Auditor Report of Purohit Construction Ltd.

Mar 31, 2024

We have audited the accompanying financial statements of Purohit Construction Limited (“the Company”),
which comprise the balance sheet as at 31st March 2024, and the statement of profit and loss, 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 significant accounting policies and other explanatory information
[herein to referred 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 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 and its profit, 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

We have determined that there are no key audit matters to communicate in our report.
Responsibilities of Management and Those Charged with Governance for the Financial Statement

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

In preparing the financial statements, the Board of Directors 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 the Board of Directors either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.

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

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

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

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

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

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, 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.

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 materially and qualitative factors in (i) Planning
the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of
any identified misstatements in the financial statements.

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

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

From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the financial statements of the current period and are therefore
the key audit matters. We describe these matters in our auditor''s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine

that a matter should not be communicated in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2016 (“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” statement on the matters specified in paragraphs 3 and 4 of the Order.

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 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, the Statement of Changes in Equity

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 Ind AS specified under
Section 133 of the Act.

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

(f) With respect to the adequacy of the internal financial controls with reference to standalone

financial statements of the Company and the operating effectiveness of such controls, refer

to our separate Report in “Annexure B”. Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the Company''s internal financial controls with
reference to standalone financial statement.

(g) With respect to the other matters to be included in the Auditor''s Report in accordance with
Rule 11 of the Companies (Audit and Auditors) 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. There has been no delay in transferring amounts, required to be transferred, to the
Investor Education and Protection Fund by the Company.

iv. (a) The Management has represented that, to the best of its knowledge and belief,

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

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

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

(c) Based on the 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
misstatement.

v. No Dividend is declared or paid during the year.

vi. Based on our examination, which includes test checks, the company has used an

accounting software for maintaining its books of account for the period ended as on
31st March, 2024 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.

As proviso to rule 3(1) of the Companies (Accounts) Rules , 2014 is applicable from
April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014 on preservation of audit trail as per the statutory requirements for record retention
is not applicable for the period ended 31st March, 2024.

Place : Ahmedabad For Naresh J. Patel & Co.

Date : 24/05/2024 Chartered Accountants

UDIN : 24110741BKFXZH3143 (FRN: 123227W)

Chintan N. Patel

(Partner)
Membership No.: 110741

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Mar 31, 2014

Report on the Financial Statements

We have audited the accompanying financial statements of Purohit Construction Limited. Ahmedabad, which comprise the Balance Sheet as at March, 31,2014, and the Statement of Profit and Loss for the period 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 Ac- counting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with General Circular No 15/2013 dated 13th September 2013 issued by MCA in respect of section 133 of the Companies Act 2013.. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assess- ments, the auditor considers the internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. But not for the purpose of expressing an opinion on the effectiveness of Company''s Internal Control An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

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

b) in the case of the Profit and Loss Account, of the profit for the period ended on that date; and

c) In the cash flow statement, of the cash flow for the year ended on that day.

Emphasis of the matter

1. Disputed Liability of Rs. 14.58 Lacs received as booking advance from a member, as a result of which Current Liabilities and Debtors both are overstated by that amount.

2. Valuation of inventory comprised in Work in progress in respect of the Construction Division being valued at realizable value and not construction thereof, the impact of which has not been quantified.

3. Disputed receivables of Rs. 7.38 lacs included in Current Assets. As a result of which Current Assets & Profit both are overstated by that amount.

However based on principles of materiality our report is not qualified in all the above cases.

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 The Companies Act,1956, 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 The Companies Act, 1956, 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 and Statement of Profit and Loss dealt with by this Report are in agreement with the books of account.

d) In our opinion, the Balance Sheet and Statement of Profit and Loss comply with the Accounting Standards referred to in sub section (3C) of section 211 of the Companies Act, 1956

e) On the basis of written representations received from the directors as on March, 31,2014, 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.

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of Purohit Construction Ltd. on the accounts of the company for the Period ended 31st March, 2014.

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

We Report hereunder:

1. In respect of its Fixed Assets:

a. The company is in the process of updating its record showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. As explained to us, the company has a regular program of physical verification of fixed assets by which fixed assets are verified in phased manner over a period three years. In our opinion this periodicity of physical verifica- tion is reasonable having regard to the size of the company and nature of its assets. We are informed that no material discrepancies were noticed on such verification.

c. The company has not disposed off major fixed assets involved in revenue generation during the period.

2. In respect of its inventories:

a. As explained to us, inventory has been physically verified by the management at regular intervals during the period. In our opinion, the frequency of such verification is reasonable.

b. In our opinion and according to the information and explanations given to us, the procedure of physical verifica- tion of Inventories followed by the management is reasonable and adequate having regard to size of the Com- pany and the nature of its business.

c. The company is maintaining proper records of inventory. As informed to us, no significant discrepancies have been noticed on physical verification of above stocks as compared to the book records.

3. As regards loans taken or granted loans, secured or unsecured, from or to companies, firms or other parties required to be listed in the register maintained under Section 301 of the Companies Act, 1956,

a. According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has taken loan from three parties required to be listed in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the period was Rs.571.74 lacs (P.Y. 208.14 lacs) and the period end balance of loans taken from such parties was Rs. 502.95 lacs (RY. 138.04 lacs).

b. According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not given loan to any party required to be listed in the register maintained under Section 301 of the Companies Act, 1956.

c. In our opinion, and according to the information and explanation given to us, these loans being interest free which along with other terms and conditions are prima facie not prejudicial to the interest of the company.

d. We are informed that these loans are repayable on demand and repayment of the same not being demanded; the same are not overdue.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. In respect of transactions covered under section 301 of the Companies Act. 1956;

a. Based on the audit procedures applied by us and according to the information and explanations provided by the management, the company is in the process of updating register in respect of the particulars of contracts or arrangements referred to in section 301 of the The Companies Act, 1956.

b. As per information & explanations given to us and in our opinion, the transaction entered into by the company with parties required to be covered in the register maintained u/s 301 of the The Companies Act, 1956 and exceeding five lacs rupees in a financial year in respect of any such party during the period, could be consider to have been made at reasonable price in view of the terms of contracts entered into with them.

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

7. As per information & explanations given by the management, the internal audit functions are being strengthened by the company, keeping in view the nature and size of its business.

8. As per information & explanation given by the management, maintenance of cost records has not been pre- scribed by the Central Government under clause (d) of sub-section (1) of section 209 of the The Companies Act, 1956.

9. In respect of statutory dues:

a. According to the records of the company, undisputed statutory dues including Provident Fund, Investor Educa- tion and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Cus- tom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities.

b. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2014 for a period of more than six months from the date they became payable.

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

10. The Company does not have any balance of brought forward loss as at the end of the period nor has it incurred loss in the current year as well as that in the immediately preceding financial year.

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

12. According to the 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.

13. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable to the Company.

14. According to information and explanations given to us, the Company is trading in Shares, and securities and it has made regular entries in the records maintained in that respect.

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

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the period.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at the year end. we report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the company has not made any preferential allotment of shares to any companies, firm or other person, covered in the register maintained u/s 301 of the The Companies Act, 1956, during the period.

19. The Company has no outstanding debentures during the period under audit.

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

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

For GATTANI & ASSOCIATES, CHARTERED ACCOUNTANTS, FRN: 103097W,

Place: Ahmedabad Date: 24-05-2014

SHARAD R GATTANI. PARTNER. Membership No.:037999.

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Mar 31, 2013

We have audited the accompanying financial statements of PUROHIT CONSTRUCTION LTD. Ahmedabad, which comprise the Balance Sheet as at March 31,2013 and the Statement of Profit and Loss 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 of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility :-

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

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

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

Opinion:-

We invite specific attention to, .

1. Disputed liability of Rs.14.58 Lacs received as booking advance from a member. As a result of which Current Liabilities arid Debtors both are overstated by that amount.

2. Valuation of inventory comprised in Work in Progress in respect of the Construction Division being valued at realizable value and not construction thereof, the impact of which has not been quantified.

Subject to the above,

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 The Companies Act,1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

b) in the case of the Profit and Loss Account, of the profit for the year ended on that date: and

c) In the cash flow statement, of the cash flow for the year ended on that day.

1. As required by the Companies (Auditor's Report) Order, 2003 ("the Order") issued by the Centra! Government of India in terms of sub-section (4A)of section 227 of the The Companies Act,1956, 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 The Companies Act, 1956, 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 and Statement of Profit and Loss dealt with by this Report are in agreement with the books of account.

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

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

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

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of Purohit Construction Ltd. on the accounts of the company for the year ended 31st March, 2013. -

On the basis of such checks as we considered appropriate and according to the information and ' explanation given to us during the course of our affdit, We Report hereunder:

1. In respect of its Fixed Assets:

a. The company is in the process of updating its record showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. As explained to us, the company has a regular program of physical verification of fixed assets by which fixed assets are verified in phased manner over a period three years. In our opinion this periodicity of physical verification is reasonable having regard to the size of the company and nature of its assets. We are informed that no material discrepancies were noticed on such verification.

c. The company has not disposed off major fixed assets involved in revenue generation during the year.

2. In respect of its inventories:

a As explained to us, inventory has been physically verified by the management at regular intervals during the year. In our opinion, the frequency of such verification is reasonable.

b. In our opinion and according to the information and explanations given to us, the procedure of physical verification of Inventories followed by the management is reasonable and adequate having regard to size of the Company and the nature of its business.

c. The company is maintaining proper records of inventory. As informed to us, no significant discrepancies have been noticed on physical verification of above stocks as compared to the book records.

3. As regards loans taken or grantee! loans, secured or unsecured, from or to companies, firms or other parties required to be listed in the register maintained under Section 301 of the Companies Act, 1956,

a. According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has taken loan from three party required to be listed in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs.208.14 (P.Y. 148.23) and the year end balance of loans taken from such parties was Rs. 138.04 lacs (P.Y. 5.31 lacs).

b. According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has given loan to one party required to be listed in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 131.38 Lacs (P.Y. 166.38 lacs) and the year end balance of loans given to such parties was Rs. 127.75 lacs (P.Y. 131.38 lacs).

c. In our opinion, and according to the information and explanation given to us, these loans being interest free which along with other terms and conditions are prima facie not prejudicial to the interest of the company.

d. We are informed that these loans are repayable on demand and repayment of the same not being demanded; the same are not overdue.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and paym^it for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. In respect of transactions covered under section 301 of the Companies Act. 1956;

a. Based on the audit procedures applied by us and according to the information and explanations provided by the management, the company is in the process of updating register in respect of the particulars of contracts or arrangements referred to in section 301 of the The Companies Act, 1956.

b. As per information & explanations given to us and in our opinion,-the transaction entered into by the company with parties required to be covered in the register maintained u/s 301 of the The Companies Act, 1956 and exceeding five lacs rupees in a financial year in respect of any such party during the year, could be consider to have been made at reasonable price in view of the terms of contracts entered into with them,

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

7. As per information & explanations given by the management, the Company does not have an internal audit system.

8. As per information & explanation given by the management, maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the The Companies Act, 1956.

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- tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. .

b. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2013 for a period of more than six months from the date they became payable.

c. According to the information and explanations given to us, no amount payable in respect of income tax, wealth tax, service tax, sales tax. customs duty and excise duty which'have not been deposited on account of any disputes except the following :

Nature of Financial Demand Authority where Date of Demand Year (Rs) appeal is pending Filing Appeal

Income Tax 2009-10 14,89,100 Clf(A)XI, Ahmedabad 20/03/2013

10. The Company does not ha ve any balance of brought forward loss as at the end of the year not has it incurred loss in the current year as well as that in the immediately preceding financial year.

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

12. According to the 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.

13. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor's Report) Order, 2003 (as amended) is not applicable to the Company.

14. 'According to information and explanations given to us, the Company is trading in Shares, and securities and it has made regular entries in the records maintained in that respect.

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

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at the year end. we report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures' performed Snd the information and explanations given to us by the management, we report that the company has not made any preferential allotment of shares to any companies, firm or other person, covered in the register maintained u/s 301 of the The Companies Act, 1956, during the year.

19. The Company has no outstanding debentures during the period under audit. '

20. The Company ha*not raised any mongy by public issue during the year.

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

For GATTANI & ASSOCIATES Chartered Accountants FRN: 103097W

PLACE : AHMEDABAD SHARAD GATTANI DATE : 25/07/2013 Partner Membership No. 37999