Auditor Report of Megh Mayur Infra Ltd.

Mar 31, 2024

We have audited the accompanying Financial Statements of MEGH MAYUR INFRA LIMITED (the
“Company”), which comprises the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss, the
Statement of changes in Equity and the Statement of Cash Flows for the year ended on that date and a summary
of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
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 prescribe 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 loss, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion:

We conducted our audit of the Financial Statements in accordance with the Standards on Auditing (“SA”s)
specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the
Auditor’s Responsibility for the Audit of the Financial Statements section of our report. We are independent of
the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India
(“ICAI”) together with the ethical requirements that are relevant to our audit of the financial statements under the
provision of the Act and Rules made there under, 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 obtained
by us is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Emphasis of Matter

We draw attention to the following matter-

• The Company has recognized its investment in equity shares of Padmini Technologies Limited at cost in
its financial results as the management has not received the annual reports or response to any of its
communication from Padmini Technologies Limited. This is not in compliance with Ind AS 109, Financial
Instruments, which requires such investments to be measured at fair value through profit or loss (FVTPL)
or fair value through other comprehensive income (FVOCI). Since the fair value is uncertain due to lack
of proper audit evidence to be provided by a third party, the management is unable to show the impact
in the Profit and loss Statement and we are thereby unable to comment upon the same.

Our opinion is not modified in respect of the above matter.

Key Audit Matters:

Key audit matters are those matters that, in our professional judgement, were of most significant in our audit of
the Financial Statements of the current period. These matters were addressed in the context of our audit of the
financial statement as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters. In the audit of the current period, we have not observed any key audit matters required to be reported
separately.

Information Other than the Financial Statements and Auditor’s Report Thereon:

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 Annexure to Board’s Report, Business Responsibility Report, Corporate Governance and Shareholder’s
Information, but does not include the Financial Statements and our auditor’s report thereon.

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

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

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, changes in equity and cash flows of the Company in accordance with
the accounting principles generally accepted in India, Indian Accounting Standards prescribe under section 133
of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”).

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

In preparing the financial statement, 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.

Auditor’s Responsibility for the Audit of the Financial Statement:

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 SA’s 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 SA’s, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:

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

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

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

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

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

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes
it probable that the economic decisions of a reasonably knowledgeable user of the 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
financial statements.

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

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

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

Report on Other Legal and Regulatory Requirements:

1. As required by 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, Statement of Changes in Equity and the
Statement of Cash Flow dealt with by this Report are in agreement with the books of account.

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

e) On the basis of written representations received from the directors as on 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 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.

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

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

ii. The Company did not have any long-term contracts including derivative contracts for which they
were any material foreseeable losses under the applicable law or accounting standards.

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

iv. (a) The management has represented that, to the best of its knowledge and belief, no funds(which
are material either individually or in the aggregate) have been advanced or loaned or invested
(either from borrowed funds or share premium or any other sources or kind of funds) by the
Company to or in any other person(s) or entity, including foreign entities (“Intermediaries”), with
the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether,
directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries

(b) The management has represented that, to the best of its knowledge and belief, no funds (which
are material either individually or in the aggregate) have been received by the Company from
any person(s) or entity, including foreign entities (“Funding Parties”), with the understanding,

whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly,
lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries .

(c) Based on such audit procedures that we considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of Rule 11(e) as provided under (a) and (b) above
contain any material misstatement.

v. The Company has not declared any dividend during the year.

vi. Based on our examination which included test checks, the company has used an accounting
software for maintaining its books of account which has a feature of recording audit trail (edit
log) facility and the same has operated throughout the year for all relevant transactions recorded
in the software. Further, during the course of our audit we did not come across any instance of an
audit trail feature being tampered with.

2. As required by the Companies (Auditor’s Report) Order, 2020 (the “Order”) issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, we give in the “Annexure B”, a
statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

FOR H T K S & CO.

CHARTERED ACCOUNTANTS

CA. HARISHANKAR TOSNIWAL
(PARTNER)

M. No.: 055043
FRN: 0111032W

Place: SURAT

Date: 29.05.2024

UDIN:24055043BKBGQB2533

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Mar 31, 2014

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

Management''s Responsibility 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 principles generally accepted in India, including the Accounting Standards notified under the Companies Act, 1956 read with General Circular 15/2013 dated 13 September 2013, issued by the Ministry of Corporate Affairs, in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility:

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

Opinion

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit 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 Companies Act, 1956 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 Profit and Loss Account, of the loss for the year ended on that date; and

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

Report on Other Legal 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 purpose of our audit;

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

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

d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards notified under the Companies Act, 1956 read with General Circular 15/2013 dated 13 September 2013, issued by the Ministry of Corporate Affairs, in respect of Section 133 of the Companies Act, 2013;

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

Referred to in our Report of even date:

1. The company does not have any Fixed Assets during the year, therefore, provision regarding thereto are not applicable.

2. (a) The company has conducted physical verification of Inventories during the period at reasonable interval.

(b) In our opinion and according to the information and explanation given to us, the procedures adopted by the company for physical verification of inventory are reasonable and adequate in relation to the size of the company and the nature of its business. As explained, no material inadequacies in such procedures were found during the course of audit.

(c) The company has maintained proper records showing full particulars including the nature and location of inventories. As explained, no material discrepancy was noticed on physical verification as compared with the record of inventories.

3. (a) In our opinion and according to the information and explanation given to us, the company has not granted any loan secured or unsecured to the companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(b) As the company has not granted any loan as specified in Paragraph 4(iii)(a), reporting under Paragraph 4(iii)(b) of Companies(Auditor''s Report) Order,2003 is not applicable.

(c) As the company has not granted any loan as specified in Paragraph 4(iii)(a), reporting under Paragraph 4(iii)(c) of Companies(Auditor''s Report) Order,2003 is not applicable.

(d) As the company has not granted any loan as specified in Paragraph 4(iii)(a), reporting under Paragraph 4(iii)(d) of Companies(Auditor''s Report) Order,2003 is not applicable.

(e) In our opinion and according to the information and explanation given to us, the company has taken unsecured loan from the parties, covered in the register maintained under section 301 of the Companies Act, 1956. Company has taken loan from two party and amount of such loan is Rs. 11,35,000/-.

(f) All loans taken are interest free so terms and conditions thereof are prima facie not prejudicial to the interest of the company.

(g) No stipulation has been made for terms of repayment of the above mentioned loans.

4. The company has adequate internal control procedure commensurate with the size of the company and nature of its business with regard to purchase of inventory, fixed assets, and with regard to sale of goods. However there is no such purchase and sale of the goods.

5. In our opinion and according to the information and explanations given to us, there are no transactions exceeding Rs. 5,00,000/- in pursuance of contracts and agreements that needed to be entered into the register maintained under section 301 of the Companies Act, 1956. Therefore, no reporting under Paragraph 4(v) (b) of Companies (Auditor''s Report) Order, 2003 is required.

6. In our opinion and according to the information and explanations given to us, the company has not accepted / invited any deposits falling within the purview of Section 58A / 58AA of the Companies Act, 1956 during the financial year.

7. In our opinion and according to the information and explanations given to us, the company has adequate internal audit system commensurate with the size and nature of its business.

8. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(l)(d) of the Companies Act, 1956 and are of the opinion that prima facie, the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

9. (a) According to the records of the company, the company generally is regular in depositing undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty and Cess were in arrears, as of 31st March, 2014 for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us, there are no dues of Income Tax, Customs duty, Wealth Tax, Excise duty and Cess which have not been deposited on account of any dispute.

10. The company has incurred cash loss of Rs. 6,79,428/- during the financial year corresponding to that for of Rs. 6,12,404/- in the immediately preceding financial year. However the company has no accumulated losses at the end of the financial year.

11. According to the information and explanations given to us, the company has not taken any loans from any financial institutions, banks or debenture holders

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

13. The company is not chit fund or a Nidhi/mutual benefit fund/ society. Therefore the provisions of Paragraph 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

14. In our opinion the company is not dealing in Shares, Debentures, Securities and other investments.

15. In our opinion and according to the information and explanations given to us, the company has not given guarantees for loans taken by others from bank or financial institutions.

16. The company has not taken any term loan during the year therefore the question of application of funds for the purpose for which they were raised does not arise.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investments. No long-term funds have been used to finance short-term assets except permanent working capital.

18. The company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. The company has not issued any debentures during the year so the question of creating security in respect thereof does not arise.

20. The company has not made any public issue during the year and therefore the question of disclosing the end use of money does not arise.

21. Based upon the audit procedures performed for the purpose of reporting the true and fair view of financial statements and as per the information and explanation given by the management, we report that no fraud on or by the company has been noticed or reported during the year.

for RASESH SHAH & ASSOCIATES Chartered Accountants MEHULR. SHAH (PARTNER) M. No. 137148 Place : SURAT (F. R. NO. 108671W) Date:07/05/2014

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Mar 31, 2013

Report On the Financial Statement

We have audited the accompanying financial statements of MEGH MAYUR INFRA LIMITED (the Company) which comprice the balence sheet as at March 31 2013, and the Statement of Profit and loss and c ash 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 reffered to in sub-section (3C) of section 211 of the companies Act, 1956 (The Act). This responsibility includes the design, implementation and maintainence of internal control relevent to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility:

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the standards on auditing issued by the Institute of Charted Accountant of India. Those Standards require that we comply wit hethical requirements and plan and perform the audit to obtain reasonable assurence about whether the financial statements are free from material misstatements.

An Audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgement, including the assessment of the risk of material misstatement of the financial statements, whether due to froud and error. In Making those risk assessments, the auditor considers internal control relevent to the companies preparation and fair presentation of the financial statements in order to design audit procedures tha tare appropriate in the circumstances. An audit also includes evaluating the approppriateness of accounting policies used and the reasonableness of the accounting estimates made by mamagement, as welll as evaluating the overall presentation of the financial statements.

Opinion

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

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

a) in the case of the Balance Sheet, of the state of affairs of the Company as '' at March 31, 2013;

b) in the case of the Profit and Loss Account, of the loss for the year ended on that date; and .

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

Report on Other Legal and Regulatory Requirements:

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

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

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

b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

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.

Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

Annexure to the Auditor''s Report:

Referred to in our Report of even date:

1. The company does not have any Fixed Assets during the year, therefore, provision regarding thereto are not applicable.

2. (a) The company has conducted physical verification of Inventories during the period at reasonable interval.

(b) In our opinion and according to the information and explanation given to us, the procedures adopted by the company for physical verification of inventory are reasonable and adequate in relation to the size of the company and the nature of its business. As explained, no material inadequacies in such procedures were found during the course of audit.

(c) The company has maintained proper records showing full particulars including the nature and location of inventories. As explained, no material discrepancy was noticed on physical verification as compared with the record of inventories.

3. (a) In our opinion and according to the information and explanation given to us, the company has not granted any loan secured or unsecured to the companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(b) As the company has not granted any loan as specified in Paragraph 4(iii)(a), reporting under Paragraph 4(iii)(b) of Companies(Auditor''s Report) Order,2003 is not applicable.

(c) As the company has not granted any loan as specified in Paragraph 4(iii)(a), reporting under Paragraph 4(iii)(c) of Companies(Auditor''s Report) Order,2003 is not applicable.

(d) As the company has not granted any loan as specified in Paragraph 4(iii)(a), reporting under Paragraph 4(iii)(d) of Companies(Auditor''s Report) Order,2003 is not applicable.

(e) In our opinion and according to the information and explanation given to us, the company has taken unsecured loan from the parties, covered in the register maintained under section 301 of the Companies Act, 1956. Company has taken loan from one party and amount of such loan is Rs. 13, 55,000/-.

(f) All loans taken are interest free so terms and conditions thereof are prima facie not prejudicial to the interest of the company.

(g) No stipulation has been made for terms of repayment of the above mentioned loans.

4. The company has adequate internal control procedure commensurate with the size of the company and nature of its business with regard to purchase of inventory, fixed assets, and with regard to sale of goods. However there is no such purchase and sale of the goods.

5. In our opinion and according to the information and explanations given to us, there are no transactions exceeding Rs. 5,00,000/- in pursuance of contracts and agreements that needed to be entered into the register maintained under section 301 of the Companies Act, 1956. Therefore, no reporting under Paragraph 4(v) (b) of Companies (Auditor''s Report) Order, 2003 is required.

6. In our opinion and according to the information and explanations given to us, the company has not accepted / invited any deposits falling within the purview of Section 58A / 58AA of the Companies Act, 1956 during the financial year.

7. In our opinion and according to the information and explanations given to us, the company has adequate internal audit system commensurate with the size and nature of its business.

8. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(1 )(d) of the Companies Act, 956 and are of the opinion that prima facie, the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost recoids with a view to determine whether they are accurate or complete.

9. (a) According to the records of the company, the company generally is regular in depositing undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty and Cess were in arrears, as of 31st March, 2013 for a period of more than six months from the date they became payable; except Professional Tax of Rs.2,100/- which was in arrears as at the 31st March, 2013 for a period of more than six months from the date it became payable.

(c) According to the information and explanation given to us, there are no dues of Income Tax, Customs duty, Wealth Tax, Excise duty and Cess (except Sales Tax) which have not been deposited on account of any dispute.

10. The company has incurred cash loss of Rs. 6,12,404/-durlng the financial year corresponding to that for of Rs. 5,90,264/- in the immediately preceding financial year. However the company has no accumulated losses at the end of the financial year.

11. According to the information and explanations given to us, the company has not taken any loans from any financial institutions, banks or debenture holders.

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

13. The company is not chit fund or a nidhi / mutuai benefit fund/ society. Therefore the provisions of Paragraph 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

14. In our opinion the company is not dealing in Shares, Debentures, Securities and other investments.

15. In our opinion and according to the information and explanations given to us, the company has not given guarantees for loans taken by others from bank or financial institutions.

16. The company has not taken any term loan during the year therefore the question of application of funds for the purpose for which they were raised does not arise.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investments. No long-term funds have been used to finance short-term assets except permanent working capital.

18. The company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. The company has not issued any debentures during the year so the question of creating security in respect thereof does not arise.

20. The company has not made any public issue during the year and therefore the question of disclosing the end use of money does not arise.

21. Based upon the audit procedures performed for the purpose of reporting the true and fair view of financial statements and as per the information and explanation given by the management, we report that no fraud on or by the company has been noticed or reported during the year.

for RASESH SHAH & ASSOCIATES

Chartered Accountants

MEHUL R.SHAH

(PARTNER)

M.No.137148

Place: SURAT (F. R. NO. 108671W)

Date : 15/05/2013

---

Mar 31, 2012

We have audited the attached Balance Sheet of the MEGH MAYUR INFRA LTD., 208, LALJI SHOPPING CENTRE, S.V. ROAD, BORIVALI WEST, MUMBAI - 400092. as at 31" March, 2012 and Profit and Loss account of the company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We have conducted our audit in accordance with auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free 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.

As required by the Companies Auditors' report Order, 2003 as amended by Companies (Auditors' Report) Order, 2004 issued by the Central Government of India in terms of sub- section (4A) of section 227 of the Companies Act, 1956, we enclose in the annexure hereto a statement on matters specified in paragraph 4 & 5 of the said order.

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

(a) We have obtained all 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 accounts as required by the law have been kept by the company so far, as appears from our examinations of those books.

(c) The Balance Sheet and Profit and Loss account dealt with by this report are in agreement with the books of account.

(d) In our opinion the Balance Sheet and the Profit and Loss account dealt with by this report have been prepared in compliance with the applicable Accounting Standards referred in section 211(3C) of the Companies Act, 1956.

(e) On the basis of written representations received from the Directors, as on 31st March, 2012 and taken on record by the Board of Directors, no Directors is disqualified as on 31s' March, 2012 from being appointed as Directors in terms of clause (g) of sub section (1) of the section 274 of the Companies Act, 1956.

(f) In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet and Profit & Loss account, together with the Notes thereon and annexed thereto, give in the prescribed manner, the information required by the Companies Act, 1956 and also give a true & fair view in conformity with the accounting principals generally accepted in India:

i. in the case of the Balance Sheet of the company, of the state of affairs of the company as at 31st March, 2012 and, ii. in the case of the Profit and Loss account, of the Loss for the year ended on that date. iii. in case of cash flow statement, of the cash flows for the year ended on that date.

Annexure to the Auditor's Report:

Referred to in our Report of even date:

1. The company does not have any Fixed Assets during the year, therefore, provision regarding thereto are not applicable.

2. (a) The company has conducted physical verification of Inventories during the period at reasonable interval.

(b) In our opinion and according to the information and explanation given to us, the procedures adopted by the company for physical verification of inventory are reasonable and adequate in relation to the size of the company and the nature of its business. As explained, no material inadequacies in such procedures were found during the course of audit.

(c) The company has maintained proper records showing full particulars including the nature and location of inventories. As explained, no material discrepancy was noticed on physical verification as compared with the record of inventories.

3. (a) In our opinion and according to the information and explanation given to us, the company has not granted any loan secured or unsecured to the companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(b) As the company has not granted any loan as specified in Clause 3(a), reporting under Clause 3(b) is not applicable.

(c) As the company has not granted any loan as specified in Clause 3(a), reporting under Clause 3(c) is not applicable.

(d) As the company has not granted any loan as specified in Clause 3(a), reporting under Clause 3(d) is not applicable.

(e) In our opinion and according to the information and explanation given to us, the company has taken unsecured loan from the parties, covered in the register maintained under section 301 of the Companies Act, 1956. Company has taken loan from 2 parties and amount of such loans is Rs. 4, 23,000/-.

(f) All loans taken are interest free so terms and conditions thereof are prima facie not prejudicial to the interest of the company.

(g) No stipulation has been made for terms of repayment of the above mentioned loans.

4. The company has adequate internal control procedure commensurate with the size of the company and nature of its business with regard to purchase of inventory, fixed assets, and with regard to sale of goods. However there is no such purchase and sale of the goods.

5. In our opinion and according to the information and explanations given to us, there are no transactions exceeding Rs. 5,00,000/- in pursuance of contracts and agreements that needed to be entered into the register maintained under section 301 of the Companies Act, 1956, have been so entered.

6. In our opinion and according to the information and explanations given to us, the company has not accepted / invited any deposits falling within the purview of Section 58A / 58AA of the Companies Act, 1956 during the financial year.

7. In our opinion and according to the information and explanations given to us, the company has adequate internal audit system commensurate with the size and nature of its business.

8. According to the information and explanations given to us, the company has not commenced any commercial activity and hence, maintenance of .cost records is not applicable during the year under audit.

9. (a) According to the records of the company, the company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty and Cess were in arrears, as of 31st March, 2012 for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us, there are no dues of Income Tax, Customs duty, Wealth Tax, Excise duty and Cess (except Sales Tax) which have not been deposited on account of any dispute.

10. The company has incurred cash loss during the financial year and also in the immediately preceding financial year. However the company has no accumulated losses at the end of the financial year.

11. According to the information and explanations given to us, the company has not taken any loans from any financial institutions, banks or debenture holders.

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

13. The company is not chit fund or a nidhi / mutual benefit fund/ society. Therefore the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

14. In our opinion the company is not dealing in Shares, Debentures, Securities and other investments.

15. In our opinion and according to the information and explanations given to us, the company has not given guarantees for loans taken by others from bank or financial institutions.

16. The company has not taken any term loan during the year therefore the question of its application for the purpose of which they were raised does not arise.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report mat no funds raised on short-term basis have been used for long-term investments. No long-term funds have been used to finance short-term assets except permanent working capital.

18. The company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. The company has not issued any debentures during the year so the question of creating security in respect thereof does not arise.

20. The company has not made any public issue during the year and therefore the question of disclosing the end use of money does not arise.

21. Based upon the audit procedures performed for the purpose of reporting the true and fair view of financial statements and as per the information and explanation given by the management, we report that no fraud on or by the company has been noticed or reported during the year.

for RASESH SHAH & ASSOCIATES

Chartered Accountants

MEHUL R. SHAH

(PARTNER)

M. No. 137148

Place : SURAT O-l, SILVER PALM, TIMALIYAWAD,

Date :'l4/05/2012 NANPURA, SURAT, GUJARAT

(F. R. NO. 108671W)

---

Mar 31, 2011

1. We have audited the attached Balance Sheet of MEGH MAYUR INFRA LIMITED, as at 31st March, 2011, the Profit and Loss Account and the Cash Flow Statement of the company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with 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.

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;


(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts;

(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement of the company comply with the Accounting Standards as referred in Sub-Section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable;

(e) As per information and explanations given to us, none of the directors of the company are disqualified from being appointed as a director under 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 said accounts, read together with Significant Accounting Policies and Notes forming part of Accounts, give the information required by the Companies Act, 1956 in the manner so required, and give a true and fair view in conformity with the accounting principles generally accepted in India, Rs.55

(i) in the case of the Balance Sheet, of the state of the affairs of the company as at 31st March 2011.

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

(iii) In the case of the Cash Flow Statement, of the 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:

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

(b) All the assets have been physically verified by the management during the year, there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) No disposal of fixed assets of the Company has taken place during the year.

2. The Company does not have any Inventory during the year, therefore provision regarding thereto are not applicable.

3. (a) in our opinion and according to the information and explanation given to us, the Company has not granted any loan secured or unsecured to the Companies, Firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, Clause 3 (b), (c) and (d) of the said order were not applicable.

(b) In our opinion and according to the information and explanation given to us, the Company has taken unsecured loan from the parties, covered in the register maintained under section 301 of the Companies Act, 1956. Company has taken loan from 3 parties and amount of such loans is Rs.12,90,000/-.

(c) All loans taken are interest free so terms and conditions thereof are prima facie not prejudicial to the interest of the company.

4. The Company has adequate internal control procedure commensurate with the size of the Company and nature of its Business with regard to purchase of inventory, Fixed Assets, and with regard to sale of goods. However there is no such purchase and sale of the goods.

5. In our opinion and according to the information and explanations given to us, no transactions that need to be entered into a register in pursuance of section 301 of the Companies Act, 1956, have been so entered.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted / invited any deposits falling within the preview of Section 58A / 58AA of the Companies Act, 1956 during the financial year.

7. In our opinion, the Company has Internal Audit system commensurate with the size and nature of its Business.

8. As informed to us the Central Govt. has not prescribed the maintenance of cost records by the Company under Section 209 (1) (d) of the Companies Act, 1956.

9. (a) The company is not required to pay any statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty and Cess were in arrears, as of 31st March, 2011 for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us, there are no dues of Income Tax, Customs duty, Wealth Tax, Excise duty and Cess (except Sales Tax) which have not deposited on Account of any dispute.

10. The Company has incurred cash loss during the financial year and also in the immediately preceding financial year. However the Company has no accumulated losses at the end of the financial year.

11. The company has not taken any loan from Financial Institutions, Banks or Debenture holders. Accordingly, Clause 11 of the said order is not applicable.

12. In our opinion and according to the information and explanations given to us, the Company has not granted any loans and advance on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company is not chit fund or a nidhi I 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.

14. In our opinion, the Company is not dealing in or trading in Shares, Securities, Debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

15. In our opinion and according to the information and explanations given to us, the Company has not given guarantees for loans taken by others from Bank or financial institutions.

16. The Company has not taken any term loan during the year therefore the question of its application for the purpose for which they were raised does not arise.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that the no funds raised on short - term basis have been used for long-term investment. No long - term funds have been used to finance short - term assets except permanent working Capital.

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

19. The Company has not issued any debentures during the year and therefore the question of creating security in respect thereof does not arise.

20. The Company has not made any public issue during the year and therefore the question of disclosing the end use of money does not arise.

21. According to the information and explanations given to us, based upon the audit procedures performed and representations made by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our Audit.

for RAJESH SHAH & ASSOCIATES

Chartered Accountants

RASESH B. SHAH

(PARTNER)

M. No. 34217

0-1, SILVER PALM, TIMALIYAWAD,

Place : Surat NANPURA, SURAT, GUJARAT Date : 30/05/2011 (F. R. NO. 108671W)

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of MEGH MAYUR INFRA LIMITED, as at 31st March, 2010, the Profit and Loss Account and the Cash Flow Statement of the company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with 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.

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 accounts as required by law have been kept by the company so far as appears from our examination of the books of accounts;

(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts;

(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement of the company comply with the Accounting Standards as referred in Sub-Section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable;

(e) As per information and explanations given to us, none of the directors of the company are disqualified from being appointed as a director under 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 said accounts, read together with Significant Accounting Policies and Notes forming part of Accounts, give the information required by the Companies Act, 1956 in the manner so required, and give a true and fair view in conformity with the accounting principles generally accepted in India,

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

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

iii) In the case of the Cash Flow Statement, of the 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:

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

(b) All the assets have been physically verified by the management during the year, there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) No disposal of fixed assets of the Company has taken place during the year.

2. The Company does not have any Inventory during the year, therefore provision regarding thereto are not applicable.

3. (a) In our opinion and according to the information and explanation given to us, the

Company has not granted any loan secured or unsecured to the Companies, Firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, Clause 3 (b), (c) and (d) of the said order were not applicable. (b) In our opinion and according to the information and explanation given to us, the Company has not taken any loan secured or unsecured from the Companies, Firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, Clause 3 (f) and (g) of the said order were not applicable.

4. The Company has adequate internal control procedure commensurate with the size of the Company and nature of its Business with regard to purchase of inventory, Fixed Assets, and with regard to sale of goods. However there is no such purchase and sale of the goods.

5. In our opinion and according to the information and explanations given to us, no transactions that need to be entered into a register in pursuance of section 301 of the Companies Act, 1956, have been so entered.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted / invited any deposits falling within the preview of Section 58A / 58AA of the Companies Act, 1956 during the financial year.

7. In our opinion, the Company has Internal Audit system commensurate with the size and nature of its Business.

8. As informed to us the Central Govt, has not prescribed the maintenance of cost records by the Company under Section 209 (1) (d) of the Companies Act, 1956.

9. (a) The company is not required to pay any statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty and Cess were in arrears, as of 31st March, 2010 for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us, there are no dues of Income Tax, Customs duty, Wealth Tax, Excise duty and Cess (except Sales Tax) which have not deposited on Account of any dispute.

10. The Company has incurred cash loss during the financial year and also in the immediately preceding financial year. However the Company has no accumulated losses at the end of the financial year.

11. The company has not taken any loan from Financial Institutions, Banks or Debenture holders. Accordingly, Clause 11 of the said order is not applicable.

12. In our opinion and according to the information and explanations given to us, the Company has not granted any loans and advance on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company is not chit fund or a nidhi / 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.

14. In our opinion, the Company is not dealing in or trading in Shares, Securities, Debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

15. In our opinion and according to the information and explanations given to us, the Company has not given guarantees for loans taken by others from Bank or financial institutions.

16. The Company has not taken any term loan during the year therefore the question of its application for the purpose for which they were raised does not arise.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that the no funds raised on short - term basis have been used for long-term investment. No long - term funds have been used to finance short - term assets except permanent working Capital.

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

19. The Company has not issued any debentures during the year and therefore the question of creating security in respect thereof does not arise.

20. The Company has not made any public issue during the year and therefore the question of disclosing the end use of money does not arise.

21. According to the information and explanations given to us, based upon the audit procedures performed and representations made by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our Audit.

for RASESH SHAH & ASSOCIATES Chartered Accountants

RASESH B. SHAH

(PARTNER)

M. No. 34217

SILVER PALM, TIMALIYAWAD,

Place : SURAT NANPURA, SURAT, GUJARAT

Date : 30/05/2010 (F. R. NO. 108671W)