ఆడిటర్ నివేదిక Mehta Integrated Finance Ltd.

Mar 31, 2025

Mehta Integrated finance Limited

Report on the Audit of Financial Statements

Opinion

We have audited the accompanying Ind AS financial statements of Mehta Integrated finance Limited ("the Company"), which comprise the Balance Sheet as at 31st March 2025, and the statement of Profit and Loss, including the statement of other Comprehensive Income, statement of cash flow and the statement of Changes in Equity for the year the ended, and a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS financial statements give the information required by the Companies Act, 2013in 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, and its financial performance including other Comprehensive income its cash flows and the changes in Equity 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 wehave obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Opinion

Key Audit Matters in our professional judgments have been properly addressed in the audit process of Financial Statements and does not deserve our separate opinion.

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

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

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

In connection with our audit of the standalone financial statements, our responsibility 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.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

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

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 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, the Board of Directors 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the 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.

• 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.

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.

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 sub-section (11) of section 143 of the Companies Act, 2013,we give in the Annexure-A statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

(1) 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.

(2) 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.

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

(4) 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, Companies (Indian Accounting Standards) Rule 2015 as amended.

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

(6) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer our Report in "Annexure B" to this Report.

(7) 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 has disclosed the impact of pending litigations on its financial position in its Ind AS Financial Statements.

(b) The Company has made provision, as required under applicable law or accounting standards, for material foreseeable losses if any on long-term contracts including derivative contracts.

(c) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

(d) The company has not declared or paid any dividend during the year in contravention of the provisions of section 123 of the Companies Act, 2013.

(8) Provision to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporting under Rule 11 (g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is applicable for the financial year ended March 31, 2025.

Based on our examination which included test checks, the company has used an accounting software for maintaining its books of account. We have to state that feature of recording audit trail (edit log) facility and the same needs to be operated throughout the year for all relevant transactions recorded in the software have not been incorporated in the software. We have been given to understand that the company has initiated the actions for incorporating the feature as to Audit trail in the accounting software used by the company. The same shall be operative from the financial year 2025-2026.

For, ASIM RAVINDRA & ASSOCIATES

Chartered Accountants Sd/-

Ravindra C. Mehta

Partner

Place: Ahmedabad M.No. 043051

Date: 30/05/2025 FRN No.: 118775W

UDIN: 25043051BMLJ DJ 2048

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Aug 31, 2014

We have audited the accompanying financial statements of Mehta Integrated Finance LIMITTD ("the Company"), which comprise the Balance Sheet as at 31st August 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards notified under sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"), read with general circular No. 15/2013 dated 13.09.2013, issued by the Ministry of Corporate Affairs, in respect of section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Company''s internal control. 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 31st August 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 ("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 143 of the Act, we report that:

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

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

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

d) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards notified under subsection (3C) of section 211 of the Act, read with general circular No. 15/2013 dated 13.09.2013, issued by the Ministry of Corporate Affairs, in respect of section 133 of the Companies Act, 2013.

e) On the basis of written representations received from the directors as on 31st August , 2014 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st August, 2014, from being appointed as a Director in terms of clause (g) of sub-section of section 164 of the Companies Act 2013.

f) The company has adequate internal financial control in place and are operating effectively.

ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT

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, major portion of Fixed Assets have been physically verified during the year by the management. In our opinion, the frequency of physical verification is reasonable having regard to the size of the company and the nature of its business and assets. As informed to us, no material discrepancies have been noticed on such physical verification.

c) No substantial (or major) parts of the Fixed Assets have been disposed off during the year.

2. The Company is a consulting and merchant-banking outfit with an investment activity and does not have any inventory. Therefore, the provisions of clause 4(ii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

3. In respect of the loans, secured or unsecured, granted or taken by the Company to or from companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013, according to the information and explanations given to us, the Company has not granted/taken any such loan during the year, except in normal course of business.

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.

5. In respect of transactions entered in the register maintained in pursuance of Section 189 of the Companies Act, 2013:

a) To the best of our knowledge and belief and according to the information and explanations given to us, transactions that needed to be entered have been so entered.

b) To the best of our knowledge and belief and according to the information and explanations given to us, such transactions aggregating during the year to Rs. 5,00,000/- or more in respect to each party have been made at market prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposit from the public during the year.

7. In our opinion, the internal audit is commensurate with the size of the Company and the nature of its business.

8. The Company is not required to maintain the books of account pursuant to the rules made by the Central Government for the maintenance of cost records under section 128 of the Companies Act, 2013.

9. Statutory & Other Dues:

a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in accordance with the generally accepted auditing practices in India, the Company is regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, excise duty, custom duty, cess and other statutory dues as applicable with the appropriate authorities.

b) According to the information and explanations given to us, no disputed amounts payable in respect of above dues were in arrears, as at 31st August 2014 for a period of more than six months from the date they became payable.

10. In our opinion, the Company does have accumulated losses. The company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the Company has not defaulted in the repayment of dues to financial institutions and banks.

12. 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 are not applicable to the company.

14. There are no guarantees given by the Company for loans taken by others from banks and financial institutions.

15. According to the information and explanations given to us, no term loans have been raised by the Company during the year and hence, the provisions of clause (xvi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

16. As per the information and explanations given to us, on an overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term purposes.

17. The Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under Section 189 of the Companies Act, 2013.

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

19. The Company has not raised any money by way of public issues during the year.

20. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

21. The Company is dealing or trading in shares, securities, debentures and other investments. All Shares, Debentures or Other securities have been held by the company in its own name except to the extent of the exemption granted u/s.187 of The Companies Act, 2013.

Place: Ahmedabad, For Dinesh K. Shah & Co. Date: 05th December, 2014 Chartered Accountants Firm Reg. No. 102602W Dinesh K. Shah (Partner) Membership No.: 010477

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Aug 31, 2013

1. We have audited the attached Balance Sheet of Mehta Integrated Finance Limited as at August 31, 2013, and also the Profit & Loss Account of the Company 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.

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

3. As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of sub section (4A) of Section 227 of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

(ii) I n our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of such books;

(iii) The Balance Sheet and the Profit & Loss Account dealt with by this report are in agreement with the books of account;

(iv) The Balance Sheet and the Profit & Loss Account 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 August 31, 2013 and taken on record by the Board of Directors, we report that none of its Directors is disqualified as on August 31, 2013 from being appointed as a Director in terms of clause

(g) of Sub-section (1) of Section 274 of the Companies Act, 1956.

(vi) I n our opinion and to the best of our information and according to the explanations given to us, they said accounts give the information required by the Companies Act, 1956 in the manner so required, and give a true and fair view:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at August 31, 2013 and

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

ANNEXURE TO THE AUDITORS'' REPORT

(Referred to in paragraph 3 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, major portion of Fixed Assets have been physically verified during the year by the management. In our opinion, the frequency of physical verification is reasonable having regard to the size of the company and the nature of its business and assets. As informed to us, no material discrepancies have been noticed on such physical verification.

c) No substantial (or major) parts of the Fixed Assets have been disposed off during the year.

2. The Company is a consulting and merchant-banking outfit with an investment activity and does not have any inventory. Therefore, the provisions of clause 4(ii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

3. In respect of the loans, secured or unsecured, granted or taken by the Company to or from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956, according to the information and explanations given to us:

a) The Company has not granted/taken any such loan during the year, except in normal course of business.

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.

5. In respect of transactions entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956:

a) To the best of our knowledge and belief and according to the information and explanations given to us, transactions that needed to be entered have been so entered.

b) To the best of our knowledge and belief and according to the information and explanations given to us, such transactions aggregating during the year to Rs. 5,00,000/- or more in respect to each party have been made at market prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposit from the public during the year.

7 . In our opinion, the internal audit is commensurate with the size of the Company and the nature of its business.

8 . The Company is not required to maintain the books of account pursuant to the rules made by the Central Government for the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956.

9. Statutory & Other Dues:

a. According to the information and explanations given to us and according to the books and records as produced and examined by us, in accordance with the generally accepted auditing practices in India, the Company is regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, excise duty, custom duty, cess and other statutory dues as applicable with the appropriate authorities.

b. According to the information and explanations given to us, no disputed amounts payable in respect of above dues were in arrears, as at 31st August 2013 for a period of more than six months from the date they became payable.

10. In our opinion, the Company does have accumulated losses. The company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the Company has not defaulted in the repayment of dues to financial institutions and banks.

12. 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 are not applicable to the company. 1 4 . There are no guarantees given by the Company for loans taken by others from banks and financial institutions.

15. According to the information and explanations given to us, no term loans have been raised by the Company during the year and hence, the provisions of clause (xvi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

16. As per the information and explanations given to us, on an overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term purposes.

17. The Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

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

19. The Company has not raised any money by way of public issues during the year.

20. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

21. The Company is dealing or trading in shares, securities, debentures and other investments. All Shares, Debentures or Other securities have been held by the company in its own name except to the extent of the exemption granted U/s.49 of The Companies Act, 1956.

Place : Ahmadabad, For Dinesh K. Shah & Co.

Dated : 23/1/ 2014 Chartered Accountants

Dinesh K. Shah (Partner)

Membership # F-010477

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Aug 31, 2012

1. We have audited the attached Balance Sheet of Mehta Integrated Finance Limited as at August 31, 2012, and also the Profit & Loss Account of the Company 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.

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

3. As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of sub section (4A) of Section 227 of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that: (i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit;

(ii) I n our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of such books;

(iii) The Balance Sheet and the Profit & Loss Account dealt with by this report are in agreement with the books of account;

(iv) The Balance Sheet and the Profit & Loss Account 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 August 31, 2012 and taken on record by the Board of Directors, we report that none of its Directors is disqualified as on August 31, 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) I n 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:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at August 31, 2012 and

(b) in the case of the Profit & Loss Account, of the profit for the year ended on that 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, major portion of Fixed Assets have been physically verified during the year by the management. In our opinion, the frequency of physical verification is reasonable having regard to the size of the company and the nature of its business and assets. As informed to us, no material discrepancies have been noticed on such physical verification.

c) No substantial (or major) parts of the Fixed Assets have been disposed off during the year.

2. The Company is a consulting and merchant-banking outfit with an investment activity and does not have any inventory. Therefore, the provisions of clause 4(ii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

3. In respect of the loans, secured or unsecured, granted or taken by the Company to or from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956, according to the information and explanations given to us:

a) The Company has not granted/taken any such loan during the year, except in normal course of business.

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.

5. In respect of transactions entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956:

a) To the best of our knowledge and belief and according to the information and explanations given to us, transactions that needed to be entered have been so entered.

b) To the best of our knowledge and belief and according to the information and explanations given to us, such transactions aggregating during the year to Rs. 5,00,000/- or more in respect to each party have been made at market prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposit from the public during the year.

7. In our opinion, the internal audit is commensurate with the size of the Company and the nature of its business.

8 . The Company is not required to maintain the books of account pursuant to the rules made by the Central Government for the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956.

9. Statutory & Other Dues:

a. According to the information and explanations given to us and according to the books and records as produced and examined by us, in accordance with the generally accepted auditing practices in India, the Company is regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, excise duty, custom duty, cess and other statutory dues as applicable with the appropriate authorities.

b. According to the information and explanations given to us, no disputed amounts payable in respect of above dues were in arrears, as at 31st August 2012 for a period of more than six months from the date they became payable.

10. In our opinion, the Company does have accumulated losses. The company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the Company has not defaulted in the repayment of dues to financial institutions and banks.

12. 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 are not applicable to the company.

14. There are no guarantees given by the Company for loans taken by others from banks and financial institutions.

15. According to the information and explanations given to us, no term loans have been raised by the Company during the year and hence, the provisions of clause (xvi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

16. As per the information and explanations given to us, on an overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term purposes.

17. The Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

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

19. The Company has not raised any money by way of public issues during the year.

20. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

21. The Company is dealing or trading in shares, securities, debentures and other investments. All Shares, Debentures or Other securities have been held by the company in its own name except to the extent of the exemption granted U/s.49 of The Companies Act, 1956.

Place : Ahmedabad, For Dinesh K. Shah & Co.

Dated : 24/1/ 2013 Chartered Accountants

sd/-

Dinesh K. Shah (Partner)

Membership # F-010477

---

Aug 31, 2011

1. We have audited the attached Balance Sheet of Mehta Integrated Finance Limited as at August 31, 2011, and also the Profit & Loss Account of the Company 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. .

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

3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub section (4A) of Section 227 of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

(iii) The Balance Sheet and the Profit & Loss Account dealt with by this report are in agreement with the books of account;

(iv) The Balance Sheet and the Profit & Loss Account 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 August 31,2011 and taken on record by the Board of Directors, we report that none of its Directors is disqualified as on August 31,2011 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:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at , August 31, 2011 and

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

ANNEXURE TO THE AUDITORS' REPORT

(Referred to in paragraph 3 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, major portion of Fixed Assets have been physically verified during the year by the management. In our opinion, the frequency of physical verification is reasonable having regard to the size of the company and the nature of its business and assets. As informed to us, no material discrepancies have been noticed on such physical verification.

c) No substantial (or major) parts of the Fixed Assets have been disposed off during the year.

2. The Company is a consulting and merchant-banking outfit with an investment activity and does not have any inventory. Therefore, the provisions of clause 4(ii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

3. In respect of the loans, secured or unsecured, granted or taken by the Company to or from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956, according to the information and explanations given to us:

a) The Company has not granted/taken any such loan, except in normal course of business.

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.

5. In respect of transactions entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956:

a) To the best of our knowledge and belief and according to the information and explanations given to us, transactions that needed to be entered have been so entered.

b) To the best of our knowledge and belief and according to the information and explanations given to us, such transactions aggregating during the year to Rs. 5,00,000/- or more in respect to each party have been made at market prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposit from the public during the year.

7. In our opinion, the internal audit is commensurate with the size Of the Company and the nature of its business.

8. The Company is not required to maintain the books of account pursuant to the rules made by the Central Government for the maintenance of cost records under Section 209(l)(d) of the Companies Act, 1956.

9. Statutory & Other Dues:

a. According to the information and explanations given to us and according to the books and records as produced and examined by us, in accordance with the generally accepted auditing practices in India, the Company is regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, excise duty, custom duty, cess and other statutory dues as applicable with the appropriate authorities.

b. According to the information and explanations given to us, no disputed amounts payable in respect of above dues were in arrears, as at 31st August 2011 for a period of more than six months from the date they became payable.

10. In our opinion, the Company does have accumulated losses. The company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the Company has not defaulted in the repayment of dues to financial institutions and banks.

12. 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 are not applicable to the company.

14. There are no guarantees given by the Company for loans taken by others from banks and financial institutions.

15. According to the information and explanations given to us, no term loans have been raised by the Company during the year and hence, the provisions of clause (xvi) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

16. As per the information and explanations given to us, on an overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term purposes.

17. The Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956. .

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

19. The Company has not raised any money by way of public issues during the year.

20. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

21. The Company is dealing or trading in shares, securities, debentures and other investments. All Shares, Debentures or Other securities have been held by the company in its own name except to the extent of the exemption granted U/s.49 of The Companies Act, 1956.

For Dinesh K. Shah & Co.

Chartered Accountants

Place : Ahmedabad,

Dated : 24/1/2012

Dinesh K. Shah

Partner

Membership # F-010477

---

Aug 31, 2010

1. We have audited the attached Balance Sheet of Mehta Integrated Finance Limited as at August 31, 2010, and also the Profit & Loss Account of the Company 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.

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

3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub section (4A) of Section 227 of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

(iii) The Balance Sheet and the Profit & Loss Account dealt with by this report are in agreement with the books of account;

(iv) The Balance Sheet and the Profit & Loss Account 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 August 31, 2010 and taken on record by the Board of Directors, we report that none of its Directors is disqualified as on August 31, 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:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at August 31, 2010 and

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

ANNEXURE TO THE AUDITORS' REPORT

(Referred to in paragraph 3 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, major portion of Fixed Assets have been physically verified during the year by the management. In our opinion, the frequency of physical verification is reasonable having regard to the size of the company and the nature of its business and assets. As informed to us, no material discrepancies have been noticed on such physical verification.

c) No substantial (or major) parts ofthe Fixed Assets have been disposed off during the year.

2. The Company is a consulting and merchant-banking outfit with an investment activity and does not have any inventory. Therefore, the provisions of clause 4(ii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

3. In respect of the loans, secured or unsecured, granted or taken by the Company to or from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956, according to the information and explanations given to us:

a) The Company has not granted/taken any such loan, except in normal course of business.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size ofthe Company and the nature of its business.

5. In respect of transactions entered in the register maintained in pursuance of Section 301 ofthe Companies Act, 1956:

a) To the best of our knowledge and belief and according to the information and explanations given to us, transactions that needed to be entered have been so entered.

b) To the best of our knowledge and belief and according to the information and explanations given to us, such transactions aggregating during the year to Rs. 5,00,000/- or more in respect to each party have been made at market prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposit from the public during the year.

7. In our opinion, the internal audit is commensurate with the size of the Company and the nature of its business.

8. The Company is not required to maintain the books of account pursuant to the rules made by the Central Government for the maintenance of cost records under Section 209(1 )(d) of the Companies Act, 1956.

9. Statutory & Other Dues:

a. According to the information and explanations given to us and according to the books and records as produced and examined by us, in accordance with the generally accepted auditing practices in India, the Company is regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, excise duty, custom duty, cess and other statutory dues as applicable with the appropriate authorities.

b. According to the information and explanations given to us, no disputed amounts payable in respect of above dues were in arrears, as at 31st August 2010 for a period of more than six months from the date they became payable.

10. In our opinion, the Company does have accumulated losses. The company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the Company has not defaulted in the repayment of dues to financial institutions and banks.

12. 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 are not applicable to the company.

14. There are no guarantees given by the Company for loans taken by others from banks and financial institutions.

15. According to the information and explanations given to us, no term loans have been raised by the Company during the year and hence, the provisions of clause (xvi) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

16. As per the information and explanations given to us, on an overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term purposes.

17. The Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

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

19. The Company has not raised any money by way of public issues during the year.

20. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

21. The Company is dealing or trading in shares, securities, debentures and other investments. All Shares, Debentures or Other securities have been held by the company in its own name except to the extent of the exemption granted U/s.49 of The Companies Act, 1956.

For Dinesh K. Shah & Co.

Chartered Accountants

Place : Ahmedabad,

Dated : 24/1/2011

Dinesh K. Shah

Partner

Membership # F-010477