ఆడిటర్ నివేదిక Pushpsons Industries Ltd.

Mar 31, 2024

We have audited the financial statements of Pushpsons Industries Limited (“the Company”), which comprise the
Balance Sheet as at 31st March 2024 and the Statement of Profit and Loss (including Other Comprehensive Income),
the statement of Changes in Equity and Statement of Cash Flows for the year then ended and notes to the financial
statements, including a summary of material accounting policies and other explanatory information (herein after
referred as Financial statements)

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial
statements give the information required by the Companies Act, 2013 (the “Act) in the manner so required and give
a true and fair view in conformity with the 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 March 31,2024 and its profit, total comprehensive
income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements 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 (“ICAI”)
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 thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion on the financial statements.

Information other than the Financial Statements and Auditors Report Thereon

The Company''s Board of Directors is responsible for the other information. The other information comprises the
information included in the Report of the Board of Directors including Annexures thereto, management discussions and
analysis, but does not include the financial statements and our auditor''s report thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the 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.

Management''s Responsibility 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, including other comprehensive income , changes in equity and cash flows of the
Company in accordance with the accounting principles generally accepted in India, including the accounting Standards
specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the financial statement that give a true and fair view and are
free from material misstatement, whether due to fraud or error.

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

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. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible
for expressing our opinion on whether the company has adequate internal financial controls system in place and
the operating effectiveness of such controls.

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

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

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

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” a
statement on the matters specified in paragraphs 3 and 4 of the Order.

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

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

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

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

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

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

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

g) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of
section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to the
explanations given to us, no remuneration has been paid by the company to its directors during the year.

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

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

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

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

iv. a) The management has represented that, to the best of its knowledge and belief, no funds (which are

material either individually or in the aggregate) 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 or entities 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;

b) The Management has represented that, to the best of its''s knowledge and belief, no funds (which
are material either individually or in the aggregate) have been received by the company from any
person or entities including foreign entities (“Funding entities”) 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;

c) Based on audit procedure that have been considered reasonable and appropriate in the circumstance,
nothing has come to our notice that caused us to believe that the representations under sub-clause
(i) and (ii) of Rule 11 (e), as provided under (a) and (b) above, contain any material misstatement.

v. Based on our examination which included test checks, the company has used an accounting software
for maintaining its books of account for the financial year ended on 31st March 2024 which has a feature
of recording audit trail (editlog) facility and the same has been operated from 4th September 2023 for
all relevant transactions recorded in the software. Further, during the course of our audit we did not come
across any instance of audit trail feature being tampered with.

As proviso to Rule 3(1) of 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 not applicable for the financial year ended March 31,2024.

For Ritu Gupta & Co.

Chartered Accountants
Firm''s Registration Number 119890W

Sd/-

(Ritu Gupta)

New Delhi Proprietor

22nd May, 2024 Membership Number 104077

UDIN: 24104077BKHHIT7776

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Mar 31, 2014

We have audited the accompanying financial statements of Pushpsons Industries Limited (the Company), which comprise the Balance Sheet as at March 31,2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (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 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.

AUDITORS'' RESPONSIBILITY

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an 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 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 aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

(b) In the case of the Statement of Profit and Loss, of the profit 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. 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 Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by Section 227(3) of the Act, we report that:

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

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

c. The Balance Sheet, 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, the Statement of Profit and Loss, and the Cash Flow Statement comply with Accounting Standards notified under 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 the Companies Act, 2013.

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

Re. Pushpsons Industries Limited

Referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirement" of our report of even date.

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

(b) In our opinion, the management has physically verified the fixed assets during the year at reasonable intervals having regard to the size of the company and nature of its assets. No material discrepancy was noticed on such verification.

(c) In our opinion and according to the information and explanations to us, the Company has not disposed of a substantial part of its fixed assets during the year.

2. (a) As explained to us the inventories have been physically verified by the management at reasonable intervals during the year.

(b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

(c) The Company has maintained proper records of inventory. According to the information and explanations given to us, no material discrepancy was noticed on such verification.

3. (a) According to the information and explanations given to us, the Company has during the year not granted any loans, secured or unsecured to companies, firms, other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, paragraph 4(iii)(a),(b),(c) and (d) of the Order, are not applicable.

(b) According to the information and explanations given to us, the Company has taken unsecured loan from two directors of the company, the amount outstanding as on 31st March, 2014 is Rs. 80.00 lacs.

(c) The loans are interest free and other terms and conditions of the loans taken by the company are not prima facie prejudicial to the interest of the company and there are no stipulations as to repayments.

4. In our opinion and according to the in - . nation and explanation given to us, there are adequate internal control procedures commensurate with the size of me company and the nature of its business with regard to the purchases of inventory and fixed assets and for the sale of goods. There are no sale of services during the year. Further, on the basis of our examination and according to the information and explanations given to us, we have neither come across nor have any information of any instance of major weakness in the internal controls systems.

5. In our opinion and according to the information and explanations given to us, there were no transactions that need to be entered in pursuance of Section 301 of the Companies Act, 1956.

S. According to the information and explanations given to us, the Company has not accented any deposits from the public, Therefore the provisions of paragraph 4(vi) of the Order are not applicable to the Company.

7. In our opinion, the company has an internal audit system commensurate with its size and the nature of its business.

8. We have broadly reviewed the books of accounts maintained by the Company 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 and are of the opinion that prima facie the prescribed accounts have been maintained. We have, however not made a detailed examination of these records.

9. (a) According to the information and explanations given to us, the company has been regular in depositing undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Service tax and other statutory dues applicable to it with approp -riate authorities. According to the information and explanations given to us by the company, there were no arrears of outstanding statutory dues as at 31st March, 2014 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no dues of sales tax, income tax, service tax, excise duty that have not been deposited with appropriate authorities on account of any dispute

10. The company''s accumulated losses at the end of the financial year are less then fifty percent of its net worth and the Company has not incurred cash losses during the year and in the immediately preceding financial year.

11. The company has not defaulted in repayment of dues to bank.

12. The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the company is not a chit fund, nidhi, mutual fund or a society. Therefore, the provisions of clause 4(xiii) of the Order are not applicable to the Company.

14. According to the information and explanations given to us, the company is not having dealing or trading in shares, securities, debentures and other investments.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The company has not taken any term loan during the year.

17. According to the information and explanations given to us, the company has not raised any funds on short-term basis.

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

19. The company has not issued any debentures.

20. The company has not raised any money through a public issue during the year.

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

For R. Verma & Associates Chartered Accountants Registration Number 08026N

Sd/-

(Rakesh Verma) New Delhi Partner 28th May, 2014 Membership Number 83311

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Mar 31, 2013

We have audited the accompanying financial statements of Pushpsons Industries Limited ("the Company"), which comprise the Balance Sheet as at 31 March, 2013, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsible for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

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

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

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

opinion.

Opinion

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

a in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013.

b) m 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 227(3) of the Act, we report that:

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

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

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

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

e) on the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 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.

Re. Pushpsons Industries Limited

Referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirement" of our report of even date.

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

(b) In our opinion, the management has physically verified the fixed assets during the year at reasonable intervals having regard to the size of the company and nature of its assets. No material discrepancy was noticed on such verification.

(c) In our opinion and according to the information and explanations to us, the Company has not disposed of a substantial part of its fixed assets during the year.

2. (a) As explained to us the inventories have been physically verified by the management at reasonable intervals during the year.

(b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

(c) The Company has maintained proper records of inventory. According to the information and explanations given to us, no material discrepancy was noticed on such verification.

3. (a) According to the information and explanations given to us, the Company has during the year not granted any loans, secured or unsecured to companies, firms, other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, paragraph 4(iii)(a),(b),(c) and (d) of the Order, are not applicable.

(b) According to the information and explanations given to us, the Company has taken unsecured loan from two directors of the company, the amount outstanding as on 31st March, 2013 is Rs. 80.00 lacs.

(c) The loans are interest free and other terms and conditions of the loans taken by the company are not prima facie prejudicial to the interest of the company and there are no stipulations as to repayments.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to the purchases of inventory and fixed assets and for the sale of goods. There are no sale of services during the year. Further, on the basis of our examination and according to the information and explanations given to us, we have neither come across nor have any information of any instance of major weakness in the internal controls systems.

5. In our opinion and according to the information and explanations given to us, there were no transactions that need to be entered in pursuance of Section 301 of the Companies Act, 1956.

6. As the Company has not accepted any deposits from the public, paragraph 4(vi) of the Order is not applicable.

7. In our opinion, the company has an internal audit system commensurate with its size and the nature of its business.

8. We have broadly reviewed the books of accounts maintained by the Company 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 and are of the opinion that prima facie the prescribed accounts have been maintained. We have, however not made a detailed examination of these records.

9. a. According to the information and explanations given to us, the company has been regular in depositing undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Service tax and other statutory dues applicable to it with appropriate authorities. According to the information and explanations given to us by the company, there were no arrears of outstanding statutory dues as at 31st March, 2013 for a period of more than six months from the date they became payable.

b. According to the information and explanations given to us, there are no dues of sales tax, income tax, service tax, excise duty that have not been deposited with appropriate authorities on account of any dispute .

10. The company''s accumulated losses at the end of the financial year are less then fifty percent of its net worth and the Company has not incurred cash losses during the year and in the immediately preceding financial year.

11. The company has not defaulted in repayment of dues to bank.

12. The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the company is not a chit fund, nidhi, mutual fund or a society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 (as amended) are not applicable to the Company.

14. According to the information and explanations given to us, the company is not having dealing or trading in shares, securities, debentures and other investments.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The company has not taken any term loan during the year.

17. According to the information and explanations given to us, the company has not raised any funds on short-term basis.

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

19. The company has not issued any debentures.

20. The company has not raised any money through a public issue during the year.

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

For R. Verma & Associates Chartered Accountants

Registration Number 08026N

Sd/-

(Rakesh Verma)

New Delhi Partner

18th May, 2013 Membership Number 83311

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Mar 31, 2012

1. We have audited the attached Balance Sheet of Pushpsons Industries Limited as at 31st March, 2012, the Statement of Profit and Loss and the Cash Flow Statement 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 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 Companies (Auditor's Report) Order, 2003 as amended by the Companies (Auditor's Report) (Amendment) Order 2004, (together the "Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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 purposes of our audit;

(ii) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books;

(iii) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with books of account;

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

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

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

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

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

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

Re. Pushpsons Industries Limited

Referred to in Paragraph 3 of our Report of even date.

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

(b) In our opinion, the management has physically verified the fixed assets during the year at reasonable intervals having regard to the size of the company and nature of its assets. No material discrepancy was noticed on such verification.

(c) In our opinion and according to the information and explanations to us, the Company has not disposed of a substantial part of its fixed assets during the year.

2. (a) As explained to us the inventories have been physically verified by the management at reasonable intervals during the year.

(b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

(c) The Company has maintained proper records of inventory. According to the information and explanations given to us, no material discrepancy was noticed on such verification.

3. (a) According to the information and explanations given to us, the Company has during the year not granted any loans, secured or unsecured to companies, firms, other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, paragraph 4(iii)(a),(b),(c) and (d) of the Order, are not applicable.

(b) According to the information and explanations given to us, the Company has taken unsecured loan from two directors of the company, the amount outstanding as on 31st March, 2012 is Rs. 80.00 lacs.

(c) The loans are interest free and other terms and conditions of the loans taken by the company are not prima facie prejudicial to the interest of the company and there are no stipulations as to repayments.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to the purchases of inventory and fixed assets and for the sale of goods. There are no sale of services during the year. Further, on the basis of our examination and according to the information and explanations given to us, we have neither come across nor have any information of any instance of major weakness in the internal controls systems.

5. In our opinion and according to the information and explanations given to us, there were no transactions that need to be entered in pursuance of Section 301 of the Companies Act, 1956.

6. As the Company has not accepted any deposits from the public, paragraph 4(vi) of the Order is not applicable.

7. In our opinion, the company has an Internal Audit System commensurate with its size and the nature of its business.

8. We have broadly reviewed the books of accounts maintained by the Company 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 and are of the opinion that prima facie the prescribed accounts have been maintained. We have, however not made a detailed examination of these records.

9. (a) According to the information and explanations given to us, the company has been regular in depositing undisputed statutory dues including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Service tax and other statutory dues applicable to it with appropriate authorities. According to the information and explanations given to us by the company, there were no arrears of outstanding statutory dues as at 31st March, 2012 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no dues of sales tax, income tax, service tax, excise duty that have not been deposited with appropriate authorities on account of any dispute .

10. The company's accumulated losses at the end of the financial year are less then fifty percent of its net worth and the Company has not incurred cash losses during the year and in the immediately preceding financial year.

11. The company has not defaulted in repayment of dues to bank.

12. The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the company is not a chit fund, nidhi, mutual fund or a society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 (as amended) are not applicable to the Company.

14. According to the information and explanations given to us, the company is not having dealing or trading in shares, securities, debentures and other investments.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The company has not taken any term loan during the year.

17. According to the information and explanations given to us, the company has not raised any funds on short-term basis.

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

19. The company has not issued any debentures.

20. The company has not raised any money through a public issue during the year.

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

For R. VERMA & ASSOCIATES

CHARTERED ACCOUNTANTS

Firm Registration Number 08026N

Sd/-

(RAKESH VERMA)

New Delhi Partner

30th May, 2012 Membership Number 83311

---

Mar 31, 2011

1. We have audited the attached Balance Sheet of Pushpsons Industries Limited, as at 31st March, 2011, the Profit and Loss Account and also the cash flow statement 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 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 Companies (Auditor's Report) Order, 2003 as amended by the Companies (Auditor's Report) (Amendment) Order 2004, (together the' Order) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

(ii) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books;

(iii) The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with books of account;

(iv) In our opinion, the balance sheet, profit and loss account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

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

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

(a) In case of the balance sheet, of the state of affairs of the Company as at 31st March, 2011.

(b) In the case of the profit and loss account, of the profit for the year ended on that date and

(c) In the case of cash flow statement, of the cash flows for the year ended on that date.

Referred to in Paragraph 3 of our Report of even date.

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

(b) In our opinion, the management has physically verified the fixed assets during the year at reasonable intervals having regard to the size of the company and nature of its assets. No material discrepancy was noticed on such verification.

(c) In our opinion and according to the information and explanations to us, the Company has not disposed of a substantial part of its fixed assets during the year.

2. (a) As explained to us the inventories have been physically verified by the management at reasonable intervals during the year.

(b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

(c) The Company has maintained proper records of inventory. According to the information and explanations given to us, no material discrepancy was noticed on such verification.

3. (a) According to the information and explanations given to us, the Company has during the year not granted any loans, secured or unsecured to companies, firms, other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, paragraph 4(iii)(a),(b),(c) and (d) of the Order, are not applicable.

(b) According to the information and explanations given to us, the Company has taken unsecured loan from two directors of the company, the amount outstanding as on 31st March, 2011 is Rs. 100.00 lacs.

(c) The loans are interest free and other terms and conditions of the loans taken by the company are not prima facie prejudicial to the interest of the company and there are no stipulations as to repayments.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to the purchases of inventory and fixed assets and for the sale of goods. There are no sale of services during the year. Further, on the basis of our examination and according to the information and explanations given to us, we have neither come across nor have any information of any instance of major weakness in the internal controls systems.

5. In our opinion and according to the information and explanations given to us, the transactions that need to be entered in pursuance of Section 301 of the Companies Act, 1956 have been entered, and the transactions have been made at prices, which are reasonable with regard to the prevailing market prices at the relevant time.

6. As the Company has not accepted any deposits from the public, paragraph 4(vi) of the Order is not applicable.

7. In our opinion, the company has an Internal Audit System commensurate with its size and the nature of its business.

8. The Central Government has not prescribed maintenance of cost records under section 209(1 )(d) of the companies Act, 1956 in respect of activities carried on by the company. Hence the provisions of clause 4(viii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

9. (a) According to the information and explanations given to us, the company has been regular in depositing undisputed statutory ' dues including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Service tax and other statutory dues applicable to it with appropriate authorities. According to the information and explanations given to us by the company, there were no arrears of outstanding statutory dues as at 31st March, 2011 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no dues of sales tax, income tax, service tax, excise duty that have not been deposited with appropriate authorities on account of any dispute .

10. The company's accumulated fosses at the end of the financial year are less then fifty percent of its net worth and it has not incurred cash losses during the year and in the immediately preceding financial year.

11. The company has not defaulted in repayment of dues to bank.

12. The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the company is not a chit fund, nidhi, mutual fund or a society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 (as amended) are not applicable to the Company.

14. According to the information and explanations given to us, the company is not having dealing or trading in shares, securities, debentures and other investments.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The company has not taken any term loan during the year.

17. According to the information and explanations given to us, the company has not raised any funds on short-term basis.

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

19. The company has not issued any debentures.

20. The company has not raised any money through a public issue during the year.

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

FOR R. VERMA & ASSOCIATES

CHARTERED ACCOUNTANTS Registration Number 08026N

Sd/-

(RAKESH VERMA) Partner Membership Number 83311

New Delhi 19th May. 2011

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of Pushpsons Industries Limited, as at 31st March, 2010, the Profit and Loss Account and also the Cash Flow Statement 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 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 Companies (Auditor’s Report) Order, 2003 as amended by the Companies (Auditor’s Report) (Amendment) Order 2004, (together the Order) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

(ii) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books;

(iii) The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with books of account;

(iv) In our opinion, the balance sheet, profit and loss account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

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

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

(a) In case of the balance sheet, of the state of affairs of the Company as at 31st March, 2010.

(b) In the case of the profit and loss account, of the loss for the year ended on that date and

(c) In the case of cash flow statement, of the cash flows for the year ended on that date.

Re. Pushpsons Industries Limited Referred to in Paragraph 3 of our Report of even date.

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

(b) In our opinion, the management has physically verified the fixed assets during the year at reasonable intervals having regard to the size of the company and nature of its assets. No material discrepancy was noticed on such verification.

(c) In our opinion and according to the information and explanations to us, the Company has not disposed of a substantial part of its fixed assets during the year.

2. (a) As explained to us the inventories have been physically verified by the management at reasonable intervals during the year.

(b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

(c) The Company has maintained proper records of inventory. According to the information and explanations given to us, no material discrepancy was noticed on such verification.

3. (a) According to the information and explanations given to us, the Company has during the year not granted any loans, secured

or unsecured to companies, firms, other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, paragraph 4(iii)(a),(b),(c) and (d) of the Order, are not applicable.

(b) According to the information and explanations given to us, the Company has taken unsecured loan from two directors of the company, the amount outstanding as on 31st March, 2010 is Rs. 120.00 lacs.

(c) The loans are interest free and other terms and conditions of the loans taken by the company are not prima facie prejudicial to the interest of the company and there are no stipulations as to repayments.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to the purchases of inventory and fixed assets and for the sale of goods. There are no sale of services during the year. Further, on the basis of our examination and according to the information and explanations given to us, we have neither come across nor have any information of any instance of major weakness in the internal controls systems.

5. In our opinion and according to the information and explanations given to us, the transactions that need to be entered in pursuance of Section 301 of the Companies Act, 1956 have been entered, and the transactions have been made at prices, which are reasonable with regard to the prevailing market prices at the relevant time.

6. As the Company has not accepted any deposits from the public, paragraph 4(vi) of the Order is not applicable.

7. In our opinion, the company has an Internal Audit System commensurate with its size and the nature of its business.

8. The Central Government has not prescribed maintenance of cost records under section 209(1)(d) of the companies Act, 1956 in respect of activities carried on by the company. Hence the provisions of clause 4(viii) of the Companies (Auditor’s Report) Order, 2003 are not applicable to the company.

9. (a) According to the information and explanations given to us, the company has been regular in depositing undisputed statutory

dues including Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Service tax and other statutory dues applicable to it with appropriate authorities. According to the information and explanations given to us by the company, there were no arrears of outstanding statutory dues as at 31st March, 2010 for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us, there are no dues of sales tax, income tax, service tax, excise duty that have not been deposited with appropriate authorities on account of any dispute .

10. The companys accumulated losses at the end of the financial year are less then fifty percent of its net worth and it has not incurred cash losses during the year and in the immediately preceding financial year.

11. The company has not defaulted in repayment of dues to bank.

12. The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the company is not a chit fund, nidhi, mutual fund or a society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report ) Order, 2003 (as amended) are not applicable to the Company.

14. According to the information and explanations given to us, the company is not having dealing or trading in shares, securities, debentures and other investments.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The company has not taken any term loan during the year.

17. According to the information and explanations given to us, the company has not raised any funds on short-term basis.

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

19. The company has not issued any debentures.

20. The company has not raised any money through a public issue during the year.

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



FOR R. VERMA & ASSOCIATES

CHARTERED ACCOUNTANTS

Registration Number 08026N

Sd/-

New Delhi (RAKESH VERMA)

22nd May, 2010 Partner

Membership Number 83311