Auditor Report of Balu Forge Industries Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial
statements of Balu Forge Industries Limited(the "Company"),
which comprise the Balance Sheet as at 31^st March 2025, the
Statement of Profit and Loss (including Other Comprehensive
Income), the Statement of Changes in Equity and the
Statement of Cash Flows for the year ended and notes to
the standalone Financial Statements including 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 the information required by the
Companies Act, 2013 (the "Act") in the manner so required
and give a true and fair view in conformity with the Indian
Accounting Standards prescribed under section 133 of the
Act read with the Companies (Indian Accounting Standards)
Rules,2015, as amended, ("IndAS")and other accounting
principles generally accepted in India, of the state of affairs
of the Company as at 31^st March 2025, and its profit and total
comprehensive income, changes in equity and its cash flows
for the year ended on that date.

Basis for Opinion

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

Responsibilities for the Audit of the 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 audit opinion on the standalone financial statements.

Key Audit Matters

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

We have fulfilled the responsibilities described in the Auditor''s
responsibilities for the audit of the standalone financial
statements section of our report, including in relation to these
matters. Accordingly, our audit included the performance of
procedures designed to respond to our assessment of the
risks of material misstatement of the standalone financial
statements. The results of our audit procedures, including the
procedures performed to address the matters below, provide
the basis for our audit opinion on the accompanying standalone
financial statements.

Sr. Key Audit Matter No.	Auditor''s Response
1 Capital Work-in-Progress (CWIP) and related Capital Expenditure funded through Preferential Capital (as described in Note 5.3 of the standalone Ind AS financial statements) The Company has made substantial investments in Plant &	How our audit addressed the Key Audit Matter Our audit procedures included: â¢ Evaluating whether the expenditure tested met the
	recognition criteria under Ind AS 16 and was appropriately classified as CWIP.
Machinery with a significant portion lying under Capital Work- in-Progress (CWIP) as on the reporting date. The balance	â¢ Comparing actual project expenditure against budgets
of CWIP is material to the financial statements. During the	and plans to assess progress and identify any delays
current and previous financial year, the Company has raised	or cost overruns.
funds through preferential capital issues, of which, certain portions were earmarked for meeting its capital expenditure requirements.	â¢ Reviewing management''s impairment assessment for CWIP and considering whether any impairment indicators existed.

Sr.

No.

Key Audit Matter

Auditor''s Response

Assessing whether the proceeds of preferential capital have
been appropriately utilized for capital expenditure, ensuring
that costs have been accurately capitalized in line with Ind AS
16 Property, Plant and Equipment, and the capitalization of
costs, allocation of overheads, determination of useful lives,
and assessment of impairment indicators involve significant
management judgment. Given the magnitude of investment
and management''s estimation involved, this area carries a
risk of material misstatement

There is also a risk that expenditure may be misclassified
between CWIP and expenses or Property, Plant and
Equipment (PPE), or that the utilization of preferential capital
proceeds is not in line with intended purposes. Accordingly,
this has been considered a key audit matter.

â¢ Performing analytical procedures on movements in CWIP
during the year, including reconciliation with preferential
capital proceeds.

â¢ Assessing the adequacy of related disclosures in the
standalone/consolidated financial statements in respect
of CWIP and preferential capital.

Based on the above procedures, we found that the Company''s
accounting for CWIP and utilization of preferential capital
proceeds were reasonable and disclosures were appropriate.

Trade Receivables and Recoverability

(as described in Note 15 of the standalone Ind AS financial
statements)

The Company has significant trade receivables outstanding
at the year-end. The assessment of recoverability,
determination of expected credit losses (ECL), and adequacy
of provisions involve significant judgment by management,
particularly in relation to customers facing financial stress or
where collection has been long outstanding. Considering the
materiality and judgment involved, this area was considered
a key audit matter.

How the Matter was Addressed in Audit

Our audit procedures included, among others:

â¢ Evaluating the Company''s policy for impairment of
receivables and its compliance with Ind AS 109.

â¢ Assessing the ageing profile of debtors and testing
subsequent collections on a sample basis.

â¢ Discussing with management the status of key overdue
accounts and evaluating correspondence with customers.

â¢ Reviewing historical recovery trends and considering
current economic conditions in assessing
provision adequacy.

â¢ Testing management''s ECL model, including key
assumptions such as probability of default and
loss given default.

â¢ Assessing the adequacy of related disclosures in the
financial statements.

Revenue recognition

(as described in Note 5(e) of the standalone Ind AS financial
statements)

Revenue from sales is recognized when control of the
products has transferred, being when the products are
delivered to the customer, the customer has full discretion
over the channel and price to sell / consume the products,
and there is no unfulfilled obligation that could affect the
customer''s acceptance of the products. Delivery occurs when
the products have been shipped to the specific location, the
risks of obsolescence and loss have been transferred to the
customer, and either the customer has accepted the products
in accordance with the sales contract or the acceptance
provisions have lapsed.

During the year ended 31^st March 2024, the Company has
recognised revenue amounting to Rs 42,761.46 lakhs from
export sale of goods and Rs 15,366.22 lakhs from domestic
sale of goods & services (incl. merchant export).

In the view of the significance of the matter we addressed the
key audit matter by applying the following audit procedures.
Principal Audit Procedures

â¢ 1Considered Company''s revenue recognition policy and
its compliance in terms of Ind AS 115 âRevenue from
contracts with customers''.

â¢ Assessed the design and tested the operating
effectiveness of internal controls related to
revenue recognition.

â¢ Tested samples of individual sales transaction and
traced to sales invoices, sales orders, (received from
customers) and other related documents.

Further, in respect of the samples tested, checked recognition
of revenue in accordance with the terms / when the conditions
for revenue recognitions are satisfied.

Sr. Key Audit Matter No.	Auditorâs Response
Terms of sales arrangements, including the timing of transfer	How our audit addressed the key audit matter
of control, delivery specifications including in co-terms	Selected sample of sales transactions made pre-	and
in case of exports, timing of recognition of sales require significant judgment in determining revenues. The risk is, therefore, that revenue may not get recognised in the correct period. Accordingly, due to the significant risk associated with revenue recognition in accordance with terms of Ind	post-year end, agreed the period of revenue recognition to underlying documents. 1) Performed procedures to identify any unusual trends of revenue recognition.
AS 115 âRevenue from contracts with customers'', it has been determined to be a key audit matter in our audit of the standalone Ind AS financial statements.	2) Assessed the relevant disclosures made within standalone Ind AS financial statements.	the

Information Other than the Financial Statements
and Auditorâs 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 Report,
Chairman''s report on 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
identified above 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.

Managementâs Responsibilities for the Standalone
Financial Statements

The Company''s Board of Directors is responsible for the
matters stated in section 134(5) of the Act with respect to
the preparation of these standalone financial statements that
give a true and fair view of the financial position, financial
performance, including other comprehensive income, changes
in equity and cash flows of the Company in accordance with the
Ind AS and other accounting principles generally accepted in
India. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act
for safeguarding the assets of the Company and for preventing
and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal

financial controls, that were operating effectively for ensuring
the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the standalone
financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

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

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

Auditorâs Responsibilities for the Audit of the
Standalone Financial Statements

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

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

â¢ 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.

â¢ Obtain an understanding of internal standalone financial
control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances.
Under section143(3)(i)of the Act, we are also responsible
for expressing our opinion on whether the Company has
adequate internal financial controls system in place and
the operating effectiveness of such controls.

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

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

â¢ 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.

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 auditor''s report unless law or
regulation precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that a matter

should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

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

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

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

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

(c) The standalone Balance Sheet, the standalone
Statement of Profit and Loss including Other
Comprehensive Income, the standalone Statement
of Changes in Equity 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 standalone financial
statements comply with the IndAS 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 31^st March 2025 taken
on record by the Board of Directors, none of the
directors is disqualified as on 31^st March 2025 from
being appointed as a director in terms of Section
164(2) of the Act.

(f) With respect to the adequacy of the internal financial
controls over financial reporting of the Company and
the operating effectiveness of such controls refer
to our separate Report in "Annexure B". 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 the remuneration paid
by the Company to its directors during the year is in
accordance with the provisions of section 197 read
with Schedule V of the Act.

(h) With respect to the other matters to be included
in the Auditor''s Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules,

2014 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 the impact of
pending litigations on its financial position in its
standalone financial statements;

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 were no amounts which were required
to be transferred to the Investor Education and
Protection Fund by the Company during the
year ended 31^st March 2025.

iv. The Management has represented that to the
best of its knowledge and belief as disclosed
in the notes to the accounts 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(s) or entity(ies) including foreign entities
("Intermediaries") with the understanding
whether recorded in writing or otherwise that
the Intermediary shall 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.

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.

vi. Based on the audit procedures that has been
considered reasonable and appropriate in
the circumstances nothing has come to our
notice that has caused us to believe that the
representations under sub-clause (i) and (ii)
of Rule 11(e) as provide under (a) &(b) above
contain any material mis-statement.

vii. The Company has not declared dividend or paid
dividend during the year and has not proposed
final dividend for the year.

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

For M. B. Agrawal & Co.

Chartered Accountants
(Firm''s Registration No.100137W)

Leena Agrawal

Partner

(Membership No.061362)

Place: Mumbai

Date: 14^th May, 2025

UDIN: 25061362BMLWWU9172

Mar 31, 2024

We have audited the accompanying standalone financial statements of Balu Forge Industries Limited(the "Company"), which comprise 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 the Statement of Cash Flows for the year ended and notes to the standalone Financial Statements including 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 the information required by the Companies Act, 2013 (the "Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules,201 5, as amended, ("IndAS")and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, and its profit and total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing ("SA"s) specified under section 143(10) of the Act. Our responsibilities under

those Standards are further described in the Auditor''s Responsibilities for the Audit of the 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 audit opinion on the standalone financial statements.

Key Audit Matters

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

We have fulfilled the responsibilities described in the Auditor''s responsibilities for the audit of the standalone financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the standalone financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying standalone financial statements.

Sr. No. Key Audit Matter	Auditorâs Response
1 Revenue recognition	In the view of the significance of the matter we
(as described in Note 5(e) of the standalone Ind AS financial	addressed the key audit matter	by applying the
statements)	following audit procedures.
Revenue from sales is recognized when control of the products	Principal Audit Procedures
has transferred, being when the products are delivered to the customer, the customer has full discretion over the channel and price to sell / consume the products, and there is no unfulfilled obligation that could affect the customer''s acceptance of the	1) Considered Company''s revenue recognition policy and its compliance in terms of Ind AS 115 âRevenue from contracts with customers''.
products.

Sr. No. Key Audit Matter	Auditorâs Response
Delivery occurs when the products have been shipped to the	2)	Assessed the design and tested the operating
specific location, the risks of obsolescence and loss have been		effectiveness of internal controls related to
transferred to the customer, and either the customer has		revenue recognition.
accepted the products in accordance with the sales contract or	3)	Tested samples of individual sales transaction and
the acceptance provisions have lapsed.		traced to sales invoices, sales orders, (received
During the year ended March 31, 2024, the Company has		from customers) and other related documents.
recognised revenue from operation amounting to Rs 38,808.26		Further, in respect of the samples tested,
lakhs from sale of goods and services.		checked recognition of revenue in accordance
Terms of sales arrangements, including the timing of transfer		with the terms/ when the conditions for revenue
of control, delivery specifications including in co-terms in case		recognitions are satisfied.
of exports, timing of recognition of sales require significant	How our audit addressed the key audit matter
judgment in determining revenues. The risk is, therefore,
that revenue may not get recognised in the correct period.	Selected sample of sales transactions made pre- and
Accordingly, due to the significant risk associated with revenue	post-year end, agreed the period of revenue recognition
recognition in accordance with terms of Ind AS 115 âRevenue	to underlying documents.
from contracts with customers'', it has been determined to be a	1)	Performed procedures to identify any unusual
key audit matter in our audit of the standalone Ind AS financial		trends of revenue recognition.
statements.	2)	Assessed the relevant disclosures made within the
		standalone Ind AS financial statements.

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 Report, Chairman''s report on 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 indentified above and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

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

Management''s Responsibilities for the Standalone Financial Statements

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

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

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

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

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

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

â¢ 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.

â¢ Obtain an understanding of internal standalone financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section1 43(3)(i)of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

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

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

â¢ 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.

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

Report on Other Legal and Regulatory Requirements

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

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

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

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

(c) The standalone Balance Sheet, the standalone Statement of Profit and Loss including Other Comprehensive Income, the standalone Statement of Changes in Equity 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 standalone financial statements comply with the IndAS specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

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

(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and

the operating effectiveness of such controls refer to our separate Report in "Annexure B". 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 the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 read with Schedule V of the Act.

(h) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014 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 the impact of pending litigations on its financial position in its standalone financial statements;

ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on longterm contracts including derivative contracts.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year ended 31^st March, 2024.

iv. The Management has represented that to the best of its knowledge and belief as disclosed in the notes to the accounts 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(s) or entity(ies) including foreign entities ("Intermediaries") with the understanding whether recorded in writing or otherwise that the Intermediary shall 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.

v. The Management has represented that to the best of its knowledge and belief as disclosed in the notes to accounts no funds (which are material either individually or in the aggregate) 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 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.

vi. Based on the audit procedures that has been considered reasonable and appropriate in the circumstances nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e) as provide under (a) &(b) above contain any material mis-statement.

vii. The company has not declared dividend or paid dividend during the year and has not proposed final dividend for the year.

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

For M. B. Agrawal & Co.

Chartered Accountants (Firm''s Registration No.100137W)

Leena Agrawal

Partner

(Membership No.061362)

Place: Mumbai

Date: 14^th May, 2024

UDIN: 24061362BKCSKS1969

Mar 31, 2023

INDEPENDENT AUDITORâS REPORT

TO THE MEMBERS OF
Balu Forge Industries Limited

(Formerly Known as M/s Amaze Entertech Limited)

Report on the Audit of the Standalone Financial Statements

OPINION

We have audited the accompanying standalone financial
statements of Balu Forge Industries Limited (the "Company"),
which comprise the Balance Sheet as at March 31, 2023, the
Statement of Profit and Loss (including Other Comprehensive
Income), the Statement of Changes in Equity and the
Statement of Cash Flows for the year ended and notes to
the standalone Financial Statements including 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 the information required by the Companies
Act, 2013 (the "Act") in the manner so required and give a
true and fair view in conformity with the Indian Accounting
Standards prescribed under section 133 of the Act read with
the Companies (Indian Accounting Standards) Rules,2015, as
amended, ("IndAS")and other accounting principles generally
accepted in India, of the state of affairs of the Company as at
March 31, 2023, and its profit and total comprehensive income,
changes in equity and its cash flows for the year ended on
that date.

BASIS FOR OPINION

We conducted our audit of the standalone financial statements
in accordance with the Standards on Auditing ("SA"s) specified
under section 143(10) of the Act. Our responsibilities under

those Standards are further described in the Auditor''s
Responsibilities for the Audit of the 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 audit opinion on the standalone financial statements.

KEY AUDIT MATTERS

We have fulfilled the responsibilities described in the Auditor''s
responsibilities for the audit of the standalone financial
statements section of our report, including in relation to these
matters. Accordingly, our audit included the performance
of procedures designed to respond to our assessment of the
risks of material misstatement of the standalone financial
statements. The results of our audit procedures, including the
procedures performed to address the matters below, provide
the basis for our audit opinion on the accompanying standalone
financial statements.

INFORMATION OTHER THAN THE FINANCIAL
STATEMENTS AND AUDITOR''S REPORT THEREON

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

I n conn ec ti on wi th our au di t of the stan d alon e fina nci al
statements, our responsibility is to read the other information
indentified above and, in doing so, consider whether
the other information is materially inconsistent with the
standalone financial statements or our knowledge obtained
during the course of our audit or otherwise appears to be
materially misstated.

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

MANAGEMENT''S RESPONSIBILITIES FOR THE
STANDALONE FINANCIAL STATEMENTS

the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the standalone
financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

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

AUDITOR''S RESPONSIBILITIES FOR THE AUDIT OF THE
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:

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

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.

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'' a
statement on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.

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

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

(b) I n 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.

(d) In our opinion, the aforesaid standalone financial
statements comply with the IndAS 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 31^st March, 2023 taken on
record by the Board of Directors, none of the directors
is disqualified as on 31^st March, 2023 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". Our report
expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company''s internal
financial controls over financial reporting.

(h) With respect to the other matters to be included in
the Auditor''s Report in accordance with Rule 11 of

the Companies (Audit and Auditors) Rules, 2014
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 the impact of
pending litigations on its financial position in its
standalone financial statements;

ii. The Company has made provision, as required
under the applicable law or accounting
standards, for material foreseeable losses,
i f any, on lon g -term contracts in clu d i ng
derivative contracts.

iii. There were no amounts which were required
to be transferred to the Investor Education and
Protection Fund by the Company during the year
ended 31^st March, 2023.

iv. (a) The Management has represented that

to the best of its knowledge and belief
as disclosed in the notes to the accounts
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(s)
or entity(ies) including foreign entities
("Intermediaries") with the understanding
whether recorded in writing or otherwise
that the Intermediary shall 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 as
disclosed in the notes to accounts no funds
(which are material either individually or in
the aggregate) 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 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
has been considered reasonable and
appropriate in the circumstances nothing
has come to our notice that has caused
us to believe that the representations
under sub-clause (i) and (ii) of Rule 11(e)
as provide under (a) &(b) above contain any
material mis-statement.

v. The company has not declared dividend or paid
dividend during the year and has not proposed
final dividend for the year.

vi. Provisio to Rule 3(1) of the Companies
(Accounts) Rules, 2014 for maintaining books
of accounts using accounting software which
has a feature of recording audit trail (edit log)
facility is applicable with effect from April
1, 2023 to the company and its subsidiaries,
which are companies incorporated in India, and
accordingly, reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014
is not applicable for the financial year ended
March 31, 2023

3. As required by the Companies (Auditor''s Report) Order
2020 ("the Order") issued by the Central Government in
terms of Section 143(11) of the Act we give in "Annexure B"
a statement on the matters specified in paragraphs 3 and
4 of the Order.

For M. B. Agrawal & Co.

Chartered Accountants
(Firm''s Registration No.100137W)

Sd/-

Leena Agrawal

Partner

(Membership No.061362)
UDIN: 23061362BGRRWU6251
Place: Mumbai
Date: 9^th May, 2023

Mar 31, 2014

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

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

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

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

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

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

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

b) In the case of the Profit and Loss Account, of the profit/ loss for the year ended on that date; and

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

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

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

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

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

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

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

e) On the basis of written representations received from the directors as on March 31, 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 Companies Act, 1956.

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of BELL AGROMACHINA LIMITED On the accounts of the company for the year ended 31st March, 2014.

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

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

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, no fixed asset has been disposed during the year and therefore does not affect the going concern assumption.

2. (a) As explained to us, inventories have been 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 procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

3. (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. Consequently, the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company.

(e) 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 taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clauses (f) & (g) are not applicable to the company.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

b) As per information & explanations given to us and in our opinion, the transaction entered into by the company with parties covered u/s 301 of the Act does not exceeds five lacs rupees in a financial year therefore requirement of reasonableness of transactions does not arises.

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. The Central Government has not prescribed the maintenance of the cost records U/s. 209(1)(d) of the Companies Act, 1956 for any of the products of the company.

9. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2014 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

10. The Company have accumulated losses of Rs. 347.40 lacs as at 31.03.2014.The company has incurred cash losses during the financial year covered by our audit.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable to the Company.

14. According to information and explanations given to us, the Company did not deal in Shares, Mutual funds & other Investments. Proper records & timely entries have been maintained in regard to investments made by company in its own name.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2014, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

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

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For GUPTA SAHARIA & CO CHARTERED ACCOUNTANTS

Place: Hubli (SANJAY JAIN) Date: 3rd May, 2014 Partner Membership No.112646 Firm Reg. No. 103446W

Mar 31, 2012

A. We have audited the attached Balance Sheet of BELL AGROMACHINA Ltd as at 31st March, 2012 and Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

C. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of section 227(4A) of the Companies Act, 1956, we give in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said order.

D. Further to our comments in the Annexure referred to in paragraph C above, we report that:

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

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

3. The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account.

4. in our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956

5. On the basis of representations from the directors, taken on record by the Board of Directors and as per information and explanations given to us, none of the directors of the company are, prima facie, as at 31st March, 2011are not disqualified from being appointed as directors of the company in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act,1956.

6. In our opinion and to the best of our information and according to the explanations given to us, the accounts read with and subject to notes thereon of Schedule-5 give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view:

(i) In the case of Balance sheet, of the state of affairs of the company as at 31st March, 2012

(ii) In the case of profit & Loss Account of the loss for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

(Referred to in paragraph: C of our report of even date)

1. The Company does not have any fixed assets and hence this clause is not applicable to the company for the year under consideration.

2. As the company does not have any inventories as at the end or at the beginning of the year; this clause is not applicable to the company for the year under consideration.

3. (a) The company has not granted unsecured loan to any of the parties covered by section 301 of the Companies Act, 1956.

(b) The company has taken loan from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of inventory and fixed assets and for sale of goods and services. In our opinion, there is no continuing failure to correct major weakness in internal control.

5. To the best our knowledge and belief, and according to the information and explanations given to us, we are of the opinion that there are no contracts and arrangements, the particulars of which need to be entered into the register maintained under Section 301 of the Companies Act, 1956.

6. During the year, the company has not accepted deposits from the public.

7. The Company did not have any formal internal audit system during the year under review.

8. We are informed that maintenance of cost records has not been prescribed by the Central Government under Section 209 (1)(d) of the Companies Act, 1956 in respect of products of the company.

9. (a) According to the books of accounts examined by us and also based on representations received from the management, the company is regular in depositing undisputed statutory dues applicable to it. There is no Undisputed amounts payable in arrears in respect of statutory dues as at 31/03/2012 for a period of six months from the date they become payable.

(b) According to the information and explanations given to us, there are no dues in respect of income tax, sales tax, wealth tax, excise duty, service tax and cess which have not been deposited on account of dispute.

10. The company's accumulated losses at the end of the financial year are more than fifty percent of its net worth.

11. Based on our audit procedures and according to the information and explanations given to us we report that the company had not defaulted in repayment of any secured loans during the year under review.

12. According to the information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Order are not applicable to the company.

14. In our opinion and according to the information and explanations given to us, the company is not dealing in shares, securities and debentures; therefore, the provisions of clause 4 (xiv) of the Order are not applicable to the company.

15 The company has not given guarantee to a bank for loan taken by any other company.

16. The company has not obtained any term loan during the year. Accordingly, the provisions of clause (xvi) of the Order are not applicable to the company.

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 to finance long-term investments.

18. According to the information and explanations given to us, during the year covered by our report, 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. Accordingly, the provisions of clause (xviii) of the Order are not applicable to the company.

19. According to the information and explanations given to us, the company has not issued any secured debentures during the period covered by our report. Accordingly, the provisions of clause (xix) of the Order are not applicable to the company.

20. During the period covered by our audit report, the company has not raised any money by way of a public issue.

21. 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 year.

FOR H N ADINAVAR & Co

Chartered Accountants

Sd/-

H N ADINAVAR

Membership No. 023757

Place : Hubli

Date : 13th August, 2012.

Mar 31, 2010

We have audited the attached Balance Sheet of M/s. BELL AGROMACHINA LTD, Jodalli, Tal.: Kalghatagi as on 31 st March 2010 and the Profit and Loss Account forthe year ended on that date annexed there to. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial stataments based on our audit.

1. We conducted our audit in accordance with auditing standards generally ac- cepted in India. Those Standards require that we plen and perform the audit to obtain reasonable assurance about whether the financial statements are free of material mis- statements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overal financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the companies (Auditors Report) order 2003 issued by the Central Government of India in terms of Section 227 (4A) of the of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the meters specified in para- graphs 4 & 5 of the said order.

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

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

b) In our opinion, proper books ef 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 Profit & Loss Account deal with by this report are in agreement with the books of account.

d) In our opinion the Balance Sheet and Profit & Lose Account deal with by this report comply with the mandatory Accounting Standards referred in Section 211 (3C) of the Companies Act, 1856.

e) In our opinion and based on information and explanation given to us, none of the directors are disqualified as or 31st March, 2010 from being appointed as directors in terms of section 274 (I) (g) 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 accounts read togeather with the Significant Accounting Policies and other notes thore on give the information required by the Companies Act. 1956 in the manner so required, and present a true and fair view, in conformily with the accounting principtes generally accepted in India:

(I) In so far as it relates to Balance Sheet, of the state of affairs of the Company as on 31st March. 2010 and

(II) In so far as it rebles to the Profit and Loss Account, ot the Loss of the Company for the Year ended on that date, statement presentation. We believe that our audit provides a reasonable basis for our opinion.

ANNEXURE TO AUDITORS REPORT OF BELL AGROMACHINA LTD., FOR THE YEAR ENDED 31st MARCH 2010 Referred to in paragraph 2 of our report of even date

1. In respect of its fixed assets :

a) The company has maintained proper records showing full particulars inctuding quantitative details and situation of fixed assets on the basis of available information.

b) As explained to us, the fixed assets have been physically verified by the man- agement at reasonable intervals.which in our opinion is reasonable, having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such physical verification.

c) In our opinion, the company has not disposed of substantial part of fixed assets during the year and the going concern status of the company is not affected.

2. In respect of loans. Secured or usecured. granted or taken by the company to/from companies, firms or other parties covered in the register maintained under section 301 ot the Companies Act. 1956:

The company has taken unsecured loans from the other companies in the same group- The terms and conditions are not prejudicial to the interest of the company.

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 nature of its business for the purchase of fixed assets. During the course of our audit, we have not observed any major weaknesses in internal controls.

5. In respect of transactions covered under Section 301 of the Companies Act, 1956, no irregularities noticed.

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

7. The company has not done any business during the year. Hence, internal audit was not carried out.

8. The Central Government has not prescribed maintenance of Cost Records under Sec- tion 209 (1) (d) of the Companies Act. 1956.

9. (a) The company is regular In depositing the undisputed statutoty dues of Income tax and othar statutory dues with the appropriate authorities. There are no undisputed statutory dues including Provident fund, Investor Education and Protection Fund and Sales Tax, Employees State Insurance, Wealth Tax, Customs Duty, Excise Duty, Cess and other statutory dues. According to the information and the aforesaid no dues were outstanding as on 31 st March, 2010 for a period of more than six months from the date of becoming payble.

For H. N. Adinavar & Co.

Chartered Accountants

Place: Hubli Sd/-

H. N. Adinavar

18th Aug 2010 (Proprietor)

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