Auditor Report of Tyroon Tea Company Ltd.

Mar 31, 2025

We have audited the Ind AS Financial Statements of Tyroon Tea Company Limited (“the Company”), which
comprise the Balance sheet as at March 31,2025, and the statement of Profit and Loss (including other compre¬
hensive income), statement of changes in equity and statement of Cash Flows for the year then ended, and
notes to the financial statements, including a summary of the material accounting policies and other explanatory
information (hereinafter referred to as (“financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind
AS financial statements give the information required by the Companies Act, 2013 (“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, 2025, its Profit (financial performance including other
comprehensive income), changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of
the Act. Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit
of the 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 financial statements under the provisions of the Act and the Rules thereunder,
and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of
Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial statements of the current period. These matters were addressed in the context of our audit of the
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 the matter described below to be the key audit matter to be communicated in our report.

The Key Audit Matter

Auditor’s Response

Determination of fair value of biological assets and ag¬ ricultural produce as at the year ended March 31,2025. (Refer to the accompanying note no. 11 & 12 forming integral part of the Financial Statements). As on March 31,2025, the Company has biological assets with the carrying value of Rs. 21.26 lakhs and finished goods of made tea produced from green leaves harvested from own gardens (“agricultural produce”) & finished goods of made tea produced from bought green leaves with carrying value of Rs. 75.86 lakhs. The biological assets and agricultural produce used in the production of finished goods (Made Tea) are stated at fair value less costs to sell. Such Inventory of Made

We understood and tested the design and operating effectiveness of controls as established by the management in determination of the fair value of biological assets and agricultural produce used in the production of finished goods (Made Tea). We considered various factors including the actual selling price prevailing around and subsequent to the year end, including technical factors stated by management which determine the quality and hence the fair value of biological assets. Based on the above procedures performed, the management’s determination of the fair value of biological assets and agricultural produce used in the

Tea is carried at the lower of cost and net realizable	production of finished goods (Made Tea) as at the year-
value.	end and comparison with net realisable value of
We considered the valuation of biological assets and agricultural produce used in the production of finished goods (Made Tea) as a key audit matter given the sig¬ nificant judgement involved in the consideration of fac¬ tors used in the determination of fair value of such ag¬ ricultural produce.	inventory is considered to be reasonable.

Information Other than the Financial Statements and Auditors’ Report Thereon

The Company’s management and Board of Directors are responsible for the other information. The other information
comprises the information included in the Company’s annual report, but does not include the financial statements
and our auditors’ 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 in the audit or otherwise appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we are required to report
that fact. We have nothing to report in this regard.

Management’s Responsibility for the Financial Statements

The Company’s management and Board of Directors are responsible for the matters stated in Section 134(5) of
the Act with respect to the preparation of these financial statements that give a true and fair view of the state of
affairs, ( financial position), profit or loss ( financial performance including other comprehensive income), changes
in equity and cash flows 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. 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 judgements 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.

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

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

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 financial statements.

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

i. Identify and assess the risks of material misstatement of the 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.

ii. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for
expressing our opinion on whether the Company has adequate internal financial controls with reference to
financial statements in place and the operating effectiveness of such controls.

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

iv. 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 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.

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

Materiality, in the context of any entity’s financial statement taken as a whole, depends on the nature or magnitude
of financial information, or a combination of both, to be judged in the particular circumstances, that individually or
in the combination with other information is reasonably be expected to influence the economic decisions that a
reasonably knowledgeable primary user makes on the basis of the general purpose financial statements. In
planning the scope of our audit work, evaluating the results of our work and evaluating the financial effect of any
identified omissions, misstatements or obscuration in the financial statements we consider the quantitative
materiality and also the qualitative factors.

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.

From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the 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 (Auditors’ Report) Order, 2020 (“the Order”) issued by the Central Government
in terms of Section 143 (11) of the Act, we give in the “Annexure A” a statement on the matters specified
in paragraphs 3 and 4 of the Order, as may be applicable.

(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 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
statement of changes in equity and the statement of cash flows dealt with by this Report are in
agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section
133 of the Act.

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

f) With respect to the adequacy of the internal financial controls with reference to financial
statements of the Company and the operating effectiveness of such controls, refer to our
separate Report in “Annexure B”.

g) 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) of the Act which are required to be given by
us.

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

i. The Company does not have any pending litigation which would impact its financial position.

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

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,

other than disclosed in the notes to accounts, no funds have been advanced or
loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) by the company to or in any other person(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,
other than as disclosed in the notes to accounts, no funds have been received by
the company from any person(s) or entity(s), 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 audit procedures that we have considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations under iv. (a) and (b) above contain any material mis-statement.

v The Company has not declared and paid dividend during the year.

vi. Based on our examination which included test checks, the company has used an accounting
software for maintaining its books of account which has a feature of recording audit trail (edit
log) facility and the same has operated throughout the year for all the relevant transactions
recorded in the software. Further, during the course of our audit we did not come across any
instances of the audit trail feature being tampered with and the audit trail has been preserved by
the Company as per the statutory requirements for record retention.

For K. N. Gutgutia & Co.

Chartered Acco untants

Firm Registration No.:304153E

KAILASH CHANDRA SHARMA

Partner

Place: Kolkata Membership No.: 050819

Date : May 30, 2025 UDIN: 25050819BMLCNY8002

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Mar 31, 2024

TYROON TEA COMPANY LIMITED

Report on the Audit of the Financial Statements

Opinion

We have audited the Ind AS Financial Statements of Tyroon Tea Company Limited (“the Company”), which comprise the Balance sheet as at March 31,2024, and the statement of Profit and Loss (including other comprehensive income), statement of changes in equity and statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies and other explanatory information (hereinafter referred to as (“financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS financial statements give the information required by the Companies Act, 2013 (“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, 2024, its Profit (financial performance including other comprehensive income), changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the 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 financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the 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 the matter described below to be the key audit matter to be communicated in our report.

The Key Audit Matter

Auditor’s Response

Determination of fair value of biological assets and agricultural produce as at the year ended March 31,2024. (Refer to the accompanying note no. 11 & 12 forming integral part of the Financial Statements). As on March 31,2024, the Company has biological assets with the carrying value of Rs. 47.81 lakhs and finished goods of made tea produced from green leaves harvested from own gardens (“agricultural produce”) & finished goods of made tea produced from bought green leaves with carrying value of Rs. 103.87 lakhs. The biological assets and agricultural produce used in the production of finished goods (Made Tea) are stated at fair value less costs to sell. Such Inventory of Made

We understood and tested the design and operating effectiveness of controls as established by the management in determination of the fair value of biological assets and agricultural produce used in the production of finished goods (Made Tea). We considered various factors including the actual selling price prevailing around and subsequent to the year end, including technical factors stated by management which determine the quality and hence the fair value of biological assets. Based on the above procedures performed, the management’s determination of the fair value of biological assets and agricultural produce used in the

	lea is carried at the lower of cost and net realizable value. We considered the valuation of biological assets and agricultural produce used in the production of finished goods (Made Tea) as a key audit matter given the significant judgement involved in the consideration of factors used in the determination of fair value of such agricultural produce.	production of finished goods (Made Tea) .as at the year-end and comparison with net realisable value of inventory is considered to be reasonable.
	Investments (Note No. 6 & 13) Investments include investments made by the Company in various quoted and unquoted equity shares, mutual funds and preference share of others. These investments constitute 37.69% of the Company’s total assets. The valuation of each category of the aforesaid securities is to be done as per the provisions of Ind AS which involves collection of data/information from various sources such as rates quoted on BSE / NSE, Demat statement, financial statements of unlisted companies etc. Considering the complexities and extent of judgement involved in the valuation, this has been determined as Key Audit Matter	Our Audit Procedures includes the following : We have verified these investments with reference to the provisions of Ind AS and also internal policies and procedure of the Company as follows: Carried out evaluation of the design and operating effectiveness of the internal controls and performed substantive audit procedures. Assessed and evaluated the process adopted for collection of information from various sources for determining fair value of these investments. Verified compliance with the presentation and disclosure requirements as per Ind AS and the Companies Act, 2013. This test was conducted for the entire population. Based on the above procedures performed, we observed the management’s valuation assessment to be reasonable.

Information Other than the Financial Statements and Auditors’ Report Thereon

The Company’s management and Board of Directors are responsible for the other information. The other information comprises the information included in the Company’s annual report, but does not include the financial statements and our auditors’ 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 in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

Management’s Responsibility for the Financial Statements

The Company’s management and Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the state of affairs, ( financial position), profit or loss ( financial performance including other comprehensive income), changes in equity and cash flows 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. 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 financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

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

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 financial statements.

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

i. Identify and assess the risks of material misstatement of the 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.

ii. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

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

iv. 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 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.

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

Materiality, in the context of any entity’s financial statement taken as a whole, depends on the nature or magnitude of financial information, or a combination of both, to be judged in the particular circumstances, that individually or in the combination with other information is reasonably be expected to influence the economic decisions that a reasonably knowledgeable primary user makes on the basis of the general purpose financial statements. In planning the scope of our audit work, evaluating the results of our work and evaluating the financial effect of any identified omissions, misstatements or obscuration in the financial statements we consider the quantitative materiality and also the qualitative factors.

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.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the 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 (Auditors’ Report) Order, 2020 (“the Order”) issued by the Central Government in terms of Section 143 (11) of the Act, we give in the “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order, as may be applicable.

(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 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 statement of changes in equity and the statement of cash flows dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act.

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

f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.

g) 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) of the Act which are required to be given by us.

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

i. The Company does not have any pending litigation which would impact its financial position.

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

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,

other than disclosed in the notes to accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(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, other than as disclosed in the notes to accounts, no funds have been received by the company from any person(s) or entity(s), 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 audit procedures that we have considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under iv. (a) and (b) above contain any material mis-statement.

v The Company has not declared and paid dividend during the year.

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

For K. N. Gutgutia & Co.

Chartered Acco untants

Firm Registration No.:304153E

CA. SUBHASISH PORE

Partner

Place: Kolkata Membership No.: 55862

Date : May 30, 2024 UDIN: 24055862BKFCQW2096

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Mar 31, 2015

We have audited the accompanying financial statements of TYROON TEA COMPANY LIMITED ("the Company"), which comprise of the Balance Sheet as at March 31, 2015, and the Statement of Profit and Loss, the Cash Flow Statement, significant accounting policies and other notes for the year ended on that date.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act 2013 (" the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act read with Rule 7 of 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.

Auditors' Responsibility

Our responsibility is to express an opinion on these 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 thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditors' judgement, 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 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 control 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.

Opinion

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

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

b) in the case of 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 for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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

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

a. We have 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 accounts as required by law have been kept by the Company so far as appears from our examination of those;

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, Statement of Profit and loss and Cash Flow Statement 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 does not have any Pending litigations having material impact on the financial position of the Company have been disclosed in the financial statement as required in terms of the accounting standards and provisions of the Companies Act, 2013;

ii. The Company does 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.

ANNEXURE TO THE AUDITOR'S REPORT OUR REPORT OF EVEN DATE.

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

(b) The Fixed assets of the company where physically verified by the Management according to phased program of verification, which In our opinion is reasonable having regard to the size of the Company and the nature of its business. Discrepancies noticed on such verifications were not material.

ii. (a) As explained to us, the inventories of the Company except materials lying with the third parties have been physically verified by the management at reasonable intervals during the year / at the year-end, in our opinion and according to the information and explanations given to us, the frequency of the verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories except in respect of materials lying with third parties followed by the management is reasonable and adequate in relation to the size of the Company and nature of its business,

(c) On the basis of examination of the records of Inventory and according to the information and explanations given to us, we are of the opinion that the Company is maintaining proper records of inventory.

Discrepancies noticed on the physical verification of stocks were not material.

iii. The Company has not granted any loans secured or unsecured to companies, firms or parties covered in the register maintained under Section 189 of the Act. Accordingly, clause 3 (iii) of the Order is not applicable to the Company.

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

v. The Company has not accepted any deposits from public covered under Sections 73 to 76 or any other relevant provisions of the Act and rules framed thereunder.

vi. As explained to us, the Central Government has not prescribed the maintenance of cost records under section 148 (1) of the Act.

vii. (a) According to the information and explanations given to us and as per the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Professional Tax, Sales Tax, Wealth tax, Service Tax, Excise Duty, Cess and any other statutory dues applicable to It. However, according to the information and explanations given to us, there is no undisputed amounts payable in respect of these which were in arrears as on 31st March. 2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there is no disputed dues of sales tax, Income tax, customs duty, wealth tax, excise duty, service tax, and Cess, as at 31st March, 2015

(c) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company

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

ix. In our opinion and on the basis of information and explanations given to us by the management, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions and banks. There are no debenture holders.

x. According to the information and explanations given to us the Company has not given any guarantee for loans taken by others from Bank or Financial Institutions.

xi. As per the information and explanation given to us, the Company has not availed fresh term loan during the year.

xii. During the course of our examination of the books of account carried out in accordance with generally accepted auditing practices in India, we have neither come across any incidence of fraud on or by the Company nor have we been informed of any such case by the Management.

For Lodha & Co. Chartered Accountants Firm ICAI Registration No. 301051E (H. K. Verma) Place : Kolkata Partner Date : 29th May, 2015 Membership No. 055104

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Mar 31, 2014

We have audited the accompanying financial statements of Tyroon Tea Company Limited ("the Company"), which comprise of the Balance Sheet as at 31st March, 2014 and the Statement of Profit and Loss, the Cash Flow Statement, significant accounting policies and other notes for the year ended on that date.

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 section 211 (3C) of the Companies Act, 1956 ("the Act"). read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Basis for Qualified Opinion

a) Investments in respect of which eventual shortfall in value thereof and recoverability of advances and their impact, if any are currently not ascertainable (Note no. 12.2 and 12.3).

ANNEXURE REFERRED TO IN PARAGRAPH 60F OUR REPORT OF EVEN DATE

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

(b) The Fixed assets of the company were physically verified by the management according to phased program of verification, which in our opinion is reasonable having regard to the size of the Company and the nature of its business. Discrepancies noticed on such verifications were not material.

(c) The company has not disposed off a substantial part of its fixed assets during the year, which affect its going concern status.

ii) (a) As explained to us, the inventories of the Company except materials lying with the third parties have been physically verified by the Management at reasonable intervals during the year/at the year end. In our opinion and according to the information and explanations given to us, the frequency of the verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventories except in respect of materials lying with third parties followed by the Management is reasonable and adequate in relation to the size of the Company and nature of its business.

(c) On the basis of examination of the records of Inventory and according to the information and explanations given to us, we are of the opinion that the Company is maintaining proper records of Inventory. Discrepancies noticed on the physical verification of stocks were not material.

iii) On the basis of examination of the records and according to the information and explanations given to us, the company has not taken/granted any loans, secured or unsecured to Companies, firms, or other parties covered in the register maintained under section 301 of the Act during the year. Accordingly, the provisions of clause 4(iii) (b) to (g) of the order are not applicable to the company.

iv) In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the company and nature of its business with regard to the purchase of Inventory, Fixed Assets and sale of goods. During the course of our audit we have not observed any continuing failure to correct major weakness in internal control system.

v) According to the information and explanations given to us, there are no transactions that need to entered into the register in pursuance of section 301 of the Act. Accordingly, the provisions of clause 4(v) (b) of the order are not applicable to the company.

vi) The company has not accepted any deposits from the public during the year within the meaning of the provisions of section 58A, 58AA or any other relevant provision of the Act and rules made thereunder.

vii) The Company has an internal audit system which covers certain specific areas of operations/ process and therefore the scope thereof needs to be enlarged and the system followed needs to be further strengthened.

viii) As explained to us, the Central Government has prescribed the maintenance of cost records under section 209(1)(d) of the Act for manufacture of tea. The Company is in the process of compiling such records. However in the absence of these records we have not been able to carry out the review of the same.

ix) According to the information and explanations given to us and as per the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Professional Tax, Sales Tax, Wealth tax, Service Tax, Excise Duty, Cess and any other statutory dues applicable to it. However, according to the information and explanation given to us, there is no undisputed amounts payable in respect of these which were in arrears as on 31st March, 2014 for a period of more than six months from the date they became payable.

x) There are no accumulated losses as at the close of the financial year. The Company has not incurred cash losses during the year and in the immediately preceding previous financial year.

xi) Based on our examination of documents and records and according to information and explanations given to us, the company has not defaulted in repayment of dues to Financial Institutions and banks. There are no debenture holders.

xii) Based on our examination of documents and records and according to the information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) The company is not a Chit fund or a Nidhi/Mutual benefit fund/society. Accordingly, the provisions of the clause 4(xiii) of the Order are not applicable to the Company.

xiv) The Company is not dealing and trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable to the company.

xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions.

xvi) As per the information and explanation given to us, the Company has not availed fresh term loan during the year.

xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we report that the Company has not utilized short term funds for long term purposes.

xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

xix) On the basis of the examination of the records, the company has not issued any debentures.

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

xxi) During the course of our examination of the books of account carried out in accordance with generally accepted auditing practices in India, we have neither come across any incidence of fraud on or by the company nor have we been informed of any such case by the Management.

For Lodha & Co.

Chartered Accountants Firm ICAI Registration No. : 301051E

Place: Kolkata (H. K. Verma)

Dated: the 29th day of May, 2014 Partner

Membership No. 055104

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Mar 31, 2012

We have audited the attached Balance Sheet of Tyroon Tea Company Limited as at 31st March, 2012, and also the Statement of Profit and Loss also the Cash Flow Statement for the year ended on that date. 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.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amount 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.

I. As required by the Companies (Auditor's Report) Order, 2003 (the order) as amended by the Companies (Auditor's Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956 (the Act), and according to the information and explanations given to us and on the basis of such checks as we considered appropriate, we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

II. Attention is invited to the following notes to the financial statements regarding :

i) Computation of income tax based on certain opinion / interpretation and their impact, if any, are currently not ascertainable (Note 10 (a)).

ii) Investments in respect of which eventual shortfall in value thereof and recoverability of advances and their impact, if any are currently not ascertainable (Note no. 12 (a)).

iii) Certain loans which have become overdue for re-payment in respect of which eventual shortfall in values thereof and their impact, if any, are currently not ascertainable (Note 13(a)).

III. We further report that the overall impact of items mentioned in Para II above has not been ascertained and therefore, cannot be commented upon by us.

IV. Further to the 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 purpose of our audit;

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

c) The Balance Sheet and the Statement of Profit and Loss dealt with by this report are in agreement with the books of accounts;

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

e) On the basis of written representations received from the Directors and taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March, 2012 from being appointed as a director of the company in terms of clause (g) of sub section (1) of Section 274 of the Act;

f) In our opinion and to the best of our information and according to the explanations given to us the said accounts subject to our remarks as given in Para II above with their resultant impact and including overall impact as given in para III above (presently not ascertainable) and Note 8(a) to the financial statement, regarding non-availablity of details relating to Micro, Small and Medium Enterprise Development Act, 2006 and read together with the other notes thereon give the information required by the Act, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :

i) In the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2012;

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

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

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF AUDITOR'S REPORT OF EVEN DATE

i) (a) The company has maintained proper records showing full particulars including quantitative

details and situations of fixed assets.

(b) The Fixed assets of the company were physically verified by the management according to phased program of verification, which in our opinion is reasonable having regard to the size of the Company and the nature of its business. Discrepancies noticed on such verifications were not material.

(c) The company has not disposed off a substantial part of its fixed assets during the year, which affect its going concern status.

ii) (a) As explained to us, the inventories of the Company except materials lying with the third

parties have been physically verified by the Management at reasonable intervals during the year/at the year end. In our opinion and according to information and explanations given to us, the frequency of the verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventories except in respect of materials lying with third parties followed by the Management is reasonable and adequate in relation to the size of the Company and nature of its business.

(c) On the basis of examination of the records of Inventory and according to the information and explanations given to us, we are of the opinion that the Company is maintaining proper records of Inventory. Discrepancies noticed on the physical verification of stocks were not material.

iii) On the basis of examination of the records and according to the information and explanations given to us, the company has not taken/granted any loans, secured or unsecured to Companies, firms, or other parties covered in the register maintained under section 301 of the Act during the year. Accordingly, the provisions of clause 4(iii) (b) to (g) of the order are not applicable to the company.

iv) In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the company and nature of its business with regard to the purchase of Inventory, Fixed Assets and sale of goods. During the course of our audit we have not observed any continuing failure to correct major weakness in internal control system.

v) According to the information and explanations given to us, there are no transactions that need to entered into the register in pursuance of section 301 of the Act. Accordingly, the provisions of clause 4(v) (b) of the order are not applicable to the company.

vi) The company has not accepted any deposits from the public during the year within the meaning of the provisions of section 58A, 58AA or any other relevant provision of the Act and rules made there under.

vii) The Company has an internal audit system which covers certain specific areas of operations/ processes and therefore the scope thereof needs to be enlarged and the system followed needs to be further strengthened.

viii) As explained to us, the Central Government has prescribed the maintenance of cost records under section 209(1 )(d) of the Act for manufacture of tea. The Company is in the process of compiling such records. However in the absence of these records we have not been able to carry out the review of the same.

ix) According to the information and explanations given to us and as per the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Professional Tax, Sales Tax, Wealth tax, Service Tax, Excise Duty, Cess and any other statutory dues applicable to it. However, according to the information and explanation given to us, there is no undisputed amounts payable in respect of these which were in arrears as on 31st March, 2012 for a period of more than six months from the date they became payable.

x) There are no accumulated losses as at the close of the financial year. The Company has not incurred cash losses during the year and in the immediately preceding previous financial year.

ix) Based on our examination of documents and records and according to information and explanations given to us, the company has not defaulted in repayment of dues to Financial Institutions and banks. There are no debenture holders.

xii) Based on our examination of documents and records and according to the information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) The company is not a Chit fund or a Nidhi/Mutual benefit fund/society. Accordingly, the provisions of the clause 4(xiii) of the Order are not applicable to the Company.

xiv) The Company is not dealing and trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable to the company.

xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions.

xvi) As per the information and explanation given to us, the Company has not availed fresh term loan during the year.

xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we report that the Company has not utilized short term funds for long term purposes.

xviii) The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under section 301 of the Act.

xix) On the basis of the examination of the records, the company has not issued any debentures.

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

xxi) During the course of our examination of the books of accounts carried out in accordance with the generally accepted auditing practices in India, we have neither come across any incidence of fraud on or by the company nor have we been informed of any such case by the Management.

For Lodha & Co.

Chartered Accountants

Firm ICAI Registration No. : 301051

Place: Kolkata (H. S. Jha)

Dated: the 31st day of July, 2012 Partner

Membership No. 55854

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Mar 31, 2010

We have audited the attached Balance Sheet of Tyroon Tea Company Limited as at 31st March, 2010, the Profit and Loss account and also the Cash Flow Statement for the year ended on that date. 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.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amount 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.

I. As required by the Companies (Auditors Report) Order, 2003 ("the order") as amended by the Comapnies (Auditors Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956 ("the Act"), and according to the information and explanations given to us and on the basis of such checks as we considered appropriate, we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

II. Attention is invited to the following notes of Schedule 15 regarding :

i) Certain loans which have become overdue for payment in respect of which eventual shortfall In values thereof and their impact, if any. are currently not ascertainable (Note 5).

ii) Computation of income tax based on certain opinion / interpretation and their impact, it any, are currently not ascertainable (Note 7(i)).

iii) Investments in respect of which eventual shortfall in value thereof and recoverability of advances and their impact, if any are currently not ascertainable (Note no. 9 and 10)

III. We further report that the overall impact of hems mentioned in Para II above has not been ascertained and therefore, cannot be commented upon by us.

IV. Further to the 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 purpose of our audit;

b) In our opinion, proper books of accounts as required by law have been kept by the company so far it appears from our examination of such books.

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

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

e) On the basis of written representations received from the directors and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2010 from being appointed as a director of the company in terms of clause (g) of sub section (1) of Section 274 of the Act;

f) In our opinion and to the best of our information and according to the explanations given to us the said accounts subject to our remarks as given in Para II above with their resultant impact and including overall impact as given in para III above (presently not ascertainable) and Note 13 of Schedule 15 regarding non-availablity of details relating to Micro, Small and Medium Enterprise Development Act, 2006 and read together with the other notes thereon give the information required by the Act, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :

i) In the case of the Balance Sheet, of the State of affairs of the company as at 31st March, 2010;

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

iii) In the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF AUDITORS REPORT OF EVEN DATE

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

(b) The Fixed assets of the company were physicaly verified by the management according to phased program of verification, which in our opinion is reasonable having regard to the size of the Company and the nature of its business. Discrepancies noticed on such verifications were not material.

(c) The company has not disposed off a substantial part of its fixed assets during the year, which affect its going concern status.

II) (a) As explained to us, the inventories of the company except materials lying with the third parties have been physically verified by the Management at reasonable intervals during the year/at the year end. In our opinion and according to information and explanations given to us, the frequency of the verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventories except in respect of materials lying with third parties followed by the Management is reasonable and adequate in relation to the size of the company and nature of its business.

(c) On the basis of examination of the records of Inventory and according to the information and explanations given to us, we are of the opinion that the company is maintaining proper records of Inventory. Discrepancies noticed on the physical verification of stock were not material.

III) On the basis of examination of the records and according to the information and explanations given to us, the company has not taken/granted any loans, secured or unsecured to Companies, firms, or other parties covered in the register maintained under section 301 of the Act during the year. Accordingly, the provisions of clause 4(iii) (b) to (g) of the order are not applicable to the company. However, interest amounting to Rs. 20,79,050 is overdue from a company covered in the register maintained under Section 301 of the Act.

IV) In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the company and nature ol its business with regard to the purchase of Inventory, Fixed Assets and sale of goods. During the course of our audit we have not observed any continuing failure to correct major weakness in internal control system.

V) According to the information and explanations given to us, there are no transactions that need to entered into the register in pursuance of section 301 of the Act. Accordingly, the provisions of clause 4(v) (b) of the order are not applicable to the company.

VI) The company has not accepted any deposits from the public during the year within the meaning of Ihe provisions of section 58A, 58AA or any other relevant provision of the Act and rules made thereunder.

VII) The Company has an internal audit system which covers certain specific areas of operations/ processes and therefore the scope thereof needs to be enlarged and the system followed needs to be further strengthened.

VIII) As explained to us, the Central Government has prescribed the maintenance of cost records under section 209(1 )(d) of the Act for the manufacture of tea. The Company is in the process of compiling such records. However in the absence of these records we have not been able to carry out the review of the same.

IX) According to the information and explanations given to us and as per the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee State Insurance, Income Tax, Professional Tax, Sales Tax, Wealth tax, Service Tax, Excise Duty, Cess and any other statutory dues applicable to it. However, according to the information and explanation given to us, there is no undisputed amounts payable in respect of these which were in arrears as on 31st March, 2010 for a period of more than six months from the date they became payable.

X) The accumulated losses of the company as at the close of the financial year does not exceed fifty percent of its net worth and it has not incurred any cash losses in the financial year and in the immediately preceding financial year. The effect of unquantified qualifications has not been taken into consideration for the purpose of making comment in respect of this clause.

XI) Based on our examination of documents and records and according to information and explanations given to us, the company has not defaulted in repayment of dues to Financial Institutions and banks. There are no debenture holders.

XII) Based on our examination of documents and records and according to the information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

XIII) The company is not a Chit fund or a Nidhi/Mutual benefit fund/society. Accordingly, the provisions of clause 4(xiii) of the order are not applicable to the company.

XIV) The company is not dealing and trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the order are not applicable to the company.

XV) According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from Banks or Financial Institutions.

XVI) As per the information and explanation given to us, the Company has not availed fresh term loan during the year.

XVII) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we report that the company has not utilised short term funds for long term investment.

XVIII)The company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under section 301 of the Act.

XIX) On the basis of the examination of the records, the company has not issued any debentures.

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

XXI) During the course of our examinations of the books of accounts carried out in accordance with the generally accepted auditing practices in India, we have neither come across any incidence of fraud on or by the company nor have we been informed of any such case by the Management.



For Lodha & Co.

Chartered Accountants

Firm ICAI Registration No. : 301051E

Place: Kolkata (H. S. Jha)

Dated: the 31st day of July, 2010 Partner

Membership No. 55854