Auditor Report of Seshachal Technologies Ltd.

Mar 31, 2024

We have audited the accompanying standalone financial statements of SESHACHAL
TECHNOLOGIES LIMITED ("the Company"), which comprise the Balance Sheet as at 31st
March 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the
Statement of Changes in Equity and the Statement of Cash Flows for the year then ended,
and a summary of significant accounting policies and other explanatory information
(hereinafter referred to as the "standalone financial statements"). In our opinion and to the
best of our information and according to the explanations given to us, the aforesaid
standalone financial statements give the information required by the Companies Act, 2013
("the Act") in the manner so required and give a true and fair view in conformity with the
Indian Accounting Standards prescribed under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other
accounting principles generally accepted in India, of the state of affairs of the Company as at
31st March 2024, and its profit, total comprehensive income, the changes in equity and its
cash flows for the year ended on that date.

Basis for Opinion

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

Key Audit Matters

Key audit matter is the matter that, in our professional judgment, was of most significance
in our audit of the standalone financial statements of the current period. This matter was
addressed in the context of our audit of the standalone financial statements as a whole, and
in forming our opinion thereon, and we do not provide a separate opinion on this matter.
We have determined the matter described below to be the key audit matter to be
communicated in our report.

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

The Company''s Board of Directors is responsible for the other information. The other
information comprises the information included in the Director''s Report, Management
Discussion and Analysis, Corporate Governance Report and Business Responsibility Report in
the Annual Report but does not include the consolidated financial statements, standalone
financial statements and our auditor''s reports thereon. Our opinion on the standalone
financial statements does not cover the other information and we do not express any form
of assurance conclusion thereon. In connection with our audit of the standalone financial
statements, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the standalone financial
statements or our knowledge obtained during the course of our audit or otherwise appears
to be materially misstated. If, based on the work we have performed, we conclude that
there is a material misstatement of this other information, we are required to report that
fact. We have nothing to report in this regard.

Management''s Responsibility for the Standalone 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 standalone

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 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 standalone financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error. In preparing the standalone 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. Those Board of
Directors are also responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone 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 standalone financial statements. As part of an audit in accordance with SAs, we
exercise professional judgment and maintain professional skepticism throughout the audit.
We also:

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

• Obtain an understanding of internal financial 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 Company''s
ability to continue as a going concern. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor''s report to the related disclosures in the
standalone financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor''s report. However, future events or conditions may cause the Company to cease to
continue as a going concern.

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

• Obtain sufficient appropriate audit evidence regarding the financial information of
the Company to express an opinion on the standalone financial statements.

Materiality is the magnitude of misstatements in the standalone financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the standalone 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 standalone financial statements.

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

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

From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the standalone financial statements of
the current period and are therefore the key audit matters. We describe these matters in
our auditor''s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

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

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

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

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

d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS
specified under Section 133 of the Act.

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

f) With respect to the adequacy of the internal financial controls over financial reporting of
the Company and the operating effectiveness of such controls, refer to our separate Report
in "Annexure A". Our report expresses an unmodified opinion on the adequacy and
operating effectiveness of the Company''s internal financial controls over financial reporting.

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

i. The Company has disclosed the impact of pending litigations on its
Financial position in its standalone financial statements;

ii. The Company has made provision, as required under the applicable

Law or accounting standards, for material foreseeable losses, if any, on long-term
contracts including derivative contracts;

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

iv.

(a) The Management has represented that, to the best of it''s knowledge and belief,
as disclosed in Note 41 to the financial statements, no funds have been advanced or
loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) by the Company to or in any other person(s) or
entity(ies),including foreign entities ("Intermediaries"), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall, 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 it''s knowledge and belief,
as disclosed in Note 41 to the financial statements, no funds have been received by
the Company from any person(s) or entity(ies), including foreign entities ("Funding
Parties"), with the understanding, whether recorded in writing or otherwise, that the
Company shall, 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 performed that have been considered reasonable
and appropriate in the circumstances, nothing has come to our notice that has
caused us to believe that the representations under sub-clause (i) and (ii) of Rule
11(e), as provided under (a) and (b) above, contain any material misstatement.

v. No dividend was declared by the Company during the financial year 2023-24

2. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the
Central Government in terms of Section 143(11) of the Act, we give in "Annexure B" a
statement on the matters specified in paragraphs 3 and 4 of the Order.

For Sharad Chandra Toshniwal & Co

Chartered Accountants

(Firm''s Registration No. 015888S)

Sd/-

Sharad Chandra Toshniwal
Proprietor

Membership No. 216455
Place: Hyderabad
Date: 29-05-2024
UDIN: 24216455BKELZJ9650

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Mar 31, 2012

1. We have audited the attached Balance Sheet of SESHACHAL TECHNOLOGIES LIMITED as at 31st March 2012 and also the Profit and Loss Account for the year ended on that date. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by Companies (Auditor's Report) Order, 2003 and amendment thereto by the Companies (Auditor's Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we state that

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

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

(iii) The Balance Sheet, Profit and Loss Account Statement referred to in this report are in agreement with the books of account maintained.

(iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the requirements of the accounting standards referred to in Section 211 (3C) of the Companies Act, 1956;

(v) On the basis of 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

SESHACHAL TECHNOLOGIES LIMITED

is disqualified as on 31st March, 2012 from being appointed as a director in terms clause (g) of subsection (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 financial statements read together with the significant accounting policies and other notes thereon give information 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:

a) In the case of the Balance Sheet, of the state of affairs of the Company as on 31st March, 2012,

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

ANNEXURE TO AUDITORS' REPORT

(Referred to in Paragraph (3) of our Report of even date on the Accounts of M/s. SESHACHAL TECHNOLOGIES LIMITED for the year ended 31st Match 2012)

(i) In respect of Fixed Assets:

a) The Company has maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets.

b) The Company has a regular programme of physical verification of its Fixed Assets by which fixed assets are verified in a phased manner. In accordance with this programme, fixed assets were verified during the year and no material discrepancies were noticed on such verification,. In our opinion, the frequency of physical verification is reasonable having regard to the size of the Company and the nature of its assets;

c) During the year, there was no sale of substantial part Fixed Assets and hence the going concern of the Company is not affected.

(ii) In respect of Inventories:

The Company is a service company, primarily rendering Information Technology Services. Accordingly, it does not hold any physical Inventories. Thus, paragraph 4 (ii) of the Order is not applicable.

(iii) In respect of Loans Granted and taken by Company:

a) The Company has not granted any Loans, Secured or Unsecured from Companies, firms or other parties covered in the Register maintained under Section 301 of the Act. Accordingly, paragraph 4 (iii) (b), (c) & (d) of the said Order are not applicable;

b) The Company has taken interest free loan from a Director covered in the Register maintained under Section 301 of the Companies Act 1956. The maximum amount outstanding during the year and the year-end balance of such loan to Rs. Nil and Rs.70,000 respectively

c) In our opinion, the terms and conditions on which the loan has been taken from is interest free nature and not, prima facie, prejudicial to the interest of the Company;

d) According to the information and explanation given to us, the payment of the principal amount is as stipulated.

(iv) In respect of Internal Control System:

In our opinion and according to the information and explanations given to us, there is an adequate Internal Control procedure commensurate with size of the Company and the nature of its business with regard to purchases of Fixed Assets and sale of services. The activities of the Company do not involve purchase inventory and the sale of goods. We have not observed any major weakness in the internal control system during the course of the audit.

(v) In respect of transactions with related parties as per Register of Companies u/s 301:

a) In our opinion and according to the information and explanation given to us, the particulars of contracts or arrangements referred to in Section 302 of the Companies Act 1956 have been entered in the Register required to be maintained under that section;

b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements referred to in (v) (a) above and exceeding the value of Rs.5.00 lakhs with any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

(vi) In respect of Deposits from the Public:

The Company has not accepted any Deposits from the Public. Accordingly, paragraph 4 (vi) of the Order is not applicable.

(vii) In respect of Internal Audit System:

In our opinion, paragraph 4 (vii) of the Order is not applicable to the Company since the Company has not fulfilled any of the conditions given in that paragraph;

(viii) In respect of Cost Controls:

The Central Government of India has not prescribed the maintenance of cost records under Section 209 (l) (d) of the Companies Act 1956 for any of the Services rendered by the Company. Accordingly, paragraph 4 (viii) of the Order is not applicable;

(ix) In respect of Statutory Dues:

a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted / accrued in the books of account in respect of undisputed Statutory dues including Provident Fund, Income Tax, Service Tax and other material Statutory dues have generally been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of Sales Tax, Wealth Tax, Employees State Insurance, Investor Education, Protection Fund, Customs Duty, and Excise Duty. There were no dues on account of Cess under Section 441A of the Companies Act, 1956 since the aforesaid section has not yet been made effective by the Central Government of India. According to the information and explanations given to us, no undisputed amount payable in respect of provident Fund, Income Tax, Service tax and other material statutory dues were in arrears as at 31st March 2012 for a period of more than six months from the date they became payable;

b) According to the information and explanation given to us, there are no disputed dues relating to Income Tax, Cess which have not been deposited with the appropriate authorities on account of any dispute;

(x) In respect of Cash Loss:

In our opinion, paragraph 4 (x) of the order is not applicable to the Company since the Company has not fulfilled conditions given in that paragraph.

(xi) In respect of dues to Financial; Institutions, Banks and Debentures Holders:

The Company did not have any outstanding dues to any Financial Institutions, Banks or Debenture Holders during the year. Accordingly, paragraph 4 (xi) of the Order is not applicable.

(xii) In respect of Secured Loans and Advances Granted:

The Company has not granted any Loans and Advances on the basis of Security by way of pledge of Shares, Debentures and other Securities. Accordingly, paragraph 4 (xii) of the Order is not applicable;

(xiii) In respect of Chit Fund, Nidhi or Mutual Benefit Company:

In our opinion and according to the information and explanations given to us, the Company is not a Chit Fund / Nidhi / Mutual Benefit Fund / Society. Accordingly, paragraph 4 (xiii) of the Order is not applicable.

(xiv) In respect of Investment Company:

According to the information and explanations given to us, the Company is not dealing or Trading in Shares, Securities, Debentures and other Investments. Accordingly paragraph 4 (xiv) of the Order is not applicable.

(xv) In respect of Guarantees given by Company:

According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions. Accordingly, paragraph 4 (xv) of the Order is not applicable.

(xvi) In respect of Term Loans:

The Company did not have any Term Loans outstanding during the year. Accordingly, paragraph 4 (xvi) of the Order is not applicable.

(xvii) In respect of Funds raised on short term basis:

The Company has not raised any funds on short term basis. Accordingly, paragraph 4 (xvii) of the Order is not applicable.

SESHACHAL TECHNOLOGIES LIMITED

(xviii) In respect of Preferential Issue made to Parties covered in the Register u/s 301:

1. The Company has not made any preferential allotment of Shares to the Directors of the Company parties and Companies covered in the register maintained Under Section 301 of the Companies Act, 1956. Accordingly, paragraph 4 (xviii) of the Order is not applicable.

(xix) In respect of Debentures Issued:

The Company did not issued any Debentures during the year. Accordingly, paragraph 4 (xix) of the Order is not applicable.

(xx) In respect of end use of Public Issue Funds:

The Company has not raised any money by Public Issue during the Year. Accordingly, paragraph 4 (xx) of the Order is not applicable.

(xxi) In respect of Frauds:

As presented to us by the Management and based on our examination in the normal course of Audit, no material frauds on or by the Company have been noticed or reported during the year.



P S NAGARAJU & CO., Chartered Accountants FRN No: 011447S



Sd/- C A P S NAGARAJU PARTNER MEMBERSHIP NO: 210268

PLACE: HYDERABAD DATE: 3rd SEPTEMBER, 2012

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Mar 31, 2010

1. We have audited the attached Balance Sheet of Seshachal Technologies Limited as at 31st March 2010 and the related Profit & Loss Account and Cash Flow Statement for the year ended on that date annexed thereto, 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 conducted the audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material mis-statement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by Companies (Auditors report) Order, 2003, as amended by the Companies (Auditors Report) (Amendment) Order, 2004, issued by the Central Government of India in terms of sub - section 4(A) of Section 227 of The Companies Act, 1956 of India (the Act) and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we enclose in the Annexure A a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the Annexure A 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, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books;

iii. The Balance sheet, Profit and Loss Account and Cash Flow Statement dealt with by this reportare in agreement with the books of account;

iii. 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 the Section 211 of the Act;

iv. On the basis of written representations received from the directors, as on 31st March 2010 and taken on record by the Board of Directors, none of the directors are 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 Act;

v. In our opinion, and to the best of our information and explanations given to us with a specific attention to note 6 of Schedule 9(A) & note 3 of Schedule 9(B), the said financial statements together with the notes there on and attached there to give in the prescribed manner the information required by the Act 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 31st March 2010 and

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

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

ANNEXURE A TO AUDITORS REPORT

(Referred to in paragraph (3) of the Auditors 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 on the basis of available information.

b) As explained to us, all the Fixed Assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such physical verification.

c) In our opinion, the Company has not disposed off a substantial part of its. Fixed Assets during the year and the going concern status of the Company is not affected.

ii) In respect of its inventories:

The Company does not have any inventory. Therefore, the provisions of clause 4 (ii) of the Companies (Auditors Report), 2003 are not applicable to the Company.

iii) The Company has not granted or taken loan secured/ unsecured to/ from Companies, Firms or parties covered in the registrar maintained under Section 301 of the Companies Act, 1956. Accordingly, clause 4 (iii) of the Companies (Auditors Report) Order, 2003 is not applicable to the Company.

iv) In our opinion and according to the information and explanations given to us, there is an internal control commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for the sale of goods. During the financial year, the Company did not undertake any activity of sale of services. During the course of our audit, we were not observed any major weaknesses in the internal control system.

v) According to the information and explanations given to us, there are no contracts or arrangements referred to in Section 301 of the Companies Act, 1956 that need to be entered in the register required to be maintained under section.

vi) The company has not accepted any deposits from the public during the year. Therefore, the provisions of clause (vi) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

vii) In our opinion the Company has an internal audit system commensurate with the size and nature of its business.

viii) The Central Government has not prescribed maintenance of Cost records under Section 209(1 )(d) of the Act.

ix) In respect of statutory dues:

a. According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and any other material statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March 2010 for a period of more than six months from the date they became payable;

b. According to the information and explanations given to us, there are no dues of Sales Tax, Income Tax, Custom Duty, wealth Tax, Service Tax and Excise Duty which have not been deposited on account of any dispute.

x) In our opinion the accumulated losses of the company are not more than fifty percent of its net worth. The company has incurred cash losses during the financial year covered by our audit and cash losses immediately preceding financial year.

xi) Based on our audit procedures and on the information and explanations given by the management, no loans were taken by the Company during the year under the audit.

xii) In our opinion and according to the explanations given to us and based on the information available, no loans and advances have been granted by the Company 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 Company is not a chit fund or a nidhi/mutual benefits fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

xiv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks and financial institution.

xv) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, there are no funds raised on short-term basis during the year under audit and hence the question of using the same for long-term investment does not arise.

xvi) According to the information and explanation given to us, the Company has not issued any debentures during the year under audit.

xvii) The Company has not raised any money by public issue of shares during the year.

xviii)The Company has not raised any money by way of term loans.

xix) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

xx) The clauses pertaining to inventory and various other clauses of CARO, 2003 other than those specified in the above annexure are not applicable to the Company.

For P.S. NAGARAJU & CO., Chartered Accountants

CA PS. NAGARAJU

Partner

M. No.210268

Place: Hyderabad

Date: 02/09/2010