Auditor Report of Abate As Industries Ltd.

Mar 31, 2025

To the Members of Abate AS Industries Limited

Report on the Audit of Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Abate AS Industries Limited ("the Company") which comprise the Balance Sheet as at 31st March, 2025, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended and the notes to the financial statements including a summary of the significant accounting policies and other explanatory information (hereinafter referred to as "the standalone financial statements").

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, 20,13 ("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, its profit including other comprehensive income, its cash flows and changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. 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 lndia ("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 thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

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

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

Investments	Our Audit Procedures
The Company has investments in	• Ensured that the accounting policies of the Company with
various entities. We have considered	respect to the Investments is in compliance with the
this area as a key audit matter since	accounting framework.
the carrying value of the investments constitute major portion of total assets of the Company.	• Evaluated the design and tested the operating effectiveness of internal controls for initial recognition, measurement and disclosure of investments.
The assessment of the carrying value of investments involves Management judgement, which can impact the	• Performed substantive and analytical procedures to corroborate the management assertions.
impairment loss and the profit for the	• Reviewed the process followed by the management of the
year.	Company m classification and valuation of investments.

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

The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Board''s Report including Annexures to Board''s Report, Business Responsibility Report but does not include the financial statements and 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. ln connection with our audit of the standalone financial statements, our responsibility is to read the other information identified above 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 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 Ind AS specified under the Act read with Rules framed there under as applicable.

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, the Board of Directors is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors are also responsible for overseeing the Company''s financial reporting process.

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

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

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

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 Lndia in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in

Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent

applicable.

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

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, Statement of Profit and Loss including Other Comprehensive Income, Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;

d. In our opinion, the aforesaid standalone financial statements comply with the Ind AS prescribed under section 133 of the Act;

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

f. With respect to the adequacy of the internal financial controls with reference to the financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure B;

g. With respect to other matters to be includes in Auditor''s Report in accordance with requirements of section 197(16) of the Act, in our opinion and to the best of our information and according 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.

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 has disclosed the impact of pending litigations on its financial position in the standalone financial statements - Refer Note 24 to the standalone financial statements;

ii. There are no long- term contracts including derivative contracts having material foreseeable losses as at the reporting date;

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 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 to believe that the representations under sub-clause (i) and (ii) of Rule I I( e ), as provided under (a) and (b) above, contain any material misstatement.

v. The Company has not declared or paid dividend during the year and hence, there is no requirement to comply with section 123 of the Act.

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 31^st March 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.

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Mar 31, 2024

We have audited the financial statements of Abate AS Industries Limited (“the Company”), which
comprise the Balance Sheet as at 31 March 2024, and the Statement of Profit and Loss, and notes to the
standalone financial statements, including a summary of significant accounting policies and other
explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid 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 accounting principles
generally accepted in India, of the state of affairs of the Company as at 31 March, 2024, and profit for the
year ended on that date.

Basis for opinion

We conducted our audit in accordance with the standards on auditing specified under section 143 (10)
of the Companies Act, 2013. Our responsibilities under those Standards are further described in the
auditor''s responsibilities for the audit of the financial statements section of our report. We are
independent of the Company in accordance with the code of ethics issued by the Institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our audit of the financial
statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the code of ethics.

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

Key audit matters

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

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

The Company''s board of directors is responsible for the preparation of the other information. The other
information comprises the information included in the Board''s Report including Annexures to

Board''s Report, Business Responsibility Report but does not include the financial statements and
our auditor''s report thereon.

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

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

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

Responsibilities of Management for the Financial Statements

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

This responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statement that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the entity''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
entity or to cease operations, or has no realistic alternative but to do so.

Auditors'' Responsibilities for the Audit of the Financial Statements

a) 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.

b) Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with auditing standards will always detect a material misstatement when it exists.

c) 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 auditing
standards, we exercise professional judgment and maintain professional skepticism throughout
the audit. And 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, but not for the purpose of expressing an
opinion on the effectiveness of the entity''s internal control.

• 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 Entity''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 Entity 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. From the matters communicated with those charged with

governance, we determine those matters that were of most significance in the audit of the financial
statements of the current period and are therefore the key audit matters. We describe these

matters in our auditor''s report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.

Report on other legal and regulatory requirements

As required by the Companies (Auditor''s Report) Order, 2020 (“the Order”), issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Companies Act,
2013, we give in the ''Annexure A'' statement on the matters specified in paragraphs 3 and 4 of the
Order, to the extent applicable.

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

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

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

(c) The balance sheet, the statement of profit and loss and Cash Flow Statement dealt with by this
report are in agreement with the books of account;

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

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

(f) With respect to the adequacy of the internal financial controls over financial reporting of the
company with reference to the financial statements and the operating effectiveness of such
controls, refer to our separate report in “Annexure B” to this report.; and

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

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

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

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

For Mahesh C Solanki & Co.,

Chartered Accountants
FRNo. 006228C

Sd/-

CA Vinay Kumar Jain
Memb No. 232058
Partner

UDIN: 24232058BKCZSN4806

Place: Chennai,

Date: 29-05-2024.

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Mar 31, 2014

We have audited the accompanying Financial Statements of TRIJAL INDUSTRIES LIMITED (“The Company”) which comprises the Balance Sheet as on 31st March, 2014, the statement of Profit and Loss Account and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s responsibility for Financial Statements

The company''s Management is responsible for preparation of these financial statements that give true and fair view of the financial position, financial performance and cash flows of the company in accordance with the Accounting Standards referred to in section 211(3)(C) of the Companies Act, 1956 ( the “Act”) and in accordance with the accounting principles generally accepted in India. The responsibility includes the design, implementation and maintenance of the 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.

3. Auditors Responsibility

3.1 Our responsibility is to express an onion 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 statement are free from material misstatement

3.2 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 judgement, 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 polices used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

4. Opinion

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

(a) In the case of the Balance Sheet, of the State of Affairs of the Company as at 31st 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

5. Report on other Legal mandatory Regulatory Requirements

As required by Companies (Auditors Report) Order, 2003 issued by the Central Government of India, in terms of section 227 (4A) of the Companies Act, 1956, vide notification No.G.S.R-766 (E) dated 25 November, 2004 (CARO) and on the basis of such checks of the Books of Accounts and records of the Company, as we considered appropriate and according to the information and explanations given to us, we enclose in the annexure a Statement on the matters specified in the said order.

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

1. (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, books of accounts as required by law have been kept by the company, so far as, appears from our examination of the books.

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

(d) In our opinion, the Balance sheet, Profit & Loss Account and Cash Flow Statement, dealt with by this report comply with the Mandatory Accounting Standards, to the extent applicable, specified by the I.C.A.I. referred to in Sub Section (3) (c) of Section 211 of the Companies Act, 1956

(e) On the basis of written representations received from the Directors, as on 31st March, 2014, and taken on record by the Board of Directors,

We report that none of the Directors of the Company is disqualified as on 31st March, 2014, from being appointed as Director in terms of clause (g) of sub-section (1) of section 274, of the Companies Act, 1956.

2. For Accounting for Taxes on Income as per Accounting Standard 22 issued by ICAI, Please refer to Item No. 2(e) of Notes on Account forming Part of the Report.

Annexure to the Auditors Report referred to in our report of even date:

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

(b) The company has physically verified Fixed Assets, at reasonable intervals and no material discrepancies were noticed on such verification.

(c) No substantial part of the Fixed Assets has been disposed off during the year.

2. (a) The Inventory has been physically verified by the management at reasonable intervals during the year.

(b) The procedure of physical verification of Inventory followed by the management is reasonable and adequate in relation to the size of the company and nature of its business.

(c) The Company is maintaining proper records of Inventory and the discrepancies noticed on verification between the physical stock and the book records were not material and the same have been properly dealt with in the books of accounts.

3. The company has not taken / granted unsecured loans, to/ from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. Accordingly, provisions of clause 4 (iii) (b) to (g) of the Order are not applicable.

4. In our opinion, and according to explanation given to us, there is adequate Internal Control procedure commensurate with the size of the Company and the nature of its business with regard to the purchase of inventories, fixed assets and for the sale of goods and services. There is no continuing failure to correct weakness in internal control system.

5. According to the information and explanations given to us, we are of the opinion that there are no transactions that need to be entered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly provisions of clause 4(v) (b) of the Order are not applicable.

6. According to the information and explanation given to us, during the year under review, the Company has not accepted any Deposits from the Public and hence provisions of section 58A and 58AA of the Companies Act, 1956 and Rules framed there under are not applicable.

7. According to information given to us, the company is in the process of establishing Internal Audit system, commensurate with the size of the company.

8. We have been informed that the maintenance of Cost Records has not been prescribed by the Central Government under section 209(1) (d) of the Companies Act, 1956 for any of the products of the company.

9. a) According to the records of the Company, Provident Fund, Investor Education and Protect Fund, ESIC, Wealth Tax, Custom Duty, Excise Duty, Cess, Income Tax, Service Tax etc. dues have been regularly deposited, wherever applicable, during the period with the appropriate authorities, for all undisputed statutory dues as applicable.

(b) There are no disputed statutory liabilities during the period covered under this Audit.

10. The Clause of accumulated losses etc. is not applicable to the company.

11. We have observed that the company has not defaulted in repayment of Dues to Bank or financial institution, since no loan has been obtained from any Bank by the Company.

12. Company has not granted Loans & Advances on the basis of security etc. hence no discrepancies thereof, arise.

13. The Provisions of Nidhi / Mutual benefit Fund/ Society etc. are not applicable to the Company. Hence Clauses (a) to (d) are not applicable.

14. Company has maintained proper records for Securities and Debentures as required.

1. Company has not given any Guarantee for loans taken by others and hence other provision are not applicable.

2. Company has not obtained any loan from Banks / Financial Institution and hence application of loan for specific purpose clause is not applicable.

3. Company has not used short term funds for long term investments.

4. No preferential Allotment of shares etc. has not been made by the Company; hence other clauses are not applicable.

5. No Debentures are issued by the Company during the year under audit.

6. The company has not raised money by Public issue, during the year under audit.

7. According to the Explanation and Information given by the Company and on checking we did not come across any instance of fraud on or by the Company during the year 2013 - 2014.

For DAGDULAL K JAIN & CO.

CHARTERED ACCOUNTANTS.

Sd/-

D. K. Jain.

(Partner). Membership no. 015929. F.R.N. - 101995W DATE: 30th MAY, 2014. PLACE: Thane.

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Mar 31, 2012

We have audited the attached Balance Sheet of TRIJAL INDUSTRIES LIMITED as on 31st March, 2012, and also the Profit & Loss Account 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 the 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 Companies (Auditors Report) Order, 2003 issued by the Central Government of India, in terms of section 227 (4A) of the Companies ¦ Act, 1956, vide notification No.G.S.R-766 (E) dated 25 November, 2004 (CARO) and on the. basis of such checks of the books of Accounts and records of the Company, as we considered appropriate and according to the information and explanations given to us, we enclose in the annexure a Statement on the matters specified in the said order.'

Further to our comments in the Annexure referred to above, we Report that:

2. (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, books of accounts as required by law have been kept by the company, so far as, appears from our examination of the books.

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

(d) In our opinion, the Balance sheet, Profit & Loss Account and Cash Flow Statement, dealt with by this report comply with the mandatory Accounting Standards, to the extent applicable, specified by the I.C.A.I, referred to in Sub Section (3) (c) of Section 211 of the Companies Act, 1956.

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

3. For Accounting for Taxes on Income as per Accounting Standard 22 issued by ICAL Please refer to Item No. 2(e) of Notes on Account forming Part of the Report.

4. In our opinion and to the best of our information and according to the explanations given to us, the accounts read with Schedule " 1 The other Significant Accounting Policies and the Notes thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view.

a. In the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2C12.

AND

b. In the case of the Profit 56 Loss Account, of the PROFIT of the Company for the year ending on that date.

AND

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

ANNEXURE TO THE AUDITORS REPORT

Referred to in paragraph 1 of our Report of even date of TRIJAL INDUSTRIES LTD. as at 31st March, 2012.

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

(b) The company has physically verified Fixed Assets, at reasonable intervals and no material discrepancies were noticed on such verification.

(c) No substantial part of the Fixed Assets has been disposed off during the year.

2. (a) The Inventory has been physically verified by the management at reasonable intervals during the year.

(b) The procedure of physical verification of Inventory followed by the management is reasonable and adequate in relation to the size of the company and nature of its business.

(c) The Company is maintaining proper records of inventory and the discrepancies noticed on verification between the physical stock and the book records were not material and the same have been properly dealt with in the books of accounts.

3. The company has not taken / granted unsecured loans, to/ from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1936. Accordingly, provisions of clause 4 (iii) (u) to (g| of the Older axe not applicable.

4. In our opinion, and according to explanation given to us, there is adequate internal control procedure commensurate with the size of the Company and the nature of its business with regard to the purchase of inventories, fixed assets and for the sale of goods and services. There is no continuing failure to correct weakness in internal control system.

5. According to the information and explanations given to us, we are of the opinion that there are no transactions that need to be entered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly provisions of clause 4(v) (b) of the order are not applicable.

6. According to the information and explanation given to us, during the year under review, the company has not accepted any Deposits from the Public and hence provisions of section 58A and 58AA of the Companies Act, 1956 and Rules framed there under are not applicable.

7. According to information given to us, the company is in the process of establishing internal audit system, commensurate with the size of the company.

8. We have been informed that the maintenance of Cost Records has not been prescribed by the Central Government under section 209(1) (d) of the Companies Act, 1956 for any of the products of the company.

9. (a) According to the records of the Company, Provident Fund, Investor Education and Protect Fund, ESIC, Wealth Tax, Custom Duty, Excise Duty, Cess, Income Tax, Service Tax etc. dues have been regularly deposited, wherever applicable, during the period with the appropriate authorities, for all undisputed statutory dues as applicable.

(b) There are no disputed statutory liabilities during the period covered under this Audit.

10. The Clause of accumulated losses etc. is not applicable to the company.

11. We have observed that the company has not defaulted in repayment of Dues to Bank or financial institution, since no loan has been obtained from any Bank by the Company.

12. Company has not granted loans & Advances on the basic of security etc. hence no discrepancies thereof, arise.

13. The Provisions of Nidhi / Mutual benefit Fund/ Society etc. are not applicable to the Company. Hence Clauses (a) to (d) are not applicable.

14. Company has maintained proper records for securities and Debentures as required.

15. Company has not given any Guarantee others and hence other provision are not applicable.

16. Company has not obtained any loan from Banks / Financial Institution and hence application of loan for specific purpose clause is not applicable.

17. Company has not used short term funds for long term investments.

18. No preferential Allotment of shares etc. has not been made by the Company, hence other clauses are not applicable.

19. No Debentures are issued by the Company during the year under audit.

20. The company has not raised money by Public issue, during the year under audit.

21. According to the explanation and Information given by the Company and on checking we did not come across any stance of fraud on or by the Company during the vear 2011-2012.

For DAGDULAL K JAIN & CO.

CHARTERED ACCOUNTANTS.

D. K. Jam.

(Partner).

Membership no. 015929.

F.R.N.-101995W

DATE :31st AUGUST,20l2.

PLACE: Thane.

---

Mar 31, 2011

We have audited the attached Balance Sheet of TRIJAL INDUSTRIES LIMITED as on 31st March, 2011, and also the Profit & Loss Account 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 the 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 Companies (Auditors Report) Order, 2003 issued by the Central Government of India, in terms of section 227 (4A) of the Companies Act, 1956, vide notification No.G.S.R-766 (E) dated 25 November, 2004 (CARO) and on the basis of such checks of the books of Accounts and records of the Company, as we considered appropriate and according to the information and explanations given to us, we enclose in the annexure a Statement on the matters specified in the said order.

Further to our comments in the Annexure referred to above, we Report that:

2. (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, books of accounts as required by law have been kept by the company, so far as, appears from our examination of the books.

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

(d) In our opinion, the Balance sheet, Profit & Loss Account and Cash Flow Statement, dealt with by this report comply with the mandatory Accounting Standards, to the extent applicable, specified by the I.C.A.I. referred to in Sub Section (3) (c) of Section 211 of the Companies Act, 1956.

(e) 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 directors of the Company is disqualified as on 31st March, 2011, from being appointed as Director in terms of clause (g) of sub-section (1) of section 274, of the Companies Act, 1956.

3. For Accounting for Taxes on Income as per Accounting Standard 22 issued by ICAI, Please refer to Item No. 2(e) of Notes on Account forming Part of the Report.

4. In our opinion and to the best of our information and according to the explanations given to us, the accounts read with schedule " I " The other Significant Accounting Policies and the Notes thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view.

a. In the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2011.

AND

b. In the case pf the Profit & Loss Account, of the PROFIT of the Company for the year ending on that date.

AND

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

ANNEXURE TO THE AUDITORS REPORT

Referred to in paragraph 1of our Report of even date of TRIJAL INDUSTRIES LTD. as at 31st March, 2011.

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

(b) The company has physically verified Fixed Assets, at reasonable intervals and no material discrepancies were noticed on such verification.

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

2. (a) The Inventory has been physically verified by the management at reasonable intervals during the year.

(b) The procedure of physical verification of Inventory followed by the management is reasonable and adequate in relation to the size of the company and nature of its business.

(c) The Company is maintaining proper records of inventory and the discrepancies noticed on verification between the physical stock and the book records were not material and the same have been properly dealt with in the books of accounts.

3. The company has not taken / granted unsecured loans, to/ from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. Accordingly, provisions of clause 4 (iii) (b) to (g) of the Order are not applicable.

4. In our opinion, and according to explanation given to us, there is adequate internal control procedure commensurate with the size of the Company and the nature of its business with regard to the purchase of inventories, fixed assets and for the sale of goods and services. There is no continuing failure to correct weakness in internal control system.

5. According to the information and explanations given to us, we are of the opinion that there are no transactions that need to be entered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly provisions of clause 4(v) (b) of the Order are not applicable.

6. According to the information and explanation given to us, during the year under review, the company has not accepted any Deposits from the Public and hence provisions of section 58A and 58AA of the Companies Act, 1956 and Rules framed there under are not applicable.

7. According to information given to us, the company is in the process of establishing internal audit system, commensurate with the size of the company.

8. We have been informed that the maintenance of cost records has not been prescribed by the Central Government under section 209(1) (d) of the Companies Act, 1956 for any of the products of the company.

9. (a) According to the records of the Company, Provident Fund, Investor Education and Protect Fund, ESIC, Wealth Tax, Custom Duty, Excise Duty, Cess, Income Tax, etc. dues have been regularly deposited, wherever applicable, during the period with the appropriate authorities, for all undisputed statutory dues as applicable, except one payment of service Tax for Rs.1, 41,721/- which is due for more then past one year as on 31-03-2011.

(b) There are no disputed statutory liabilities during the period covered under this Audit.

10. The Clause of accumulated losses etc is not applicable to the company.

11. We have observed that the company has not defaulted in repayment of Dues to Bank or financial institution, since no loan has been obtained from any Bank by the Company.

12. Company has not granted loans & Advances on the basis of security etc. hence no discrepancies thereof arise.

13. The Provisions of Nidhi / Mutual benefit Fund/ Society etc. Are not applicable to the Company. Hence Clause (a) to (d) are not applicable.

14. Company has maintained proper records for securities and Debentures as required.

15. Company has not given any Guarantee for loans taken by others and hence other provision are not applicable.

16. Company has not obtained any loan from Banks / Financial Institution and hence application of loan for specific purpose clause is not applicable.

17. Company has not used short term funds for long term investments.

18. No preferential Allotment of shares etc. has not been made by the Company; hence other clauses are not applicable.

19. No Debentures are issued by the Company during the year under audit.

20. There was no raising of money by Public issue, during the year under audit.

21. According to the explanation and Information given by the Company and on checking we did not come across any instance of fraud on or by the Company during the year 2010-2011.

For DAGDULAL K JAIN & CO. CHARTERED ACCOUNTANTS.

D. K. Jain.

(Partner).

Membership no. 015929.

F.R.N. 101995W

DATE : 22nd AUGUST , 2011. PLACE: Thane.

---

Mar 31, 2010

We have audited the attached Balance Sheet of TRIJAL INDUSTRIES LIMITED as on 31st March, 2Q10, and also the Profit & Loss Account 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 oh 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 the 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 Companies (Auditors Report) Order, 2003 issued by the Central Government of India, in terms of section 227 (4A) of the Companies Act, 1956, vide notification No.G.S.R-766 (E) dated 25 November, 2004 (CARO) and on the basis of such checks of the books of Accounts and records of the Company, as we considered appropriate and according to the information and explanations given to us, we enclose in the annexure a Statement on the matters specified in the said order.

Further to our comments in the Annexure referred to above, we Report that:

2. (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, books of accounts as required by law have been kept by the company, so far as, appears from our examination of the books.

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

(d) In our opinion, the Balance sheet, Profit & Loss Account and Cash Flow Statement, dealt with by this report comply with the mandatory Accounting Standards, to the extent applicable, specified by the I.C.A.I. referred to in Sub Section (3) (c) of Section 211 of the Companies Act, 1956.

(e) 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 directors of the Company is disqualified as on 31st March, 2010, from being appointed as Director in terms of clause (g) of sub-section (1) of section 274, of the Companies Act, 1956.

3. For Accounting for Taxes on Income as per Accounting Standard 22 issued by ICAI, Please refer to Item No. 2(e) of Notes on Account forming Part of the Report.

4. In our opinion and to the best of our information and according to the explanations given to us, the accounts read with schedule " I " The other Significant Accounting Policies and the Notes thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view.

a. In the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2010.

AND

b. In the case pf the Profit & Loss Account, of the PROFIT of the Company for the year ending on that date.

AND

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

ANNEXURE TO THE AUDITORS REPORT

Referred to in paragraph 1 of our Report of even date of TRIJAL INDUSTRIES LTD. as at 31st March, 2010.

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

(b) The company has physically verified Fixed Assets, at reasonable intervals and no material discrepancies were noticed on such verification.

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

2. (a) The Inventory has been physically verified by the management at reasonable intervals during the year.

(b) The procedure of physical verification of Inventory followed by the management is reasonable and adequate in relation to the size of the company and nature of its business.

(c) The Company is maintaining proper records of inventory and the discrepancies noticed on verification between the physical stock and the book records were not material and the same have been properly dealt with in the books of accounts.

3. The company has not taken / granted unsecured loans, to/ from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. Accordingly, provisions of clause 4 (iii) (b) to (g) of the Order are not applicable.

4. In our opinion, and according to explanation given to us, there is adequate internal control procedure commensurate with the size of the Company and the nature of its business with regard to the purchase of inventories, fixed assets and for the sale of goods and services. There is no continuing failure to correct weakness in internal control system.

5. According to the information and explanations given to us, we are of the opinion that there are no transactions that need to be entered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly provisions of clause 4(v) (b) of the Order are not applicable.

6. According to the information and explanation given to us, during the year under review, the company has not accepted any Deposits from the Public and hence provisions of section 58A and 58AA of the Companies Act, 1956 and Rules framed there under are not applicable.

7. According to information given to us, the company is in the process of establishing internal audit system, commensurate with the size of the company.

8. We have been informed that the maintenance of cost records has not been prescribed by the Central Government under section 209(1) (d) of the Companies Act, 1956 for any of the products of the company.

9. (a) According to the records of the Company, Provident Fund, Investor Education and Protect Fund, ESIC, Wealth Tax, Custom Duty, Excise Duty, Cess, Income Tax, etc. dues have been regularly deposited, wherever applicable, during the period with the appropriate authorities, for all undisputed statutory dues as applicable, except one payment of service Tax for Rs. 1,59,196/- which is due for more then past one year as on 31- 03-2010 and MVAT Rs.66,254/- for the year 2010.

(b) There are no disputed statutory liabilities during the period covered under this Audit.

10. The Clause of accumulated losses etc, is not applicable to the company.

11. We have observed that the company has not defaulted in repayment of Dues to Bank or financial institution, since no loan has been obtained from any Bank by the Company.

12. Company has not granted loans & Advances on the basis of security etc. hence no discrepancies thereof arises.

13. The Provisions of Nidhi / Mutual benefit Fund/ Society etc. are not applicable to the Company. Hence Clause (a) to (d) are not applicable.

14. Company has maintained proper records for securities and Debentures as required.

15. Company has not given any Guarantee for loans taken by others and hence other provision are not applicable.

16. Company has not obtained any loan from Banks / Financial Institution and hence application of loan for specific purpose clause is not applicable.

17. Company has not used short term funds for long term •investments.

18. No preferential Allotment of shares etc. has not been made by the Company, hence other clauses are not applicable.

19. No Debentures are issued by the Company during the year under audit.

20. There was no raising of money by Public issue, during the year under audit.

21. According to the explanation and Information given by the Company and on checking we did not come across any instance of fraud on or by the Company during the. year 2009-2010.

For DAGDULAL K JAIN & CO.

CHARTERED ACCOUNTANTS.

D. K. Jain.

(Partner).

Membership no. 015929.

F.R.N.-101995W

DATE :22nd AUGUST, 2010.

PLACE: Thane.