ఆడిటర్ నివేదిక Max Earth Resources Ltd.

Mar 31, 2025

We have audited the accompanying financial statements of MAX EARTH RESOURCES LIMITED (Formerly known as MAX ALERT
SYSTEMS LIMITED) ("the Company"), which comprise the balance sheet as at March 31, 2025, and the Statement of Loss and statement
of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and
other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give
the information required by the Companies Act, 2013 (''Act'') in the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, its loss and cash flows
for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with the standards on auditing 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 Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and
the code of ethics.

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

Key audit matters

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

Information other than the financial statements and auditors'' report thereon

The Company''s board of directors is responsible for the preparation of the other information. The other information comprises the
information included in the Board''s Report including Annexures to Board''s Report, Business Responsibility Report but does not include
the financial statements and our auditor''s report thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the
course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.

Management''s responsibility for the financial statements

The Company''s board of directors are responsible for the matters stated in section 134 (5) of the Act with respect to the preparation of
these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in
accordance with the accounting principles generally accepted in India, including the accounting standards specified under section 133
of the Act. 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.

The board of directors are also responsible for overseeing the Company''s financial reporting process.

Auditor''s responsibilities for the audit of the financial statements

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

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

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform
audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether
the company has adequate internal financial controls system in place and the operating effectiveness of such controls

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

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

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the 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
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, we
determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore
the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on other legal and regulatory requirements

As required by the provisions of 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 "A" a statement on the matters specified
in paragraph 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, and the cash flow statement dealt with by this report are in agreement with
the books of account;

(d) In our opinion, the aforesaid financial statements comply with the accounting standards specified under section 133 of the Act,
read with rule 7 of the Companies (Accounts) Rules, 2014, as amended from time to time;

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

(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness
of such controls, refer to our separate report in "Annexure B". Our report expresses an unmodified opinion on the adequacy and
operating effectiveness of the Company''s internal financial controls over financial reporting;

(g) The Company being limited company, the requirements of section 197 (16) of the Act, as amended, in respect of the remuneration
paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act; and

(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;

a. The Company does not have any pending litigations which would impact its financial position except as mentioned in note
no II (k) of notes to accounts;

b. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable
losses; and

c. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund
by the Company

d. The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the
accounts,

i. 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; and

ii. 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.

iii. Based on audit procedures carried out by us, that we have considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us believe that the representations under sub-clause (i) and (ii) contain
any material misstatement.

e. In our opinion and according to the information and explanations given to us, the Company has not declared any dividend or
paid during the year, compliance with section 123 of the Companies Act, 2013 is not applicable.

f. Based on my examination, which included test checks, I observed that the Company has maintained its books of account
using an accounting system which does not have an inbuilt audit trail (edit log) feature as required under Rule 3(1) of the
Companies (Accounts) Rules, 2014 (as amended). Accordingly, the requirements relating to recording and preservation of an
audit trail are not complied with during the year under audit.

For S C Mehra & Associates LLP

Chartered Accountants
Firm Regn No. 106156W/W100305

CA Ajit Sharma

Partner
M. No. 11493
Place: Mumbai
Date:30May2025
UDIN: 25114934BMKNUI7494

---

Mar 31, 2024

We have audited the accompanying financial statements of Max Alert Systems Limited ("the Company”), which comprise the
balance sheet as at March 31,2024, and the Statement of Loss and statement of cash flows for the year then ended, and notes to
the financial statements, including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements
give the information required by the Companies Act, 2013 (''Act'') in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2024, its loss and
cash flows for the year ended on that date.

BASIS FOR OPINION

We conducted our audit in accordance with the standards on auditing 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 Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance
with these requirements and the code of ethics.

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

EMPHASIS OF MATTER

a) We draw attention to Note 1(II)(E)(a) to the accompanying financial results, which describe that Company has an accumulated
loss of ''2,017.32 Lakhs as of March 31, 2024. Due to NCLT order Capital Reserve increased during the year to '' 1459.62 Lakhs,
earlier year balance of Share Premium of ''400.20 Lakhs, Share Capital as at 31March2024''92.00 Lakh and Share application
money of '' 164.00 Lakhs received during the year are exceeding by '' 117.11 Lakhs are more than accumulated Losses.

Based on above development, The financial statements have been prepared on going concern basis which assumes that
the management will continue to support all the financial related activities of the Company. Management is not aware of any
uncertainties that may cast significant doubt upon the Company''s ability to continue as going concern basis.

b) We draw attention to Note 1(I I)(E)(b) to the accompanying financial results, which describe that Statutory Compliance with
respect to TDS is subject to reconciliation and subsequent adjustment.

c) We draw attention to Note 1(II)(E)(c) to the accompanying financial results, which describe that balances in the accounts of
Trade payables are subject to confirmation / reconciliation.

d) We draw attention to Note 1(II)(E)(d) to the accompanying financial results, which describe weakness in the Internal control
design commensurate with the growing size of its business, to mitigate the risk, enhancement to internal controls is
implemented by the management to address the deficiencies identified in the Internal Control System.

Our opinion is not modified in respect of this matter.

KEY AUDIT MATTERS

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

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITORS'' REPORT THEREON

The Company''s board of directors is responsible for the preparation of the other information. The other information comprises
the information included in the Board''s Report including Annexures to Board''s Report, Business Responsibility Report but does
not include the financial statements and our auditor''s report thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge
obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company''s board of directors are responsible for the matters stated in section 134 (5) of the Act with respect to the preparation
of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the
Company in accordance with the accounting principles generally accepted in India, including the accounting standards specified
under section 133 of the Act. 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.

The board of directors are also responsible for overseeing the Company''s financial reporting process.

AUDITOR''S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

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

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

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in
the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on
whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls

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

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

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether
the 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 significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged
with governance, we determine those matters that were of most significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the
public interest benefits of such communication.

Report on other legal and regulatory requirements

As required by the provisions of 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 "A” a statement on the
matters specified in paragraph 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, and the cash flow statement dealt with by this report are in agreement
with the books of account;

(d) In our opinion, the aforesaid financial statements comply with the accounting standards specified under section 133 of the
Act, read with rule 7 of the Companies (Accounts) Rules, 2014, as amended from time to time;

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

(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating
effectiveness of such controls, refer to our separate report in "Annexure B”. Our report expresses an unmodified opinion on
the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting;

(g) The Company being limited company, the requirements of section 197 (16) of the Act, as amended, in respect of the
remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the
Act; and

(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;

a. The Company does not have any pending litigations which would impact its financial position except as mentioned in
note no II (k) of notes to accounts;

b. The Company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses; and

c. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection
Fund by the Company

d. The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to
the accounts,

i. no funds have been advanced or loan 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; and

ii. 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.

iii. Based on audit procedures carried out by us, that we have considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us believe that the representations under sub¬
clause (i) and (ii) contain any material misstatement.

e. In our opinion and according to the information and explanations given to us, the Company has not declared any dividend
or paid during the year, compliance with section 123 of the Companies Act, 2013 is not applicable.

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

For S. Mehra & Associates LLP

Chartered Accountants
Firm Regn No. 106156W/W100305

CA Ajit Sharma
Partner
M. No. 114934
Place: Mumbai
Date: 25 May 2024
UDIN: 24114934BKBOBU5629

---

Mar 31, 2012

We have audited the attached Balance Sheet of "MAX ALERT SYSTEMS LIMITED", as at March 31, 2012 and also the Profit & Loss Account for The year ended on that date annexed thereto. These financial statements are the responsibilities of the Company''s Management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

I. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government 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 on the basis of such checks as we considered appropriate and as per the information and explanations given to us.

I I. Further to our comments in the annexure referred to above, we report that:

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

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

c) The Balance Sheet and the Profit & Loss Account dealt with by this report are in agreement with the Books of Account.

d) In our opinion, the balance Sheet and Profit and Loss Account dealt by this Report comply with the accounting standards referred to in sub-section (3C) Of Section 211 of the Companies Act, 1956.

e) 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.

f) 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 :

i) In the case of the balance Sheet, of the State of affaires of the Company as at 31st March, 2012 and

ii) In the case of the Profit & Loss Accounts, of the Profits of the Company for the year ended on that date.

annexure to the auditors report

(Referred to in Paragraph I of our report of even date)

1. In respect of its fixed assets :

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

b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals, and we are informed that no material discrepancies have been noticed on such verification.

c) Company has not disposed any Immovable Property during the year.

2. In respect of its inventories:

a) As explained to us, physical verification of inventory has been conducted by the management at reasonable intervals.

b) In our opinion and according to the information & explanations given to us, the Procedures for physical verifications 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, as explained to us, there were no material discrepancies noticed on physical verification of stocks having regard to the size of the Companies operation and the same have been properly dealt with in the books of account.

3. In respect of loans, secured or unsecured , granted by the company to Companies , firm or Other parties covered in the register maintained under Section 301 of the companies Act , 1956:

a) According to the information and explanations given to us, the Company has granted interest free unsecured loan to three such parties amounting to Rs.88, 78,127/ - being outstanding at the end of the year.

b) As explained to us, there are no stipulations as to the rate of interest and other terms and conditions of the loans granted by the company.

c) Since there are no terms as to the repayment of loan, the question of regularity of repayment does not arise.

d) Since there are no terms as to the repayment of loan, the question of overdue amounts does not arise. In respect of loans, secured or unsecured, taken by the Company from Companies, firm or other Parties covered in the register maintained under Section 301 of the Companies Act, 1956:

e) According to the information and explanations given to us, during the year under review, the Company has not taken any unsecured loans parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly Clause (iii) f & g of paragraph 4 of the order are not applicable in the case of the company for the current year.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for sale of goods and services.

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

a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into a register in pursuance of section of the act have been to entered.

b) In our opinion and according to the information and explanations given to us, these transactions have been made at reasonable price, having regard to the prevailing market prices at the relevant time.

6. According to the information and explanation given to us, the Company has not accepted any Deposit from Public within the meaning of the provisions of Section 58A and 58AA of the Companies Act, 1956 read with the directives given by the Reserve bank of India. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any other Court or any other Tribunal.

7. In our opinion, the Company has proper system of Internal Audit commensurate to its size & nature of business however the company has not appointed any formal internal auditor.

8. As explained to us, the Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956.

9. (a) The Company is generally regular in depositing the undisputed statutory dues, to the Extent applicable to the Company, with the appropriate authorities.

(b) According to the records of the Company and as per the information and explanation given to us, there are no dues of income-tax, sale tax, Wealth Tax, Custom Duty and Cess, Service Tax which have not been deposited on account of any

Nature of the statute Nature of dues Amount (Rs) Period to which amount relates

Income Tax Act,1961 Tax Deducted at source 81,439.00/- 2011-2012

MVAT Act VAT 9,50,215.77/- 2011-2012

Finance Act,1994 (Service Tax) Service tax 8,55,489.33/- 2011-2012

10. The Company has neither any accumulated losses nor has incurred any cash losses at any Time.

11. According to the information and explanations given to us, the Company neither has any borrowings from any financial institution or bank nor has it issued any debenture as at the balance sheet date.

12. 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 s hares, debenture and other securities.

13. The Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore the provisions of clause 4 (xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

14. The Company is not dealing or trading in shares, securities, debentures and other Investment. Therefore the provision of Clause 4 (xiv) of the Companies (Auditors 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 financial institutions.

16. The Terms Loan taken by the companies were applied/utlised for the purpose for which the loans were taken.

17. As per the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no fund raised on short-term basis have been used for long-term investment.

18. The Company has not made any preferential allotment of shares to parties and Companies covered in register maintained under section 301 of the Companies Act, 1956 during the year.

19. The Company has not issued any debentures.

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

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

For Ramanand & Associates

Chartered Accountants

Sd/-

(Ramanand G Gupta)

M. N.: 103975

Place: Mumbai

Date : 30/08/2012