Agarwal)

Place: Kolkata Partner

Date: 30/05/2018 (M. No. 062218)

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Mar 31, 2016

Report on the Financial Statements

We have audited the accompanying (standalone) financial statements of LYKIS LIMITED (“the company”), which comprise the Balance Sheet as at 31 March 2016, 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.

Management''s Responsibility for the (Standalone) Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation and presentation of these (Standalone) financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial 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 (Standalone) financial statements based on our audit.

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

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and operating effectiveness of such controls . An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company''s Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the (Standalone) financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid (Standalone) financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at 31st March2016, its profit and its cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2016 (“the Order”) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the “Annexure A” 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 and cash flows dealt with by this Report are in agreement with the books of account.

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

e) On the basis of written representations received from the directors as on 31 March, 2016, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2016, from being appointed as a director in terms of Section 164(2) of the Act.

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

g) 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 has disclosed the impact of pending litigations on its financial statement refer note No 31 to the financial statement.

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

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

[Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' of our Report of even date to the members of LYKIS LIMITED on the accounts of the company for the year ended 31st March, 2016]

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

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

b) As explained to us, fixed assets have been physically verified by the management during the year in accordance with the phased programme of verification adopted by the management which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

c) The title deeds of the immovable properties are held in the name of the company.

(ii) a) As explained to us, the inventories of Finished goods, semi finished goods, stores, spare parts and raw material physically verified at the end of the year by the Management. In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventories followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business.

b) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification as compared to book records.

(iii) According to the information and explanations given to us, the Company has not granted any loan to companies, firms or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013; and therefore paragraph 3 (iii) of the Order is not applicable.

(iv) In our opinion and according to the information and explanations given to us, in respect of loans, investments, guarantees and securities provisions of section 185 and 186 of the Companies Act, 2013 has been complied with.

(v) The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.

(vi) As informed to us, the Central Government has not prescribed maintenance of cost records under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the Company.

(vii) a) According to information and explanations given to us and on the basis of our examination of the books of account, and records, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales tax, Service Tax, Duty of Customs, Duty of Excise , Value added Tax, and others except Cess on Green Leaf which is in arrear amounting to Rs. 7,52,717.55 as at March 31, 2016 for a period more than six month from the date which is being payable with the appropriate authorities.

(b) According to the information and explanation given to us, there are dues of Agriculture income tax, outstanding on account of any dispute.

Statue	Nature of Dues	Forum where dispute is pending	Period to which the amount relates	Amount(Rs.)
Agriculture Income Tax (Assam)	Agriculture Income Tax	Agriculture Income tax officer (Assam)	F.Y. 2007-08	679380.00

(viii) According to the information and the explanation given to us the company has not defaulted in repayment of loans & borrowings to financial institution, bank, government or due to any debenture holder.

(ix) Based upon the audit procedures performed and the information and explanations given by the management, the company has not raised any money by way of term loans, debt instrument & initial public offer or further public offer during the year.

(x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

(xi) According to the information & explanation given to us and based on our examination of records of the company, the company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provision of section 197 read with schedule v to the act.

(xii) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 4 (xii) of the Order are not applicable to the Company.

(xiii) In our opinion and according to the information and explanations given to us, all transactions with related parties are in compliance with section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the financial statements etc., as required by the applicable accounting standard.

(xiv) Based upon the audit procedures performed and the information and explanations given by the management, the company has made preferential issue of equity shares during the year under review. Company has complied section 42 of companies act 2013.The Fund raised have been used for the purposes for which Fund were raised .

(xv) Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.

(xvi) In our opinion and according to information given to us, the company is not Required to obtain registration under section 45 IA of the Reserve Bank of India Act, 1934.

For SANJAY P AGARWAL & ASSOCIATES

Chartered Accountants

Firm Regn. No. 325683E

Place : Kolkata (SANJAY KUMAR AGARWAL)

Partner

Date : 27th May, 2016 Mem. No. 062218

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Mar 31, 2015

We have audited the accompanying financial statements of M/S LYKIS LIMITED ("the company"),which comprise the Balance Sheet as at 31 March 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.

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 Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, 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 adequate 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 thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and operating effectiveness of such controls . An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company's Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on 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 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 31st March, 2015, its profit/loss and its cash flows for the year ended on that date .

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015("the Order") issued by the Central Government of

India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters Specified in 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, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified 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 31 March, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2015, from being appointed as a director in terms of Section 164(2) of the Act.

f) In our opinion and to the best of our information and according to the explanations given to us, we have no observations on financial transactions or matters which have any adverse effect on the functioning of the company.

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

i. The Company has disclosed the impact of pending litigation on its financial statement-refer note no.31 to the financial statement.

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

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

Annexure to the Auditor 's Report

Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements' of our Report of even date to the members of M/S Lykis Limited on the accounts of the company for the year ended 31st March, 2015

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

(i) In respect of its fixed assets:

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

(b) As explained to us, fixed assets have been physically verified by the management during the year in accordance with the phased programme of verification adopted by the management which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(ii) In respect of its inventory:

a) As explained to us, the inventories of finished goods, semi-finished goods, stores, spare parts and raw materials were physically verified at regular intervals by the Management. In case of inventories lying with third parties, certificates of stocks holding have been received.

b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventories followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business.

c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification of stocks as compared to book records.

(iii) According to the information and explanations given to us, the Company has not granted any loans to companies, firms or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013,and therefore paragraph 3(iii) of the order is not applicable.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory, fixed assets and for the sale of goods .During the course of our Audit, we have not observed any continuing failure to correct major weaknesses in internal control.

(v) The company has not received any public deposits during the year

(vi) We have broadly reviewed the cost records maintained by the Company pursuant to the Rules made by the Central Government under Section 148(1) of the Companies Act, 2013 and are of the opinion that prima facie the prescribed cost records have been made and maintained.

(vii) In respect of statutory dues:

(a) The Company has generally been regular in depositing undisputed dues, including provident fund, ESI,

Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and other material Statutory Dues applicable to it with the appropriate authorities. There were no undisputed amount due in arrear as at 31.03.2015 for a period more than 6 months from the date they became payable.

(b) Details of dues of Agriculture Income Tax which has not been deposited as on 31.03.2015 on account of dispute, is given below:

Statute Nature of Dues Forum where dispute Period to which Amount(Rs.) is pending the amount relates

Agriculture Agriculture Agriculture F.Y.2007- 2008 6,79,380.00

Income Tax (Assam) Income Tax Income Tax Officer (Assam)

(c) There were no amounts which required to be transferred by the Company to the Investor Education and

Protection Fund.

(viii) The company does not have the accumulated losses at the end of financial year. The company has not incurred any Cash losses during the financial covered by our Audit and the immediately preceding financial year

(ix) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to financial institutions, banks and debenture holders.

(x) In our opinion, and according to the information and the explanation given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions during the year;

(xi) The company has not obtained any term loan during the year, so this para of order is not applicable

(xii) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

For SANJAY P AGARWAL & ASSOCIATES

Chartered Accountants

Firm Regn. No. 325683E

Place : Kolkata (SANJAY AGARWAL) Partner Date : 29th May , 2015 Mem. No. 062218

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Mar 31, 2014

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

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 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 preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITORS'' RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with 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, but not for the purpose of expressing 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 March 31,2014;

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

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

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government of India in terms of Section 227(4A) 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, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d. In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

e. On the basis of the written representations received from the directors as on March 31,2014, 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 Section 274(1)(g) of the Act.

Annexure to Independent Auditors'' Report

Referred to in Paragraph I under the heading of "Report on other Legal and regulatory requirements" of our report of even date:

i. The Company has made available the fixed asset records showing full particulars including quantitative details and situation of fixed assets of the company during the audit period under review. As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such physical verification.

ii. The Stock of inventories has been physically verified during the period by the Management at reasonable intervals, 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. The company has maintained the proper records of inventories. The discrepancies noticed on physical verification of stocks as compared to books record were not material. However the same has been properly dealt with the books of account.

iii. The company has not granted but taken unsecured loans and advances from companies, firms and/or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

The Company has taken interest free loans from its directors & related companies amounting to Rs. 34,65,000/- (Previous Year (Rs. 1,08,75,000/-)and repaid Rs. 1,43,40,000/- during the year.

iv. In our opinion and according to the information and explanations given to us, there is adequate internal control procedure commensurate with the size of the company and the nature of its business with regard to purchase of inventory and fixed assets and with regard to the sale of goods. Further on the basis of our examination and according to the information and explanations given to us, we have neither come across nor have been informed of any instance of continuing failure or major weakness in the internal control systems.

v. In respect of the contract or arrangement referred to in section 301 of the companies Act 1956:

a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements that need to be entered in the register maintained under section 301 of the CompaniesAct,1956 have been entered.

b) In our Opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts/arrangements entered in the register maintained under section 301 of the Companies Act,1956 and exceeding the value of Rs. 5,00,000/-in respect of each party during the year have been made at prices which appear reasonable as per information available with the Company.

vi. The Company has not accepted any deposits from the public and consequently, the directives issued by the Reserve Bank of India, the provisions of Section 58A and 58AA or any other relevant provision of the Companies Act, 1956 and the rules framed there under are not applicable.

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

viii. The Central Government has prescribed the maintenance of cost records under clause (d) of sub-section (l) of Section 209 of the Companies Act, 1956 in respect of activities carried out by the company. We have broadly reviewed the cost records maintained by the company and are of the opinion that prima facie the prescribed cost records have been maintained. However, we have not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

ix. According to the information and explanation given to us and on the basis of our examination of the books of account, the Company is regular in depositing the amount of undisputed statutory dues of Provident fund, Sale- tax, VAT, Cess on green leaf and other Statutory dues with appropriate authorities . However, there are outstanding settled amount of Rs. 21,13,109/- in respect of Cess on Greenleaf as on 31.03.2014. According to the information and explanation given to us, there were no undisputed amounts payable in respect of Sales tax and Vat, Customs Duty and Excise Duty as on 31st March 2014 for a period of more than six months from the date of becoming payable. Further there were disputed demand of Rs. 6,79,380/- on account of Agricultural Income Tax for the Asst.Year 2007-08.

x. The Company''s accumulated loss at the end of the year is less than the fifty percent of its net worth. The company has not incurred cash losses during the current financial year covered by the audit and in the immediately preceeding financial year.

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

xii. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures during the period.Accordingly, Clause 4(xii) of the order is not applicable.

xiii. The Company is not a chit fund, nidhi, mutual benefit fund or a society. Accordingly, clause 4(xiii) of the order is not applicable.

xiv. The company has invested in shares during the period . Proper records have been maintained of the transactions and contracts. The shares have been held by the company, in its own name except to the extent of the exemption, if any, granted under section 49 of the CompaniesAct,1956.

xv. According to the information and explanations, the company has not given any guarantee for loans taken by other from banks and /orfinancial institutions.

xvi. During the period, the company has not obtained any fresh Term loans; accordingly, clause 4(xvi) of the order is not applicable.

xvii. According to information and explanation given to us, the fund raised on short-term basis has not been used for long-term investments.

xviii. The Company has not made any preferential allotment of Equity shares to parties and companies covered in the register maintained under section 301 of the Act during the current financial year.

xix. The Company has not issued any debentures. Accordingly clause 4(xix) of the order is not applicable.

xx. The Company has not raised any money by public issues during the period. Accordingly, clause 4(xx) of the order is not applicable.

xxi. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the period.

For SANJAY P AGARWAL & ASSOCIATES Chartered Accountants Firm Regn. No. 325683E

Place : Kolkata (SANJAY AGARWAL) Partner Date : 30th May, 2014 Mem. No. 062218

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Mar 31, 2013

Report on the Financial Statement

We have audited the accompanying financial statements of LYKIS LIMITED (the Company ), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory ; information.

Management''s Responsibility forthe Financial Statements ''

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position financial performance and cash flows of the Company in accordance with the Accounting ;

Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

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

Opinio

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 ofthe Balance Sheet, ofthe state of affairs ofthe Company as at March 31,2013; b)inthecaseof statementof Profitand Loss Account, ofthe loss for the year ended on that date; and c) in the case ofthe Cash Flow Statement, ofthe cash flows forthe yearended on that date.

Report on other Legal and Regulatory Requirment

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 mattersSpecified in paragraphs 4 and 5 ofthe 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 subsection (3C) of section 211 oftheCompaniesAct, 1956;

e) on the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

Annexure to Independent Auditors''Report

Referred to in Paragraph I underthe heading of "Report on other Legal and regulatory requirements" of our report of even date:

The Company has made available the fixed asset records showing full particulars including quantitative details and situation of fixed assets of the company during the audit period under review. As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such physical verification.

The Stock of inventories has been physically verified during the period by the Management at reasonable intervals 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. The company has I maintained proper records of inventories. The discrepancies noticed on physical verification of stocks as compared to books record were not material. However the same has been properly dealt with the books of account.

iii. The company has granted or taken unsecured loans and advances to/from companies, firms and/or other parties covered in the register maintained under section 301 oftheCompaniesAct, 1956

a)The Company has given loans to subsidiary- in respect of said loan, the maximum amount outstanding af any time during the year was Rs.6,60,88,130/- and the Year end balance is Rs.6,60,88,130/-(including interest)

b) In our opinion and according to the information and explanation given to us, the rate of interest and other | conditionsoftheloangivenbythecompanyarenotprimefacieprejudidal to the interest of the company.

c) In respect of said loans and interest thereon, there are n overdue amount.

d)The Principal amounts are repayable on demand.

e) The company has taken interestfree loans of Rs.53,75,000/-from directors during the year.

iv In our opinion and according to the information and explanations given to us, there is adequate internal control procedure commensurate with the size of the company and the nature of its business with regard to purchase of inventory and fixed assets and with regard to the sale of goods. Further on the basis of our examination and according to the information and explanations given to us, we have neither come across nor have been informed . of any instance of continuing failure or major weakness in the intemal control systems.

v. In respect ofthe contract or arrangement referred to in section 301 oftheCompaniesAct 1956:

a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements that need to be entered in the register maintained under section 301 of : the Companies Act, 1956 have been entered.

b) In our opinion and according to the information and explanations'' given to us, the transactions made in :

I pursuance of contracts/arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs. 5,00,000/-in respect of each party during the year have been made at : prices which appear reasonable as per information available with the Company.

vi. The Company has not accepted any deposits from the public and consequently, the directives issued by the Reserve Bank of India; the provisions of Section 58Aand 58AAor any other relevant provision of the Companies Act, 1956 and the rules framed there under are not applicable.

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

viii. The Central Government has prescribed the maintenance of cost records under clause (d) of sub-secti6n (I) of Section 209 of the Companies Act, 1956 in respect of activities carried out by the company. We have broadly reviewed the cost records maintained by the company and are of the opinion that prima facie the prescribed cost records have been maintained. However, we have not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

ix. According to the information and explanation given to us and on the basis of our examination of the books of account, the Company is regular in depositing the amount of undisputed statutory dues of Provident fund, Sale- tax, VAT, Cess on green leaf and other Statutory dues with appropriate authorities . However, there are outstanding settled amount of Rs. 18,83,791/-in respect of Cess on Green leaf including interest and land revenue amounting to Rs. 2,00,072/- as on 31.03.2013. According to the information and explanation given to us, there were no undisputed amounts payable in respect of Sales tax and Vat, Customs Duty, Excise Duty and Cess as on 31 st March 2013 for a period of more than six months from the date of becoming payable. Further there were disputed demand of Rs.6,79,380/- on account of Agricultural Income Tax for the Asst.Year2007-08

x. TheCompany''s accumulated loss at the end of the year is less than the fifty percent of its net worth.The company: has not incurred cash losses during the current financial year covered by the audit but incurred cash losses in the immediately preceding six months period ended 31st March 2012.

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

xii. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures during the period. Accordingly, Clause4(xii) of the order is not applicable.

xiii. The Company is not a chit fund, nidhi, mutual benefit fund or a society. Accordingly, clause 4 (xiii) of the order is not applicable.

xiv. The company has invested in shares during the period. Proper records have been maintained of the transactions and contracts. The shares have been held by the company, in its own name exceptto the extent of the exemption, if any, granted under section 49 of the Companies Act, 1956.

xv. According to the information and explanations, the company has not given any guarantee for loans taken by other from banks and /orfinancial institutions. :

xvi. During the period, the company has not obtained any fresh Term loans; accordingly, clause 4(xvi) of the order is not applicable.

xvii. According to information and explanation given to us, the fund raised on short-term basis has not been used for long-term investments.

xviii. The Company has made preferential allotment of 25,33,335 nos. of equity shares to parties and companies covered in the register maintained under section 301 of the Act. However the price paid for the same is not prejudicial to the interest of the company.

xix. The Company has not issued any debentures. Accordingly clause 4(xix) of the order is not applicable.

xx. The Company has not raised any money by public issues during the period. Accordingly, clause 4(xx) of the order | : is not applicable.

xxi. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the period.



For SANJAY P AGARWAL & ASSOCIATES

Chartered Accountants

Firm Regn. No. 325683E



Place : Kolkata (SANJAY AGARWAL)

Partner

Date : 30th May, 2013 Mem.No,062218

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Mar 31, 2012

We have audited the attached Balance Sheet of LYKIS LTD.(FORMERLY GREENLINE TEA & EXPORTS LTD.), as at 31 st, March 2012 and also the annexed Statement of Profit & Loss Account of the Company for the Six months period 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 statement based on ouraudit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion and we report that:

1. The Balance Sheet and Statement of Profit and Loss Account referred to in this report are in agreement with the Books of Account.

2. In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet and Statement of Profit and Loss Account subject to and read togetherwith the notes appearing thereon in Significant Accounting Policies and Notes on Financial Statements attached thereto, given in the prescribed manner the information required by the CompaniesAct, 1956 gives a true and fair view:

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

(ii) In so far as it relates to Statement of Profit & Loss Account, of the profit of the company for the period ended on that date.

3. 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.

4. In our opinion, proper books of accounts as required by law have been kept by the company so as far as appears from our examinations of such books.

5. The company has complied with the accounting standards as referred in Sec 211 (3C) of the Companies Act, 1956 subject to the extent as disclosed in notes to the accounts.

6. On the basis of written representations received from the Directors and taken on record by Board of Directors, we report that none of the Directors is disqualified as on 31st March 2012 from being appointed as director in terms of clause (g) of Sub- section (1) of section 274 of the Companies Act, 1956.

7. As required by the Companies (Auditors' Report) order 2003, issued by the Company Law Board in terms of Section 227 (4A) of the CompaniesAct, 1956 and on the basis of such checks as we considered appropriate and according to information and explanation given to us during the courseof our audit we further state that:

i. The Company has made available the fixed asset reddrds showing full particulars including quantitative details and situation of fixed assets of the company during the auditriod under review. As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such physical verification.

ii. The Stock of inventory has been physically verified during the period by the Management at reasonable intervals, in our opinion, the procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. The company is maintaining the proper records of inventory. The discrepancies noticed on physical verification of stocks as compared to books record were not material. However the same has been properly dealt with the books of account.

iii. The company has not granted unsecured loans and advances to companies, firms and/or other parties covered in the register maintained under section 301 ofthe CompaniesAct, 1956.

iv. In our opinion and according to the information and explanations given to us, there is adequate internal control procedure commensurate with the size ofthe company and the nature of its business with regard to purchase of inventory and fixed assets and with regard to the sale of goods. Further on the basis of our examination and according to the information and explanations given to us, we have neither come across nor have been informed of any instance of continuing failure or major weakness in the internal control systems.

v. During the period under audit the Company has purchased fixed assets for Rs 368000/- from M/S Sanzi International Pvt. Ltd,which is a listed party under section 301 of the Companies Act, 1956.

vi. The Company has not accepted any deposits from the public and consequently, the directives issued by the Reserve Bank of India; the provisions of Section 58Aand 58AA or any other relevant provision of the Companies Act. 1956 and the rules framed there under are not applicable.

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

viii. The Central Government has prescribed the maintenance of cost records under clause (d) of sub-section (I) of Section 209 of the Companies Act, 1956 in respect of activities carried out by the company. We have broadly reviewed the cost records maintained by the company and are of the opinion that prima facie the prescribed cost records have been maintained. However, we have not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

Ix. According to the information and explanation given to us and on the basis of our examination of the books of account, the Company is regular in depositing the amount of undisputed statutory dues of Provident fund, Sale-tax, VAT, Cess on green leaf and other Statutory dues with appropriate authorities. However, there are outstanding settled amount of Rs.20,83,791/-inrespectofCessonGreenleaf including interest and land revenue amounting to Rs. 2,46,052/-as on 31.03.2012 . According to the information and explanation given to us, there were no undisputed amounts payable in respect of Sales tax and Vat, Customs Duty, Excise Duty and Cess as on 31 st March 2012 for a period of more than six months from the date of becoming payable. Further there were disputed demand of Rs 6,79,380/- on account of Agricultural IncomeTax for the Asst. Year2007-08.

x. The Company's accumulated loss at the end of the year is less than the fifty percent of its net worth. The company has incurred cash losses in the current period(Six Months) ended 31st March 2012 but not in the immediately preceding period(12 Months) ended 30th September2011.

xi. During the period the Company has neither taken any ftesh loan from any financial institution and/or from bank nor issued any debentures during the period. Accordingly, clause 4(xi) of the order is not applicable.

xii. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures during the period. Accordingly, Clause 4(xii) of the order is not applicable.

xiii. The Company is not a chit fund, nidhi, mutual benefit fond or a society. Accordingly, clause 4(xiii) of the order is not applicable.

xiv. The company has invested in shares during the period. Proper records have been maintained of the transactions and contracts. The shares have been held by the company, in its own name except to the extent of the exemption, if any, granted under section 49 of the Companies Act,1956.

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

xvi. During the period, the company has not obtained any fresh Term loans; accordingly, clause 4(xvi) of the order is not applicable.

xvii. According to information and explanation given to us, the fund raised on short-term basis has not been used for long-term investments.

xviii. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. Accordingly, clause 4(xviii) of the order is not applicable.

xix. The Company has not issued any debentures. Accordingly clause4(xix) of the order is not applicable.

xx. The Company has not raised any money by public issues during the period. Accordingly, clause 4
xxi. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the period.

For SANJAY P AGARWAL & ASSOCIATES

Chartered Accountants

Firm Regn. No. 325683E

Place: Kolkata (SANJAY AGARWAL)

Partner

Dated: 10/08/2012 Mem. No. 062218

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Sep 30, 2011

We have audited the attached Balance Sheet of GREENLINE TEA & EXPORTS LTD., as at 30th, September 2011 and also the annexed Profit & Loss Account of the Company for the Twelve months period 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 statement based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform that audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion and we report that :

1. The Balance Sheet and Profit and Loss Account referred to in this report are in agreement with the Books of Account.

2. In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet and Profit and Loss Account subject to and read together with the notes appearing thereon in Schedule "A" of Significant Accounting Policies and Notes on Accounts attached thereto, given in the prescribed manner the information required by the Companies Act, 1956 gives a true and fair view :

(i) In so far as it relates to Balance Sheet, of the state of affairs of the company as at 30th September 2011 and;

(ii) In so far as it relates to Profit & Loss Account, of the profit of the company for the period ended on that date.

3. 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.

4. In our opinion, proper books of accounts as required by law have been kept by the company so as far as appears from our examinations of such books.

5. The company has complied with the accounting standards as referred in Sec 211 (3C) of the Companies Act, 1956 subject to the extent as disclosed in notes to the accounts.

6. On the basis of written representations received from the Directors and taken on record by Board of Directors. We report that none of the Directors is disqualified as on 30th September 2011 from being appointed as director in terms of clause (g) of Sub-section (1) of section 274 of - the Companies Act. 1956.

7. As required by the companies Act, 1956 and the basis of such checks as we considered , appropriate and according to information and explanation give to us during the course of our i audit we further state that: ,

i. The Company has not made available the fixed asset records showing full particulars , including quantitative details and situation of fixed assets of the company during the J audit period under review and it is informed and explained that due to loss of those i records by lock out and labor unrest at the garden premises of the company where the J records were kept and accordingly the records relating to the same could not be produced. « Although the Company has a phased program of physical verification of its fixed assets , periodically which, in our opinion, is reasonable having regard to the size of the company ' and the nature of its assets, the management has not verified physically the fixed assets of the company during the period to ascertain any material discrepancies if any to properly J deal with in the books of account.

ii. The Stock of inventory has been physically verified during the period by the Management at reasonable intervals, in our opinion, the procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. The company is maintaining the proper records of inventory. The discrepancies noticed on physical verification of stocks as compared to ' Books record were not material. However the same has been properly dealt with in the books of account.

iii. The company has granted unsecured loans and advances to companies, firms and/or other parties covered in the register maintained under section 301 of the companies Act, 1956. The said loans is granted without any specific stipulation as to the rate of interest and other terms and condition hence we are unable to comment whether they are prima facie prejudicial to the interest of the company or not. Other loans and Advances in nature of advance or loans have been given by the companies which are repayable on demand and without specific stipulation so we are unable to comment on the repayment of the same.

iv. In our opinion and according to the information and explanations given to us, there is adequate internal control procedure commensurate with the size of the company and the nature of its business with regard to purchase of inventory and fixed assets and with regard to the sale of goods. Further on the basis of our examination and according to the information and explanation given to us, we have neither come across nor have been informed of any instance of continuing failure or major weakness in the internal control systems.

v. The Company has not purchased or entered into any transaction of contract for purchase ' of goods and materials with parties as listed under section 301 of the Companies Act, 1956 during the year. ',

vi. The Company has not accepted any deposits from the public and consequently, the directives issued by the Reserve Bank of India; the provisions of Section 58A and 58AA of any other relevant provision of the Companies Act, 1956 and the rules framed there under are not applicable.

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

viii. The Central Government has prescribed the maintenance of cost records under clause (d) of sub-section (I) of Section 209 of the Companies Act, 1956 in respect of activities carried out by the company. We have broadly reviewed the books of accounts maintained by the company and have not made detailed examination of the cost records as prescribed, made and maintained by the company with a view to determine whether they are accurate or complete.

ix. According to the information and explanation given to us and on the basis of our examination of the books of account, the Company has not been regular in depositing the amount of undisputed statutory dues of Provident fund, Sale-tax, Vat, Cess on green leaf and other Statutory dues with appropriate authorities. According to the information and explanation given to us, there were undisputed amount outstanding as at 30.09.2011 in respect of provident fund Account including interest amounting to Rs. 1392694. Cess on Greenleaf including interest amounting to Rs. 3619702, and land revenue amounting Rs. 4,00,072 for a period of more than six months from the date they become payable. According to the information and explanation given to us, there are no dues in respect of sales tax and Vat, Customs Duty, Excise Duty and Cess that have not been deposited with the appropriate authorities on account of any dispute.

x. The Company's accumulated loss at the end of the year is less than the fifty percent of its net worth. The company has not incurred cash losses in the current period ended 30th September 2011 and in the immediately preceding financial period 30th.

xi. During the year the Company has neither taken any fresh loan from a financial institution and a bank nor issued any debentures during the year. Accordingly, clause 4(xi) of the order is not applicable.

xii. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures during the year. Accordingly, Clause 4(xiii) of the order is not applicable.

xiii. The Company is not a chit fund, nidhi, mutual benefit fund or a society. Accordingly, clause 4(xiii) of the order is not applicable.

xiv. According to the information and explanations, the company has not given any guarantee for loans taken by other from banks of other financial institutions. Accordingly, clause 4(xv) of the order is not applicable.

xv. During the year, the company has not obtained any fresh loans; accordingly, clause 4(xvi) of the order is not applicable.

xvi. According to information and explanation given to us, the fund raised on short-term basis has not been used for long-term investments.

xvii. The Company has not made any preferential allotment of shares ot parties and companies covered in register maintained under section 301 of the Act. Accordingly, clause 4(xviii) of the order is not applicable.

xviii. The Company has not issued any debentures. Accordingly clause 4(xix) of the order is not applicable.

xix. The Company has not raised any money by public issues during the year. Accordingly, clause 4(xx) of the order is. not applicable.

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

For Sanjay P Agarwal & Associates

Chartered Accounts Place: Kolkata

Date:28/01/2012 (Sanjay Ahgarwal)

Partner

M.N.062218

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Sep 30, 2010

We have audited the attached Balance Sheet of GREENLINE TEA & EXPORTS LTD., as at 30th, September 2010 and also the annexed Profit & Loss Account of the Company for the fifteen months period ended on that date annexed thereto. These financial statements are the responsibility of the companys Management. Our responsibility is to express and opinion on these financial statement based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform that audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion and we report that:

1. The Balance Sheet and Profit and Loss Account referred to in this report are in agreement with the Books of Account.

2. In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet and Profit and Loss Account subject to and read together with the notes appearing thereon in Schedule "A" of Significant Accounting Policies and Notes on Accounts attached thereto, given in the prescribed manner the information required by the Companies Act, 1956 gives a true and fair view:

(i) In so far as it relates to Balance Sheet, of the state of affairs of the company as at 30th September 2010 and;

(ii) In so far as it relates to Profit & Loss Account of the profit of the company for the period ended on that date.

3. 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.

4. In our opinion, proper books of accounts as required by law have been kept by the company so as far as appears from our examinations of such books.

5. The company has complied with the accounting standards as referred in Sec 211 (3C) of the Companies Act, 1956 subject to the extent as disclosed in notes to the accounts.

6. On the basis of written representations received from the Directors and taken on record by Board of Directors. We report that none of the Directors is disqualified as on 30th September 2010 from being appointed as director in terms of clause (g) of Sub-section (1) of section 274 of the Companies Act, 1956.

7. As required by the companies (Auditors Report) order 2003, issued by the company law Board in terms of Section 227 (4A) of the Companies Act, 1956 and the basis of such checks as we considered appropriate and according to information and explanation given to us during the course of our audit we further state that:

i. The Company has not made available the fixed asset records showing full particulars including quantitative details and situation of fixed assets of the company during the audit period under review and it is informed and explained that due to loss of those records by lock out and labour unrest at the garden premises of the company where the records were kept and accordingly the records relating to the same could not be produced. Although the Company has a phased program of physical verification of its fixed assets periodically which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets, the management has not verified physically the fixed assets of the company during the period to ascertain any material discrepancies if any to properly deal with in the books of account.

ii. The Stock of inventory has been physically verified during the period by the Management at reasonable intervals, in our opinion, the procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. The company is maintaining the proper records of inventory. The discrepancies noticed on physical verification of stocks as compared to books record were not material. Howeverthe same has been property dealt with the books of account.

iii. The company has granted unsecured loans and advances to companies, firms and/or other parties covered in the register maintained under section 301 of the companies Act, 1956. The said loans is granted without any specific stipulation as to the rate of interest and other terms and condition hence we are unable to comment whether they are prima facie prejudicial to the interest of the company or not. Other loans and Advances in nature of advance or loans have been given by the companies which are repayable on demand and without specific stipulation so we are unable to comment on the repayment of the same

iv. In our opinion and according to the information and explanations given to us, there is adequate internal control procedure commensurate with the size of the company and the nature of its business with regard to purchase of inventory and fixed assets and with regard to the sale of goods. Further on the basis of our examination and according to the information and explanation given to us, we have neither come across nor have been informed of any instance of continuing failure or major weakness in the internal control systems.

v. The Company has not purchased or entered into any transaction of contract for purchase of goods and materials with parties as listed under section 301 of the Companies Act, 1956 during the year,

vi. The Company has not accepted any deposits from the public and consequently, the directives issued by the Reserve Bank of India; the provisions of Section 58A and 58AA of any other relevant provision of the Companies Act, 1956 and the rules framed there under are not applicable.

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

viii. The Central Government has prescribed the maintenance of cost records under clause (d) of sub-section (I) of Section 209 of the Companies Act, 1956 in respect of activities carried out by the company. We have broadly reviewed the books of accounts maintained by the company and have not made detailed examination of the cost records as prescribed, made and maintained by the company with a view to determine whether they are accurate or complete.

fx. According to the information and explanation given to us and on the basis of our examination of the books of account, the Company has not been regular in depositing the amount of undisputed statutory dues of Provident fund, Sale-tax, Vat, Cess on green leaf and other Statutory dues with appropriate authorities. According to the information and explanation given to us, there were undisputed amount outstanding as at 30.09.2010 in respect of provident fund Account including interest amounting to Rs. 30,10,736.45, Sales Tax including VAT amounting to Rs.5,77,252.52, Cess on Greenleaf including interest amounting to Rs. 34,72,916.97, Profession Tax amounting to Rs. 44,680 and land revenue amounting Rs. 4,00,072 for a period of more than six months from the date they become payable. According to the information and explanation given to us, there are no dues in respect of sales tax and Vat, Customs Duty, Excise Duty and Cess that have not been deposited with the appropriate authorities on account of any dispute.

x. The Companys accumulated loss at the end of the year is less than the fifty percent of its net worth. The company has not incurred cash losses in the current period ended 30th September 2010 and in the immediately preceding financial period 30th June 2009.

xi. During the year the Company has neither taken any fresh loan from a financial institution and a bank nor issued any debentures during the year. Accordingly, clause 4(xi) of the order is not applicable.

xii. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures during the year. Accordingly, Clause 4(xiii) of the order is not applicable.

xiii. The Company is not a chit fund, nidhi, mutual benefit fund or a society. Accordingly, clause 4(xiii) of the order is not applicable.

xiv. According to the information and explanations, the company has not given any guarantee for loans taken by other from banks of otherfinancial institutions. Accordingly, clause 4(xv) of the order is not applicable.

xv. During the year, the company has not obtained any fresh loans; accordingly, clause 4(xvi) of the order is not applicable.

xvi. According to information and explanation given to us, the fund raised on short-term basis has not been used for long-term investments.

xvii. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. Accordingly, clause 4(xviii) of the order is not applicable.

xviii. The Company has not issued any debentures. Accordingly clause 4(xix) of the order is not applicable.

xix. The Company has not raised any money by public issues during the year. Accordingly, clause 4(xx) of the order is not applicable.

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

For Hanumaiah & Co.

Place: Kolkata Chartered Accountants

Date: 12.02.2011 (K Hanumaiah) Partner

---

Jun 30, 2009

We have audited the attached Balance Sheet of GREENLINE TEA & EXPORTS LTD., as at 30th Jun, 2009 and also the annexed Profit & Loss Account of the Company for the fifteen months period ended on that date annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express and opinion on these financial statement based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards rquire that we plan and perform that audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes assessing the accounting principles used and significant estimates made by manaement, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion and we report that:

1. The Balance Sheet and Profit and Loss Account referred to in this report are in agreement with the Books of Account.

2. (a) In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet and Profit and Loss Account subject to and read together with the notes appearing thereon in Schedule "A" of Significant Accounting Policies and Notes on Accounts attached thereto, given in the prescribed manner the information required by the Companies Act, 1956 and subject to below mentioned Notes on para 2(b) given true and fair view :

(i) In so far as it relates to Balance Sheet, of the state of affairs of the company as at 30th June 2009 and; (ii) in so far as if relates to Profit & Loss Account, of the profit of the company for the period ended on that date. (b) (i) Note B-1 (ii) on schedule "A" regarding adequacy or otherwise of estimated liability for future payment of gratuity of Rs. 3,02,295.34 which is being accounted for on cash Basis and not based on actuarial basis. (ii) The Company has not provided interest on certain advances and loans taken and/or given. The quantum and the effect of the same on current periods accounts has not been ascertained by the management.

3. 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.

4. In our opinion, proper books of accounts as required by law have been kept by the company so as appears from our examinations of such books subject to notes 2(b) above.

5. The company has complied with the accounting standards as referred in Sec 211 (3C) of the Companies Act, 1956 subject to the extent as disclosed in notes to the accounts.

6. On the basis of written representations received from the Directors and taken on record by Board of Directors. We report that none of the Directors is disqualified as on 30th June 2009 from being appointed as director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

7. As required by the companies (Auditors Report) order 2003, issued by the company law Board in terms of Section 227(4A) of the Companies Act, 1956 and the basis of such checks as we considered appropriate and according to information and explanation given to us during the course of our audit we further state that:

(i) The Company has not made available the fixed asset records showing full particulars including quantitative details and situation of fixed assets of the company during the audit period under review and it is informed and explained that due to loss of those records by lock out and labour unrest at the garden premises of the company where the records were kept and accordingly the records relating to the same could not be produced. Although the Company has a phased program of physical verification of its fixed assets periodically which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets, the management has not verified physically the fixed assets of the company during the period to ascertain any material discrepancies if any to properly deal with in the books of account.

(ii) The Stock of inventory has been physically verified during the period by the Management at reasonable intervals, in our opinion, the procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. The company is maintaining the proper records of inventory. The discrepancies notices on physical verification of stocks as compared to books record were not material. However the same has been properly dealt with the books of account.

(iii) The company has granted unsecured loans and advances to companies, firms and/or other parties covered in the register maintained under section 301 of the companies Act, 1956. The said loans is granted without any specific stipulation as to the rate of interest and other terms and condition hence we are unable to comment whether they are prima facie prejudicial to the interest of the company or not. Other loans and Advances in nature of advance or loans has been given by the company which are repayable on demand and without specific stipulation so we are unable to comment on repayment of the same.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control Procedure commensurate with the size of the company and the nature of its business of its business with regard to purchase of inventory and fixed assets and with regard to the sale of goods. Further on the basis of our examination and according to the information and explanation given to us, we have neither come across nor have been informed of any instance of continuing failure or major weakness in the internal control systems.

(v) The Company has not purchased or entered into any transaction of contract for purchase of goods and materials with parties as listed under section 301 of the Companies Act, 1956 during the year,

(vi) The Company has not accepted any deposits from the public and consequently, the directives issued by the Reserve Bank of India, the provisions of Section 58A and 58AA of any other relevant provision of the Companies Act, 1956 and the rules framed there under are not applicable.

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

(viii) The Central Government has prescribed the maintenance of cost records under clause (d) of sub-section(l) of Section 209 of the Companies Act, 1956 in respect of activities carried out by the company. We have broadly reviewed the books of accounts maintained by the company and have not made detailed examination of the cost records as prescribed, made and maintained by the company with a view to determine whether they are accurate or complete.

(ix) According to the information and explanation given to us and on the basis of our examination of the books of account, the Company has not been regular in depositing the amount of undisputed statutory dues of Provident fund, Sale-tax, Vat, Cess on green leaf and other Statutory dues with appropriate authorities. According to the information and explanation given to us, there were undisputed amount outstanding as at 30.06.2009 in respect of provident fund Account amout to Rs. 30,11,156.38, Sales Tax including Vat amounting to Rs. 363815.78. Cess on Greenleaf amounting to Rs. 21,15,684 Profession Tax amounting to Rs. 44,680 and land revenue amounting Rs. 3,38,354 for a period of more than six months from the date they become payable. According to the information and explanation given to us, there are no dues in respect of sales tax and Vat, Customs Duty, Excise Duty and Cess that have not been deposited with the appropriate authorities on account of any dispute except amount outstnading on account of fringe benefit tax for earlier years and current period.

(x) The Companys accumulated loss at the end of the year are less than the fifty percent of its net worth. The company has not incurred cash losses in the current period ended 30th June 2009 and in the immediately preceding financial period 31st March 2008.

(xi) During the year the Company has neither taken any fresh loan from a financial institution and a bank nor issued any debentures during the year. Accordingly, clause 4(xi) of the order is not applicable.

(xii) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures during the year. Accordingly, Clause 4(xiii) of the order is not applicable.

(xiii) The Company is not a chit fund, nidhi, mutual benefit fund or a society. Accordingly, clause 4(xiii) of the order is not applicable.

(xiv) According to the information and explanations, the company has not given any guarantee for loans taken by other from banks of other financial institutions. Accordingly, clause 4(xv) of the order is not applicable.

(xv) During the year, the company has not obtained any fresh loans, Accordingly, clause 4(xvi) of the order is not applicable.

(xvi) According to information and explanation given to us, the fund raised on short term basis has not been used for long term investments.

(xvii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. Accordingly, clause 4(xviii) of the order is not applicable.

(xviii) The Company has not issued any debentures. Accordingly clause 4(xix) of the order is not applicable.

(xix) The Company has not raised any money by public issues during the year. Accordingly, clause 4(xx) of the order is not applicable.

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



For R. K. Jagnani & Co.

Place : Kolkata Chartered Accountants

Dated : The 18th day of November, 2009 (R. K. Jagnani)

Proprietor