ఆడిటర్ నివేదిక Manglam Global Corporations Ltd.

Mar 31, 2025

We have audited the Standalone Financial Statements of MANGLAM GLOBAL CORPORATIONS
LIMITED (“the Company”), which comprises the Balance sheet as at 31st March 2025, and the
Statement of Profit and Loss, Statement of Changes in Equity and Statement of Cash Flows for the year
then ended, and notes to the Standalone Financial Statements , including a summary of significant
accounting policies and other explanatory information (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 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 Standards prescribed
under section 133 of the Act read with the Companies (Accounting Standards) Rules, 2006, as amended
(“Accounting Standards”)and other accounting principles generally accepted in India, of the state of affairs
of the Company as at 31st March 2025, and its profit for the year ended on that date.

Basis for Opinion

We conducted our audit of in accordance with the Standard on Auditing (SAs) specified under section
143(10) of the Act. Our responsibilities under those Standard are further described in the Auditor’s
Responsibilities for the Audit of Standalone Financial Statement section of our report. We are independent
of the company in accordance with the Code of Ethics issued by the Institute of Chartered Accountant of
India (ICAI) together with the ethical independence requirements that are relevant to our audit of the
standalone Financial Statement 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 opinion.

Key Audit Matters

Key audit matters (‘KAM’) 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. We have nothing to report as Key
Audit Matters.

Information Other than the Financial Statements and Auditor’s Report Thereon The Company’s
management and Board of Directors are responsible for the other information. The information comprises
the information included in the Board of Directors Report, but does not include the standalone financial
statements and auditor’s report thereon.

Our opinion standalone financial statements do 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 responsibilities is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
standalone financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated. If, based on the work we have performed, we conclude that there is a material

misstatement of this other information; we are required to report that fact. We have nothing to report in this
regard.

Responsibility of Management and Those Charged with Governance 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 (state of affairs), financial performance (Profit/ Loss),changes in
equity and cash flows of the Company in accordance with the accounting principles generally accepted in
India, including the Accounting Standards (Ind AS) specified under section 133 of the Act. This
responsibility also includes maintenance of adequate accounting records in accordance with the provisions
of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and
irregularities; selections and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance of adequate
internal financial controls that were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due to fraud or error.

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

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

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements Our objectives are to
obtain reasonable assurance about whether the standalone Financial Statements as a whole are free from
material misstatement, whether due fraud or error, and to issue an auditor’s report that include 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. Misstatement can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these standalone Financial
Statements.

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

• Identify and assess the risks of material misstatement of the standalone Financial Statements,
whether due to fraud or error, design and perform audit procedure 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 for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.

• Obtain an understanding of internal Financial 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 disclosure 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 Financial Statements or, if such disclosure are in
adequate, 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 Financial Statements, including the
disclosures, and whether Financial Statements represent the underlying transactions and events in a
manner that achieves fair presentation.

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

We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significance audit findings, including any significant deficiencies in internal
controls 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 relationship and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.

Report On Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central

Government of India in terms of 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 explanation which to the best of our
knowledge and believe were necessary for the purposes of our audit.

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

c) The Balance Sheet, the Statement of Profit and Loss, the Statement of Changes in Equity and the
Statement of Cash Flow dealt with by this report are in agreement with the relevant Books of
Accounts.

d) In our opinion, the aforesaid Standalone Financial Statements comply with the Accounting
Standards (Ind AS) specified under Section 133 of the Act read with Rule 7 of the Companies
(Accounts) Rules, 2014.

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

f) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11
of the Company (Audit and Auditors) Rule 2014, In our opinion and to the best of our information
and according to the explanation given to us:

I. The Company has disclosed the impact of pending litigations, if any, as at 31st March
2025 on its financial position in its standalone financial statements- Refer Notes to the
standalone financial statements.

II. The Company did not have any long term contracts including derivative contract 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. The management has represented that, to the best of it’s 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), 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;

V. The management has represented, that, to the best of it’s 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), 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

VI. Based on such audit procedures that has considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused them to believe that the
representations under sub-clause (i) and (ii) contain any material mis-statement.

VII. The company has not declared any dividend during the year under section 123 of the
Companies Act, 2013.

For, DMKH & Co
Chartered Accountants

Sd/-

Dinesh Mundada
Membership No.122962
Firm’s Registration No. 116886W
UDIN:- 25122962BMIQCT6723
Place - Pune
Date - 29/05/2025

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Mar 31, 2024

We have audited the Standalone Financial Statements of KSHITIJ INVESTMENTS LIMITED (“the
Company”), which comprises the Balance sheet as at 31^st March 2024, and the Statement of Profit and
Loss, Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and notes
to the Standalone Financial Statements, including a summary of significant accounting policies and
other explanatory information (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 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 Standards
prescribed under section 133 of the Act read with the Companies (Accounting Standards) Rules,
2006, as amended (“Accounting Standards”)and other accounting principles generally accepted in
India, of the state of affairs of the Company as at 31^st March 2024, and its loss for the year ended on
that date.

Basis for Opinion

We conducted our audit of in accordance with the Standard on Auditing (SAs) specified under section
143(10) of the Act. Our responsibilities under those Standard are further described in the Auditor’s
Responsibilities for the Audit of Standalone Financial Statement section of our report. We are
independent of the company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountant of India (ICAI) together with the ethical independence requirements that are relevant to our
audit of the standalone Financial Statement 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 opinion.

Key Audit Matters

Key audit matters (‘KAM’) 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. We have
nothing to report as Key Audit Matters.

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

The Company’s management and Board of Directors are responsible for the other information. The
information comprises the information included in the Board of Directors Report, but does not include
the standalone financial statements and auditor’s report thereon.

Our opinion standalone financial statements do 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 responsibilities are to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to
be materially misstated. If, based on the work we have performed, we conclude that there is a material

misstatement of this other information; we are required to report that fact. We have nothing to report in
this regard.

Responsibility of Management and Those Charged with Governance 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 (state of affairs), financial performance (Profit/ Loss),changes
in equity and cash flows of the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards (Ind AS) specified under section 133 of the Act.
This responsibility also includes maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting
frauds and irregularities; selections and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material misstatement, whether due to fraud
or error.

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

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

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

Our objectives are to obtain reasonable assurance about whether the standalone Financial Statements as
a whole are free from material misstatement, whether due fraud or error, and to issue an auditor’s report
that include 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.
Misstatement can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these standalone Financial Statements.

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

• Identify and assess the risks of material misstatement of the standalone Financial Statements,
whether due to fraud or error, design and perform audit procedure 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 for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.

• Obtain an understanding of internal Financial 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 disclosure 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 Financial Statements or, if such disclosure
is in adequate, 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 Financial Statements, including
the disclosures, and whether Financial Statements represent the underlying transactions and
events in a manner that achieves fair presentation.

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

We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significance audit findings, including any significant deficiencies in
internal controls 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 relationship and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.

Report On Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the
Central Government of India in terms of 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 explanation which to the best of
our knowledge and believe were necessary for the purposes of our audit.

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

c) The Balance Sheet, the Statement of Profit and Loss, the Statement of Changes in
Equity and the Statement of Cash Flow dealt with by this report are in agreement with
the relevant Books of Accounts.

d) In our opinion, the aforesaid Standalone Financial Statements comply with the
Accounting Standards (Ind AS) specified under Section 133 of the Act read with Rule
7 of the Companies (Accounts) Rules, 2014.

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

f) With respect to the other matters to be included in the Auditor’s Report in accordance
with Rule 11 of the Company (Audit and Auditors) Rule 2014, In our opinion and to
the best of our information and according to the explanation given to us:

i. The Company has disclosed the impact of pending litigations, if any, as at 31^st March
2024 on its financial position in its standalone financial statements- Refer Notes to the
standalone financial statements.

ii. The Company did not have any long term contracts including derivative contract 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. 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), 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;

v. 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), 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

vi. Based on such audit procedures that has considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused them to believe that the
representations under sub-clause (i) and (ii) contain any material mis-statement.

vii. The company has not declared any dividend during the year under section 123 of the
Companies Act, 2013.

For, DMKH & Co
Chartered Accountants

Sd/-

Partner

Membership No.122962
Firm’s Registration No. 116886W
UDIN:- 24122962BKBENW9381
Place - Pune
Date - 29/05/2024

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Mar 31, 2014

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

Management''s Responsibility for the Financial Statements

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 read with General Circular 8/2014 dated 4 April 2014 issued by the Ministry of Corporate Affairs, and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

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

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

Opinion

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

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

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

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

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 Section 211(3C) of the Companies Act, 1956 read with General Circular 8/2014 dated 4 April 2014 issued by the Ministry of Corporate Affairs;

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

1. As the company has no fixed assets, the reporting requirement has to physical verification, disposal, etc. under the said order are not applicable for the year 2014;

2. As the company has no inventory neither this year nor preceding year, the provision of the order in this regard does not apply.

3. a) As informed to us the Company has not taken any Loans from any parties covered under the sec. 301 of the Companies Act. 1956 and accordingly, paragraph (iii) (e) to (g) of the order are not applicable.

b) The Company has not granted any Loans, Secured or Un-secured to any Companies, Firms or other parties covered in the register maintained under section 301 of the Act and accordingly, paragraphs 4(iii) (a) to (d) of the order are not applicable.

4. In our opinion there is an adequate internal control procedure commensurate with the size of the Company and the nature of its business. For the purchase of goods, investments and fixed assets and for the sale of goods. Further on the basis of our examination of the books and records of the Company, and according to the information and explanation given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedures.

5. According to information and explanations provided by the management, there have been no contracts or arrangements during the period that need to be entered into the registered maintained under section of the Act. So that the paragraph (v) (a) & (b) of the order are not applicable.

6. According to the information given to us, the company has in- house Internal Audit system commensurate with the size and nature of its business however so far no outside internal auditor has been appointed as amended by Section 138 of the Companies Act 2013.

7. In our opinion and to the information and explanations given to us, the Company has not accepted any Deposit from the public during the year within the meaning of the provisions of section 58A and section 58AA of the Act and rules framed thereunder.

8. Maintenance of Cost records has not been prescribed by the Central Government to the Company under Clause (d) of sub section (1) of section 209 of the Act.

9. a) According to the records of the company, the Company is regular in depositing with the appropriate Authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service Tax, Custom duty, Excise Duty, Cess and any other statutory dues as applicable to it.

b) According to the information and explanations given to us, no undisputed amount payable in respect of Sales-Tax/Income Tax/ Custom Duty/ Wealth Tax/ Service Tax/ Excise Duty/ Cess/ were outstanding as at 31.03.2014 for a period of more than 6 months from the date they become payable.

10. The Company has incurred Cash losses during the year and also in the immediately preceding . financial year.

11. Based on our Audit procedures and as per the information''s and explanations given to Management, The Company has not defaulted in repayment of dues to financial institution, banks and debenture holders.

12. According to the records of the Company and according to the information and Explanation given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/ societies 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, the provision of Clause 4(xiv) of the Companies (Auditor''s Report) order, 2003 are not applicable to the company.

15. The company has not given any guarantee for Loans taken by others from bank or other Financial Institutions.

16. The Company has not obtained any Term Loan during the year.

17. The Company has not raised any funds on short term basis or long term basis during the year.

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

19. The Company has not issued any Debentures during the year.

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

21. Based upon the Audit procedure performed for the purpose of reporting the true and fair view of the Statement and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our Audit.

For M. P. Shah & Co. Chartered Accountants

(M. P. SHAH) 135/A, Biplabi Rash Behari Basu Road, Partner. Kolkata – 700 001. M. No. 02443 F.R.N. No - 302047E Dated: 28th May, 2014

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Mar 31, 2010

We have audited the annexed Balance Sheet of KSHITIJ INVESTMENTS LIMITED as at 31st March 2010 and also the annexed Profit & Loss Account of the company for the year ended on that date annexed thereto. These financial statements are responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

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

Further to our Comments in the Annexure referred to above, we report that:

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

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

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

d) 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 subsection (3C) of section 211 of the Companies Act, 1956;

e) 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 subsection (1) of section 274 of the Companies Act, 1956;

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with accounting policies and notes appearing in the schedule 14, give the information required by the Companies Act, 1956 in the manner so required and give a true & fair view in conformity with the accounting principles generally accepted in India;

i) in the case of the Balance Sheet , of the state of affairs of the Company as at 31st March 2010;

ii) in the case of the Profit & Loss Account, of the Loss of the Company for the Year ended on that date.; and

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

Annexure to the Auditors Report Referred to in paragraph 3 of our report of even date

Re : KSHITIJ INVESTMENTS LIMITED

i) (a) The company has maintained proper record showing full particulars, including quantitative details and situation of fixed assets;

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

(c) In our opinion and according to the information and explanation given to us, there is no substantial disposal of Fixed Assets during the year.

(ii) a) The inventory has been physically verified during the year by the management. In our opinion frequency of the verification is reasonable.

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

(c) The company is maintaining proper records of the inventory. As informed, no material discrepancies were noticed on such physical verification.

(iii) (a) As informed to us, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act and accordingly, paragraph 4(iii)(a) to (d) of the Order are not applicable.

(b) As informed to us, the Company has not taken any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act and accordingly, paragraph 4(iii)(e) to (g) of the Order are not applicable.

(iv) In our opinion there is an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of goods, investments and fixed assets and for the sale of goods. Further on the basis of our examination of the books and records of the Company, and according to the information and explanation given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedures.

(v) According to information and explanations provided by the management, there have been no contracts or arrangements during the period that need to be entered into the register maintained under section 301 of the Act. So that the paragraph (v)(a) & (b) of the order are not applicable.

(vi) The Company has not accepted any deposit from the Public during the year within the meaning of the provisions of section 58A & section 58AA of the Act and rules framed thereunder.

(vii) According to information given to us, the Company has no Internal Audit System commensurate with the size and nature of its business.

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

(ix) (a) According to the records of the Company, the Company is regular in depositing with the appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Sales-tax, Wealth-tax, Service tax, Custom Duty, Excise Duty, Cess and any other statutory dues as applicable to it.

(b) According to the information and explanations given to us, no undisputed amount payable in respect of Sales - tax/Income-tax/Custom Duty/Wealth-tax/Service tax/Excise Duty/Cess were outstanding as at 31.03.2010 for a period of more than 6 months from the date they become payable.

Name Amount Period to of Nature of Dues (Rs. in lacs) which the Forum where dispute is pending Statute amount relates

Vat ACT- Ex-Party Assessment due Appeal before Sr. Jt. Commissioner 2003 & Interest. 408.13 2006-2007 of Commercial Taxes, Behala, W. B.



(c) According to the records of the Company, the dues outstanding in respect of income-tax, sales-tax, customs duty, wealth-tax, service-tax, excise-tax, cess, etc. on account of any dispute, are as follows :

(x) The Company has no accumulated losses at the end of the financial year. The Company has incurred Cash losses during the financial year covered under our audit. The company has incurred cash losses in the immediately preceding financial year.

(xi) Based on our audit procedures and as per the information and explanations given to Management, the company has not defaulted in repayment of dues to financial institution, banks and debenture holders.

(xii) According to records of the Company and according to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The provisions of any special statute applicable to chit fund/ nidhi/ mutual benefit fund/societies are not applicable to the Company.

(xiv) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4 (xiv) of the companies (Auditors report) order, 2003 are not applicable to the company.

(xv) The Company has not given any guarantee for loans taken by others from bank or financial institutions.

(xvi) The Company has not obtained any term loans during the year.

(xvii) The Company has not raised any funds on short-term basis or on long-term-basis during the year.

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

(xix) The Company has not issued any debentures during the year.

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

(xxi) Based upon the audit procedure performed for the purpose of reporting the true and fair view of the statement and as per the information and explanations given by the management, be report that no fraud on or by the company has been noticed or reported during the course of our audit.



For M.P. SHAH & CO.

Chartered Accountant

Place : Kolkata

(M.P. SHAH)

Dated : 20.05.2010

Partner

M.No.2443 10