Auditor Report of Asgard Alcobev Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial statements of Banganga Paper
Industries Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2025, and
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 ended on that date, and notes to the
financial statements, including a summary of 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, except for the matters
described in the basis for qualified opinion paragraph, in conformity with the Indian Accounting
Standards prescribed under section 133 of the Act, ("Ind AS") and other accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31,2025, and its
loss, total comprehensive income, its cash flows and the changes in equity for the year ended on
that date. .

Basis for Opinion .

We conducted our audit of the standalone financial statements in accordance with the Standards
on Auditing ("SAs") specified under section 143(10) of the Act. Our responsibilities under those
Standards are further described in the Auditor’s Responsibility 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 qualified audit opinion on the standalone financial statements.

Qualified Opinion

1. We have following observations to make for noncompliance under Section 186(7) of the
companies Act, 2013 which leads to understatement of income accrued to the company
and understatement of the loans and advances given.

a. The Company’s short-term loans and advances include an amount of €356.78 lakh
extended to a subsidiary company. As per Section 186(7) of the Act, any loan provided by
a company must carry an interest rate not lower than the prevailing yield of one-year,
three-year, five-year, or ten-year Government Security, corresponding to the tenor of the
loan. However, the Company has not recognized any interest income receivable from the
subsidiary in respect of the said loan, thereby contravening the statutory requirement.

Furthermore, the Company has not specified the tenure of the loan granted to the
subsidiary. In the absence of appropriate documentation or corroborative evidence
regarding the loan tenor, we are unable to determine the applicable Government Security
yield and consequently, unable to quantify the extent of understatement of income and
loans and advances.

2. As per the provisions of Section 138 of the Companies Act, 2013, a listed company is
required to appoint an internal auditor. However, based on the information and
explanations provided to us, the Company has not appointed an internal auditor during the
financial year under audit. This constitutes a non-compliance with the statutory
requirements of the said section.

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 that there are no key audit matters to be communicated in our report.
Information Other than the Standalone Financial Statements and Auditor’s Report Thereon

• The Company’s Board of Directors is responsible for the other information. The other
information comprises the information included in the Annual Report, but does not include
the consolidated financial statements, standalone financial statements and our auditor’s
report thereon.

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

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

• If, based on the work we have performed, we conclude that there is a material
misstatement of this other information; we are required to report that fact, since these
reports are expected to be made available to us after the date of this audit report, hence
currently we have nothing to report in this regard.

Responsibilities of Management and Board of Directors for the Standalone Financial Statements

The Company’s Management and Board of Directors are responsible for the matters stated in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these
standalone financial statements that give a true and fair view of the financial position, financial
performance including other comprehensive income, cash flows and changes in equity of the
Company in accordance with the accounting principles generally accepted in India, including Ind
AS 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 the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statements that give a true and fair view and are
free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management and Board of Directors are
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 intend to liquidate the Company or to cease operations, or has
no realistic alternative but to do so.

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

Auditors’ Responsibility for the Audit of the Standalone Financial Statements

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

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

• Identify and assess the risks of material misstatement of the standalone financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act,
we are also responsible for expressing our opinion through a separate report on the
complete set of financial statements on whether the Company has adequate internal
financial controls with reference to standalone financial statements 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 in the standalone financial statement made
by the Management.

• Conclude on the appropriateness of the Management and Board of Directors 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 appropriateness of this assumption. 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 annual 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.

• Obtain sufficient appropriate audit evidence regarding the standalone financial
statements of the Company to express an opinion on the standalone financial statements.

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

We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.

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

From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the standalone financial statements of the
current period and are therefore the key audit matters. We describe these matters in our auditors’
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 India in terms of sub-section (11) of section 143 of the Companies Act,
2013, we give in the Annexure A statement on the matters specified in paragraphs 3 and 4 of
the Order, to the extent applicable.

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

a) We have sought and obtained all the information and explanations which to the best of our

knowledge and belief were necessary for the purposes of our audit;

b) In our opinion, proper books of account as required by law have been kept by the

company so far as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive

Income, the Statement of Cash Flows and Statement of Changes in Equity dealt with by
this Report are in agreement with the books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Indian

Accounting Standard (Ind AS) specified under Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014.

e) On the basis of the written representations received from the directors as on 31st March

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) The observation relating to maintenance of accounts and other matters connected

therewith is as stated in the paragraph (b) above;

g) With respect to the adequacy of the internal financial controls with reference to these

standalone financial statements and the operating effectiveness of such controls, refer to
our separate report in “Annexure B” to this report; Our report expresses a qualified opinion
on the adequacy and operating effectiveness of the Company’s internal financial
controls with reference to standalone financial statements.

h) With respect to the other matters to be included in the Auditor’s Report in accordance with

the requirements of section 197(16) of the Act, as amended, in our opinion and to the best
of our information and according to the explanations given to us, 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 Auditors’ Report in accordance with

Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion
and to the best of our information and according to the explanations given to us:

i. The Company has disclosed that it does not have any pending litigations as at 31^st
March 2025 which would impact on its financial position in its standalone financial
statements - Refer Note 18 to the standalone financial statements.

ii. The Company did not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses as at 31 March 2025.

iii. There has been no delay in transferring amounts, 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 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 persons or entities, including foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries")
or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The management has represented that, to the best of its knowledge and belief,
no funds have been received by the Company from any persons or entities,
including foreign entities ("Funding Parties"), with the understanding, whether
recorded in writing or otherwise, that the Company shall, whether, directly or
indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

(c) Based on such audit procedures performed that have been considered
reasonable and appropriate in the circumstances, nothing has come to our notice
that has caused us to believe that the representations under sub-clause (a) and (b)
contain any material misstatement.

v. The Company has neither declared nor paid any dividend during the year.

vi. Based on our examination, which included test checks, we note that the Company
has used an accounting software for maintaining its books of account for the
financial year ended March 31, 2025. While the software includes a feature for
recording an audit trail (edit log), we observed that this feature was not operated
throughout the year for all relevant transactions recorded in the software.
Consequently, the audit trail was not consistently available for examination during
the course of our audit. We are therefore unable to comment on whether the audit
trail feature was tampered with or preserved in accordance with the statutory
requirements for record retention for the entire financial year.

For JAIN CHHAJED AND ASSOCIATES

Chartered Accountants

FRN No. 127911W

CA Suyash Chhajed

Partner

M. No. 121597

UDIN: 25121597BMIFYW4958

Place: Nashik

Date: May 15, 2025

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Mar 31, 2024

To the Members of Inertia Steel Limited Report on audit of the Financial Statements

TO THE BOARD OF DIRECTORS OF INTERTIA STEEL LIMITED Opinion and Conclusion

We have (a) audited the Standalone Financial Results for the year ended March 31, 2024 and (b) reviewed the Standalone Financial Results for the quarter ended March 31, 2024, which were subject to limited review by us, both included in the accompanying "Statement of Standalone Financial Results for the quarter and year ended March 31, 2024" ("the Statement") of Intertia Steel Limited ("the Company"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").

a) Opinion on Annual Standalone Financial Results

In our opinion and to the best of our information and according to the explanations given to us, the Standalone Financial Results for the year ended March 31, 2024:

i. is presented in accordance with the requirements of Regulation 33 of the SEBI

(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and

ii. gives a true and fair view in conformity with the recognition and measurement

principles laid down in the Indian Accounting Standards ("Ind AS") and other accounting principles generally accepted in India of the net profit and total comprehensive income and other financial information of the Company for the year then ended.

(b) Conclusion on Unaudited Standalone Financial Results for the quarter ended March 31, 2024

With respect to the Standalone Financial Results for the quarter ended March 31, 2024, based on our review conducted as stated in paragraph (b) of Auditor''s Responsibilities section below, nothing has come to our attention that causes us to believe that the Standalone Financial Results for the quarter ended March 31, 2024, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Basis for Opinion on the Audited Standalone Financial Results for the year ended March 31,2024

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in paragraph (a) of Auditor''s Responsibilities section below. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("the ICAI") together with the ethical requirements that are relevant to our audit of the Standalone Financial Results for the year ended March 31, 2024 under the provisions of the Act and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management''s Responsibilities for the Statement

This Statement which includes the Standalone Financial Results is the responsibility of the Company''s Board of Directors and has been approved by them for the issuance.

The Standalone Financial Results for the year ended March 31, 2024 has been compiled from the related audited standalone financial statements. This responsibility includes the preparation and presentation of the Standalone Financial Results for the quarter and year ended March 31, 2024 that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued there under and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

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 the 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 Results that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Results, the Board of Directors are 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 financial reporting process of the Company.

Auditor''s Responsibilities

(a) Audit of the Standalone Financial Results for the year ended March 31, 2024

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results for the year ended March 31, 2024 as a whole is 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 this Standalone Financial Results.

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 Annual Standalone Financial Results, 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 Company''s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.

• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.

• Conclude on the appropriateness of the Board of Directors'' 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 ability of the Company 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 Statement 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 Annual Standalone Financial Results, including the disclosures, and whether the Annual Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.

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

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.

Review of the Standalone Financial Results for the quarter ended March 31, 2024

We conducted our review of the Standalone Financial Results for the quarter ended March 31, 2024 in accordance with the Standard on Review Engagements ("SRE") 2410 ''Review of Interim Financial Information Performed by the Independent Auditor of the Entity'', issued by the ICAI''. A review of interim financial information consists of making inquiries, primarily of the Company''s personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with SAs specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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” 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 (including other comprehensive income), the statement of changes in equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act.

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

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

g) With respect to the other matters to be included in the Auditor’s Report in accordance with 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:

1. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 24 to the financial statements;

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

3. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year ended March 31, 2024. 40th Annual Report 2023-24.

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

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

(c) Based on such audit procedures that we 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 (a) and (b) contain any material misstatement.

h) With respect to the matter to be included in the Auditors’ Report under Section 197(16) of the Act: In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) which are required to be commented upon by us.

Other Matters

The Statement includes the results for the quarter ended March 31, 2024 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

Our report on the Statement is not modified in respect of this matter.

The above Standalone financial results have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under Section 133 of Companies Act, 2013, read together with the Companies (Indian Accounting Standard) Rules, 2015 (as amended).

The above Standalone financial results for the quarter and year ended March 31, 2024 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors in their meetings held on May 24th 2024.

For Grandmark And Associates Chartered Accountants Firm Regn. No. 011317N

Place: Mumbai Date: 24 May, 2024

Vinit P. Picha Partner

Membership No. 159938 UDIN - 24159938BKAPLM5377

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Mar 31, 2014

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

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting principles generally accepted in India, including, Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (''the Act") read with general circular 15/2013 dated 13th September, 2013 of the ministry of corporate affairs in respect of section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the 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: -

i. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2014;

ii. In the case of the Statement of Profit & Loss , of the profit for the year ended on that date; and

iii. In the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

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

ANNEXURE TO INDEPENDENT AUDITORS'' REPORT (Referred to in paragraph 1 of our report on other legal and regulatory requirements of even date)

As required by the Companies (Auditor''s Report) Order, 2003 issued by Central Government of India in terms of Section 227 (4A) of the Companies Act 1956, and on the basis of such checks as we considered appropriate, we further report that:-

i. The Company does not have any Fixed Assets, hence clause 4(1) of the Companies Auditor''s Report) Order, 2003 is not applicable to the Company.

ii. The Company does not have any Inventory, hence clause 4(h) of the Companies Auditor''s Report) Order, 2003 is not applicable to the Company.

iii. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

(b) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has taken loans from one party listed in the register maintained under Section 301 of the Companies Act, 1956 in respect of which maximum amount involved during the year was Rs. 0.19 lacs and the year end balance was Rs. Nil lacs..

iv. During the year the Company has neither purchased any fixed assets or inventory nor sold any goods. Hence the provisions of clause 4(iv) of the Companies (Auditor''s Report) Order, 2003 is not applicable to the Company.

v. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered.

In our opinion all these transactions have been made at prices which are reasonable having regard to prevailing market prices at reasonable time.

vi. According to the information and explanations given to us, the Company has not accepted any deposits from the public and hence directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under are not applicable for the year under audit.

vii. The paid up capital of the company was less than Rs.50.00 lacs as at the commencement of the financial year and average annual turnover for the period was not in excess of Rs. 5.00 Crores, hence the internal audit system is not applicable to the company.

viii. According to the information and explanations given to us, the maintenance of cost records is not applicable to the company.

ix. According to the information and explanations given to us in respect of statutory dues:

(a) The company has generally been regular in depositing undisputed statutory dues, including Income tax, Sales tax, Wealth tax, Service tax, and any other statutory dues with the appropriate authorities during the year.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of such statutory dues were outstanding as at 31 st March, 2014 for a period of more than six months from the date they became payable.

x. The Company has accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by the audit. The Company has incurred cash loss in the immediately preceding financial year.

xi. The Company has not borrowed any money from financial institution or bank or debenture holders. Therefore, the provisions of clause 4(xi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

xii. In our opinion and according to the explanations given to us and based on the information available, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

xiii. 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 the Companies (Auditor''s Report) Order, 2003 is not applicable to the Company.

xiv. In our opinion and according to the information and explanations given to us, the Company is not a dealer or trader in shares, securities & other investments.

xv. According to the information and explanations given to us, the Company has not given any corporate guarantees for loan taken by others from a banks or financial institutions.

xvi. According to the information and explanations given to us, the Company has not obtained any term loans during the year.

xvii. On the basis of review of utilization of funds, which is based on overall examination of the balance sheet of the Company as at 31st March, 2014, related information''s as made available to us and as represented to us, by the management, we are of the opinion, that no funds raised on short term basis have been utilized for long term purposes.

xviii. During the year, the Company has not made any preferential allotment of shares to the parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

xix. The Company has not issued any debentures and hence provisions of clause 4 (xix) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

xx. During the year covered by our report the company has not raised any money by public issue.

xxi. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the course of our audit.

For Kaloti & Lathiya Chartered Accountants (Registration No. : LQ4589W)

Sanjeev N. Bajaj Membership No.-107678 Place: Mumbai Dated: 29.05.2014

---

Mar 31, 2013

Report on the Financial Statements

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

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and tair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting principles generally accepted in India, including; section 211 of the Companies Art, 1956 ( the Act ). This responsibility includes the design, implementation and maintenance of nterna 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

A uditors'' Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the audho considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the 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; -

i. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2013;

ii. In the case of the Statement of Profit & Loss , of the profit for the year ended on that date; and iii. In the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

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

e. On the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act 1956.

ANNFXURE TO IMPENDENT AimiTORS'' REPORT

(Referred to in paragraph 1 of our report on other legal and regulatory requirements of even date)

As required by the Companies (Auditor''s Report) Order, 2003 issued by^Central GoveZent of India in te''rrns of Section 227 (4A) of the Compares Act 19 6, and on the basis of such checks as we considered appropriate, we further report tnat-

i The Company does not have any Fixed Assets, hence clause 4(1) of the Companies Auditor''s Report) Order, 2003 is not applicable to the Company.

ii The Company does not have any Inventory, hence clause 4(ii) of the Companies Auditor''s Report) Order, 2003 is not applicable to the Company.

iii (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not gmnted any loans secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

(b) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has taken loans from one party listed in the register maintained under Section 301 of the Companies Act 1956 in respect of which maximum amount involved during the year was Rs. 0.19 lacs and the year end balance was Rs.0.19 lacs..

iv In our opinion and according to the information and explanations given to us there is an adequate internal control system commensurate with the size oi the Company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

In our opinion and according to the information and explanations given to us, the '' transactions made in pursuance of contracts or arrangements, that needed to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered.

In our opinion all these transactions have been made at prices which are reasonable having regard to prevailing market prices at reasonable time.

vi According to the information and explanations given to us, the
vii The paid up capital of the company was less than Rs.50.00 lacs as at the «ncement of the financial year and average annual turnover for the period waTnoUn excess of Rs. 5.00 Crores, hence the internal audit system is not applicable to the company.

viii. According to the information and explanations given to us, the maintenance of cost records is not applicable to the company.

ix. According to the information and explanations given to us in respect of statutory dues:

(a) The company has generally been regular in depositing undisputed slatutory dues, including Income tax, Sales tax, Wealth tax, Service tax, and any other statutory dues with the appropriate authorities during the year except in few cases.

(b) According to the information and explanations given to us no undisputed amounts payfble in respect of such statutory dues were outstanding as a^J March, 2013 for a period of more than six months from the date they became payable.

x The Company has accumulated losses at the end of the financial year. The Comply has not incurred cash losses during the financial year covered by the audTt The Company has incurred cash loss in the immediately preceding financial year.

xi Based on our audit procedures and information and explanations given by the moment, we are of the opinion that as on 31st March, 2013 the Company has not defaulted in repayment of dues to banks and financial institutions.

xii In our opinion and according to the explanations given to us and based on the Nation" arable, no loaL and advances have been granted by the Company of security by way of pledge of shares, debentures and other securities.

xiii. In our opinion, the Company is not a chit fund or fund/society. Therefore the provisions of clause 4 (xm) of the Companies (Auditor''s Report) Order, 2003 is not applicable to the Company. institutions. According to the information and explanations given to ns, the Company has not obtained any term loans during the year. been utilized for long term purposes. of the Companies Act, 1956. Company.

During the year covered by our report the company has not raised any money by public issue. • Tn the best of our knowledge and belief and according to the information and XXL LptaalTons givlto us, nofraud on or by the comply was nouced or reported during the course of our audit. For Kaloti & Lathiya

Chartered Accountants

(Registration No. : 104589W)

SanjeevN.Bajaj Membership No. -107678

Place: Mumbai

Dated: 30.05.2013

---

Mar 31, 2011

1 We have audited the Balance Sheet of M/s INTERTIA STEEL LIMITED as on 31st march ,2011 and also the profit & loss Account and cash flow statement of the company for the year ended on that date annexed there to. these financial statement are the responsibility of the company's management. Our responsibility is to excess as opinion on these financial statements based on our audit.

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

3 As require by the companies (Auditor's Report) order,2003 issued by the Central Government of the India in terms of sub section (4A) of section 227(4A) of the companies Act,1956, we give in the annexure hereto, a statement on the matters specified in paragraphs 4 and 5 of the said order ,to the extent applicable to the company.

4 Further to our comments in the annexure referred to in paragraph 3 above, we report that

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

b In our opinion proper of accounts, as required by law, have been kept by the company, so far as appears from our examination of such books;

c The Balance Sheet, Profit & Loss Account and cash Cash Flow Statements dealt with by this report are in agreement with the books of accounts.

d In our opinion the Balance Sheet, Profit & Loss Account and cash Cash Flow Statements dealt with by this report are in compliance with the Accounting standards referred to in sub-section (3c) 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 a directors in terms of clause (g) of sub-section 274 of the Companies Act, 1956.

f In our opinion and to the best of our information and according to the explanation given to us, the said accounts read With significant accoutln9 policies and notes thereon given the information required by the Companies Act 1956,in the manner so required and give a true and fair view in the conformity with the accounting policies generally accepted in India.

i In the case of the Balance Sheet, of the state of affairs of the company as on 31st March ,2011 and

ii In the case of the Profit & Loss Account, of the profit of the company for the year ended on that date.

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

On the basis of the such checks of the books and records of the company as we considered appropriate and in terms of information and explanations given to us, we state that

i) The company does not have any Fixed Assets, hence clause 4(1) of the companies (Auditor's Report) Order,2003 is not applicable to the company,

ii) The company does not any Inventory, hence clause 4(ii) of the companies (Auditor's Report) Order,2003 is not applicable to the company.

iii) The company has not granted any unsecured loan during the year to the company covered in the register maintained under section 301 of the Companies Act, 1956

In our opinion and according to the information and explanation given to us, As explained to us, the rates of interest and other terms and conditions of such loans given by the company, are prima facie are not prejudicial to the interest of the company.

As no tenure of repayments is fixed. It is not possible to express opinion whether the payment of principal is regular.

The company has taken reasonable steps for recovery of principal and interest.

The company has not taken any loan, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act,1956 during the year. Accordingly sub-clauses (e),(f),(g) of clause (iii) of this order are not applicable.

iv) In our opinion and according to the information and explanation given to us, there to us, there is adequate internal control procedure commensurate with the size of the company and nature of its business for the purchase of inventory and for the sale of goods and services. Further, on the basis of our examinations of the books of accounts and according to the information and explanations given to us, we come across major weaknesses in the aforesaid internal control system.

v) According to the information and explanation given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act have been so entered in the register required to be maintained under that section.

In our opinion, all these transaction have been made at price which are reasonable having regard to the prevailing market prices at the relevant time.

vi) The company has not accepted during the year from the public within the meaning of section 58A.58AA or any other relevant provisions of the companies Act, 1956 and rules framed there under.

vii) The paid up capital of the company was less than Rs.25 Lacs as at the commencement of the financial year and average annual turnover for the period was not in excess of Rs.2 Crores, hence the internal audit system is not applicable to the company.

viii) According to the information and explanation given to us, the maintenance of cost records has been prescribed by the central government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 for the company.

ix) According to the information and explanation given to us, and the records of the company examined by us, in our opinion, the company is generally regular in depositing the undisputed statutory dues and any other statutory dues except income tax applicable, with the appropriate authorities.

x) According to information and explanations given to us and the records of the company examined by us, in our opinion there are no undisputed statutory dues outstanding as on 31st March,2011 for the period exceeding six months from the date they become payable.

According to the information and explanations given to us, there are no dues of Income Tax pending in dispute.

xi) The company has no accumulated losses as on March 31,2011 and it has not incurred any cash losses during the financial year or in the financial year immediately preceding to this financial year.

xii) According to the records of the company examined by us and the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institution or bank as on balance sheet date.

xiii) 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 the companies (Auditor's Report) Order,2003 is not applicable to the company.

xiv) In our opinion ,the company is not a dealer or trader in shares, securities, debentures and other investments.

xv) During the year the company has not granted any loans & advances on the basis of security by way of pledge of shares, debentures and other securities.

xvi) in our opinion and according to the information and explanations given to us the company has not given corporate guarantee for loans taken by others from bank or financial institutions.

xvii) According to the records of the company examined by us and the information and explanation given to us, the company has not obtained any term any loan during the year, hence, hence, the question of applicable of the same does not arise.

xviii) According to the information and explanations given to us and on overall examinations of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investment.

xix) During the year the company has not made any preferential allotment of shares to parties and companies in the register maintained under section 301 of the companies Act,1956.

xx) During the year company has not issued any debentures nor has created securities in respect of debentures.

xxi) During the year covered by our report the company has not raised any money by public issue.

xxii) During the course of information of the books and records of the company, carried out with the generally accepted auditing practices in India. and according to the information and expiations given to us, we have neither come across any instance of material fraud on or by the company, noticed or reported during the year, nor have been informed of such case by management.

FOR KALOTI AND LATHIYA

Chartered Accountants

F.R.N 104589W

MUMBAI SANJEEV N BAJAJ

DATED : 05/05/2011 Partner

Membership No. 107678

---

Mar 31, 2010

1. We have audited the Balance Sheet of M/S INERTIA STEEL LIMITED as on 31st March, 2010 and also the Profit & Loss. Account and Cash Flow Statement of the company for the year ended on that date annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility Is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. 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.

3. As required by the Companies!Auditorss Report) Order, 2003 issued by the Central Government of India In terms of sub section (4A) of section 227(4A) of the Companies Act, 1956, we give in the annexure hereto, a statement on the matters specified in paragraphs 4 and 5 of the said order, to the extent applicable to the company.

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

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

b) In our opinion, proper of books of accounts, as required by law, have been kept by the company, so far as appears from our examination of such books;

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

d) In our opinion the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to In sub-section (3C) of Section 211 of the Companies Act;1956;

e) On the basis of written representations received from the Directors, as on 31st March 2009, 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 2009 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 the explanations given to us, the said accounts read together with significant accounting policies and 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 the accounting policies generally accepted in India.

i. In the case of the Balance Sheet, of the state of affairs of the company as on 31st March, 2010 and

ii. In the case of the Profit & Loss Account, of the profit of the company for the year ended on that date.

iii. In 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 3 OF OUR REPORT OF EVEN DATE TO MEMBERS OF INERTIA STEEL LIMITED ON THE ACCOUNTS AS ON AND FOR THE YEAR ENDED ON 31* MARCH, 2010.

On the basis of the such checks of the books and records of the company as we considered appropriate and in terms of information and explanations given to us, we state that :-

i) The company does not have any Fixed Assets, hence clause 4(i) of the companies (Auditors Report)Order, 2003 is not applicable to the company.

ii) The company does not have any Inventory, hence clause 4(H) of the companies (Auditors Report)Order, 2003 is not applicable to the company.

iii) The company has not granted any unsecured loan during the year to the company covered in the register maintained under section 301 of the Companies Act, 19S6. in our opinion and according to the information and explanations given to us, As explained to us, the rates of interest and other terms and conditions of such loans given by the company, are prima facie are not prejudicial to the interest of the company.

As no tenure of repayment is fixed, it is not possible to express opinion whether the payment of principal is regular.

The company has taken reasonable steps for recovery of principal and interest.

The company has not taken any loan, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956 during the year. Accordingly sub-clauses (e), (f), (g) of clause (iii) of this order are not applicable.

iv) In our opinion and according to the information and explanation given to us, there is adequate internal control procedure commensurate with the size of the company and nature of its business for the purchase of inventory and for the sale of goods and services. Further, on the basis of our examinations of the books of accounts and according to the information and explanations given to us, we have not come across major weaknesses in the aforesaid internal control system.

v) According to the information and explanation given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act have been so entered in the register required to be maintained under that section.

In our opinion, all these transactions have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

vi) The company has not accepted any deposits during the year from the public within the meaning of section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and rules framed there-under.

vii) The paid up capital of the company was less than Rs.25 Lacs as at the commencement of the financial year and average annual turnover for the period was not in excess of Rs.2 Crores, hence the internal audit system is not applicable to the company.

viii) According to information and explanation given to us, the maintenance of cost records has not been prescribed by the central government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 for the company.

ix) According to the information and explanations given to us and the records of the company examined by us, in our opinion, the company is generally regular in depositing the undisputed statutory dues and any other statutory dues except income tax applicable, with the appropriate authorities.

x) According to information and explanations given to us and the records of the company examined by us, in our opinion, there are no undisputed statutory dues outstanding as on 31st March, 2010 for a period exceeding six months from the date they become payable.

According to the information and explanations given to us, there are no dues of Income Tax pending in dispute.

xi) The company has no accumulated losses as on March 31, 2010 and it has not incurred any cash losses during the financial year or in the financial year immediately preceding to this financial year.

xii) According to the records of the company examined by us and the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institution or bank as on balance sheet date.

xiii) 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 the Companies (Audtiors Report) Order, 2003 is not applicable to the company.

xiv) In our opinion, the company is not a dealer or trader in shares, securities, debentures and other investments.

xv) During the year the company has not granted any loans & advances on the basis of security by way of pledge of shares, debentures and other securities.

xvi) In our opinion and according to the information and explanations given to us the company has not given corporate guarantee for loans taken by others from bank or financial institutions.

xvii) According to the records of the company examined by us and the information and explanation given to us, the company has not obtained any term loan during the year, hence, the question of application of the same does not arise.

xviii) According to the information and explanations given to us and on overall examinations of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investment.

xix) During the year the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the companies Act, 1956.

xx) During the year the company has not issued any debentures nor has created securities in respect of debentures.

xxi) During the year covered by our report the company has not raised any money by public issue.

xxii) During the course of information of the books and records of the company, carried out with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the company, noticed or reported during the year, nor have been informed of such case by management.



FOR M/S KALOTI AND LATHIYA

CHARTERED ACCOUNTANTS

(SANJEEEVN.BAJAJ)

PARTNER

Membership No.107678

MUMBAI

DATED: 1 st September, 2010 FRN 104589W