Auditor Report of Sumeru Industries Ltd.

Mar 31, 2024

1. We have audited the accompanying standalone financial
statements of Sumeru Industries Limited ("the Company"), which
comprise the Balance Sheet as at March 31, 2024, the Statement of
Profit and Loss (including Other Comprehensive Income), the
Statement of Changes in Equity and the Statement of Cash Flows
for the year ended on that date, and a summary of the significant
accounting policies and other explanatory information (hereinafter
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 standalone financial
statements give the information required by the Companies Act,
2013 ("the Act") in the manner so required and give a true and fair
view in conformity with the accounting principles generally
accepted in India including Indian Accounting Standards
prescribed under section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended, ("Ind
AS"), of the state of affairs (financial position) of the Company as at
March 31, 2024 and its profit (financial performance including
other comprehensive income), its cash flows and the changes in
equity 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 specified under section
143(10) of the Act (SAs). 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 ethical 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.

Key Audit Matters

4. Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the financial
statements for the year ended March 31, 2024. These matters were
addressed in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.

5. We have determined the matters described below to be the key
audit matters to be communicated in our report:

Sr. No.	Key Audit Matter	How our audit addressed the key audit matter
1	Fair Valuation of Investments
	The Company''s investments (other than investment in Associates) are measured at fair value at each reporting date and these fair value measurements significantly impact the Company''s results. Within the Company''s investment portfolio, the valuation of certain assets such as unquoted equity and bonds requires significant judgment as a result of quoted prices being unavailable and limited liquidity in these markets.	We have assessed the Company''s process to compute the fair value of various investments. For quoted instruments, we have independently obtained market quotations and recalculated the fair valuations. For the unquoted instruments, we have obtained an understanding of the various valuation methods used by management and analysed the reasonableness of the principal assumptions made for estimating the fair values and various other data used while arriving at the fair value measurement.

Information Other than the Standalone Financial Statements

and Auditor''s Report Thereon

6. The Company''s Board of Directors is responsible for the
preparation of the other information. The other information
comprises the information included in the Management Discussion
and Analysis, Board''s Report including Annexures to Board''s
Report, Business Responsibility Report, Corporate Governance and
Shareholder''s Information, but does not include the standalone
financial statements and our auditor''s report thereon.

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

In connection with our audit of the standalone financial
statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially
inconsistent with the standalone financial statements or our
knowledge obtained during the course of our audit or otherwise
appears to be materially misstated.

If, based on the work we have performed, we conclude that there is
a material misstatement of this other information; we are required
to report that fact. We have nothing to report in this regard.
Management''s Responsibility for the Standalone Financial
Statements

7. The Company''s Board of Directors is responsible for the matters
stated in section 134(5) of the Act with respect to the preparation
of these standalone financial statements that give a true and fair
view of the financial position, financial performance, 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.

8. In preparing the standalone financial statements, management is
responsible for assessing the Company''s ability to continue as a
going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

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

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

10. 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 on Auditing will
always detect a material misstatement when it exits. Misstatement
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.

11. 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 risks 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 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 estimate 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 audit''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 audit''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 disclosers 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.

12. 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.

13. 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.

14. From the matters communicated with those charge with
governance, we determine those matter 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

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

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

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

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

c) The Balance Sheet, the statement of Profit & Loss including Other
comprehensive Income, Statement of Changes in Equity and the
Statement of Cash Flow dealt with by this Report are in agreement
with the books of account;

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

e) As per the management representation, we report,

• No funds have been advanced or loaned or invested by the
Company to or in any other person(s) or entities, including foreign
entities ("Intermediaries"), with the understanding that the
intermediary shall whether directly or indirectly lend or invest in
other persons or entities identified in any manner by or on behalf of
the Company (Ultimate Beneficiaries) or provide any guarantee,
security or the like on behalf of ultimate beneficiaries.

• No funds have been received by the Company from any person(s)
or entities including foreign entities ("Funding Parties") with the
understanding that such 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 guarantee, security or the like on behalf of
the Ultimate beneficiaries.

• Based on the audit procedures performed, we report that nothing
has come to our notice that has caused us to believe that the
representations given under sub-clause (i) and (ii) by the
management contain any material mis-statement.

f) In our opinion, as the Company has not declared/paid any dividend
during the year, reporting for the compliance with Section 123 of
the Companies Act, 2013 is inapplicable.

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

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

i) With respect to other matters to be included in the Auditor''s Report
in accordance with the requirements of section 197(16) of the Act,
as amended, the Company has neither paid nor provided for any
remuneration to its directors during the year.

j) With respect to the other matter 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 the impact of pending litigations on its
financial position in its standalone financial statements.

2. The Company did not have any Long Term Contracts including
derivative contracts for which there were any material foreseeable
losses.

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

Place : Ahmedabad

Date : 29/04/2024 For, Nitin K. Shah & Co.

Chartered Accountants
Firm Reg. No.:107140W

Vaibhav N. Shah
Proprietor
M. No. 116817

UDIN:24116817BKDHYV8533

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Mar 31, 2015

1. We have audited the accompanying financial statements of SUMERU INDUSTRIES LIMITED ("the company"), which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information,

Management's Responsibility for the Financial Statements

2. The Company's Board of Directors is responsible for the matters in section 134(5) of the Companies Act, 2013 ("the Act") with respect to 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit.

4. We have taken into account the provisions of the Act, the accounting and auditing standards and Matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

5. We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. 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.

6. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of tne financial statements that give true and fair view m 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 Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

8. 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 Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2015;

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

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

Report on other Legal and Regulatory Requirements

9. As required by the 'Companies (Auditor's Report) Order, 2015', issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act (hereinafter referred to as the "Order"), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraph 3 and 4 of the Order.

10. 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 appears from our examination of those books.

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

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

e) On the basis of written representations received from the directors as on 31 March, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2015, 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, in our opinion and to our best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 1 to the financial statements;

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

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

ANNEXURE TO INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in paragraph 9 of the Independent Auditor's Report of even date to the members of SUMERU INDUSTRIES LIMITED on the standalone financial statements as of and for the year ended 31st March, 2015.

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

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification. In our opinion, the frequency of verification is reasonable.

2. The Company is in the business of rendering services, and consequently, does not hold any inventory. Therefore, the provisions of Clause 3(ii) of the said Order are not applicable to the Company.

3. According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of fixed assets and for sale of goods and services. Further, on the basis of our examination of the books and records of the Company, ana according to the information and explanations given to us, we have neither come across, nor have been informed of, any continuing failure to correct major weaknesses in the aforesaid internal control system.

5. In our opinion and according to the information and explanations given to us company hasn't accepted any deposits, from the directives issued by the Reserve Bank of India and as per the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act

6. The Central Government of India has not specified the maintenance of cost records under clause (d) of sub-section (1) of Section 148 of the Act for any of the products of the Company.

7. (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is regular in depositing the undisputed statutory dues, including provident fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues, as applicable, with the appropriate authorities.

(b) According to the information and explanations given to us, the following matters have been decided in favour of the Company, although the Department has preferred appealsathigher level:

Particulars Period to which Forum where the Amount (Rs.) the amount relates dispute is pending

Interest-Tax 1995-96 High Court 3,12,003/-

Interest-Tax 1996-97 High Court 8,35,549/-

Interest-Tax 1997-98 High Court 7,64,757/-

Total 19,12,309/-

(c) No amounts is required to be transferred to Investor Education and Protection Fund in accordance with Section 125 of the Companies Act, 2013 and rules made thereunder.

8. The Company does not have any accumulated loss and has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

9. Based on our audit procedures and on the information and explanations g iven by the ma nagement, we a re of the opin ion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

10. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

11. The Company has not raised any term loans. Accordingly, the provisions of Clause 3(xi) of the Order are not applicable to the Company.

12. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by the Management.

For NrriN K. SHAH & Co. Chartered Accountants Firm Reg. NO.-107140W

(Nitin K. Shah) Proprietor M. No.: 012398

Place: Ahmedabad Date : 08/05/2015

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial which comprise the Sumeru Industries Limited the Balance sheet as at MARCH 31,2013 the statement of then ended and a summary of signification accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of theses financial statements that give a true and fair view of the financial positions financial per formation and cash flows of the company in accounting with the according principal generally accepted in India including Accounting standards referred to in sub-section 211 of the preparation and presentation responsibility including that give a true and fair view and are free material misstatements whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit we 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 from required and plan perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements the procedures selected depend on the auditors judgment including the assessment of the risks of material misstatements of thru to the companies preparation and fair presentation of the financial statesmen in order to design audit procedures that are appropriate in the circumstances An audit also including evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management as well evaluating the overall presentation of the financial statements.

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

opinion.

In our opinion and to the best our information and according to the explanation given to us, the aforesaid 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 principal. generally accepted in India;

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2033;

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

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date, Report on other legal and regulatory requirements:

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

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

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

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

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

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

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

1. In respect of its fixed assets;

a) The company has maintained report record showing quantitative details and situation of fixed assets.

b) According to the information company were physically verified by the ,management according to a phased program designed to cover all items over a period of three years which in our opinion is reasonable having regard to the size of the company and the nature of its assets There were no discrepancies noticed during the year.

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

2. In respect of its inventories;

a) The inventory except stock lying with the national spot Exchange Limited has been physically verification by the management during the year with respect to stock lying with the National spot Exchanges at the yearend written confirmations have been obtained by the company In our opinion the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us the procedures of physical verification in 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 in maintaining the proper record; of inventory No discrepancies noticed on Verification between the physical stocks and book records.

The company has neither granted nor taken loans secured or unsecured to / from companies firms of other parties covered in the register maintained under section 301 of the AACT, As the coma pony has not granted/taken any loans secured or unsecured to/from companies firms etc. LISTED in the register maintained under section 301 of the Act paragraphs 4 (iii) (b) to (g) of the order are not applicable.

4) In our coin ion and according to the information and explanations given to us, there are adequate internal; control priced Lifts commensurate with the size of the Company and nature of its business. There is no major weakness in the internal control and as per the explanations given to us we have neither come across nor have we been information of any instance of continuing failure to correct major weaknesses in the aforesaid internal control system.

5) According to the information and explanations provided by management we are of the opinion that no transactions need to be entered into the register maintained under section 301 of the Act, consequently requirement of clause (v) (b) of paragraph 4 of the order is not applicable.

6. The company has not accepted any deposits under the provision of sections 58A and 58AA of the Act and the rules framed there under.

7. In our opinion the company has an internal audit system commensurate with the size and nature of its business.

8. To the best of our knowledge and as explained the central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of section 209 of the companies Act,1956 for the services/products of the company.

9. In respect of statutory dues;

(a) According to the information and explanations given to us and according to the books and records examined by us in our opinion the company wherever applicabl;e is generally regular in depositing the undisputed insurance income tax sales-tax wealth tax customs duty excise duty cess service tax and other material statutory dues as applicable with the appropriate authorities.

c) According to the information and explanation given to us following matters have been decided in favor of the company although the Department :

Particulars amount relates dispute is pending Amount (Rs.)

Interest Tax 1995-96 High Court 3,12,003/-

Interest Tax 1996-97 High Court 8,35,549/-

Interest Tax 1997-98 High court 7,64,757/-

Total 19,12,309/-

10. The company does not have accumulated losses as at the end of the year and the company has not incurred cash losses during the current year and immediately preceding financial year.

11. Based on the information and explanations given to us, the company has not available of any credit facilities from any financial institution or banks during the year The company has not borrowed any sums through debentures Accordingly clause 4 (x) of the order is not applicable.

12. 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 considering the nature of activities carried on by the company during the year the provision of any special statute applicable to chit fund/mutual benefit fund/societies are not applicable to the company.

14. According to the information and explanations given by the management the company has not indulged in dealing or trading in shares securities debentures and other investments.

15.In our opinion and according to the information and explanations given to us company has not given any guarantees for loans taken by others from banks or financial institutions during the year.

16. The company has not obtained any term loan during the year.

17. According to the information and explanations given to us and on an overall examination of Balance sheet of the company we report that the no funds raised on short term basis have been used for long term investment No long-term funds have been used to financial short-term assets.

18. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained funds section 301 of the companies ACt,1956 during the year.

19. There are no debentures issued and outstanding at the year end.

20. The company has not raised any money by public issue during the year.

21. During the count of our examination of the books and records of the company carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither one across any instance of fraud on or by the company noticed or reported during the year nor have been information of such case by the management.

Place; Ahmedabad For, Nitin K.Shah & Co,

Date : 29/05/2013 Chartered Accountants

Firm Reg. No.: 107140W

(Nitin K.Shah)

proprietor

M.No.012398

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Mar 31, 2011

1. We have audited the attached Balance Sheet of Sumeru Industries Ltd. ("the Company") as at March 31 2011 and the related Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date which we have signed under reference to this report. These financial statements are the responsibility of the Company s Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement An audit 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 as amended by the Companies (Auditor's Report) (Amendment) Order, 2004 (together the 'Order') issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 of India (the Act) and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we set out in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we 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 those books;

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

(d) in our opinion, the Balance Sheet, Profit and loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Act;

(e) on the basis of written representations received from the directors, as on March 31,2011, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act;

(f) in our opinion and to the best of our information and according to the explanations given to us, the said accounts together with the notes thereon and attached thereto give in the prescribed manner the information required by the Act and give a true and fair view in conformity with the accounting principles generally accepted

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2011; (ii) in the case of the Profit and Loss Account, of the profit for the year ended on that date; and ' (in) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE TO AUDITOR'S REPORT

[Referred to in paragraph 3 of the Auditor's Report of even date to the members of Sumeru Industries Ltd. on the accounts for the year ended March 31, 2011]

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

(b) According to the information and explanations given to us, the fixed assets of the Company were physically verified by the Management according to a phased program designed to cover all the items over a period of three years, which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. There were no discrepancies noticed during the year.

(c) During the year, the Company has not disposed of any asset. In our opinion the status of the company continues to be going concern.

2. (a) The Company does not hold any physical inventory as at the end of the year. Hence, para 2(b),(c) are not applicable.

3. The company has neither granted nor taken loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under Section 301 of the Act. As the Company has not granted / taken any loans, secured or unsecured, to / from companies, firms etc., listed in the register maintained under Section 301 of the Act, paragraphs 4(111) (a) to (g) of the Order, are not applicable.

4. in our opinion and according to the information and explanations given to us, having regard to the explanations, there is adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and/or services. Further, on the basis of our examination of the books and information and as per the explanations given to us, we have neither come across nor have we been informed of any instance of continuing failure to correct major weaknesses in the aforesaid internal control system.

5. Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that no transactions need to be entered into the register maintained under Section 301 of the Act. Consequently, requirement of clause (v,b) of paragraph 4 of the order is not applicable.

6. The company has not accepted any deposits under the provision of Sections 58A and 58AA of the Act and the rules framed there under.

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

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

9. (a) According to the information and explanations given to us and according to the books and records examined by us, in our opinion, the Company wherever applicable, is generally regular in depositing the undisputed statutory dues In respect of provident fund, investor education and protection fund, employees state insurance, income-tax, sales-tax, wealth tax, customs duty, excise duty, cess, service tax and other material statutory dues as applicable with the appropriate authorities.

Further, since the Central Government has till date not prescribed the amount of cess payable under section 441A of the Companies Act, 1956, the same is not applicable to the company we, therefore, do not Comment upon its requirements.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Service Tax, Customs Duty, Excise Duty and Cess were in arrears, as at March 31,2011 for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us, The following Matters have been decided In favor of the company, although the Department has preferred appeals at higher level:

Particular Period to which Forum where the Amount The amount relates dispute is pending (Rs.)

Interest Tax 1995-96 High Court 312003

Interest Tax 1996-97 High Court 835549

Interest Tax 1997-98 High Court 764757

Total 1912309

10. The Company does not have accumulated losses as at the end of the year and the Company has not incurred cash losses during the current year and immediately preceding financial year.

11. Based on the information and explanations given to us, the Company has not availed of any credit facilities from any financial institutions or banks during the year. The Company has not borrowed any sums through debentures. Accordingly, clause 4(xi) of the Order is not applicable.

12. 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, considering the nature of activities carried on by the Company during the year, the provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/societies are not applicable to the Company.

14. According to the information and explanations given by the management, the Company has not indulged in dealing or trading in shares, securities, debentures and other investments.

15. In our opinion and according to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions during the year.

16. The company has not obtained any term loan during the year.

17. According to the information and explanations given to us and on an overall examination of Balance Sheet of the Company/we report that the no funds raised on short-term basis have been used for long term investment. No long-term funds have been used to finance short term assets.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956 during the year.

19. There are no debentures issued and outstanding at the year end.

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

21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have been informed of such case by the Management.

For Nitin K. Shah & Co.

Chartered Accountants Firm Reg. NO.107140W

(Nitin K. Shah)

(Proprietor) M. No. 012398 Place: Ahmedabad

Date: 22/07/2011

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of Sumeru Industries Ltd. ("the Company") as at March 31, 2010 and the related Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date, which we have signed under reference to this report. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

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

4. Further to our comments in the Annexure referred to in paragraph 3 above, we 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 those books;

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

(d) in our opinion, the Balance Sheet, Profit and loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Act;

(e) on the basis of 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 of clause (g) of sub-section (1) of section 274 of the Act;

(f) in our opinion and to the best of our information and according to the explanations given to us, the said accounts together with the notes thereon and attached thereto give in the prescribed manner the information required by the Act and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2010;

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

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

ANNEXURE TO AUDITORS REPORT

[Referred to in paragraph 3 of the Auditors Report of even date to the members of Sumeru Industries Ltd. on the accounts for the year ended March 31, 2010]

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

(b) According to the information and explanations given to us, the fixed assets of the Company were physically verified by the Management according to a phased program designed to cover all the items over a period of three years, which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. There were no discrepancies noticed during the year.

(c) During the year, the Company has not disposed of any asset. In our opinion the status of the company continues to be going concern.

2. (a) As Explained to us, the inventory of the Company of Rs.710610/- has been consumed in the Kutchh salt project and there is no inventory at the end of the year. Hence, para 2(b),(c) are not applicable.

3. The company has neither granted nor taken loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under Section 301 of the Act. As the Company has not granted / taken any loans, secured or unsecured, to / from companies, firms etc., listed in the register maintained under Section 301 of the Act, paragraphs 4(III) (a) to (g) of the Order, are not applicable.

4. In our opinion and according to the information and explanations given to us, having regard to the explanations, there is adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and/or services. Further, on the basis of our examination of the books and information and as per the explanations given to us, we have neither come across nor have we been informed of any instance of continuing failure to correct major weaknesses in the aforesaid internal control system.

5. Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that no transactions need to be entered into the register maintained under Section 301 of the Act. Consequently, requirement of clause (v,b) of paragraph 4 of the order is not applicable.

6. The company has not accepted any deposits under the provision of Sections 58A and 58AA of the Act and the rules framed there under.

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

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

9. (a) According to the information and explanations given to us and according to the books and records examined by us, in our opinion, the Company wherever applicable, is regular in depositing the undisputed statutory dues In respect of provident fund, investor education and protection fund, employees state insurance, income-tax, sales-tax, wealth tax, customs duty, excise duty, cess, service tax and other material statutory dues as applicable with the appropriate authorities.

Further, since the Central Government has till date not prescribed the amount of cess payable under section 441A of the Companies Act, 1956, the same is not applicable to the company we, therefore, do not Comment upon its requirements.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Service Tax, Customs Duty, Excise Duty and Cess were in arrears, as at March 31, 2010 for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us, details of dues of Interest tax which has not been deposited on account of dispute raised by the income tax department are given below:



Particulars Period to which Forum where the Amount the amount relates dispute is pending (Rs.)

Interest Tax 1995-96 High Court 312003

Interest Tax 1996-97 High Court 835549

Interest Tax 1997-98 High Court 764757

Total 1912309



10. The Company does not have accumulated losses as at the end of the year and the Company has not incurred cash losses during the current year and immediately preceding financial year.

11. Based on the information and explanations given to us, the Company has not availed of any credit facilities from any financial institutions or banks during the year. The Company has not borrowed any sums through debentures. Accordingly, clause 4(xi) of the Order is not applicable.

12. 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, considering the nature of activities carried on by the Company during the year, the provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/societies are not applicable to the Company.

14. According to the information and explanations given by the management, the Company has not indulged in dealing or trading in shares, securities, debentures and other investments.

15. In our opinion and according to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions during the year.

16. The company has not obtained any term loan during the year.

17. According to the information and explanations given to us and on an overall examination of Balance Sheet of the Company, we report that the no funds raised on short-term basis have been used for long term investment. No long-term funds have been used to finance short term assets.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956 during the year.

19. There are no debentures issued and outstanding at the year end.

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

21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have been informed of such case by the Management.

For Nitin K. Shah & Co.

Chartered Accountants

Firm Reg. No.107140W



(Nitin K. Shah)

M. No. 012398

Place : Ahmedabad

Date : 22/06/2010