ఆడిటర్ నివేదిక Mercury Trade Links Ltd.

Mar 31, 2024

We have audited the accompanying Standalone financial statements of Mercury Trade Links Limited (“the Company”), which comprise the balance sheet as at 31st March 2024, and the statement of profit and loss and statement of cash flows for the year then ended, and notes to the standalone financial statements, including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements gives the information required by the Companies Act, 2013 (“the ACT”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31^st March, 2024, and its Profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements in accordance with the Standard on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on Standalone Financial Statement.

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 Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on

these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Sr No	Key Audit Matters	Auditor’s Response
1.	Revenue Recognition	Principal Audit Procedures
	Revenue from the sale of goods (hereinafter	Our audit approach was a combination of test of
	referred to as “Revenue”) is recognised when	internal controls and substantive procedures
	the Company performs its obligation to its customers and the amount of revenue can be	including:
	measured reliably and recovery of the	• Assessing the appropriateness of the
	consideration is probable. The timing of such	Company''s revenue recognition accounting
	recognition in case of sale of goods is when	policies in line with Ind AS 115 (“Revenue
	the control over the same is transferred to the	from Contracts with Customers”) and testing
	customer, which is mainly upon delivery.	thereof. • Evaluating the design and implementation of
	The timing of revenue recognition is relevant	Company''s controls in respect of revenue
	to the reported performance of the Company.	recognition.
	The management considers revenue as a key	• Testing the effectiveness of such controls over
	measure for evaluation of performance	revenue cut off at year-end. • Testing the supporting documentation for sales transactions recorded during the period closer to the year end and subsequent to the year end, including examination of credit notes issued after the year end to determine whether revenue was recognised in the correct period. • Performing analytical procedures on current year revenue based on monthly trends and where appropriate, conducting further enquiries and testing.

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 Annual Report, 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 is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

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

Responsibilities of Management and Those charged with governance for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. 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 standalone 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.

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

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

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

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

• Identify and assess the risks of material misstatement of the Standalone Financial statements, whether due to fraud or error, design and perform audit 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 with reference to Standalone Financial statement in place and the operating effectiveness of such controls.

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

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

• Evaluate the overall presentation, structure and content of the Standalone Financial statements, including the disclosures, and whether the Standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Financial Statements may be influenced.

We consider quantitative materiality and qualitative factors (i) in 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 Standalone 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 Standalone Financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Emphasis Of Matter:

1. Refer to Notes forming part of statement which includes the balance of Trade Receivables, Trade Payables, Loans including deposits and advances are subject to confirmation from and reconciliation with the relevant parties as on the date of balance sheet date.

Our opinion is not modified with respect to above mentioned matters.

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 Act, we give in the “Annexure B” a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

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

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

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

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

d. In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended

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

f. With respect to the adequacy of the internal financial controls with reference to Standalone Financial Statements of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls with reference to the Standalone Financial Statement.

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

a. The Company does not have any pending litigations which would impact its financial position

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

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

d. (i) The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(ii) The management has represented, that, to the best of it’s knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been received by the company from any person(s) or entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

(iii) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e) of the Companies (Audit and Auditors) Rules, 2014, as provided under (a) and (b) above, contain any material misstatement.

e. 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.

f. Based on our examination which included test checks, we concluded that company has used accounting softwares for maintaining its books of account which have a feature of recording audit trail (edit log) facility and the same has not been operated throughout the year for all relevant transactions recorded in the respective softwares.

The Company is using a Accounting Software which is operated by third- party service provider and hence we are unable to comment upon the audit trail feature of the database level of the said software which was not enabled and operated throughout the year for all relevant transactions recorded in the software. However, where audit trail (edit log) facility was not enabled, we did not come across any instance of the audit trail feature being tampered with.

Date : 29/05/2024 For, V S S B & Associates

Place : Ahmedabad Chartered Accountants

Firm No. 0121356W

(Vishves A. Shah) Partner M. No. 109944 UDIN: 24109944BKACSE8076

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Mar 31, 2014

We have audited the attached financial statements of Mercury Trade Links Limited (hereinafter referred to as the Company), comprising of the Balance Sheet as at 31st March 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended along with the Significant Accounting Policies and other explanatory information forming an integral part thereof.

II. Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company^ in accordance with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956 (hereinafter referred to as the Act), read with General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

III. Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of 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 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 opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates m^afefes^Ae management, as well as evaluating the overall financial statement presentation.

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

IV. Report on Other Legal and Regulatory Requirements

1 As required bv the Companies (Auditor''s Report) Order, 2003 as amended by the Companies (Auditor''s Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Act, we enclose m the Annexure a statement on the matters specified in paragraph 4 of the said Order, to the extent applicable to the Company during the year under review.

2. Further to our comments in the Annexure referred to in 1. above, as required by Section 227(3) of the Act, we report as follows:

(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, 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 Balance Sheet, Statement of Profit and Loss and the Cash Flow Statement dealt with by this report comply with the Accounting Standards referredAo ip subsection (3C) of Section 211 of the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of Companies Act, 2013;

(e) On the basis of written representations received from the respective directors as on 3W '' March 2014 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2014 from being appointed as a director m terms of clause (g) of sub-section (1) of Section 274 of the Act;

V. 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 m the manner required and give a true and fair view in conformity with the accounting principles generally accepted in India;

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2014.

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

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

ANNEXURE TO AUDITORS REPORT (Referred to paragraph IV(1) of Auditors Report of even date)

In terms of the information and explanations given to us and on the basis of such checks, as we considered appropriate, we further report that:

1. a) The Company is maintaining proper records showing full particulars, including

quantitative details and situation of fixed assets.

b) In our opinion, the frequency of physical verification of fixed assets by the management is reasonable having regard to the size of the Company and the nature of business.

c) During the year, the Company has not disposed off any substantial part of its fixed assets. .

2. (a) As informed to us, the inventories (shares), which are held in dematerialized form & book

records, have been verified by the management with the supporting evidence during the year. In our opinion, the frequency of verification is reasonable.

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

(c) On the basis of our examination of the records of inventory (shares), we are of the opinion that the company is maintaining proper records of inventory (shares).We are informed that no discrepancies were noticed on verification between the dematerialized stocks and the book value.

3. (ii) During the year, the Company has neither taken nor granted any secured or i unsecured loans from/ to the parties covered in the register maintained under Section 301 of the Companies Act, 1956.

4. In our opinion, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase and sale of shares and securities. There is no continuing failure to correct major weakness in internal control.

5. The Company has entered the transactions that are to be entered with the parties listed in the register maintained under Section 301 of the Companies Act, 1956.

There were no transactions of purchase or sale of goods and provision of services with parties listed in the register maintained under Section 301 of the Companies Act, 1956 exceeding Rs.500000/- or more in respect of each party during the year under review.

7. The Company has not accepted any deposits from the public within the purview of the directives issued by the Reserve Bank of India and the provisions of sections 58A and 58 A A of the Companies Act, 1956 and the rules framed there under.

8. No cost records and accounts have been prescribed by the Central Government u/s 209 (l)(d) of the Companies Act, 1956.

9. As per the records verified by us, the Company is generally regular in depositing undisputed statutory dues including, investor education protection fund, VAT, Wealth Tax, Service tax, Custom Duty, Excise Duty, Cess or any other statutory dues with the appropriate authorities.

According to the information and explanations given to us, no undisputed amounts payable were in arrears, as at the end of the year for a period of more than six months except in respect of service tax aggregating to Rs. 1,576.

Provision of the Employees'' Provident Fund, Provident Fund, Employees'' State Insurance and Miscellaneous Provisions Act, 1952 State Insurance Act, 1940, are not applicable to the Company.

10. As per the accounts verified by us, the Company does not have accumulated losses as at the end of the current financial year. The Company has not incurred any cash losses during the current financial year (Previous Year-1.45 Lacs).

11. As per the records verified by us, no amounts were borrowed by the Company from Financial Institutions / bank or through Debentures.

12. As per the records verified by us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The provisions of special statutes applicable to Chjt fund, Nidhi, Mutual Benefit Fund or Societies are not applicable to the Company.

14. The Company has maintained proper record of the transactions and contracts of dealing in shares and securities and timely entries have been made therein. The shares and securities have been held by the Company in its own name except to the extent of the - exemption granted under section 49 of the companies Act, 1956.

15. The Company has not given any guarantee for loans taken by others from bank''or financial institutions.

16. There were no Term Loans obtained by the Company during the year.

17. As per the records verified by us, the Company has not raised funds on short-term basis hence; the question for utilization in long-term investment does not arise.

18. The Company has not made any preferential allotment of shares during the year.

19. The Company has not issued any Debentures and hence no securities are required to be created in respect thereof..

20. No money has been raised by way of public issue by the Company during the year under review.

21. During the course of examination of the books of accounts and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanation given to us, we have not come across any fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the Management causing the financial statements to be materially misstated.



For Vinay Doshi & Co. Chartered Accountants Firm Registration No.ll5247W Vinay Doshi Proprietor Membership No. F-49169 Mumbai, dated 30th May, 2014

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Mar 31, 2012

1. We have audited the attached Balance sheet of Mercury Trade Links Limited as on 31st March, 2012 and also the Statement of Profit and Loss and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with 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 as amended by the Companies (Auditor's Report) (Amendment) Order, 2004 issued by the Central Government in terms of Section 227 (4A) 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 to the extent applicable to the Company.

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

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 accounts as required by law have been kept by the Company so far as it appears from our examination of those books;

iii. The Balance Sheet, Statement of Profit and Loss and Cash flow Statement referred to in this report are in agreement with the books of accounts;

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

v. On the basis of written representations received from the respective directors as on 31st March 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

vi. In our opinion and to the best of our information and according to the explanation given to us, the accounts read together with the Significant Accounting Policies and other Notes on Accounts thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012;

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

c) In the case of the Cash-flow Statement, of the Cash Flows of the Company for the year ended on that date.

Annexure to Auditors Report

(Referred to paragraph 3 of Auditors Report of even date)

In terms of the information and explanations given to us and on the basis of such checks, as

we considered appropriate, we further report that:

1. The Company is in the process of updating its Fixed Assets Register. Based on the records made available to us, in our opinion, the fixed assets have been physically verified at reasonable intervals by the management and no material discrepancies were noticed on such verification. The Company has not disposed off any significant part of the fixed assets during the year under review.

2. The company has Inventories in the form of Shares & Securities. The said inventories have been physically verified during the year by the management, the frequency of which, in our opinion, is reasonable. In our opinion, the procedures of physical verification of inventories followed by the management are reasonable and adequate. The Company has maintained proper records in respect of inventory.

3. The Company has not taken the (interest-free) unsecured loans/deposits from director, which is covered in the register required to be maintained under Section 301 of the Companies Act, 1956 during the year under review.

The Company has not granted any loans to the parties listed in the Register maintained under Section 301 of the Companies Act, 1956 during the year under review.

4. In our opinion, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase and sale of shares and securities. There is no continuing failure to correct major weakness in internal control.

5. There were no transactions of purchase or sale of goods and provision of services with parties listed in the register maintained under Section 301 of the Companies Act, 1956 exceeding Rs.500000/- or more in respect of each party during the year under review.

7. The Company has not accepted any deposits from the public within the purview of the directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

8. No cost records and accounts have been prescribed by the Central Government u/s 209 (l)(d) of the Companies Act, 1956.

9. As per the records verified by us, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees' State Insurance, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess or any other statutory dues with the appropriate authorities.

As explained to us, no dues of Sales tax, Income tax, Customs duty, Wealth tax, Excise duty and Cess have been disputed and lying pending as at the close of the year.

Provision of the Employees' Provident Fund and Miscellaneous Provisions Act, 1952 State Insurance Act, 1940, are not applicable to the Company.

10. As per the accounts verified by us, the Company's accumulated losses as at the end of the current financial year are not more than fifty percent of its net worth. Also, the Company has incurred no:cash losses in the current financial year.

11. As per the records verified by us, no amounts were borrowed by the Company from Financial Institutions / bank or through Debentures. '

12. As per the records verified by us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The provisions of special statutes applicable to Chit fund, Nidhi, Mutual Benefit Fund or Societies are not applicable to the Company.

14. The Company has maintained proper record of the transactions and contracts of dealing in shares and securities and timely entries have been made therein. The shares and securities have been held by the Company in its own name except to the extent of the exemption granted under section 49 of the companies Act, 1956.

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

16. There were no Term Loans obtained by the Company during the year.

17. As per the records verified by us, the Company has not raised funds on short-term basis hence; the question for utilization in long-term investment does not arise.

18. The Company has not made any preferential allotment of shares during the year.

19. The Company has not issued any Debentures and hence no securities are required to be created in respect thereof.

20. No money has been raised by way of public issue by the Company during the year under review.

21. As per the books examined by us and based on the explanations given to us no fraud on or by the Company has been noticed or reported during the year.

For Vinay Doshi & Co. Chartered Accountants Firm Registration No. 115247 W

Vinay Doshi Proprietor Membership No. F-49169

Place : Mumbai

Date : 30th May, 2012

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Mar 31, 2011

1. We have audited the attached Balance sheet of Mercury Trade Links Limited as on 31st March, 2011 and also the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management Our responsibility is to express an opinion on these financial statements based on our audit

2. We conducted our audit in accordance with 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 as amended by the Companies {Auditor's Report) (Amendment) Order, 2004 issued by the Central Government in terms of Section 227 (4A) 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 to the extent applicable to the Company,

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

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 accounts as required by law have been kept by the Company so far as it appears from our examination of those books;

iii. The Balance Sheet Profit and Loss Account and Cash flow Statement referred to in this report are in agreement with the books of accounts;

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

v. On the basis of written representations received from the respective directors as on 31st March 2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

vi. In our opinion and to the best of our information and according to the explanation given to us, the accounts read together with the Significant Accounting Policies and other Notes on Accounts appearing in Schedule -12 give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011;

b) In the case of Profit and Loss Account of the Losses of the Company for the year ended on that date; and

c) In the case of the Cash-flow Statement, of the Cash Flows of the Company for the year ended on that date.

ANNEXURE TO AUDITORS REPORT (Referred to paragraph 3 of Auditors Report of even date)

In terms of the information and explanations given to us and on the basis of such checks, as we considered appropriate, we further report that

1. The Company is in the process of updating its Fixed Assets Register. Based on the records made available to us, in our opinion, the fixed assets have been physically verified at reasonable intervals by the management and no material discrepancies were noticed on such verification. The Company has not disposed off any significant part of the fixed assets during the year under review.

2. There was no inventory with the Company at any time during the year under review.

3. The Company has not taken the (interest-free) unsecured loans/ deposits from director, which is covered in the register required to be maintained under Section 301 of the Companies Act, 1956 during the year under review,

The Company has not granted any loans to the parties listed in the Register maintained under Section 301 of the Companies Act 1956 during the year under review.

4. In our opinion, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase and sale of shares and securities and for the provision of services. There is no continuing failure to correct major weakness in internal control.

5. There were no transactions of purchase or sale of goods and provision of services with parties listed in the register maintained under Section 301 of the Companies Act 1956 aggregating to Rs.500 000/- or more in respect of each party during the year under review,

7. The Company has not accepted any deposits from the public within the purview of the directives issued by the Reserve Bank of India and the provisions of sections 58A and 58 AA of the Companies Act, 1956 and the rules framed there under.

8. No cost records and accounts have been prescribed by the Central Government u/s 209 (l)(d) of the Companies Act, 1956.

9. As per the records verified by us, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees' State Insurance, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess or any other statutory dues with the appropriate authorities.

As explained to us, no dues of Sales tax, Income tax, Customs duty, Wealth tax, Excise duty and Cess have been disputed and lying pending as at the close of the year.

Provision of the Employees' Provident Fund and Miscellaneous Provisions Act, 1952 State Insurance Act, 1940, are not applicable to the Company.

10. As per the accounts verified by us, the Company's accumulated losses as at the end of the current financial year are not more than fifty percent of its net worth. Also, the Company has incurred cash losses in the current financial year amounting to Rs.1,61 lacs (Previous year Rs. Nil).

11. As per the records verified by us, no amounts were borrowed by the Company from Financial Institutions / bank or through Debentures.

12. As per the records verified by us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The provisions of special statutes applicable to Chit fund, Nidhi, Mutual Benefit Fund or Societies are not applicable to the Company,

14. The Company has maintained proper record of the transactions and contracts of dealing in shares and securities and timely entries have been made therein. The shares and securities have been held by the Company in its own name except to the extent of the exemption granted under section 49 of the companies Act, 1956.

15. The Company has not given any guarantee for loans taken by others from bank or financial institutions,

16. There were no Term Loans obtained by the Company during the year.

17. As per the records verified by us, the Company has not raised funds on short-term basis hence; the question for utilization in long-term investment does not arise,

18. The Company has not made any preferential allotment of shares during the year.

19. The Company has not issued any Debentures and hence no securities are required to be created in respect thereof.

20. No money has been raised by way of public issue by the Company during the year under review.

21. As per the books examined by us and based on the explanations given to us no fraud on or by the Company has been noticed or reported during the year.

For Vinay Doshi & Co. Chartered Accountants Firm Registration No. 115247W

Vinay Doshi Proprietor Membership No. F 49169

Place : Mumbai Date : 30th May, 2011

---

Mar 31, 2010

1. We have audited the attached Balance sheet of Mercury Trade Links Limited as on 31st March, 2010 and also the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors Report) (Amendment) Order, 2004 issued by the Central Government in terms of Section 227 (4A) 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 to the extent applicable to the Company.

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

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 accounts as required by law have been kept by the Company so far as it appears from our examination of those books;

iii. The Balance Sheet, Profit and Loss Account and Cash flow Statement referred to in this report are in agreement with the books of accounts;

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

v. On the basis of written representations received from the respective directors as on 31st March 2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

vi. In our opinion and to the best of our information and according to the explanation given to us, the accounts read together with the Significant Accounting Policies and other Notes on Accounts appearing in Schedule - 8 give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

c) In the case of the Cash-flow Statement, of the Cash Flows of the Company for the year ended on thatdate.

ANNEXURE TO AUDITORS REPORT (Referred to paragraph 3 of Auditors Report of even date)

In terms of the information and explanations given to us and on the basis of such checks, as we considered appropriate, we further report that:

1. The Company is in the process of updating its Fixed Assets Register. Based on the records made available to us, in our opinion, the fixed assets have been physically verified at reasonable intervals by the management and no material discrepancies were noticed on such verification. The Company has not disposed off any significant part of the fixed assets during the year under review.

2. There was no inventory with the Company at any time during the year under review.

3. The Company has repaid the (interest-free) unsecured loans/deposits taken in the previous years from director, which is not covered in the register required to be maintained under Section 301 of the Companies Act, 1956. The maximum balance outstanding at any time during the year in respect of the said loans/deposits was Rs. 0.26 Lacs (P.Y. 0.26 Lacs) and the balance as at the end of the year was Rs. Nil (P.Y. 0.26 Lacs).

The Company has not granted any loans to the parties listed in the Register maintained under Section 301 of the Companies Act, 1956 during the year under review.

4. In our opinion, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase and sale of shares and securities and for the provision of services. There is no continuing failure to correct major weakness in internal control.

5. There were no transactions of purchase or sale of goods and provision of services with parties listed in the register maintained under Section 301 of the Companies Act, 1956 aggregating to Rs>500 000/- or more in respect of each party during the year under review.

7. The Company has not accepted any deposits from the public within the purview of the directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

8. No cost records and accounts have been prescribed by the Central Government u/s 209 (l)(d) of the Companies Act, 1956.

9. As per the records verified by us, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess or any other statutory dues with the appropriate authorities.

As explained to us, no dues of Sales tax, Income tax, Customs duty, Wealth tax, Excise duty and Cess have been disputed and lying pending as at the close of the year.

Provision of the Employees ProvidentEandaand Miscellaneous Provisions Act, 1952 State Insurance Act, 1940, are not app™^Ke4(iii)Company.

10. As per the accounts verified by us, the Companys accumulated losses as at the end of the current financial year are not more than fifty percent of its net worth. Also, the Company has incurred cash losses in the current financial year amounting to Rs. 39,070 (Previous year Rs. 10,166).

11. As per the records verified by us, no amounts were borrowed by the Company from Financial Institutions / bank or through Debentures.

12. As per the records verified by us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The provisions of special statutes applicable to Chit fund, Nidhi, Mutual Benefit Fund or Societies are not applicable to the Company.

14. The Company has maintained proper record of the transactions and contracts of dealing in shares and securities and timely entries have been made therein. The shares and securities have been held by the Company in its own name except to the extent of the exemption granted under section 49 of the companies Act, 1956.

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

16. There were no Term Loans obtained by the Company during the year.

17. As per the records verified by us, the Company has not raised funds on short-term basis hence; the question for utilization in long-term investment does not arise.

18. The Company has not made any preferential allotment of shares during the year.

19. The Company has not issued any Debentures and hence no securities are required to be created in respect thereof.

20. No money has been raised by way of public issue by the Company during the year under review.

21. As per the books examined by us and based on the explanations given to us no fraud on or by the Company has been noticed or reported during the year.



For Vinay Doshi & Co.

Chartered Accountants

Firm Registration No.

115247W

Vinay Doshi

Proprietor

Membership No. F 49169

Place : Mumbai

Date : 26th May, 2010