Auditor Report of Pagaria Energy Ltd.

Mar 31, 2025

We have audited the accompanying Standalone lnd AS Financial Statements of Pagaria
Energy Limited ("the Company"), which comprise the Balance Sheet as at March 31,2025,
the Statement of Profit and Loss (including Other Comprehensive lncome), 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 financial statements")''.

ln 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 lndian Accounting Standards prescribed under section L33 of the Act read with the
Companies (lndian Accounting Standards) Rules, 2015, as amended, ("ln AS") and other
accounting principles generally accepted in lndia, of the state of affairs of the Company as at
March 3L, 2025, its profit and total comprehensive income, changes in equity and its cash
flows for the year ended on that date.

Basis for Opinion

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

Key Audit Matters

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

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 informat ion.
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
informationand, 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.

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

The Company''s Board of Directors is responsible for the matters stated in section 134(5)
of the Act with respect to the preparation of these 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 andprudent; and design,
implementation and maintenance of adequate internal financial controls, that were
operatingeffectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation andpresentation of the Financial Statements that give a true
and fair view and are free from material misstatement,whether due to fraud or error.

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

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

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

Our objectives are to obtain reasonable assurance about whether the Financial
Statements as a whole are freefrom 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 Standards on Auditing 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 userstaken on the basis of these financial statements

As part of an audit in accordance with Standards on Auditing, we exercise professional
judgmentand maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detectinga 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 internalcontrol.

• 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 controlssystem in place and the operating effectiveness of such
controls.

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

• Conclude on the appropriateness of management’s use of the going concern basis of
accountingand, based on the audit evidence obtained, whether a material
uncertainty exists relatedto 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 standalone 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 standalone Ind AS financial statements
that, individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the Ind AS 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 doingso would
reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1) As required by the Companies (Auditor''s Report) Order, 2020 (“the Order”), issued
by the Central Government of India in terms of sub-section (11) of section 143 of the
Companies Act, 2013, we give in The Annexure "A", a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2) As required by Section 143 (3) of the Act, 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 andbelief 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 asit 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 Ind AS
accounting standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from the directors as on March
31, 2025 taken on record by the Board of Directors, None of the Directors are
disqualified as on March 31, 2025 from being appointed as a director in terms of Section
164 (2) of the Act.

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

(g) In our opinion, managerial remuneration for the year ended March 31, 2025 has been
paid / provided by the company to its directors in accordance with the provisions of sec. 197
read with schedule v to the Act.

(h) With respect to the other matters to be included in the Auditor''s Report in accordance
with Rule 11 ofthe 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 does not have any pending litigations which will have any impact on its
financialposition in its financial statement.

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

iii) No amount is required to be transferred to Investor Education and Protection Fund
in accordancewith the relevant provisions of the Companies Act, 2013 and rules made there
under.

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

b) The management has represented, that, to the best of it''s knowledge and belief,
other than asdisclosed in the notes to the accounts, no funds have been received by the
company from anyperson(s) or entity(ies), including foreign entities ("Funding Parties"), with
the understanding,

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

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

(v) No dividend has been declared or paid during the year by the company.

(vi) Proviso to Rule 3(1) of the Companies (Accounts) Rules,2014 for maintaining books
of account using accounting software which has a feature of recording audit trail (edit log)
facility is applicable to the Company with effect from April 1,2023 and accordingly, reporting
under Rule 11(g) of Companies (Audit and Auditors) Rules,2014 is not applicable for the
financial year ended March 31,2025.

For Manish Mahavir & Co

Chartered Accountants
Firm Registration no. 324355E

Manish Jain, FCA
Proprietor

Membership Number. - 059264
UDIN: 25059264BMOZOG3997

Place: Kolkata
Date: 30^th MAY, 2025

---

Mar 31, 2024

We have audited the accompanying Standalone Ind AS Financial Statements of Pagaria
Energy 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 financial statements”).

In our opinion and to the best of our information and according to the explanations given to
us, the aforesaid Financial Statements give the information required by the Companies Act,
2013 (“the Act”) in themanner 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, (“In AS”) and other
accounting principles generally accepted in India, of the state of affairs of the Company as at
March 31, 2024, its profit and total comprehensive income, changes in equity and its cash
flows for the year ended on that date.

Basis for Opinion

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

Key Audit Matters

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

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
informationand, 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.

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

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of
the Act with respect to the preparation of these 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 alsoincludes 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 operatingeffectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation andpresentation of the Financial Statements
that give a true and fair view and are free from material misstatement,whether due to fraud or
error.

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

The Board of Directors is responsible for overseeing the Company’s financial reporting process.

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

Our objectives are to obtain reasonable assurance about whether the Financial Statements as a
whole are freefrom 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 Standards on Auditing
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 userstaken on the basis of
these financial statements.

As part of an audit in accordance with Standards on Auditing, we exercise professional
judgmentand maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detectinga 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 internalcontrol.

• 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 controlssystem in place and the operating effectiveness of such
controls.

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

• Conclude on the appropriateness of management’s use of the going concern basis of
accountingand, based on the audit evidence obtained, whether a material
uncertainty exists relatedto 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 standalone 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 standalone Ind AS financial statements
that, individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the Ind AS 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 doingso would
reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1) As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Companies
Act, 2013, we give in The Annexure “A”, a statement on the matters specified in paragraphs
3 and 4 of the Order, to the extent applicable.

2) As required by Section 143(3) of the Act, 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 andbelief 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 asit 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 Ind AS
accounting standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.

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

(f) With respect to the adequacy of the internal financial controls over financial reporting of
the Company and the operating effectiveness of such controls, refer to our separate Report in
“Annexure B”. Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company’s internal financial controls over financial;

(g) In our opinion, managerial remuneration for the year ended March 31, 2024 has been paid
/ provided by the company to its directors in accordance with the provisions of sec. 197 read
with schedule v to the Act.

(h) With respect to the other matters to be included in the Auditor’s Report in accordance with
Rule 11 ofthe 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 does not have any pending litigations which will have any impact on its
financialposition in its financial statement.

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

iii) No amount is required to be transferred to Investor Education and Protection Fund
in accordancewith the relevant provisions of the Companies Act, 2013 and rules made there
under.

iv) a) The management has represented that, to the best of it’s knowledge and belief,
other than as disclosed in the notes to the accounts, no funds have been advanced or loaned
or invested (either from borrowed funds or share premium or any other sources or kind of
funds) by the company to or in any other person(s) or entity(ies), including foreign entities
(“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that
the Intermediaries 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 it''s knowledge and belief, other
than asdisclosed in the notes to the accounts, no funds have been received by the company
from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the
understanding, whether recorded in writing or otherwise, that the company shall, whether, directly
or indirectly,lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf ofthe Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries; and

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

(v) No dividend has been declared or paid during the year by the company.

(vi) Proviso to Rule 3(1) of the Companies (Accounts) Rules,2014 for maintaining books
of account using accounting software which has a feature of recording audit trail (edit log)
facility is applicable to the Company with effect from April 1,2023 and accordingly, reporting
under Rule 11(g) of Companies (Audit and Auditors) Rules,2014 is not applicable for the
financial year ended March 31,2024.

For Manish Mahavir & Co

Chartered Accountants
Firm Registration no. 324355E

Manish Jain, FCA
Proprietor

Membership Number. - 059264
UDIN: 24059264BKCSNX5276
Place: Kolkata
Date: 29^th MAY, 2024

---

Mar 31, 2014

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

Management''s Responsibility for the Financial Statements

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

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, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the 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:

i. in the case of the balance sheet, of the state of affairs of the Company as at 31 March 2014; and

ii. in the case of the statement of profit and loss, of the profit for the year ended on that date; and

iii. 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"), as amended, 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, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d. in our opinion, the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement comply with the Accounting Standards notified under the Companies Act, 1956 read with the General Circular 15/2013 dated 13 September, 2013 of 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 31 March 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

Annexure to Independent Auditors'' Report

The Annexure referred to in Paragraph 1 under the heading of "report on other legal and regulatory requirement" of our report to the members of PAGARIA ENERGY LIMITED ("the Company") for the year ended 31st March 2014. We report that:

i) (a) The Company has maintained proper records showing full particulars, including Quantitative details and situation of fixed assets on the basis of available information

(b) The fixed assets of the company have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such physical verification.

(c) The Company has not disposed of any substantial/major part of fixed assets during the year therefore the question of affecting the going concern principle of the company do not arises.

ii) (a) Physical verification of inventory has been conducted at reasonable intervals during the year by the management.

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

(c) The company has maintained proper records of inventory. No material discrepancies were noticed on physical verification of inventories as compared to the book records.

iii) (a) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, paragraphs 4(iii)(b), (c) and (d) of the Order, are not applicable.

(b) The Company has not taken any loan secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Therefore the requirements of clauses (iii) (e) (f) and (g) of paragraph 4 of the Order are not applicable to the Company.

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

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

(b) The transactions made in pursuance of contracts or arrangements entered in the register under section 301 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi) The company has not accepted any deposits from the public which falls within the provisions of section 58A, 58AA or any other relevant provisions of the Companies Act, 1956. Therefore the Provisions of Clause (vi) of paragraph 4 of the Order are not applicable to the Company.

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

viii) The maintenance of cost records has been prescribed by the Central Government under Section 209 (1)

(d) of the Companies Act, 1956 and such accounts and cost records have been made and maintained.

ix) (a) The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities.

(b) There are no dues of Income tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty or Cess outstanding on account of any dispute.

x) The company has no accumulated losses as at 31st March, 2014 and the company has not incurred any cash losses in the financial year covered by our audit and in the immediately preceding financial year.

xi) The company has not defaulted in repayment of dues to any financial institutions or banks.

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

xiii) The company is not a chit fund or a nidhi / mutual benefit fund /society. Accordingly, Clauses (xiii) (a) to (d) of paragraph 4 of the Order are not applicable to the Company.

xiv) In our opinion, the company is not a dealer or trader in shares, securities, debentures and other investments.

xv) According to the information & explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions.

xvi) The term loans were applied for the purpose for which the loans were obtained.

xvii) In our opinion and according to the information and explanations given to us, there are no Funds raised on a short term basis which have been used for long term investment.

xviii) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

xix) The Company has not issued any debentures during the year.

xx) The company has not raised any funds by way of public issue during the year.

xxi) No fraud on or by the company has been noticed or reported during the year.

The Company has only one class of equity shares having par value of Rs.10/- per share. Each equity shareholder is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The Company has not declared any dividends for the year ended 31st March,2014.

In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive the remaining assets of the company , after distribution of all preferential amounts. The distribution will be in proportion to the numbers of equity shares held by the share holders.

For H R Agarwal & Associates Chartered Accountants Firm''s registration number: 323029E

CA. Hari Ram Agarwal) Partner Membership number: FCA 057625

Place: Kolkata Date: 30th May, 2014

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of M/s. Pagaria Energy Limited ("the Company"), which comprises the Balance Sheet as at March 31 2013 and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s responsibility 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 Flow 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 misstatements, 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 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 auditor''s judgment, including the assessment of the risk of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessment, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial Statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial Statements.

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

Opinion

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

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31st, 2013;

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

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

Report on other Legal 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 said 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 accounts.

d. in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with by the Accounting Standard referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

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

ANNEXURE TO AUDITORS'' REPORT

The annexure referred to in Paragraph 1 under the heading Report on other Legal and Regulatory Requirements our Report of even date to the members ofM/s. Pagaria Energy Limited (''the Company'') for the year ended March31,2013

1. In respect of its fixed assets:

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

b) We are informed that all the fixed assets have been physically verified by the management during the year, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

c) The Company has not disposed off any substantial part of its fixed assets during the year as would affect the going concern status of the Company.

2. Since there are no Inventories in the Company, the provisions of sub clause (a), (b) & (c) of the Clause (ii) of paragraph 4 of the Companies (Auditors'' Report) Order, 2003 are not applicable.

3. The company granted and taken unsecured loans/advances to companies, firms or other parties covered in the register maintained under section 301 of the Act .We are informed by the management that, such unsecured loans and advances, taken and granted by the Company are interest free, there is not any stipulation as regard to rate of interest, servicing of interest, no tenure for receipt or repayment of principal amount and, the amount can be called off or paid as and when required. As informed that the Company is taking reasonable and adequate steps for recovery/payment of unsecured loans and advances. As such ,in the absence of relevant information ,we are unable to comment that the terms and conditions on which unsecured loans and advances given or taken by the company are prima facie prejudicial to the interest of the company or not;

4. In our opinion and according to the information and explanations given to us, there exist an adequate internal control system commensurate with the size of the Company and nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any major weakness in internal control system of the Company.

5. In respect of transaction covered under section 301 of the Companies Act, 1956:

a. According to the information and explanations given to us, the particulars of all contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public during the year, hence, the provisions of sections 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under are not applicable.

7. In our opinion, the Company has an Internal Audit System commensurate with the size of the Company and nature of its business.

8. We are informed that, the Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 for any of the products/services rendered by the Company.

9. According to the information and explanations given to us, in respect of its statutory dues:

a. The company has been generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues, as applicable to it, with the appropriate authorities.

b. There were no undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues were in arrears as at 31st March, 2013 for a period of more than six months from the date of become payable except Income Tax dues Rs.15000/- relating to year ended 31st March, 2012 is payable.

c. There are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues which have not been deposited on account of any dispute.

10. The Company does not have any accumulated losses as at 31st March, 2013and it has not incurred any cash losses in the financial year ended on that date or in the immediate preceding financial year.

11. In our opinion and according to the information and explanation given to us, the Company has not defaulted in repayment of dues to a financial institutions, bank or debenture holders.

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

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

14. In our opinion, the Company is not dealing in or trading in shares securities, debentures and other investments.

15. The Company has not given any guarantees for loans taken by other from banks or financial institutions.

16. The Company has not availed any term loans during the year.

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.

18. 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, 1956 during the year.

19. The Company has not issued any debentures during the year under review.

20. The Company has not raised any money by public issue during the year.

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

For S.R.Ghedia & Associates

(Chartered Accountants)

FRN :: 118560W

Sunil Jain

Place : Mumbai (Partner)

Date : 30th May, 2013 M. No. 059181

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Mar 31, 2010

We have audited the attache Balance Sheet of M/s. Women Networks Limited Delhi us at 31st March. 2010, Profit & Loss Account and also the cash flow statement for the period ended on that date annexed thereto. These financial statements are the responsibility of the management of the company. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the auditing standards generally accepted in lndia. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misatetements. 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

I. As required by the Companies (Auditors Report) Order. 2003 issued by the Company Law Hoard in terms of Section 227 {4-A) of the Companies Act. 1956. we enclosed in the Annexure a statement on the matters specified in Paragraphs 4 and 5 of the said order.

1. Further to our comments in the Annexure- referred to in paragraph above:

a) We have obtained all the information and explanation. 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 the books.

c) The attached Balance Sheet, Profit and Loss Account and cash How statement credit with by this report are in agreement with the books of accounts.

d) In our opinion, the Balance Sheet, the Profit and Loss Account and cash flow statement dealt with this report comply with the Accounting Standard referred to in suction 211 (3C) of the Companies Act. 1956 to the extern applicable.

e) On the basis of written representations received by us from the Directors; of the Company as at 31st March 2010 and taken on record by the Hoard Directors. We report that none of directors are disqualified as on 31st March 2010 from being appointed as Director of the Company under clause (g ) of section (1) of Section 274. of the Companies Act.

f) In our opinion and to the best of our information and according to the explanations given to us. the said 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 principle generally accepted in India: -

(i) In the case of the Balance Sheet, of the Stale of Affairs of the Company as at 31st March 2010 and

(ii) In the case of Profit & Loss Account, of the Profit of the Company for the period ended on thai date.

(iii) In case of Cash-flow statement of the cash flows for the period ended on that dale.

Annexure to Auditors Report Referred to in Paragraph I of our report of even date:

1. In respect of its fixed assets:

a. The Company has maintained proper records showing lull particulars including quantitative details and situation of fixed assets on the basis of available information.

b. As explained to us. the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable. having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physically verification.

c. As explained to us. the Company has not disposed of substantial part of fixed assets during the year and the going concern status of the Company is not affected

2. In respect of its inventories:

a. As explained to us. inventories have been physically verified by the management at regular intervals during the year.

b. In t>ur opinion and according to the information and explanations given to us. the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

c. The Company has maintained proper records of inventories. As explained to us. there was no material discrepancies noticed on physically verification of inventory as compared to the book records.

3. In our opinion and according to the information and explanations given to us. there is no loans, secured or unsecured, granted or taken by the Company to from companies, firms or other parlies covered in the register maintained under section 301 of the Companies Act. 1956. Hence the requirement of Clause (iii)of paragraph 4 of the order is not applicable to the Company.

4. In our opinion and according to the information and explanation given to us. there is adequate internal control procedure commensurate with the size of the company and nature of its business for purchase of inventory, fixed assets and also for sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls.

5. In respect of transaction covered under section 301 of the Companies Act, 1956:

a. In our opinion and according to the in formal ion and explanation given to us. the transaction that needs to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b. In absence of competitive quotations and comparable prices and having regards to the specialised nature of items purchased or sold, we are unable to comment upon the reasonableness of prices at which such transactions have been entered, having value exceeding lis.500.000/- or more in the financiai year under audit.

6. The Company has not accepted any deposit from the public to which the provision of See 5SA and 58AA of the Companies Act. 1956, and the Companies( Acceptance of Deposit) Rules, 1975 apply

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

8. We are informed that the Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act. 1956 for any of the services rendered by the Company.

9. In respect of statutory dues:

a. According to the records of the Company, undisputed statutory dues including provident fund. Investor Education and Protection fund. Employees State Insurance. Income Tax. Sales fax. Wealth fax. Customs Duty, Excise Duty. Cess and other statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us. no undisputed amounts payable in respect of aforesaid dues were outstanding as on 31st March 2010 for a period of more then six months from the dale of becoming payable.

b. In our opinion and according to the information and explanations given in us there is no disputed statulory dues pending before appropriate authorities.

10. The Company has not having any accumulated losses and has not incurred any cash losses during the financial year and the immediate preceding financial year covered by our audit.

11. Based on our audit procedures and according to the information and explanation given to us. we are of the opinion that the Company has not defaulter in repayment of dues to financial institutions, hank or debenture holder.

12: In our opinion and according to the information and explanations given to us no loans and advances have been granted by the Company on the basis of security by way or pledge of shares, debentures and other securities.

13.In our opinion, the Company is not a chit fund or a nidhi f mutual benefit and f society. Therefore clause 4 (xiii) of the Companies (Auditors Report) Order 2003 is not applicable to the Company,

14. According to the information and explanation given to us. The Company is notl dealing or trading in shares, securities, debentures and other investments.

15. The Company has not given any guarantees for loans taken by other from Thanks or financial institutions.

16. The Company has not raised any term loans during the year.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized the hinds raised; on short term basis towards long-itern borrowings and investment and vice versa.

18. During the year, the Company has not made any preferential allotment of sharps to parties and Companies covered, in the Register maintained under Seection 301 of the Companies Act, 1956.

19. The Company has not issued, any debenture .

20 The Company has not raised the Money through ADRs/GDRs/ FCCB or Convertible warrants etc during this period.

21 The Company has not raised any money by way of public issue during the wear

22. According to the information and explanation given to us no traud on or by the Company has been noticed or reported during the year.

For Ramesh -Somani & Co.

(Chartered Accountants)

Place: Delhi Ramesh Somani

Date: 30/05/2010 Promoter