Auditor Report of Unjha Formulations Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial statements of UNJHA FORMULATIONS
LIMITED {"the Company") which comprises the Balance Sheet as at March 31,2025, 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 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 Ind AS financial statements give the information required by the Act in the manner so
required and give a true and fair view in conformity with the Ind AS and accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2025, and
profit/loss, total comprehensive income, the changes in equity and its cash flows for the year ended
on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under
those Standards 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 Ind AS financial statements under the provisions of
the Companies Act, 2013 and the Rules there under, 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 tor our opinion on
the standalone financial statement.

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 financial year ended 31“ March 2025. These
matters were addressed in the context of our audit of the standalone financial statements as a whole,
and informing our opinion thereon, 3nd we do not provide a separate opinion on these matters. We
have not observed any matters that classifies as the key audit matter to be communicated in our
audit report.

Information Other than the Financial Statements and Auditor''s Report Thereon

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

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.

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 the section 134(5) of the Act
with respect to the preparation of these standalone financial statements that give a true and fair view
of the financial position, financial performance including other comprehensive Income, cash flows and
changes in equity of the company in accordance with the accounting principles generally accepted in
India, including the Indian Accounting Standards ( IND AS) specified under the section 133 of the Act
read with the companies (Indian Accounting Standards) Rules 2015, as amended. 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 the 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 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 to do so

Those Charged with Governance are also responsible for the overseeing the company''s financial
reporting process

Auditor''s Responsibilities for the Audit of Ind AS Financial Statement

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

• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the 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 3re 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.

From the matters communicated with those charged with governance, we determine those matters
that were of most significance In the audit of the standalone financial statements for the financial
year ended March 31, 2025 and are therefore the key audit matters. We describe these matters in
our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2016 ("the Order"), issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we
give in the "Annexure 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.

c) The Balance Sheet, the Statement of Profit and Loss including the statement of other
comprehensive Income, and the Cash Flow Statement and statement of changes of equity dealt
with by this Report are in agreement with the books of account

d) ln our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting
Standards specified under Section 133 of the Act read with Companies (Indian Accounting
Standards) Rules, 2015 as amended.

e) On the basis of the written representations received from the directors as on 31st March, 2025
taken on record by the Board of Directors, none of the directors is disqualified as on 31st March,
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 Control with reference to standalone
financial statements of the Company and the operating effectiveness of such controls, refer to
our separate Report In "AnnexureB".

g) In our opinion the managerial remuneration for the year ended March 31, 2025 has been paid /
provided by the company to its directors in accordance with the provisions of section 197 read
with Schedule V of the Act

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

i. The Company has disclosed the impact of the pending litigation on its financial
position in its standalone financial statement.

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 its 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 it’s 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 (ft) of Rule 11(e). as
provided under (a) and (b) above, contain any material misstatement.

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

vi. Based on our examination which included test checks, the company has used an
accounting software for maintaining its books of account for the financial year
ended 31st March 2025 which has a feature of recording audit trail (edit log) facility
and the same has been operative from 1st April 2023 for all relevant transactions
recorded in the software. Further, during the course of our audit we did not come
across any instance of audit trail feature being tampered with. Additionally, the
audit trail of the relevant prior years has been preserved for the record retention to
the extent it was enabled and recorded in those respective years by the Company
as per statutory requirements for the record retention

For, Jain & Golechha.

Chartered Accountants

FRN.119637W

Yash K. Golechha

Partner

M.No. 607597

UDIN : 25607597BMNQZE3141

Date : 16^!h May 2025

Place: Ahmedabad

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Mar 31, 2024

We have audited the accompanying standalone- financial statements of UNJHA FORMULATIONS
LIMITED!" f/ie Company") which comprises the Balance Sheet as at March 31,2024. the Statement of Profit
arid Lossf 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 significant
accounting policies and other exptanatory information.

In our opinion and lo the best ol our information and according to the explanations given to us. the aforesaid Ind
AS financial statements give the information required by the Act In the manner so required and give a true and
fair view in conformity with the Ind AS and accounting principles generally accepted in Indra. of the stato of
affairs of the Company as at March 31. 2024, and profit/loss. total comprehensive Income, the 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 ori Auditing (SAs) 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 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 Ind AS financial statements under the
provisions of the Companies Act, 2013 and the Rules there under, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code ol Ethics Wo believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for ouropinion

Key Audit Matters

Key Audit Matters are those matters that, in our professional (udgment. were of most significance In our audit of
the Ind AS financial statements of the current period . These matters were addressed in the context of our audit
of the Ind AS financial statements as a whole and informing our opinion thereon, and we do not provide a
separate opinion on thesu matters . Wo have not observed any matters that classifies as the key audit matter to
be communicated in our audit repod

Information Other than the Financial Statements and Auditor’s Report Thereon

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

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
ourknowleageablainedintheauditorotherwiseappeafstobematoriallymisstated If.basedDnthewarkwe have
performed, we conclude that there is a material misstalemenl 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
StandaloneFinancialStatements

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

Our opinion ori the standalone financial statements does not cover Hie 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 loreadtheolher
information and, in doing so consider whether the other information is materially inconsislont with the
standalone financial stalements or our knowledge otilained during Ihe course of our audit or otherwise
appears to be materially misstated

II based on Ihe work we have performed, we conclude that there is a material misstatement of this other
information, we ore required to report that fact. Wo have nothing to report in this regard.

Auditor''s Responsibilities for the Audit of Ind AS Financial Statement

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a
whole are free from material misstatement, whether duo 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 pari of an audit In accordance wllh SAs, we exercise professional judgment and maintain professional
scepticism 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 neks, and obtain audit
evidence that Is sufficient and appropriate to provide a oasis 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 financial control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances Under section 143<3)(i) of the Act, we are also
responsible for expressing our opinion on whether the Company has adequate internal financial controls
system in place and the operating effectiveness of such controls

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

• Conclude on the appropriateness of management''s use of trie going concern basis of accounting
and, based on the audit ovldence 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, wo are required to draw attention in our auditor''s report to tho
related disclosures in the standalone financial statements or. ir such disclosures are Inadequate, to modify our
opinion. Our conclusions arc 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 dlsclcisuies. 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 (il) 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 ol 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 standalone financial statements of the current period and are therefore
tho key audit matters We describe these matters in our auditor''s report unless law or regulation precludes
public disclosure about the matter or when in extremely rare circumstances, we determine that a manor
should not be communicated be expected to outweigh the public Interest benefits of such communication

Report on Other Legal and Regulatory Requirements

1 As required by the Companies (Auditor''s Report) Order. 2016 (''the Order"), issued oy the Central
Government of India in terms of sub-section (11) of section 143 of the Companies Act. 2013. we give in the
’ Annoxure A" statement on the matters specified in paragraphs 3 and 4 of the Order, to fire extentapplicable

2. As required by Section 143(3) of the Act. we reportthot:

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 ouraudit

bj 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

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

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

e) On the basis of the written representations received from the directors as on 31st March, 2024taken 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) ol theAet.

f) With rGspoct to the adequacy of the Internal Financial Control with reference to Financial Statements of
the Company and the operating effectiveness of such controls, refer to our separate Report In'' AnnexureB".

g/ In our opinion and to the best of our information and according to the explanations given to us, the
company has not paid any remuneration paid to its directors during the year.

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 3nd according to
the explanations given to us:

i) The Company has disclosed the impact of pending litigations on Itsfinancial position in its Standalone
financial statements

ii) The Company did not hove any long-torm contracts including derivative contracts for which there
were any material foreseeable tosses

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

For. Jain &Golechha.

Chartered Accountants
FRN.119637W

Yash K.Golechha
Partner

M.No. 607557

UDIN.24607597BKETK28837

Date .17" May 2024
Place: Ahmedabad

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Mar 31, 2015

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

Management's responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134 (5) of the Companies Act,2013 ( "the Act")with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting principles generally accepted in India, including the accounting standards specified under section 133 of the act, read with rule 7 of the companies (Accounts) Rules, 2014.This responsibility also includes the maintenance of adequate accounting records in accordance with the provisions of the act for safeguarding the assets of the company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgment and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of 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 there under.

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

An audit involves performing procedures to obtain audit evidence about the amounts and 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 of the financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by companies' directors, as well as evaluating the overall presentation of the financial statements.

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

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:

(i) in the case of the Balance sheet,of the state of affairs of the company as at March 31,2015;

(ii) in the 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.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. 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 purpose of our audit;

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

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

d. in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in section 133 of the Companies Act, 2013, read with rule 7 of the Companies (Accounts) Rules, 2014.

e. on the basis of written representations received from the directors as on March 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2015, from being appointed as a director in terms of sub section (2) of section 164 of the Companies Act, 2013.

f. With respect to the other matters included in the auditor's report and to best of our information and according to the explanation given to us.

1) The company has disclosed the impact of pending litigation on its financial position in its financial statement.

2) The company has made provision, as required under the applicable law or Accounting Standards, for material foreseeable losses, if any, on long term contracts including derivative contracts.

3) There has been no delay in transferring amounts, required to be transferred, to the investor's education and protection fund by the company.

ADDITIONAL INFORMATION ANNEXED TO THE INDEPENDENT AUDITORS' REPORT

1. a) The Company has maintained proper records to show full particulars including quantitative details and situations of fixed assets.

b) As per the information and explanations given to us, the fixed assets of the Company have been physically verified by the management at reasonable intervals and no serious discrepancies between the book records and physical verification were noticed.

c) During the year the Company has not disposed off any substantial /major part of fixed assets.

2. a) As per the information and explanations given to us, the inventories have been physically verified by the management at reasonable intervals during the year.

b) In our opinion and as per the information and explanations given to us, procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

c) The Company is maintaining proper records of inventories. In our opinion, discrepancies noticed on physical verification of inventory were not material in relation to the operations of the Company and the same have been properly dealt with in the books of account.

3. As per information furnished, the company has not granted any loans to companies, firms or other parties.

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 it business with regard to purchase of inventory and fixed assets and for the sale of goods. During the course of audit,no major weakness has been noticed in the internal controls.

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

b) 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 prescribed statutory register maintained under section 189 of the Companies Act, 2013 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. The company has not accepted any deposits from the public.

7. In our opinion, the company has no internal audit system commensurate with the size of the Company and nature of its business.

8. The maintenance of cost records has not been prescribed by the Central Government.

9. (a) According to information and explanations given to us and the records examined by us, the Company has generally been regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees' state insurance, income tax, value added tax, wealth tax, custom duty, excise duty, cess and other statutory dues wherever applicable.

(b) According to information and explanations given to us, no undisputed arrears of statutory dues were outstanding as at March 31,2015, 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 outstanding in respect of income tax, MVAT,customs duty, wealth-tax, service tax, excise-duty, cess, etc, on account of any dispute.

10. There are accumulated losses of the Company as on March 31,2015. The Company has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

11. The Company has not defaulted in repayment of dues to Banks and payments have been made as per the repayment schedule sanctioned by the banks. The Company has no borrowings from financial institutions or by way of debentures.

12. Based on our examination of the records and the information and explanations given to us, the Company has not granted any loans and/ or advances on basis of security by way of pledge of shares, debentures and other securities.

13. Clause (xiii) of the order is not applicable to the Company as the Company is not a Chit fund company or nidhi/mutual benefit fund/ society.

14. Clause (xiv) of the order is not applicable to the Company as the Company is not dealing or trading in shares,securities, debentures and other investments.

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

16. The company has applied funds from term loans raised during the year only for the purpose for which those term loans were raised .

17. During the year under purview the Company has not made any long term Investments out of funds raised on short-term basis or vice versa.

18. The Company has not made any preferential allotment of shares during the year.

19. Clause (xix) of the order is not applicable to the company, as the Company has not issued any debentures.

20. The Company has not raised any money by public issues during the year covered by our report.

21. As per the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For KANTILAL MANILAL SHAH & CO Chartered Accountants

Place:MEHSANA DIPAK K.SHAH (PROPRIETOR) Date: 28/05/2015 Membership No :046226 FRN:104741W

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Mar 31, 2014

We have audited the accompanying financial statements of UNJHA FORMULATIONS LIMITED("the Company”), which comprise the Balance Sheet as at March 31, 2014,and the Statement of Profit and Loss and Cash Flow statement for the year ended March, 2014, and a summary of significant accounting policies and other explanatory information.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENT

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

AUDITOR''S RESPONSIBILITY

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are aporopriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

OPINION

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

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

b) In the case of the Profit and Loss Account, of the profit/ loss for the year ended on March 31,2014;

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

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

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

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

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

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

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

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards notified under the Companies Act, 1956 read with the General Circular

15/2013 dated 13''" September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the CompanyAct,2013;

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

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of UNJHA FORMULATIONS LIMITED on the accounts of the company forthe year ended 3111 March, 2014.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

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

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

(c) In our opinion and according to the information and explanations given to us, no substantial amount of fixed asset has been disposed during the year that affects the going concern assumption.

2. (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals.

(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) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material c;screpancy was noticed on physical verification of stocks by the management as compared to book records.

3. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken/given loans from other concerns covered in the register maintained under Section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

b) As per information & explanations given to us and in our opinion, the transaction made in pursuance of such contracts or arrangements with parties referred to in (a) above, have been made at rates which are reasonable having regard to the prevalent market rates at relevant time.

6. The Company has not accepted any deposits from the public. Therefore, the provision of clause (vi) of the paragraph 4 of the Order are not applicable to the company.

7. Though the company is having paid up share capital and reserves exceeding 50 lacs as at the commencement of the financial year concerned, it does not have formal internal audit system. However the Company has adequate internal control procedure as stated in (4) above.

8 To the best of our knowledge and information and explanation furnished to us. the company has been maintained the accounts and cost records as perthe Section 209(1 )(d) of the Companies Act, 1956.

9. (a) As per the information and explanation furnished to us and according to our examination of the books of accounts, the company has been generally regular in depositing undisputed statutory dues, with the appropriate authority during the year. There are no arrears of undisputed statutory dues outstanding as at the last day of the financial year, for a period of more than six months from the date on which they become payable.

(b) According to the information and explanations given to us, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

10. The accumulated losses of the company are 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 immediately preceding year.

11. Based on our audit procedures and on the information and explanations 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.

12. 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.

13. The Company is not a chit fund or a n/dh/Anutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable to the Company.

14. Based on our examination of records and information and explanation furnished to us, the Company does not deal/trade i shares, securities, debentures and other investments.

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

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17 Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2014, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

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

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during theyear, nor have we been informed of such case by the management.

Place:MEHSANA D.K.SHAH (PARTNER) Date: 29/05/2014 Membership No :046226 For KANTILAL MANILAL SHAH & CO FRN: 104741W Chartered Accountants

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Mar 31, 2013

1. We have audited the attached balance sheet of, UNJHA FORMULATIONS LTD., as at 31st March 2013, and also the profit and loss account and the cash flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the company''s management. Our responsibility is to express an opinion on these financial statements - based on ouraudit.

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 mis-statement. An audit includes examining, on a test basis.evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basisforouropinion.

3. As required by the Companies(Auditor''s Report)Order,2003 issued by the Central Government of India in terms ofsub- section(4A) of section 227 of the CompaniesAct,1956, we enclose in the Annexure a statement on the matters specified in paragraphs4 and 5 of the said Orderto the extentapplicable.

4. 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 forthe purposes of ouraudit; (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, profit and loss account and cash flow statement dealt with by this report are in agreementwith the books of account; (iv) In our opinion, the balance sheet profit and loss account and cash flow statement dealt with by this report comply with the accounting standards referred toin sub-section (3C)ofsection 211 oftheCompaniesAct,1956; (v) On the basis of written representations received from the directors, as on 31st March 2013 and taken on record by the Board of Directors, we report that none ofthe directors is disqualified as on31stMarch2013 from being appointed asadirectorinterms of clause (g) of sub-sectionn (1) of section 27 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 the information required by the Companies Act,1956,in the manner so required and give a true and fair view in conformity with theaccountingprinciplesgenerallyacceptedin India:

(a) in the case of the balance sheet, of the state of affairs of the company as at 31 st March 2013.

(b) in the case of the profit and loss account, of the profit/ loss 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.

ANNEXURE TO THE AUDITOR''S REPORT

Re:UNJHAFORMULATIONSLTD. 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 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. No material discrepancies were noticed on verification 2. (a) As explained to us, the inventory has been physically verified during the year by the management. In ouropinion, the frequencyofverification 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 reasonavle and adequate in relation to the size ofthe company and the natureof its business.

(c) In our opinion and according to the information and explanations given to us, the company is maintaining proper records of inventory. The discrepencies noticed on verification between the physical stocks and the book records were not material.

3 (a) The company had taken loan from ona other concerns covered in the register maintained under section 301 ofthe CompaniesAct,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 the purchase of inventories and fixed assets and with regard to the saleof goods. During the courseofouraudit, nc.major weakness has been noticed inthe internal controls.

5. To the best of our knowledge and belief and 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 ouropinion and according to the information and explanations given to us, the transactions made in pursuance of contracts orarrangements entered in the registers maintained undersection 301 and exceeding the value offive lakh rupees in respect ofanypartyduringtheyearhave been made at prices which are reasonable having regard to prevailing market prices at the relevanttime where such market prices are available.

7. In ouropinion and according to the information and explanations given to us, the company has complied with the provisions of sections58Aand 58AAof the Companies Act,1956 and the Companies(Acceptance of Deposits) Rules,1975 with regard to the deposits accepted from the public .No order has been passed by the National Company Law Tribunal.

8. In our opinion, the company has no internal audit system, the scope & coverage of which is commensurate with the size of the companyand the nature of its business.

9. We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the company. We have not, however, made a detailed examination of the records with aviewto determining whether they are accurate or complete. The Central Govt, has notprescribed the maintenance of cost records undersection 209(1 )(d) ofthe Companies Act.1956.

10^According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, 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 Incom-tax, Sales- tax, Customs duty and Excise duty were in arrears as at 31-03-2013 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, customs tax, excise duty/cess which have notbeen deposited on accountof any dispute.

11. The accumulated losses of the company are more than fifty percent of its net worth. The company has not incurred any cash lossesduringthefinancial year covered byourauditand immediately preceding year.

12. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the companyhasnot defaulted inrepaymentofduestoafinancialinstitution,banketc.

13. In our opinion.the Company isnot achitfundoranidhi/mutual benefitfund/society.Therefore.the provisions of clause 4(xiii) ofthe Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

14. In our opinion and according to the information and explanations given to us.the Company is not dealing in ortradingin shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv)of the Companies (Auditor''s Report) Order,2003 are not applicable to the company.

15. In our opinion and according to the information and explanations given to us, the company had not given any guarantee for loans taken by others from bank or financial institutions.

16. In our opinion and according to the information and explanations given to us, the term loans have been applied for the purposefor which the yereraise do ther than amount spendingu tili sation of the funds for the intended use.

17. According to the information and explanations given to us and on an overall examination ofthe balance sheet of the company, we report that the no funds raised on short-term basis have been usedforlong-terminvestmentandvice-versa.

18. According to information and explanations given to us, the company has not made preferential allotment of shares to parties andcompanies covered in the registermaintainedundersection301 ofthe Companies Act.1956.

19. In our opinion and according to the information and explanations given to us, the Company has not issued any secured debentures durig the period covered by our report. Accordingly, the provisions of clause 4(xix) of the Companies (Auditor''s Report) Order,2003 are not applicable to the company.

20. During the period covered by our audit report, the Company has not raised any money by public issues.

21. Based on the audit procedures performed and according to the information and explanations given by the management, we report that no fraud on or by the company has been not icedorreported during the courseo four audit

Place: Mehsana. For, Kantilal Manilal Shah & Co.

Date: 30-05-2013 Chartered Accountants

DipakK.Shah

(PARTNER)

M.NO.46226FRNNO.104741W

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Mar 31, 2012

1. We have audited the attached balance sheet of, UNJHA FORMULATIONS LTD., as at 31st March 2012, and also the profit and loss account and the cash flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the 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 mis-statement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies(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 matters specified in paragraphs4and5of the said Order to the extent applicable.

4. 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 far as appears from our examination of those books;

(iii) The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the balance sheet profit and loss account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of theCompaniesAct,1956;

(v) On the basis of written representations received from the directors, as on 31st March 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on31st March 2012 from being appointed as a director in 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 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 31st March 2012;

(b) in the case of the profit and loss account, of the profit/ loss 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.

ANNEXURE TO THE AUDITOR'S REPORT

Re: UNJHA FORMULATIONS LTD.

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 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. No material discrepancies were noticed on verification.

2. (a) As explained to us, the inventory has 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) In our opinion and according to the information and explanations given to us, 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) The company had taken loan from on a other concerns covered in The register 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 the purchase of inventories and 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. To the best of our knowledge and belief and 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 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 where such market prices are available.

7. In our opinion and according to the information and explanations given to us, the company has complied with the provisions of sections58A and 58AAof the Companies Act,1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public .No order has been passed by the National Company Law Tribunal.

8. In our opinion, the company has no internal audit system, the scope & coverage of which is commensurate with the size of the company and the nature of its business.

9. We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the company. We have not, however, made a detailed examination of the records with a view to determining whether they are accurate or complete. The Central Govt, has not prescribed the maintenance of cost records under section 209(1 )(d) of the Companies Act. 1956.

10 (a)According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, 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, Sales- tax, Customs duty and Excise duty were in arrears as at 31-03-2012 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, customs tax, excise duty/cess which have not been deposited on account of any dispute.

11. The accumulated losses of the company are 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 immediately preceding year.

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

13. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order,2003 are not applicable to the Company.

14. In our opinion and according to the information and explanations given to us,the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order,2003 are not applicable to the company.

15. In our opinion and according to the information and explanations given to us, the company had not given any guarantee for loans taken by others from bank or financial institutions.

16. In our opinion and according to the information and explanations given to us, the term loans have been applied for the purpose for which they were raised other than amounts pending utilisation of the funds for the intended use.

17. 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 no funds raised on short-term basis have been used for long-term investment and vice-versa.

18. According to information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act,1956.

19. In our opinion and according to the information and explanations given to us, the Company has not issued any secured debentures during the period covered by our report. Accordingly, the provisions of clause 4(xix) of the Companies (Auditor's Report) Order,2003 are not applicable to the company.

20. During the period covered by our audit report. The Company has not raised any money by public issues.

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

Date: 31-05-2012 For, Kantilal Manilal Shah & Co.

Place: Mehsana Chartered Accountants

Dipak K.Shah( PARTNER) M.NO.46226 FRN NO. 104741W

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Mar 31, 2010

1. We have audited the attached balance sheet of, UNJHAFORMULATIONS LTD., as at 31st March 2010, and also the profit and loss account and the cash flow statement for the year ended on that date annexed thereto.These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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 mis-statement. An audit includes examining, onatestbasis.evidence supporting the amounts and disclosures in the financial statements.An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation.We believe that our audit provides a reasonable basis for our opinion.

3. As required by theCompanies(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, ween close in the Annexure as tatementon the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable.

4. 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 far as appears from our examination of those books:

(iii) The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account;

(iv) In our opinion.the balance sheet profit and loss account and cash flow statement dealt with by this report comply with the accounting standards referred toin sub-section (3C) of section 211 of the Companies Act,1956;

(v) On the basi so fwrrtten represent at ion srecerved fromt hed irectors .as on 31st March 2010 and taken on record by the Board of Directors ,we report that none ofthe directors is disqualified as on31stMarch2010 from being appointed as a director in terms of clause (g)of sub-sectionn (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 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 31st March 2010;

(b) in the case of the profit and loss account, of the profit/ loss 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.

ANNEXURE TO THE AUDITORS REPORT Re:UNJHAFORMULATIONS LTD. 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 management1 during the year but 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.No material discrepancies were noticed on verification.

2. (a) As explained to us, the inventory has 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 reasonavle and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us.the company is maintaining proper records of inventory. The discrepencies noticed on verification between the physical stocks and n the book records were not material.

3 (a) The company had taken loan from ona other concerns covered in the [register maintained under section 301 ofthe Companies Act, 1956.The maximumamountinvolvedduringtheyearwasRs®25588906/-andtheyearend balance of loans taken from such parties was Rs.25588906/-.

(b) In our opinion and according to the information and explanations given to us, 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 j 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 the purchase of inventories and 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. To the best of our knowledge and belief and 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 j value of five lakh rupees in respect of any party during the year have l been made at prices which are reasonable having ragard to prevailing market prices at the relevant time where such market prices are available.

7. In our opinion and according to the information and explanations given to us, the company has complied with the provisions of sections58Aand 58AAof the Companies Act, 1956 and the Companies(Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public.No order D has been passed by the National Company Law Tribunal.

8. ouo opinion-- tha companu had internal audi6 systei commensurata wite tha siza oae tha companu ana nature of its business.

9. We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the company. We have not, however, made a detailed examination of the records with a view too determining whether they are accurate or complete.The Central Govt.has a not prescribed the maintenance of cost records under section 209(1 )(d) ofthe Companies Act. 1956.

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

(b)Accordinc ti tha informatiot ana explanationd give us.ni undispute amound payabla inrespecd oae incoma tax.saleo tax.customd dutu excisa dutu wera it arreard ao ao 2010 foo a period oas mora thai sis monthb frol the date they became payable.

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

11. The accumulated losses of the company are more than fifty percen of itd ne6 worth.tha companu hao nod incurred anu case losseo during tha financial yea6 covered bu oub audio ana tha immediatelu preceding year.

12. Based on our audit procedures and on the information and explanations Li given by the management.we are of the opinion that the company has not n defaulted in repayment of dues to a financial institution.bank etc.

13. In our opinion,the Company is not a chit fund or a nidhi/mutual benefit fund/society.Therefore, the provisionsofclause4(xiii) of the; Companies (Auditors Report) Order, 2003 are not applicable to the Company.

14. In our opinion and according to the information and explanations given to us, the Company is not dealing in or trading in shares, securities, debentures and other investments.Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 are not l i applicable to the company.

15. In our opinion and according to the information and explanations given to us.the company had not given any guarantee for loans taken by r others from bank or financial institutions.

16. In our opinion and according to the information and explanations given to us, the term loans have been applied for the purpose for which they were raised other than amounts pending uiilisation ofthe funds fori the intended use.

17. According to the information and explanations given to us and on an ; overall examination ofthe balance sheet of the company, we report that the no funds raised on short-term basis have been used for long-term investment and vice-versa.

18. Accordingto information and explanations given to us, the company has not made preferential allotment of shares to parties andcompanies !coveredin the registermaintainedundersection301 of the Companies Act,1956.

19. In our opinion and according to the information and explanations given to us, the Company has not issued any secured debentures durig the ] period covered by our report.Accordingly.the provisions of clause 4(xix) of the Companies (Auditors Report) Order,2003 are not applicable to the u company.

20. During the period covered by our audit report, the Company has notr raised any money by public issues.

21. Based on the audit procedures performed and according to the information and explanations given by the management.we report that no n fraud on or by the company has been noticed or reported during the course of our audit.

Date: 31-05-2010 For, Kantilal Manilal Shah & Co.

Place: Mehsana Chartered Accountants

(D.K.SHAH) PARTNER

M.N0.46226