Auditor Report of Shree Manufacturing Company Ltd.

Mar 31, 2024

We have audited the accompanying Standalone financial statements of M/s. Shree Manufacturing
Company Limited (“the Company’'') which comprises the Balance Sheet as at March 31, 2024, the
Statement of Profit and Loss and statement of cash flows for the year then ended, and notes to the
financial statements, including a summary of significant accounting policies and other explanatory
information.

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 Act in the manner so
required and give a true and fair view in conformity with the accounting principles generally accepted in
India, of the state of affairs of the Company as at March 31, 2024, and profit/loss and its cash flows for
the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in
the Auditor''s Responsibilities for the Audit of the Financial Statements section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our audit of the financial
statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.

Key Audit Matters

The Company has significant accumulated losses and has incurred losses during the current and earlier
years. The Company''s net worth is fully eroded and the current liabilities exceed its current assets as at
March 31, 2024. These conditions raise a doubt regarding the Company''s ability to continue as a going
concern.

However, the financial statements have been prepared on a going concern basis in view of Management
assessment to revive the business operations in years'' time and the management''s plan to generate
cash flows through operations which would enable the Company to meet its financial obligations as and
when they fall due.

There is no movement in balances of Trade Receivable, Trade payables, Provision for Expenses and
Other non-current Liabilities since 2019.

We considered this to be a key audit matter because of management''s assessment to revive the
business operations in years'' time.

In our opinion and to the best of our information and according to the explanations given to us, except for
the effect of the matter described in the basis for qualified opinion paragraph, the aforesaid standalone
Ind AS financial statements give the information required by the Act in the manner so required and give a

true and fair view in conformity with the accounting principles generally accepted in India including the Ind
AS, of the financial position of the Company as at 31 March, 2024, and its financial performance including its
cash flows and the changes in equity for the year ended on that date.

Our audit procedures included the following:

• Obtaining management assessment of the appropriateness of going concern basis of accounting.

• Reading the minutes of Board of Directors'' meetings for future business plans and their
assessment on the Company''s ability to meet its financial obligations in the foreseeable future.

• Assessed the actions taken by the management against the plans submitted during the previous
year''s going concern assessment

Based on the above procedures performed, the management assessment of going concern basis of
accounting is appropriate.

Information other than the Financial Statements and Auditors’ Report thereon

The Company''s management and Board of Directors are responsible for the other information. The other
information comprises the information included in the Company''s annual report, but does not include the
financial statements and our auditors'' 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 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.

If, based on the work we have performed on the other information obtained prior to the date of this
auditor''s report, 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.

Responsibility of Management for the Standalone Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the
Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone financial statements
that give a true and fair view of the financial position, financial performance and cash flows of the
Company in accordance with the accounting 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 implementation and maintenance of 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.

Those Board of Directors are also responsible for overseeing the company''s financial reporting process
Auditor’s Responsibility 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.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.

• Conclude on the appropriateness of management''s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Company''s ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor''s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor''s report. However, future events or conditions
may cause the Company to cease to continue as a going concern.

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

Materiality is the magnitude of misstatements in the 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.

Report on Other Legal and Regulatory Requirements

As required by 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 Companies Act, 2013, we give in the

“Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent

applicable.

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.

c. The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement 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 31^st 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 B”. Our
report expresses an unmodified opinion on the adequacy and operating effectiveness of the
Company''s internal financial controls with reference to Standalone Financial Statements.

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

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

ii. The Company has made provision as required under applicable law or accounting standards for
material foreseeable losses. The Company did not have any long-term derivative contracts.

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, other than as
disclosed in the notes to the accounts, no funds have been advanced or loaned or invested (either
from borrowed funds or share premium or any other sources or kind of funds) by the company to
or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether,
directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the company (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the ultimate Beneficiaries;

(b) The management has represented, that, to the best of its knowledge and belief, other than as
disclosed in the notes to the accounts, no funds have been received by the company from any
person(s) or entity(ies), including foreign entities (“Funding Parties”), with the understanding,
whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly,
lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries; and
(c) Based on audit procedures which we considered reasonable and appropriate in the
circumstances, nothing has come to their notice that has caused them to believe that the
representations under sub-clause (i) and (ii) contain any material mis-statement.

v. The company has not declared or paid any dividend during the year in contravention of the
provisions of section 123 of the Companies Act, 2013.

vi. Based on our examination, which included test checks, the Company has used accounting
softwares for maintaining its books of account for the financial year ended March 31, 2024
which has a feature of recording audit trail (edit log) facility and the same has operated
throughout the year for all relevant transactions recorded in the software. Further, during the
course of our audit we did not come across any instance of the audit trail feature being
tampered with.

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

For Laxmi Tripti & Associates

Chartered Accountants

Firm''s registration number: 009189C

CA Prashant Porwal
Partner

Membership number: 409266
UDIN No.: 24409266BKHIVC9683
Place: Mumbai
Date: May 22, 2024

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Mar 31, 2014

I have audited the accompanying financial statements of M/s Shree Manufacturing Company Ltd, which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information and the Cash Flow Statement for the year ended on that date.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of , section 211 of the Companies Act, 1956 ("the Act") (which continues to be applicable in respect of section 133 of the Companies Act, 2013 in terms of General Circular No. 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs) and in accordance with 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 misstatement, whether due to fraud or error.

Auditors'' Responsibility

My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that I 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, whethe r 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.

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

Opinion

In my opinion and to the best of my information and according to the explanations given to me, the financial statements give the information required by the Act and the Companies Act, 2013 in the manner so required read with notes appearing thereon give a true and fair view except -

A) Note No.12 regarding management perception of preparation of accounts on "Going Concern Basis, "which" in my opinion may not be so in view of present state of financial affairs of the Company.

B) Note No.2.2 regarding pending action against redemption of preference shares, etc

The financial statements are in conformity with the accounting principles generally accepted in India.

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

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

In the case of 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 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act 1956,1 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, I report that:

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

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

c. The Balance Sheet, Statement of Profit & Loss & Cash Flow Statement referred to in this report are in agreement with the books of accounts.

d. In our opinion, the Balance Sheet, Statement of Profit and Loss, Cash flow Statement comply With the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 (which continue to be applicable in respect 6f section 133 of the Companies Act, 2013 in terms of General Circular No.15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs).

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

Annexure

1. As required by the Companies (Auditor''s Report) Order 2003 issued by the Government of India and on the basis of such checks as I considered appropriate and in view of none existence of any manufacturing activities during the year, and according to the information and explanations given to me, I further report that:

i) During the year under review, the Company did not held any Fixed Assets; therefore the reporting requirement in respect thereof is not applicable.

ii) As the inventory during the year was NIL, the requirement of reporting on physical verification discrepancy and valuation is not applicable for the year under review.

ill) According to the information and explanations given to me, I report as under:

a) During the year the Company has not granted any loan to any company, firms, or other party covered in the Register maintained U/s. 301 of the Companies Act,1956. Therefore the reporting requirement of relevant portion of the order is not applicable to the Company.

b) The Company had taken Unsecured Loan from two 2 parties (including from a party in the previous year) listed in the register maintained U/s.301 of the Companies Act, aggregating to Rs.1.5 lacs (Rs.19.00 lacs) repayable on demand. The maximum amount involved during the year and the year end balance of such loan was Rs.24.02 lacs (Rs.20.25 lacs) The other terms & conditions of such loan was prima facie not prejudicial to the interest of the Company.

iv) During the year under review, the Company has not purchased any inventory item or fixed assets.

v) As there is no contract / arrangement / transactions during the year, with any party which requires recording in 301 Register, no further comments in this regard is offered.

vi) The Company has not accepted any deposits from the public during the year under review. In the circumstances no further reporting is required.

vii) In absence of any manufacturing activities during the year under review, the Internal Audit was not considered necessary by the management

viii) In absence of any manufacturing activities during the year under review, the cost audit was not considered necessary by the management.

ix) The Company was regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance Fund, Income Tax, Sales Tax, Excise Duty, Cess and other materials statutory dues as applicable to the Company with the appropriate authorities

According to the information and explanation given to me, no undisputed amounts is payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance fund, Income Tax, Sales Tax, Excise Duty, Cess and other material statutory dues as applicable to the Company were outstanding at the year end for a period more than six months from the date they became payable.

x) The Company has incurred cash loss during the year as well as in the immediately preceding financial year. The accumulated losses have eroded the net worth of the Company.

xi) Since there was no loan outstanding during the year from banks, financial institutions, the reporting requirement in this respect is not applicable.

xii) As informed and explained to me, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other security.

xxi) Based on information and explanations furnished by the management, which have been relied upon by me, there were no frauds on or by the Company noticed or reported during the year.

The reporting requirements for Clause Nos. xiii to xv and xvi to xx of the aforesaid Order are not applicable to the Company during the year.

Place: Kolkata SANJAY KUMAR MAHESWARY Dated: May 30,2014 Chartered Accountant Membership No.51625

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Mar 31, 2013

Report on the Financial Statements

I have audited the accompanying financial statements of M/s Shree Manufacturing Company Ltd, which comprise the Balance Sheet as at March 31,2013, and the Profit and Loss Statement for the year then ended, and a summary of significant accounting policies and other explanatory information and the Cash Flow Statement for the year ended on that date.

Management''s Responsibility for the Financial Statements

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

Auditors'' Responsibility

My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that I 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 tie 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.

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

Opinion

In my opinion and to the best of my information and according to the explanations given to me, the financial statements give the information required by the Act in the manner so required read with notes appearing thereon give a true and fair view except -

A) Note No.10 regarding management perception of preparation of accounts on "Going Concern Basis, "which" in my opinion may not be so in view of present state of financial affairs of the Company.

B) Note No.9(B) regarding non-provision of interest on unsecured loan, up to the date of writing back the impact of which is not ascertainable.

C) Note No.2.5 regarding pending action against redemption of preference shares, etc

The financial statements are in conformity with the accounting principles generally accepted in India.

In the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2013;

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

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

Report on Other Leea I and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act 1956,1 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, I report that:

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

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

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

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

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 Gove rnment 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 dueand payable by the Company.

ANNEXURE

1. As required by the Companies (Auditor''s Report) Order 2003 issued by the Government of India and on the basis of such checks as J considered appropriate and in view of none existence of any manufacturing activities during the year, and according to the information and explanations given to me, I further report that:

i) During the year under review, the Company did not held any Fixed Assets; therefore the reporting requirement in respect thereof is not applicable.

ii) As the inventory during the year was NIL, the requirement of reporting on physical verification discrepancy and valuation is not applicable for the year under review.

iii) According to the information and explanations given to me, I report as under:

a) During the year the Company has not granted any loan to any company, firms, or other party covered in the Register maintained U/s. 301 of the Companies Act,1956. Therefore the reporting requirement of relevant portion of the order is not applicable to the Company.

b) The Company had taken in an earlier year unsecured loan from 1 (One) party covered in the register maintained U/s.301 of the Companies Act, 1956 aggregating Rs.11.56 lacs (read with point B above), which has been written back vide Note No.9 (B). The maximum amount outstanding at any time during the year was Rs.11.56 lacs.

c) During the year under review the Company had taken unsecured loan from a body corporate listed in register maintained U/s.301 of the Companies Act aggregating to Rs.19.00 lacs repayable on demand. The maximum amount involved during the year and the year-end balance of such loan was Rs.20.25 lacs. The other terms & conditions of such loan was prima facie not prejudicial to the interest of the Company.

iv) During the year under review, the Company has not purchased any inventory item or fixed assets.

v) As there is np contract / arrangement / transactions during the year, with any party which requires recording in 301 Register, no further comments in this regard is offered.

vi) The Company has not accepted any deposits from the public during the year under review. In the circumstances no further reporting is required.

vii) In absence of any manufacturing activities during the year under review, the Internal Audit was not considered necessary by the management

viii) In absence of any manufacturing activities during the year under review, the cost audit was not considered necessary by the management.

ix) The Company was regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance Fund, Income Tax, Sales Tax, Excise Duty, Cess and other materials statutory dues as applicable to the Company with the appropriate authorities According to the information and explanation given to me, no undisputed amounts is payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance fund, Income Tax, Sales Tax, Excise Duty, Cess and other material statutory dues as applicable to the Company were outstanding at the year end for 1 period more than six months from the date they became payable.

x) The Company has incurred cash loss during the year as well as in th e immediately preceding financial year. The accumulated losses have eroded the net worth of the Company.

xi) Since there was no loan outstanding during the year from banks, financial institutions, the reporting requirement in this respect is not applicable.

xii) As informed and explained to me, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other security.

xxi) Based on information and explanations furnished by the management, which have bee n relied upon by me, there were no frauds on or by the Company noticed or reported during the year.

Clause Nos. xiii to xv and xvi to xx of the aforesaid Order are not applicable to the Company during the year.

Sd/-

Place: Kolkata SANJAY KUMAR MAHESWARY

Dated: 11th May, 2013 Chartered Accountant

Membership No.51625

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Mar 31, 2012

1. I report that I have audited the attached Balance Sheet of Shree Manufacturing Company Limited as at 31st March,2012 signed by me under reference to this report and the related statement of Profit & Loss AND the Cash Flow Statement for the year ended on that date which are in agreement with books of accounts.

I have conducted my audit in accordance with auditing standards generally accepted in India. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from materials mis-statements. 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 evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis of my opinion.

2. Your attention is drawn to the following notes as referred to the said financial statements.

2.1 Note No2.9 regarding management perception of preparation of accounts on "Going Concern Basis" which "in my opinion may not be so in view of present state of financial affairs of the Company.

2.2 Note No.2.4(a) regarding non-provision of interest on un-secured loan, the impact of which is not ascertainable.

2.3 Note No.2.1(d) regarding pending action against redemption of preference shares, etc

3. In my opinion and to the best of my information and according to the explanation given to me the Balance Sheet and statement of Profit and Loss AND the Cash Flow Statement read together with the other notes appearing on Schedule 5 attached thereto, give in prescribed manner, the information required by the Companies Act, 1956 (The Act) and also give respectively, subject to paragraph 2 above a true and fair view of the state of affairs of the Company as at 31st March,2012 and its Loss for the year ended on that date.

4. I have obtained all the information and explanation to the best of my knowledge and belief, were necessary for my audit. In my opinion, proper books of account have been kept as required by law so far as appears from my examination of the books. These accounts have been prepared in compliance with the applicable Accounting Standards referred to in Section 211 (3C) of the Act

As per the information and explanations given and taken on record by the Board, I report that none of the Directors are disqualified as on 31st March,2012 from being appointed as Directors in terms of section 274(1 )(g) of "The Act" as amended.

5. As required by the Companies (Auditor's Report) Order 2003 issued by the Government of India and on the basis of such checks as I considered appropriate and in view of none existence of any manufacturing activities during the year, and according to the information and explanations given to me, I further report that:

i) During the year under review, the Company did not held any Fixed Assets; therefore the reporting requirement in respect thereof is not applicable.

ii) As the inventory during the year was NIL, the requirement of reporting on physical verification discrepancy and valuation is not applicable for the year under review.

iii) According to the information and explanations given to me, I report as under:

a) During the year the Company has not granted any loan to any company, firms, or other party covered in the Register maintained U/s. 301 of the Companies Act,1956. Therefore the reporting requirement of relevant portion of the order is not applicable to the Company.

b) The Company had taken in an earlier year unsecured loan from 2 (two) parties covered in the register maintained U/s.301 of the Companies Act, 1956 aggregating Rs.25.43 lacs (read with point 2.2 above), which remains the same on the Balance Sheet date. The maximum amount outstanding at any time during the year was Rs.25.43 lacs. There was no stipulation for repayment of such Loans. In the circumstances I am unable to comment / compute the overdue amount on such Loan. The other terms and conditions are prima-facie not prejudicial to the interest of the Company.

iv) During the year under review, the Company has not purchased any inventory item or fixed assets.

v) As there is no contract / arrangement / transactions during the year, with any party which requires recording in 301 Register, no further comments in this regard is offered.

vi) The Company has not accepted any deposits from the public during the year under review. In the circumstances no further reporting is required.

vii) In absence of any manufacturing activities during the year under review, the Internal Audit was not considered necessary by the management

viii) In absence of any manufacturing activities during the year under review, the cost audit was not considered necessary by the management.

ix) The Company was regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance Fund, Income Tax, Sales Tax, Excise Duty, Cess and other materials statutory dues as applicable to the Company with the appropriate authorities

According to the information and explanation given to me, no undisputed amounts is payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance fund, Income Tax, Sales Tax, Excise Duty, Cess and other material statutory dues as applicable to the Company were outstanding at the year end for a period more than six months from the date they became payable.

x) The Company has incurred cash loss during the year as well as in the immediately preceding financial year. The accumulated losses have eroded the net worth of the Company.

xi) Since there was no loan outstanding during the year from banks, financial institutions, the reporting requirement in this respect is not applicable.

xii) As informed and explained to me, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other security.

xxi) Based on information and explanations furnished by the management, which have been relied upon by me, there were no frauds on or by the Company noticed or reported during the year.

Clause Nos. xiii to xv and xvi to xx of the aforesaid Order are not applicable to the Company during the year.



Place: Kolkata SANJAY KUMAR MAHESWAR Dated: 28th August,2012 Chartered Accountant

Membership No.51625

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Mar 31, 2011

1. I report that I have audited the attached Balance Sheet of Shree Manufacturing Company Limited as at 31 st March, 2011 signed by me under reference to this report and the related Profit & Loss Account AND the Cash Flow Statement for the year ended on that date which are in agreement with books of accounts.

I have conducted my audit in accordance with auditing standards generally accepted in India. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material mis-statements. 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 evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis of my opinion.

2. Your attention is drawn to the .following notes on Schedule 5 attached to the said statements.

2.1. Note No. 3 regarding management perception of preparation of accounts on "Going Concern Basis" which in my opinion may not be so in view ol present state of financial affairs of the Company.

2.2 Note No. 4 regarding non-provision of interest on unsecured loan, the impact of which is not ascertainable.

2:3 Note No. 5 regarding pending action against redemption of preference shares, etc.

3. In my opinion and to the best of my "information and according to the explanation given to me the Balance Sheet and Profit and Loss Account AND the Cash Flow Statement read together with the other notes appearing on Schedule 5 attached thereto, give in prescribed manner, the information required by the ¦ Companies Act, 1956 (The Act) and also give respectively, subject to paragraph 2 above a true and fair view of the state of affairs of the Company as at 31st March, 2011 and its Loss for the year ended on that date.

4. I have obtained all the information and explanation to the best of my knowledge and belief, were necessary for my audit. In my opinion, proper books of account have been kept as required by law so far as appears from my examination of the books. These accounts have been prepared in compliance with the applicable Accounting Standards referred to in Section 211 (3C) of "The Act".

As per the information and explanations given and taken on records by the Board, I report that none of the Directors are disqualified as on 31st March, 2011 from being appointed as Directors in terms of section 274 (1)(g) of "The Act" as amended.

5. As required by the Companies (Auditor's Report) Order, 2003 issued by the Government of India and on the basis of such checks as I considered appropriate and in view of none existence of any manufacturing activities during the year and according to the information and explanations given to me, I further report that:

i) During the year under review, the Company did not held by Fixed Assets, therefore the reporting requirement in respect thereof is not applicable.

ii) As the inventory during the year was NIL, the requirements of reporting on physical verification discrepancy and valuation is not applicable for the year under review.

iii) According to the information and explanations given to me, I report as under:

a) During the year the Company has not granted any loan to any company, firms, or other party covered in the Register maintained U/s. 301 of the Companies Act, 1956- Therefore the reporting requirement of relevant portion of the Order 'is not applicable to the Company.

b) The Company had taken in an earlier year unsecured loan from 2 (two) parties covered in the register maintained U/s. 301 of the Companies Act, 1956 aggregating Rs.25.43 lacs (read vita point 2.2 above), which remains the same on the Balance Sheet date. The maximum Amount outstanding at any time during the year was Rs.25.43 lacs. There was no stipulation » for repayment of such Loans. In the circumstances I am unable to comment/compute the overdue amount on such Loan. The other terms and conditions are prima-facie not prejudicial to* the interest of the Company.

iv) During the year under review, the Company did not purchase any inventory item or fixed assets.

v) As there is no contract / arrangement / transactions during the year, with any party which requires recording in 301 Register, no further comments in, this regard is offered.

vi) The Company has not accepted any deposits from the public during the year under review. In s the circumstances no further reporting is required.

vii) * In absence of any manufacturing activities during the year under review, the Internal audit was not considered necessary by the management.

viii) In absence of any manufacturing activities during the year under review, the cost audit was not considered necessary by the management.

ix) The Company was regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee's State-Insurance Fund, Income Tax, Sales Tax, Excise Duty, Cess and other material statutory dues as applicable to the Company with the appropriate authorities.

According to the information and explanation given to me, no undisputed amounts is payable in respect of Provident Fund. Investor Education and Protection Fund, Employee's State Insurance fund, Income Tax, Sales Tax, Excise Duty, Cess and other material statutory dues as applicable to the Company were outstanding at the year end for a period more than six months from the date they became payable. x) The Company has incurred cash loss during the year as well as in the immediately preceding financial year. The accumulated losses have eroded the net worth of the Company.

xi) Since there was no loan outstanding during the year from banks, financial institutions, the reporting requirement in this respect is not applicable.

xii) As informed and explained tome, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures arid other security.

xxi) Based on information and explanations furnished by .the management, which have been relied upon by me, there were no frauds on or by the Company noticed or reported during tire year. Clause Nos.

xiii to xv and xvi to xx of the aforesaid Order are not applicable to the Company during the year.

Place: Kolkata SANJAY KUMAR MAHESWARY

Dated : 4th August, 2011 Chartered Accountant

Membership No. 51625

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Mar 31, 2010

1. I report that I have audited the Balance Sheet of Shree Manufacturing Company Limited as at 31st March, 2010 signed by me under reference to this report and the related Profit & Loss Account AND the Cash Flow Statement for the year ended on that date which are in agreement with books of accounts.

I have conducted my audit in accordance with auditing standards generally accepted in India. Those standards require that I plan and' perform the audit to obtain reasonable assurance about whether the financial statements are free from material miss-statements. 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 evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis of my opinion.

2. Your attention is drawn to the following notes on Schedule 5 attached to the said statements.

2.1. Note No. 3 regarding management perception of preparation of accounts on "Going Concern Basis" which in my opinion may not be so in view of present state of financial affairs of the Company.

2.2 Note No. 4 regarding non-provision of interest on unsecured loan, the impact of which is not ascertainable.

2.3 Note No. 5 regarding pending action against redemption of preference shares, etc.

3. In my opinion and to the best of my information and according to the explanation given to me the Balance Sheet and Profit and Loss Account AND the Cash Flow Statement read together with the other notes, appearing on Schedule 5 attached thereto, give in prescribed manner, the information required by the Companies Act, 1956 (The Act) and also give respectively, subject to paragraph 2 above a true and fair view of the state of affairs of the Company as at 31st March, 2010 and its Loss for the year ended on that date.

4. I have obtained all the information and explanation to the best of my knowledge and belief, were necessary for my audit. In my opinion, proper books of account have been kept as required by law so far as appears from my examination of the books. These accounts have been prepared in compliance with the applicable Accounting Standards referred to in Section 211 (3C) of "The Act.

As per the information and explanations given and taken on records by the Board, I report that none. of the Directors are disqualified as on 31st March, 2010 from being appointed as Directors in terms of section 274 (1)(g) of "The Act1' as amended.

5. As required by the Companies (Auditor's Report) Order, 2003 issued by the Government of India and on the basis of such checks as I considered appropriate and in view of none existence of any manufacturing activities during the year and according to the information and explanations given to me, I further report that:

i) During the year under review, the Company did not held any Fixed Assets, therefore the reporting requirement in respect thereof is hot applicable.

ii) As the inventory during the year was NIL, the requirements of Reporting on physical verification discrepancy and valuation is not applicable for the year under review.

iii) In respect of Loans secured or unsecured granted or taken by the company to or from Companies, firms or other parties covered, in the register maintained under section 301 of the Companies Act, 1956 and according to the information and explanations given to me, I report as under:

a) The Company has not granted any loan to any party covered as above during the year Company requiring requirement of relevant Portico" of the order is not applicable to the

b)The company had taken in an earlier year unsecured loan from 4(four) parties aggregating Rs.64.18 laccs which remains the same on the Balance sheet date. The maximum amount outstanding at any time during the year was Rs. 64.18 lacs. There was no stipulation for repayment of such Loans. In the circumstances I am unable to comment/ compute the overdue amount on such loan. The other terms and conditions are prima-facie not prejudicial to the interest of the company.

iv) During the year under review, the company did not purchase any inventory item or fixed assess.

iX) Ivies depositing undisputed statutory dues including Provident dues as applicable t0 ,he Company with Preset fist andteXP'ana,i0n 9'Ven to me undisputed amounts is payable in to penman ? Tax, Excise Duty, Cess and other material statutory dues as applicable

X) Cranny incurred cash l0SS during ,he year as we" as in the immediately preceding facial year. The accumulated losses have eroded the net worth of the Company.

xi) Since there was no loan outstanding during the year from banks, financial institutions, the reporting requirement in this respect is not applicable.

Xii) t0 me' the Company has not granted any loans and advances on the basis of secant by way of pledge of shares, debentures and other security.

XXI) ,BlSed0n and furnished by the management, which have been relied upon by me, there were no frauds on or by the Company noticed or reported during the year.

place: Kolkata

Dated: 11th August, 2010 SANJAY KUMAR MAHESWARY .

Chartered Accountant

Membership No. 51625

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Mar 31, 2009

1. I report that I have audited the Balance Sheet ok Shree Manufacturing Company Limited as at 31st March, 2009 signed by me under reference to this report and the related Profit & Loss Account AND the Cash Flow Statement for the year ended on that date which are in agreement with books of accounts.

1 have conducted my audit in accordance with auditing standards generally accepted in India. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material mis-statements. 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 evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis of my opinion..

2. Your attention is drawn to the following notes on Schedule 6 attached to the said statements.

2.1. Note No. 3 regarding management perception of preparation of accounts on "Going Concern . Basis" which "in my opinion may not be so in view of present state of financial affairs of the Company.

2.2 Note No. 4 regarding non-provision of interest on unsecured loan, the impact of which is not ascertainable.

2.3 Note No. 5 regarding pending action against redemption of preference shares, etc.

3. . In my opinion and to the best of my information and according to the explanation given to me the

Balance Sheet and Profit and Loss Account AND the Cash Flow Statement read together with the other notes appearing on Schedule 6 attached thereto, give in prescribed manner, the information required by the Companies Act, 1956 (The Act) and also give respectively, subject to paragraph

2 above a true and fair view of the state of affairs of the Company as at 31st March, 2009 and its Loss for the year ended on that date.

4. I have obtained all the information and explanation to the best of my knowledge and belief, were necessary for my audit. In my opinion, proper books of account have been kept as required by law so far as appears from my examination oi the books. These accounts have been prepared in compliance with the applicable Accounting Standards referred to in Section 211 (3C) of "The Act".

As per the information and explanations given and taken on records by the Board, I report that none of the Directors are disqualified as on 31st March, 2009 from being appointed as Directors in terms of Section 274 (1)(g) of "The Act" as amended.

5. As required by the Companies (Auditors Report) Order, 2003 issued by the Government of India and on the basis of such checks as I considered appropriate and in view Of none existence of any manufacturing activities during the year and according to the information and explanations given to me, I further report that :

i) During the year under review, the Company did not held any Fixed Assets, therefore the reporting requirement in respect thereof is not applicable.

ii) As the inventory during the year was NIL, the requirements of reporting on physical verification, discrepancy and valuation is not applicable for the year under review.

iii) In respect of Loans secured or unsecured granted or taken by the company to or from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956 and according to the information and explanations given to me, I report as under :

a) The Company has not granted any loan to any party covered as above during the year. Therefore the reporting requirement of relevant portion of the order is not applicable to the Company.

b) The Company had taken in an earlier year Unsecured loan from 4 (four) parties aggregating to Rs 64.18 lacs which remains the same on the Balance Sheet date. The maximum amount outstanding at any time during the year was Rs. 64.18 lacs. There was no stipulation for repayment of such Loans. In the circumstances I am unable to comment / compute the overdue amount on such Loan. The other terms and conditions are prima-facie not prejudicial to the interest of the Company.

iv) During the year under review, the Company did not purchase any inventory item or fixed assets.

v) As there is no contract / arrangement / transactions during the year with any party which requires recording in 301 register, no further comments in this regard is offered.

vi). The Company has not accepted any deposits from the public during the year under review. In the circumstances no further reporting is required.

vii) In absence of any manufacturing activities during the year under review, the Internal Audit was not considered necessary by the management.

viii) In absence of any manufacturing activities during the year under review, the cost audit was not considered necessary by the management.

ix) The Company was regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance Fund, Income Tax, Sales Tax, Excise Duty, Cess and other material statutory dues as applicable to the Company with the appropriate authorities.

According to the information and explanation given to me, no undisputed amounts is payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance fund, Income Tax, Sales Tax, Excise Duty, Cess and other material statutory dues as applicable to the Company were outstanding at the year end for a period more than six months from the date they became payable.

x) The Company has incurred cash loss during the year as well as in the immediately preceding financial year. The accumulated losses have eroded the net worth of the Company.

xi) Since there was no loan outstanding during the year from banks, financial institutions, the reporting requirement in this respect is not applicable.

xii) As informed and explained to me, the Company has not granted any loans and advances oh the basis of security by way of pledge of shares, debentures and other security.

xxi) Based on information and explanations furnished by the management, which have been relied upon by me, there were no frauds on or by the Company noticed or reported during the year.

Clause Nos. xiii to xv and xvi to xx of the aforesaid Order are not applicable to the Company duing the year.

Place : Kolkata SANJAY KUMAR MAHESWARY

Dated : 10th August, 2009 Chartered Accountant

Membership No. 51625