Auditor Report of York Exports Ltd.

Mar 31, 2024

We have audited the accompanying standalone financial statements of York Exports Limited (“the
Company”), which comprises the standalone Balance Sheet as at March 31,2024, the standalone
Statement of Profit and Loss (including Other Comprehensive Income), standalone statement of
changes in equity and standalone statement of cash flows for the year then ended, and notes to
the standalone financial statements including a summary of the significant accounting policies and
other explanatory information (hereinafter referred to as “the standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone financial statements give the information required by the Companies Act,
2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state of affairs of the Company as at March
31,2024, the profit and other comprehensive income, 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 specified under section 143(10) of the Act (SAs). Our responsibilities under those
Standards are further described in the Auditor’s Responsibilities for the Audit of the Standalone
Financial Statements section of our report. We are independent of the Company in accordance with
the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the
ethical requirements that are relevant to our audit of the standalone financial statements under the
provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the standalone financial statements of the current period. These matters were
addressed in the context of our audit of the standalone financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.

Information other than the Standalone Financial Statements and Auditor’s Report thereon

The Company''s Management and Board of Directors is responsible for the preparation of the other
information. The other information comprises the information included in the Board''s Report
including annexures to the Board''s Report and Management Discussion & Analysis Report, but
does not include the standalone financial statements and our auditors'' report thereon. The Board''s
Report including annexures to the Board''s Report and Management Discussion & Analysis Report
is expected to be made available to us after the date of this auditors'' report.

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

In connection with our audit of the standalone financial statements, our responsibility is to read the
other information identified above when it becomes available and, in doing so, consider whether the
other information is materially inconsistent with the standalone financial statements or our knowledge
obtained during the course of our audit, or otherwise appears to be materially misstated. It 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 part. We have nothing to reports in this regard.

Management’s Responsibility for the Standalone 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 standalone financial statements
that give a true and fair view of the financial position, 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 the
assets of the Company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the standalone financial
statements that give a true and fair view and are free from material misstatement, whether due to
fraud or error.

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

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

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

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

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

• Identity 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 controls relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are

also responsible for expressing our opinion on whether the Company has adequate internal
financial controls system in place and the operating effectiveness of such controls.

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

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

• Evaluate the overall presentation, structure and 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.

Obtain sufficient appropriate audit evidence regarding the financial statements of the Company
to express an opinion on the financial statements. We are responsible for the direction,
supervision and performance of the audit of financial statements which we are the independent
auditors. We remain solely responsible for our audit opinion.

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 of the
current period 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, 2020 (“the Order) issued by the Central

Government of India in terms of Section 143(11) of the Act, we give in “Annexure A” a statement
on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section 143(3) of the Act, based on our audit 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 standalone Balance Sheet, the standalone statement of profit and loss (including Other
Comprehensive Income), the standalone statement of changes in Equity and the standalone
statement of cash flow dealt with by this Report are in agreement with the relevant books of
account.

d) In our opinion, the aforesaid standalone 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,
2023 taken on record by the Board of Directors, none of the directors is disqualified as
on March 31, 2023 from being appointed as a director in terms of Section 164 (2) of the
Act.

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

g) In our opinion, the managerial remuneration for the year ended March 31, 2024 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, as amended in our
opinion and to the best of our information and according to the explanations given to us:

i) The Company does not have any pending litigations which would impact its financial
position in its standalone financial statements.

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

b) The management has represented that, to the best of its knowledge and belief, no
funds have been received by the company from any person(s) or entity, 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 were 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 (a) and (b) contain any material
misstatement.

v. The Company has not declare or paid any dividend during the year in contravention
of the provisions of section 123 of the Companies Act, 2013.

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 instance of audit trail feature being tampered with.

Additionally, the audit trail has been preserved by the company as per the statutory
requirements for record retention.

For Nanda & Bhatia
Chartered Accountants
(Finn''s Registration No. 004342N)

(A.C.Bhatia)
Partner

Membership No.013791

Place: Ludhiana
Date: 30.05.2024

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Mar 31, 2014

We have audited the accompanying financial statements of York Exports Ltd, New Delhi ("the Company"), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

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 principles generally accepted in India, including the Accounting Standards referred to in sub¬section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. 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 Statement of Profit and Loss , of the Profit for the year ended on that date; and (c) In case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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

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

3. 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;

4. 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;

5. The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report - agreement with the books of account;

6. In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

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

ANNEXURE TO INDEPENDENT AUDITORS'' REPORT

[Referred to in Paragraph (1) UNDER THE HEADING OF "Reporting on Other Legal and Regulatory Requirements of our report of even date]

1. In respect of Fixed Assets:

(a) The company has generally maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets ;

(b) As explained to us, the management has physically verified Fixed Assets during the year, 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 such verification.

(c) In our opinion , the company has not disposed off any substantial part of its Fixed Assets so as to affect the going concern status of the company ;

2. In respect of its Inventories:

(a) As explained to us, physical verification has been conducted by the management at reasonable intervals in respect of inventories. In our opinion, the frequency of verification is reasonable.

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

(c) The company is maintaining proper records of inventories. As explained to us no discrepancies were noticed on verification between the physical stocks and the book records.

3. In respect of Loans / Advances:

(a) The Company has not granted during the year any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Act.

(b) The Company has taken unsecured loans from five parties covered in the register maintained under Section 301 of the companies Act.1956, The maximum amount involved during the year was Rs.2,15,38,318.00 and the yearend balance was Rs.1,73,38,318.00.

(c) The loans are interest free and without any terms and conditions.

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 purchase of inventory, fixed assets, and with regard to the sale of goods. During the course of our audit, we have not observed any major weakness in internal controls.

5. In respect of transactions covered under section 301 of the Companies Act, 1956.

(a) In our opinion and according to information and explanations given to us, the transactions that needed to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs.5 Lacs 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.

In our opinion and according to the information and explanations given to us, the company has not accepted deposits from the public; within the meaning of Section 58A and 58AA of the Act and rules framed there under.

In our opinion, the company has an internal audit system commensurate with the size and nature of the business;

We have broadly reviewed the cost records maintained by the company pursuant to the Companies (Cost Accounting Records) Rule 2011 prescribed by the central Government under Section 209(i) (d) of the Companies Act, 1956 and we are of the opinion that prima facie the prescribed cost records have been maintained are being reconciled with the financial Statements for the year. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

In respect of Statutory Dues:

(a) According to the records of the company , the company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident

Fund , Investor Education Protection Fund , Employees'' State Insurance , Income Tax, Sales Tax, Value Added Tax, Wealth Tax, Service Tax , Cess , Custom Duty/Excise duty and other statutory dues , applicable to it , with appropriate authorities .

(b) According to information and explanations given to us, no undisputed amounts payable in respect of aforesaid dues were outstanding as at 31ST March , 2014 for a period of more than six months from the date of becoming payable

c) According to the records of the Company and information and explanations given to us, there are no dues as at 31st.March,2014, in respect of Wealth Tax , Custom Duty, Sales Tax, Excise Duty and Cess which have not been deposited on account of any dispute.

There are no accumulated losses as at the end of the financial year. The company has not incurred cash losses during the current financial year and in the immediately preceding financial year.

In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders

As explained to us, the company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities.

In our opinion the company is not a Chit Fund or a Nidhi Mutual Benefit Fund / Society. Therefore, clause 4(xiii) of the Companies Auditor Report Order (2003) are not applicable to the company;

In our opinion, the company is not dealing in or trading in Shares, Securities,

Debentures and other Investments. Accordingly, clause 4(xiv) of the Companies (Auditor Report) Order, 2003 is not applicable to the company.

15. As per the records of the Company and as per information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year.

16. On the basis of overall examination of the Balance Sheet of the Company term loans raised during the year have been applied for the purposes for which they were raised.

17. The funds raised by the company on short terms basis have not been used for long term investments, nor the funds raised on long term basis have been used for short term investments, as it appears from the examination of the records of the company.

18. According to the 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. On the basis of the records and documents examined by us , the company has not issued any debentures during the year ;

20. The company has not raised any money by Public Issue, during the year.

21. In our opinion and according to the information and explanations given to us , no fraud on or by the company , has been noticed or reported during the year that causes the financial statements to be materially misstated .

For NANDA & BHATIA Chartered Accountants (Firm Registration No. 004342N

(A.C. BHATIA) Partner M. No. 13791 Place: Ludhiana

Dated: 30th June, 2014

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of York Exports Ltd, New Delhi ("the Company"), which comprise the Balance Sheet as at March 31, 2013, the Statement of Profit and Loss and Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting principles generally accepted in India, including the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. 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.

Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, we report that:

1. No. provision has been made for present value for future payments of Gratuity under the payment of Gratuity Act,1972.This is contrary to Accounting Standards (AS )-15 issued by ICAI

Subject to above, 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 31,2013;

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

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

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

d. In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e. On the basis of written representations received from the directors as on March 31,2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE TO INDEPENDENT AUDITORS'' REPORT

[Referred to in Paragraph (1) UNDER THE HEADING OF "Reporting on Other Legal and Regulatory

Requirements of our report of even date]

1. In respect of Fixed Assets:

(a) The company has generally maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets;

(b) As explained to us, the management has physically verified Fixed Assets during the year, 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 such verification.

(c) In our opinion, the company has not disposed off any substantial part of its Fixed Assets so as to affect the going concern status of the company;

2. In respect of its Inventories:

(a) As explained to us, physical verification has been conducted by the management at reasonable intervals in respect of inventories. In our opinion, the frequency of verification is reasonable.

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

(c) The company is maintaining proper records of inventories. As explained to us no discrepancies were noticed on verification between the physical stocks and the book records.

3. In respect of Loans / Advances:

a) The Company has not granted during the year any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Act.

b) The Company has taken loan from another company covered in the register maintained under Section 301 of the companies Act.1956, The maximum amount involved during the year was Rs.1,03,38,318.00 and the year end balance was Rs.1,03,38,318.00.

c) The loan is without any terms and conditions.

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 purchase of inventory, fixed assets, and with regard to the sale of goods. During the course of our audit, we have not observed any major weakness in internal controls.

5. In respect of transactions covered under section 301 of the Companies Act, 1956.

a) In our opinion and according to information and explanations given to us, the transactions that needed to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs.5 Lacs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us, the company has not accepted deposits from the public; within the meaning of Section 58A and 58AA of the Act and rules framed there under. *

7. In our opinion, the company has an internal audit system commensurate with the size and nature of the business;

8. We have broadly reviewed the cost records maintained by the company pursuant to the Companies (Cost Accounting Records) Rule 2011 prescribed by the central Government under Section 209(i) (d) of the Companies Act, 1956 and one of the opinion that prima facie the prescribed cost records have been maintained are being reconciled with the financial Statements for the year. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

9. In respect of Statutory Dues:

(a) According to the records of the company, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Value Added Tax, Wealth Tax, Service Tax, Cess, Custom Duty/Excise duty and other statutory dues, applicable to it, with appropriate authorities.

(b) According to information and explanations given to us, no undisputed amounts payable in respect of aforesaid dues were outstanding as at 31 ST March, 2013 for a period of more than six months from the date of becoming payable

(c) According to the records of the Company and information and explanations given to us, there are no dues as at 31s''.March, 2013, in respect of Wealth Tax, Custom Duty, Sales Tax, Excise Duty and Cess which have not been deposited on account of any dispute. In respect of Income Tax dues deposited on account of dispute, the details of amount involved and the forum where the dispute is pending are as under: -

Name of Statute Nature of Dues/ Period to Amount Involved Forum Where dispute which amount relates is pending

Income Tax Act, 1961 Income Tax Demand Rs. 33.12 Lacs Delhi High Court 1993-94

10. There are no accumulated losses as at the end of the financial year. The company has not incurred cash losses during the current financial year and in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to banks. The Company has not raised any loan from financial institution or against debentures.

12. As explained to us, the company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities

13. In our opinion, the company is not a Chit Fund or a Nidhi Mutual Benefit Fund / Society. Therefore, clause 4(xiii) of the Companies Auditor Report Order (2003) are not applicable to the company;

14. In our opinion, the company is not dealing in or trading in Shares, Securities, Debentures and other Investments. Accordingly, clause 4(xiv) of the Companies (Auditor Report) Order, 2003 is not applicable to the company.

15. As per the records of the Company and as per information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year.

16. On the basis of overall examination of the Balance Sheet of the Company term loans raised during the year have been applied for the purposes for which they were raised.

17. The funds raised by the company on short terms basis have not been used for long term investments, nor the funds raised on long term basis have been used for short term investments, as it appears from the examination of the records of the company.

18. According to the 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. On the basis of the records and documents examined by us, the company has not issued any debentures during the year;

20. The company has not raised any money by Public Issue, during the year.

21. In our opinion and according to the information and explanations given to us, no fraud on or by the company, has been noticed or reported during the year that causes the financial statements to be materially misstated.

For NANDA & BHATIA

Chartered Accountants

(Firm Registration No. 004342N

Place: Ludhiana (A.C. BHATIA)

Dated: 25.07.2013 Partner

M. No. 13791

---

Mar 31, 2012

1. We have audited the attached Balance Sheet of York Exports Limited, New Delhi., as at 31 March, 2012, the Statement of Profit & Loss and the Cash Flow Statement for the year ended on that date annexed thereto These financial statements are the responsibility of the company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

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

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

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

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

(iii) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of accounts;

(iv) In our opinion , the Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act , 1956; except Accounting Standards -15 regarding Accounting for Retirement Benefits in the financial statements of employers.

(v) On the basis of written representations received from all the Directors and as taken on record by the Board of Directors, none of the Directors of the company is disqualified from being appointed as Director of the company as on 31.03.2012 pursuant to the provisions of clause (g) of Sub- section (i) 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 , subject to non provision of present value of future payment of Gratuity to employees, 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 in the case of:-

(a) the Balance Sheet, of the state of affairs of the company as at 31*. March ,2012 ;

(b) the Statement of Profit & Loss, of the Profit for the year ended On that date;

(c) the Cash Flow Statement, of the cash flow of the company for the year ended on that date.

ANNEXURE TO AUDITOR''S REPORT:

Referred to in Paragraph 3 of our report of even date for the year ended 31st March, 2012

1. In respect of Fixed Assets:

(a) The company has generally maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets;

(b) As explained to us, the management has physically verified Fixed Assets during the year, 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 such verification.

(c) In our opinion, the company has not disposed off any substantial part of its Fixed Assets so as to affect the going concern status of the company;

2. In respect of its Inventories:

(a) As explained to us, physical verification has been conducted by the management at reasonable intervals in respect of inventories. In our opinion, the frequency of verification is reasonable.

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

(c) The company is maintaining proper records of inventories. As explained to us no discrepancies were noticed on verification between the physical stocks and the book records.

3. In respect of Loans / Advances:

a) The Company has not granted during the year any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Act.

b) The Company has taken loan from another company covered in the register maintained under Section 301 of the companies Act.1956, The maximum amount involved during the year was Rs.1,92,43,438.00 and the year end balance was Rs. 98,08,651.00.

c) The loan is without any terms and conditions.

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 purchase of inventory, fixed assets, and with regard to the sale of goods. During the course of our audit, we have not observed any major weakness in internal controls.

5. In respect of transactions covered under section 301 of the Companies Act, 1356.

a) In our opinion and according to information and explanations given to us, the transactions that needed to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs. 5 Lacs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us, the company has not accepted deposits from the public; within the meaning of Section 58A and 58AA of the Act, and rules framed there under.

7. In our opinion, the company has an internal audit system commensurate with the size and nature of the business;

8. We have broadly reviewed the cost records maintained by the company pursuant to the Companies (Cost Accounting Records) Rule 2011 prescribed by the central Government under Section 209(i) (d) of the Companies Act, 1956 and one of the opinion that prima facie the prescribed cost records have been maintained are being reconciled with the financial Statements for the year. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

9. In respect of Statutory Dues:

(a) According to the records of the company, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Value Added Tax, Wealth Tax, Service Tax, Cess, Custom Duty/Excise duty and other statutory dues, applicable to it, with appropriate authorities.

(b) According to information and explanations given to us, no undisputed amounts payable in respect of aforesaid dues were outstanding as at 31st March, 2012 for a period of more than six months from the date of becoming payable

(c) According to the records of the Company and information and explanations given to us, there are no dues as at 31st.March, 2012,in respect of Wealth Tax, Custom Duty, Sales Tax, Excise Duty and Cess, which have not been deposited on account of any dispute. In respect of Income Tax dues deposited on account of dispute, the details of amount involved and the forum where the dispute is pending are as under:-

Name of Statute Nature of Dues/ Period to Amount Involved Forum Where dispute which amount relates is pending

Income Tax Act, 1961 Income Tax Demand Rs. 33.12 Lacs Delhi High Court 1993-94

10. There are no accumulated losses as at the end of the financial year. The company has not incurred cash losses during the current financial year and in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to banks. The Company has not raised any loan from financial institution or against debentures.

12. As explained to us, the company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities

13. In our opinion, the company is not a Chit Fund or a Nidhi Mutual Benefit Fund / Society. Therefore, clause 4(xiii) of the Companies Auditor Report Order (2003) are not applicable to the company;

14. In our opinion, the company is not dealing in or trading in Shares, Securities, Debentures and other Investments. Accordingly, clause 4(xiv) of the Companies (Auditor Report) Order, 2003 is not applicable to the company.

15. As per the records of the Company and as per information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year.

16. On the basis of overall examination of the Balance Sheet of the Company term loans raised during the year have been applied for the purposes for which they were raised.

17. The funds raised by the company on short terms basis have not been used for long term investments, nor the funds raised on long term basis have been used for short term investments, as it appears from the examination of the records of the company.

18. According to the 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. On the basis of the records and documents examined by us, the company has not issued any debentures during the year;

20. The company has not raised any money by Public Issue, during the year.

21. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year that causes the financial statements to be materially misstated.



For NANDA & BHATIA Chartered Accountants (Firm Registration No. 004342N



Place: Ludhiana (A.C. BHATIA) Dated: 25.07.2012 Partner M. No. 13791

---

Mar 31, 2011

1. We have audited the attached Balance Sheet of York Exports Limited, New Delhi., as at 31st March, 2011, the Profit & 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 misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

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

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

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

(ii) In our opinion, proper books of accounts 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 accounts;

(iv) In our opinion, the Balance Sheet, Profit & 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 the Companies Act, 1956; except Accounting Standards -75 regarding Accounting for Retirement Benefits in the financial statements of employers.

(v) On the basis of written representations received from all the Directors and as taken on record by the Board of Directors, none of the Directors of the company is disqualified from being appointed as Director of the company as on 31.03.2011 pursuant to the provisions of clause (g) of Sub- section (i) 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, they said accounts, read together with significant accounting policies and subject to note no. (iv) regarding non provision of accrued liability of gratuity and together with other notes thereon (Schedule P) 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, 2011;

(b) in the case of the Profit & Loss Account, of the Profit for the year ended on that date;

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

Referred to in paragraph 3 of our report of even date for the year ended 31st March, 2011

1. In respect of Fixed Assets:

(a) The company has generally maintained proper records showing full particulars including quantitative details and situation of Fixed Assets,

(b) As explained to us the management has physically verified Fixed Assets the year which in our opinion is reasonable having regard to the size of the company and the nature of its assets No mattering discrepancies were noticed on such verification.

(c) In our opinion the company has not disposed off any sustainable part of its Fixed Assets so as to affect the going concern status of the company.

2. In respect of its inventories;

(a) As explained to us physical verification has been conducted by the management at reasonable intervals respect of inventories in our opinion the frequency of verification is reasonable.

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

(c) The company is maintaining proper records of inventories As explanation to us no discrepancies was noticed on verification between the physical stocks and the book records.

3. In respect of Loss/ Advances:

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

b) The company has taken loan from another company covered in the register maintained under section of the companies Act, 1956 The maximum amount involved during the year was Rs, 1,85,00,000,00 and year end balance was Rs, 92,43,438,00.

c) The loan is without any terms and conditions.

4. In our opinion and according to the information and explanation given to us there are adequate inter control procedures commensurate with the size of the company and the nature of its business with to purchase of inventory fixed assets and with regard to the sale of goods During the course of our we have not observed any major weakness in internal control.

5. In respect of transactions covered under section 301 of the companies Act, 1956.

a) In our opinion and according to information and explanations given to us the transaction that needed be entered in the register maintained under section 301 of the companies Act, 1956 been so entered.

b) In our opinion and according to information and explanations given to us the transactions made pursuance of contracts or arrangements entered in the register maintained of any been made at princes which reasonable having regard to prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanation given to us the company has accepted deposits from the public within the meaning of section 58A and 58AA of the Act and framed there under.

7. In our opinion the company has an internal audit system commensurate with the size and nature business:

8. According to the information and explanations given to us central Government has not prescribe the maintenance of cost records under section 209 (i) (d) of the companies Act, 1956:

9. In respect of statutory Dues:

(b) According to information and explanations given to us, no undisputed amounts payable in respect of aforesaid dues were outstanding as at 31st March, 2011 for a period of more than six months from the date of becoming payable

(c) According to the records of the Company and information and explanations given to us, there are no dues as at 31st.March, 2011,in respect of Income Tax, Wealth Tax. Custom Duty, Sales Tax, Excise Duty and Cess which have not been deposited on account of any dispute. In respect of Income Tax dues deposited on account of dispute, the details of amount involved and the forum where the dispute is pending are as under:-

Name of Statute Nature of Dues/ Period to Amount Involved Forum Where which amount relates dispute is pending

Income Tax Act, 1961 Income Tax Demand Rs. 33.12 Lacs Delhi High Court 1993-94

10. There are no accumulated losses as at the end of the financial year. The company has not incurred cash losses during the current financial year and in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to banks. The Company has not raised any loan from financial institution or against debentures.

12. As explained to us, the company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities

13. In our opinion, the company is not a Chit Fund or a Nidhi Mutual Benefit Fund / Society. Therefore, clause 4(xiii) of the Companies Auditor Report Order (2003) are not applicable to the company;

14. In our opinion, the company is not dealing in or trading in Shares, Securities, Debentures and other Investments. Accordingly, clause 4(xiv) of the Companies (Auditor Report) Order, 2003 is not applicable to the company.

15. As per the records of the Company and as per information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year.

16. On the basis of overall examination of the Balance Sheet of the Company term loans raised during the year have been applied for the purposes for which they were raised.

17. The funds raised by the company on short terms basis have not been used for long term investments, nor the funds raised on long term basis have been used for short term investments, as it appears from the examination of the records of the company.

18. According to the 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. On the basis of the records and documents examined by us, the company has not issued any debentures during the year;

20. The company has not raised any money by Public Issue, during the year.

21. In our opinion and according to the information and explanations given to us, no fraud on or by the company, has been noticed or reported during the year that causes the financial statements to be materially misstated.

For NANDA & BHATIA

Chartered Accountants

(Firm Registration No. 004342N

Place: Ludhiana (AC- BHATIA)

Dated: 15.07.2011 Partner

M. No. 13791

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of York Exports Limited, New Delhi., as at 31st March, 2010, the Profit & 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 misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

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

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

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

(ii) In our opinion, proper books of accounts 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 accounts;

(iv) In our opinion, the Balance Sheet, Profit & 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 the Companies Act, 1956; except Accounting Standards -15

(v) On the basis of written representations received from all the Directors and as taken on record by the Board of Directors, none of the Directors of the company is disqualified from being appointed as Director of the company as on 31.03.2010 pursuant to the provisions of clause (g) of Sub- section (i) 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, they said accounts, read together with significant accounting policies and subject to note no. (iv) regarding non provision of accrued liability of gratuity and together with other notes thereon (Schedule P) 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 & Loss Account, of the profit for the year ended on that date;

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

ANNEXURE TO AUDITOR''S REPORT

Referred to in Paragraph 3 of our report of even date for the year ended 31st March, 2010

1. In respect of Fixed Assets:

(a) The company has generally maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets;

(b) As explained to us, the management has physically verified Fixed Assets during the year, 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 such verification.

(c) In our opinion, the company has not disposed off any substantial part of its Fixed Assets so as to affect the going concern status of the company;

2. In respect of its Inventories:

(a) As explained to us, physical verification has been conducted by the management at reasonable intervals in respect of inventories. In our opinion, the frequency of verification is reasonable.

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

(c) The company is maintaining proper records of inventories. As explained to us no discrepancies were noticed on verification between the physical stocks and the book records.

3. In respect of Loans / Advances:

a) The Company has not granted during the year any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Act.

b) The Company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under Section 301 of the Act.

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 purchase of inventory, fixed assets, and with regard to the sale of goods. During the course of our audit, we have not observed any major weakness in internal controls.

5. In respect of transactions covered under section 301 of the Companies Act, 1956.

a) In our opinion and according to information and explanations given to us, the transactions that needed to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs. 5 Lacs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us, the company has not accepted deposits from the public; within the meaning of Section 58A and 58AA of the Act and rules framed there under.

7. In our opinion, the company has an internal audit system commensurate with the size and nature of the business;

8. According to the information and explanations given to us, the Central Government has not prescribed for the maintenance of cost records under section 209(i)(d) of the Companies Act, 1956;

9. In respect of Statutory Dues:

(a) According to the records of the company, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Value added tax, Wealth Tax, Service tax, Cess, Custom Duty/Excise duty and other statutory dues, applicable to it, with appropriate authorities.

(b) According to information and explanations given to us, no undisputed amounts payable in respect of aforesaid dues were outstanding as at 31st March, 2010 for a period of more than six months from the date of becoming payable.

(c) According the the records of the Company and information and explanations given to us, there are no dues as at 31st March, 2010,in respect of Income Tax, Wealth Tax, Custom Duty, Sales Tax, Excise Duty and Cess, which have not been deposited on account of any dispute. In respect of Income Tax dues deposited on account of dispute, the details of amount involved and the forum where the dispute is pending are as under:-

Name of Statute Nature of Dues/ Period to Amount Involved Forum Where which amount relates dispute is pending

Income Tax Act, 1961 Income Tax Demand Rs. 33.12 Lacs Delhi High Court 1993-94

10. There are no accumulated losses as at the end of the financial year. The company has not incurred cash losses during the current financial year and in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to banks. The Company has not raised any loan from financial institution or against debentures.

12. As explained to-us, the company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities.

13. In our opinion, the company is not a Chit Fund or a Nidhi Mutual Benefit Fund / Society Therefore clause 4(xm) of the Companies Auditor Report Order (2003) is not applicable to the company;

14. In our opinion, the company is not dealing in or trading in Shares, Securities, Debentures and other Investments. Accordingly, clause 4(xiv) of the Companies (Auditor Report) Order 2003 is not applicable to the company.

15. As per the records of the Company and as per information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year.

16. On the basis of overall examination of the Balance Sheet of the Company term loans raised during the year have been applied for the purposes for which they were raised.

17. The funds raised by the company on short terms basis have not been used for long-term investments nor the funds raised on long-term basis have been used for short-term investments, as it appears from the examination of the records of the company.

18. According to the 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. On the basis of the records and documents examined by us, the company has not issued any debentures during the year;

20. The company-has not raised any money by Public Issue, during the year.

21. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year that causes the financial statements to be materially misstated.

For NANDA & BHATIA

Chartered Accountants

(Firm Registration No. 004342N

Place: Ludhiana

Dated: 14.07.2010 (A.C.BHATIA)

Partner

M. No. 13791

---

Mar 31, 2009

1. We have audited the attached Balance Sheet of York Exports Limited, New Delhi, as at 31st March, 2009, the Profit & 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 misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by 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 the terms of section 227 (4A) of the Companies Act, 1956, and on the basis of such checks as we considered appropriate and according to information and explanation given to us, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

(ii) In our opinion, proper books of accounts 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 accounts;

(iv) In our opinion, the Balance Sheet, Profit & 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 the Companies Act, 1956; except Accounting Standards -15

(v) On the basis of written representations received from all the Directors and as taken on record by the Board of Directors, none of the Directors of the company is disqualified from being appointed as Director of the company as on 31.03.2009 pursuant to the provisions of clause (g) of Sub- section (i) 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, read together with significant accounting policies and subject to note no. (iv) regarding non provision of accrued liability of gratuity and together with other notes thereon (Schedule P) 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, 2009;

(b) in the case of the Profit & Loss account, of the Profit for the year ended on that date;

(c) in the case of Cash Flow Statement, of the cash flow of the company for the year ended on that date.

ANNEXURE TO AUDITORS REPORT Referred to in Paragraph 3 of our report of even date for the year ended 31st March, 2009

1. In respect of Fixed Assets:

(a) The company has generally maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets;

(b) As explained to us, the management has physically verified Fixed Assets during the year, 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 such verification.

(c) In our opinion, the company has not disposed off any substantial part of its Fixed Assets so as to affect the going concern status of the company;

2. In respect of its Inventories:

(a) As explained to us, physical verification has been conducted by the management at reasonable intervals in respect of inventories. In our opinion, the frequency of verification is reasonable.

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

(c) The company is maintaining proper records of inventories. As explained to us no discrepancies were noticed on verification between the physical stocks and the book records.

3. In respect of Loans / Advances:

a) The Company has not granted during the year any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Act.

b) The Company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under Section 301 of the Act.

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 purchase of inventory, fixed assets, and with regard to the sale of goods. During the course of our audit, we have not observed any major weakness in internal controls.

5. In respect of transactions covered under section 301 of the Companies Act, 1956.

a) In our opinion and according to information and explanations given to us, the transactions that needed to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs. 5 Lacs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. In our opinion and according to the informstion and explanations given to us, the company has not accepted deposits from the public; within the meaning of Section 58A and 58AA of the Act and rules framed thereunder.

7. In our opinion, the company has an internal audit system commensurate with the size and nature of the business;

8. According to the information and explanations given to us, the Central Government has not prescribed for the maintenance of cost records under section 209(i) (d) of the Companies Act, 1956;

9. In respect of Statutory Dues:

(a) According to the records of the company, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Value added tax, Wealth Tax, Service tax, Cess, Custom Duty/Excise duty and other statutory dues, applicable to it, with appropriate authorities.

(b) According to information and explanations given to us, no undisputed amounts payable in respect of aforesaid dues were outstanding as at 31st March, 2009 for a period of more than six months from the date of becoming payable

(c) According to the records of the Company and information and explanations given to us, there are no dues as at 31st March 2009, in respect of Income Tax, Wealth Tax, Custom Duty, Sales Tax, Excise Duty and Cess which have not been.deposited on account of any dispute. In respect of Income Tax dues deposited on account of dispute, the details of amount involved and the forum where the dispute is pending are as under: -

Name of Statute Nature of Dues / Period Amount Forum Where to which amount relates Involved dispute is pending

Income Tax Act, Income Tax Demand Rs. 33.12 Delhi High Lacs Court

1961 1993-94

10. There are no accumulated losses as at the end of the financial year. The company has not incurred cash losses during the currentfinancialyearand hi thfe immediately preceding financial year.

11. In our opinion and according to the inforrnatipn and explanations given to us, the company has not defaulted in repayment of dues to banks. The Company has not raised any loan from financial institution or against debentures.

12. As explained to us, the company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities.

13. In our opinion, the company is not a Chit Fund or a Nidhi Mutual Benefit Fund / Society. Therefore, clause 4(xiii) of the Companies Auditor Report Order (2003) are not applicable to the company;

14. In our opinion, the company is not dealing in or trading in Shares, Securities, Debentures and other Investments. Accordingly, clause 4(xiv) of the Companies (Auditor Report) Order, 2003 is not applicable to the company.

15. As per the records of the Company and as per information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year.

16. On the basis of the records examined by us and the information and explanations given to us, the company has not obtained term loans during the year.

17. The funds raised by the company on short terms basis have not been used for long term investments, nor the funds raised on long term basis have been used for short term investments, as it appears from the examination of the records of the company.

18. According to the 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. On the basis of the records and documents examined by us, the company has not issued any debentures during the year;

20. The company has not raised any money by Public Issue, during the year.

21. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year that causes the financial statements to be materially misstated:

For NANDA & BHATIA Chartered Accountants

Place: Ludhiana (A.C. BHATIA)

Dated: 25.08.2009 Partner