Auditor Report of Shricon Industries Ltd.

Mar 31, 2025

1. We have audited the accompanying the standalone financial statements of Shricon Industries Limited
("the Company"), which comprise the standalone balance sheet as at March 31, 2025, and the
standalone statement of Profit and Loss (including Other Comprehensive Income), the standalone
statement of changes in equity and the standalone statement of cash flows for the year then ended, and
notes to the standalone financial statements, including a summary of significant accounting policies and
other explanatory information for the year ended on that date, (here in after referred to as "the
standalone financial statements").

2. In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid financial statements give the information required by the Companies Act, 2013 ("the Act") in
the manner so required and give a true and fair view in conformity with the Indian Accounting Standards
prescribed under section 133 of the Act read with 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 March 31, 2025, the profit and total comprehensive income, changes in
equity and its cash flows for the year ended on that date.

Basis for Opinion

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

Emphasis of Matter

4. We don''t find any matter required Attention under Emphasis of Matter.

Key audit matters

5. Key audit matters (KAM) are those matters that, in our professional judgment, were of most significance
in our audit of the standalone Financial Statements of the current period. These matters were addressed
in the context of our audit of the standalone Financial Statements as a whole, and in forming our opinion

thereon;

We have fulfilled the responsibilities described in the Auditor''s responsibilities for the audit of the
financial statements section of our report, including in relation to these matters. Accordingly, our audit
included the performance of procedures designed to respond to our assessment of the risks of material
misstatement of the financial statements. On the basis of the results of our audit procedures, including
the procedures performed to address these matters, we do not provide a separate opinion on these
matters.

Other Information

6. The Company''s Board of Directors is responsible for the other information. The other information
comprises the information included in the annual report, but does not include the standalone Financial
Statements and our auditor''s report thereon.

Auditor''s Report

7. Our opinion on the standalone financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.

8. 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 in the 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.

Responsibilities of management and those charged with governance for the standalone financial
statements

9. The Company''s Board of Director 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, total 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.

10. In preparing the standalone Financial Statements, management and board of directors are
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.

11. The Board of Directors are responsible for overseeing the Company''s financial reporting process.

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

12.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 Standards of Auditing (SA''s) 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.

13.As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

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

• Obtain an understanding of internal financial controls relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act,

we are also responsible for expressing our opinion on whether the Company has adequate
internal financial controls system in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management''s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Company''s ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor''s report to the related disclosures in the 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.

• 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.

14. 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.

15. 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.

16. 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

17. With respect to the matter to be included in the Auditors'' Report under sectionl97(16) of the
Act, as amended:

In our opinion and according to the information and explanations given to us, the remuneration
paid by the Company to its directors during the current year is in accordance with the provisions
of Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid
down under Section 197 read with Schedule V to the Act.

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

19. 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 over financial reporting.

20. 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 standalone Balance Sheet, the Statement of standalone Profit and Loss including Other
Comprehensive Income, standalone Statement of Changes in Equity and the standalone
Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of
account.

d In our opinion, the aforesaid standalone financial statements comply with the Ind AS
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,
2014.

c On the basis of the written representations received from the directors as on March 31, 2025
taken on record by the board of Directors, none of the directors is disqualified as on March 31,
2025 from being appointed as a director in terms of Section 164 (2) of the Act.

f 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 that there are no pending litigations impacting 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 The company is not required to be transferred any amount, to the Investor Education and
Protection Fund.

iv (a) The management has represented that, to the best of its knowledge and belief, 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 or entity, 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, as
disclosed in the notes to the accounts, no funds have been received by the Company from any
person or entity, including foreign entities ("Funding Parties"), with the understanding,
whether recorded in writing or otherwise, that the Company shall, whether, directly or
indirectly, lend or invest in other persons or entities identified in any manner whatsoever by
or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries. (Refer Note 51 to the standalone financial
statements); and

(c) Based on such audit procedures that we 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 (a) and (b) contain any material misstatement.

21. The company has not declared and paid any dividend during the year by the Company therefore
reporting of compliance with Section 123 of the Act. Is not applicable.

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

For R. S. DANI & CO.

Chartered Accountants

(Firm Reg. No. 000243C)

(f%

Ashok Mangal '' JSJ

Partner

M. No.071714 ^ ^

Place : Kota

Date : 26^lh May, 2025

UDIN: 25071714BMTCRI6902

---

Mar 31, 2024

Independent Auditor s Report on the audit of the Standalone financial statements

The Board of Directors

Shricon Industries Limited

Opinion

1. We have audited the accompanying the standalone financial statements of Shricon Industries Limited ( the Company"), which cornpnsp the standalone balance sheet as at March 31, 2024, and the Standalone statement ot Profit and Loss (including Other Comprehensive Income), the standalone statement of changes in equity and the standalone statement of cash flows lor the year then ended, and notes to the Standalone financial statements, including a summary of significant accounting policies and other

explanatory information for the year ended on that date, (here in after 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 financial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and _eive 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 March 31.2024, the profit and total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

i We conducted our audit of the standalone financial Statements in accordance with the Standards on Auditing (SAs) as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the "Auditor''s Responsibilities tor 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 independence requirements that are relevant to our audit of the standalone Financial Statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAK Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Financial Statements.

Emphasis of Matter

4. We don''t find any matter required Attention under Emphasis of Matter.

Key audit matters

5. Key audit matters (KAM) are those matters that, in our professional judgment, were of most significance in our audit of the standalone Financial Statements of the current period. These matters were addressed

m the context of our audit of the standalone Financial Statements as a whole, and in forming our opinion thereon,

We have fulfilled the responsibilities described in the Auditor''s responsibilities for the audit of the financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. On the basis of the results of our audit procedures including

the procedures performed to address these matters, we do not provide a separate opinion on these matters.

Other Information

c. The Company''s Board of Directors is responsible for the other information The other information comprises the information included in the annual report, but does not include the Standalone Financial Statements and our auditor''s report thereon.

Auditor’s Report

7. 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 in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatempnt of this other Information, we are required to report that fact.

We have nothing to report in this regard.

Responsibilities of management and those charged with governance for the standalone financial statements

9 I he Company''s Board of Director is responsible for the mailers 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, total 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.

to. In preparing the standalone Financial Statements, management and board of directors are 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.

u. The Hoard of Directors are responsible for overseeing the Company''s financial reporting process.

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

12. 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 Standards of Auditing (SA''s) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually 01 in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone Financial Statements.

13. 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 tor 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, forBcry, Intentional omissions, misrepresentations, or the override of internal control.

¦ Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Acl, we are

also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the 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 ot 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.

• 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.

14. 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.

is 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.

16. From the matters communicated with those charged with governance, we determine those miners inat were or 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

i /. With respect to the matter to be included in the Auditors'' Report under sectionl97(16) of the Act as amended: ''

In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 read with Schedule V to the Act.

is. As required by the Companies {Auditor''s Report) Order, 7020 ("CARO 2020"), issued by the Central Gove, rirnent of India in terms of sub-section (11) of Section 143 of the Act, we give in "Annexure

A'' a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

19. 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 over financial reporting.

20. 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 standalone Balance Sheet, the Statement of standalone Profit and Loss including Other Comprehensive Income, standalone Statement of Changes in Equity and the standalone Statement of Cash Flow dealt with by this Report are in agreement with the relevant hooks of account.

i In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e On the basis of the written representations received from the directors as on March 31,2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Section 154 (2) of the Act.

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

1 The Company has disclosed that there are no pending litigations impacting its financial position in Its standalone Financial Statements.

n 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.

Hi The company is not required to be transferred any amount, to the Investor Education and Protection Fund.

iw (a) The management has represented that, to the best ot its knowledge and belief, 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 or entity, 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, as disclosed in the notes to the accounts, no funds have been received by the Company from any person or entity, including foreign entities ("Funding Parties"), with the understanding, whether recorded in willing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries. (Refer Note 51 to the standalone financial statements); and

(c) Based on such audit procedures that we 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 (a) and (b) contain any material misstatement.

21. The company has not declared and paid any dividend during the year by the Company therefore reporting of compliance with Section 123 of the Act. Is not applicable.

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

For R. 5. DANI & CO.

Chartered Accountants

(Firm Reg. No. 000243C) >

Jg,\rAO

V fo[

Ashok Mangal

Partner

M. No.071714

Place ; Kota

Date : 29^th May, 2024

UDIN : 24071714BKHGUG3795

---

Mar 31, 2014

We have audited the accompanying financial statements of SHRICON INDUSTRIES LIMITED (''the Company'') which comprise the Balance Sheet as at 31 March, 2014 and the Statement of Profit and Loss for the year then ended and a summary of significant accounting policies arid other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flow 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'') read with the General Circular 15/2013 dated 13 Sept. 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s responsibility

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

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

We believe that the audit evidence we have obtain fiie & and appropriate to provide a basis for audit opinion.

Opinion

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

(i) in the case of the Balance Sheet, of the state of the affairs of the Company as at 31 March, 2014; (ii) in the case of the Statement of Profit and Loss, of the loss for the year ended on that date; and Report on Other Legal and Regulatory Requirement

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

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

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

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

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

d) in our opinion, the Balance Sheet and Statement of Profit and Loss, comply with the Accounting Standards referred to in sub- section (3C) of Section 211 of the Companies Act,1956 read with the General Circular 15/2013 dated 13 Sept. 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013.; and on the basis of written representations received from the directors as on 31 March, 2014, and taken on record by the Board of Directors, none of the Directors are disqualified as on 31 March, 2014, from being appointed as s Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act 1956.

ANNEXURE TO THE AUDITORS'' REPORT

[Referred to in Paragraph 3 of Auditors" Report of even date to the members of Shricon Industries Limited on the financial statements for the year ended 31st March, 2014]

1. 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, during the period under review the Company has not acquired assets required in the day to day operations of the company.

(c) In our opinion, the company has not disposed of substantial part of fixed assets during the year and the going concern status of the company is not affected.

2. There is no inventory with the Company

3. (a) According to the information and explanations given to us, the company has not granted loans, unsecured, to trusts, covered in the register maintained u/s 301 of the companies Act, 1956.

(b) According to the information and explanation given to us, the company has taken unsecured loans from Director "Om Prakash Maheshwari" covered in the register maintained under section 301 of the Companies Act, 1956 and In respect of the said loans, the maximum amount outstanding at any time during the year was Rs. 78.43/- Lakhs and the year-end balance is Rs.78.43 Lakhs (including interest of Rs. 6.37 Lakhs).

(c) In our opinion and according to the information and explanation given to us the rate of interest and other term and conditions of the loans taken by the Company, are not prima facie prejudicial to the interest of the company.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of fixed assets. During the course of the audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

5. (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements that need to be entered in the register maintained under Section 301 of the Companies Act, 1956, have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value lakhs in respect of any party during the year, have been made at prices which are ifefeonlible having regard to the prevailing market prices at the relevant time.

6. According to the information and explanations given to us, the Company has not Welcome any deposit from the public and hence reporting compliance under the provisions of 58A and section 58AA of the Companies Act, 1956 and rules framed there under and the directives of the Reserve Bank of India does not arise.

7. The company has an internal audit system commensurate with its size and nature of its business.

8. To the best of our knowledge and as explained, the Central Government has not prescribed maintenance of cost records under clause (d) of sub section (1) of section 209 of the Companies Act 1956

9. In respect to statutory dues :

i. As explained to us, the Company is not liable to deposit Provident Fund, Investor Education Fund and Protection Fund, Employees State Insurance, Wealth Tax, Custom Duty, Excise Duty. The Company is regular in depositing Income Tax.

ii. According to the information and explanations given to us, there is no undisputed amounts payable in respect of Income Tax, State''s Value Added Tax, Custom Duty, Excise Duty and cess, which is outstanding as at the year end for a period of more than six months from the date they become payable.

iii. According to the information and explanations given to us, there are no dues on account of Income Tax, Wealth Tax, Custom Duty, Excise Duty and cess outstanding on account of any dispute. However company has paid taxes as per order passed u/s 153A and 143(3) of the income tax act 1961, and the same are disputed and matters are laying the appeal. Details of the same are as under;

A.Y. Demand Income Tax Paid Matter before

2005-2006 21,427 21,427 Rectification filed u/s 154

2006-2007 2,52,102 2,52,102 Rectification filed u/s 154

2007-2008 4,49,702 4,49,702 Rectification filed u/s 154

2008-2009 42,592 42,592 CIT (A) against order u/s 153A r.w 143(3)

2009-2010 5,839 5,839 Rectification filed u/s 154

10. The Company has no accumulated losses as at 31st March, 2014 and it has not incurred any cash losses in the financial year ended on that date and in the immediately preceding financial year.

11. According to the information and explanations given to us, in our opinion the Company has not defaulted in the repayment of dues to any financial institutions or bank as at the balance sheet date. The Company has not issued any debentures.

12. Based on examination of documents and records made available to us and on the basis of information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the company is not a chit fund or a nidhi / mutual benefit Therefore, the provisions of clause 4 (xiii) of The Order are not applicable to the|rompany.

14. In our opinion and according to the information and explanations given to us, the Company has not dealing and trading in shares; securities, debentures, and other investments.

15. Based on examination and on the basis of information and explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. On the basis of information and explanations given to us, in our opinion, the company has taken unsecured loan from director and applied for the purpose for which the loans were obtained.

17. Based on examination of documents and records made available and on the basis of information and explanations given to us the company has not used funds raised on short term basis for long term investment vice versa.

18. During the year, the company has not made preferential allotment of shares to parties or companies covered in the register maintained under section 301 of The Act.

19. The company has not issued any debentures during the period. Hence, reporting on paragraph 4(xix) of the Order pertaining to creation of security or charge for debentures does not arise.

20. The company has not raised any money through a public issue during the period: accordingly, paragraph 4(xx) of the Order is not applicable to the company.

21. Based upon the audit procedures performed and on the basis of information and explanations given to us by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For Harish Davani & Co Chartered Accoutants FRN NO: 005313C

Place: Kota Partner Mukesh Mishnani Date: May 30, 2014 Partner MRN : 409601

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Mar 31, 2013

Report on the Financial Statement

We have audited the accompanying financial statements of SHRICON INDUSTRIES LIMITED (''the Company1) which comprise the Balance Sheet as at 31 March. 2013 and the Statement of Profit and Loss for the year then ended and a summary of significant accounting policies and other explanatory Information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements thot give a true and fair view of the financial position, financial performance and cash flow of the Company in accordance with the Accounting Standards referred to in sub-section [ 3C ) of section 211 of the Companies Act, 1956 [''the Act'']. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s responsibility

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

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

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with 1he accounting principles generally accepted in India:

(i) in the case of the Balance Sheet, of the state of the affairs of I he Company as at 31 March, 2013:

(ii) in the case of the Statement of Profit and loss, of the loss for the year ended on that date: and

Report on Other Legal and Regulatory Requirement

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

2. As required by section 227|3) ot the Act, we -eport Ihot:

a) we hove ootoined all the information ond .emanations which to the nest 01 our knowleage end belief were necessary tor the purpose of our audit:

b) in our opinion proper oooks ot account as required by law have been kept by trie Company so far as appears tram our examination of those books;

c) the Balance Sheet and Statement of Profit and Loss dealt with by this Report ore in agreemem with the books of account:

d) in our opinion, the Balance Sheet and Statement of Profit and Loss, comply with the Accounting Standards referred to In sob- section [3CJ of Section 211 of the Companies Act,1956; and

e) on the basis of written representations received from the directors as on 31 March 2013, and taken on record by the Board of Directors, none of the Directors are disqualified as on 31 March, 2013. from being appointed as the Director in terms of clause (g) of sub-section 91) of Section 274 of the Companies Act 1956.

ANNEXURE TO THE AUDITORS'' REPORT

Referred to in Paragraph of my report of even date oon the accounts of Shricon Industries Limited for the year ended March 31 2013.

1. In respect of its Fixed Assets:

a) The company nas maintained prope- records showing full particulars including Quantitative details and situation ot fixed assets on Ihe basts of available information.

b) As explained to us. during the period unaer review Ihe Company has not acquired assets required in the day to day operations of the company.

c) in pur opinion, the company nas noi disposed oi substantial part of fixea assets during the year and the going concern status of Ihe company is not affected.

2. There is no inventory with the Company

3. (a) According to the information and explanations given to us. the company has not granted loans, unsecured, to trusts, covered in the register maintained u/s 30) of the companies Act, 1956.

(b) According to the information and explanation given to us. the company has token unsecured loans from Director "Om Prakash Maheshwari" covered in the regisler maintained under section 30 in the Companies Act, 1956 and In respect of the said loans, the maximum amount outslancing at any time during the year was Rs. 69.21/- Lakhs and the year-end balance is Rs. 69.21 Lakhs (including irteresf of Rs. 5.52 Lakhs}.

(c) in out opinion and according to the information and explanation given to us the rare of interest and other term and conditions of the loans taken by the Company, pre not prima focie prejudicial to the interest of the company.

4. In out opinion and according to the information and explanations given to us. there are adecuate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of feed -assets. During the course of the audit. we have not Observed any continuing failure to correct major weaknesses in internal controls

5- (a) According to the Information and explanations given to us. we are of the opinion that the particulars of contracts or arrangements that need to be entered in the register maintained under Section 301 of the Companies Act. 1956, have been so entered.

(b) In our opinion and according to the information and explanations given to us. the transactions made in pursuance of such contracts or arrangements entered in the register maintained under section 30) of the Companies Act. 1956 and exceeding the value of Rs. five lakhs in respect of any party during the year, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time

6. According fo the information and explanations given to lis, the Company has not accepted any deposit from the public and hence reporting compliance under the provisions of section 58A and Section 58AA of the Companies Act, 1956 and rules framed there under and the directives of the Reserve Bank of India does not arise.

7, The companv has an internal audit system commensurate with its size and nalure of its business.

8 To the cesf of our knowledge and as explained. tne Central Government nos not prescribed maintenance of cost records under clause ,cM of sub section (1) of action 209 of the Companies Act, 1956

9.

i. As explained to us, the Company is not liable to deposit Provident Fund Investor Education Fund and Protection Fund, Employees State Insurance, Wealth Tax, Custom Duty, Excise Duty. The Company is regular in depositing Income Tax. The Company is regular in depositing Income Tax.

ii. According to the information and explanations given to us, there is no undisputed amounts payable in respect of income Tax, State''s Value Added Tax, Custom Duty, Excise Duty and Cess, which is outstanding as at the year end for a period of more than six months from the date they become payable.

iii. According to the information and explanations given to us, there are no dues on account of income Tax. Wealth Tax, Custom Duty, Excise Duty and Cess outstanding on account of any dispute. However company has paid taxes as pr order passed u/s 153A and 143(3) of the income tax act 1961, and the same are disputed and matters are laying the appeal. Details of the same are as under:

A.Y. Demand Income Tax Paid Matter before

2005-2006 21,427 21,427 Rectification filed u/s 154

2006-2007 2,52,102 2,52,102 Rectification filed u/s 154

2007-2008 4,49,702 4,49,702 Rectification filed u/s 154 2008-2009 42,592 42,592 CIT (A) against order u/s 153A R,W 143(3)

2009-2010 5,839 5,839 Rectification filed u/s 154

10. The Company has no accumulated losses as at 31st March. 2013 and it has not incurred any cash losses in the financial year ended on that date and in the immediately preceding financail year.

11. According to the information and explainations given to us, in our opinion the Company has no defaulted in the repayment of dues to any financial institutions or bank as at the balance sheet date. The Company has not issued any debentures.

12. Based on examination of documents and records made available to us and on the basis of information and explanations given to us, the company has not granted any loans and advavces on the basis of security by way of pledge of shares, debebtures and other securities.

13. In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund / society Therefore, the provisions of clause 4 (xiii) of The Order are not applicable to the company.

14. In our opinion and according fo the information and explanations given to us, the Company has maintained proper records of transactions and contract in respect of dealing and trading in shares, debentures, and other investments and timely entries have been made therin. The Company in its own m=name has held all shares, debentures and other investments.

15.Based on examination and on the basis of information and explanations given to *us, the company has given any guarantee for loans taken by others from banks or financial institutions.

16. On the basis of information and explainations given to us, in our opinion, the company has taken unsecured loan from that parent company and applied for the purpose for which the loans were obtained.

17.Based on examination of documents and records maae available and on the basis of information and explanations given to us the company has not used funds raised on short term basis for long term investment vice versa.

18.During the year, the company has not made preferential allotment ot shares lo parties or companies covered in the register maintained under section 301 of The Act.

19.The company has not issued any debentures during the period. Hence, reporting on paragraph 4(xix) of the Oraer pertaining to creation of security or charge for debentures does not arise.

20.The company has no1 raised any money through a public issue during the period: accordingly, paragraph 4(xx) of the Order is not applicable to tne company.

21.Based upon the audit procedures performed and on the basis of Information and explanations given to us by the management, we report that no fraud on or by the company hos been noticed or reported during the course of our audit.



For Harish Dayani & Co.

Chartered Accountants

FRN No.005313G



Murshes Vishnani

Place:Kota Partner

Date: May 28 2013 MRN : 409601

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Mar 31, 2012

1) We have audited the attached Balance Sheet of Shricon Industries Limited as at March 31, 2012 and also the Profit & Loss Account of the Company for the year ending March 31, 2012 annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. Our audit is conducted based on the books of account produced before us and information is explanation given to us during the course of our audit.

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

3) As required by the Companies (Auditor's Report) Order, 2003, issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we annex 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 above, we report that:

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the 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 appears from our examination of such books.

c) The Balance Sheet and the Profit & Loss Account dealt with by this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet and the Profit & Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956. Unless stated otherwise in the notes to accounts which form part of audited financials.

e) In our opinion and to the best of our information and according to the explanations given to us the said accounts read with the accounting policies and notes thereon, give the 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 :

i) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2012 and

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

iii) In the case of Cash Flow Statement of the cash flow for the year ending on that date.

5) On the basis of the written representations received from the Directors as on March 31, 2012, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on March 31, 2012, from being appointed as a Director in terms clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

ANNEXURE TO THE AUDITORS' REPORT

Referred to in Paragraph of my report of even date on the accounts of Shricon Industries Limited for the year ended March 31, 2012.

1. 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, during the period under review the Company has not acquired assets required in the day to day operations of the company.

c) In our opinion, the company has not disposed of substantial part of fixed assets during the year and the going concern status of the company is not affected.

2. In respect of its inventories:

a) As explained to us, company has a system to physically verify the inventories at regular intervals, whereas Company does not purchased any inventory during the year and at the end of the year company does not possess any inventory.

b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

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

3. (a) The Company does not have any transaction of sales and purchase from the parties listed in the register maintained under section 301 of the companies act 1956. The Company has not granted any loans to Companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for sale of goods. During the course of our audit no major weakness has been observed in the internal controls.

5. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public with in the meaning of Section 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

6. The Company has an internal audit system, which in our opinion, is commensurate with the size and nature of its business.

7. As informed to us, the maintenance of cost records has not been prescribed by the Central Government u/s 209(1) (d) of the Companies Act, 1956, in respect of the activities carried on by the Company.

8. a) As explained to us, the Company is not liable to deposit Provident Fund, Investor Education Fund and Protection Fund, Employees State Insurance, Wealth Tax, Custom Duty, Excise Duty. The Company is regular in depositing Income Tax.

b) According to the information and explanations given to us, there is no undisputed amounts payable in respect of Income Tax, State's Value Added Tax, Custom Duty, Excise Duty and Cess, which is outstanding as at the year end for a period of more than six months from the date they become payable.

c) According to the information and explanations given to us, there are no dues on account of Income Tax, Wealth Tax, Custom Duty, Excise Duty and Cess outstanding on account of any dispute. However company has paid taxes as per order passed u/s 153A and 143(3) of the income tax act 1961, and the same are disputed and matters are laying the appeal. Details of the same are as under;

A.Y. Demand Income Tax Paid Matter before

2005-2006 21,427 21,427 Rectification filed u/s 154

2006-2007 2,52,102 2,52,102 Rectification filed u/s 154

2007-2008 4,49,702 4,49,702 Rectification filed u/s 154

2008-2009 42,592 42,592 CIT (A) against order u/s 153A r.w 143(3)

2009-2010 5,839 5,839 Rectification filed u/s 154

9. The Company has incurred losses during the year under review and cash loss was incurred during the period under review of this report. Whereas company has incurred any cash loss in this preceding previous year as well.

10. According to the information and explanations given to us and the records examined by us, the Company does not have loans or debenture; hence question of default in repayment of dues does not arise.

11. The Company has not granted loan or advances on the basis of security by way of pledge of shares, debenture or other securities.

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

13. In our opinion, the Company does have investment in shares and securities of companies, however no such investment were made during the year, company has maintained proper record showing full particulars of said investment..

14. According to the information and explanations given to us and the records examined by us, the Company has not given any guarantees for loans taken by others from banks or financial institutions.

15. The Company has not obtained any term loan.

16. On the basis of an overall examination of the balance sheet and cash flows of the Company and the information and explanations given to us, we report that the Company has not raised any short term funds or long term funds, therefore question of utilized of any funds raised on short term basis for long term investments and vice-versa does not arise.

17. The Company has not made any preferential allotment of shares to parties or companies covered under Section 301 of the Act.

18. The Company has not issued any debentures.

19. The Company has not raised any money through a public issue during the year.

20. Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.

For Rahul Singhvi & Associates

Chartered Accountants

FRN 120109W

Place: Mumbai

Date : May 30, 2012 Sourabh Agrawal

Partner

MRN 112001

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Mar 31, 2010

1) We have audited the attached Balance Sheet of SHRICON INDUSTRIES LIMITED as at March 31, 2010 and also the Profit & Loss Account of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3) As required by the Companies (Auditor’s Report) Order, 2003, issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we annex 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 above, we report that:

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the 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 appears from our examination of such books.

c) The Balance Sheet and the Profit & Loss Account dealt with by this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet and the Profit & Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

e) In our opinion and to the best of our information and according to the explanations given to us the said accounts read with the notes thereon, give the 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 :

i) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2010 and

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

iii) In the case of Cash Flow Statement of the cash flow for the year ending on that date.

5) On the basis of the written representations received from the Directors as on March 31, 2010, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on March 31, 2010, from being appointed as a Director in terms clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

ANNEXURE TO THE AUDITORS REPORT. Referred to in Paragraph of my report of even date on the accounts of SHRICON INDUSTRIES LIMITED for the year ended March 31, 2010.

1. 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, during the period under review the Company has acquired leasehold plots. However company has capitalized finance charges in relation to acquisition of property. In our opinion fixed assets were overstated by Rs. 3,44,399.00 and resulting in the overstated profit of 3,44,399.00

c) In our opinion, the company has not disposed of substantial part of fixed assets during the year and the going concern status of the company is not affected.

2. In respect of its inventories:

a) As explained to us, company has a system to physically verify the inventories at regular intervals, whereas Company does not possess any inventory, during the period under review.

b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

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

3. In respect to loans secured or unsecured granted or taken or taken by the company to/from companies, firms or other parties covered in the register maintained under section 301 of the companies act 1956.

a) The company has not granted, whereas taken loans secured or unsecured to/from companies, firm or other parties covered in the register maintained under section 301 of the Companies Act 1956 during the year.

b) In our opinion & according to our information & explanation given to us, the rate of interest, wherever applicable & other items & condition are not prima facie prejudical to the interest of the company.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for sale of goods. During the course of our audit no major weakness has been observed in the internal controls.

5. In respect of the transaction covered under section 301 of the Companies Act 1956

a) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b) In out opinion and according to the information and explanation given to us, the transaction made in pursuance of contract or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding rupees 5 lacs or more in respect of each party during the year, have been made at price which are reasonable having regards to the prevalent market price at the relevant time.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public with in the meaning of Section 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

7. The Company has an internal audit system, which in our opinion, is commensurate with the size and nature of its business.

8. As informed to us, the maintenance of cost records has not been prescribed by the Central Government u/s 209(1) (d) of the Companies Act, 1956, in respect of the activities carried on by the Company.

9. a) As explained to us, the Company is not liable to deposit Provident Fund, Investor Education Fund and Protection Fund, Sales Tax, Custom Duty, Excise Duty. The Company is regular in depositing Income Tax.

b) According to the information and explanations given to us, there is no undisputed amounts payable in respect of Income Tax, Sales Tax, Custom Duty, Excise Duty and Cess, which is outstanding as at the year end, for a period of more than six months from the date they become payable.

c) According to the information and explanations given to us, there are no dues on account of Income Tax, Sales Tax, Custom Duty, Excise Duty and Cess outstanding on account of any dispute.

10. The Company has not incurred any loss during the year under review and no cash loss was incurred during the period under review of this report. No Cash losses were incurred in the preceding last year.

11. According to the information and explanations given to us and the records examined by us, the Company does not have loans or debenture from banks and financial institutes; hence question of default in repayment of dues does not arise.

12. The Company has not granted loan or advances on the basis of security by way of pledge of shares, debenture or other securities.

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

14. In our opinion, the Company does not made investments during the year, except carried in the opening balance under the investment head. In our opinion company has properly maintaining records in relation to the said investments.

15. According to the information and explanations given to us and the records examined by us, the Company has not given any guarantees for loans taken by others from banks or financial institutions.

16. The Company has not obtained any term loan.

17. On the basis of an overall examination of the balance sheet and cash flows of the Company and the information and explanations given to us, we report that the Company has not utilized any funds raised on short term basis for long term investments and vice-versa.

18. The Company has not made any preferential allotment of shares to parties or companies covered under Section 301 of the Act.

19. The Company has not issued any debentures.

20. The Company has not raised any money through a public issue during the year.

21. Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.



For Rahul Singhvi & Associates Chartered Accountants



Rahul Singhvi Partner M.No.100073 FRN: 120109W

Place : Mumbai Date :