Auditor Report of SVA India Ltd.

Mar 31, 2024

We have audited the Standalone Financial Statements of SVA INDIA LIMITED ("the Company"),
which comprise the balance sheet as at 31st March 2024, and the statement of Profit and Loss and
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.

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 31st March, 2024, its profit/loss and its
cash flows for the year ended on that date,

a) In the case of the Standalone balance sheet, of the state of affairs of the company as at March 31,
2024.

b) In the case of the Standalone Profit and Loss Account, of the profit for the period ended on that
date and

c) In the case of Standalone cash flow statement, for the cash flows for the year ended on that date.
Basis for Opinion

We conducted our audit in accordance with the Accounting Standards (AS) specified under section
143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further
described in the Auditor''s Responsibilities for the Audit of the 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
Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter:

A. Company is not complied the provision of IND AS -19 for Employee benefit.

Our opinion is not modified in respect on this matter.

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.

Information other than the Standalone Financial Statements and auditors'' report thereon

The Company''s board of directors is responsible for the preparation of the other information. The
other information comprises the information included in the Board''s Report including Annexures to
Board''s Report but does not include the Standalone Financial Statements and our auditor''s report
thereon.

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

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

If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance 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 (AS) 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 accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the
Standalone Financial Statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

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

• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act,
2013, we are also responsible for expressing our opinion on whether the company has adequate
internal financial controls system in place and the operating effectiveness of such controls.

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

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

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

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

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

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

Report on Other Legal and Regulatory Requirements

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 paragraphs 3

and 4 of the Order, to the extent applicable.

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 (AS) specified under Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014.

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

f) With respect to the adequacy of the internal financial controls with reference to
Standalone Financial Statements of the Company and the operating effectiveness of
such controls, refer to our separate Report in ''Annexure B''.

g) With respect to the matter to be included in the Auditor''s Report under section 197(16),
In our opinion and according to the information and explanations given to us, the
remuneration paid by the Company to its directors during the current year is in
accordance with the provisions of section 197 of the Act. The remuneration paid to any
director is not in excess of the limit laid down under section 197 of the Act. The Ministry
of Corporate Affairs has not prescribed other details under section 197(16) which are
required to be commented upon by us.

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

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

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

iv. (a) The management has represented that, to the best of it''s knowledge and belief, no
funds have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the company to or in any other
person(s) or entity(ies), including foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

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

(c) Based on such 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 mis-statement.

v. No dividend have been declared or paid during the year by the company.

vi. Based on our examination, which included test checks, the Company has used
accounting software''s which did not had a feature of recording audit trail (edit log)

facility.

For Agrawal Jain and Gupta

Chartered Accountants

Firm Reg. No. 013538C

Sarwan Kumar Prajapati

Partner

Membership No. 199969

UDIN: 24199969BKAKKQ7632

Place: Mumbai

Dated:17.05.2024

---

Mar 31, 2014

We have audited the accompanying financial statements of SVA INDIA LIMITED (the Company), which comprise 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.

MANAGEMENTS RESPONSIBILITY FOR THE FLNANCIAL STATEMENTS

The Company''s 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 notified under the Companies Act, 19S6 (the Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 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 wellsBrtwluating the overall presentation of the financial statements. We believe that the audit evidence we have obtaines 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 aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India except refer point no. 16 in Significant Accounting Policies regarding accounting policy on foreign exchange transactions:

(a) In the case of the Balance Sheet of the state of affairs of the Company as at March 31st 2014;

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

(c) In the case of the Cash Flow Statement, of the cash flows of the Company 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 Section 227(4A) 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, 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 Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 except refer point no 16 in Significant Accounting Policies regarding accounting policy on foreign exchange transactions.

e. On the basis of the written representations received from the directors as on March 31, 2014, 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 Section 274(IXg) of the Act.

Annexure to Independent Auditors'' Report

Referred to in Paragraph 1 under the heading of "report on other legal and regulatory requirements" of our report of even date -

1. In respect of its fixed assets:

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

b) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. According to the information and explanation given to us, no material discrepances were noticed on such physical verification.

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

2. In respect of its inventories:

a) The inventories have been physically verified during the year by the management. 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 the nature of its business.

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

3. In respect of the loans, secured or unsecured, taken by the Company from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956:

a) The Company has taken loans from 2 parties. In respect of the said loans, the maximum amount outstanding at any time during the year was Rs.78.70 Lac and the year-end balance is 75.46 Lacs.

b) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions of the loans taken by the Company, are not prirna facie prejudicial to the interest of the Company.

c) The aforesaid loans were repayable on demand.

In respect of the loans, secured or unsecured, granted by the Company to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956:

a) The Company has given loans to 11 parties. In respect of the said loans, the maximum amount outstanding at any time during the year was Rs. 159.28 Lacs and the year-end balance is Nil.

b) In our opinion and according to the information and explanations given to us. other terms and conditions of the loans given by the Company, are not prima facie prejudicial to the interest of the Company except no interest is charged.

c) The aforesaid loans were repayable on demand.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchases of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in such internal control system.

5. In respect of the contracts or arrangements referred to in Section 301 of the Companies Act, 1956:

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

(b) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts / arrangements that need to be entered in the Register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs.5,00,000 in respect of each party.

6. According to the information and explanations given to us, the Company has not accepted any deposit from the public. Therefore, the provisions of Clause (vi) of paragraph 4 of the Order are not applicable to the Company.

7. Although, the company did not have a formal internal audit system during the previous year, in our opinion, its internal control procedures involved reasonable internal checking of its financial and business transaction.

8. According to information and explanation given to us, provisions of cost records to be maintained pursuant to the Companies (Cost Accounting Records) Rules, 2011 as presented by the Central Government under Section 209(1)(d) of the Companies Act, 1956 arc not applicable to the Company.

9. In respect of statutory dues:

a) According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund. Employees'' State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess, and other material statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanarions given to us by the management, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2014 for a period of more than six months from the date of becoming payable.

b) According to the information and explanations given to us by the management, derails of dues of Income Tax, Sale Tax. Custom Duty and Excise Duty which have not been deposited as on March 31, 2014 on account of disputes arc given below:

10. The Company has no accumulated losses at the end of the financial year and it has not incurred any cash losses during the current financial year & in immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanations given to us, Company is generally regular in repayment of dues to financial institutions / banks.

12. In our opinion and according to the explanations given to us and based on the information available, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

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

14. The Company has maintain proper records of the transactions and contracts in respect of dealing or trading in shares, securities, debentures and other investments and timely entries. According to the information provided to us by the Management, all shares, securities, and other investments have been held by the Company in its own name.

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

16. The Company has not raised any term loans during the year so question of application of same is not applicable.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet ot the Company, we are of the opinion that no funds raised on short term basis have been used for long-term investment during the year.

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

19. According to the information and explanations given to us, the Company has not issued any secured debentures.

20. The Company has not raised any capital by way of public issues during the year

21. To the best of our knowledge and according to the information and explanations giver, to us. no material fraud on or by the Company has been noticed or reported during the year.

FOR S.D. MOTTA & ASSOCIATES Chartered Accountants Date: 29/05/2014 Place: Dombivli SANJAY MOTTA Proprietor Mem. No. 107688

---

Mar 31, 2012

1. We have audited the attached Balance Sheet of SVA INDIA LIMITED ("the Company") as at 31st March, 2012, the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date, both annexed thereto. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditor's Report) Order, 2003 (CARO) issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that:

i. 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;

ii. 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;

iii. The Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement

with the books of account; iv. In our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement deal with by this report are in compliance with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956;

v. In our opinion and to the best of our information and according to the explanations given to us, they said accounts 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:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31 st March, 2012;

(b) In the case of the Profit and Loss Account, of the Loss of the Company for the year ended on that date; and (c) In the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

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

ANNEXORE TO THE AUDITORS' REPORT

(Referred to in paragraph 3 of our report of even date

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

All the assets have not been physically verified by the management during the year but it has been informed to us that there is a regular program me of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. As per information & explanations provided to us, no material discrepancies were noticed on such verification.

2) (a) As informed to us, the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

The procedure of physical verification of inventories followed by the management, are reasonable and adequate in relation to the size of the company and the nature of its business.

On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3) (a) As per information and explanations provided to us the company had not taken unsecured loan from other companies covered in the register maintained under section 301 of the Companies Act, 1956. There is no firm covered in the register maintained under section 301 of the Companies Act, 1956 to which the company has granted loans.

(b)ln our opinion the rate of interest and other terms and conditions on which loans have been taken from/granted to companies firms or other parties listed in the registers maintained under section 301 are not, prima facie, prejudicial to the interest of the company.

(c) The company is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest. The parties have repaid the principal amounts as stipulated and have been regular in the payment of interest.

(d)There is no overdue amount of loans taken from or Granted to companies, firms or other parties listed in the registers maintained under section 301 of the Companies Act 1956.

4). In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

5) Based on the audit procedures applied by us an according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered.

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

7).In our opinion and according to the information and explanations given to us, the provisions of section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptapce of deggsits) Rules, 1975 with regard to the deposits accepted from the public are not applicable to the Company,

8). The company does not have a system of internal audit system.

9).The Maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act.

10) (a) According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund .employees state insurance, income-tax, sales- tax, custom duty, excise-duty, cess and other statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income-tax, wealth- tax, sales tax, custom duty and excise duty were outstanding, as at 31st March, 2012 for a period of more than six months from the date they became payable.

(c) According to the records of the company, there are no dues of sales tax, income tax, custom tax/wealth-tax, excise duty/cess which have not been deposited on account of any dispute.

11) As per information and explanations provided to us, the accumulated losses of the Company are not more than fifty percent of its net worth. The Company has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

12) Based on our audit procedures and on the information and explanation given by the management, we are of the opinion that the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

13). Based on our examination of documents and records and as per information and explanations provided to us, Company has not granted loans and advance on the basis of security by way of pledge of shares, debentures and other securities.

14). In our opinion and as per information and explanations provided to us, we are of the opinion that proper records have been maintained of the transaction and contracts and timely entries have been made in those records. On the basis of the written representation received from the directors, we also report that the company has held the shares, securities, debentures and other securities in its own name.

15). As per information and explanations provided to us, The Company has not given any guarantee for loans taken by others from bank or financial institutions.

16.) According to information and explanations provided to us, the Company has not raised term loan during the year under Audit.

17.) According to the information and explanation given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment. No long-term funds have been raised during the year.

18). During the period covered by our audit report, the company has not issued any debenture, hence, the question of creation of any security in the respect of debentures dose not arise.

19) The company has not raised money by way of public issues during the year; hence question of end use of the same does not arise-

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

21) During the course of examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practice in India and according to the information and explanation given to us , we have neither come across any instance of fraud on or by the Company nor have been informed of such case by the management.

For UDAY PASAD &ASSOCIATES

Chartered Accountants



Uday Pasad

(Proprietor)

Mumbai, 08th August, 2012. Membership No. 46581

---

Mar 31, 2010

1. We have audited the attached balance sheet of M/S, SVA India Limited, as at 31st March 2010, and also the profit and loss account 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 the auditing standards generally accepled in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material miss-statement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matter specified in paragraphs 4 and 5 of the said Order.

3. Further to our comments in the Annexure referred to above, we report that:

(i) We have obtained all the information and explanations, which to the best of our know edge and belief were necessary for the purposes of our audit;

(ii) 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.

(iii) The balance sheet and profit & loss account dealt with by this report are in agreement with the books of account.

(iv) In our opinion, the balance sheet and profit & loss account dealt with by this report company with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act. 1956 except AS

-1 "Disclosure of Accounting Policies" {Refer Note 1.E of schedule 15).

(v) On the basis of written representations received from the directors, as on 31st March 2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2010 from being appointed as a director in terms of clause (g) of sub section (1)ofsection274oftheCompaniesAct, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give a true and fair view in conformity with the accounting principles generally accepted in India:

In the case of the balance sheet, of the state of affairs of the company as at 31st March 2 )10 and,

In the case of profit and loss account of the profit and in case of cash flow in the cash low statement as at 31.03.2010.

ANNEXURE TO THE AUDITORS REPORT Re SVA INDIA LIMITED. Referred to in paragraph 3 of our report of even date.

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

(b) All the assets have not been physically verified by the management during the year but it has been informed to us that there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. As per information & explanations provided to us, no material discrepancies were noticed on such verification.

2) (a) As informed to us, the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedure of physical verification of inventories followed by the management, are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) On the basis of our examination of the records of inventory, we are of the opinio that the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3) (a) As per information and explanations provided to us the company had not taken unsecured loan from other companies covered in the register maintained under section 301 of the Companies Act, 1956. There is no firm covered in the register maintained under section 301 of the Companies Act, 1956 to which the company has granted loans.

(b) In our opinion the rate of interest and other terms and conditions on which loans have been taken from/granted to companies firms or other parties listed in the registers maintained under section 301 are not, prima facie, prejudicial to the interest of the company.

(c) The company is regular in repaying the principal amounts as stipulates and has been regular in the payment of interest. The parties have repaid the principal amounts as stipulated and have been regular in the payment of interest.

(d) There is no overdue amount of loans taken from or Granted to compsnies, firms or other parties listed in the registers maintained under section 301 of the Companies Act 1956.

3) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has seen noticed in the internal controls.

4} Based on the audit procedures applied by us an according to the information and explanations provided by the management, we are of the opinon that transactions that need to be entered into the register maintained under section 301 have been so entered.

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

6) In our opinion and according to the information and explanations given to us, the provisions of section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public are not applicable to the Company.

7) The company does not have a system of internal audit system.

8) The Maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act.

10) (a) According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, inves:or education protection fund .employees state insurance, income-tax, sales-tax, custom duty, excise-duty, cess and other statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income-tax, wealth-tax, sales tax, custom duty and excise duty were outstanding, as at 31st March, 2009 for a period of more than six months from he date they became payable.

(c) According to the records of the company, there are no dues of sales tax, income tax, custom tax/wealth-tax, excise duty/cess which have not been deposited on account of any dispute.

11) As per information and explanations provided to us, the accumulated losses of he Company are not more than fifty percent of its net worth. The Company has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

12) Based on our audit procedures and on the information and explanation given by he management, we are of the opinion that the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

13) Based on our examination of documents and records and as per information and explanations provided to us, Company has not granted loans and advance on the basis of security by way of pledge of shares, debentures and other securities.

14) In our opinion and as per information and explanations provided to us, we are of the opinon that proper records have been maintained of the transaction and contracts and timely entries have been made in those records. On the basis of the written representation received from the directors, we also report that the company has held the shares securities, debentures and other securities in its own name.

15)As per information and explanations provided to us, The Company has not given any guarantee for loans taken by others from bank or financial institutions.

16)According to information and explanations provided to us, the Company has not raised term loan during the year under Audit.

17) According to the information and explanation given to us and on an overall examinatin of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment. No long-term funds have been raised during the yea .

18) During the period covered by our audit report, the company has not issued any debenture, hence, the question of creation of any security in the respect of debentures dose not arise.

19) The company has not raised money by way of public issues during the year, hence question of end use of the same does not arise.

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

21)During the course of examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practice in India and according to he information and explanation given to us , we have neither come across any instance of fraud on or by the Company nor have been informed of such case by the .management.

For Uday Pasad & Associates

(Chartered Accountants)

Uday Pasad

(Proprietor)

Place: Mumabi

Dated: 26.07.2010

---

Mar 31, 2009

1. We have audited the attached balance sheet of M/S, SVA India Limited, as at 31st March 5009, and also the profit and loss account 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 ou. audit in accordance with the auditing standards generally accepted in A India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material miss-statement. An audit includes examining, on a test basis, evidence supporting the amounts and disciosure in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors Report) Order, 2003 issued by the Central • Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matter specified in paragraphs 4 and 5 of the said Order.

3. Further to our comments in the Annexure referred to above, we report that:

(i) 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;

(ii) In our opinion, proper books of account as required by law have been kept by the company so i far as appears from our examination of those books.

(iii) The balance sheet and profit & loss account dealt with by this report are in agreement with the books of account.

(iv) In our opinion, the balance sheet and profit & loss account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act. l956except AS

-1 -Disclosure of Accounting Policies" (Refer Note IE of schedule 15).

(v)On the basis of written representations received from the directors, as on 31st March 2009 and , taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2009 from being appointed as a director terms of clause (g) of sub section (1)of section 274 of the Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us/the said accounts give a true and fair view in conformity with the accounting principles generany accepted in India:

in the case of the balance sheet, of the state of affairs of the company as at 31* March 2009 Bind,

In the case of profit and loss account of the profit and in case of cash flow in the cash flow [statement as at 31.03.2009.

ANNEXURE TO THE AUDITORS REPORT

SVA INDIA LIMITED.

Referred to in paragraph 3 of our report of even date.

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

(b) All the assets have not been physically verified by the management during the year but it has been informed to us that there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. As per information & explanations provided to us, no material discrepancies were noticed on such verification.

2) (a) As informed to us, the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedure of physical verification of inventories followed by the management, are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3) (a) As per information and explanations provided to us the company had not taken unsecured loan from other companies covered in the register maintained under section 301 of the Companies Act, 1956. There is no firm covered in the register maintained under section 301 of the Companies Act, 1956 to which the company has granted loans.

(b) In our opinion the rate of interest and other terms and conditions on which loans have been taken from/granted to companies firms or other parties listed in the registers maintained under section 301 are not, prima facie, prejudicial to the interest of the company.

(c) The company is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest The parties have repaid the principal amounts as stipulated and have been regular in the payment of interest.

d) There is no overdue amount of loans taken from or Granted to companies, firms or other parties listed in the registers maintained under section 301 of the Companies Act 1956.

3) In our opinion and according to the information and explanations given to us, regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

4) Based on the audit procedures applied by us an according to the information and explanations provided by the manaaeme we are of the opinion that the transactions that need to be entered into the register maigalned under reaction 301 have been so entered.

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

(6) In our opinion and according to the information and explanations given to us, the provisions V of section 58A and 58AA of the Companies Act, 1956 and the Companies Acceptance of I Deposits) Rules, 1975 with regard to the deposits accepted from the public are not applicable to the Company. ,

7) The company does not have a system of internal audit system.

8) The Maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act.

l0) (a) According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund .employees state insurance, income-tax, sales-tax. custom duty, excise-duty, cess and other statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income-tax, wealth-tax, sales tax, custom duty and excise duty were outstanding, as at 31st March, 2009 for a period of more than six months from the date they became payable.

(c) According to the records of the company, there are no dues of sales tax, income tax, custom tax/wealth-tax, excise duty/cess which have not been deposited on account of any dispute.

11) As per information and explanations provided to us, the accumulated losses of the Company are not more than fifty percent of its net worth. The Company has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

12) Based on our audit procedures and on the information and explanation given by the management, we are of the opinion that the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

13) Based on our examination of documents and records and as per information and explanations provided to us, Company has not granted loans and advance on the basis of security by way of pledge of shares, debentures and other securities.

I4) In our opinion and as per information and explanations provided to us, we are of the opinion that prcper records have been maintained of the transaction and contracts and timely entries have been made in those records. On the basis of the written representation received from the directors, we also report that the company has held the shares, securities, debentures and other securities in its own name.

15) As per information and explanations provided to us, The Company has not given any guarantee for loans taken by others from bank or financial institutions.

16) According to information and explanations provided to us. the Company has not raised term loan during the year under Audit

17) According to the information and explanation given to us and on an overall examination of the 1 balance sheet of the company., we report that no funds raised on short-term basis have been used for long-term investment No long-term funds have been raised during the year.

18) During the period covered by our audit report, the company has not issued any debenture, hence the question of creation of any security in the respect of debentures dose not arise.

19) The company has not raised money by way of public issues during the year, hence question of end use of the same does not arise.

20) Based upon the audit procedures performed and information and explanations given by management, we report that no fraud c.i or by the company has been noticed or reported during the course of our audit.

21) During the course of examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practice in India and according to the information and explanation given to us we have neither come across any instance of fraud on or by the Company nor have been informed of such case by the management.

for Uday Pasad & Associates

(Charterred Accountants)

Uday Pasad

(Proprietor)

place: Mumbai

Date : 25.07.2009