ఆడిటర్ నివేదిక Asutosh Enterprises Ltd.

Mar 31, 2024

We have audited the standalone financial statements of Asutosh Enterprises Limited ("the
Company"),which comprise the Balance Sheet as at 31st March, 2024, the Statement of
Profit and Loss, Statement of changes inequity and Statement of cash flows for the year
ended then 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 standalone financial statements give the information required by the Act in
the manner so required and give a true and fair view inconformity with the accounting
principles generally accepted in India, of the state of affairs of the Company as at March 31,
2024, and profit/loss, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the 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 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 for our opinion.

Key Audit Matters

There are no Key Audit Matters to communicate in our report.

Management''s Responsibility for the Standalone Financial Statements

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

This responsibility also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the financial statement
that give a true and fair view and are free from material misstatement, whether due to
fraud or error.

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

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

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

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Companies
Act, 2013, we give in the Annexure (Annexure-A) a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

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

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

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

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

(d) In our opinion, the aforesaid standalone financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read Companies (Indian
Accounting Standards) Rules, 2015.

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

(f) With respect to the adequacy of the internal financial controls over financial reporting of
the Company and the operating effectiveness of such controls, refer to our separate Report
in "Annexure B".

(g) The Company has not paid any remuneration to its Directors. Hence, provisions of
Section 197 of the Act read with Schedule V of the Act were not applicable to the Company
during the year ended 31^st March, 2024.

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

i. The Company has disclosed the impact of pending litigations, if any, on its financial
position in its 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.

vi. The company, in respect of financial years commencing on or after the 1^st April, 2023
has used such accounting software for maintaining its books of account which has a
feature of recording audit trail facility and the same has been operated throughout the

year for all transactions recorded in the software and the audit trail feature has not been
tampered with and the audit trail has been preserved by the company as per the statutory
requirements for record retention.

v. (1) The management has represented that, to the best of its knowledge and belief,
other than as disclosed in the notes to the accounts, no funds have been advanced or
loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) by the Company to or in any other person(s) or entity(ies)
("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;

(2) The management has represented that, to the best of its knowledge and belief,
other than as disclosed in the notes to the accounts, no funds have been received by
the Company from any person(s) or entity(ies) ("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

(3) Based on such audit procedures that we have considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us
to believe that the representations under sub-clause (1) and (2) contain any material
mis-statement.

vi. The Company has not declared or paid any dividend during the year under review.

For S. Ghose & Co LLP

Chartered Accountants

FRN-307184E/E300007

QJkT³ ''

CA. Riten Dey

Designated Partner

Place: Kolkata M.No.051078

Date: 22.04.2024 UDIN:24051078BKDIAF7138

I

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Mar 31, 2014

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of Asutosh Enterprises Ltd, 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 Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. 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 appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of company''s internal control. An audit aiso 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 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 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:

(i) 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;

(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, Statement of Profit and Loss and Clash Flow Statement dealt with by this Report are in agreement with the books of account;

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

(v) 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.

(vi) Others :

The company is yet to be registered with the Reserve Bank of India as a Non Banking Financial Company [Refer Note 15(c)].

ANNEXURE TO THE AUDITORS’ REPORT

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

b) Fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies have been noticed on physical verification as confirmed by the management.

c) No substantial part of fixed assets has been disposed off during the year, which would effect the going concern assumption.

2. As there is no inventory comments on clauses ii (a), (b) & (c) not applicable to the company.

3. a) As per information and explanation given to us, the company neither has granted secured/unsecured loans/

advance to companies, firms or any other parties covered in the register maintained under section 301 of the Companies Act, 1956 nor taken secured/unsecured loans/advance from companies, firms or any other parties covered in the register maintained under section 301 of the Companies Act, 1956.

b) Hence comments on Clauses iii (b) to (g) are not applicable.

4. On the basis of checks carried out during the course of audit and as per explanations given to us, we are of the opinion that there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase and sale of fixed assets and investments. During the course of our audit, no major weakness has been noticed in the internal control system.

5. a) In our opinion & according to the information & explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered into the register maintained u/s.301 of the Companies Act, 1956 have been so entered.

b) In our opinion & according to the information & explanations given to us, these transactions have been made at prices which are reasonable having regards to the prevailing market prices at the relevant time.

6. The company has not accepted public deposits and so the provisions of Sec. 58A, 58AA and any other relevant provisions of the Act does not apply to the company.

7. As per explanations and information given to us, the company has an internal audit system commensurate with the size and nature of the business.

8. Maintenance of cost records u/s. 209(1 )(d) of the Companies Act, 1956 does not apply to the company.

9. a) According to the information and explanations given to us and on the basis of our examination of the books of accounts, the company is regular in depositing undisputed statutory dues including, Income Tax and other statutory dues with the appropriate authorities. There are no statutory dues which has been outstanding for a period of more than six months from the date they became payable.

b) The disputed statutory dues in respect of Income Tax amounting to Rs13.30 lacs have not been deposited on account of disputed matters pending before CIT(A) for assessment years 2002-2003, 2003-2004 and 2006- 2007.

10. The company does not have any accumulated losses and has not incurred cash loss in the current financial year. The company has not incurred any cash losses in the immediately preceding financial year.

11. The company has not taken any loans from any Financial Institutions or bank and has not issued any debentures hence the question of default in repayment does not arise.

12. According to the information and explanations given to us, the company has not granted any loans or 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 Nidhi/mutual benefit fund/society hence clause XIII of the order does not apply.

14. The company is not in the business of dealing or trading in shares and securities. However the company has maintained proper records of transactions and contracts in respect of shares, securities, debentures and other investment and timely entries have been made therein. The shares, securities, debentures and other investments have been held by the company, in its own name, same and except facts stated in point (1) of Note 6.

15. In our opinion and according to the information and explanations given to us, the company has not given any guarantee for loans taken by other from banks & financial institutions.

16. Based on information and explanations given to us by the management, the company has not raised any term loans during the year.

17. On the basis of our overall examination of the cash flow statement, and on the basis of information given to us no funds raised on short term basis has been used for long term investment.

18. During the year under audit, the company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. On the basis of records made available to us, the company has not issued any debenture, hence the question of creating securities or charge does not arise.

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

21. Based upon the audit procedures performed and on the basis of information and explanations provided by the management, we report that no fraud, on or by the company has been noticed or reported during the year.

For SALARPURIA & PARTNERS Chartered Accountants ICAI Reg. No. 302113E

Place:Kolkata Arabinda Ghosh Date:28th May,2014 Membership No.51855

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Mar 31, 2012

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

We conducted our audit in accordance with 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.

As required by the Companies (Auditor''s Report) Order, 2003 as amended by the Companies (Auditor''s report) (Amendments) Order, 2004 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 paragraphs 4 and 5 of the said Order.

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 and the Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account.

iv) In our opinion, the Balance Sheet and the Statement of Profit and 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.

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 on 31st 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, and;

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

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

ANNEXURE TO THE AUDITORS'' REPORT

1. a) The company has maintained proper records showing full particulars, details and situation of fixed assets.

b) Fixed assets have been physically verified by the management periodically in a phased manner and no material discrepancies have been noticed on physical verification as confirmed by the management.

c) No substantial part of fixed assets has been disposed off during the year, which has bearing on the going concern assumption.

2. a) As per information & explanation given to us, physical verification of Inventory have been conducted at reasonable intervals during the year by the management.

b) In our opinion, the 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 has maintained proper records of inventory. No material discrepancies were noticed on physical verification.

3. a) As per information and explanation given to us, the company has not granted secured/unsecured loans/ advance to any companies or firms covered in the register maintained under section 301 of the Companies Act, 1956.

b) Since the company has not granted/taken loan as above hence Clauses (b) to (g) are not applicable.

4. On the basis of checks carried out during the course of audit and as per explanations given to us, we are of the opinion that there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system.

5. a) In our opinion & according to the information & explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered into the register maintained u/s.301 of the Companies Act, 1956 have been so entered.

b) In our opinion & according to the information & explanations given to us, these transactions have been made at prices which are reasonable having regards to the prevailing market prices at the relevant time.

6. The company has not accepted public deposits and so the provisions of Sec. 58A, 58AA and any other relevant provisions of the Act does not apply to the company.

7. The company has an Internal audit system, however as explained to us internal control system of the company is commensurate with the size and nature of the business.

8. Maintenance of cost records U/s. 209(1)(d) of the Companies Act,1956 does not apply to the company.

9. a) According to the information and explanations given to us and on the basis of our examination of the books of accounts, the company is regular in depositing undisputed statutory dues including, Income Tax and other statutory dues with the appropriate authorities.

b) The disputed statutory dues aggregating to Rs. 13.30 lacs have not been deposited on account of disputed matters pending before CIT(A).

10. The company does not have any accumulated losses and has not incurred cash loss in the current financial year. The company has not incurred any cash losses in the immediately preceding financial year.

11. The company has not taken any loans from any Financial Institutions or bank and has not issued any debentures hence the question of default in repayment does not arise.

12. According to the information and explanations given to us, the company has not granted any loans or 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 Nidhi/mutual benefit fund/society hence clause XIII of the order does not apply.

14. The company is not in the business of dealing or trading in shares and securities. However the company has maintained proper records of transactions and contracts in respect of shares, securities, debentures and other investment and timely entries have been made therein. The shares, securities, debentures and other investments have been held by the company, in its own name.

15. In our opinion and according to the information and explanations given to us, the company has not given any guarantee for loans taken by other from banks & financial institutions.

16. Based on information and explanations given to us by the management, the company has not raised any term loans during the year.

17. On the basis of our overall examination of the cash flow statement, and on the basis of information given to us no funds raised on short term basis has been used for long term investment.

18. During the year under audit, the company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. On the basis of records made available to us, the company has not issued any debenture, hence the question of creating securities or charge does not arise.

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

21. Based upon the audit procedures performed and on the basis of information and explanations provided by the management, we report that no fraud, on or by the company has been noticed or reported during the year.

For SALARPURIA & PARTNERS

Chartered Accountants

NIHAR RANJAN NAYAK

Partner

Place : Kolkata Membership No. 057076

Date: 26th May, 2012 ICAI Reg. No. 302113E

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Mar 31, 2011

We have audited the attached Balance Sheet of ASUTOSH ENTERPRISES LTD. as at 31st March, 2011 and also the Profit and Loss Account for the Year Ended on that date annexed thereto and the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with 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.

As required by the Companies (Auditor's Report) Order, 2003 as amended by the Companies (Auditor's report) (Amendments) Order, 2004 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 paragraphs 4 and 5 of the said Order.

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 the Companies Act, 1956.

v) On the basis of written representations received from the Directors as on 31st March, 2011 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2011 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, 2011, and;

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

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

ANNEXURE TO AUDITORS' REPORT

1. a) The company has maintained proper records showing full particulars details and situation of fixed assets.

b) Fixed assets have been physically verified by the management periodically in a phased manner and no material discrepancies have been noticed on physical verification as confirmed by the management.

c) No substantial part of fixed assets has been disposed off during the year, which has bearing on the going concern assumption.

2. a) As per information & explanation given to us, physical verification of Inventory have been conducted at reasonable intervals during the year by the management.

b) In our opinion, the 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 has maintained proper records of inventory. No material discrepancies were noticed on physical verification.

3. a) As per information & explanation given to us, the company has not granted secured/unsecured Loans/ Advance to any companies or firms covered in the register maintained under section 301 of the Companies Act, 1956.

b) Since the company has not granted/taken loan as above hence Clauses (b) to (g) are not applicable.

4. On the basis of checks carried out during the course of audit and as per explanations given to us, we are of the opinion that there is an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system.

5. a) In our opinion & according to the information & explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered into the register maintained U/s 301 of the Companies Act, 1956 have been so entered.

b) In our opinion & according to the information & explanations given to us these transactions have been made at prices which are reasonable having regards to the prevailing market prices at the relevant time.

6. The company has not accepted public deposits and so the provisions of Sec. 58A, 58AA and any other relevant provisions of the Act does not apply to the company.

7. The company have an Internal Audit System, however as explained to us internal control system of the company is commensurate with the size and nature of the business.

8. Maintenance of cost records U/s 209(1 )(d) of the Companies Act, 1956 does not apply to the company.

9. a) According to the information and explanations given to us and on the basis of our examination of the books of accounts, the Company is regular in depositing undisputed statutory dues including, Income Tax, and other statutory dues with the appropriate authorities.

b) The disputed statutory dues aggregating to 13.30 lacs, have not been deposited on account of disputed matters pending before CIT(A).

10. The company does not have any accumulated losses and has not incurred cash loss in the current financial year. The company has not incurred any cash losses in the immediately preceding financial year.

11. The company has not taken any loans from any Financial Institutions has not issued any debentures hence the question of default in repayment does not arise.

12. According to the information and explanations given to us, the company has not granted any loans or 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 nidhi/mutual benefit fund/society hence clause XIII of the order does not apply.

14. The company is not in the business of dealing or trading in shares and securities. However the company has maintained proper records of transactions and contracts in respect of Shares, Securities, Debentures and other Investment and timely entries have been made therein. The Shares, Securities, Debentures and Other Investments have been held by the company, in its own name, save & except facts stated in clause 2(c) of Schedule I.

15. In our opinion and according to the information and explanations given to us, the company has not given any guarantee for loans taken by other from banks & financial Institutions.

16. Based on information and explanations given to us by the management, the company has not raised any term loans during the year.

17. On the basis of our overall examination of the cash flow statement, and on the basis of information given to us no funds raised on short term basis has been used for long term investment.

18. During the Year under Audit, the company has not made any preferential allotment of shares to parties or companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19. On the basis of records made available to us, the company has not issued any debenture, hence the question of creating securities or charge does not arise.

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

21. Based upon the audit procedures performed and on the basis of information and explanations provided by the management, we report that no fraud, on or by the Company has been noticed or reported during the year.

FOR SALARPURIA & PARTNERS Chartered Accountants

NIHARRANJANNAYAK

Partner

Place : Kolkata Membership No. 057076

Date : 28th May, 2011 ICAI Registration No.: 302113E

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Mar 31, 2010

We have audited the attached Balance Sheet of ASUTOSH ENTERPRISES LTD. as at 31st March, 2010 and also the Profit and Loss Account for the Year Ended on that date annexed thereto and the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with 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.

As required by the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors report) (Amendments) Order, 2004 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 paragraphs 4 and 5 of the said Order.

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 accounts.

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 the Companies Act, 1956.

v) On the basis of written representations received from the Directors as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2010 from being appointed as a Director in terms of Clause (g) of Sub-section (1) 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 31 st March, 2010, and;

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

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

ANNEXURE TO AUDITORS REPORT

1. a) The company has maintained proper records showing full particulars details and situation of fixed assets.

b) Fixed assets have been physically verified by the management periodically in a phased manner and no material discrepancies have been noticed on physical verification as confirmed by the management.

c) No substantial part of fixed assets has been disposed off during the year, which has bearing on the going concern assumption.

2. a) As per information & explanation given to us, physical verification of Inventory have been conducted at reasonable intervals during the year by the management.

b) In our opinion, the 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 has maintained proper records of inventory. No material discrepancies were noticed on physical verification.

3. a) As per information & explanation given to us, the company has not granted secured/unsecured Loans/ Advance to any companies or firms covered in the register maintained under section 301 of the Companies Act, 1956.

b) Since the company has not granted/taken loan as above hence Clauses (b) to (g) are not applicable.

4. On the basis of checks carried out during the course of audit and as per explanations given to us, we are of the opinion that there is an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system.

5. a) In our opinion & according to the information & explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered into the register maintained U/s 301 of the Companies Act, 1956 have been so entered.

b) In our opinion & according to the information & explanations given to us these transactions have been made at prices which are reasonable having regards to the prevailing market prices at the relevant time.

6. The company has not accepted public deposits and so the provisions of Sec. 58A, 58AA and any other relevant provisions of the Act does not apply to the company.

7. The company have an Internal Audit System, however as explained to us internal control system of the com- pany is commensurate with the size and nature of the business.

8. Maintenance of cost records U/s 209(1) (d) of the Companies Act, 1956 does not apply to the company.

9. a) According to the information and explanations given to us and on the basis of our examination of the books of accounts, the Company is regular in depositing undisputed statutory dues including, Income Tax, and other statutory dues with the appropriate authorities.

b) The disputed statutory dues aggregating to Rs.22.73 lacs, have not been deposited on account of dis- puted matters pending before CIT(A).

10. The company does not have any accumulated tosses and has not incurred cash loss in the current financial year. The company has not incurred any cash losses in the immediately preceding financial year.

11. The company has not taken any loans from any Financial Institutions has not issued any debentures hence the question of default in repayment does not arise.

12. According to the information and explanations given to us, the company has not granted any loans or ad- vances 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 nidhi/mutual benefit fund/society hence clause XIII of the order does not apply.

14. The company is not in the business of dealing or trading in shares and securities. However the company has maintained proper records of transactions and contracts in respect of Shares, Securities, Debentures and other Investment and timely entries have been made therein. The Shares, Securities, Debentures and Other Investments have been held by the company, in its own name, save & except facts stated in clause 2(c) of Schedule I.

15. In our opinion and according to the information and explanations given to us, the company has not given any guarantee for loans taken by other from banks & financial Institutions.

16. Based on information and explanations given to us by the management, the company has not raised any term loans during the year.

17. On the basis of our overall examination of the cash flow statement, and on the basis of information given to us no funds raised on short term basis has been used for long term investment.

18. During the Year under Audit, the company has not made any preferential allotment of shares to parties or companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19. On the basis of records made available to us, the company has not issued any debenture, hence the question of creating securities or charge does not arise.

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

21. Based upon the audit procedures performed and on the basis of information and explanations provided by the management, we report that no fraud, on or by the Company has been noticed or reported during the year.

FOR SALARPURIA & PARTNERS

Chartered Accountants

NIHAR RANJAN NAYAK

Partner

Place : Kolkata Membership No. 057076

Date : 7th May, 2010 ICAI Registration No.: 302113E

---

Mar 31, 2009

We have audited the attached Balance Sheet of ASUTOSH ENTERPRISES LTD. as at 31st March, 2009 and also the Profit and Loss Account for the Year Ended on that date annexed thereto and the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit

We conducted our audit in accordance with 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.

As required by the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors report) (Amendments) Order, 2004 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 paragraphs 4 and 5 of the said Order.

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 accounts.

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 the Companies Act, 1956.

v) On the basis of written representations received from the Directors as on 31 st March, 2009 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2009 from being appointed as a Director in terms of Clause (g) of Sub-section (1) of Section 274 of the Companies Act, 1956.

vi) In our opinion anc to the best uf our information and according to the explanations given to us, the said accounts give the information reauired by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

a) in the case of the Balance Sheet, of the state of affairs of the company as at 31 st March, 2009, and;

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

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

ANNEXURE TO AUDITORS REPORT

1. a) The Company has maintained proper records showing full particulars details and situation of Fixed Assets.

b) Fixed Assets have been physically verified by the management periodically in a phased marner and no material discrepancies have been noticed on physical verification as confirmed by the Managoment.

c) No substantial part of Fixed Assets has been disposed off during the year, which has bearing on the going concern assumption.

2. a) As per information & explanation given to us, physical verification of Inventory have been conducted at reasonable intervals during the year by the management.

b) In our opinion, the 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 has maintained proper records of inventory. No material discrepancies were noticed on physical verification.

3. a) As per information & explanation given to us, the Company has not granted secured/unsecured Loans/ Advance to any companies or firms covered in the register maintained under Section 301 of the Compa- nies Act, 1956.

b) Since the company has not granted/taken loan as above hence Clauses (b) to (g) are not applicable.

4. On the basis of checks carried out during the course of audit and as per explanations given to us, we are of the opinion that there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system.

5. a) In our opinion & according to the information & explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered into the register maintained u/s 301 of the Companies Act, 1956 have been so entered.

b) In our opinion & according to the information & explanations given to us these transactions have been made at prices which are reasonable having regards to the prevailing market prices at the relevant time,

6. The company has not accepted public deposits and so the provisions of Sec. 58A, 58AA and any other relevant provisions of the Act does not apply to the company.

7 The company have an Internal Audit System, however as explained to us internal control system of the com- pany is commensurate with the size and nature of the business.

8. Maintenance of cost records U/s 209(1 )(d) of the Companies Act, 1956 does not apply to the company.

9. a) According to the information and explanations given to us and on the basis of our examination of the books of accounts, the Company is regular in depositing undisputed statutory dues including, Income Tax. and other statutory dues with the appropriate authorities.

b) The disputed statutory dues aggregating to Rs.22.73 lacs, have not been deposited on account of d ->- puted matters pending before CIT(A).

10 The cojnpany does not have any accumulated losses and has incurred cash loss in the current financial year. The company has not incurred any cash losses in the immediately preceding financial year.

11 The Company has not taken any loans from any Financial Institutions has not issued any debentures hence the question of default in repayment does not arise.

12. According to the information and explanations given to us, the Company has not granted any loans or ad- vances 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 nidhi/mutual benefit fund/society hence clause XIII of the order does not apply.

14. The company is not in the business of dealing or trading in shares and securities. However the Company has maintained proper records of transactions and contracts in respect of Shares, Securities, Debentures and other Investment and timely entries have been made there,n. The Shares, Securities, Debentures and Other Investments have been held by the Company, in its own name, save & except facts stated in clause 2C of Schedule I.

15. In our opinion and according to the information and explanations given to us, the company has not given any guarantee for loans taken by other from banks & financial Institutions.

16. Based on information and explanations given to us by the management, the company has not raised any term loans during the year.

17. On the basis of our overall examination of the Cash Flow Statement, and on the basis of information given to us ,no funds raised on short term basis has been used for long term investment.

18. During the Year under Audit, the Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19. On the basis of records made available to us, the Company has not issued any debenture, hence the question of creating securities or charge does not arise.

20. The Company has not raised any money by way of Public Issue during the year.

21. Based upon the audit procedures performed and on the basis of information and explanations provided by the management, we report that no fraud, on or by the Company has been noticed or reported during the year.

FOR SALARPURIA & PARTNERS Chartered Accountants

7, Chittaranjan Avenue NIHAR RANJAN NAYAK

Kolkata - 700 072 Partner

The 29th Day of June, 2009 Membership No. 057076