Auditor Report of Sunil Industries Ltd.

Mar 31, 2025

We have audited the accompanying Statement of quarterly and year-to-date Financial
Results of Sunil Industries Limited ("the Company") quarter ended 31st March, 2025 and
the year-to-date results for the period from 01st April 2024 to 31st March, 2025, ("the
Statement") attached herewith, being submitted by the Company pursuant to the
requirement of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements),
Regulations, 2015 (''the Regulation'') as amended.

In our opinion and to the best of our information and according to the explanations given
to us, the aforesaid annual financial results:

1. are presented in accordance with the requirements of Regulation 33 of the Listing
Regulations in this regard; and

2. give a true and fair view in conformity with the recognition and measurement
principles laid down in the applicable Indian Accounting Standards, and other
accounting principles generally accepted in India, of the net profit and other
comprehensive income and other financial information for the quarter ended 31st
March, 2025 as well as the year-to-date results for the period ended 01 April, 2024 to
31st March, 2025.

Basis for Opinion

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

Management''s and Board of Directors'' Responsibilities for the Annual Financial
Results

These annual financial results have been prepared on the basis of the annual financial
statements.

The Company''s Management and the Board of Directors are responsible for the
preparation and presentation of these annual financial results that give a trust and fair
view of the net profit/ loss and other comprehensive income and other financial
information in accordance with the recognition and measurement principles laid down in

Indian Accounting Standards prescribed under Section 133 of the Act and other
accounting principles generally accepted in India and in compliance with Regulation 33
of the Listing Regulations. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the
assets of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and the design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for
ensuring accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the annual financial results that give a true and fair view
and are free from material misstatement, whether due to fraud or error.

In preparing the annual financial results, the Management and the 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 the Board of Directors either intends to liquidate the Company
or to cease operations, or has no realistic alternative but to do so.

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

Auditor''s Responsibilities for the Audit of the Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the annual financial
results as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high
level of assurance but is not a guarantee that an audit conducted in accordance with SAs
will always 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 annual financial results.

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

• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the
Act, we are also responsible for expressing our opinion through a separate report on the
complete set of financial statements on whether the company has adequate internal
financial controls with reference to financial statements 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 in the annual financial results made by the
Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors 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 appropriateness of this assumption. 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 annual financial results 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 annual financial results,
including the disclosures, and whether the annual financial results represent the
underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the Financial Results of the
Company to express an opinion on the Financial Results.

Materiality is the magnitude of misstatements in Financial Results that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable
user of the Financial Results may be influenced. We consider quantitative materiality and
qualitative factors in (i) planning the scope of our audit work and in evaluating the results of
our work; and (ii) to evaluate the effect of any identified misstatements in the Financial
Results.

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

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

Other Matters

The Standalone Financial Results include the results for the quarter ended March 31, 2025
being the balancing figures between the audited figures in respect of the full financial year
and the published unaudited year to date figures up to the third quarter of the current
financial year which were subject to limited review by us.

For V.K. Beswal & Associates

Chartered Accountants

Firm Registration Number 101083W

CA Kunal V. Beswal

Partner

M.NO. 131054

UDIN: 25131054BMHXMW1614

Place: Mumbai
Date: 21.05.2025

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Mar 31, 2024

1. We have audited the accompanying Ind AS standalone financial statements of Sunil
Industries Limited ("the Company"), which comprise the Balance Sheet as at 31^st March,
2024, and the Statement of Profit and Loss (including other comprehensive income), the
Statement of Changes in Equity and the Statement of Cash Flows for the year then ended,
and notes to the standalone financial statements, including a summary of 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 explanation given
to us, the aforesaid Ind AS 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
the Ind AS, of the state of affairs of the Company as at 31^st March 2024, and its Profit
including comprehensive income, its cash flows and the change in equity for the year
ended on that.

Basis for Opinion

3. We conducted our audit of the Ind AS standalone financial statements in accordance with
the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our
responsibilities under those SAs 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 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 thereunder, and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.

Key Audit Matters

4. Key audit matters 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, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.

Information other than the Standalone Ind AS Financial Statements and auditor''s report
thereon

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

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

7. 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.

Management''s Responsibility for the Standalone Ind AS Financial Statements

8. The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of
the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone
Ind AS financial statements, that give a true and fair view of the financial position,
financial performance including other comprehensive income, cash flows and changes in
equity of the Company in accordance with the accounting principles generally accepted
in India, including the Indian Accounting Standards (Ind As) specified under Section 133 of
the Act, read with relevant rules issued thereunder. This responsibility also includes
maintenance of adequate accounting records in accordance with the provisions of the Act;
for safeguarding the assets of the Company; for preventing and detecting frauds and other
irregularities; selection and application of appropriate implementation and maintenance of
accounting policies; making judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the standalone Ind AS financial
statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.

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

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

Auditors Responsibility for the Audit of the Standalone Ind AS Standalone Financial
Statements

11. Our objectives are to obtain reasonable assurance about whether the standalone financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will
always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these
standalone financial statements.

12. 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 control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act,
we are also responsible for expressing our opinion on whether the Company has
adequate internal financial controls with reference to standalone financial statements 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.

13. 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 financial statements may be influenced. We consider quantitative
materiality and qualitative factors in (i) planning the scope of our audit work and in
evaluating the results of our work; and (ii) to evaluate the effect of any identified
misstatements in the financial statements.

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

18. As required by Section143(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 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 it appears from our examination of those books.

c. The Standalone Ind AS Balance sheet, the standalone statement of profit and loss
including other comprehensive income, the statement of cash flow and the
statement of changes in equity dealt with by this report are in agreement with the
books of account.

d. In our opinion, the aforesaid standalone Ind AS financial statements comply with the
Indian Accounting Standards (Ind As) specified under Section 133 of the Act, read
with relevant rule issued thereunder.

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

f. With respect to the adequacy of the internal financial controls over financial
reporting of the Company with reference to these standalone financial statements of
the Company and the operating effectiveness of such controls, refer to our separate
Report in "Annexure B".

19. With respect to the matter to be included in the Auditors'' Report under Section 197(16)
of the Act: In our opinion and to the best of our information and according to the
explanations given to us, the remuneration paid by the Company to its directors during
the year is in accordance with the provisions of section 197 of the Act.

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

i. The Company has disclosed the impact of pending litigations as at 31^st March 2024 on its
financial positions in its standalone Ind AS financial statements (Refer Note: 55);

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

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

iv. (a) The Management has represented that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been advanced or
loaned or invested (either from borrowed funds or share premium or any other sources

or kind of funds) by the Company to or in any other person or entity, including foreign
entity ("Intermediaries"), with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;

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

(c) Based on the audit procedures that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that
the representations under sub-clause (i) and (ii) of Rule 11 (e), as provided under (a) and
(b) above, contain any material misstatement.

v. No dividend has been declared or paid during the year by the Company.

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

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

For V.K. Beswal & Associates

Chartered Accountants

Firm Registration No. 101083W

CA Kunal V Beswal

Partner

M.NO. 131054

UDIN No. 24131054BKCCOY3094

Place: Mumbai
Dated: 27.05.2024

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Mar 31, 2015

We have audited the accompanying standalone financial statements of Sunil Industries Limited, which comprise the Balance Sheet as at March 31, 2015, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. 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 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 standalone financial statements based on our audit. 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.

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.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the 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 the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

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:

(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 Statement of Profit and Loss, 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

As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

As required by section 143(3) of the Act, we report that:

a. We have 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 [and proper returns adequate for the purposes of our audit have been received from branches not visited by us];

c. The 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 Statement comply with the Accounting Standards referred to in section read with Rule 7 of the Companies (Accounts) Rules, 2014;

e. On the basis of written representations received from the directors as on March 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms section 164(2) of the Act; and

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 the best of our information and according to the explanations given to us: i. the Company has disclosed the impact of pending litigations on its financial position in its financial statements –

Refer note 2.19 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; and iii. There were no amounts which were required to be transferred to the Investor education and protection fund by the Company.

(Referred to in paragraph 3 thereof) i. a) the company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets; b) the fixed assets have been physically verified by the management during the year. We are informed that no material discrepancies were noticed by the management on such verification;

ii) In respect of inventories:

a) as explained to us, physical verification of inventory has been conducted during the year by the management at reasonable intervals;

b) in our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business;

c) in our opinion, and according to the information and explanation given to us, the Company is maintaining proper records of its inventory and no material discrepancies were noticed on physical verification.

iii) The company has not granted any loans, secured or unsecured to the companies, firms or other parties covered in the register maintained under Section 189 of the companies Act, 2013.

iv) 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 for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of the audit we have not observed any continuing failure to correct any major weakness in internal control.

v) In our opinion and according to the information and explanations Given to us, the company has not accepted any deposits covered under section 73 to 76 or any other relevant provisions of the Companies Act and hence the question of contravention of the provisions thereof does not arise. vi) We have broadly reviewed the books of account maintained by the company in respect of products where, pursuant to the Rules made by the Central Government of India, the maintenance of cost records has been prescribed under subsection

(1) of Section 148 of the Companies Act, and are of the opinion that Prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examinations of records with a view to determine whether they are accurate or complete vii) According to the information and explanation given to us in respect of statutory and other dues:

a) the company has been regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance Scheme, Income Tax, Sales Tax ,Excise Duty and any other statutory dues with appropriate authorities where applicable. As explained to us, the company did not have any dues on account of investor education and protection fund, wealth tax, cess and customs duty.

b) the following dues have not been deposited by the company on account of disputes:

S. Name of the Statute Amount (In Lacs) Forum where dispute is pending No.

i) Central Excise Duty 211.98 Adjudication

ii) Central Excise Duty 238.26 Central Excise Appellate Tribunal (CEGAT) (Payment made under

protest Rs. 20 Lakhs)

iii) Custom Duty 336.00 Appellate Tribunal (CESTAT)

iv) TNVAT 7.04 The Appellate Deputy Commissioner(CT)

c) There are no amount due of the company to be transferred to Investor education and protection fund in accordance with relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under.

viii) The company has no accumulated losses at the end of the year under review. The company has not incurred cash losses during the year under review and in the immediately preceding previous year. ix) The company has not defaulted in repayment of loan taken from banks and financial institutions. Since the company has not taken loan by way of debentures the question of default therein does not arise. x) According to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from banks or financial institutions. xi) According to the records of the Company, the Company has applied the term loans for the purposes of which it was taken during the year. xii) According to the information and explanations given to us, no fraud on or by the Company have been noticed or reported during the financial year under review.

For V.K. BESWAL & ASSOCIATES

Chartered Accountants

FIRM REGN NO 101083W

PLACE : Mumbai CA V.K.BESWAL

DATED :30.05.2015 Partner

Membership Number: 030426

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Mar 31, 2014

We have audited the accompanying financial statements of Sunil Industries Limited, which comprise the Balance Sheet as at March 31,2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the act") read with the general circular 15/2013 dated 13th September 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 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 control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. 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 our audit opinion.

Report on Other Legal and Regulatory Requirements

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.

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 [and proper returns adequate for the purposes of our audit have been received from branches not visited by us];

c. The 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 Statement 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 13th September 2013 of the ministry of corporate affairs in respect of section 133 o f the Companies Act, 2013.

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

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:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2014

(b) in the case of Statement of Profit and Loss, 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.

(Referred to in paragraph 1 thereof)

i) In respect of fixed assets:

a) the company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;

b) the fixed assets have been physically verified by the management during the year. We are informed that no material discrepancies were noticed by the management on such verification;

c) since the company has not disposed off a substantial part of fixed assets during the year, the question of sale of substantial part of fixed assets affecting going concern concept does not arise.

ii) In respect of inventories:

a) as explained to us, physical verification of inventory has been conducted during the year by the management at reasonable intervals;

b) in our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business;

c) in our opinion, and according to the information and explanation given to us, the Company is maintaining proper records of its inventory and no material discrepancies were noticed on physical verification.

iii) In respect of loans, secured or unsecured ,granted or taken by the company, to or from companies, firms or other parties covered in the register maintained under section 301 of the Act, according to the information and explanations given to us:

a) The company has not granted any loan to companies or firms or parties covered in the register maintained under section 301 of the Act.

b) The Company has not taken any loans from parties covered in the Register maintained under section 30l of the Act. The company has however taken loan from one company covered in the Register maintained under section 301 of the Act .The maximum amount outstanding during the year in respect of the loans taken from company covered in the Register maintained under section 301 of the Act aggregates to Rs. 1355.97 lakhs and the balance outstanding at 31.03.2014 is Rs. 64.48 Lakhs.

c) in respect of the unsecured loans taken by the company, the rate of interest and other terms are prima facie not prejudicial to interest of the company;

d) there are no overdue amounts of loans taken or granted by the Company.

iv) 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 for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of the audit we have not observed any continuing failure to correct any major weakness in internal control.

v) In respect of transactions that need to be entered in the register maintained in pursuance of Section 301 of the Act in our opinion and according to the explanations given to us:

a) transactions that need to be entered into the Register in pursuance of Section 301of the Act have been so entered;

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

vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits covered under section 58A and section 58AA of the Act and hence the question of contravention of the provisions thereof does not arise.

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

viii) We have broadly reviewed the books of account maintained by the company in respect of products where, pursuant to the Rules made by the Central Government of India ,the maintenance of cost records has been prescribed under clause (d) of subsection (1) of Section 209 of the Act, and are of the opinion that Prima facie ,the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examinations of records with a view to determine whether they are accurate or complete

ix) According to the information and explanation given to us in respect of statutory and other dues:

a) the company has been regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance Scheme, Income Tax, Sales Tax ,Excise Duty and any other statutory dues with appropriate authorities where applicable. As explained to us, the company did not have any dues on account of investor education and protection fund, wealth tax, cess and customs duty.

b) the following dues have not been deposited by the company on account of disputes:

Name of the statute Amount Forum where dispute is pending (In Lacs)

Central Excise Duty 211.98 Adjudication

Central Excise Duty 246.06 Central Excise Appellate Tribunal (Payment made under (CEGAT) protest Rs. 20 Lakhs)

Custom Duty 336.00 Appellate Tribunal (CESTAT)

x) The company has no accumulated losses at the end of the year under review. The company has not incurred cash losses during the year under review and in the immediately preceding previous year.

xi) The company has not defaulted in repayment of loan taken from banks and financial institutions. Since the company has not taken loan by way of debentures the question of default therein does not arise.

xii) The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) The company is not a chit fund or nidhi, mutual benefit fund, society. Therefore, clause 4 (xiii) of the CARO is not applicable to the company.

xiv) The company has not been dealing or trading in shares, debentures and other investments. Therefore, clause 4(xiv) the CARO is not applicable to the Company.

xv) According to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from banks or financial institutions.

xvi) According to the records of the Company, the Company has applied the term loans for the purposes of which it was taken during the year.

xvii) The company has not used the funds raised on short term basis for long term investments.

xviii) The company has not made any preferential allotment of shares during the year and accordingly the question of price being prejudicial to the interest of the company does not arise.

xix) Clause 4(xix) is not applicable since as at the end of the year under review there are no debentures issued.

xx) During the period, the Company has not raised any money by way of public issue.

xxi) According to the information and explanations given to us, no fraud on or by the Company have been noticed or reported during the financial year under review.

For V.K. BESWAL & ASSOCIATES CHARTERED ACCOUNTANTS FIRM REGN NO 101083W

CA V.K.BESWAL PARTNER Membership Number: 030426

PLACE: Mumbai DATE : 30-05-2014

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Mar 31, 2010

1) We have audited the attached Balance Sheet of Sunil Industries Limited as at 31st March, 2010, and the Profit & Loss Account of the Company for the year ended on that date and cash flow statement 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 the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An Audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating 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, (CARO) issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956, (the Act), we enclose 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 paragraphs above :

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) 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 Profit & Loss Account and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d) In our opinion the Balance Sheet, the Profit & loss Account and the Cash Flow Statement comply with the accounting standards referred to in Section 211 (3C) of the Act.

e) On the basis of written confirmation received from Directors and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31st March, 2010 from being appointed as a director in terms of clause (g) of Sub Section (1) of Section 274 of the Act.

5) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Act, in the manner so required and give a true and fair view inconformity 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 31st March, 2010;

ii) in the case of the Profit and Loss Account, of the Profit of the Company 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 THE AUDITOR'S REPORT OF EVEN DATE (Referred to in paragraph 3 in the case of Sunil Industries Limited)

i) In respect of fixed assets:

a) the company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;

b) the fixed assets have been physically verified by the management during the year. We are informed that no material discrepancies were noticed by the management on such verification;

c) since the company has not disposed off a substantial part of fixed assets during the year, the question of sale of substantial part of fixed assets affecting going concern concept does not arise.

ii) In respect of inventories:

a) as explained to us, physical verification of inventory has been conducted during the year by the management at reasonable intervals;

b) in our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business;

c) in our opinion, and according to the information and explanation given to us, the Company is maintaining proper records of its inventory and no material discrepancies were noticed on physical verification.

iii) In respect of loans, secured or unsecured .granted or taken by the company, to or from companies, firms or other parties covered in the register maintained under section 301 of the Act, according to the information and explanations given to us:

a) The company has not granted any loan to companies or firms or parties covered in the register maintained under section 301 of the Act.

b) The Company has not taken any loans from firms covered in the Register maintained under section 301 of the Act. The company has however taken loan from one company and six parties covered in the Register maintained under section 301 of the Act .The maximum amount outstanding during the year in respect of the loans taken from seven parties covered in the Register maintained under section 301 of the Act aggregates to Rs 1315.82 lakhs and the balance outstanding at 31.0.3.2010 is Rs. 1288.89 Lakhs.

c) in respect of the unsecured loans taken by the company, the rate of interest and other terms are prima facie not prejudicial to interest of the company;

d) there are no overdue amounts of loans taken or granted by the Company.

iv) 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 for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of the audit we have not observed any continuing failure to correct any major weakness in internal control.

v) In respect of transactions that need to be entered in the register maintained in pursuance of Section 301 of the Act in our opinion and according to the explanations given to us:

a) transactions that need to be entered into the Register in pursuance of Section 301 of the Act have been so entered;

b) the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Act have been made at prices which are reasonable having regard to prevailing market prices and exigencies of the trade at the relevant time.

vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits covered under section 58A and section 58AA of the Act and hence the question of contravention of the provisions thereof does not arise.

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

viii) We are informed that the company is in the process of maintaining cost records and accounts as prescribed under section 209 (1) (d) of the Act.

ix) According to the information and explanation given to us in respect of statutory and other dues:

a) the company has been regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance Scheme, Income Tax, Sales Tax, Excise Duty and any other statutory dues with appropriate authorities where applicable. As explained to us, the company did not have any dues on account of investor education and protection fund, wealth tax, cess and customs duty.

b) the following dues have not been deposited by the company on account of disputes:

Sr. Name of the statute Amount Forum where dispute No. (ln Lacs) is pending

i) Central Excise Duty 258.66 Adjudication

ii) Central Excise Duty 332.24 Central Excise Appellate (Payment made under Tribunal (CEGAT) protest Rs. 20 Lakhs)

iii) Disputed Customs Duty 336.00 Central Excise Appellate liability of M/s. Sunil Tribunal (CEGAT) Impex, a firm in which the company was an erstwhile partner sharing 80% profit and loss (to the extent of the profit and loss sharing ratio)

x) The company has no accumulated losses at the end of the year under review.The company has not incurred cash losses during the year under review and in the immediately preceding pervious year.

xi) The company has not defaulted in respect of funds borrowed from Bank. No loans are taken from other Institution or by way of debentures. Hence the question of default therein does not arise

xii) The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) The company is not a chit fund or nidhi, mutual benefit fund, society. Therefore, clause 4 (xiii) of the CARO is not applicable to the company.

xiv) The company has not been dealing or trading in shares, debentures and other investments. Therefore, clause 4(xiv) the CARO is not applicable to the Company.

xv) According to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from banks or financial institutions.

xvi) The company has not taken any term loan during the year under review. Hence this clause is not applicable.

xvii) The company has not used the funds raised on short term basis for long term investments.

xviii) The company has not made any preferential allotment of shares during the year and accordingly the question of price being prejudicial to the interest of the company does not arise.

xix) Clause 4 (xix) is not applicable since as at the end of the year under review there are no debentures issued.

xx) During the period, the Company has not raised any money by way of public issue.

xxi) According to the information and explanations given to us, no fraud on or by the Company have been noticed or reported during the financial year under review.

For V.K.BESWAL & ASSOCIATES CHARTERED ACCOUNTANTS

R.P.LADDHA (PARTNER) Membership No. 48195

Place : Mumbai Dated : 1st September, 2010