Auditor Report of Purity Flex Pack Ltd.

Mar 31, 2025

We have audited theInd AS financial statements of Purity Flexpack Limited (“the Company”), which comprise theBalance
Sheet as at 31^st March 2025, and the statement of Profit and Loss (including Other Comprehensive Income), Statement of
Changes in Equity and Statement of Cash Flows for the year then ended, and Notes to the Financial Statements, including a
summary of material accounting policies and other explanatory information. (hereinafter referred to as “financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaidfinancial
statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and
fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in
India, of the state of affairs of the Company as at March 31,2025, theProfitand 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 (SAs) specified under section 143(10) of the
Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the
Audit of theFinancial Statements section of our report. We are independent of the Company in accordance with the Code of
Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our
audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the financial statements.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the 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 have determined
that there are no key audit matters to be communicated in our report.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITORS’ 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 Board''s Report including Annexures to Board''s Report but does not include the financial
statements and our auditors'' report thereon.

Our opinion on thefinancial 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 thefinancial statements, or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If, based on the work we have performed, weconclude that there is a
material misstatement of this otherinformation, we are required to report that fact.

When we read the information, if we conclude that there is a material misstatement therein, we are required to communicate
the matter to those charged with governance and take appropriate actions necessitated by the circumstances and the
applicable laws and regulations.

MANAGEMENT’S AND BOARD OF DIRECTOR’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company''s management and 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, including other comprehensive income, changes in equity and cash flows of the Company in
accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified
under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other

irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the financial statement that give a true and fair view and are free from material misstatement, whether due to
fraud or error.

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

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

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THEFINANCIAL STATEMENTS

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

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional 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 controls relevant to the audit in order to design audit procedures that
are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our
opinion on whether the Company has adequate internal financial controls 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 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 thefinancial 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

i. 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.

ii.

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

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

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears
from our examination of those books except for the matters stated in paragraph ii (B)(vi) below on reporting under
Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014;

c) TheBalance Sheet, theStatement of Profit and Loss (including Other Comprehensive Income), and the Cash
Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of
account.

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

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

f) The modification relating to the maintenance of accounts and other matters connected therewith are as stated in
paragraph ii A(b) above on reporting under Section 143(3)(b) of the Act and paragraph ii (B)(vi) below on
reporting under Rule 11(g) of the Companies (Audit and Auditors) Rule, 2014.

g) 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”.

h) 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(16) of the
Act.

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

i. The Company has no pending litigations to be disclosed except as shown in note no 28.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses as at March 31,2025.

iii. There has been no amounts, required to be transferred, to the Investor Education and Protection Fund by the
Company.

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

c) Based on such audit procedures performed 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 misstatement.

iv. There is no dividend declared or paid during the year by the Company and hence provisions of section 123 of
the companies Act, 2013 are not applicable.

v. The reporting under Rule 11(g) based on our examination we report that;

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 audit trail feature being tampered with. [Additionally, the audit
trail has been preserved by the company as per the statutory requirements for record retention.]

For Shah Mehta & Bakshi
Chartered Accountant

Firm''s Registration No.103824W

Kalpit Bhagat
Partner

Membership No. 142116
Vadodara, Date: 24^thMay, 2025
UDIN:25142116BMIIGF9814

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Mar 31, 2024

We have audited theInd AS financial statements of Purity Flexpack Limited ("the Company"), which comprise the Balance
Sheet as at 31^st March 2024, and the statement of Profit and Loss (including Other Comprehensive Income), Statement of
Changes in Equity and Statement of Cash Flows for the year then ended, and Notes to the Financial Statements, including a
summary of material accounting policies and other explanatory information. (Hereinafter referred to as "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 the manner so required and give a true
and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally
accepted in India, of the state of affairs of the Company as at March 31, 2024, the Profit and total comprehensive income,
changes in equity and its cash flows for the year ended on that date.

BASIS FOR OPINION

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

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
standalone financial statements of the current period. These matters were addressed in the context of our audit of the
standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters. We have determined that there are no key audit matters to be communicated in our report.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITORS'' 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 Board''s Report including Annexures to Board''s Report but does not include the
financial statements and our auditors'' 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
in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that
there is a material misstatement of this other information, we are required to report that fact.

When we read the information, if we conclude that there is a material misstatement therein, we are required to
communicate the matter to those charged with governance and take appropriate actions necessitated by the
circumstances and the applicable laws and regulations.

MANAGEMENT''S AND BOARD OF DIRECTOR''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company''s management and 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, including other comprehensive income, changes in equity and cash flows of
the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting
Standards specified under section 133 of the Actread with the Companies (Indian Accounting Standards) Rules, 2015, as
amended. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions

of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the financial statement 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 are also responsible for overseeing the Company''s financial reporting process.

AUDITOR''S RESPONSIBILITIES FOR THE AUDIT OF THEFINANCIAL STATEMENTS

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

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

• Identify and assess the risks of material misstatement of the 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 controls relevant to the audit in order to design audit procedures that
are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our
opinion on whether the Company has adequate internal financial controls 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 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.

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

i. 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.

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

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

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it
appears from our examination of those books except for the matters stated in paragraph ii (B)(vi) below
on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014;

c) The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income), and the
Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement
with the books of account.

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

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

f) The modification relating to the maintenance of accounts and other matters connected therewith are as
stated in paragraph ii A(b) above on reporting under Section 143(3)(b) of the Act and paragraph ii (B)(vi)
below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rule, 2014.

g) 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".

h) 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(16) of the Act.

(B) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the

Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according

to the explanations given to us:

i. The Company has no pending litigations to be disclosed except as shown in note no 28.

ii. The Company did not have any long-term contracts including derivative contracts for which there were

any material foreseeable losses.

iii. There have been no amounts, required to be transferred, to the Investor Education and Protection Fund
by the Company.

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

c) Based on such audit procedures performed that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to believe
that the representations under sub-clause (i) and (ii) contain any material misstatement.

iv. There is no dividend declared or paid during the year by the Company and hence provisions of section
123 of the companies Act, 2013 are not applicable.

v. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from 1
April 2023. Based on our examination we report that;

The feature of recording audit trail (edit log) facility was operative from February 17^th 2024.

Based on our examination which included test checks, we report that for the period where audit trail (edit log) facility was
enabled and operated during the period for the respective accounting software, we did not come across any instance of the
audit trail feature being tampered with.

For Shah Mehta & Bakshi
Chartered Accountant

Firm''s Registration No.103824W

Kalpit Bhagat
Partner

Membership No. 142116
Vadodara, 27^th May, 2024
UDIN:24142116BKDGXY6639

---

Mar 31, 2015

1. We have audited the accompanying financial statements of Purity Flexpack Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statement

2. The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

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

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

Opinion

6. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2015, and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government in terms of sub-section (11)of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

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

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

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

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

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

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

f) With respect to the other matters to be included in the Auditor's Report in accordance with Rule

11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

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

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

III. The question of delay in transferring amounts to the Investor Education and Protection Fund by the company does not arise as there are no amounts required to be transferred to the said fund.

The Annexure referred to in our Independent Auditors' Report to the members of the Company on the standalone financial statements for the year ended 31 March 2015, we report that:

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

1. The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. The company' has not physically verified the entire fixed assets during the year however procedure for physically verification is proper in relation to size and nature of business. No substantial parts of fixed assets have been disposed of during the year, which will affect its status as going concern.

2. The Management at reasonable intervals has physically verified the inventory during the year. In our opinion, the procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business. The company is maintaining proper records of inventory. The discrepancies noticed on physical verification of stocks as compared to book records were not material.

3. (a) The company has granted loan to parties covered in the register maintained under section 301 of the Companies Act, 1956, of the value "36.70/- lacs (P.Y. Rs.24.99 lacs);

(b) The Company has taken unsecured loan from parties covered in the register under section 301 of the Companies Act, 1956, of the value " 149.41/- lacs (P.Y.Rs. 22.37/- lacs);

(c) In our Opinion, the rate of interest and other terms & conditions of loans given / taken are not prima facie prejudicial to the interest of company. The company is regular in repaying the principal amount as stipulated.

4. In our opinion and according to information and explanations given to us, there is adequate internal control system commensurate with the size of the company and the nature of its business with regard to the fixed assets. There are no transactions of the purchase of inventory or with regards to the sale of goods & services. During the course of audit, we have not observed any continuing failure to correct major weakness in internal control system.

5. The company has not accepted any deposits from public and the directives issued by Reserve Bank of India has been followed and Section 73 to 76 of the Companies Act, 2013 and rules framed there under, have been duly complied with.

6. We have broadly reviewed the cost records maintained by the company pursuant to the Companies (Cost Accounting Records) Rules, 2014 prescribed by the Central Government under section 148 of the Companies Act, 2013 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.

7. The company has been regular in depositing any undisputed statutory dues if any such as Provident Fund, Income Tax, Excise Duty, Custom Duty, Cess and any other statutory dues. However, no statutory dues were payable beyond the due date under respective statutes as at the balance sheet date.

(i) There were no amount payable in respect of undisputed statutory dues, if any such as Provident Fund, Income Tax, Value Added Tax, Service Tax, Custom Duty, cess and other statutory dues in arrears as on 31st March 2015 for the period of more than six months from the date they become payable.

(ii) There are no amounts required to be transferred to the Investor Education and Protection Fund by the company under the relevant provisions of Companies Act, 1956 and rules made thereunder.

8. The Company does not have any accumulated losses at the end of the financial year exceeding fifty percent of its net worth. The company has not incurred cash losses in current financial year and immediately preceding financial year.

9. According to the records of the company examined by us and as per the information and explanations given to us, the company has not defaulted on repayment of dues to any financial institution or banks.

10. In our opinion, and according to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from a bank or financial institution during the year.

11. According to information and explanations given to us, the company has applied the term loans for the purpose for which same were taken. Therefore, the provision of clause 4(xvi) of the Order is not applicable to the company.

12. There is no fraud on or by the company has been reported during the year. During the course of examination of books and records of the company, carried out in accordance with the generally accepted auditing standards in India and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

For Shah Mehta & Bakshi, Chartered Accountants (Registration No. 103824W)

(Vihang Bakshi) Partner M. No. 39054

Place: Vadodara. Dated: 25th August, 2015

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Mar 31, 2014

We have audited the accompanying financial statements of Purity Flex Pack 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 Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") 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:

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

b) In the case of the Statement of Profit and Loss Account, 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 (as amended) ("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 referred to in subsection (3C) of section 211 of the Companies Act, 1956;

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 paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date of Purity Flexpack Limited ("the Company") for the year ended March 31, 2014)

As required by the Order issued by the Company Law Board in terms of Section 227 (4A) of the Companies Act, 1956, we further report that:

I. The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. The company'' has not physically verified the entire fixed assets during the year however procedure for physically verification is proper in relation to size and nature of business. No substantial parts of fixed assets have been disposed of during the year, which will affect its status as going concern.

II. The Management at reasonable intervals has physically verified the inventory during the year. In our opinion, the procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business. The company is maintaining proper records of inventory. The discrepancies noticed on physical verification of stocks as compared to book records were not material.

III. (a) The company has granted loan to parties covered in the register maintained under section 301 of the Companies Act, 1956, of the value Rs. 24.99/- lacs (P.Y. Nil);

(b) The Company has taken unsecured loan from parties covered in the register under section 301 of the Companies Act, 1956, of the value Rs. 22.37/- lacs (P.Y. Rs. 22.37/- lacs);

(c) In our Opinion, the rate of interest and other terms & conditions of loans given/taken are not prima facie prejudicial to the interest of company. The company is regular in repaying the principal amount as stipulated.

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

V. According to information and explanations given to us, we are of the opinion that the transactions that need to be entered into a register in pursuance of section 301 of the Companies Act, 1956 have been so entered. In our opinion and according to information and explanations given to us, the transactions made in pursuance contract and arrangement entered in registered maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any parties during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

VI. In our opinion and according to information and explanations given to us, the company has not accepted deposits from the public with in the meaning of section 58A and 58AA of the Companies Act, 1956.

VII. According to information and explanations given to us, the company has sufficient managerial control on all the activities of the company, including all the financial transactions of the company, and therefore has not appointed any internal auditor. However, it requires further strengthening due to increase in the activities of the company in recent past.

VIII. 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, 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.

IX. (a) The company is regular in depositing undisputed statutory dues including Provident Fund, Income Tax, Excise Duty, Custom Duty, Cess and any other statutory dues. However, no statutory dues were payable beyond the due date under respective statutes as at the balance sheet date.

(b) According to information and explanations given to us, no undisputed amount payable in respect of Income Tax and other statutory dues in arrears as at 31.03.2014 for the period of more than six months from the date they become payable.

(c) According to the information and explanations given to us, no disputed amount payable in respect of income tax and statutory dues in arrears as at 31st March, 2014 which have not been deposited.

X. In our opinion, the company does not have accumulated losses more than fifty percent of its net worth. The company has not incurred cash losses in current and previous financial year covered under report.

XI. According to information and explanations given to us, the company has not made any default in repayment of dues in respect of loans from a financial institution or bank or debenture holders.

XII. According to information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Therefore, the provision of clause 4(xii) of the Order is not applicable to company.

XIII. In our opinion and according to information and explanations given to us, the company is not a chit fund, nidhi or mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Order are not applicable to the company.

XIV. In our opinion and according to information and explanations given to us, the company is not dealing or trading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4 (xiv) of the Order is not applicable to the company.

XV. As per information and explanations given to us and as the records examined by us, the company has not given any guarantee for loans taken by others from bank or financial institutions. Therefore, the provisions of clause 4 (xv) of the Order is not applicable to the company.

XVI. According to information and explanations given to us, the company has applied the term loans for the purpose for which same were taken. Therefore, the provision of clause 4(xvi) of the Order is not applicable to the company.

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

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. Therefore, the provisions of clause 4 (xviii) of the Order is not applicable to the company.

XIX. The company has not issued any debentures. Therefore, the provisions of clause 4 (xix) of the Order is not applicable to the company.

XX. The company has not raised money by public issue during the year covered under audit. Therefore, the provisions of clause 4 (xx) of the Order is not applicable to the company.

XXI. As per information and explanations given to us, no fraud on or by the company has been noticed or reported during the year under report.

For Shah Mehta & Bakshi Chartered Accountants FRN: 103824W

(Kalpit Bhagat) Partner M No. 142116

Vadodara, Dated: 6th August, 2014

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Mar 31, 2011

We have audited the attached Balance Sheet of PURITY FLEXPACK LTD. as on 31st March 2011 and Profit A Loss Account of the company for the year ended on that date. These financial statements art the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements arc 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 mode by management, as well as evaluating overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

Further to our comments in the Annexure referred to 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, the Company, as required by taw, has kept proper books of accounts, so for, so appears from our examination of those books.

c) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the Books of Accounts.

d) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by the report are in compliance with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956.

e) On the basis of written representation received from the directors, as on 31.03.2011 and taken on record by the Board of Directors, we report that none of the director is disqualified as on 31.03.2011 from being appointed as director in terms of section 274 (l)(g) 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 said accounts read with notes (Schedule - 16) thereon, give the information required under 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 Balance Sheet of the State of affairs of the Company as at 31st March 2011.

II. In the case of Profit 4 Loss Account of the Profit for the year ended on that date.

As required by the Companies (Auditor's Report) Amendment Order, 2004 issued by the Company Law Board in terms of Section 227 (4A) of the Companies Act, 1956, we further report that:

I. The Company has maintained proper records showing full particulars, including quantitative details and situation of its fixed assets. All the assets have been physically verified by the management during the year and 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 substantial parts of fixed assets have been disposed of during the year, which will affect its status as going concern.

II. The Management at reasonable intervals has physically verified the inventory during the year. In our opinion, the procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business. The company is maintaining proper records of inventory. The discrepancies noticed on physical verification of stocks as compared to book records were not material nature,.

HI. a) The company has not granted loan to parties covered in the register maintained under section 301 of the Companies Act, 1956.

b) The Company has taken unsecured loan from parties covered in the register maintained under section 301 of the Companies Act 1956, of the value 24.37 lacs (Max! 24.37 Lacs).

c) In our opinion, the rate of interest and other terms of loans given are not prima facie prejudicial to the interest of company. The company is regular in repaying the principal amount as stipulated and has been regular in the payment of interest.

IV. In our opinion and according to 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 with regard to the purchase of inventory, fixed assets and with regard to the sale of goods and services. During the course of audit, we have not observed any continuing failure to correct major weakness in internal control system.

V. According to information and explanations given to us, the transaction those are required to be entered into registered in pursuance of section 301 of the Act, have been so entered. In our opinion and according to information and explanations given to us, the transactions made in pursuance of such contracts and arrangements exceeding value of five lacs rupees in respect of any party during the year have been made at prices that are reasonable with regard to the prevailing market prices at the relevant time.

VI. In our opinion and according to information and explanations given to us, the company has not accepted deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956.

VII. According to information and explanations given to us, the company has sufficient managerial control on all activities of the company, including all financial transactions of the company, and therefore have not appointed an internal auditor. However it requires further strengthening due to increase in the activities of the Company in recent past.

VIII. We have been informed that the Central Government has not prescribed maintenance of cost records under Section 209(lXd) of the Companies Act, 1956.

IX. (a) The company is regular in depositing undisputed statutory dues including Provident Fund, Income

Tax, Excise duty. Custom duty. Cess and any other statutory dues. However, no statutory dues were payable beyond the due date under respective statutes as at the Balance Sheet date.

(b) According to information and explanations given to us, there are no due of Income Tax, Sales Tax, Excise duty, Custom Duty and Cess that were in arrears as on 31-03-2011 for the period of more than six months from the date they become payable.

X. In our opinion, the company does not have accumulated losses more than fifty percent of its net worth. The company has not incurred cash losses in the current A previous financial year covered under report.

XI. In our opinion and according to information and explanations given to us, the company has not defaulted In repayment of dues to a financial institution or bank or debenture holders.

XII. According to information and explanations given to us, 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, nidhi or mutual benefit fund or a society.

XIV. In our opinion and according to information and explanations given to us, the company is not dealing or trading in aharmn, securities, debentures and other Investments.

XV. According to information and explanations given to us and as the record examined by us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

XVI. According to information and explanations given to us, we arm of the opinion that the company has applied the Term Loans for the purpose for which the same were taken.

XVII. According to Information and explanations given to us and on overall examination of tha Balance Sheet of the company, we report that the no funds that were raised for short - term basis have been used for long term investment. No long-term funds have been used to finance short-term assets except the working capital term loan.

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 during the year covered under audit.

XIX. That company did not issue any debentures during the year.

XX. The company has not raised money by public Issue during the year.

XXI. To that best of our knowledge and belief and according to Information and explanations given to us, and than records of the Company examined buys. No Radnor by the company has been noticed or reported during the year.

For Shah Mehta A Bakshi Chartered Accountants

(Vihang Bakshi)

Partner

M. No. 39054

FR No. 103824W

Vadodara. dated: 27th July 2011

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Mar 31, 2010

We have audited the attached Balance Sheet of PURITY FLEXPACK LTD. as on 31st March 2010 and Profit & Loss Account of the company for the year ended on that date. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based en our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements art 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 overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

Further to our comments in the Annexure referred to 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, the Company, as required by law, has kept proper books of accounts, so far, as appears from our examination of those books.

c) The Balance Sheet and Profit 4 Loss Account dealt with by this report art in agreement with the Books of Accounts.

d) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by the report are in compliance with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956.

e) On the basis of written representation received from the directors, as on 31.03.2010 and taken on record by the Board of Directors, we report that none o,f the director is disqualified as on 31.03.2010 from being appointed as director in terms of section 274 (l)(g) 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 said accounts read with notes (Schedule - 16) thereon, give the information required under 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 Balance Sheet of the State of affairs of the Company as at 31st March 2010. •

II. In the case of Profit & Loss Account of the Profit for the year ended on that date.

As required by the Companies (Auditors Report) Amendment Order, 2004 issued by the Company Law Board in terms of Section 227 (4A) of the Companies Act, 1956, we further report that:

I. The Company has maintained proper records showing full particulars, including quantitative details and situation of its fixed assets. All the assets have been physically verified by the management during the year and 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 substantial parts of fixed assets have been disposed of during the year, which will affect its status as going concern.

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

III. a) The company has not granted loan to parties covered in the register maintained under section 301 of the Companies Act, 1956.

b) The Company has taken unsecured loan from parties covered in the register maintained under section 301 of the Companies Act 1956, of the value 21.06 lacs (Maxi 21.06 Lacs).

c) In our opinion, the rate of interest and other terms of loans given art not prima facie prejudicial to the interest of company. The company is regular in repaying the principal amount as stipulated and has been regular in the payment of interest.

IV. In our opinion and according to 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 with regard to the purchase of inventory, fixed assets and with regard to the sale of goods and services. During the course of audit, we have not observed any continuing failure to correct major weakness in internal control system.

V. According to information and explanations given to us, the transaction those are required to be entered into registered in pursuance of section 301 of the Act, have been so entered. In our opinion and according to information and explanations given to us, the transactions made in pursuance of such contracts and arrangements exceeding value of five lacs rupees in respect of any party during the year have been made at prices that are reasonable with regard to the prevailing market prices at the relevant time.

VI. In our opinion and according to information and explanations given to us, the company has not accepted deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956.

VII. According to information and explanations given to us, the company has sufficient managerial control on all activities of the company, including all financial transactions of the company, and therefore have not appointed an internal auditor. However it requires further strengthening due to increase in the activities of the Company in recent past.

vIII. We have been informed that the Central Government has not prescribed maintenance of cost records under Section 209(l)(d) of the Companies Act, 1956.

IX. (a) The company is regular in depositing undisputed statutory dues including Provident Fund, Income Tax, Excise duty, Custom duty. Cess and any other statutory dues. However, no statutory dues were payable beyond the due date under respective statutes as at the Balance Sheet date.

(b) According to information and explanations given to us, there are no due of Income Tax, Sales Tax, Excise duty, Custom Duty and cess that were in arrears as on 31-03-2010 for the period of more than six months from the date they become payable.

X. In our opinion, the company does not have accumulated losses more than fifty percent of its net worth. The company has not incurred cash losses in the current & previous financial year covered under report.

XI. In our opinion and according to information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or bank or debenture holders.

XII. According to information and explanations given to us, 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, nidhi or mutual benefit fund or a society.

XIV. In our opinion and according to information and explanations given to us, the company is not dealing or trading in shares, securities, debentures and other investments.

XV. According to information and explanations given to us and as the record examined by us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

XVI. According to information and explanations given to us, we are of the opinion that the company has applied the Term Loans for the purpose for which the same were taken.

XVII. According to information and explanations given to us and on overall examination of the Balance Sheet of the company, we report that the no funds that were raised for short -term basis have been used for long term investment. No long-term funds have been used to finance short-term assets except the working capital term loan.

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 during the year covered under audit.

XIX. The company did not issue any debentures during the year.

XX. The company has not raised money by public issue during the year except issued on account of Amalgamation.

XXI. To the best of our knowledge and belief and according to information and explanations given to us, and the records of the Company examined by us, no fraud on or by the company has been noticed or reported during the year.

FOR SHAH. MEHTA & BAKSHI

Chartered Accountants

(Vihang Baxi)

Partner

Vadodara M. No. 39054

27.07.2010 FR No. 103824W