Auditor Report of Ridhi Synthetics Ltd.

Mar 31, 2024

We have audited the accompanying financial statements of Ridhi Synthetics Limited (“the
Company”), which comprises of Balance Sheet as at March 31,2024, the Statement of Profit
and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and
the Statement of Cash Flow for the year then ended, and notes to the financial statements,
including 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 133 of the Act read with Companies
(Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting
principles generally accepted in India, of the state of affairs of the Company as at March 31,
2024, its profit (including other comprehensive income), its changes in equity and its cash
flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Act. Our responsibilities under those Standards are further described
in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.
We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India (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 Code 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 financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. 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 is responsible for the preparation of other information. The
Other information comprises the information included in the Board’s Report including
Annexures to the Board report but does not include the financial statement and our auditor’s
report thereon. The Board’s report is expected to be made available to us after the date of this
auditor''s report.

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 identified above when it becomes available and, in doing so, consider whether the

other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit, or otherwise appears to be materially misstated.

When we read the report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance.

Management responsibilities 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 (including other comprehensive income),
changes in equity and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the accounting Standards specified under Section 133
of the Act. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due to fraud or error.

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

• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the
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 the 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 entity’s
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor’s report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Company to
cease to continue as a going concern.

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

Materiality is the magnitude of misstatements in the financial statements that individually or in
aggregate makes it probable that the economic decisions of a reasonably knowledgeable user
of the financial statements may be influenced. We consider quantitative 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.

Report on Other Legal and Regulatory Requirements

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

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.

(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 and records.

(c) The Balance sheet, the Statement of Profit & Loss (including other comprehensive
income), the Statement of Changes in Equity and the Cash Flow Statement dealt with
by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as amended.

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

(f) With respect to the adequacy of the internal financial controls over financial reporting
of the Company and the operating effectiveness of such controls, refer to our separate
Report in Annexure “B”.

(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 the matters to be included in the Auditor’s report in accordance with
the Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to
the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigation which would impact its financial
position.

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

iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.

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

(b) The Management has represented, that, to the best of its knowledge and belief,
no funds (which are material either individually or in the aggregate) have been
received by the Company from any person or entity, including foreign entity
(“Funding Parties”), with the understanding, whether recorded in writing or
otherwise, that the Company shall, whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused
us to believe that the representation under sub clause (i) and (ii) of Rule 11(e) of
The Companies (Audit and Auditors) Rules, 2014, as provided under (a) and (b)
above, contains any material misstatement. (Refer Note no. 27 to the financial
statements)

v. The Company has not declared or paid dividend during the financial year 2023-24.
Accordingly, reporting under Rule 11 (f) of Companies (Audit and Auditors) Rules,
2014 is not applicable.

vi. Based on our examination which included test checks, the Company has used an
accounting software for maintaining its books of account which has a feature of
recording audit trail (edit log) facility and the same has operated throughout the year
for all relevant transactions recorded in the software. Further, during the course of
our audit we did not come across any instance of audit trail feature being tampered
with.

For SVP & Associates

Chartered Accountants

Firm registration No. 003838N

Sd/-

Yogesh Kumar Singhania

Place: Mumbai Partner

Date: 30^th May,2024 Membership No. 111473

UDIN:24111473BKHBLY1710

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Mar 31, 2014

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

Management''s Responsibility For the Financial Statements

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the company tin accordance with Accounting Standards referred to in Sec 211(3C) of the Companies Act 1956 (the "Act") and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatements whether due to fraud or error

Auditor''s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditors judgement, including assessment of 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 companies internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by 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 Balance Sheet of the state of affairs of the Company as at 31st March, 2014;

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

c) in the case of the Cash Flow Statement, of the cash flows of the company 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 Companies Act, 1956, we give in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order to the extent applicable to the Company.

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 accounts 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 & Loss and the Cash Flow Statement dealt with by this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet and the Statement of Profit & Loss comply with the accounting standards referred to in sub-section (3C) of section 211 of the Act/notified under the Companies Act, 1956 read with the General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and Accounting Standard 30, Financial Instruments: Recognition and Measurement issued by the Institute of Chartered Accountants of India to the extent it does not contradict any other accounting standard referred to in sub-section (3C) of Section 211 of the Act;

e) On the basis of the written representations received from the Directors, as on 31st March, 2014 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

Annexure To The Independent Auditors'' Report

(Referred to in Paragraph 1 under "Report on Other Legal & Regulatory Requirements" section of our report of even date)

In our opinion and according to the information and explanations given to us and on the basis of relevant records and documents produced for our verification, we report that:

1. In respect of company''s fixed assets:

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

(b) The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed on such verification.

(c) The fixed assets disposed off during the year, in our opinion, has not affected the going concern status of the Company.

2. The Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firm or other parties covered in the Register maintained under Section 301 of the Companies Act 1956.

3. There are adequate internal control system commensurate with the size of the Company and the nature of its business. During the course of our audit, we have not observed any major weakness in such internal control system.

(a) Transactions which need to be entered into a register maintained in pursuance of section 301 of the Companies Act, 1956 have been so entered.

(b) There are no transactions of purchase and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rupees Five Lacs or more in respect of each party.

4. The Company has not accepted any deposits from the public during the year.

5. The Company does not have formal internal audit.

6. In respect of statutory dues:

(a) The company has been regular in depositing undisputed dues in respect of income tax, sales tax, wealth tax, custom duty, excise duty and cess and other material statutory dues applicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of in respect of income tax, sales tax, wealth tax, custom duty, excise duty and cess and other material statutory dues in arrears as at March 31, 2014 for a period of more than six months from the date they became payable.

(c) There are no dues of income tax, sales tax, wealth tax, custom duty, excise duty and cess, which have not been deposited on account of any dispute.

7. The Company does not have any accumulated losses at the end of the year. The Company does not have cash losses during the current year and immediately preceding financial year.

8. The company has not taken any loan from a bank or financial institution or borrowed any sum against issue of debentures.

9. The Company has not granted any loans advances on the basis of security by way of pledge of shares, debentures and other securities.

10. The Company is not a chit fund, nidhi, or a mutual benefit society.

11. In respect of its dealings in shares, securities and other investments;

(a) The Company has maintained proper records of transactions and contracts in respect of its dealing in shares, securities, debentures and other investments.

(b) The aforesaid securities have been held by the Company in its own name.

12. The Company has not given any guarantee for loans taken by others from banks and financial institutions during the year.

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

14. The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

15. The Company has not issued any debenture.

16. The Company has not raised any money by public issues during the year.

17. No fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

For H.H. Bandukwala & Co. Chartered Accountants FRN - 100965W

Mumbai. H.H. Bandukwala Dated: 30-05-2014 Partner M. No. 016940

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Mar 31, 2013

Report on Financial Statements

We have audited the accompanying Financial Statements of Ridhi Synthetics Limited (the "Company") which comprise the Balance Sheet as at 31st March 2013, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility For the Financial Statements

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the company tin accordance with Accounting Standards referred to in Sec 211(3C) of the Companies Act, 1956 (the "Act") and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatements whether due to fraud or error

Auditor''s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditors'' judgement, including assessment of 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 companies internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by 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 Balance Sheet, of the state of affairs of the Company as at 31st March, 2013;

(b) in the case of the Statement of Profit and Loss, of the loss of the company for the year ended on that date and

(c) in the case of the Cash Flow Statement, of the cash flows cf the company 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-se^ion (4A) of section 227 of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order to the extent applicable to the Company.

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 accounts as required by law have been kept by the company so far as it appears from our examination of thotc books.

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

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

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

Annexure To The Independent Auditors'' Report

(Referred to in Paragraph 1 under "Report on Other Legal & Regulatory Requirements" section of our report of even date)

In our opinion and according to the information and explanations given to us c.d on the basis of relevant records and documents produced for our verification, we report that:

1. In respect of company''s fixed assets :

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

(b) The fixed assets were physically verified during t! ,o year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information, and explanation given to us, no material discrepancies were noticed on such verification.

(c) The fixed assets disposed off during the year, in our opinion, not affected the going concern status of the Company.

2. The Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firm or other parties covered in the Register maintained under Section 301 of the Companies Act 1956.

3. There are adequate internal control system commensurate with the size of the Company and the nature of its business. During the course of our audit, we have not observed any major weakness in such internal control system.

4. (a) Transactions which need to be entered into a register maintained in pursuance of section 301 of the Companies Act, 1956 have been so entered.

(b) There are no transactions of purchase and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rupees Five Lacs or more in respect of each party.

5. The Company has not accepted any deposits from the public during the year.

6. The Company does not have formal internal audit.

7. In respect of statutory dues :

(a) The company has been regular in depositing undisputed dues in respect of income tax, sales tax, wealth tax, custom duty, excise duty and cess and other material statutory dues applicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of in respect of income tax, sales tax, wealth tax, custom duty, excise duty and cess and other material statutory dues in arrears as at March 31, 2013 for a period of more than six months from the date they became payable.

(c) There are no dues of income tax, sales tax, wealth tax, custom duty, excise duty and cess, which have not been deposited on account of any dispute.

8. The Company does not have any accumulated losses. The Company has not incurred cash losses during the current financial year and in the immediately preceding financial year.

9. The company has not taken any loan from a bank or financial institution or borrowed any sum against issue of debentures.

10. The Company has not granted any loans advances c.n the basis of security by way of pledge of shares, debentures and other securities.

11. The Company is not a chit fund, nidhi, or a mutual benefit society.

12. In respect of its dealings in shares, securities and other investments;

(a) The Company has maintained proper records of transactions and contracts in respect of its dealing in shares, securities, debentures and other investment.

(b) The aforesaid securities have been held by the Company in its own name.

13. The Company has not given any guarantee for loans taken by others from banks and financial institutions during the year.

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

15. The Company has neither raised any funds during the year nor made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956. it has also not issued any debenture or raised any money by public issues during the year.

16. No fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

For H.H. Bandukwala & Co.

Chartered Accountants

ERN-100965W

H.H. Bandukwala

Partner

M. No. 016940

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Mar 31, 2012

1. We have audited the attached Balance Sheet of Ridhi Synthetics Limited as at 31st March 2012 and Profit and Loss Account of the Company for the year ended on that date which we have signed under reference to this report. 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 have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also 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 (Auditor's 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 paragraph 4 and 5 of the said Order to the extent applicable to the Company.

4. Further to our comment in the Annexure referred to in Paragraph 3 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 purpose of our audit.

(ii) In our opinion, the company has kept proper books of accounts as required by law so far as it appears from our examination of those books.

(iii) The Balance Sheet, 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, Profit and Loss Account and Cash Flow Statement dealt with by 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 the written representations received from the Directors, as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 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, they said accounts together with the notes thereon and attached thereto give the information required by the Companies Act, 1956 in the manner so required and give true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of Balance Sheet of the state of affairs of the Company as at 31st March, 2012 and

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

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

In our opinion and according to the information and explanations given to us and on the basis of relevant records and documents produced for our verification, we report that:

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

(b) The management has, at reasonable intervals, physically verified fixed assets and no material discrepancies between physical inventories and book records were noticed.

(c) The Company has not sold / disposed off any significant portion of fixed assets during the year.

2. The company has neither granted nor taken any loans, secured or unsecured to / from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

3. There are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to fixed assets. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

4. (a) Transactions which needs to be entered into a register maintained in pursuance of section 301 of the Companies Act, 1956 are so entered.

(b) There are no transactions of purchase and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rupees Five Lacs or more in respect of each party.

5. The company has not accepted any deposits from the public during the year.

6. The Company does not have formal internal audit system.

7. (a) The Company has been generally regular in depositing undisputed statutory dues including income tax and other statutory dues applicable to it with the appropriate authorities during the year.

(b) No undisputed amounts payable in respect of income tax, wealth tax and cess were in arrears, as on 31st March, 2012 for a period of more than six months from the date they became payable.

(c) There are no dues of income tax, wealth tax and cess, which have not been deposited on account of any dispute.

8. The Company does not have any accumulated losses at the end of the year. It has neither incurred cash losses during the current nor in the immediately preceding financial year.

9. The Company has neither taken any loans from banks or financial institution nor issued any debentures.

10. No loans or advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

11 The Company is not a chit fund or a Nidhi I mutual benefit fund / society. The provisions of clause 4(xiii) of the Companies (Auditor's Report} Order, 2003 are therefore not applicable to the Company.

12. In respect of its dealings in shares, securities and other investments;

(a) The Company has maintained proper records of transactions and contracts in respect of its dealing in shares, securities, debentures and other investments.

(b) The aforesaid securities have been held by the Company in its own name.

13. The Company has not given any guarantee for loans taken by others from banks and financial institutions during the year.

14. The Company has not taken any term loan from the banks and financial institutions during the year.

15. On an overall examination of the Balance Sheet of the Company, funds raised on short term basis have not prima facie, been used during the year for long term investments and vice versa.

16. The Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

17. No fraud on or by the Company has been noticed or reported during the year.

For H.H.Bandukwala & Co.

Chartered Accountants

FRN- 10965W

Mumbai H.H.Bandukwala

Dated: 28-05-2012 Partner

M.No.016940

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Mar 31, 2010

1. We have audited the attached Balance Sheet of Ridhi Synthetics Limited as at 31st March 2010 and Profit and Loss Account of the Company for the year ended on that date which we have signed under reference to this report. 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 have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also 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 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 paragraph 4 and 5 of the said Order to the extent applicable to the Company.

4. Further to our comment in the Annexure referred to in Paragraph 3 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 purpose of our audit.

(ii) In our opinion, the company has kept proper books of accounts as required by law so far as it appears from our examination of those books.

(iii) The Balance Sheet, 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, Profit and Loss Account and Cash Flow Statement dealt with by 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 the written representations received from the Directors, as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2010 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, the said accounts together with the notes thereon and attached thereto give the information required by the Companies Act, 1956 in the manner so required and give true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of Balance Sheet of the state of affairs of the Company as at 31st March, 2010 and

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

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

Annexure To Auditors Report Annexure referred to in Paragraph 3 of our report of even date.

In our opinion and according to the information and explanations given to us and on the basis of relevant records and documents produced for our verification, we report that:

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

(b) The management has, at reasonable intervals, physically verified fixed assets and no material discrepancies between physical inventories and book records were noticed.

(c) The Company has not sold / disposed off any significant portion of fixed assets during the year.

2. The company has neither granted nor taken any loans, secured or unsecured to / from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

3. There are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to fixed assets. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

4. (a) Transactions which needs to be entered into a register maintained in pursuance of section 301 of the Companies Act, 1956 are so entered.

(b) There are no transactions of purchase and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rupees Five Lacs or more in respect of each party.

5. The company has not accepted any deposits from the public during the year.

6. The Company does not have formal internal audit system.

7. (a) The Company has been generally regular in depositing undisputed statutory dues including income tax and other statutory dues applicable to it with the appropriate authorities during the year.

(b) No undisputed amounts payable in respect of income tax, wealth tax and cess were in arrears, as on 31st March, 2010 for a period of more than six months from the date they became payable.

(c) There are no dues of income tax, wealth tax and cess, which have not been deposited on account of any dispute.

8. The Company does not have any accumulated losses at the end of the year. The Company has not incurred cash loss during the current year, but a cash loss of Rs. 9,73,551 was incurred in the immediately preceding financial year.

9. The Company has neither taken any loans from banks or financial institution nor issued any debentures.

10. No loans or advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

For H.H. Bandukwala & Co.

Chartered Accountants FRN-100965W

H.H. Bandukwala Partner

M. No.016940