Auditor Report of Mahasagar Travels Ltd.

Mar 31, 2024

MAHASAGAR TRAVELS LIMITED

I. Report on the Audit of the Standalone Financial Statements

1. Opinion

A. We have audited the accompanying Standalone Financial Statements of MAHASAGAR TRAVELS LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as "the Standalone Financial Statements").

B. 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 the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, the profit and total comprehensive income, changes in equity and its cash flows for the year ended on that date

2. Basis for Opinion

We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). 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 independence requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made 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 audit opinion on the Standalone Financial Statements.

3. 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.

4. Information Other than the Standalone Financial Statements and Auditor''s Report Thereon

A. The Company''s Board of Directors is responsible for the preparation of 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 Report, Corporate Governance and Shareholder''s Information, 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

B. In connection with our audit of the financial statements, our responsibility is to read the

other information and, in doing so, consider whether the other information is materially inconsistent with the standalone Financial Statements or our knowledge obtained during the course of our 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.

5. Management''s Responsibility for the Standalone Financial Statements

A. 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, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. 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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

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

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

A. 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.

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

i) 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.

ii) Obtain an understanding of internal financial controls 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 financial statements in place and the operating effectiveness of such controls

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

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

v) 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

C. Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in

i) planning the scope of our audit work and in evaluating the results of our work; and

ii) to evaluate the effect of any identified misstatements in the Standalone Financial Statements.

D. 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.

E. 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.

F. 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

II. 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 Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account

D. In our opinion, the aforesaid standalone financial statements comply with the Ind AS 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 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 with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls with reference to financial statements.

G. With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

H. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, 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 has made provision, as required under the applicable law or accounting standards, for material foreseeable losses.

iii) There are no such instances which requires transferring unclaimed amounts to the Investor Education and Protection Fund by the Company.

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

Place: JUNAGADH For and on behalf of

Date: 27/05/2024 B.H. Advani & Associates

Chartered Accountants

(B H ADVANI)

PARTNER M. No:102464 FRN: 0117127W UDIN: 24102464BKCXGJ6468

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Mar 31, 2014

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

Management''s Responsibility for the Financial Statements

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

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

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

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

Opinion

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

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

(b) in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date, 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 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 it appears from our examination of those books.

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

(e) On the basis of the written representations received from the directors as on 31st March, 2014 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 clause (g) of sub-section (1) of section 274 of the Act.

ANNEXURE TO THE AUDITORS '' REPORT

(Referred to in our Report of even date)

(I) (a) The Company maintains proper records showing full particulars including quantitative details and situations of fixed asset.

(b) The fixed assets have been physically verified by the management at all its offices at reasonable interval. Material discrepancies were not noticed.

(c) The Company did not disposed off a substantial part of fixed assets during the year.

(ii) (a) The management carried out physical verification of the inventory at reasonable intervals during the year

(b) In our opinion, and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(C) The Company maintains proper records of inventory, No Discrepancies noticed on physical verification of inventory as compared to the book records.

(iii) (a) The Company has not granted or taken any loans, secured or unsecured to/from Companies, firms or other parties covered in the register maintained under Section 301 of the Act during the year.

(b) In our opinion, the terms and conditions of such Loans were not, prima facie, prejudicial to the interest of the Company.

(c) In respect of the aforesaid Interest free loan, the Company is receiving the Loan amount as stipulated.

(d) In respect of the aforesaid Loan, there is no specific terms for repayment of loan.

(iv) In our opinion, the Company has an adequate internal control procedure commensurate with the size of the Company and nature of its business for the purchase of inventory and fixed assets and for the sale of goods.

(v) (a) according to the information and explanation given to us, based on the disclosure of interest made by the directors of the Company, transactions that need to be entered into a register in pursuance of section 301 of the Act have been so entered.

(b) In our opinion and according to the information and explanations given to us, in respect of the transactions made in pursuance of contracts or arrangement entered in the registers maintained under section 301, the rates at which such services are rendered are reasonable having regard to the prevailing market prices of such services and the commission paid to other parties.

(vi) The Company has not accepted any deposits from the public to which the directives issued by the Reserve Bank of India and the provisions of section 58A and 58AA of the Act and the rules framed there under are applicable,

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

(viii) The Central Government has not prescribed maintenance of cost records under section 209(1)(d) of the Act for any of the activities of the Company.

(ix) (a) According to the information and explanations given to us, the Company is generally regular in depositing undisputed statutory dues including,, Income Tax, Sales Tax, RTO Tax etc. and any other statutory dues with the appropriate authorities. There is no Undisputed Dues as at March, 31st 2014 for a period exceeding six months from the date they became payable is accounted for on accrual basis and provided for in the books. Name of the Statue Nature of dues Amount

1 The Gujarat Commercial Tax Act Proessinal Tax 23200/-

Name of the Statue Perieod to which Due Dates Date of it relate Payment

1 The Gujarat Commercial April-2013 to 7th of next Tax Act September-2013 month N.A (b) According to information and explanations given to us, the following are disputed dues by the company under the various Acts.

Name of the statue Dispute Amount

1 The Income Tax Act, 1961 INCOME TAX 6508160/-

2 The Income Tax Act, 1961 INCOME TAX 3868320/-

3 The Income Tax Act, 1961 T.D.S 367014/-

4 The Income Tax Act, 1961 T.D.S 81600/-

5 Service Tax SERVICE TAX 1,88,71,086/-

Name of the statue Period to which Forum where dispute amount relates is pending

1 The Income Tax Act, 1961 F.Y.2007-08 ITAT, Rajkot

2 The Income Tax Act, 1961 F.Y.2010-11 CIT (APPEALS) IV ,Ahmedabad

3 The Income Tax Act, 1961 F.Y. 2012-13 CIT(appeal), Rajkot

4 The Income Tax Act, 1961 F.Y. 2013-14 CIT(appeal), Rajkot

5 Service Tax April-2006 to CESTAT, Ahmedabad February-2011

The pending dipute of Income Tax in relation to F.Y. 2006-07 and F.Y. 2007-08 in which there is reduction in loss and department has filed appel at ITAT, Rajkot and in relation to F.Y. 2009-10, the dispute is pending before CIT (A), Rajkot is not included in above table as there is no tax demand in it.

(x) The Company''s accumulated losses at the end of the financial year does not exceed 50 % of its net worth. The company does not incurred cash losses during the financial year and in the Financial year immediately preceeding such financial year.

(xi) On the basis of our examination and according to the information and explanation given to us, the Company has not defaulted in repayment of the dues to financial institutions and Banks with respect to its borrowing.

(xii) According to the information and explanation given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares.

(xiii) Provision for special statute applicable to chit fund, Nidhi, Mutual Benefit Fund/ Societies are not applicable to the Company.

(xiv) According to information and explanation given to us, the Company has not dealt in trading in shares, securities, debentures and other investments .

(xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others to banks or financial institution.

(xvi) The Company has obtained H.P. Vehicle Loan from Banks and Financial Institution and O/D. from bank which has been utilized for the purpose for which it was obtained.

(xvii) On the basis of our examination and according to the information and explanation given to us, there are no funds raised on a short term basis which are used for long term investment, and vice versa.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act During the Year

(xix) The Company has not issued debentures. Accordingly, we have no comments.

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

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

For,B.H.Advani & Associates Place: Junagadh Chartered Accountants Dated: 21.07.2014 F.R.No: 117127W

(B.H.Advani) Sole Proprietor Membership No:102464

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Mar 31, 2012

1 We have audited the attached Balance Sheet of MAHASAGAR TRAVELS LIMITED, as at 31st March, 2012 and the Profit & Loss Account for the year ended on that date. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2 We conducted our audit in accordance with auditing standards generally accepted in India. 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 principals 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.

3 As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956 of India (the Act''), and on the basis of such checks of books and records of the Company as we considered appropriate and according to the information and explanations given to us, we enclose in the Annexure, a statement on the matters specified in paragraph 4 and 5 of the said order.

4 Further to our comments in the Annexure referred to in paragraph 3 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 and Profit & Loss Account statement, referred to in this report, are in agreement with the books of account ;

(d) In our opinion, subject to our remarks in paragraph 4(a) above, the Balance Sheet, Profit and Loss Account and Cash Flow statement dealt with this report are in comply with the Accounting Standards referred to in sub – section (3C) of section 211 of companies Act. 1956 ;

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

(f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statement read with the notes thereon, give the information required by the companies Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India ; (i) In the case of Balance Sheet of the state of affairs of the company as at 31st March, 2012 ;

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

(iii) In the case of the Cash Flow Statement of Cash Flows of the Company for the year ended on that date.

ANNEXURE TO THE AUDITORS ‘ REPORT

(Referred to in our Report of even date)

(i) (a) The Company maintains proper records showing full particulars including quantitative details and situations of fixed asset.

(b) The fixed assets have been physically verified by the management at all its offices at reasonable interval. Material discrepancies were not noticed.

(c) The Company did not disposed off a substantial part of fixed assets during the year.

(ii) (a) The management carried out physical verification of the inventory at reasonable intervals during the year

(b) In our opinion, and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company maintains proper records of inventory, No Discrepancies noticed on physical verification of inventory as compared to the book records.

(iii) (a) The Company has not granted or taken any loans, secured or unsecured to/from Companies, firms or other parties covered in the register maintained under Section 301 of the Act during the year.

(b) In our opinion, the terms and conditions of such Loans were not, prima facie, prejudicial to the interest of the Company.

(c) In respect of the aforesaid Interest free loan, the Company is receiving the Loan amount as stipulated.

(d) In respect of the aforesaid Loan, there is no specific terms for repayment of loan.

(iv) In our opinion, the Company has an adequate internal control procedure commensurate with the size of the Company and nature of its business for the purchase of inventory and fixed assets and for the sale of goods.

(v) (a) according to the information and explanation given to us, based on the disclosure of interest made by the directors of the Company, transactions that need to be entered into a register in pursuance of section 301 of the Act have been so entered. (b) In our opinion and according to the information and explanations given to us, in respect of the transactions made in pursuance of contracts or arrangement entered in the registers maintained under section 301, the rates at which such services are rendered are reasonable having regard to the prevailing market prices of such services and the commission paid to other parties. (vi) The Company has not accepted any deposits from the public to which the directives issued by the Reserve Bank of India and the provisions of section 58A and 58AA of the Act and the rules framed there under are applicable, (vii) In our opinion, the Company has an adequate internal control system in the absence of internal audit system commensurate with the size and nature of its business.

(viii) The Central Government has not prescribed maintenance of cost records under section 209(1)(d) of the Act for any of the activities of the Company. (ix) According to the information and explanations given to us, the Company is generally regular in depositing undisputed statutory dues including,, Income Tax, Sales Tax, RTO Tax etc. and any other statutory dues with the appropriate authorities.

(x) The Company''s accumulated losses at the end of the financial year exceeding 50 % of its net worth.The company does not incurred cash losses during the financial year and in the Financial year immediately preceeding such financial year. (xi) On the basis of our examination and according to the information and explanation given to us, the Company has not defaulted in repayment of the dues to financial institutions and Banks with respect to its borrowing.

(xii) According to the information and explanation given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares.

(xiii) Provision for special statute applicable to chit fund, Nidhi, Mutual Benefit Fund/ Societies are not applicable to the Company.

(xiv) According to information and explanation given to us, the Company had dealt in trading in shares, securities, debentures and other investments .The company maintains the records properly.However during the year the company has not done any such transaction

(xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others to banks or financial institution.

(xvi) The Company has obtained H.P. Vehicle Loan from Banks and Financial Institution and O/D. from bank which has been utilized for the purpose for which it was obtained.

(xvii) On the basis of our examination and according to the information and explanation given to us, there are no funds raised on a short term basis which are used for long term investment, and vise versa.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act During the Year

(xix) The Company has not issued debentures. Accordingly, we have no comments.

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

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

Place: Junagadh FOR B.H.ADVANI & ASSOCIATES

Dated: 01.08,2012 CHARTERED ACCOUNTANTS

F.R.N.NO: 117127W

( B.H. ADVANI )

SOLE PROPRITOR M.NO.102464,

FRN.117127W

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Mar 31, 2011

1 We have audited the attached Balance Sheet of MAHASAGAR TRAVELS LIMITED, as at 31st March, 2011 and the Profit & Loss Account for the year ended on that date. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2 We conducted our audit in accordance with auditing standards generally accepted in India. 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 principals 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.

3 As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956 of India (the Act'), and on the basis of such checks of books and records of the Company as we considered appropriate and according to the information and explanations given to us, we enclose in the Annexure, a statement on the matters specified in paragraph 4 and 5 of the said order.

4 Further to our comments in the Annexure referred to in paragraph 3 above, we report that.:

(a) We have obtained all me 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 and Profit & Loss Account statement, referred to in this report, are in agreement with the books of account;

(d) In our opinion, subject to our remarks in paragraph 4(a) above, the Balance Sheet, Profit and Loss Account and Cash Flow statement dealt with this report are in comply with the Accounting Standards referred to in sub - section (3C) of section 211 of companies Act. 1956;

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

(f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statement read with the notes thereon, give the information required by the companies Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India ;

(i) In the case of 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 profit of the Company for the year ended on that date ; and

(iii) In the case of the Cash Flow Statement of Cash Flows of the Company for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

(Referred to in our Report of even date)

(i) (a) The Company does maintaining proper records showing full particulars including quantitative details and situations of fixed asset.

(b) The fixed assets have been physically verified by the management at all its offices at reasonable interval. Material discrepancies were not noticed.

(c) The Company did not disposed off a substantial part of fixed assets during the year.

(ii) (a) The management carried out physical verification of the inventory at reasonable intervals during the year

(b) In our opinion, and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company maintains proper records of inventory, No Discrepancies noticed on physical verification of inventory as compared to the book records.

(iii) (a) The Company has not granted or taken any loans, secured or unsecured to/from Companies, firms or other parties covered in the register maintained under Section 301 of the Act during the year.

(b) In our opinion, the terms and conditions of such Loans were not, prima facie, prejudicial to the interest of the Company.

(c) In respect of the aforesaid Interest free loan, ha Company is receiving the Loan amount as stipulated.

(d) In respect of the aforesaid Loan, there is no specific terms for repayment of loan.

(iv) In our opinion, the Company has an adequate internal control procedure commensurate with the size of the Company and nature of its business for the purchase of inventory and fixed assets and for the sale of goods.

(v) (a) according to the information and explanation given to us, based on the disclosure of interest made by the directors of the Company, transactions that need to be entered into a register in pursuance of section 301 of the Act have been so entered.

(b) In our opinion and according to the information and explanations given to us, in respect of the transactions made in pursuance of contracts or arrangement entered in the registers maintained under section 301, the rates at which such services are rendered are reasonable having regard to the prevailing market prices of such services and the commission paid to other parties.

(vi) The Company has not accepted any deposits from the public to which the directives issued by the Reserve Bank of India and the provisions of section 58A and 58AA of the Act and the rules framed there under are applicable,

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

(viii) The Central Government has not prescribed maintenance of cost records under section 209(1 )(d) of the Act for any of the activities of the Company.

(ix) According to the information and explanations given to us, the Company is generally regular in depositing undisputed statutory dues including,, Income Tax, Sales Tax, RTO Tax etc. and any other statutory dues with the appropriate authorities. Dues as at March, 31st 2011 fore period exceeding six months from the date they became payable has been accounted for on accrual basis and has been provided for appropriately.

(x) The Company's accumulated losses at the end of the financial year exceeding 50% of its net worth. The company does not incurred cash losses during the financial year and in the Financial year immediately preceding such financial year.

(xi) On the basis of our examination and according to the information and explanation given to us, the Company has not defaulted in repayment the dues to financial institutions and Banks with respect to its borrowing.

(xii) According to the information and explanation given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares.

(xiii) Provision for special statute applicable to chit fund, Nidhi, Mutual Benefit Fund/ Societies are not applicable to the Company.

(xiv) According to information and explanation given to us, the Company is dealing or trading in shares, securities, debentures and other investments. The company maintains the records properly.

(xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others to banks or financial institution.

(xvi) The Company has obtained H.P. Vehicle Loan from Banks and Financial Institution and old from bank, which has been utilized for the purpose for which it was obtained.

(xvii) On the basis of our examination and according to the information and explanation given to us, there are no funds raised on a short term basis which are used for long term investment, and vise versa.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act During the Year

(xix) The Company has not issued debentures. Accordingly, we have no comments.

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

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

FOR B.H.ADVANI & ASSOCIATES CHARTERED ACCOUNTANTS

Sd /- (B.H.ADVANI)

SOLE PROPRITOR

PLACE: JUNAGADH MEMBERSHIP NO. 102464

DATE : 20/08/2011 PAN : ABLPA7421R

---

Mar 31, 2010

1 We have audited the attached Balance Sheet of MAHASAGAR TRAVELS LIMITED, as at 31 st March. 2010 and the Profit & Loss Account for the year ended on that date. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion m these financial statements based on our audit.

2 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.

3 As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956 of India (the Act''), and on the basis of such checks of books and records of the Company as we considered appropriate md according to the information and explanations given to us, we enclose in the Annexure the statement on the matters specified in paragraph 4 and 5 of the said order.

4 Further to our comments in the Annexure referred to in paragraph 3 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 and Profit & Loss Account statement, referred to in this report, are in agreement with the books of account;

(d) In our opi::ion. subject to our remarks in paragraph 4(a) above, the Balance Sheet, Profit and Loss Account and Cash Flow statement dealt with this report are in comply with the Accounting Standards referred to in sub - section (3C) of section 211 of companies Act. 1956

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

(f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statement read with the notes thereon, give the information required by the companies Act in the manner so required and give a true and fair View in crinite with the 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 profit of the Company for the year ended on that date ; and

(iii) In the case of the Cash Flow Statement of Cash Flows of the Company for the year ended on that date.

(i) (a) The Company does maintaining proper records showing full particulars including quantitative details and situations of fixed asset.

(b) The fixed assets have been physically verified by the management at all its offices at reasonable interval. Material discrepancies were not noticed.

(c) The Company did not disposed off a substantial part of fixed assets during the year.

(ii) (a) The management carried out physical verification of the inventory at reasonable intervals during the year

(b) In our opinion, and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company maintains proper records of inventory, No Discrepancies noticed on physical verification of inventory as compared to the book records.

(iii) (a) The Company has not granite or taken any loans, secured or unsecured to/from Companies, firms or other parties covered in the register maintained under Section 301 of the Act during the year.

(b) In our opinion, the terms and conditions of such Loans were not, prima facie, prejudicial to the interest of the Company.

(c) In respect of the aforesaid Interest free loan, the Company is receiving the Loan amount as stipulated.

(d) In respect of the aforesaid Loan, there is no specific terms for repayment of loan.

(iv) In our opinion, the Company has an adequate internal control procedure commensurate with the size of the Company and nature of its business for the purchase of inventory and fixed assets and for the sale of goods.

(v) (a) according to the information and explanation given to us, based on the disclosure of interest made by the directors of the Company, transactions that need to be entered into a register in pursuance of section 301 of the Act have been so entered.

(b) In our opinion and according to the information and explanations given to us, in respect of the transactions made in pursuance of contracts or arrangement entered in the registers maintained under section 301, the rates at which such services are rendered are reasonable having regard to the prevailing market prices of such services and the commission paid to other parties.

(vi) The Company has not accepted any deposits from the public to which the directives issued by the Reserve Bank of India and the provisions of section 58A and 58AA of the Act and the rules framed there under are applicable,

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

(viii) The Central Government has not prescribed maintenance of cost records under section 209(1 )(d) of the Act for any of the activities of the Company.

(ix) According to the information and explanations given to us, the Company is generally regular in depositing undisputed statutory dues including,, Income Tax. Sales Tax, RTO Tax etc. and any other statutory dues with the appropriate authorities. Except Service Tax Dues as at March, 31st 2010 for a period exceeding six months from the date they became payable has been accounted for on accrual basis and has been provided for appropriately.

(x) The Company''s accumulated losses at the end of the financial year exceeding 50 % of its net worth The company does not incurred cash losses during the financial year and in the Financial year immediately preceding such financial year.

(xi) On the basis of our examination and according to the information and explanation given to us, the Company has not defaulted in repayment of the dues to financial institutions and Banks with respect to its borrowing.

(xii) According to the information and explanation given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares.

(xiii) Provision for special statute applicable to chit fund, Nidhi, Mutual Benefit Fund/ Societies are not applicable to the Company.

(xiv) According to information and explanation given to us, the Company is not dealing or trading in shares, securities, debentures and other investments.

(xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others to banks or financial institution.

(xvi) The Company has obtained H.P. Vehicle Loan from Banks and Financial Institution, which has been utilized for the purpose for which it was obtained.

(xvii) On the basis of our examination and according to the information and explanation given to us, there are no funds raised on a short term basis which are used for long term investment, and vice versa.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act During the Year

(xix) The Company has not issued debentures. Accordingly, we have no comments.

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

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

FOR B.H.ADVANI & ASSOCIATES

CHARTERED ACCOUNTANTS

Sd/-

(B.H.ADVANI)

SOLE PROPRITOR

PLACE : JUNAGADH MEMBERSHIP NO. 102464

DATE : 10/8/2010 PAN : ABLPA7421R