Auditor Report of Maa Jagdambe Tradelinks Ltd.

Mar 31, 2024

We have audited the standalone financial statements of Maa Jagdambe Tradelinks Limited ("the
Company"), which comprise the balance sheet as at March 31, 2024, and the statement of Profit
and Loss, and statement of cash flows for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies.

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 March 31, 2024, its loss, and its cash
flows for the year ended on that date.

Basis for Opinion

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

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

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the
Companies Act, 2013 ("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, 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. This responsibility also
includes maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.

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

Those Board of Directors are also responsible for overseeing the company''s financial reporting
process.

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

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

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

• Identify and assess the risks of material misstatement of the 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 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 auditors'' 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.

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 auditors''
report unless law or regulation precludes public disclosure about the matter or when, in extremely
rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the
public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1 As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), as amended,
issued by the Central Government of India in terms of sub-section (11) of Section 143 of the
Act and on basis of such checks of books and records of the company as we considered
appropriate and according the information and explanations given to us, we give in the
"Annexure A", a statement on the matters specified in paragraphs 3 and 4 of the Order.

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

(i) 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.

(ii) 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.

(iii) 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.

(iv) 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 subject to the possible effects of the matters
described in the Basis for Qualified Opinion paragraphs.

(v) 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.

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

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

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

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

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

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

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

(iii) Based on audit procedures which we 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.

e) The company has not declared or paid any dividend during the year in
contravention of the provisions of section 123 of the Companies Act, 2013.

(viii) With respect to the matter to be included in the Auditors'' Report under Section 197(16)
of the Act:

In our opinion and according to the information and explanations given to us, the
remuneration paid by the Company to its directors during the current year is in
accordance with the provisions of Section 197 of the Act. The remuneration paid to any
director is not in excess of the limit laid down under Section 197 of the Act. The Ministry
of Corporate Affairs has not prescribed other details under Section 197(16) of the Act
which are required to be commented upon by us.

For Girish Gajanan Patwardhan
Chartered Accountants

Girish Gajanan Patwardhan

Mumbai Proprietor

May 29, 2024 Membership No.: 042606

UDIN: 24042606BKGZXI4008

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Mar 31, 2015

We have audited the accompanying standalone financial statements of Maa Jagdambe Tradelinks Limited ("the Company"), which comprise the Balance Sheet as at March 31,2015, and the Statement of Profit and Loss, 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 is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

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

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

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of 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 qualified 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 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 March 31,2015, and its Profit 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 and on basis of such checks of books and records of the company as we considered appropriate and according the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

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

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

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 position in its financial statements.

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

iii. The provisions relating to transferring any amounts to the Investor Education and Protection Fund is not applicable to the Company during the year.

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT (Referred to in Paragraph (1) of our Report of even date)

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

(b) As explained to us, all the fixed assets have been physically verified by the management during the period and no material discrepancies were noticed on such physical verification.

(ii) (a) As explained to us, the physical verification of inventory has been conducted at reasonable intervals by the management during the year.

(b) In our opinion the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(iii) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 189 of the Companies Act, 2013. Consequently, the provisions of clauses iii (a) and iii (b) of the order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to purchases of fixed assets and for the sale of services. Further, on the basis of our examination of the books and records of the Company, and according to the information and explanations given to us, we have neither come across, nor have been informed of, any continuing failure to correct major weaknesses in the aforesaid internal control system.

(v) The Company has not accepted any deposits from the public within the meaning of Section 73 and 74 of the Act and the rules framed there under to the extent notified.

(vi) As per information & explanation given by the management, maintenance of cost records has not been prescribed by the Central Government under sub-section (1) of section 148 of the Companies Act 2013.

(vii) (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2015 for a period of more than six months from the date they became payable.

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

(c) The Company was not require to transfer any amount to Investor Education and Protection Fund in accordance with the Investor Education and Protection Fund in accordance with the provisions of the Companies Act, 1956 and rules made thereunder.

(viii) Though the accumulated loss at the end of the financial year exceeds fifty per cent of the net worth of the Company, the Company has neither incurred cash losses during the financial year covered by our audit nor in the immediately preceding financial year.

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

(x) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

(xi) According to the information and explanation given to us, the Company has not obtained any term loan during the year.

(xii) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by the Management.

For Satya Prakash Natani & Co. Firm Reg. No.: 115438W Chartered Accountants

(Satya Prakash Natani) Place: Mumbai

Date: 30th May 2015 Membership No. : 048091

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Mar 31, 2014

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

Management''s Responsibility for the Financial Statements

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 (''the Act'') read with the General Circular 15/2013 dated September 13, 2013 issued by the Ministry of Corporate Affairs. The responsibility includes the design, implementation and maintenance of internal controls relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatements, whether due to fraud or error.

Auditors'' Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

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

b) in the case of the Statement of Profit and Loss of the Profit for the year ended on that date; and

c) in the case of 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 sub-section (4A) of Section 227 of the Act, we give in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

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

c. The Balance sheet and Statement of Profit & 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, the Statement of Profit & Loss and the Cash Flow Statement comply with the Accounting Standards referred to in Section 211 (3C) of the Act read with the General Circular 15/2013 dated September 13, 2013 issued by the Ministry of Corporate Affairs; and

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

MAA JAGDAMBE TRADELINKS LIMITED ANNEXURE TO THE AUDITORS'' REPORT (Referred to in Paragraph (1) of our Report of even date)

(i) (a) The Company does not possess any fixed asset and therefore this clause is not applicable to the Company.

(ii) (a) The stock of shares and securities of the Company were duly verified by the management at reasonable intervals.

(b) The procedure of verification of inventory followed by the management was reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company is maintaining proper records of inventory and no discrepancies were noticed on physical verification.

(iii) (a) The Company has not granted any unsecured loan to any party covered in the register maintained under section 301 of the Companies Act, 1956. Therefore clause iii(b) to iii(d) are not applicable to the Company.

(e) The Company has taken interest free unsecured loans from three parties covered in the register maintained under section 301 of the Companies Act, 1956. The aggregate maximum amount involved during the year was Rs.5.45 lacs and the year end balance was Rs.4.50 lacs.

(f) In our opinion, the other terms and conditions of such loans are not prima facie prejudicial to the interest of the Company.

(g) As per the information made available to us, the aforesaid loans taken by the Company are repayable on demand.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to purchases of fixed assets and for the sale of services. In our opinion and according to the information and explanations given to us, there is no continuing failure to correct major weaknesses in internal control.

(v) (a) In our opinion and according to the information and explanations given to us, the particulars of contracts and arrangements referred to in section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered into the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of

Rs. 500,000/- in respect of any party during the year, have been made at prices / rates which are reasonable having regard to the prevailed market prices at the relevant time.

(vi) As per information and explanations given by the management, The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956 during the year under audit.

(vii) As per information and explanations given by the management, the Company does not have a formal system of internal audit but there are adequate checks and control at all levels.

(viii) As per information and explanation given by the management, the provisions of section 209(1)(d) of the Companies Act, 1956 regarding maintenance of cost records is not applicable to the Company.

(ix) (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities except a sum of Rs. 63,563/- towards TDS payable which have remained outstanding as at 31st March, 2014 for a period of more than six months from the date they became payable.

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

(x) The accumulated loss at the end of the financial year not exceeds fifty percent of the net worth of the Company. The Company has not incurred cash losses during the financial year covered by our audit. The Company has incurred cash loss in the immediately preceding financial year.

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

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

(xiii) In our opinion, the Company is not a chit fund, nidhi or mutual benefit fund / society.

Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order 2003 are not applicable to the Company.

(xiv) The Company has kept adequate records of transactions and contracts in respect of dealing or trading in shares, securities, debentures and other investment made by company and timely entries have been made therein. The Company''s investments are held in its own name.

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

(xvi) According to the information and explanation given to us, the Company has not obtained any term loan during the year.

(xvii) Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2014, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

(xviii) Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares to the parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

(xix) The Company did not have any outstanding debentures during the year.

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

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

For Satya Prakash Natani & Co. Firm Reg. No.: 115438W Chartered Accountants

Sd/ (Satya Prakash Natani) Partner

Place: Mumbai Membership No. : 048091 Date: 31-05-2014

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Maa Jagdambe Trade links Limited which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

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

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements read with other notes thereon 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, 2013;

b) in the case of the Statement of Profit and Loss of the Loss for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order,2003 ("the Order") issued by the Central Government of India in terms of Section 227(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, Statement of Profit and Loss 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 comply with the Accounting Standards referred to in sub-section(3C) of section 211 of the Companies Act, 1956;

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

ANNEXURE TO THE AUDITORS'' REPORT (Referred to in Paragraph (1) of our Report of even date)

(i) (a) The Company does not possess any fixed asset and therefore this clause is not applicable to the Company.

(ii) (a) The stock of shares and securities of the Company were duly verified by the management at reasonable intervals.

(b) The procedure of verification of inventory followed by the management was reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company is maintaining proper records of inventory and no discrepancies were noticed on physical verification.

(iii) (a) The Company has granted interest free unsecured advances in the nature of loan to a company covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year and the yearend balance was Rs. 3.27 Lakh.

(b) In our opinion and according to the information and explanations given to us, the other terms and conditions of such advance are not prima facie prejudicial to the interest of the Company.

(c) As per the information made available to us, the aforesaid advance given by the Company are repayable on demand.

(d) There is no overdue amount of advance granted to the party listed in the register maintained u/s. 301 of the Companies Act, 1956.

(e) The Company has taken interest free unsecured loans from three parties covered in the register maintained under section 301 of the Companies Act, 1956. The aggregate maximum amount involved during the year was Rs. 48.75 Lakh and the yearend balance was Rs. 5.25 Lakh.

(f) In our opinion, the other terms and conditions for such loans are not prima facie prejudicial to the interest of the Company.

(g) As per the information made available to us, the aforesaid loans taken by the Company are repayable on demand.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to purchases of fixed assets and for the sale of services. In our opinion and according to the information and explanations given to us, there is no continuing failure to correct major weaknesses in internal control.

(v) (a) In our opinion and according to the information and explanations given to us, the particulars of contracts and arrangements referred to in section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered into the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs. 500,000/- in respect of any party during the year, have been made at prices/rates which are reasonable having regard to the prevailed market prices at the relevant time.

(vi) As per information and explanations given by the management, The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956 during the year under audit.

(vii) As per information and explanations given by the management, the Company has does not have a formal system of internal audit but there are adequate checks and control at all level.

(viii) As per information and explanation given by the management, the provisions of section 209(1)(d) of the Companies Act, 1956 regarding maintenance of cost records is not applicable to the Company.

(ix) (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities except a sum of Rs. 63563/- towards TDS payable which have remained outstanding as at 31st March, 2013 for a period of more than six months from the date they became payable.

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

(x) The accumulated losses at the end of the financial year exceed fifty percent of the net worth of the Company. The Company has incurred cash losses during the financial year covered by our audit and also in the immediately preceding financial year.

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

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

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

(xiv) The Company has kept adequate records of transactions and contracts in respect of dealing or trading in shares, securities, debentures and other investment made by company and timely entries have been made therein. The Company''s investments are held in its own name.

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

(xvi) According to the information and explanation given to us, the Company has not obtained any term loan during the year.

(xvii) Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2013, we report that no funds raised on short- term basis have been used for long-term investment by the Company.

(xviii) Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares to the parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

(xix) The Company did not have any outstanding debentures during the year.

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

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

For S. Chandulal & Co.

FRN: 101701W

Chartered Accountants

(Suresh Shah)

Place : Mumbai Proprietor

Date : 31-05-2013 Membership No. : 037266

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Mar 31, 2011

We have audited the attached Balance Sheet of PARASRAMPURIA CREDIT & INVESTMEKTS LIMITED as at 31st March, 2011, and also Profit and Loss Account of the Company for the year ended on that date annexed thereto, and also the Cash Flow Statement of the company for the year ended on that date, which we have signed under reference to this report These financial statements are the responsibility of the Company 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 the audit to obtain reasonable assurance about whether: the financial statements are free. of material misstatement An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit1 provides a reasonable basis for our opinion.

1. As required by the Companies (Auditor's Report) Order, as amended by Companies (Auditor's Report) (Amendment) Order, 2004 issued by the Department of Company Affairs in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in the paragraphs 4 & 5 of the said Order.

2. Further to our comments in the Annexure referred to in paragraph 1 above, we report that:-

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

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

C) The Balance Sheet Profit and Loss Account & 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 Profit & Loss account & the Cash Flow Statements dealt with by this report comply with the Accounting Standards referred to in subsection (3C) of Section 211 of the Companies Act 1956;

e) On the basis of the written representations received from the directors as on 31st March, 2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2011 from being appointed as a director in terms of Clause (g) of sub-section 1 of Section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to1 explanations given to us, the accounts subject to Note No. 2 of Schedule 13 regarding rejection of Company's application with RBI for registration to carry on business of NBFC and further has not complied with various conditions as set out in rejection letter dt.16.8.99 of RBT read with other notes thereon give the information required by the Companies Act, 1956, , in the manner so required and give a true and fair view, in conformity with accounting principles' generally accented in India;

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

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

iii) in the case of Cash Flow Statement, of the cash flows of the Company for the year end 2d on that date.

Annexure to Auditor's Report referred to in paragraph 1 of our report of even date)

1. The Company does not have any fixed assets and hence the question of maintaining records, physical verification & disposal of the same" does not arise.

2. a) Shares & debentures of the company have been physically verified by the management at reasonable intervals.

b) The procedures of verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) the Company is maintaining proper records of inventory & no discrepancies were noticed for physical verification.

3. a) The Company has, during the year, not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained u/s. 501 of the Companies Act, 1956. Accordingly, clause 4(iii)(b) to (d) of the Order are not applicable.

b) The Company has taken interest free unsecured loans from four parries covered in the register maintained under section 301 of the Companies Act, 1956. The aggregate maximum amount involved during the year and fee year end balance of loans taken from such parties is Rs.26.94 Lacs.

c)In our opinion, the other terms and conditions for such loans are not prima-facie prejudicial to the interest of the company.

d) As per the information made available to us, the aforesaid loans taken by the Company are repayable on demand.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procures commensurate with the size of the Company and the nature of its business with regard to purchase and sale of inventory. The Company does not by side any services. During the course of our audit no major weakness have: been observed in the internal control systems, .

5. According to the information and explanations given to us by the management, there are no transactions that needed to by entered into the register Initiated under Section 301 of the Companies Act, 1956.

6. The provision of section 58 A except section 58 A(2)(b) of the Companies Act, 1956 are riot applicable to the company. However, the Company has accepted deposit' from the public in respect of which the directives issued by the RBI in terms of the Non Banking Financial Companies Acceptance of Public Deposits (Reserve Blank) directions, 1999 have not been complied with,

7. The Company does not have a formal system of internal audit but there are adequate checks & control at all levels;

8. The provisions of Sec 209 (1) (d) of the Companies Act, 1956 regarding maintenance of Cost records is not app able to the Company.

9. (a) In our opinion and according to the information & explanations given to us, undisputed statutory dues payable by the Company have been regularly deposited during the year with the appropriate authorities except a sum of Rs.63563/- towards TDS payable which have remained outstanding as at 31st March, 2011' for a period exceeding six months from the date it became payable.

(b) According to the information & explanations given to us, and as per the books and records examined by us, there are no dues of Sales Tax/Income Tax /Customs Duty/ Wealth Tax/ Excise Duty/ Cess which have not been deposited on account of any dispute.

10. The accumulated losses at the end of the financial year exceeds 50% of the net; worth of the Company. The Company has incurred cash losses during the current and in the immediately preceding financial year.

11. According to the information & explanations given to us and the records examined by us, the Company has debited in repayment of dues to HDFC Bank Ltd. of Rs.9994130/- since march, 1998.

12. The Company has not granted loans arid advances on the basis of security by way of pledge of shares, debentures & other securities & therefore, the question of maintenance of adequate do documents & record does not arise.

13. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions clause 4(xiii) of CARO, 2003 are not applicable to the Company.

14. In respect of Company's activity for dealing in shares and other investments, proper) records have been maintained in regard to the transactions and contracts and timely entries have been made therein. The shares & other vestments have been held by the company in its own name except to the extent of exemption granted under lection 49 of the Act.

15. In our opinion & according to explanations given to us, the Company has not given any guarantee for loans, taken by others from bank or financial institutions.

16. The Company has not taken any term loan & therefore, provisions of clause (xvi) Of CARO 2003 is not applicable1 to the Company.

17. On the basis of an overall examination of balance sheet of the Company, in our opinion and according to the information and explanations given to us, we report that funds raised on short term basis have not been used for long term investments.

18. The Company has not made any preferential allotment of shares to any parties & companies covered in the register maintained u/s" 301 of the Companies Act; 1956.

19. The Company has not issued any debentures during the year. Accordingly, clause 4(xix) of Order is not applicable.

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

21. According to the information and explanations given to us and to the best of our knowledge & belief, no fraud own by the Company has been noticed or reported by the Company during course of audit.

For S CHANDULAL & CO CHARTERED ACCOUNTANTS

(Firm Regn .No. 101701W)

PLACE: MUMBAI, SURESH C SHAH

DATED: 11.07.2011 PROPRIETOR

M. No. 37266

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Mar 31, 2010

We have audited the attached Balance Sheet of PARASRAMPURIA CREDIT INVESTMENTS LIMITED as at 31st March, 2010, and also Profit & Loss Account of the Company for the year ended on that date annexed thereto, and also the Cash Flow Statement of the Company for the year ended on that date which we have signed under reference to this report These financial statement are the responsibility of the Company's management Our responsibility is to express an opinion on these financial statements based on our audit.

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

1. As required by the Companies (Auditor's Report) Order, as amended by Companies (Auditors Report) (Amendment) Order, 2004 issued by the Department of Company Affairs in terms of Section 227(4A) of the Companies Act 1956 we enclose m the Annexure a statement on the matters specified in the paragraphs 4 & 5 of the said Order.

2. Further to our comments in the Annexure referred to in paragraph 1 above, we report that:-

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

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

c) The Balance Sheet, Profit and Loss Account & 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 Profit & Loss account & the Cash Flow Statements dealt with by this report comply with Accounting Standards referred to in subsection (3C) of Section 211 of the Companies Act, 1956;

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

f) In our opinion and to the best of our information and according to explanations given to us, the accounts subject to Note No. 2 of Schedule 13 regarding rejection of Company's application with RBI for registration to carry on business of NBFC and further has not complied with various conditions as set out in rejection letter dt.16.8.99 of RBI read with order notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view, in conformity with accounting principles generally accepted in India;

i) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March 2010,

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

and

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

Annexure to Auditor's Report

(referred to in paragraph 1 of our report of even date)

1. The Company does not have any fixed assets and hence the question of maintaining records, physical verification & disposal of the same does not arise.

2. a) Shares & debentures of the Company have been physically verified by the management at reasonable intervals.

b) The procedures of verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) The Company is maintaining proper records of inventory & no discrepancies were noticed on physical verification.

3. a) The Company has, during the year, not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained u/s.301 of the Companies Act 1956. Accordingly, clauses 4(iii)(b) to (d) of the Order are not applicable.

b) The Company has taken interest free unsecured loans from three parties covered in the register maintained under section 301 of the Companies Act 1956. The maximum amount involved during the year is Rs.12.30 Lacs and the year-end balance of loans taken from such parties was Rs.12.30 Lacs.

c) In our opinion, the other terms and conditions for such loan are not prima facie prejudicial to the interest of the Company.

d) As per the information made available to us, the aforesaid loans taken by the Company are repayable on demand.

4. In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase and sale of inventory. The Company does not provide any services. During the course of our audit no major weakness have been observed in the internal control systems.

5. According to the information and explanations given to us by the management there are no transactions that needed to by entered into the register maintained under Section 301 of the Companies Act 1956.

6. The provision of section 58 A except Section 58 A(2)(b) of the Companies Act 1956 are not applicable to the Company. However, the Company has accepted deposit from the public in respect of which the directives issued by die RBI in terms of the Non Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1999 have not been complied with.

7. The Company does not have a formal system of interned audit but there are adequate checks & control at all levels.

8. The provisions of Sec 209(l)(d) of the Companies Act, 1956 regarding maintenance of Cost records is not applicable to the Company.

9. (a) In our opinion and according to the information & explanations given to us, undisputed statutory dues payable by the Company have been regularly deposited during the year with the appropriate authorities except a sum of Rs. 63563/- towards TDS payable which have remained outstanding as at 31st March, 2010 for a period exceeding six months from the date they become payable.

(b) According to the information & explanations given to us, and as per the books and records examined by us, there are no dues of Sales Tax/Income Tax /Customs Duty/ Wealth Tax/ Excise Duty/ Cess which have not been deposited on account of any dispute.

10. The accumulated losses at the end of the financial year exceeds 50% of the net worth of the Company. The Company has incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

11. According to the information & explanation given to us and the records examined by us, the Company has defaulted in repayment of dues to HDFC Bank Ltd. of Rs. 9994130/- since March, 1998.

12. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures & other securities & therefore, the question of maintenance of adequate documents & record does not arise.

13. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of CARO, 2003 are not applicable to the Company.

14. In respect of Company's activity for dealing in shares and other investments, proper records have been maintained in regard to the transactions and contracts and timely entries have been made therein. The shares & other investments have been held by the Company in its own name except to the extent of exemption granted under section 49 of the Act

15. In our opinion & according to explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not taken any term loan & therefore, provisions of clause (xvi) of CARO 2003 is not applicable to the Company.

17. On the basis of an overall examination of balance sheet of the Company in our opinion and according to the information and explanations given to us, during the year the Company has not raised any funds on short-term basis.

18. The Company has not made any preferential allotment of shares to any parties & companies covered in the register maintained u/s 301 of the Companies Act, 1956.

19. The Company has not issued any debentures during the year. Accordingly clause 4(xix) of Order is not applicable.

20. The Company has not raised any money by public issue during the year Accordingly, clause 4(xx) of the Order is not applicable.

21. According to the information and explanations given to us and to the best of our knowledge & belief, no fraud on or by the company has been noticed or reported by the company during the course of audit.

For S CHANDULAL & CO

CHARTERED ACCOUNTANTS

(Firm Regn. No. 101701W)

PLACE : Mumbai SURESH SHAH

DATED : 12.07.2010 PROPRIETOR M No. 37266