Auditor Report of Novyra Pharmachem Ltd.

Mar 31, 2025

We have audited the accompanying financial statements of Bansisons Tea Industries Limited,
which comprise the Balance Sheet as at 31^st March, 2025, and the Statement of Profit and Loss
and Cash Flow Statement and the statement of Changes in Equity for the period ended, and notes
to the 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 inconformity with
the Accounting Standards prescribed under section 133 of the Act read with the Companies
(Accounting Standards) Rules, 2015, as amended, (“AS”) and other accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2025, the 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 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 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.

Key Audit Matters

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

There are no Key Audit Matters Reportable as per SA 701 issued by ICAI.

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

The Company''s Board of Directors is responsible for the preparation of the other information.
The other information comprises the information included in the Management Discussion and
Analysis, Board''s Report including Annexures to Board''s Report, but does not include the
financial statements and our auditor''s report thereon. These reports are expected to be made
available to us after the date of our auditor''s report. Our opinion on the financial statements does
not cover the other information and we do not express any form of assurance conclusion
thereon.

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

When we read the other information included in the above reports, if we conclude that there is
material misstatement therein, we are required to communicate the matter to those charged
with governance and determine the actions under the applicable laws and regulations.

Management''s Responsibility for the 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, total 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.

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

Auditor''s Responsibility

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

Identify and assess the risks of material misstatement of the standalone financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies
Act, 2013, we are also responsible for expressing our opinion on whether the company has
adequate internal financial controls system in place and the operating effectiveness of such
controls.

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

Conclude on the appropriateness of management''s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant 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 financial statements, or, if such
disclosures are inadequate, to modify our opinion.

Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report.
However, future events or conditions may cause the Company to cease to continue as a going
concern.

Evaluate the overall presentation, structure and content of the standalone financial statements,
including the disclosures, and whether the standalone financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.

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 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
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 section 143(11) of the Act, we give in “Annexure A”, a
statement on the matter specified in the paragraph 3 and 4 of the Order.

2. As required under provisions of section 143(3) of the Companies Act, 2013, we report that:

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

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;

The Balance Sheet and Statement of Profit and Loss including Statement of Cash Flow and
Statement of Changes of Equity dealt with this report are in agreement with the books of account;
In our opinion, the Balance Sheet and Statement of Profit and Loss comply with the Ind AS
specified in section 133 of the Act, read with relevant rule issued thereunder.

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.

With respect to the adequacy of the internal financial controls over financial reporting of the
company and operating effectiveness of such controls, referred to our separate report in
“Annexure B”.

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

In our opinion and to the best of our information and according to the explanations given to us,
the remuneration paid by the Company to its directors during the year is in accordance with the
provisions of section 197 of the Act.

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

(a) The Company has disclosed the impact of pending litigations as at 31 March 2025 on its financial
position in its standalone financial statements - Refer Note (vii) of Annexure - A to the standalone
financial statements

(b) The Company did not have any long-term and derivative contracts as at March 31,2025.

(c) There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company during the year ended March 31,2025,

(d) The management has;

represented that, to the best of its knowledge and belief as disclosed in Note to the Financial Statements,
no funds have been advanced or loaned or invested (either from borrowed funds or share premium or
any other sources or kind of funds) by the Company to or in any other persons or entities, including
foreign entities (“Intermediaries”),with the understanding, whether recorded in writing or otherwise,
that the Intermediary shall:

• directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Company or

• Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(i) represented, that, to the best of its knowledge and belief, no funds have been received by the
Company from any persons or entities, including foreign entities (“Funding Parties”), with the
understanding, whether recorded in writing or otherwise, that the Company shall:

• directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Funding Party or

• provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries; and

(ii) Based on such audit procedures as considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations under
subclause (d) (i) and (d) (ii) contain any material mis-statement.

(e) The company has not neither declared nor paid any dividend during the year under Section 123
of the Act.

(f) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account
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, The Company has used accounting software
''Tally Prime System'' for maintaining its books of account which has a feature of recording audit
trail facility and the same has not been operated throughout the period for all transactions
recorded in the software and the hence we are unable to comment on audit trail feature of the
said software.

For DGMS & CO.

Chartered Accountant Firm
Regn. No. 0112187W

Sd/-

CA Mohit Jain
Membership No: 547930

DATE:28/05/2025

Place: Jamnagar

UDIN: 25547930BMIUWK4837

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Mar 31, 2024

We have audited the accompanying standalone Ind AS financial statements of BANSISONS TEA
INDUSTRIES LIMITED, (the “Company”) which comprise the Balance Sheet as at 31st March,
2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow
Statement, the Statement of Changes in Equity for the year then ended, and a summary of the
significant accounting policies and other explanatory information (hereinafter referred to as
“Standalone Ind AS Financial Statements”).

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone Ind AS 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 including the Ind AS, of the state of affairs (financial position) of the
Company as at 31st March, 2024 and its profit (financial performance including other
comprehensive income), its cash flows and changes in equityfor 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 specified under section 143(10) of the Act (SAs). Our responsibilities under those
Standards are further described in the Auditor’s Responsibilities for the Audit of the Standalone
Financial Statements section of ourreport. 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 independence requirements that are relevant to our audit of the 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 we have obtained is sufficient and appropriate to provide a basis forour audit
opinion on the Standalone Financial Statements.

Key Audit Matter

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

The Company’s Board of Directors is responsible for the preparation of the other information. The
other information comprises the information included in the Management Discussion and Analysis,
Board’s Reportincluding 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 expressany 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 appearsto be materially misstated.

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

Management’s Responsibility for the Standalone Ind AS 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 of these standalone Ind AS
financial statements that give a true and fair view of the financial position, financial performance
(including other comprehensive income), cash flows and changes in equity of the Company in
accordance with the accounting principles generally accepted in India, including the Indian
Accounting Standards (Ind AS) prescribed under Section 133 of the Act and relevant rules there
under.

This responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the standalone Ind AS financial statementsthat 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 responsible for overseeing the Company’s financial reporting process.

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

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

Identify and assess the risks of material misstatement of the standalone financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that issufficient 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 controls.

Obtain an understanding of internal financial controls relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are
also responsible for expressing our opinion on whether the Company has adequate internal
financial controls system in place andthe operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates andrelated disclosures made by management.

Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based onthe audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may castsignificant 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 modifyour opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s However, future events or conditions may cause the Company to cease to
continue as a going concern.

Evaluate the overall presentation, structure and content of the standalone financial statements,
including the disclosures, and whether the standalone financial statements represent the underlying
transactions and eventsin 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 financial statements may be influenced. We consider quantitative
materiality and qualitative factors in (i) planning thescope of our audit work and in evaluating the
results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial
statements.

We communicate with those charged with governance regarding, among other matters, the planned
scope andtiming of the audit and significant audit findings, including any significant deficiencies in
internal control thatwe 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, 2016 (“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 A” statement on the matters specified in paragraph 3 and 4 of the
Order.

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

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

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

c) The Balance Sheet, Statement of Profit and Loss including other comprehensive income, Cash
Flow Statement and Statement of Changes in Equity dealt with by this Report are in
agreement with the relevant books of account maintained.

d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Ind AS
specified under Section 133 of the Act.

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

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

g) With respect to other matter to be included in the Auditor’s Report in accordance with the Rule
11 of the Companies (Audit and Auditor’s) 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 pending litigation which would impart its financial position.

B) The company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.

C) There were no amounts which were required to be transferred to the Investors Education
and Protection Fund by the Company.

D) (i) The management of the company 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) The management of the company has represented that, 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 orindirectly, 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 such audit procedures that we have 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 misstatement.

E) The company has not declared or paid any dividend during the year.

F) The Ministry of Corporate Affairs (MCA) has amended the Rule 3 of Companies
(Accounts) rules, 2014 by way of notification dated 31st March 2022. Accordingly,
requirement to have accounting software with a feature of recording audit trail is
applicable from 1st April 2023. Based on our examination, which included test checks,
company has maintained proper accounting software in the form of Tally (Version-7), this
version is subject to any feature of recording audit trail of each and every transaction
including edit logs.

3) With respect to the matters to be included in the Auditor’s Report in accordance with the
requirements of section 197(16) of the Act, as amended: According to the information and
explanations given to usand on the basis of our examination of the records of the Company,
managerial remuneration/ Director Sitting Fee has not been paid. Accordingly, reporting
under section 197(16) of the Act is notapplicable.

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Mar 31, 2014

We have audited the accompanying financial statements of BANSISONS TEA INDUSTRIES LTD. ("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, Which we have signed under reference to this report.

Management''s Responsibility for the Financial Statements

The Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13/09/2013 of the ministry of Corporate affairs in respect of Section 133 of the companies Act, 2013 and in accordance with the accounting Principles Generally accepted in India. 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 misstatement.

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

Opinion

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

(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 for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies(Auditor''s Report) Order,2003("the Order") issued by the Central Government of India in terms of sub-section (4A) of section227 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 Profitand 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 com ply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; Read with the General Circular 15/2013 dated 13 September 2013 of the ministry of Corporate Affairs in respect of section 133 of the Companies Act 2013.

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 March31, 2014, from being appointed as a director in terms of clause(g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE TO THE AUDITORS'' REPORT

Referred to in Paragraph 3 of our report of even date on the accounts for the year ended 31st March, 2014 of Bansisons Tea Industries Ltd.

i) In respect of Fixed Assets :

a) The company has maintain proper record showing full particular including quantitative details and situation of fixed assets on the basis of available information.

b) As explained to us, the major assets have been physically verified by the management during the year. No materials discrepancies were noticed on such verification.

c) No substantial part of fixed assets have been disposed during the year.

ii) In respect of its inventories :

a) As explained to us, inventory has been physically verified during the year by the management in our opinion the frequency of verification is reasonable.

b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventory followed by the management are reasonable adequate in relation to the size of the company and the nature of its business.

c) The company is maintaining proper record of inventory, as explained to us, there were no discrepancies noticed on verification between the physical stock and the book record.

iii) a) 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 Act, and accordingly clause iii(b)(c),(d) of Paragraph 4 of the order not applicable. e) As informed the Company has not taken any loans secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Act, Accordingly the provision of clause 4(iii) (f) & 4(iii)(g) of the order are not applicable to the company.

iv) In our opinion and according to the Information and explanation given to us, there are adequate internal control procedure commensurate with the size of the company and nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in Internal controls.

v) According to the Explanation and Information given to us, we are of the opinion that company has entered, all the transaction required to be entered in to the register maintain under section 301 of the Act 1956 and transactions have been made are prima facie reasonable.

vi) The company during the year under audit not accepted any deposit under provisions of section 58A and 58AA or any of the relevant revision of the Act of the companies Act, 1956 and the companies (Acceptance of Deposit) Rules, 1975, with regard to the deposits accepted from the Public. No order has been passed by the Company Law Board or National Company law Tribunal or Reserve Bank of India or any court or any other Tribunal.

vii) The company has an internal Audit system, which in our opinion is commensurate with the size of the company and the nature of its business.

viii) The Central Government has not prescribed maintenance of cost records under section 209(1)(d) of the companies Act, 1956 for any product of the company.

ix) In respect of statutory dues :

a) According to the record of the Company, undisputed statutory dues Provident Fund, Income Tax, Wealth Tax, Service Tax, Sales Tax and other statutory dues have been generally regular in depositing with appropriate authorities. According to the information and explanation given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March 2014 for a period of more than six months from the date of becoming payable.

x) The Company has no accumulated losses 50% of its Net worth but has incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

xi) Based on our audit procedure and as per the information and explanation given to us by the management, we are of the opinion that the company has not defaulted in repayment of dues to a financial institution, Banks or debenture holders.

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

xiii) The company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore the provision of the clause 4(xiii) of paragraph 4 of the order are not applicable.

xiv) The company is not dealing in or trading in share, securities debenture and other investment. Therefore the provision of the clause 4 (xiv) of paragraph 4 of the order are not applicable.

xv) According to Information and explanation given to us, the company has not given any guarantee for loans taken by others from banks or financial institution.

xvi) According to Information and explanation given to us, the company has not been raised new terms loan during the year under audit. The term loans outstanding at the beginning of the year were applied for the purposes for which they are raised.

xvii) According to the cash flow statement and other record examine by us and the information and explanation to given to the us, on an overall basis, fund raised on short terms basis have not Prima - facie, been used during the year for long term investment and vice - versa.

xviii) According to the information and explanation given to us, and other records examine by us, the company has not made any preferential allotment of shares to parties and companies covered in the registered maintained under section 301 of the during the year.

xix) According to the explanation and information given to us, the company had not issued any secured debenture during the year.

xx) The company has not raised any money by public issuing during the year.

xxi) In our opinion and According to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the year.

For MANOJ KUMAR GOYAL Place : Siliguri Chartered Accountants M. K. Goyal Date : 29th April, 2014 Proprietor

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Mar 31, 2010

1. We have audited the attached Balance Sheet of BANSISONS TEA INDUSTRIES LIMITED as at 31st March, 2010 and also the Profit & Loss Account of the company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Stadnards 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 financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report), Order, 2004, issued by the Central Government of India in terms of section 227(4A) or the Companies Act, 1956, we give in the Annexure.

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

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

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

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

(d) In our opinion the said Balance Sheet and Profit & Loss Account comply with the Accounting Standard referred to in Sub Section 3(C) of Section 211 of the Companies Act., 1956.

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

(f) In our opinion and to the best of our information and according to the explanations given to us and subject to our notes, the accounts give the information as 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, 2010.

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

(iii) In the case of Cash flow statement of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT

Referred to in Paragraph 3 of our report of even date on the accounts for the year ended 31 st March, 2010 of Bansisons Tea Industries Ltd. i) In respect of Fixed Assets :

a) The company has maintain proper record showing full particular including quantitative details and situation of fixed assets on the basis of available information.

b) As explained to us, the major assets have been physically verified by the management during the year. No materials discrepancies were noticed on such verification.

c) No substantail part of fixed assets have been disposed during the year.

ii) In respect of its inventories :

a) As explained to us, inventory has been physically verified during the year by the management in our opinion the frequency of verification is reasonable.

b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventory followed by the management are reasonable adequate in relation to the size of the company and the nature of its business.

c) The company is maintaining proper record of inventory, as explained to us, there were no discrepancies noticed on verification between the physical stock and the book record.

iii) a) 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 Act, and accordingly clause iii(b)(c),(d) of Paragraph 4 of the order not applicable.

e) As informed the Company has not taken any loans secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Act, Accordingly the provision of clause 4(iii) (f) & 4(iii)(g) of the order are not applicable to the company.

iv) In our opinion and according to the Information and explanation given to us, there are adequate internal control procedure commensurate with the size of the company and nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in Internal controls.

v) According to the Explanation and Information given to us, we are of the opinion that company has entered, all the transaction required to be entered in to the register maintain under section 301 of the Act 1956 and transactions have been made are prima facie reasonable.

vi) The company during the year under audit not accepted any deposit under provisions of section 58A and 58AA or any of the relevant revision of the Act of the companies Act, 1956 and the companies (Acceptance of Deposit) Rules, 1975, with regard to the deposits accepted from the Public. No order has been passed by the Company Law Board or National Company law Tribunal or Reserve Bank of India or any court or any other Tribunal.

vii) The company has an internal Audit system, which in our opinion is commensurate with the size of the company and the nature of its business.

viii) The Central Government has not prescribed maintenance of cost records under section 209(1 )(d) of the companies Act, 1956 for any product of the company.

ix) In respect of statutory dues :

a) According to the record of the Company, undisputed statutory dues Provident Fund, Income Tax, Wealh Tax, Service Tax, Sales Tax and other statutory dues have been generally regular in depositing with appropriate authorities. According to the information and explanation given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March 2010 for a period of more than six months from the date of becoming payable.

x) The Company has no accumulated losses 50% of its Net worth but has incurred cash losses during the finanaial year covered by our audit and in the immediately preceding financial year.

xi) Based on our audit procedure and as per the information and explanation given to us by the management, we are of the opinion that the company has not defaulted in repayment of dues to a financial institution, Banks or debenture holders.

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

xiii) The company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore the provision of the clause 4(xiii) of paragraph 4 of the order are not applicable.

xiv) The company is not dealing in or trading in share, securities debenture and other investment. Therefore the provision of the clause 4 (xiv) of paragraph 4 of the order are not applicable.

xv) According to Information and explanation given to us, the company has not given any guarrantee for loans taken by others from banks or financial institution.

xvi) According to Information and explanation given to us, the company has not been raised new terms loan during the year under audit. The term loans outstanding at the begining of the year were applied for the purposes for which they are raised.

xvii) According to the cash flow statement and other record examine by us and the information and explanation to given to the us, on an overall basis, fund raised on short terms basis have not Prima - facie, been used during the year for long term investment and vice - versa.

xviii) According to the information and explanation given to us, and other records examine by us, the company has not made any preferential allotment of shares to parties and companies covered in the registered maintained under section 301 of the during the year.

xix) According to the explanation and information given to us, the company had not issued any secured debenture during the year. xx) The company has not raised any money by public issuing during the year. xxi) In our opinion and According to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the year.

Place : Siliguri For MANOJ KUMAR GOYAL

Chartered Accountant

Date : 15th July, 2010 M. K. Goyal

Proprietor