ఆడిటర్ నివేదిక SPV Global Trading Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial statements of SPV
Global Trading Limited (“the Company”), which comprise the Balance Sheet as
at 31^st March, 2025, the Statement of Profit and Loss (including Other
Comprehensive Income), the Cash Flow Statement and the Statement of Changes
in Equity for the year then ended and notes to standalone financial statements
and a summary of the material 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 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 31st March, 2025, and its loss, total comprehensive income, its
cash flows and the changes in equity for the year ended on that date.

Basis of Opinion

We conducted our audit of the standalone financial statements in accordance
with the Standards on Auditing specified under section 143(10) of the Act (SAs).
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
opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of
most significance in our audit of the standalone financial statements of the
current period. These matters were addressed in the context of our audit of the
standalone financial statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters. We have determined
the matters described below to be the key audit matters to be communicated in
our report.

Key audit matters

How our audit addressed the key audit matter

The Company’s sale of traded goods (copper scrap) is majorly to its subsidiary. We identified the said related party transactions and its disclosure as set out in respective notes to the financial statements as a key audit matter due to the significance of transactions with the related party.

Our audit procedures included the following: We have assessed the systems and processes laid down by the Company to appropriately identify, account and disclose all material related party transactions in accordance with applicable laws and financial reporting framework. We have designed and performed audit procedures in accordance with the guidelines laid down by ICAI in the Standard on Auditing (SA 550) to identify, assess and respond to the risks of material misstatement arising from the entity’s failure to appropriately account for or disclose material related party transactions which includes obtaining necessary approvals at appropriate stages of such transactions as mandated by applicable laws and regulations. We have also reviewed the Secretarial Audit report during the course of evaluating the internal control systems in ensuring compliance with applicable laws, rules, regulations and guidelines.

Other Information

The Company’s Board of Directors is responsible for the other information. The
other information comprises Board’s Report, Report on Corporate governance
and Business Responsibility report but does not include the standalone financial
statements, consolidated 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 during the course of our audit or
otherwise appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this
regard.

Management’s Responsibilities for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section
134(5) of the Act with respect to the preparation of these standalone financial
statements that give a true and fair view of the financial position, financial
performance including other comprehensive income, cash flows and changes in
equity of the Company in accordance with the accounting principles generally
accepted in India, including the Indian Accounting Standards (Ind AS) specified
under section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended. This responsibility also includes
maintenance of adequate accounting records in accordance with the provisions
of the Act for safeguarding 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 standalone financial statements 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.

The Board of Directors is 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 financial controls relevant to the
audit in order to design audit procedures that are appropriate in the
circumstances. Under section 143(3)(i) of the Act, we are also responsible
for expressing our opinion on whether the company has adequate internal
financial controls with reference to standalone financial statements in
place and the operating effectiveness of such control.

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

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.

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

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.

Other Matter

Corresponding figures for the year ended 31st March, 2024 have been
audited by another auditor who expressed an unmodified opinion dated 29^th
May, 2024 on the standalone financial statements of the Company for the
year ended 31st March, 2024.

Our opinion on the standalone financial statements is not modified in respect
of the above matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (the ‘Order’)
issued by the Central Government of India in terms of Section 143(11) of the

Act, we give in 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, the Cash Flow Statement and Statement of
Changes in Equity dealt with by this Report are in agreement with the
relevant books of account.

d) In our opinion, the aforesaid standalone financial statements comply
with the Accounting Standards specified under section 133 of the Act,
read with Companies (Indian Accounting Standards) Rules, 2015 as
amended.

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

f) With respect to the adequacy of the internal financial controls over
financial reporting with reference to standalone financial statements
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 Section 197(16) of the Act, in our opinion and to
the best of our information and according

h) To the explanations given to us, the remuneration paid by the
Company to its directors during the year is in accordance with the
provisions of section 197 of the Act.

i) 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 knowledge and belief
and according to the information and explanations given to us:

i. The Company does not have any pending litigation which would
impact its financial position in its standalone financial
statements.

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 during the year.

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 entity, including foreign entity
(“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
knowledge and belief, no funds (which are material either
individually or in the aggregate) have been received by the
Company from any person or entity, including foreign entity
(“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;

(c) Based on the audit procedures 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), as
provided under (a) and (b) above, contain any material
misstatement.

v. The Company has not proposed or paid any dividend during the
year. Thus, the following point is not commented on.

vi. Based on our examination, which included test checks, the
Company has used accounting software systems for maintaining
its books of account for the financial year ended March 31, 2025
which have the feature of recording audit trail (edit log) facility
and the same has operated throughout the year for all relevant
transactions recorded in the software systems. Further, during
the course of our audit we did not come across any instance of
the audit trail feature being tampered with and the audit trail
has been preserved by the Company as per the statutory
requirements for record retention.

For S I G M A C & C O

Chartered Accountants

Firm Reg No. 116351W

Rahul Sarda

Partner

ICAI M No. 135501

Date: 29^th May, 2025

Place: Mumbai

UDIN: 25135501BMKOJG5206

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Mar 31, 2024

Wu hare audited the s^campgnying #ariitfalane financial statement* of SPV Global Trading
Limited nht- Compsny”), which comprise :he Balance Sheet as at 31 “ March, 2024, the
StuLemedif of Proiit and bin;. (moltiding Othht Comprehensive Income), the Cosh Flaw
Statement and the Statement of Changes m Equity for the year then ended and notes to
standalone financial Statements and a summnrv of the significant accounting policies and
other eiLplanatniy information.

In our opinion nud to I he best of our information and according to the explanations given
to _U3| the aforesaid standalone financial statements give die inform a Li on required by the
Companies Act. 2013 (“die Act") in the manner W3 required and give a true and fair view in
conformity with the Indian Accounting Standard a prescribed under section 133 of Lite Act
read with die Companies |Indian Accounting Standards) Rules. 2015, as amended ( hid
AS¹*), and ntlicr accounting principles generally accepted in India, of the state of Bjflairs ot
the Company as uL 31st March, 202-1. and its profit, total comprehensive income, iLs cash
flows and the changes iri equity for the year ended on that date.

Basis of Opinion

Wc conducted our audit oi the standalone financial statements in accordance with dm
Standards on Auditing specified under sec lint I 143[10) of the Acl (SAsf. Om
re spun si bill tics under those Sh^dirds are further described in the Auditors
Responsibilities for the Audil of the StattriaJo^ financial sLummetils section of our report,
We arc independent of dm Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India (ICAJJ together with the ethical requirements
that are relevant lo 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 require men Is arid the iCAI''s Code of Ethics, We
believe that the audit evidence obtained by us is sufficient mid appropriate to provide a
basis for our opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are Lhose matters that, in our professional judgment, were of most
sig''niiiL''tiiLce in our audit of the standalone financial statements of the current period.
These msiuers were addressed in Liie coi.Ioxl ,of our audit of the standalone financial
statements as a whole, and in forming mir opinion thereon, and we do noL provide a
separate opinion on these matters. We have determined the matters described below Lo be
the key audit matters to be communicated in our report,

Key audit matters	How our audit addressed the key audit mat Lor
The Com oar tv''s sale uf lr tided yoods [copper scrap) in mujorly to its subsidiary.	Our audit procedures included the JdliowjnfJt We have assessed the systems and

Wc identified the said related party	processes laid down by the Company tu appropriately Identify. account and
trim auction s and its disclosure ns set out	disclose all material related parly
ui respective notes to the nnuncLd	transactions in accordance with applicable
statements as a key audit matLer due Lu	laws and financial reporting framework.
the significance of transactions with Lhc	We have designed and performed audit
related party.	procedures in accordance with the
	guidelines laid down by JCAI in the Standard cm Auditing ISA 55u| to identify, assets and respond to the risks of material misstatement arising from the entity''s failure to appropriately account, for or disclose material related party transactions which includes obtaining necessary approvals at appropriate stages of such transactions as mandated by applicable laws and regulations. We have also reviewed the Secretarial Audit report during the course oF evaluating the internal control systems in ensuring com pi to nee with applicable laws, rules, regulations and guidelines

Other Information

The Company''s Board of Directors is responsible for the other information, The other
information comprises Board’s Report, [Report on Corporate governance and Business
Responsibility report buL docs noL include Lhe standalone iiiianeial statements,
consolidated financial statements and our a udttor''s report the neon.

Our opinion on the standalone financial statements duns not cover Lhi: other information
a:id we do not express any farm of assurance conclusion thereon.

!:i connection with our aodiL of the standalone npariffinl statefttOnts, our responsibility is
to read the other informs tio:i and, in doing so, consider whether the oLhcr inform a Lion is
materially inconsistent with I he standalone financial statemesnta or nur knotffledgo
obtained during the course of our audit or otherwise appears to be materially misstated, if,
based a a the work we have performed, we conclude that there is a material misstatement
of this other information, wt¹ are required to report that fact. Wc have nothing to report in
this regard.

Management’s Responsibilities for the Standalone Financial Statements

The Company''s Board of Directors is responsible For the matters stated in section 1.14(5} of
tile AeL with respect to the preparation of Lhtise sumdalone Cinsnefcij statements that gwjj a
true and fair view uf Line financial position, finaiHiifll performance including ether
comprehensive income, cash flows nnd changes in equity r>f the Company in accordance
with the accounting principles generally accepted In India, including the Indian
Accounting Standards (Ind ASJ specified under section 133 of the Act read with the
Companies (Indian Accounting Standards] Rules, 2015, as amended. This responsibility
also include a maintenance of adequate accounting records In accordance with the
provisions of the An for safeguarding the asscl s of the Company and fur preventing and
detecting frauds amJ Other irregularities; sc.L.-clim and application uf appropriate
accounting policies: making judgments Find tstimates {hat ans reasonable nnd prudent;
and design, implementation and maintenance nf arictjmiLe internal financial controls, that
Were operating effectively for ensuring the accuracy and com pic ten ess of the accounting
records, relevant to the preparation and presentation of the standalone financial

SI

statements 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 artel using the going concent basis of accounting unless
ihiajiagamenl either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

The Biiard of Directors is also responsible Fat overseeing the Company''s financial reporting
process.

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

Our objectives are to obLaiu reasonable assurance about whether the Btanda.lun£ 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 nm a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it exists. Missiatetneius can
arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected Ln influence the economic decitiiuris aJ users laken uii
the basis of these stands lone financial statements.

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

¦ Identify and assess the risks of material mis statement of Lhc standalone financial
state merits, 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 uf nut detouring a material
misstatement re suiting Iron: irauci ia higher than Lor one resulting Iron errnr, as
fraud may involve collusion, forgery, intentional omissionSj misrepresentations, or
The override of interna i Control,

¦ Obtain an Littd erst an Cling of internal financial controls relevant to the audit in
order to design audit procedures that Eire appropriate in Lhc cineumBtantet. Under
section I43(3)(i) of the A-cl, wu arc also responsible for expressing our opinion on
Whether the company bus adequate internal financial controls with reference io
standalone financial statements in place and the operating effectiveness of such
control.

* Evaluate the appropriateness qf accounting policies used and the reasonableness
of accounting estimates and related disclosures rnatlu by the management.

* Conclude on the appropriateness of management^ use of the going concern basis

uf ticcounling and, bused on Lhc audii evidence obtained, whether a material
uncertainty exists related to events or conditions thru may cast significant doubt
orl the Company''s ability to continue as a going concern. If we conclude that a
material uncertainty exists, wu ure required to draw attention in our auditor''s
report to the rchurd disclosures in the- staiidalqnd financial statements or, if such
disclosures arc inadequate, lei modify our opinion. Our conclusions arc bused on
the audit evidence obtained up to the dale of our auditor''s report. However, future
events or conditions may cause Lhe Company to cease lo continue as a going
concent. ¹

¦ Evaluate the overall picsci nation, structure and content of the standalone
flnajidftj statements, including the diftcinsures, and whether the standalone
financial statements represen 1 the underlying transactions and events in a manner
that achieves fair preseiitufibiu

Wo communicate with Those charged with governance regarding, among other ra a iters,
Lite planned scope and timing of the audit and significant audit findings, including any
significant, deficiencies in internal control that we idcrtihfy during our audit.

We also provide those charged with governance* with a KtuLcmeriL LhtU wc :mvc L''OmpUifld
with relevant ethical requirements regarding independence, and Lo conirnunicuLc with
them of l relation ships and other matters that may reasonably lx- 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 ihe standalone financial statements
of the current period and are therefore the hey audit matters- We describe these matters
m our auditor''s report unless lav. or regulation precludes public disclosure a bo u tire
matter or when, in extremely rare dirclimstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would
reasonably he expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Lhc Gump; mi cs (Auditor''s Report) Order, 2020 (the ''Order'') issued by the
Central Government of indiu i:i lerms of FecLLun 143(11] uf lihc AcL, wc give in the
Anne.xure A, a statement mi the rr:uUt!rs specified in pure yea pi is 3 and 4 of the Order.

2. As required by Section 143)3) of Lhe Act, we report Lhai:

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

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

c) The Balance Shed., Lite Statement of Profit and Loss including Other
Comprehensive Income, Lire Cash Flow StutemenL and Statement of Changes in
Equity dealt with by this Report are in agreement with the relevant books of
account.

d) In our opinion, the aforesaid standalone financial statements comply with the
Accounting Standards specified undor set Lion 133 of the Act, read with
Companies (Indian Accounting Standards) Rules, 2015 as amended,

e) On the basis of the written representations received from the directory us on
31¹¹ March, 2024 tdkcil on record by the Board of Directors, none of the
directors is disqualified r_:s on 31sr M.tr''-h. 2024 from being appointed as a
director in terms pf section 164 (2| of the Act.,

f) With respect to the adequacy of the internal financial contiolir over financial
reporting with relt-ramie tr> standalone Ind As financial statements of the
Company and tire operating efTeclivenesit of such controls, refer to cur separate
Repot*) in AnnexureH.

g) With respect Lu the other m.:turns to lx: included in the Auditor''s Report in
accordance with Section 1117(16) ol the Act, in our opinion and to the best of
our iiifomiaLioti tuid according lo Lho explanations given to us, the
remuneration paid by Lhu Company :o its directors during the year is in
accordance with the nruviKiuns r>f section 197 of the Act.

h) With respect to the oilier matters to be included in the Auditor’s Report in
accordance with Rule 11 of the Companies {Audit. and Auditors] Rules, 2014, in
our a pinion and to the botiL of our knowledge and belief and according to the
information and explanations give:) to us:

i. The Company does not have any pending litigation which would impact
its financial position iti its standalone financial statements.

ii. Tile Company did nul have any iung-Ltim eont.mcis including derivative
contracts for which l lie re were any material foreseeable losses.

iii. Thera were no nmounts which were required to he Transferred to the
Investor Education and Protection fund during rhe-year,

iv. {a) The MshagCmi at has rep resented that, to the best of its knowledge
and belief, no lands [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 uny other person or entity, including
foreign enLiiy nyiLurmcdiUries''’), with lire understanding, whether
recorded in writing or otherwise, that the Intermediary shall, whether,
directly nr indirectly lead or invest ill other persons or entities identified
in any manner whatsoever by or on behalf of the Company

(''Ultimate Lteneficiariea/j or provide any guarantee, security or the like
on behalf of Lhe Ultimate Beneficiaries;

(b| The Management has represented, tjaat, Lo the best of its knowledge
arid belief, no funds (which arc material cither individually or in the
aggregate I have been received by the Company from ally person or entity,
including foreign entity j^:lFunding Partin a ^HJ, with Llie understanding,
whether recorded in writing or otherwise. LlJaL the Company shall,
whether, directly or indirectly, loud or invest in other persons or nmities
tdentifitfd in any manner whatsoever b_t oj mi behalf of the Funding Parly
CUltimate Beneficiaries"] or provide any guarantee, security or the like?
on behalf oT the Ultimate Beneficiaries;

(c) Baaed on the audit procedures chat have been considered reasonable
and appropriate ii^r the circumstance a, nothing hag come to our a mice
that has caused us lo believe that the re presentations under sub-clause
(t| dind (id of Rule I 1 (ei. us pi i.i v id cel under id) and (b| above, contain any
materia] misstatenrtrit,

v, The Company has rot proposed or paid any dividend during the year.
Thus. th(? following point is not cum men Led on,

vi. Based on Our eacahtfnaLion, which included tesL checks, performed by us
on the Company have used accounting software for maintaining their
respective books of account for the Imancia: year ended March ol, 2024
which has a feature of recording audit trnii |edif iogj faciliiy and tiie same
has operated throughout the year for ail relevant transactions recorded in
the software Furth.tr, during rl.e uiurse of audit we havf? tioi tonic
across any irinlanee of llie audit trail feature being tampered with.

As proviso to Rule 3[1) of the Companies (Accounts) Rules, 201A is
applicable trom April 1, 2023, repomnfi under Rule 11 |g] of the
Companies (Audit and Auditors! Rules- 2014 on preservation of audit
Trail as per the statutory requiremmls for record retention is not
applicable for the financial year ended March 31,2024

For S S R C A ft CO

Chartered Accountants

{Ffcrt

Shubhnm Jain

Partner

M No 4*43522

Dated: 29" May.2024

Place: Mumbai

UDIM: js 12 h< Vi It ''io

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Mar 31, 2014

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

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 sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with the General Circular No. 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 the 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 the 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 the internal control relevant to the entity''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 entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of 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 pririciples 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 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 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, 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 comply with the Accounting Standards referred to in sub-section (3C) of section 211 the Companies Act, 1956 read with the General Circular No. 15/2013 dated September 13, 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 31st 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 in terms of clause (g) of sub-section (1) of section 274 of the Act.

Annexure to Auditors'' Report

(Referred to in paragraph 1 of our report of even date)

1. The Company does not have any fixed assets and hence the question of maintaining records, physical verification & disposal of the same does not arise.

2. a) Shares & debentures in custody of the Company have been physically verified by the management at reasonable intervals. For shares held -with the custodian and depository participant & for units of mutual funds, statement from them has been obtained on a regular basis.

b) The procedures of verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) The Company is maintaining proper records of inventory. No discrepancies have been noticed on reconciliation of physical inventories & with the custodian and depository participant as compared to the book records.

3. (a) The Company has, during the year, not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained u/s.301 of the Companies Act, 1956. Accordingly, clause 4(iii) (a) to (d) of the Order are not applicable.

(b)The Company has, during the year, not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained u/s.301 of the Companies Act, 1956. Accordingly, clause 4(iii) (e) to (g) of the Order are not applicable.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and for the sale of goods. The Company does not provide any services. During the course of our audit no major weakness have been observed in the internal controls.

5. According to the information and explanations given to us, we are of the opinion that there were no transactions that needed to be entered into the register maintained under section 301 of the Companies Act, 1956.

6. The Company has not accepted any deposits from the public and consequently the provisions of Section 58 A, 58 AA or any other relevant provisions of the Companies Act, 1956, and the rules framed there under and the directives issued by RBI are not applicable.

7. The Company does not have a formal system of internal audit but there are adequate checks & control at all levels.

8. The provisions of section 209(1) (d) of the Companies Act, 1956 regarding maintenance of Cost records is not applicable to the Company.

9. (a)In our opinion and according to the information and explanations given to us, the Company has been regular in depositing undisputed statutory dues applicable to it with the appropriate authorities.

(b) In our opinion and according to the information & explanations given to us, there are no statutory dues which have not been deposited on account of any dispute.

10. The Company does not have accumulated losses as at the end of the financial year and has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

11. In our opinion & according to the information & explanation given to us, the Company has not taken any loans from financial institution or bank or through issue of debentures. Therefore, the question of repayment or default does not arise.

12. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures & other securities & therefore, the question of maintenance of adequate documents & records does not arise.

13. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund /society. Therefore, the provisions of clause 4(xiii) of CARO, 2003 are not applicable to the Company.

14. In respect of Company''s activity for dealing in shares, securities, debentures and other investments, proper records have been maintained in regard to the transactions and contracts and timely entries have been made therein. The shares & other investments have been held by the Company in its own name except to the extent of exemption granted under section 49 of the Act.

15. In our opinion & according to explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not taken any term loan & therefore, provisions of clause (xvi) of CARO 2003 are not applicable to the Company.

17. According to the information and explanations given to us and on an overall examination of balance sheet of the Company, we report that the Company has not raised any funds on short-term basis.

18. The Company has not made any preferential allotment of shares to any parties & companies covered in the register maintained u/s 301 of the Companies Act, 1956.

19. The Company did not have any outstanding debentures during the year.

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

21. According to the information and explanations giben to us and to the best of our knowledge & belief, no fraud on or by the Company has been noticed or reported by the Company during the course of audit.

For K K Khadaria & CO Chartered Accountants Firm Regn No: 105013W

Ajay Daga Partner Mem. No: 044162

Place: Mumbai

Dated: 24th May, 2014

---

Mar 31, 2013

Report on the Financial Statements

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

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true andfair 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 the 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 the 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 the 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 the 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, ofthe state of affairs of the Company as at oi« March, 2013;

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

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

Report on Other Legal and Regulatory Requirements

1 As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued1 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 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, 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 comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act.

(e) On the basis of the written representations received from the directors as on 31* March 2013 and taken on record by the Board of Directors, none of the directors is-disqualified as on 31st March, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

Annexure Auditors9 Report Referred to of even date)

1 The Company does not have any fixed assets and hence the question of maintaining '' records? physical verification & disposal of the same does not arise.

2. Shares ft debentures in custody from them have heen obtained on a regular basis. business. participant as compared to the book records.

3 a, The Company has duing of the Order are not applicable.

4. in our opinion and according to the adequate nternal control nventory. The Company been observed in the internal controls.

5 According to the information and explanations given to us, we are of the opinion fhat Ire were no transactions that needed to be entered into the register maintained under section 301 of the Companies Act, 1956.

6. The under and One directives issued by *B1 are not applicable.

7. The Company does not have a formal system of internal audit but there are adequate checks & control at all levels.

8 The provisions of section 209(l|(d) of the Companies Act, 1956 regarding maintenance '' of Cost records is not applicable to die Company. with the appropriate authorities.

10 The Company does not have accumulated losses as at the end of the financial year and ''has not incurred cash losses during the current and in the immediately preceding financial year.

11 In our opinion & according to the information & explanation given to us, the Company ''has not taken any loans from financial institution or bank or through issue of debentures. Therefore, the question of repayment or default does not arise.

12 The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures & other securities & therefore, the question of maintenance of adequate documents & records does not arise.

13 In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund '' /society. Therefore, the provisions of clause 4(xiii) of CARO, 2003 are not applicable to the Company.

14 In respect of Company''s activity for dealing in shares and other investments, proper ''records have been maintained in regard to the transactions and contracts and timely entries have been made therein. The shares & other investments have been held by the Company in its own name except to the extent of exemption granted under section 49 of the Act.

15 In our opinion & according to explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not taken any term loan & therefore, provisions of clause (xvi) of CARO 2003 is not applicable to the Company.

17 According to the information and explanations given to us and on an overall ''examination of balance sheet of the Company, we report that the Company has not raised any funds on short-term basis.

18 The Company has not made any preferential allotment of shares to any parties & '' companies covered in the register maintained u/s 301 of the Companies Act, 1956.

19. The Company did not have any outstanding debentures during the year.

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

21 According to the information and explanations given to us and to the best of our '' knowledge & belief, no fraud on or by the Company has been noticed or reported by the Company during the course of audit.

For K K KHADARIA & CO

CHARTERED ACCOUNTANTS

(Firm Regn. No. 105013W)

PLACE : Mumbai

DATED: 30st May, 2013 M No.44162

---

Mar 31, 2012

We have audited the attached Balance Sheet of TARRIF CINE & FINANCE LIMITED as at 31st March, 2012 and the related Statement of Profit and Loss and 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.

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..

1. As required by the Companies (Auditor's Report) Order, 2003 as amended by Companies (Auditor's Report) (Amendment) Order, 2004 issued by the Department of Company Affairs, in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in the paragraphs 4 & 5 of the said Order.

2. Further to our comments in the Annexure referred to in paragraph 1 above, we report that :-

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the 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 appears from our examination of the 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 & Loss and Cash Flow Statement dealt with by this report comply with th«r Accounting Standards referred to in subsection (3C) of Section 211 of the Companies Act, 1956;

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

f) In our opinion and to the best of our information and according to explanations given to us, the said accounts, read together with the notes 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 accounting principles generally accepted in India;

i) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March 2012,

ii) in the case of Statement of Profit and Loss, of the profit of the Company for the year ended on that date, and

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



(referred to in paragraph 1 of our report of even date)

1. The Company does not have any fixed assets and hence the question oi maintairiing records, physical verification & disposal of the same does not arise.

2. a) Shares & debentures in custody of the Company J rve been physically verified

by the management at reasonable intervals. For shares held with the custodian and depository participant & for units of mutual funds, statement from them have been obtained on a regular basis.

b) The procedures of verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) The Company is maintaining proper records of inventory. No discrepancies have been noticed on reconciliation of physical inventories & with the custodian and depository participant as compared to the book records.

3.(a) The Company has, during the year, not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained u/s.301 of the Companies Act, 1956. Accordingly, clause 4(iii)(a) to (d) of the Order are not applicable.

(b)The Company has, during the year, not taken any loans, secured or unsecured, from companies, firms or other parries covered in the register maintained u/s.301 of the Companies Act, 1956. Accordingly, clause 4(iii)(e) to (g) of the Order are not applicable.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purcnase ana sate oi inventory, The Company does not provide any services. During the course of our audit no major weakness have been observed in the internal controls.

5. According to the information and explanations given to us, we are of the opinion that there were no transactions that needed to be entered into the register maintained under section 301 of the Companies Act, 1956.

6. The Company has not accepted any deposits from the public and consequently the provisions of Section 58 A, 58 AA or any other relevant provisions of the Companies Act, 1956, and the rules framed thereunder and the directives issued by RBI are not applicable.

7. The Company does not have a formal system of internal audit but there are adequate checks & control at all levels.

8. The provisions of section 209(l)(d) of the Companies Act, 1956 regarding maintenance of Cost records is not applicable to the Company.

9. (a)) In our opinion and according to the information and explanations given to us, the Company has been regular in depositing undisputed statutory dues applicable to it with the appropriate authorities.

(b) In our opinion and according to the information & explanations given to us, there are no statutory dues which have not been deposited on account of any dispute.

10. The Company does not have accumulated losses as at the end of the financial year and has not incurred cash losses during the current and in the immediately preceding financial year.

11. In our opinion & according to the information & explanation given to us, the Company has not taken any loans from financial institution or bank or through issue of debentures. Therefore, the question of repayment or default does not arise.

12. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures & other securities & therefore, the question of maintenance of adequate documents & records does not arise.

13. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund /society. Therefore, the provisions of clause 4(xiii) of CARO, 2003 are not applicable to the Company.

14. In respect of Company's activity for dealing in shares and other investments, proper records have been maintained in regard to the transactions and contracts and timely entries have been made therein. The shares & other investments have been held by the Company in its own name except to the extent of exemption granted under section 49 of the Act.

15. In our opinion & according to explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not taken any term loan & therefore, provisions of clause (xvi) of CARO 2003 is not applicable to the Company.

17. According to the information and explanations gjjre-i to us and on an overall examination of balance sheet of the Company, we report that the Company has not raised any funds on short-term basis.

18. The Company has not made any preferential allotment of shares to any parties & companies covered in the register maintained u/s 301 of the Companies Act, 1956.

19. The Company did not have any outstanding debentures during the year.

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

21. According to the information and explanations given to us and to the best of our knowledge & belief, no fraud on or by the Company has been noticed or reported by the Company during the course of audit.

For K K KHADARIA & CO

CHARTERED ACCOUNTANTS

(Firm Regn. No,.105013W)

PLACE : Mumbai AJAY DAgA.

DATED : 31st August, 2012 PARTNER

M.No.44162

---

Mar 31, 2010

We have audited the attached Balance Sheet of TARRIF CINE & FINANCE LIMITED as at 31st March, 2010, Profit and Loss Account and also Cash Flow Statement 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.

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.

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

2. Further to our comments in the Annexure referred to in paragraph 1 above, we report that :-

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the 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 appears from our examination of the books;

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

d) In our opinion, the Balance Sheet, Profit & Loss account & the Cash Flow Statement dealt with by thisreport comply with the Accounting Standards referred to in subsection (3C) of Section 211 of the Companies Act, 1956;

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

f) In our opinion and to the best of our information and according to explanations given to us, the said accounts, read together with the notes 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 accounting principles generally accepted in India;

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

ii) in the case of Profit and Loss Account, of the profit of the Company for the year ended on that date,

and

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

Annexure to Auditors Report (referred to in paragraph-1 of our report of even date)

1. The Company does not have any fixed assets and hence the question of maintaining records, physical verification & disposal of the same does not arise.

2. a) Shares & debentures in custody of the Company have been physically verified by the management at reasonable intervals. For shares held with the custodian and depository participant & for units of mutual funds, statement from them have been obtained on a regular basis.

b) The procedures of verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) The Company is maintaining proper records of inventory. No discrepancies have been noticed on reconciliation of physical inventories & with the custodian and depository participant as compared to the book records.

3.(a) The Company has, during the year, not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained u/s.301 of the Companies Act, 1956. Accordingly, clause 4(iii)(a) to (d) of the Order are not applicable.

(b)The Company has, during the year, not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained u/s.301 of the Companies Act, 1956. Accordingly, clause 4(iii)(e) to (g) of the Order are not applicable.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase and sale of inventory. The Company does not provide any services. During the course of our audit no major weakness have been observed in the internal controls.

5. a. In our opinion and according to the information and explanations given to us, the contract or arrangement that needed to be entered into the register maintained under Section 301 of the Companies Act, 1956 have been-so entered.

b. In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements entered into the register maintained under Section 301 of the Companies Act, 1956 & exceeding the value of Rs.5,00,000/- or more in respect of any party.

6. The Company has not accepted any deposits from the public and consequently the provisions of Section 58 A, 58 AA or any other relevant provisions of the Companies Act, 1956, and the rules framed thereunder and the directives issued by RBI are not applicable.

7. The Company does not have a formal system of internal audit but there are adequate checks & control at all levels.

8. The provisions of section 209(l)(d) of the Companies Act, 1956 regarding maintenance of Cost records is not applicable to the Company.

9. (a)) In our opinion and according to the information and explanations given to us, the Company has been regular in depositing undisputed statutory dues applicable to it with the appropriate authorities.

(b) In our opinion and according to the information & explanations given to us, there are no statutory dues which have not been deposited on account of any dispute.

10. The Company does not have accumulated losses as at the end of the financial year and has not incurred cash losses during the current and in the immediately preceding financial year.

11. In our opinion & according to the information & explanation given to us, the Company has not taken any loans from financial institution or bank or through issue of debentures. Therefore, the question of repayment or default does not arise.

12. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures & other securities & therefore, the question of maintenance of adequate documents & records does not arise.

13. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund /society. Therefore, the provisions of clause 4(xiii) of CARO, 2003 are not applicable to the Company.

14. In respect of Companys activity for dealing in shares and other investments, proper records have been maintained in regard to the transactions and contracts and timely entries have been made therein. The shares & other investments have been held by the Company in its own name except to the extent of exemption granted under section_49-of the Act.

15. In our opinion & according to 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 & therefore, provisions of clause (xvi) of CARO 2003 is not applicable to the Company.

17. According to the information and explanations given to us and on an overall examination of balance sheet of the Company, we report that the Company has not raised any funds on short-term basis.

18. The Company has not made any preferential allotment of shares to any parties & companies covered in the register maintained u/s 301 of the Companies Act, 1956.

19. The Company did not have any outstanding debentures during the year.

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

21. According to the information and explanations given to us and to the best of our knowledge & belief, no fraud on or by the Company has been noticed or reported by the Company during the course of audit.



For K K KHADARIA & CO

CHARTERED ACCOUNTANTS

(Firm Regn.No. 105013W)

PLACE : MUMBAI AJAY DAG

DATED : 30th August,2010 PARTNER

M. No. 44162