Auditor Report of Super Tannery Ltd.

Mar 31, 2024

We have audited (he accompanying standalone financial slatements of Super Tannery Llmiied ("the Company"}, which comprise the standalone Balance Sheet as at March 3i, £024, and the standalone Statement of Profit and Loss (including other comprehensive income), the standalone Statement of Change in Equity and standalone Statement of Cash Flows for the year then ended, and notes to the standalone financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred teas "Standalone Financial Statements").

In our opinion and to the besl of our information and according to the explanations given to us, the aforesaid standalone financial slalements give the information required by the Companies Acl, 2013 (the Acl) in the manner so required and give a true and fair view in conformity with (he Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Stands rds) Rules, 2015, as amended, thereof ("!nd AS") and other accounting principles generally accepted in India, of the stale of affairs of the Company as at March 31,2024, its profit, total comprehensive income, change in equity and its cash flows for iho year ended on thatdate.

Sasis for Opinion

We conducted our audit of the standalone financial statements In accordance with the Standards on Auditing (SAs) specified under section 143( 10) of the Act. Our responsi bi litios under those $tg nd ard s a re fu rther described i n the Auditor''s Respon sibilitics for the Audit of the standalone Financial Statements section of our report. We are independent of the Company in accordance wilh the Code of Ethics issued by (he Insliiute of Chartered Aoeounlanfs of India together with the ethical requirements that are relevant lo our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our ofher 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 opinion on the standalone Financial Statements.

Key Audit Matters

Key audit mailers are those matters that, in our professional judgment, were of most significance in our audit of (he standalone financial statements of the current period. These matters were addressed In the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on Ihese matters. We have determined that [here are no soy audit matters to bo communicated in our report.

Information Other than the standalone Financial Statements and Auditors'' Report Thereon

The Company''s Board of Directors is responsible for 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 and Corporate Governance and Shareholder''s information, but does nol include the consolidated financial statements, standalone financial statements and our auditor''s report thereon.

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

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

if. based on Ihe work we have performed, we conclude that there is a material misstatement of this other information, we are required to report lhat Fact. We have nolhlng to report In this regard

Responsibility of Management for tho standalone Financial Statements

Tha Company''s Board of Directors is responsible for the matters stated io section 134(5) of the Acl with respect to the preparation of these standalone financial statements thal give a true and fair view of the financial position, financial performance, including other comprehensive income, change In equity and cash flows of the Company In accordance with the accounting principles generally accepted In India, including the accounting Standards specified under section 133 of the Act. This responsibility also includes ma intenance of adeg uate accounting records in accords nee with the provis ions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection end 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, thal were operating effectively for ensuring the accuracy and completeness of the

accounting records, fielevanl to the preparation and presentation of the standalone financial statement (hat give a (rue and fair view and are free from material misstatement, whether due to fraud or error.

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

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

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

Our objectives are lo obtain reasonable assure nee about whether the standalone financial siatements as a whole are Tnee from materiel misstatement, whether due lo 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 j1 exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably ba expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

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

Idenlify 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, in terniona I omissions, misrepresentations, or the override of internal control,

Obtain an understanding of internal control relevant lo 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 interna] financial coni rots system m 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 managemenl''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, lo 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 condJIions mey cause the Company to cease lo continue as a going concern.

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

Materiality is the magnitude of misstatements in the 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 a nd qualitative factors in (I) plan ning (he scope of our audit work and in aval uati ng the results of our work; and | ; i) to evaluate theeWect of any identified misstatements m thefinancia! statements.

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

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

From the matters communicated with those charged wilh governance, we determine those malters lhat were of most significance in (he audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe Ihese matters in our auditors'' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare d rcumsts nca s, we determine that a matter should not be TOmmu nicated i n qu r report beca use the ad ver&fi consequences of doing so would reasonably be expected to outweigh the public inieresl benefits of such communication.

Re port on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2050 (''the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of Ihe Companies Act, 2013, we give in the ‘Annexe re A", a siatement on the matters specified in paragraphs 3 and 4 of (he Order, lo the extent applicable.

2. Further to our comments In Annexure A, 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 ou r audit;

(b) In our opinion, proper books of account as required by iaw have bean kept by Ihe Company so far as it appears from our examination of those books;

(c) The standalone balance sheet, Ihe standalone statement of profil and loss (including other comprehensive income), the standalone statement of change In equity and the standalone statement of cash flows dealt with by this Report are In agreement with the books ol account;

(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of |hg Act. read with Ru le 7 of (he Compa niss (Accounts) Rules, 2014;

(el On the basrs of Ihe written representations received from the directors as of March 31, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2024 from being appointed as a director rn terms ot Section 164 (2) of the Acf,

(f) Wiih rasped to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report m "Annexure B". Our report expresses an unmodified opfn ion on the adequacy a nd operating effectiveness of the Company''s in temal financial controls over financial reporting.

(g) As required by Section 197(16) of the Act. we report that the Company has paid remuneration to its directors during the year in accordance with the provisions of and limits laid down under Section 197 road with Schedule Vto the Act.

(h) With respecllo the other mailers to be i nctuded i n the Auditor''s Re port in accords nee wi th R ule 11 of tbs Companies (Audi! and Auditors) Rules ,2014, in our spin ion and lo the best of our information and according to the explanations g iven lo u s:

i. The Company has disclosed the impact of pending litigations on its financial position In Its standalone financial state ments - Refer Note no. 33 to the financial sta te ments;

ii. the Company did not have any long-term contracts including derivative contracts for Which there were any material foreseeable losses, and

iiMhere has been no delay in iransferring 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 (he 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 orentiiy, including foreign entity ("Intermediaries''), with the understanding, whether recorded in whiling or otherwise, that the Intermediary shall, whether directly or indirectly lend or invest in other persons or entitles Identified in any manner whatsoever by or on behalf of Ihe Company (“Jl Li male Beneficiaries") or provide any guarantee, security or Ihe like on behatr of the Ullrmate Beneficiaries;

(b) The Management has represented, that, to (he best of its knowledge and belief, no funds (which am material either Individually or in the aggregate) have been received by the Company from any person or entity, including foreign enfiiy ("Funding Parties"), with the understanding, whether recorded In wrhlng or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entitles Identified In any manner whatsoever by or on behalf of the Funding Party ("Ullimate 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 lo our notice (hat has caused us to believe lhal the representations under sub-clause (i) and (ii) of Rule 11(e), as

provided under (a)and (b) ebove. contain any material misstetemenl. v. (a) The final dividend proposed in the previous year, declared and paid by the Company during the year is in accordance with Section 123 of the Act, as applicable.

(b) As stated in Note 12 (I) to (ha financial statements, the Board of Directors of ihs Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with Section ^ 23 of the Act, as applicable, vi Based on our examination which included test checks, the Company has used an accounting software for maintaining its bocks of accounts for the financial year ended March 31,2024 which has a feature of recording audit trail (edi< log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during (he course of our audil we did nolooms across any instance of audil trail feature being lam pared with

As proviso to Rule 3(1) of the Companies (Atxcunls) Rules, 2014 is applicable from April 1.2023 reporting under Rule 11 (g) of Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the slalutory requirements for record retention is net applicable for the financial year ended March 31.2024.

For Kapoor Tandon & Co.,

Chartered Accountants Firm Registration NO.000952C

(Divyank Nigam)

Partner

Place; Kanpur M, No, 436443

Date: 30.05,2024 UD!N:2443&443BKAVJX9465

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Mar 31, 2023

We have audited the accompanying standalone financial statements of Super Tannery Limited (“the Company”), which comprise the standalone Balance Sheet as at March 31, 2023, and the standalone Statement of Profit and Loss (including other comprehensive income), the standalone Statement of Change in Equity and standalone Statement of Cash Flows for the year then ended, and notes to the standalone financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as “Standalone Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (the Act) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, thereof (“Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023, its profit, total comprehensive income, change in equity and its cash flows for the year ended on that date,

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) oftheAct 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 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 opinion on the standalone Financial Statements.

Key Audit Matters

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 as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters, We have determined thatthere are no key audit matters to be communicated in our report

Information Other than the standalone Financial Statements and Auditors'' Report Thereon

he Company''s Board of Directors is responsible forthe other information. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report including AnneXures to Board''s Report and Corporate Governance and Shareholder''s information, but does not include the consolidated financial statements, standalone financial statements and our auditor''s report thereon,

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

In connection with our audit of the financial statements, our responsibility is to read the Other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our auditor 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

Responsibility of Management for the standalone Financial Statements

The Company''s Board of Directors is responsible forthe matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, including other comprehensive income, change in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards specified under section 133 of the Act, This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate implementation and

maintenance of accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error,

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

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

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

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

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, designand 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 mayinvolve 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 system in place and the operating effectiveness of such controls,

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

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

• Evaluate the overall presentation, structure and contentofthe standalone financial statements, including the disclosures, and whether the standalone financial statements representthe underlying transactions and events in a manner that achieves fair presentation,

• Materiality is the magnitude of misstatements in the 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,

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

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

• From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our 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

1 As required by the Companies (Auditor’s Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the “Annexure A", a statement on the matters specified in paragraphs3and4ofthe Order, to the extent applicable.

2 FurthertoourcommentsinAnnexureA, as required by Section 143(3) oftheAct, 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 forthe 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 ofthose books;

(c) The standalone balance sheet, the standalone statement of profit and loss (including other comprehensive income), the

standalone statement of change in equity and the standalone statement of cash flows dealt with by this Report are in agreement with the books of account;

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

(e) On the basis of the written representations received from the directors as of March 31, 2023 taken on record by the Board of Directors, noneofthe directors is disqualified as on March 31, 2023from being appointed as a director in terms of Section 164(2) oftheAct.

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

(g) As required by Section 197(16) oftheAct, we report that the Company has paid remuneration to its directors during the year in accordance with the provisions of and limits laid down under Section 197 read with Schedule V to the Act,

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

i, The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements -Refer Note no 33 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 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 orloanedor 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, (a) Thefinal dividend proposed in the previous year, declared and paid by the Company during the year is in accordance with Section 123 oftheAct, as applicable

(b) As stated in Note 12 (I) to the financial statements, the Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with Section 123 oftheAct, as applicable.

vi, Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company with effect from April 1,2023, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year ended March 31,2023

For Kapoor Tandon & Co.,

Chartered Accountants

Firm Registration No.000952C

(Divyank Nigam)

Partner

Place: Kanpur Ml. No. 438443

Date: 30.05.2023 UDIN: 23438443BGRYUX8799

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Mar 31, 2018

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of Super Tannery Limited (“the Company”), which comprise the Balance Sheet as at March 31,2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information (herein after referred to as “standalone Ind AS financial statements”).

Management’s Responsibility for the Standalone Ind AS Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone 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 there under.

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 Ind AS 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 Ind AS 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 standalone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the standalone Ind AS 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 standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. 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 standalone Ind AS 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 Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including Ind AS, of the state of affairs of the Company as at March 31, 2018 and its profit, total comprehensive income, cash flows and the change in equity for the year ended on that date.

Emphasis of Matter

Attention is drawn to Note no. 34 to the accompanying Ind As financial statements regarding restatement of financial statements of earlier periods pursuant to the scheme of Arrangement resulting in demerger of the Goat Tannery Business undertaking of the company with effect from the appointed date being April 01, 2017 as approved by the National Company Law Tribunal (NCLT) vide Order dated 27^th December, 2017. Our opinion on the standalone Ind AS financial statement is not modified in respect of these matters.

Other Matters

The comparative financial information of the company for the year ended 31st March, 2017 and the transition date opening balance sheet as at 1 st April, 2016 included in these standalone Ind AS financial statements are based on the statutory financial statements prepared in accordance with the Companies (Accounting Standard) Rules, 2006 as amended, audited by erstwhile statutory auditors whose report for the years ended 31 st March, 2016 and 31 st March, 2017 expressed an unmodified opinion on those standalone financial statements vide report dated May 30,2016 and May 30,2017 respectively, and have been restated to comply with Ind AS. The adjustments to those previously issued said financial information to comply with Ind AS have been audited by us.

Our opinion on the standalone Ind AS financial statement is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, and on the basis of such checks of the books and records of the company as we considered appropriate and according to information and explanations given to us, we give in the “Annexure A”, a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143 (3) of the Act, we report that:

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

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

c. the Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Cash Flow Statement and the statement of change in equity dealt with by this Report are in agreement with the relevant books of account;

d. in our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with relevant rules issued there under;

e. on the basis of the written representations received from the directors as of March 31,2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164 (2) of the Act;

f. with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”; and

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

i. The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind AS financial statements - Refer Note no. 33 to the standalone Ind AS financial statements;

ii. In our opinion and as per the information and explanations provided to us, the company has not entered into any long-term contracts including derivative contracts, requiring provision under applicable laws or accounting standards, for 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 during the year ended March 31,2018.

ANNEXURE ATO THE INDEPENDENT AUDITORS’ REPORT

(Referred to in paragraph 1 of our report of even date on the standalone Ind AS financial statements for the financial year ended March 31,2018 of Super Tannery Limited)

In terms of the information and explanations given to us and also on the basis of such checks as we considered appropriate, we state that:

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

(b) All the fixed assets have not been physically verified by the management during the year but there is regular program of physical verification, which in our opinion is reasonable, having regard to the size of the Company and the nature of fixed assets. No material discrepancies have been noticed in respect of the assets physically verified during the year.

(c) The Company owns immovable properties. Certain immovable properties of erstwhile Super AgroTech Limited (SATL) acquired pursuant to the scheme of amalgamation sanctioned by Hon’ble High Court of Judicature at Allahabad, included in the books of the company remain in the name of SATL pending completion of the certain formalities. Further, to aforesaid certain land at Banthar, Unnao though used for the business purposes of the company is lying registered in the name of one of director of the company.

(ii) The inventories of the Company have been physically verified by the management at regular interval during the year. In our opinion, the frequency of verification is reasonable. As explained to us, the discrepancies noticed on verification were not material in relation to the operations of the Company.

(iii) The Company has not granted any loan, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties listed in the register maintained under Section 189 of the Companies Act, 2013 (the Act) excepting interest free unsecured demand loan granted in earlier years to two Wholly Owned Subsidiaries incorporated outside India.

(a) The terms and conditions of such loan/advance are, prima facie, not prejudicial to the company’s interest.

(b) As the loans are in the nature of demand loan, no schedule of repayment of principal and payment of interest have been specified.

(c) There is no overdue in respect of such loans and interest thereon as no demand has been raised by the company.

(iv) The Company has complied with the provisions of Sections 185 and 186 of the Act in respect of grant of loans, making investments and providing guarantees and securities, as applicable.

(v) In our opinion, the Company has not accepted any deposit during the year within the meaning of Section 73 to Section 76 of the Companies Act, 2013 (the Act) read with the Rules framed there under. Hence, paragraph 3(v) of the Order is not applicable.

(vi) Having regard to the nature of the Company’s business/activities, the maintenance of cost records has not been specified by the Central Government under section 148(1) of the Act. Accordingly reporting under clause (vi) of paragraph 3 of the Order is not applicable.

(vii) (a) According to the books and records produced and examined by us, the Company is generally regular in depositing undisputed Statutory dues including Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Goods and Services Tax (GST), Cess and other material statutory dues as applicable with the appropriate authorities and no undisputed amount payable in respect of aforesaid statutory dues were outstanding as at March 31,2018 for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us, there are no dues of Income Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax and GST which have not been deposited on account of any dispute, except mentioned as below:

Name of the Statute	Nature of dues	Forum where dispute is pending	Period to which amount relates	Amount* (Rs. In Lacs)
The Income Tax Act, 1961	Demand on assessment	High Court, Allahabad	A Y. 2007-08	30.54
		Income Tax Appellate Tribunal, Lucknow Bench	A.Y. 2014-15	12.50
Finance Act, 1994	Service Tax	Asst. Commissioner Service Tax, Kanpur	2014-15	3.80

* Demand net of amount paid under protest

(viiii) The company has not defaulted in repayment of loans or borrowings to a financial institution, bank, government or dues to debenture holders during the year.

(ix) The company has not raised any money by way of initial public offer or further public offer (including debt instruments) during the year. In our opinion, the term loans have been applied for the purposes for which they were raised.

(x) Based on the audit procedures performed and according to the information and explanations given to us, no material fraud by the Company or on the company by its officers or employees has been noticed or reported during the year.

(xi) In our opinion, the managerial remuneration paid or provided by the company is in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.

(xii) The company is not a “Nidhi Company”; hence paragraph 3(xii) the Order is not applicable.

(xiii) In our opinion, transactions with the related parties are in compliance with section 177 and 188 of Act where applicable and the details of such transactions have been disclosed in the Standalone Ind AS Financial Statements as required by the applicable accounting standards.

(xiv) The company has not made preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Hence, paragraph 3(xiv) the Order is not applicable.

(xv) In our opinion, the company has not entered into any non-cash transactions with directors or persons connected with him. Hence, paragraph 3(xv) the Order is not applicable.

(xvi) In our opinion, the company is not required to be registered under Section 45 lAof the Reserve Bank of India Act, 1934.

ANNEXURE B TO THE AUDITORS’ REPORT

(Referred to in paragraph 2(f) of our report of even date on the standalone Ind AS financial statements for the financial year ended March 31,2018 of Super Tannery Limited)

Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of Super Tannery Limited (“the Company”) as of March 31, 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For Rajeev Prem & Associates,

Chartered Accountants

Firm Registration No. 008905C

Place: Kanpur (Rajeev Kapoor)

Date: May 30, 2018 Partner

M. No.077827

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Mar 31, 2015

Report on the Standalone Financial Statements

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

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, 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 and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards and pronouncements 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 auditors' 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 aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the company as at March 31, 2015 and its profit and its 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, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, and on the basis of such checks of the books and records of the company as we considered appropriate and according to information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143 (3) of the Act, we report that:

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

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

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

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

e. On the basis of the written representations received from the directors as on March 31, 2015 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 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 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 no. 39 to the financial statements;

(ii) In our opinion and as per the information and explanations provided to us, the company has not entered into any long term contracts including derivative contracts, requiring provision under applicable laws or accounting standards, for 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.

[Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements' section of our report of even date on the standalone financial statements of Super Tannery Limited ("the Company") for the year ended March 31, 2015]

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

(b) The fixed assets of the company are physically verified in a phased manner, so as to cover all the fixed assets over a period of two years. In our opinion, the frequency of physical verification of fixed assets is reasonable, having regard to the size of the company and nature of its assets. No material discrepancies between book records and the physical inventory were noticed in respect of the assets verified during the year.

(ii) (a) The inventories of the Company have been physically verified by the management during the year except material lying with the third parties.. 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 of inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

(c) On the basis of our examination of records of inventories, in our opinion, the company has maintained proper records of inventory and the discrepancies noticed on physical verification between the physical stocks and the book records were not material in relation to the operation of the company.

(iii) (a) The Company has not granted any loan, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 189 of the Companies Act, 2013 except unsecured advances to two wholly owned foreign subsidiaries granted in earlier years.

(b) No irregularity was notices during the year in respect of repayment of principal amount.

(c) There is no amount overdue in respect of Loan granted to aforesaid wholly owned foreign subsidiaries.

(iv) In our opinion, and according to information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services.

Further, during the course of our examination of the books and records of the company, and 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.

(v) In our opinion and according to information and explanations given to us, the Company has not accepted any deposit from the public within the meaning of Section 73 to Section 76 of the Companies Act, 2013 read with the Rules framed there under.

(vi) In our opinion and according to information and explanations given to us, the requirement of maintenance of cost records pursuant to Companies Cost Records and Audit rules, 2014 specified by the Central Government of India under sub-section (1) of the section 148 of the Act are not applicable to the company for the year under review.

(vii) (a) According to the books and records produced and examined by us, the Company is generally regular in depositing undisputed Statutory dues including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues as applicable with the appropriate authorities and no undisputed amount payable in respect of aforesaid statutory dues were outstanding as at March 31, 2015 for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us, there are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax and Cess which have not been deposited on account of any dispute, except mentioned as below:

Name of the Nature of Forum where Period to which Amount Statute Dues dispute is amount relates (Rs.) pending

Income Tax Income CIT Appeals, A.Y. 2010-11 &, Act, 1961 Tax & Kanpur A.Y. 2012-13 76,12,012 Interest

Income Tax Income ITAT, Lucknow A.Y. 2007-08 30,54,620 Act, 1961 Tax & Bench Interest

(b) According to the information and explanations given to us, the amount that required to be transferred to Investors Education and Protection Fund during the year in accordance with the relevant provisions of the Companies Act, 1956 and rules framed thereunder has been transferred to such fund within time.

viii. The company does not have any accumulated losses as at the end of the year and has not incurred cash losses during the financial year covered by audit report and in the immediately preceding financial year.

ix. According to the information and explanations given to us and based on the documents and records produced to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders during the year.

x. The Company has not given any guarantees for loans taken by others from banks or financial institution.

xi. In our opinion, the term loans have been applied for the purposes for which they were obtained.

xii. Based on the audit procedures performed and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For Kapoor Tandon & Co.,

Chartered Accountants

Firm Reg. No. 000952C

R.P. Gupta

Partner

Place : Kanpur Membership No. 070904

Date : 30.05.2015

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Mar 31, 2014

We have audited the accompanying financial statements of Super Tannery Limited ("the Company"), which comprises the Balance Sheet as at March 31, 2014, 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") (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs) and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

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 Company''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.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the accompanying 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 the 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

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 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 Act (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs);

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

ANNEXURE TO THE AUDITORS REPORT

(This is the Annexure referred to in para 1 of our report of even date on the Financial Statements for the year ended 31st March, 2014 of Super Tannery Limited)

In terms of the information and explanations given to us and the books and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state as under:

(i) (a) The company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.

(b) The fixed assets of the company are physically verified in a phased manner, so as to cover all the fixed assets over a period of two years. In our opinion, the frequency of physical verification of fixed assets is reasonable, having regard to the size of the company and nature of its assets. No material discrepancies between book records and the physical inventory were noticed in respect of the assets verified during the year.

(c) The fixed assets disposed of during the year, in our opinion, do not constitute substantial part of the fixed assets of the company and such disposal has, in our opinion, not affected the going concern status of the company.

(ii) (a) The inventories of the company have been physically verified by the management during the year except material lying with the third parties. In our opinion, the frequency of such verification is reasonable.

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

(c) On the basis of our examination of records of inventories, in our opinion, the company has maintained proper records of inventories and the discrepancies noticed on physical verification between the physical stocks and the book records were not material in relation to the operation of the company.

(iii) The company has neither granted nor taken any loans secured of unsecured to the companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

(iv) In our opinion, and according to information and explanations given to us, there is an adequate internal control system commensurate with the size of company and nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services.

Further, during the course of our examination of the books and records of the company, and according to the information and explanations given to us, we have neither come across nor we have been informed of any continuing failure to correct major weakness in the aforesaid internal control system.

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

(b) In our opinion, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956, and exceeding Rs.5.00 Lacs during the year in respect of each party have been entered into at the prices which are reasonable having regard to prevailing market price as far as we could ascertain on the basis of information and explanations given to us.

(vi) The company has not accepted any deposits from the public during the year under audit within the meaning of Section 58A and 58AA of the Companies Act, 1956 and rules framed there under.

(vii) In our opinion, and according to information and explanations given to us, the company has an adequate internal audit system commensurate with the size of the company and the nature of its business.

(viii) We have broadly reviewed the books of account maintained by the company pursuant to the order made by the Central Government for the maintenance of cost records under Section 209 (1)(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed records have been made and maintained. However, we have not made a detailed examination of the records with a view to determine whether they are accurate or complete.

(ix) (a) The company has generally been regular in depositing undisputed statutory dues including Provident Fund, Investor education & Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues with appropriate authorities. Further, in absence of notification from the Government in respect of Cess as per the provisions of Section 441A of Companies Act, 1956, the same could not be quantified/ deposited.

According to the information and explanations given to us, no undisputed dues in respect of Income Tax, Sales Tax, Wealth Tax , Custom Duty, Excise Duty were outstanding as at 31st March, 2014 for a period of more than six months from the date they became payable.

(b) Dues of Income Tax / Sales Tax / Wealth Tax/ Custom Duty / Excise Duty / Cess which have not been paid on account of any dispute are as under:

Name of the Nature of Forum where Period to which Amount Statute Dues dispute is amount relates (Rs.) pending

Income Tax Income CIT Appeals, A.Y. 2010-11 &, Act Tax & Kanpur A.Y. 2011-12 78.29 Lacs Interest

Income Tax Income ITAT, Lucknow A.Y. 2007-08 &, Act Tax & Bench A.Y. 2009-10 32.90 Lacs Interest

(x) The company has neither accumulated losses as at 31st March, 2014 nor incurred cash loss during the financial year ended on that date or in the immediately preceding financial year.

(xi) According to the information and explanation given to us, the company has not defaulted in repayment of dues to any bank during the year. There are no dues to any financial institution or debenture holder.

(xii) According to the information and explanation given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) According to the information and explanation given to us, the provisions of any special statute as applicable to chit fund, nidhi, mutual benefit fund/societies are not applicable to the company.

(xiv) In our opinion and according to the information and explanation given to us, the company is not a dealer / trader in share, securities, debentures and other investments.

(xv) The company has not given any guarantees for loans taken by others from banks or financial institution.

(xvi) In our opinion and according to the information and explanations given to us, the term loans were applied for the purpose for which the loans were obtained.

(xvii) Based on the information and the explanations given to us and on the basis of over all review of the Financial Statements of the company, in our opinion funds raised for short term purposes have, prima facie, not been used for long term requirements.

(xviii) The company has not made any preferential allotment of shares to any parties covered in the register maintained under Section 301 of the Companies Act, 1956.

(xix) According to the information and explanations given to us the company has not issued any Debentures, during the year.

(xx) The company has not raised any money by public issue during the year.

(xxi) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.

For Kapoor Tandon & Co., Chartered Accountants Firm Reg. No. 000952C

R.P. Gupta Partner Place : Kanpur Membership No. 070904 Date : 29.05.2014

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Mar 31, 2012

We have audited the attached Balance Sheet of SUPER TANNERY LIMITED as at 31st March, 2012, the Statement of Profit and Loss and the 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.

1. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from 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.

2. As required by the Companies (Auditor's Report) Order, 2003, issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956 and on the basis of such checks of the books and records of the company as we considered appropriate and according to information and explanation given to us during the course of our audit, we annex hereto a statement on the matters specified in paragraph 4 and 5 of the said Order.

3. Furtherto our comments in the annexure referred to in paragraph 2 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

c. The Balance Sheet, Statement of Profit & 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 dealt with by this report comply with the applicable Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956;

e. On the basis of written representations received from the Directors and taken on records by the Board of Directors, we report that none of the directors is disqualified as on 31.03.2012 from being appointed as a Director in terms of Section 274(1 )(g) of the Companies Act, 1956;

f. In the absence of the Notification by the Central Government of India, the Cess payable under Section 441A of the Companies Act, 1956 has not been paid, in absence of the Notification, the amount of Cess not so paid, could not be ascertained.

g. In our opinion and to the best of our information and according to the explanations given to us he said accounts read together with the Notes thereon, give the information required by the companies Act, 1956 in the manner so required and give a true arid fair view in conformity with the accounting principles generally accepted in India:

i. in the case of Balance Sheet of the state of affairs of Company as at 31st March, 2012;

ii. in the case of Statement of Profit and Loss of the profit for the year ended on that date.

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



ANNEXURE TO THE AUDITORS' REPORT

Referred to in paragraph 2 of Auditors' Report of even date on the financial Statement of Super

TanneryLimitedfortheyearended31stMach,2012. .

(i) (a) The company is maintaining proper records showing full particulars including quantitative

details and situation of fixed assets.

(b) The fixed assets of the company are physically verified in a phased manner, so as to cover all the fixed assets over a period of two years. In our opinion, the frequency of physical verification of fixed assets is reasonable, having regard to the size of the company and nature of its assets. No material discrepancies between book records and the physical inventory were noticed in respect of the assets verified during the year.

(c) The fixed assets disposed of during the year, in our opinion, do not constitute substantial part of the fixed assets of the company and such disposal has, in our opinion, not affected the going concern status of the company.

(ii) (a) The inventory of the company has been physically verified by the management during the

year except material lying with the third parties. In our opinion, the frequency of such verification is reasonable.

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

(c) On the basis of our examination of records of inventory, in our opinion, the company has maintained proper records of inventory and the discrepancies noticed on physical verification between the physical stocks and the book records were not material in relation to the operation of the company.

(iii) (a) The company has not granted any loans secured of unsecured to the companies, firms or

other parties listed in the register maintained under Section 301 of the Companies Act, 1956 excepting interest free unsecured loan to its Subsidiary, Maximum amount involved and yearend balance of such loan was Rs.200.81 Lacs.

(b) Other terms and conditions of such loans are, prima facie, not prejudicial to the interest of the company.

(c) As regards repayment of above loans are concerned, no terms of repayment have been stipulated.

(d) The company has not taken any loans secured or unsecured from the companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

(iv) In our opinion, and according to information and explanations given to us, there is an adequate internal control system commensurate with the size of company and nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services.

Further, during the course of our examination of the books and records of the company, and according to the information and explanations given to us, We have neither come across nor we have been informed of any continuing failure to correct major weakness in the aforesaid internal control system.

(v) (a) In our opinion and according to the information and explanation given to us, the transactions

made in purchase of contracts or arrangements that needed to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956, and exceeding Rs.5.00 Lacs during the year in respect of each party have been entered into at the prices which are reasonable having regard to prevailing market price as far as we could ascertain on the basis of information and explanations given to us.

(vi) The company has not accepted any deposits from the public during the year under audit within the meaning of Section 58Aand 58AAof the Companies Act, 1956 and rules framed there under.

(vii) In our opinion, and according to information and explanations given to us, the company has an adequate internal audit system commensurate with the size of the company and the nature of its business.

(viii) We have broadly reviewed the books of account maintained by the company relating to the manufacture of 'footwear' pursuant to the order made by the Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed records have been made and maintained. However, we have not made a detailed examination of the records with a view to determine whether they are accurate or complete. To the best of our knowledge and according to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records for any other products of the company.

(ix) (a) The company has generally been regular in depositing undisputed statutory dues including

Provident Fund, Investor education & Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues with appropriate authorities. Further, in absence of notification from the Government in respect of Cess as per the provisions of Section 441A of Companies Act, 1956, the same could not be quantified/ deposited.

According to the information and explanations given to us, no undisputed dues in respect of Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty were outstanding as at 31st

March, 2012 for a period of more than six months from the date they became payable.

(b) Dues of Income Tax / Sales Tax / Wealth Tax/ Custom Duty / Excise Duty / Cess which have not been paid on account of any dispute are as under:

Name of the Nature of Forum where dispute Period to which Amount (Rs.) Structure Dues is pending amount relates

Income Tax Act Income Tax& CIT Appeals, Kanpur A.Y. 2007-08 & 43,37,722 Interest A.Y.2009-10

(x) The company does not have accumulated losses as at 31st March, 2012 and has not incurred cash loss during the financial year ended on that date or in the immediately preceding financial year.

(xi) According to the information and explanation given to us, the company has not defaulted in repayment of dues to any bank during the year. There are no dues to any financial institution or debenture holder.

(xii) According to the information and explanation given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) According to the information and explanation given to us, the provisions of any special statute as applicable to chit fund, nidhi, mutual benefit fund/societies are not applicable to the company.

(xiv) In our opinion and according to the information and explanation given to us, the company is not a dealer/trader in share, securities, debentures and other investments.

(xv) The company has not given any guarantees for loans taken by others from banks or financial institution.

(xvi) In our opinion and according to the information and explanations given to us, the term loans were applied for the purpose for which the loans were obtained.

(xvii) Based on the information and the explanations given to us and on the basis of overall review of the Financial Statements of the company, in our opinion funds raised for short term purposes have, prima facie, not been used for long term requirements.

(xviii) The company has not made any preferential allotment of shares to any parties covered in the under Section 301 of the Companies Act, 1956.

(xix) According to the information and explanations given to us the company has not issued any Debentures, during the year.

(xx) The company has not raised any money by public issue during the year.

(xxi) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.

For KAPOOR TANDON & CO., Chartered Accountants Firm Registration NO.000952C Partner

Place : Kanpur (R. P. GUPTA)

Date : 30.05.2012 Membership No.:070904

---

Mar 31, 2010

We have audited the attached Balance Sheet of SUPER TANNERY LIMITED as at 31st March, 2010, the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. 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.

1. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from 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 acoounting principles used and significant estimates made by the managements, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonalbe basis for our opinion.

2 As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act 1956 and on the basis of such checks of the books and records of the Company as we considered appropriate and according to information and explanation given to us, we annex hereto a statement on the matters specifiec in paragraph 4 and 5 of the said Order.

3. . Further to our comments in the annexure referred to in paragraph 2 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 account as required by law have been kept by the company so far as appear from

our examination of these books;

c. The Balance Sheet, Profit & LossAccount and Cash Flow Statement dealt with by this report are in agreement " with the books account;

d. In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the applicable Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956.

e. On the basis of written representations received from the Directors and taken on records by the Board of Directors , we report that none of the directors disqualified as on 31.03.2010 from being appointed as a Director in terms of Section 274(1) (g) of the Companies Act, 1956;

f. In the absence of the Notification by the Central Government of India, the Cess payable under Section 441A of the Companies Act, 1956 has not been paid, in absence of the Notification, the amount of Cess not so paid, could not be ascertained.

g. In our opinion and to the best of our information and according to the explanations given to us the said accounts read together with the Notes thereon, give the information required by the companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

i. in the case of Balance Sheet of the state of affairs of Company as at 31st March, 2010.

ii. in the case of Profit and Loss Account of the Profit for the year ended on that date.

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

ANNEXURE TO THE AUDITORS REPORT

(Referred to in paragraph 2 of our report of even date on the financial statements of Super Tannery Limited for the year ended 31st March, 2010).

ii. (a) The company has maintained proper records to show full particulars including quantitative details and situation of all fixed assets.

(b) In our opinion, the fixed assets have been physically verified by the management at reasonable-intervals, having regard to the size of he company and the nature of fixed assets. No discrepancies between the book records and the physical inventory were noticed.

(c) The Company has not disposed aff any substantial part of its Fixed assets during the year so as to affect its going concern-status.

iii. (a) The inventory of the company has been physically verified by the management during the year. 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 veri fication of inventories folio wed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

(c) The company is maintained proper records of inventory. The discrepancies noticed on verification between physical inventories and book records and were not material in relation to the operations of the company and the same have been properly dealt with in the books of accounts.

iv. The Company has granted interest bearing unsecured loan to a company listed in the register maintained under Section 301 of the Companies Act, 1956. No terms and conditions for repayment of the loan are stipulated. Hence there is no overdue amount of such loan. The maximum amount outstanding at any time during the year and the balance at the end of the year was Rs. 200.81 lacs. The loan is not prima facie pre-judicial to the interest of the company. Excepting-this, the company has not granted/taken any loans to/from parties listed in the register maintained under Section 301 of the Companies Act, 1956, paragraph (iii) (b), (c) and (d) of the Order-are not applicable.

iiv. 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- nature of its business for the purchase of inventory, fixed assets and for the sale.of goods, Further, on the basis of our examination and according to the information and explanations given to us, we have neither come across nor have been informed of any instance of major weanesses in the aforesaid internal control procedures.

v. (a) In our opinion and according to the information and explanations given to us, all the transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

(b).ln our opinion and according to the information and explanations given to us, these transactions have been made at prices which are 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 from thepublic within the meaning of Section 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

vii. In our opinion and according to the information and explanations given to us, the company has an internal audit system commensurate with the size and nature of its business.

viii. To the best our knowledge and according to the information and explanations given to us, the Central Govt, has not prescribed the maintenance of cost records under Section 209(1) (d) of the Companies Act,1956 for any of the products of the company excepting leather footwear, for which in our opinion, prima facie, the prescribed accounts and records have been maintained and are being made up. We are not required to and, accordingly, have not made a detailed examination of the records.

ix. (a) According to the information and explanations given to us and books and records produced and examined by us, in our opinion, the generally regular in depositing undisputed Statutory dues including Provident Fund, Investors Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,Excise Duty, Cess (excepting Cess under Section 441A of the Companies Act 1956) and othermaterial Statutory dues as applicable with the appropriate authorities, According to the information and explanations given to us. no undisputed amount payable in respect of income Tax, Wealth Tax, Custom Duty and Excise Duty were outstanding at the end of the year for a period of more than six months from the date they become payable.

(b) As at 31st March, 2010, according to the records of the company, and the information and explanations given to us, the following are the particulars of-dues on account of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty and Cess matters that have not been deposited on account of any dispute,

Period to

Name of Nature of Amount which Forum where The Statute dues (Rs. in lacs) relates pending

Sales Tax Laws Entry Tax Not Ascerta inable F.Y. 2004-05 (a)High Court, Allahabad

F.Y. 2005-06 (For and on behalf of leather

F.Y. 20C7-08 industries of Kanpur, U.R Leather Industries Associat ion has filed writ petition challenging the constitutional validity of the U.R Tax on Entry of Goods Act, 2000) (b) High Court, Allahabad (For and on behalf of Leather Industries of Kanpur U.R Leather Industires Association has filed writ petition challenging the constitutional validity of the U.R Tax on Entry of -goods into the local area ordinance 2007 being U.R Ordinance number 35 of 2007 promulgated by the Governor of U.P

x. The company does not have accumulated losses as at the end of the financial year and it has not incurred any cash tosses in the current and immediately preceding financial years.

xi. According to the information and explanations given to us and based on the documents and records produced to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

xii. According to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

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

xiv. In our opinion and according to the information and explanations given to us, the company is not dealer or trader in securities.

xv. 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 institution.

xvi. In our opinion and according to the information and explanations given to us, the term loans were applied for the purpose for which the loans were obtained.

xvii. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the company, in our opinion, there are no funds raised on a short term basis which have been used for long term investment and vice versa.

xviii. The company has not made any preferential allotment of shares to parties and company covered in the register " maintained under Section 301 of the companies Act, 1956 during the year.

xix. The company has not issued any debentures during the year.

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

xxi. Based on the audit procedures performed and according to the information and explanations given to us, no fraud on by the company has been noticed or reported during the year.

For KAPOOR TANDON & Co.,

Chartered Accountants

Registration No. 000952C

(R.P. GUPTA)

Place : Kanpur Partner

Date ; 29.05.2010 Membership No.; 070904