Auditor Report of Rapid Investments Ltd.

Mar 31, 2024

e have audited the accompanying fmanciaJ statements of Rapid Investments Limited ("the Company "), which comprise the Balance Sheet as at March 31, 2024, and the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the 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, 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 03 of the Act read w ith the Companies (Indian Accounting Standards) Rules, 20 1.5, 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 loss, total comprehensive income, its cash flows and the changes in equity'' for the year ended on that date.

Basis of Opinion

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

Emphasis of Matter

1. With reference to Note No.41 Balance of Rs. 1.98 Lacs with GST authority'' is subject to reconciliation and confirmation. The impact of the same on Profit and Loss account is not ascertainable. The reconciliation of turnover, output Tax with GST returns and reconciliation of input tax with GSTR 2A is under process the effect of reconciliation, if any, will be provided once ascertained.

2. With reference to Note No.34, pursuant to the Loan Purchase agreement dated 29^th March 2023 entered by Rapid Investments Limited (Purchaser) and Veritas Build Tech Pvt. Ltd. (Seller), any loan instalment falling due and not recovered on due date and the loan classified as nonperforming assets, then the overdue principal amount and interest overdue on the same will be

recovered from Veritas Buildtech Pvt. Ltd. Accordingly, Pursuant to the said agreement Rs.] 5,41,362/- being the interest on overdue NPA account has been credited to the Profit and Loss Account as recovered from Veritas Buildtech Pvt. Ltd. And the corresponding principal amount of Rs. 1,36,96,841/- are debited as recoverable to the account of veritas Buildtech Pvt. Ltd. Total NPA overdue amount to Rs. 1,52,38,203/- No provision is made in the books of accounts in respect of such interest and principal amount transferred. This is based on the information received from veritas Buildtech Pvt. Ltd.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement were of most significance in our audit of the standalone financial statements for the financial year ended 31^st March 2024. We have determined that there are no key audit matters to communicate in our report

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

The Company’s Board of Directors and management is responsible for the other information. The other information comprises the information included in the Director''s report. Management discussion & Analysis and Business responsibility report, but docs not include the financial statements and our auditor''s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing - consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated if, the work we have performed, we conclude that there is misstatement of this other information we are required to report that fact. We have nothing to report in this regard.

Management''s Responsibility for the Financial Statements

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

In preparing the financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using

the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.Tlie Board of Directors urc also responsible for overseeing the Company''s financial reporting process,

Auditor''s Responsibility for (be Audit of the Financial Statements

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

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

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

Conclude on the appropriateness of management''s use ofthe 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 amaterial 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 ofthe financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that

materiality is the magnitude of misstatements in the financial statements that individually or in aggregate makes it probable that the economic decision of a reasonably knowledgeable user of financial statement

may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results ofour work; and (ii) to evaluate the effect of any identified misstatements in the financial statement

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 conirol 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, 2020 ("the Order") issued by the Central Government of India, in terms of sub-section (1.1) of Section 143 of the Act, we give in the "Annexure A", a statement on the matters specified in paragraphs 3 and 4 ofthe Order, to the extent applicable.

2. As required by Section 143(3) of the Act, based on our audit we report that;

a) We have sought and obtained all the information and explanations which to the best of our knowledge 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 hook Tne Balance Sheet, tne Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.

c) In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 ofthe Act.

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

e) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Anncxurc B". Our report expresses opinion on the adequacy and operating effectiveness of such control 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.

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

1) As per information and explanation given to us Company does not have any pending litigation, which would impact of its financial position as at 31-03-2024.

2) The Company Did not have any long-term contract including derivative contract for which there were any material foreseeable losses as at 31-03-2024.

3) There has been no delay in transferring amounts, required to be transferred, to the investor Education and Protection Fund by the Company.

(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 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 person or entities identified in any manner whatsoever by or on behalf of funding party (“ultimate beneficiaries”) or provide any guarantee, security or the like on the behalf of 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 representation under sub-clause (i) and (ii) of rule 11 (e ), as provided under clause 9 (a) and (b ) above contain any material misstatement,

4) There has been no dividend declared or paid by the Company during the year under audit.

5) Based on our examination, which include lest checks, the company has used accounting software for maintaining its book for the financial year ended on March 31.2024 which has a feature of recording audit trial (edit log) facility and the same has been operated throughout the year for all relevant transaction recorded in the software. Further during the course of audit, we did not come across any instance audit trail feature being tempered with.

6) As provision to rule 3(1) of the Companies (Accounts) Rule. 2014 is applicable from April I. 2024. reporting under rule 11 (g) of the companies (audit and auditors) rules, 2014 on preservation of audit triai as per the statutory requirement for records retention in not applicable for the financial year ended March 31. 2024

For Cliaturvedi Sohau & Co.

Chartered Accountants

'' /*( Ys

CA. Sohan Chaturvedi V\ J*Jj

Partner

Membership No. 030760 UDIN:24030760BKJQNB48I6 Place: Mumbai Date: 06-06-2024

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Mar 31, 2014

We have audited the accompanying financial statements of M/s. Rapid Investments Limited, 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

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 of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility ''

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk

assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

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

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

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

Report on Other Legal and Regulatory Requirements

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

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

a. We have obtained all the information and explanations which to the best of our

knowledge and belief were necessary for the purpose of our audit; .

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

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

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

e. On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors are 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.

ANNEXURE TO AUDITOR''S REPORT RAPID INVESTMENTS LTD. Referred to in paragraph 3 of our report of even date:-

I. In respect of its Fixed Assets:

(a) The company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets

(b) As explained to us, the fixed assets have been physically verified by the Management at reasonable intervals during the year. We are informed that no material discrepancies have been noticed by the management on such verification as compared to the aforesaid records of fixed assets;

(c) In our opinion and according to the information and explanations given to us the company has made substantial disposal during the year.

II. The company does not have any inventory hence clause (a), (b) and (c) of paragraph (ii) of the Order are not applicable.

III. In respect of loans, secured or unsecured granted or taken by the Company to/from Companies, firms or other parties covered in the register maintained u/s. 301 of the Companies Act 1956 :

(a) The Company has not granted secured or unsecured loan to-parties covered in the register maintained under section 301 of the Companies Act, 1956, hence sub-clause (a), (b), (c) and (d) of clause (iii) of the Order are not applicable to the company; -

(b) The company has not taken secured or unsecured loan from parties covered in the register maintained under section 301 of the Companies Act, 1956, hence sub-clause (e), (f) and (g) of clause (iii) of the Order are not applicable to the company;

iv. In our opinion, and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the company and the nature of its business with regards to purchase and sale of Investments, and purchase of fixed assets.

V. In respect of transactions entered in the register maintained in pursuance of section 301 of the companies Act 1956.

(a) To the best of our knowledge and belief and according to the information and explanation given to us, transaction that needed to be entered into the register has been so entered.

(b) Transaction made in pursuance of contracts or arrangements entered into the register maintained under section 301 and exceeding the value of five lacs rupees in respect of any party during the year, these in our opinion and according to the information and explanation given to us, have been made at price which are reasonable have regard to prevailing market price at the relevant time.

VI. The Company has not accepted any deposits from the Public, therefore, the provisions of Section 58A and 58AA of the Companies Art, 1956 and the rules framed there under and the directives issued by the Reserve bank of India are not applicable.

VII. As per information and explanations given to us and in our opinion, the company does not have formal internal audit system during the year.

VIII. We have been informed that the maintenance of cost records has not been prescribed by the central government under section 209(1) (d) of the companies Act, 1956

IX. According to the information and explanation given to us in respect of statutory and other dues;

(a) The Company has been generally regular in depositing undisputed statutory dues, including, Investor Education and Protection Fund, Income tax, Wealth Tax, Fringe Benefit Tax and any other statutory dues with the appropriate authorities during the year,

(b) According to the information & explanation given to us there are no undisputed amounts payable in respect of Investor Education and Protection Fund, Income tax, Wealth Tax, Fringe Benefit Tax and any other statutory dues which were outstanding at the year end for a period of more than 6 month from the date they became payable.

(c) According to the information & explanation given to us there are no dues of Investor Education and Protection Fund, Income tax, Wealth Tax, Fringe Benefit Tax and any other statutory dues which have not been deposited on account of any dispute.

X. The company is not having accumulated losses at the end of the financial year. The company has not incurred any cash losses during the financial year covered by the audit and there were no cash losses in the immediately preceding financial year.

XI. The Company has not taken any loan from any financial institution or banks.

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

XIII. In our opinion and according to the information and explanations given to us, the nature of activities of the company does not attract any special statue applicable to chit fund and nidhi / mutual benefit fund / societies.

XIV. Based on our examination of the records and evaluation of related internal controls, we are of the opinion that proper records have been maintained of the transactions and contracts and timely entries have been made in those records. We also report that the company has held the shares, securities and other investments in its own name.

XV. In our opinion according to information and explanation given to us the company has not given any guarantee for loans taken by others from banks and financial institutions.

XVI. The company has not raised any term loans during the year under audit.

XVII. According to the information and explanations given to us and on the over all examination of Balance Sheet of the company we are of the opinion that the fund raised on short term basis has not been used for Long Term investments, repayment of borrowings or acquisition of fixed assets.

XVIII. The Company has not made preferential allotment of shares of the parties and companies covered in the register maintained u/s section 301 of the Act during the year.

XIX. The Company has not issued any debentures during the year. Therefore the provision of clause (xix) of the companies (Auditor''s Reports) Order, 2003 is not applicable to the company.

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

Therefore the provision of clause (xx) of the companies {Auditor''s Reports) Order, 2003 is not applicable to the company. -

XXI. To the best of our Knowledge and belief and according to the information an explanation given to us, no material fraud on or by the company was noticed or reported during the year.

For Chaturvedi Sohan & Co. Firm Reg. No.-118424W Chartered Accountants

-sd- Devanand Chaturvedi Partner M.No. 41898

Place: Mumbai Date: 30-05-2014

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of M/s. Rapid Investments Limited, which comprise the Balance Sheet as at March 31, 2013, and the statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance 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.

Auditor''s Responsibility

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

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

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, 2013; and

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

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

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

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

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

ANNEXURE TO AUDITOR''S REPORT

RAPID INVESTMENTS LTD.

Referred to in paragraph 3 of our report of even date:-

I. In respect of its Fixed Assets:

(a) The company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets

(b) As informed to us, the management has physically verified fixed assets during the year in accordance with a program of verification which is our opinion is reasonable having regards to the size of the company and nature of its assets. According to the information and explanation given to us no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us the company has made substantial disposal during the year.

II. The company does not have any inventory hence clause (a), (b] and (c) of paragraph (ii) of the Order are not applicable.

III. The Company has not given any advances secured or unsecured to companies, firms or other party as per register maintained u/s. 301 of the Companies Act, 1956. The company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained u/s. 301 of the Act.

IV. In our opinion, and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the company and the nature of its business with regards to purchase and sale of Investments, and purchase of fixed assets.

V. In respect of transactions entered in the register maintained in pursuance of section 301 of the companies Act 1956.

[a) To the best of our knowledge and belief and according to the information and explanation given to us, transaction that needed to be entered into the register have been so entered.

(b) Transaction made in pursuance of contracts or arrangements entered into the register maintained under section 301 and exceeding the value of five lacs rupees in respect of any party during the year, these in our opinion and according to the information and explanation given to us, have been made at price which are reasonable have regard to prevailing market price at the relevant time.

VI. The Company has not accepted any deposits from the Public, therefore, the provisions of Section 58A and 58AA of the Companies Act, 1956 and the rules framed there under and the directives issued by the Reserve bank of India are not applicable.

VII. As per information and explanations given to us and in our opinion, the company does not have formal internal audit system during the year.

VIII. We have been informed that the maintenance of cost records has not been prescribed by the central government under section 209(1) (d) of the companies Act, 1956

IX. According to the information and explanation given to us in respect of statutory and other dues;

(a) The Company has been generally regular in depositing undisputed statutory dues, including, Investor Education and Protection Fund, Income tax, Wealth Tax, Fringe Benefit Tax and any other statutory dues with the appropriate authorities during the year.

(b) According to the information & explanation given to us there are no undisputed amounts payable in respect of Investor Education and Protection Fund, income tax, Wealth Tax, Fringe Benefit Tax and any other statutory dues which were outstanding at the year end for a period of more than 6 month from the date they became payable.

(c) According to the information & explanation given to us there are no dues of Investor Education and Protection Fund, Income tax, Wealth Tax, Fringe Benefit Tax and any other statutory dues which have not been deposited on account of any dispute.

X. The company is not having accumulated losses at the end of the financial year. The company has not incurred any cash losses during the financial year covered by the audit and there were no cash losses in the immediately preceding financial year.

XI. The Company has not taken any loan from any financial institution or banks.

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

XIII. In our opinion and according to the information and explanations given to us, the nature of activities of the company does not attract any special statue applicable to chit fund and nidhi / mutual benefit fund / societies.

XIV. Based on our examination of the records and evaluation of related internal controls, we are of the opinion that proper records have been maintained of the transactions and contracts and timely entries have been made in those records. We also report that the company has held the shares, securities and other investments in its own name.

XV. In our opinion according to information and explanation given to us the company has not given any guarantee for loans taken by others from banks and financial institutions.

XVI. The company has not raised any term loans during the year under audit.

XVII. According to the information and explanations given to us and on the over all examination of Balance Sheet of the company we are of the opinion that the fund raised on short term basis has not been used for Long Term investments, repayment of borrowings or acquisition of fixed assets.

XVIII. The Company has not made preferential allotment of shares of the parties and companies covered in the register maintained u/s section 301 of the Act during the year.

XIX. The Company has not issued any debentures during the year. Therefore the provision of clause (xix) of the companies (Auditor''s Reports] Order, 2003 is not applicable to the company.

XX. The Company has not raised any money by public issue during the year. Therefore the provision of clause (xx) of the companies (Auditor''s Reports) Order, 2003 is not applicable to the company.

XXI. To the best of our Knowledge and belief and according to the information an explanation given to us, no material fraud on or by the company was noticed or reported during the year.

For Chaturvedi Sohan & Co.

Firm Reg. No.-118424W

Chartered Accountants

Devanand Chaturvedi

Partner M.No, 41898

Place; Mumbai

Date:

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Mar 31, 2010

1. We have audited the attached Balance Sheet of RAPID INVESTMENTS LTD. at 31st March, 2010 and also the Profit & Loss Account and Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order to the extent applicable.

4. Further to our comments in the Annexure referred to in paragraph 3 above, 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 Accounts as required by Law have been kept by the Company so far as appears from our examination of those books.

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

(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Section 211 (3C) of Companies Act, 1956,

(e) On the basis of the written representation received from the directors, and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31st March, 2010 from being appointed as a director in the terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956: _

(f) Subject to above in our opinion and to the best of our information and according to the explanations given to us, the said accounts read with significant accounting policies and other notes thereon, give the information as required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i. In the case of Balance Sheet, of the State of Affairs of the Company as at 31st March 2010 ;

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

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

ANNEXURE TO AUDITORS REPORT RAPID INVESTMENTS LTD. Referred to in paragraph 3 of our report of even date :-

I. In respect of its Fixed Assets:

(a) The company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets

(b) As informed to us the management has verified fixed assets during the year in accordance with a program of verification which is our opinion is reasonable having regards to the size of the Company and nature of its assets. According to the information and Explanation given to us no material discrepancies were noticed on such verification.

(c) During the year, the Company has not disposed off substantial part of its fixed assets.

II. The company does not have any inventory hence clause (a), (b) and (c ) of paragraph (ii) of the Order are not applicable.

III. (a) The Company has given advances to a party as per register maintained u/s. 301 of the Companies Act, 1956 for Rs. 650000/-(maximum balance outstanding Rs.. 650000/-).

(b) The advances are interest free however the terms and conditioned of the advances given by the company are not prejudicial to the interest of the compan

(c) The receipt of principal amount is not regular.

(d) The company has taken reasonable steps to recover the principal amount.

(e) The company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained u/s. 301 of the Act. Accordingly clause (f) and (g) of paragraph (iii) of the Order are not applicable.

IV. In our opinion, and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the company and the nature of its business with regards to purchase and sale of Investments, and purchase of fixed assets.

V. In respect of transactions entered in the register maintained in pursuance of section 301 of the companies Act 1956.

(a) To the best of our knowledge and belief and according to the information and explanation given to us, transaction that needed to be entered into the register has been so entered.

(b) Transaction made in pursuance of contracts or arrangements entered into the register maintained under section 301 and exceeding the value of five lacs rupees in respect of any party during the year, these in our opinion and according to the information and explanation given to us, have been made at price which are reasonable have regard to prevailing market price at the relevant time.

VI. The Company has not accepted any deposits from the Public, therefore, the provisions of Section 58A and 58AA of the Companies Act, 1956 and the rules framed there under and the directives issued by the Reserve bank of India are not applicable.

VII. As per information and explanations given to us and in our opinion, the company does not have formal internal audit system during the year.

VIII. We have been informed that the maintenance of cost records has not been prescribed by the central government under section 209(1) (d) of the companies Act, 1956

IX. According to the information and explanation given to us in respect of statutory and other dues;

(a) The Company has been generally regular in depositing undisputed statutory dues, including, Income tax, Fringe Benefit Tax and any other statutory dues with the appropriate authorities during the year.

(b) According to the information & explanation given to us there are no undisputed amounts payable in respect of Income tax, Fringe Benefit Tax which were outstanding at the year end for a period of more than 6 month from the date they became payable.

(c) According to the information & explanation given to us there are no dues of Income Tax, Fringe Benefit Tax etc. which have not been deposited on account of any dispute.

X. The company is not having accumulated losses at the end of the financial year. The company has not incurred any cash losses during the financial year covered by the audit and there were no cash losses in the immediately preceding financial year.

XI. The Company has not taken any loan from any financial institution or banks.

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



XIII. In our opinion and according to the information and explanations given to us, the nature of activities of the company does not attract any special statue applicable to chit fund and nidhi / mutual benefit fund / societies.

XIV. Based on our examination of the records and evaluation of related internal controls, we are of the opinion that proper records have been maintained of the transactions and contracts and timely entries have been made in those records. We also report that the company has held the shares, securities and other investments in its own name.

XV. In our opinion according to information and explanation given to us the company has not given any guarantee for loans taken by others from banks and financial institutions.

XVI. The company has not raised any term loans during the year under audit.

XVII. According to the information and explanations given to us and on the over all examination of Balance Sheet of the company we are of the opinion that the fund raised on short term basis has not been used for Long Term investments and vice versa.

XVIII. The Company has not made preferential allotment of shares of the parties and companies covered in the register maintained u/s section 301 of the Act during the year.

XIX. The Company has not issued any debentures during the year. Therefore the provision of clause (xix) of the companies (Auditors Reports) Order, 2003 is not applicable to the company.

XX. The Company has not raised any money by public issue during the year. Therefore the provision of clause (xx) of the companies (Auditors Reports) Order, 2003 is not applicable to the company.

XXI. To the best of our Knowledge and belief and according to the information an explanation given to us, no material fraud on or by the company was noticed or reported during the year.

For Chaturvedi Sohan & Co.

Firm Reg. NO.-118424W Chartered Accountants

Devanand Chaturvedi Partner

M.No. 41898 Place: Mumbai

Date: 30th May, 2010

---

Mar 31, 2009

1. We have audited the attached Balance Sheet of RAPID INVESTMENTS LTD. at 31st March, 2009 and also the Profit & Loss Account and Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order to the extent applicable.

4. Further to our comments in the Annexure referred to in paragraph 3 above, 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 Accounts as required by Law have been kept by the Company so far as appears from our examination of those books.

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

(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Section 211(3C) of Companies Act, 1956,

(e) On the basis of the written representation received from the directors, and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31* March, 2009 from being appointed as a director in the terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956;

(f) Subject to above in our opinion and to the best of our information and according to the explanations given to us, the said accounts read with significant accounting policies and other notes thereon, give the information as required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i. In the Case of Balance Sheet, of the State of Affairs of the Company as at 31st March 2009 ;

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

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



ANNEXURE TO AUDITORS REPORT

RAPID INVESTMENTS LTD.

Referred to in paragraph 3 of oar report of even date :-

I. In respect of its Fixed Assets:

(a) The company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets

(b) As informed to us the management has verified fixed assets during the year in accordance with a program of verification which is our opinion is reasonable having regards to the size of the Company and nature of its assets. According to the information and Explanation given to us no material discrepancies were noticed on such verification.

(c) During the year, the Company has not disposed off substantial part of its fixed assets.

II. The company does not have any inventory hence clause (a), (b) and (c ) of paragraph (ii) of the Order are not applicable.

III. (a) The Company has given advances to parties as per register maintained u/s. 301 of the Companies Act, 1956 for Rs. 38,57,692/-(maximum balance outstanding Rs.. 38,57,692/-).

(b) The advances are interest free however the terms and conditioned of the advances given by the company are not prejudicial to the interest of the company.

(c ) The receipt of principal amount is not regular.

(d) The company has taken reasonable steps to recover the principal amount.

(e) The company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained u/s. 301 of the Act. Accordingly clause (f) and (g) of paragraph (iii) of the Order are not applicable.

IV. In our opinion, and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the company and the nature of its business with regards to purchase and sale of Investments, and purchase of fixed assets.

V. In respect of transactions entered in the register maintained in pursuance of section 301 of the companies Act 1956.

(a) To the best of our knowledge and belief and according to the information and explanation given to us, transaction that needed to be entered into the register has been so entered.

(b) Transaction made in pursuance of contracts or arrangements entered into the register maintained under section 301 and exceeding the value of five lacs rupees in respect of any party during the year, these in our opinion and according to the information and explanation given to us, have been made at price which are reasonable have regard to prevailing market price at the relevant time.

VI. The Company has not accepted any deposits from the Public, therefore, the provisions of Section 58 A and 58 AA of the Companies Act, 1956 and the rules framed there under and the directives issued by the Reserve bank of India are not applicable.

VII. As per information and explanations given to us and in our opinion, the company does not have formal internal audit system during the year.

VIII. . We have been informed that me maintenance of cost records has not been prescribed by the central government under section 209(1) (d) of the companies Act, 1956

IX. According to the information and explanation given to us in respect of statutory and other dues;

(a) The Company has been generally regular in depositing undisputed statutory dues, including, Income tax, Fringe Benefit Tax and any other statutory dues with me appropriate authorities during the year.

(b) According to the information & explanation given to us there are no undisputed amounts payable in respect of Income tax, Fringe Benefit Tax which were outstanding at the year end for a period of more than 6 month from the date they became payable.

(c) According to the information & explanation given to us there are no dues of Income Tax, Fringe Benefit Tax etc. which have not been deposited on account of any dispute.

X. The company is not having accumulated losses at the end of the financial year. The company has not incurred any cash losses during the financial year covered by the audit and there were no cash losses in the immediately preceding financial year.

XI. The Company has not taken any loan from any financial institution or banks.

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

XIII.. In our opinion and according to the information and explanations given to us, the nature of activities of the company does not attract any special statue applicable to chit fond and nidhi / mutual benefit fund / societies.

XIV. Based on our examination of the records and evaluation of related internal controls, we are of the opinion mat proper records have been maintained of the transactions and contracts and timely entries have been made in those records. We also report that the company has held the shares, securities and other investments in its own name.

XV. In our opinion according to information and explanation given to us the company has not given any guarantee for loans taken by others from banks and financial institutions.

XVI. The company has not raised any term loans during the year under audit.

XVII. According to the information and explanations given to us and on the over all examination of Balance Sheet of the company we are of the opinion that the fund raised on short term basis has not been used for Long Term investments and vice versa.

XVIII. The Company has not made preferential allotment of shares of the parties and companies covered in the register maintained u/s section 301 of the Act during the year.

XIX. The Company has not issued any debentures during the year. Therefore the provision of clause (xix) of the companies (Auditors Reports) Order, 2003 is not applicable to the company.

XX. The Company has not raised any money by public issue during the year. Therefore the provision of clause {xx) of the companies (Auditots Reports) Order, 2003 is not applicable to the company.

XXI. To the best of our Knowledge and belief and according to the information an explanation given to us, no material fraud on or by the company was noticed or reported during the year.



For Chaturvedi Sohan & Co.

Chartered Accountants

Devanand Chaturvedi

Partner

M.No. 41898

Place: Mumbai

Date 30th May, 2009