Auditor Report of Ashtasidhhi Industries Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial statements of M/S. ASHTASIDHHI
INDUSTRIES LIMITED (“the Company”), which comprises the Balance Sheet as at March 31, 2025,
the Statement of Profit and Loss (including Other Comprehensive Income), the statement of Changes
in Equity and Cash Flow Statement for the period ended on that date, and a summary of 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 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)Rule, 2015, as amended (“Ind AS”) and other accounting principles generally
accepted in India, of the state of affairs of the Company as at 31st March, 2025 and its profit & total
Comprehensive Income ,Changes in equity and its cash flows for the year ended on that date.

Basis of Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further
described in the Auditor''s Responsibilities for the Audit of the Standalone Ind AS 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
Companies Act, 2013 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 on
these financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, 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. Based on the
circumstances and facts of the audit and the entity, there are no key audit matters to be
communicated in our report.

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 Management Discussion and Analysis, Board''s
Report including Annexures to Board''s Report, Business Responsibility Report, Corporate
Governance and Shareholder''s Information, but does not include the standalone financial statements
and our auditor''s report thereon.

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

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

Responsibility of Management and Those Charged with Governance for the Financial
Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the
Companies Act. 2013 (“the Act”) with respect to the preparation and presentation of these standalone
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 Indian Accounting Standards (Ind AS) specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of 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 judgement and estimates that are responsible
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 Ind As financial statements, management is responsible for assessing
the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless management either intends to
liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is responsible for overseeing the company''s financial reporting process.

Auditor''s Responsibilities for the Audit of Standalone Ind AS Financial Statement

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

A further description of the auditor''s responsibilities for the audit of the financial statements is
included in Annexure A. This description forms part of our auditor''s report.

Report on Other Legal and Regulatory Requirements:-

1. As required by the Companies (Auditor''s Report) Order, 2020 (“the Order”) issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in
the Annexure B, 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, I 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 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 Standalone Balance sheet, the statement of Standalone Profit and loss, other
comprehensive income, the Standalone Cash Flow Statement and the 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
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
companies (Accounts) Rules, 2014;

e) On the basis of written representations received from the directors as on March 31,
2025 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 over financial reporting
of the Company and the operating effectiveness of such controls, refer to our separate
Report in “Annexure C”. Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the Company''s internal financial controls
over financial reporting.

g) With respect to the other matters to be included in the Auditor''s Report in accordance
with the requirements of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the explanations
given to us, provisions of section 197 are applicable on the company and duly
complied by the company.

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

i) The Company does not have any pending litigations for which provision have not
been made which would impact its financial position.

ii) The Company has made provision, as required under the applicable law or
accounting standards, for material foreseeable losses, if any.

iii) The Provisions of transfer of funds to Investor Education and Protection Fund not
applicable to 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 caused me
to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as
provided under (a) and (b) above, contain any material misstatement.

v) The company has not declared or paid any dividend during the year in
contravention of the provisions of section 123 of the Companies Act, 2013.

vi) Based on our examination which included test checks, the Company has used
accounting software for maintaining its books of account for the financial year ended
March 31, 2025 which have the feature of recording audit trail (edit log) facility and
the same has operated throughout the year for all relevant transactions recorded in
the software systems.

As per my Report of Even Date
For and on Behalf of
Nahta Jain & Associates
Chartered Accountants
Firm Regn. No. 106801W

Date: 27/05/2025 SD/-

Place : AHMEDABAD (CA. Gaurav Nahta)

UDIN: 25116735BMJEPT9475 Partner

M. No. 116735

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Mar 31, 2024

We have audited the accompanying standalone financial statements of M/S. ASHTASIDHHI
INDUSTRIES LIMITED (“the Company”), which comprises the Balance Sheet as at March 31,
2024, the Statement of Profit and Loss (including Other Comprehensive Income), the statement
of Changes in Equity and Cash Flow Statement for the period ended on that date, and a
summary of 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 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)Rule, 2015, as amended (“Ind AS”) and other accounting
principles generally accepted in India, of the state of affairs of the Company as at 31^st March,
2024 and its profit & total Comprehensive Income ,Changes in equity and its cash flows for the
year ended on that date.

Basis of Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are
further described in the Auditor’s Responsibilities for the Audit of the Standalone Ind AS
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 Companies Act, 2013 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 on these financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the 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, we do not provide separate opinion on these matters. We have determined
that there are no key audit matters to communicate in our report.

Responsibility of Management and Those Charged with Governance for the Financial
Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the
Companies Act. 2013 (“the Act”) with respect to the preparation and presentation of these
standalone 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 Indian Accounting Standards (Ind AS) specified
under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This
responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of 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 judgement and estimates that are responsible 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 Ind As financial statements, management is responsible for
assessing the Company’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.

The Board of Directors is responsible for overseeing the company’s financial reporting process.

Auditor’s Responsibilities for the Audit of Standalone Ind AS Financial Statement

Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when is 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:

i) 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.

ii) Obtain an understanding of internal financial controls relevant to the audit in order to
design audit procedures that are appropriate in the circumstance. 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
control.

iii) Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosure made by management.

iv) Conclude the appropriateness of management’s use of the going concern basis of accounting
and based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Company’s ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to 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.

v) Evaluate the overall presentation, structure and content of the
Financial Statements, including the disclosures and whether the financial statements
represent the underlying transaction and events in a manner that achieves fair presentation.

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

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Act, we
give in the Annexure B, 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 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 Standalone Balance sheet, the statement of Standalone Profit and loss and
the Standalone 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 Companies Act, 2013, read with
Rule 7 of the Companies (Accounts) Rules, 2014;

e. On the basis of written representations received from the Directors as on March
31^st,2024 and taken on record by the Board of Directors, none of the directors is
disqualified as on March, 31^st, 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 C”. Our report expresses an unmodified
opinion on the adequacy and operating effectiveness of the Company’s internal
financial controls over financial reporting.

g. With respect to the other matters to be included in the Auditor’s Report in
accordance with the requirements of section 197(16) of the Act, as amended;

In our opinion and to 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 provision of section 197 of the Act.

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

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

b) The Company has made provision, as required under the applicable
laws or accounting standards, for material foreseeable losses, if any, on
long-term contracts including derivative contracts.

c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to Investor Education and
Protection Fund. Therefore the question of delay in transferring such
sums does not arise.

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

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

iii) Based on audit procedures which 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 (i)
and (ii) contain any material mis-statement.

(f) The company has not declared or paid any dividend during the year in
contravention of the provisions of section 123 of the Companies Act, 2013.

(g) The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014 is applicable from 1 April 2024. Based on our examination which included
test checks, the Company has used accounting software for maintaining its
books of account, which have a feature of recording audit trail (edit log) facility
and the same has operated throughout the year for all relevant transactions
recorded in the respective software.

As per my Report of Even Date
For and on Behalf of
Nahta Jain & Associates
Chartered Accountants
Firm Regn. No. 106801W

Date: 27/05/2024
Place : AHMEDABAD

UDIN: 24116735BKAIZL4820 SD/-

(CA. Gaurav Nahta)

Partner

M. No. 116735

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Mar 31, 2015

We have audited the accompanying financial statements of Gujarat Investa Limited ("the Company") which comprise of the Balance Sheet as at 31st March, 2015, the Statement of Profit & Loss for the year ended on that date and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information which we have signed under reference to this report.

Management's Responsibility for the Financial Statements :

The Company's Board of Directors and the management is responsible for the matters stated in Section 134(5) of the Companies Act, 2013, with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. 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.

Auditor's Responsibility :

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India and as specified under Section 143(10) of the Companies Act 2013. 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 misstatements.

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 financial statement, whether due to fraud or errors. In making those risk assessments, the auditor considers internal financial 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 whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion :

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements dealt with by this Report read together with schedules, significant accounting policies and disclosures, give the information required by the act, rules and regulations 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, 2015;

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

c) In the case of Cash flow Statement, of Cash Inflows and Outflows for the year ended on that date.

Report on other Legal and Regulatory Requirements :

1. As required by "the Companies (Auditor's Report) Order 2015", issued by the Central Government of India in terms of Sub Section (11) of Section 143 of the Companies Act, 2013 (hereinafter referred as the "Order") and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the "Order".

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

a) We have 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 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 referred to in Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014;

e) On the basis of written representations received from the Directors as on March, 31,2015 and taken on record by the Board of Directors, none of the directors is disqualified as on March, 31, 2015, from being appointed as a director in terms of Section 164 (2) of the Act.

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

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

ii. The Company has made provision, as required under the applicable law or accounting standards,

for material foreseeable losses, if any, on long-term contracts including derivative contracts.

iii. There has not been an occasion in case of the Company during the year under report to transfer

any sums to Investor Education and Protection Fund. The question of delay in transferring such sums does not arise.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2015 OF M/S GUJARAT INVESTA LIMITED

On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of audit, we report that:

1. In respect of the Fixed assets :

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

(b) The fixed assets have been physically verified during the year, by the management in accordance with a program of verification, the frequency of which is reasonable. According to the information given to us, no material discrepancies were noticed on such verification.

2. In respect of the inventories :

(a) As explained to us, inventories were verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of verification of inventories followed by the management were reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

3. According to the information and explanations given to us, the Company has granted Secured or unsecured loans to Companies, firms and other parties covered in the register maintained under Section 189 of the Companies Act, 2013 and

(a) In the case of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act, the borrowers have been regular in the payment of the interest as stipulated. The terms of arrangements do not stipulate any repayment schedule and the loans are repayable on demand.

(b) There are no overdue amounts of more than rupees one lakh in respect of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard of purchases of Inventory and fixed assets and sales of goods and services. During the course of our audit, no major weakness has been noticed in the internal controls and there is no continuing failure for the same.

5. The Company has not accepted any deposits from the public during the year, covered by the direction issued by the Reserve Bank of India and the provisions of Section 73 to 76 of the Companies Act, 2013 and rules framed there under were not applicable

6. The maintenance of the cost records has not been prescribed by the Central Government under Section 148 (1) of the Companies Act, 2013, for the year under review.

7. According to the information and explanations given to us and the records examined by us, the Company is regular in depositing undisputed statutory dues including Income Tax, Sales-Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and other statutory dues with the appropriate authorities, there were no undisputed statutory dues outstanding as on 31st March, 2015 for a period of more than six months from the date they became payable.

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

9. Based on the information and explanations given to us, the Company has not defaulted in repayment of any dues to financial institutions and banks.

10. According to the information and explanations given to us, the Company has not given guarantee for loans taken by others from bank or financial institutions.

11. According to the information and explanations given to us, the company has not raised any term loan. Therefore, the question of its use does not arise.

12. As per the information given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For Lunia & Company, Chartered Accountants, Firm Registration No. 116436W,

(R. C. Lunia), Ahmedabad, Partner, The 2nd May, 2015 Membership No.: F-12729

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Mar 31, 2014

Auditors Report to the members of Gujarat Investa Limited Report on the Financial Statements

We have audited the accompanying financial statements of Gujarat Investa Limited ("the Company") which comprise of the Balance Sheet as at 31st March, 2014 and the Statement of Profit & Loss and Cash Flow Statement for the year ended on that date and a summary of significant accounting policies and other explanatory information which we have signed under reference to this report.

Management''s Responsibility for the Financial Statements

The Company''s Managements is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flow of the Company in accordance with the Accounting Standards referred to in Sub Section (3C) of Section 211 of the Companies Act, 1956 of India (the Act). This responsibility includes the design, implementation and maintenance of Internal Control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s 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 misstatements.

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 financial statement, whether due to fraud or errors. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the accompanying 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 Cash Flow Statement, of the cash flows for the year ended on that date. Report on other Legal and Regulatory Requirements

As required by "the Companies (Auditor''s Report) Order 2003 as amended by "the Companies (Auditors'' Report) (Amendment) Order 2004, issued by the Central Government of India in terms of Sub Section (4A) of Section 227 of the Act (hereinafter referred as the "Order) and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

1. 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 and 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 and Statement of Profit and Loss and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-Section (3C) of Section 211 of the Companies Act, 1956;

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

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2014 OF M/S GUJARAT INVESTA LIMITED

On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of audit, we state that:

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

b) The fixed assets have been physically verified during the year by the management in accordance with a program of verification, the frequency of which is reasonable. According to the information given to us, no material discrepancies were noticed on such verification.

c) The Company has not disposed off any substantial part of its fixed assets.

2. In respect of the inventories:

a) as explained to us, inventories were physically verified during the year by the management at reasonable intervals.

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

c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

3. (a) According to the information and explanations given to us, the Company has granted/ taken unsecured loans to/from Companies, firms and other parties covered in the register maintained under Section 301 of the Companies Act, 1956. The detail of such loans granted and taken are as under:

Loans taken/repayment received : Rs. 43970288

Loans granted/repaid : Rs. 1124000

Maximum Balance during the year : Rs. 74058003 Dr.

Outstanding at the year end : Rs. 31211715 Dr.

b) In case of the aforesaid unsecured loans granted and taken to/from Companies etc. covered in the register maintained under Section 301 of the Companies Act, 1956, the rate of interest and the other terms and conditions are not prima- facie prejudicial to the interest of the Company,

(c) In case of the aforesaid unsecured loans granted and taken to/from Companies, Firms and other parties covered in the register maintained under Section 301 of the Companies Act, 1956, the repayment of principal amount and interest is regular.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business. During the course of our audit, no major weakness has been noticed in the internal controls and there is no continuing failure for the same.

5. (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need be entered into the register maintained under Section 301 have been so entered, b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 and exceeding the value of five lakh rupees in respect of any party during the year are reasonable having regard to the prevailing market price at the relevant time.

6. The Company has not accepted any deposits from the public during the year.

7. The Company has an internal audit system commensurate with the size and nature of the Company''s business.

8. The maintenance of the cost records has not been prescribed by the Central Government Under Section 209 (1) (d) of the Companies Act, 1956, for the year under review.

9. Statutory and other dues:

a) According to information and explanations given to us Provident Fund and Employee''s State Insurance Scheme are not applicable to the Company.

b) According to the information and explanations given to us and the records examined by us, the company is regular in depositing undisputed statutory dues including Income- Tax, Sales-Tax, Custom Duty, Service Tax and Excise Duty and there were no undisputed statutory dues outstanding as on 31st March, 2014 for a period of more than six months from the date they became payable.

10. The company does not have accumulated losses at the end of the year. The company has not incurred any cash loss during the financial year or immediately proceeding the financial year.

11. Based on the information and explanations given to us, the Company has not defaulted in repayment of any dues to financial institutions and banks.

12. Based on our examination of the records and the information and explanations given to us, the Company has not granted any loans and/or advances on the basis of security by way of pledge of shares, debentures and other similar securities.

13. To the best of our knowledge and belief and according to the information and explanations given to us, the company has maintained proper records of the transactions for dealing in shares, securities and other investments and timely entries have been made therein. The shares, securities and other investments have been held by the company in its own name.

14. The company is not a chit fund, nidhi, mutual benefit fund or a society.

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

16. According to the information and explanations given to us, the company has not raised any working capital loan. Therefore, the question of its use does not arise.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short term basis have been used for long term investment by the company or vice-versa.

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

19. During the year covered under the audit report the company has not issued any secured debentures.

20. The company has not raised any money by public issue during the year covered by our report.

21. As per the information given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For Lunia & Company, Chartered Accountants, Firm Registration No. 116436W,

Ahmedabad, the 2nd May, 2014 (R. C. Lunia), Partner, Membership No. F-12729

---

Mar 31, 2010

1. We have audited the attached Balance-Sheet of Gujarat Investa Limited Ahmedabad as at 31st March, 2010 and relative Profits Loss Account of the Company for the year ended on that date, both of which we have signed under reference to this report. These financial statements are the responsibility of the management of the Company. 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 management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provided a reasonable basis for our opinion.

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

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

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

ii. In our opinion, proper Books of Account as required by Law have been kept by the Company so far as appears from our examination of those books;

iii. The Balance-Sheet and Profit & Loss Account referred to in this report are in agreement with the Books of Accounts of the Company.

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

v. Based on the representation received from the Directors of the Company as on 31st March, 2010, and taken on record by the Board of Directors of the Company, we report that none of the Directors of the Company are disqualified as on 31 st March,

2010 from being appointed as directors in terms of clause (g) of Sub-Section (1} of Section 274 of the Companies Act. 1956.

vi. in our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies and other notes thereon give the information required by The Companies Act, 1956 (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 Balance Sheet, of the State of Affairs of the Company as at 31st March, 2010 and

b) In the case of Profit & Loss Account, of the Profit for the year ended on that date.

Annexure referred to in paragraph 3 of our Report of even date on the accounts for the year ended 31st March,2010 of M/s Gujarat Investa Limited

On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of audit, we state that:

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

b) The fixed assets have been physically verified during the year by the management in accordance with a program verification, the frequency of which reasonable. According to the information given to us, no material discrepancies were noticed on such verifcation.

c) The Company has not disposed off any substantial part of its fixed assets.

2 ln respect of the inveniories:

a) as explained to us inventories were physically verified during the year by the management at reasonable intervals.

b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventories followed by the management were reasonable and adequate i relation to the size of the Company and the nature of its business.

c) ln our opinion and according to the information and explanations given to us, the Companyhas maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

3. (a) According to the information and explanations given to us, the Company has granted/ taken unsecured loans to/ from Companies, firms and other parties covered in the register maintained under Section 301 of the Companies Act, 1956. The detail of such loans granted and taken are as under:

Loans taken/repayment received : Rs. 86011752

Loans granted/repaid : Rs. 134042795

Maximun Balance during the year : Rs. 1780616060 Dr.

Outsatnding at the year end : Rs. 91330030 Dr.

b) In case of the aforesaid unsecured loans granted and taken to/ from Companies etc. covered in the register maintained under Section 301 of the Companies Act, 1956, the rate of interest and the other terms and conditions are not prima-facie prejudicial to the interest of the Company.

c) In case of the aforesaid unsecured loans granted and taken to/ from Companies, Firms and other parties covered in the register maintained under Section 301 of the Companies Act, 1956, the repayment of principal amount and intterest its regular.

4 In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business. During the course of our audit, no major weakness has been noticed in the internal controls and there is no continuing failure for the same.

5. (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 have been so entered.

b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangemaents entered in the register maintained unde Section 301 and exceeding the value of five lakh rupees in respect of any aprty during the year are reasonable having regard to the prevailing market price at the relevant time.

6. The Company has not accepted any deposits from the public during the year.

7. Tha Company has an internal audit system commensurate with the size and nature of the Companys business.

8. The maintenance of the cost records has not been prescribed by the Central Government Under Section 209(1)(d) of the Companies Act, for the year under review.

9. Statuory and other dues:

a) According to information and explanations given to us Provident Fund and Employees State Insurance Scheme are not applicable to the Company.

b) According to the information and xplanations given to us and the records examined by us, the company is regular in depositing undisputed statutory dues including Income- Tax, Sales- Tax and Excise Duty and there were no undisputed statutory dues outstanding as on 31st March, 2010 for a period of more than six months from the date they became payable.

10. The company does not have accumulated losses at the end of the year. The company has not incurred any cash loss during the financial year.

11. Based on the information and explanations given to us, the Company has not defaulted in repayment af dues to financial institutions and banks.

12. Based on our examination of the records and the information and explanations given to us, the Company has not granted any loans and/ or advances on the basis of security by way of pledge of shares, debentues and other similar securities.

13. To the best of our knowledge and belief and according to the information and explanations given to us, the company has maintained proper record of the transactions for dealing in

shares, securities and other investments and timely entries have been made therein. The shares, securities and other investments have been held by the company in its own name.

14. The company is not a chit fund, nidhi, mutual benefit fund or a society.

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

16. According to the information and explanations given to us, the company has not raised any working capital loan. Therefore, the question of its use does not arise.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short term basis have been used for long term investment by the company or vice-versa.

18. The Company has made preferential allotment of Equity shares during the year.

19. During the year covered under the audit report the company has not issued any secured debentures.

20. The company has not raised any money by public issue during the year covered by our report.

21. As per the information given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For Lunia & Company, Chartered Accountants, Firm Registration No. 116436W

(R. C. Lunia), Partner Membership No. F-12729

Ahmedabad, Date : 28th August 2010

---

Mar 31, 2009

1. We have audited the attached Balance-Sheet of Gujarat Investa Limited Ahmedabad as at 31st March, 2009 and relative Profit & Loss Account of the Company for the year ended on that date, both of which we have signed under reference to this report. These financial statements are the responsibility of the management of the Company. 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 materia! 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 management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provided a reasonable basis for our opinion.

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

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

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

ii. In our opinion, proper Books of Account as required by Law have been kept by the Company so far as appears from our examination of those books:

iii. The Balance-Sheet and Profit & Loss Account referred to in this report are in agreement with the Books of Accounts of the Company.

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

v Based on the representation received from the Directors of the Company as on 31 st March, 2009, and taken on record by the Board of Directors of the Company, we report that none of the Directors of the Company are disqualified as on 31st March, 2009 from being appointed as directors in terms of clause (g) of Sub-Section (1) of Section 274 of the Companies Act. 1956.

vi. In our opinion and to the best of our information and according to the explanatk o given to us, the said accounts read together with the Significant Accounting Policies and other notes thereon give the information required by The Companies Act, 1956 fthe 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 Balance Sheet, of the State of Affairs of the Company as at 31st March, 2009 and

b) In the case of Profit & Loss Account, of the Profit for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS FORTHE YEAR ENDED 31 ST MARCH, 2009 OF M/S GUJARAT IN VESTA LIMITED

In the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of audit, we state that:

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

b) The fixed assets have been physically verified during the. year by the management in accordance with a program of verification, the frequency of which is reasonable. According to the information given to us, no material discrepancies were noticed on such verification.

c) The Company has not disposed off any substantial part of Its fixed assets.

2. In respect of the inventories:

a) as explained to us, inventories were physically verified during the year by the management at reasonable intervals.

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

c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

3. (a) According to the information and explanations given to us, the Company has granted/ taken unsecured loans to/from Companies, firms and other parties covered in the register maintained under Section 301 of the Companies Act, 1956. The detail of such loans granted and taken are as under:

Loans taken/repayment received: Rs. 155578072

Loans granted/repaid: Rs. 160151932

Maximum Balance during the year Rs. 6377663 Dr.

Outstanding at the year end: Rs. 9759107 Dr.

b) In case of the aforesaid unsecured loans granted and taken to/from Companies etc. covered in the register maintained under Section 301 of the Companies Act, 1956, the rate of interest and the other terms and conditions are not prima-facie prejudicial to the interest of the Company.

c) In case of the aforesaid unsecured loans granted and taken to/from Companies, Firms and other parties covered in the register maintained under Section 301 of the Companies Act, 1956, the repayment of principal amount and interest is regular.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of it. business. During the course of our audit, no major weakness has been noticed in the internal controls and there is no continuing failure for the same.

5. (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need be entered into the register maintained under Section 301 have been so entered.

b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 and exceeding the value of five lakh rupees in respect of any party during the year are reasonable having regard to the prevailing market price at the relevant time.

6. The Company has not accepted any deposits from the public during the year.

7. The Company has an internal audit system commensurate with the size and nature of the Companys business. rf

8. The maintenance of the cost records haa fjpt been prescribed by the Central Government Under Section 209 (1) (d) of the Companies Act, 1956, for the year under review.

9. Statutory and other dues:

a) According to information and explanations given to us Provident Fund and Employees State Insurance Scheme are not applicable to the Company.

b) According to the information and explanations given to us and the records examined by us, the company is regular in depositing undisputed statutory dues including Income- Tax, Sales-Tax, Custom Duty and Excise Duty and there were no undisputed statutory dues outstanding as on 31st March, 2009 for a period of more than six months from the date they became payable.

10. The company does not have accumulated losses at the end of the year. The company has not incurred any cash loss during the financial year.

11. Based on the information and explanations given to us, the Company has not defaulted in repayment of any dues to financial institutions and banks.

12. Based on our examination of the records and the information and explanations given to us, the Company has not granted any loans and/or advances on the basis of security by way of pledge of shares, debentures and other similar securities.

13. To the best of our knowledge and belief and according to the information and explanations given to us, the company has maintained proper records of the transactions for dealing in shares, securities and other investments and timely entries have been made therein. The shares, securities and other investments have been held by the company in its own name.

14. The company is not a chit fund, nidhi, mutual benefit fund or a society.

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

16. According to the information and explanations given to us, the company has not raised any working capital loan. Therefore, the question of its use does not arise.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short term basis have been used for long term investment by the company or vice-versa.

18. The Company has made preferential allotment of 15,01,000 Equity shares during the year.

19. During the year covered under the audit report the company has not issued any secured debentures.

20. The company has not raised any money by public issue during the year covered by ou r report.

21. As per the information given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For LUNIA & COMPANY, Chartered Accountants,

Ahmedabad, (R. C. LUNIA)

Date : 4th May, 2009 Partner