Auditor Report of Raghunath International Ltd.

Mar 31, 2024

We have audited the accompanying Standalone Ind AS Financial Statements of Raghunath International Limited ("the
Company"), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss, the Cash Flow
Statement and Statement of Changes in Equity for the year then ended and a summary of significant accounting policies
and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of
the matter described in the Basis for Qualified Opinion paragraph below, the aforesaid Standalone Ind AS 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 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,

(a) in the case of Balance Sheet, of the state of affairs of the Company as at March 31, 2024,

(b) in the case of the Statement of Profit and Loss and Comprehensive Income, of the loss and including other

Comprehensive Income for the year ended on that date,

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

(d) in the case of Statement of Change in Equity for the year ended on that date.

Qualified Opinion

1) We refer Note No. 11 under other notes in Notes to Accounts annexed with the financial statements
for the year ended March 31, 2024 wherein the total outstanding debtors for the year ended March
31, 2024 amounting to Rs.21.47 lakhs which are due for more than six months and no provision has
been made for the same in the Books of Accounts.

In view of the above our report is modified to the extent of Rs. 21.47 lakhs.

Basis for Opinion

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

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Ind
AS 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 the matters described below to be the key audit matters to be communicated
in our report.

Sr. No.	Key Auditor Matter	Auditor''s Response
1.	Contingent Liabilities	Principal Audit Procedures
	The Company operates across a large number of jurisdictions and is subject to a number of legal, regulatory and tax cases. That the total amount of contingent liability estimated for the company amounts to Rs. 2.61 Croresplus interest thereon which is pending adjudication.	We evaluated the design and tested the operating effectiveness of the relevant controls and assessed how the Company monitors l egal, tax and regulatory developments and their assessment of the potential impact on the Company. We duly considered the summary of litigation matters provided by the Company''s Legal Counsel Team and discussed each of the material cases noted in the report to determine the Company''s assessment of the likelihood and magnitude of any liability that may arise.
	Management''s disclosures with regards to contingent liabilities are presented in note 3(iv), 39 and 44(ii) to the standalone financial statements.	We have reviewed the reports from the audit committee and obtained legal confirmation, wherever applicable, and held discussions regarding the material cases with themembers of the audit committee and their management. We have obtained wherever applicable, external legal or regulatory advice sought by the Company and reviewed related correspondence and minutes of executive meetings.
		In light of the above, we have assessed the adequacy of disclosures in the standalone financial statements.

Emphasis of Matter

a) Balance of Debtors, Creditors, Advances & Loans as on March 31, 2024 are subject to confirmation and
reconciliation consequential effect (if any) on the financial statement remains unascertained.

b) The inventory has been physically verified by the management and it being a technical matter we are unable to
comment upon the quantity, pricing and method being used for valuation of the Inventory and have relied upon the
value and quantity certified by the management.

c) We are unable to comment if the Property, Plant & Equipment has been physically verified by the management in
the said period. Accordingly, we are unable to comment upon the existence and method being used for valuation
of the fixed assetssince no physical verification report produced to us and nor the method of verification was
produced.

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

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

The Company''s Board of Directors is responsible for the preparation of the other information. The other information
comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexure to
Board''s Report, Business Responsibility Report, Corporate Governance and Shareholder''s Information, but does not
include the Standalone Financial Statements and our auditor''s report thereon.

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

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

If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we
are required to report that fact. We have nothing to report in this regard.

Management''s Responsibility for the Standalone Ind AS Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013
("the Act") with respect to the preparation of these Standalone IndASFinancial Statements that give a true and fair view
of the financial position, financial performance and cash flows and changes in equity 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, 2015, as amended. This responsibility also includes
maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets
of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial control, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the Standalone
IndASFinancialStatements 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 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 standalone financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.

• 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 Ind
AS Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or
conditions may cause the Company to cease to continue as a going concern.

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

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the 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 standalone financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits
of such communication.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditors'' Report) Order, 2020 ("the Order") issued by the Central Government of

India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure-"A" a statement on the

matters Specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by section 143(3) of the Act, 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 except as reported.

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

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

d) In our opinion, the aforesaid Standalone IndASFinancial Statements comply with the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2015 as
amended, except IndAS 109 referred above in our qualified opinion.

e) On the basis of written representations received from the directors as on 31 March 2024, taken on
record by the Board of Directors, none of the directors is disqualified as on 31 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 over financial reporting of the Group and
operating of such controls, refer to our separate report in Annexure "B".

g) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements
of section 197(16) of the Act, as amended. In our opinion and to the best of our information and according
to the explanations given to us, the remuneration paid by the Company to its directors during the year is
in accordance with the provisions of section 197 of the Act.

h) with respect to other matters to be included in the Auditors'' 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 haspending litigations, which may have impact on its financial position in its
standalone IndASfinancial statement as of March 31, 2024 (Refer to Point No. 39 of the "Notes to
Accounts");

ii. The Company did not have any long term contracts including derivatives contracts and

iii. There were no amounts which are required to be transferred to Investor''s Education and
Protection Fund by the company.

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

than as disclosed in the notes to the account, 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.(Refer Note 36(b)(i) to the Standalone financial
statements);

(b) The Management has represented, that, to the best of its knowledge and belief, other
than as disclosed in the notes to the account, 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;(Refer
Note 36(b)(j) to the Standalone financial statements);

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

v. Since the Company has not declared or paid any dividend during the year, the question of
commenting on whether dividend declared or paid is in accordance with Section 123 of the
Companies Act, 2013 does not arise.

vi. The accompanying standalone financial statement and based on our explanation which include
test check, the company in respect of financial year commencing on April 01, 2023 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 been operated through out the year for all relevant
transactions recorded in software.

For Aggarwal & Rampal
Chartered Accountants
FR No. 003072N

Sd/-

Praveen Kumar Rampal
(Partner)

Membership No: 082226
UDIN:2408226BKEDQI1686
Place: New Delhi
Date: May 30, 2024

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Mar 31, 2014

We have audited the accompanying financial statements of Raghunath International 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"). 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 auditors'' 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 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 of the loss for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

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

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

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

b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books [and proper returns adequate for the purposes of our audit have been received from branches not visited by us];

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 [and with the returns received from branches not visited by us];

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;

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.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS CONTAINED IN INDEPENDENT AUDITORS’ REPORT OF EVEN DATE TO THE MEMBERS OF RAGHUNATH INTERNATIONAL LIMITED ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2014

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

(b) We have been informed that the fixed assets of the company are physically verified by the management according to a phased program designed to cover all the items over a period of three years, which in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) During the year, the Company has not disposed off any Fixed Asset.

(ii) (a) The inventory of the company has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

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

(c) The company has maintained proper records of inventory. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

(iii) As informed, the company has neither granted nor taken any loan, secured or unsecured to/from companies, firm or other parties listed in the register maintained under section 301 of The Companies Act, 1956. Accordingly, provisions of the paragraphs 4(iii) (a) to (g) of CARO are not applicable to the company.

(iv) 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 and fixed assets and for the sale of goods and services. Further, on the basis of our examination of the books and records of the company, and according to the information and explanations given to us, we have neither come across nor have we been informed of any continuing failure to correct major weaknesses in the aforesaid internal control system.

(v) In our opinion and according to the information and explanations given to us, there are no contracts or arrangements referred to in section 301 of The Companies Act, 1956 that need to be entered in the register required to be maintained under that section. Accordingly, provisions of the paragraphs 4(v) (a) and (b) of CARO are not applicable to the company.

(vi) As informed, the Company has not accepted any deposits from the public during the year within the meaning of section 58A and 58AA of The Companies Act, 1956 and the rules framed there under and no order in this respect in the case of the company has been passed by the Company Law Board or Company Law Tribunal or The Reserve Bank of India or any court or any other tribunal.

(vii) The company has internal audit system commensurate with the size and nature of its business.

(viii) According to the information and explanation given to us, the Central Government has not prescribed for the maintenance of cost records under Section 209(1) (d) of The Companies Act, 1956 for any of its product. Accordingly, provisions of the paragraphs 4(vii) of CARO are not applicable to the company.

(ix) (a) According to the books and records as produced and examined by us in accordance with generally accepted auditing practices in India and also based on management representations, undisputed statutory dues, if applicable, in respect of Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance dues, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues with the appropriate authorities have generally been regularly deposited by the company subject to the following:.

i) The company has deposited the liability of Service Tax in due time during the financial year. The company has not produced before us any statutory record pertaining to service tax such as Service Tax Returns. However, on the basis of examination of the books of the accounts of the company, there was no amount remaining outstanding as at the last day of the financial year, for a period of more than six month from the date they became payable.

(b) According to the information and explanation given to us, no undisputed amounts payable in respect of Provident Fund, Employees'' State Insurance dues, Investor Education and Protection Fund, Income Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, VAT, Cess and other undisputed statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, the company has paid all undisputed dues of excise duty. However, the following are the particulars of disputed dues in respect of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty and Cess:

(x) The company does not have accumulated losses as at March 31, 2014, however, it has incurred cash loss of Rs. Nil out of the total loss of Rs.123,556.88 during the financial year ended on that date and it has incurred cash loss of Rs. 684,296.34, out of total loss of Rs. 1,349,141.34 in the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of its dues to any financial institution or bank. The company has not raised any sum by issue of debentures.

(xii) In our opinion and according to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, provisions of the paragraphs 4(xii) of CARO are not applicable to the company.

(xiii) In our opinion, considering the nature of activities carried on by the company during the year, the provisions of any special statute applicable to Chit Fund/ Nidhi/ Mutual Benefit Fund/ Society are not applicable to it. Accordingly, provisions of the paragraphs 4(xiii) of CARO are not applicable to the company.

(xiv) According to the information and explanations given to us, the company has not dealing or trading in shares, securities, debentures and other investments. However the company has investment in the shares of two private limited companies amounting to Rs. 76,91,000/- and proper records have been maintained of the transactions and contracts and timely entries have been made therein; also the shares have been held by the company, in its own name.

(xv) According to the information and explanations given to us, the company has not given guarantees for loans taken by others from banks or financial institutions. Accordingly, provisions of the paragraphs 4(xv) of CARO are not applicable to the company.

(xvi) In our opinion and according to the information and explanations given to us, term loans availed by the company were, prima facie, applied for the purpose for which they were obtained, other than temporary deployment pending application.

(xvii) In our opinion and according to the information and explanations given to us, and on an overall examination of the balance sheet of the company, funds raised on short-term basis have, prima facie, not been used during the year for long-term investment and no funds raised on long-term basis have been used for short-term investment.

(xviii) According to the information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of The Companies Act, 1956. Accordingly, provisions of the paragraphs 4(xviii) of CARO are not applicable to the company.

(xix) According to the information and explanations given to us, during the period covered by out audit report, the company had not issued any debentures and has not created any security in respect of debentures. Accordingly, provisions of the paragraphs 4(xix) of CARO are not applicable to the company.

(xx) In our opinion and according to the information and explanations given to us, the company has not raised any money from the public issue during the year.

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

For Kumar Piyush & Co. Chartered Accountants Firm Registration No.: 005120N

Sd/-

VIRENDRA KUMAR GOEL, PARTNER Membership Number: 083705

Place: New Delhi Date: May 30th, 2014

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Mar 31, 2012

1. We have audited the attached Balance Sheet of Raghunath International Limited as at March 31, 2012, also the Profit and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors' Report) Order, 2003, as amended by the Companies (Auditor's Report) (Amendment Order 2004 (together the 'order') issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, and on the basis of such checks as we considered appropriate, and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable to the company.

4. Further to our comments in the Annexure referred to above, we report that;

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

ii) 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;

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

iv) In our opinion, the Balance Sheet, the Profit and Loss Account and Cash Flow Statement dealt from this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

v) On the basis of written representations received from the directors, as on March 31, 2012 and taken on records by the Board of Directors, we report that none of the directors in disqualified as on March 31, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

vi) In our opinion and to the best of our information and according to the explanations given to us and subject to para number 13 of the notes on accounts regarding non-provision of liability of gratuity as per AS-15 issued by The ICAI, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and failure view in conformity with the accounting principles generally accepted in India:

(a) In the cases of the Balance Sheet, of the state of affairs of the company as at March 31, 2012;

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

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

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITOR'S REPORT OF EVEN DATE TO THE MEMBERS OF RAGHUNATH INTERNATIONAL LIMITED ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2012

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

(b) We have been informed that the fixed assets of the company are physically verified by the management according to a phased program designed to cover all the items over a period of three years, which in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) Fixed assets amounting to Rs. 3,27,681.10 disposed off during the year, in our opinion it do not constitute a substantial part of fixed assets of the company and such disposal has not affected the going concern status of the company.

(ii) (a) The inventory of the company has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

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

(c) The company has maintained proper records of inventory. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

(iii) As informed, the company has neither granted nor taken any loan, secured or unsecured to/from companies, firm or other parties listed in the register maintained under section 301 of The Companies Act, 1956. Accordingly, provisions of the paragraphs 4(iii) (a) to (g) of CARO are not applicable to the company.

(iv) 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 and fixed assets and for the sale of goods and services. Further, on the basis of our examination of the books and records of the company, and according to the information and explanations given to us, we have neither come across nor have we been informed of any continuing failure to correct major weaknesses in the aforesaid internal control system.

(v) In our opinion and according to the information and explanations given to us, there are no contracts or arrangements referred to in section 301 of The Companies Act, 1956 that need to be entered in the register required to be maintained under that section. Accordingly, provisions of the paragraphs 4(v) (a) and (b) of CARO are not applicable to the company.

(vi) As informed, the Company has not accepted any deposits from the public during the year within the meaning of section 58A and 58AA of The Companies Act, 1956 and the rules framed there under and no order in this respect in the case of the company has been passed by the Company Law Board or Company Law Tribunal or The Reserve Bank of India or any court or any other tribunal.

(vii) The company does not have internal audit system commensurate with the size and nature of its business.

(viii) According to the information and explanation given to us, the Central Government has not prescribed for the maintenance of cost records under Section 209(1) (d) of The Companies Act, 1956 for any of its product. Accordingly, provisions of the paragraphs 4(vii) of CARO are not applicable to the company.

(ix) (a) According to the books and records as produced and examined by us in accordance with generally accepted auditing practices in India and also based on management representations, undisputed statutory dues, if applicable, in respect of Provident Fund, Investor Education and Protection Fund, Employees' State Insurance dues, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues with the appropriate authorities have generally been regularly deposited by the company subject to the following:

i) The company has not deposited the liability of Service Tax in due time during the financial year. The company has not produced before us any statutory record pertaining to service tax such as Service Tax Returns. However, on the basis of examination of the books of the accounts of the company, there was no amount remaining outstanding as at the last day of the financial year, for a period of more than six month from the date they became payable.

(b) According to the information and explanation given to us no undisputed amounts payable in respect of Provident Fund, Employees' State Insurance dues, Investor Education and Protection Fund, Income Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, VAT, Cess and other undisputed statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, the company has paid all undisputed dues of excise duty. However, the following is the particulars of dispute/dues in respect of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty and Cess.

Name of statute Nature of Amount Period to which The Dues (Rupees In Lakh) the amount relates

Rs. 24.69 (Demand Central Excise Excise was Rs. 32.86 Lakh Assessment Year and Customs Act Rs. 8.17 Lakh has 2003-2004 already been deposited under protest) Rs. 6891.57 (Demand Central Excise Excise was Rs. 7191.57 Lakh Till the date of and Customs Act Rs. Search 300.00 Lakh has i.e. 09.05.2008 already been deposited under protest)

Name of statute Forum where the dispute is pending

Central Excise The Deputy Commissioner Central Excise, and Customs Act Kanpur, Uttar Pradesh (The matter is under subjudice)

Central Excise The Commissioner of Central Excise, Kanpur, and Customs Act Uttar Pradesh (The matter is under subjudice)

(x) The company has not accumulated losses as at March 31, 2012 however it has incurred cash loss of Rs. 8,13,430.13 out of loss of Rs. 13,02,111.95 during the financial year ended on that date and it has incurred Rs. 9,18,760.42 cash loss out of total loss of Rs. 17,94,858.40 in the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of its dues to any financial institution or bank. The company has not raised any sum by issue of debentures.

(xii) In our opinion and according to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, provisions of the paragraphs 4(xii) of CARO are not applicable to the company.

(xiii) In our opinion, considering the nature of activities carried on by the company during the year, the provisions of any special statute applicable to Chit Fund/ Nidhi/ Mutual Benefit Fund/ Society are not applicable to it. Accordingly, provisions of the paragraphs 4(xiii) of CARO are not applicable to the company.

(xiv) According to the information and explanations given to us, the company has not given guarantees for loans taken by others from banks or financial institutions. Accordingly, provisions of the paragraphs 4(xv) of CARO are not applicable to the company.

(xv) In our opinion and according to the information and explanations given to us, term loans availed by the company were, prima facie, applied for the purpose for which they were obtained, other than temporary deployment pending application.

(xvi) In our opinion and according to the information and explanations given to us, and on an overall examination of the balance sheet of the company, funds raised on short-term basis have, prima facie, not been used during the year for long-term investment and no funds raised on long-term basis have been used for short-term investment.

(xvii) According to the information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of The Companies Act, 1956. Accordingly, provisions of the paragraphs 4(xviii) of CARO are not applicable to the company.

(xviii) According to the information and explanations given to us, during the period covered by out audit report, the company had not issued any debentures and has not created any security in respect of debentures. Accordingly, provisions of the paragraphs 4(xix) of CARO are not applicable to the company.

(xix) In our opinion and according to the information and explanations given to us, the company has not raised any money from the public issue during the year.

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

For Kumar Piyush & Co. Chartered Accountants Firm Registration No.: 005120N

Sd/- Virendra Kumar Goel Partner Membership No.: 083705

Place: New Delhi Date : May 30, 2012

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of Raghunath International Limited as at March 31, 2010, also the Profit a Loss Account and Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are t responsibility of the companys management. Our responsibility is to express an opinion on these financial statements bas on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require tr we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of mater misstatement: An audit includes examining, on a test basis, evidence supporting the amounts and disclosures In the financ statements. An audit also includes assessing the accounting principles used and significant estimates made by manageme as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis I our opinion.

3. As required by the Companies (Auditors Report) Order, 2003, as amended by the Companies (Auditors Report) (Amendmei Order 2004 (together the order) issued by the Central Government of India in terms of sub-section (4A) of section 227 of tl Companies Act, 1956, and on the basis of such checks as we considered appropriate, and according to the information ai explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Ord to the extent applicable to the company.

4. Further to our comments in the Annexure referred to above, we report that;

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary I the purposes of our audit;

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

(iii) The Balance Sheet, the Profit and Loss Accountand Cash Flow Statement dealt with by this report are in agreement wi the books of account;.

(iv) In our opinion, the Balance Sheet, the Profit and Loss Account and Cash Flow Statement dealt from this report comp with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the directors, as on March 31, 2010 and taken on records by tlBoard of Directors, we report that none of the directors in disqualified as on March 31, 2010 from being appointed as director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us and subject to para numb 12 of the notes on accounts regarding non-provision of liability of gratuity as per AS-15 issued by The ICAI, the said a counts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair vie in conformity with the accounting principles generally accepted in India:

(a) In the cases of the Balance Sheet, of the state of affairs of the company as at March 31,2010;

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

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

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITORS REPORT OF EVEN DATE TO THE MEMBERS OF RAGHUNATH INTERNATIONAL LIMITED ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2010

(i) (a) The company has maintained proper records showing full particulars, including quantitative details and situa- tion of fixed assets.

(b) We have been informed that the fixed assets of the company are physically verified by the management ac- cording to a phased program designed to cover all the items over a period of three years, which in our opinion, Is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of fixed assets of the company and such disposal has, in our opinion, not affected the going concern status of the company.

(ii) (a) The inventory of the company has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

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

(c) The company has maintained proper records of inventory. As explained to us, there were no material discrep- ancies noticed on physical verification of inventory as compared to the book records

(iii) As informed, the company has neither granted nor taken any loan, secured or unsecured to/from companies, firm or other parties listed in the register maintained under section 301 of The Companies Act, 1956. Accordingly, provisions of the paragraphs 4(iii) (a) to (g) of CARO are not applicable to the company.

(iv) 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 and fixed assets and for the sale of goods and services. Further, on the basis of our examination of the books and records of the company, and according to the information and explanations given to us, we have neither come across nor have we been informed of any continuing failure to correct major weaknesses in the aforesaid Internal control system.

(v) In our opinion and according to the information and explanations given to us, there are no contracts or arrangements referred to in section 301 of The Companies Act, 1956 that need to be entered in the register required to be main- tained under that section. Accordingly, provisions of the paragraphs 4(v) (a) and (b) of CARO are not applicable to the company.

(vi) As informed, the Company has not accepted any deposits from the public during the year within the meaning of sec- tion 58A and 58AA of The Companies Act, 1956 and the rules framed there under and no order in this respect in the case of the company has been passed by the Company Law Board or Company Law Tribunal or The Reserve Bank of India or any court or any other tribunal.

(vii) The company does not have internal audit system commensurate with the size and nature of its business.

(vii) According to the information and explanation given to us, the Central Government has not prescribed for the main- tenance of cost records under Section 209(1) (d) of The Companies Act, 1956 for any of its product. Accordingly, provisions of the paragraphs 4(vii) of CARO are not applicable to the company.

(ix) (a) According to the books and records as produced and examined by us in accordance with generally accepted auditing practices in India and also based on management representations, undisputed statutory dues, if ap- plicable, in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance dues, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues with the appropriate authorities have generally been regularly deposited by the company sub- ject to the following:

i) The company has not deposited the liability of Service Tax in due time during the financial year. The company has not produced before us any statutory record pertaining to service tax such as Service Tax Returns. However, on the basis of examination of the books of the accounts of the company, there was no amount remaining outstanding as at the last day of the financial year, for a period of more than six month from the date they became payable.

ii) In respect of the construction division of the company, an amount of Rs. 720,731/- on account of VAT paid by the company at the time of purchases of materials has been booked in purchases and at the same time the said amount has also been claimed as input claim while filing the return of VAT with The Department of Commercial Taxes, Haridwar, Uttarakhand. Hence, the profit of the company during the year has been under rep6rted to the extent of VAT input claim of Rs. 720,731/-.

(b) According to the information and explanation given to us no undisputed amounts payable in respect of Provi- dent Fund, Employees State Insurance dues, Investor Education and Protection Fund, Income Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, VAT, Cess and other undisputed statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, the company has paid all undisputed dues of excise duty. However, the following is the particulars of dispute/dues in respect of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty and Cess.

Name of statute Nature of The Amount Period to which the Forum where the dispute is Dues (Rupees In Lakh) amount relates pending

Rs.24.69 (Actual Demand Central Excise Excise was Rs. 32.86 Lakh and Rs. Assessment Year The Deputy Commissioner

and Customs Act 8.17 Lakh has already been 2003-2004 Central, Kanpur deposited) Rs. 6891.57 Till the The (Actual Demand date of Commissioner Central Excise search of Cen Excise was Rs. 71 91 i.e. 09.05 tral Excise, and Customs Act 2008 Kanpur, Uttar .57 Lakh and Pradesh Rs. 300.00 Lakh has already been deposited)

(x) The company has neither accumulated losses as at March 31, 2010, nor has it incurred any cash fosses either during the financial year ended on that date or in the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of its dues to any financial institution or bank. The company has not raised any sum by issue of debentures.

(xii) In our opinion and according to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, provi- sions of the paragraphs

(xii) ofCARO are not applicable to the company.

(xiil) In our opinion, considering the nature of activities carried on by the company during the year, the provisions of any special statute applicable to Chit Fund/ Nidhi/ Mutual Benefit Fund/ Society are not applicable to it. Accordingly, provisions of the paragraphs 4(xiii) of CARO are not applicable to the company.

(xiv) The company has not invested, dealt or traded in shares, securities, debentures and other investments during the year. Accordingly, provisions of the paragraphs 4(xiv) of CARO are not applicable to the dbmpany.

(xv) According to the information and explanations given to us, the company has not given guarantees for loans taken by others from banks or financial institutions. Accordingly, provisions of the paragraphs 4(xv) of CARO are not applicable to the company.

(xvi) In our opinion and according to the information and explanations given to us, term loans availed by the company were, prima facie, applied for the purpose for which they were obtained, other than temporary deployment pending application.

(xvii) In our opinion and according to the information and explanations given to us, and on an overall examination of the balance sheet of the company, funds raised on short-term basis have, prima facie, not been used during the year for long-term investment and no funds raised on long-term basis have been used for short-term investment.

(xviii) According to the information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of The Companies Act, 1956. Accordingly, provisions of the paragraphs 4(xviii) of CARO are not applicable to the company

(xix) (According to the information and explanations given to us, during the period covered by out audit report, the com- pany had not issued any debentures and has not created any security in respect of debentures. Accordingly, provi- sions of the paragraphs 4(xix) of CARO are not applicable to the company

(xx) In our opinion and according to the information and explanations given to us, the company has not raised any money from the public issue during the year.

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

For Kumar Piyush & Co.

Chartered Accountants

Firm Registration No.: 005120N

Virendra Kumar Goel

Partner.

Membership Number: 83705

Place: New Delhi

Date: May 29, 2010