Auditor Report of Bhudevi Infra Projects Ltd.

Mar 31, 2025

We have audited the accompanying financial statements of Bhudevi Infra Projects Limited (‘the
Company’), which comprise the Balance Sheet as at 31 March 2025, the Statement of Profit and
Loss, including the Statement of Other Comprehensive Income, the Cash Flow Statement and the
Statement of Changes in Equity for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies and other explanatory information. In our
opinion and to the best of our information and according to the explanations given to us, the aforesaid
financial statements give the information required by the Companies Act, 2013, as amended (‘the
Act’) in the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India, of the state of affairs of the Company as at 31 March 2025,
its profit including other comprehensive income, its cash flows and the changes in equity for the
year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing
(SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards are
further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ section
of our report. We are independent of the Company in accordance with the ‘Code of Ethics’ issued by
the Institute of Chartered Accountants of India together with the ethical requirements that are relevant
to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and
we have fulfilled our other ethical responsibilities in accordance with these requirements and the
Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the financial statements.

Key audit matters

We have determined that there are no key audit matters to communicate in our report.

Other Information

The Company’s Board of Directors is responsible for the other information. The other information
comprises the information included in the Annual report but does not include the financial statements
and our auditor’s report thereon. Our opinion on the financial statements does not cover the other
information and we do not express any form of assurance conclusion thereon. In connection with
our audit of the financial statements, our responsibility is to read the other information and, in
doing so, consider whether such other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

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

Independent Auditor’s Report on the financial statements of Bhudevi Infra Projects Limited
(continued)

Responsibilities of management and those charged with governance for the financial statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act
with respect to the preparation of these 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) specified under section 133 of the Act
read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 the design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material misstatement, whether due to
fraud or error. In preparing the financial statements, management is responsible for assessing the
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
charged with governance are also responsible for overseeing the Company’s financial reporting
process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements 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
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.

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

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

• Obtain an understanding of internal 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 adequate internal financial
controls system in place and the operating effectiveness of such controls.

Independent Auditor’s Report on the financial statements of Bhudevi Infra Projects Limited
(continued)

Auditor’s Responsibilities for the Audit of the Financial Statements (continued)

• 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 financial statements, including
the disclosures, and whether the 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.

Report on Other Legal and Regulatory Requirements

From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the financial statements for the financial year ended 31
March 2025 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 benefits of
public interest such communication.

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) 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, except that the backup of books
of account and other books and papers maintained in electronic mode has not been
maintained on a daily basis.

c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive
income), the statement of changes in equity, and the statement of Cash Flows dealt with
by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid 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 March
2025 taken on record by the Board of Directors, none of the directors are disqualified as
on 31st 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 with reference to financial
statements of the Company and the operating effectiveness of such controls, refer to our
separate Report in “Annexure B” to this report.

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

i. The Company does not have any pending litigations which would impact on its
financial position.

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

iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.

h) The management has represented that other than those disclosed in the notes to accounts:

(i) no funds have been advanced or loaned or invested by the company to or in any
other person(s) or entities, including foreign entities (“Intermediaries”), with the
understanding that the intermediary shall whether directly or indirectly lend or
invest in other persons or entities identified in any manner by or on behalf of the
company (Ultimate Beneficiaries) or provide any guarantee, security or the like on
behalf of ultimate beneficiaries.

(ii) no funds have been received by the company from any person(s) or entities including
foreign entities (“Funding Parties”) with the understanding that such company
shall whether, directly or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the funding party (ultimate
beneficiaries) or provide guarantee, security or the like on behalf of the Ultimate
beneficiaries.

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 sub-clause (h) (i) and (h) (ii) contain any material
misstatement.

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

j) Based on our examination, which included test checks, the Company has used accounting
software Tally ERP for maintaining its books of accounts for the financial year ended
March 31, 2025 which have the feature of recording audit trail (edit log) facility and the
same has operated throughout the year for all relevant transactions recorded in the
software systems. Further, during the course of our audit we did not come across any
instance of the audit trail feature being tampered with and the audit trail has been
preserved by the Company as per the statutory requirements for record retention.

Independent Auditor’s Report on the financial statements of Bhudevi Infra projects limited
(continued)

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

for Samudrala K & Co LLP

Chartered Accountants
Firm’s Registration No. S200142

Sd/

Karunasree Samudrala

Partner

Membership No: 220150
UDIN: 25220150BMKVJW3404

Date: 28 May 2025
Place: Hyderabad

---

Mar 31, 2024

We have audited the accompanying financial statements of Bhudevi Infra Projects Limited (‘the Company’),
which comprise the Balance Sheet as at 31 March 2024, the Statement of Profit and Loss, including the
Statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in
Equity for the year then ended, and notes to the financial statements, including a summary of significant
accounting policies and other explanatory information. In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid financial statements give the information required by
the Companies Act, 2013, as amended (‘the Act’) in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India, of the state of affairs of the Company
as at 31 March 2024, its profit including other comprehensive income, its cash flows and the changes in
equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs), as
specified under section 143(10) of the Act. Our responsibilities under those Standards are further described
in the ‘Auditor’s responsibilities for the audit of the financial statements’ section of our report. We are
independent of the Company in accordance with the ‘Code of Ethics’ issued by the Institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our audit of the financial
statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the
financial statements.

Key audit matters

We have determined that there are no key audit matters to communicate in our report.

Other Information

The Company’s Board of Directors is responsible for the other information. The other information comprises
the information included in the Annual report but does not include the financial statements and our auditor’s
report thereon. Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon. In connection with our audit of the financial statements,
our responsibility is to read the other information and, in doing so, consider whether such other information
is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated. If, based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required to report that fact. We have nothing to report
in this regard.

Responsibilities of management and those charged with governance for the financial statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with
respect to the preparation of these 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) specified under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended. 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 the design,
implementation and maintenance of adequate internal financial controls, that were operating effectively for
ensuring theaccuracy and completeness of the accounting records, relevant to the preparation and presentation
of the financial statements that give a true and fair view and are free from material misstatement, whether
due to fraud or error. In preparing the 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 charged with governance are also
responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements 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 aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.

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

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficientand 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 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 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 theCompany to cease to continue as a going concern.

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

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

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

From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the financial statements for the financial year ended 31 March 2024 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 “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable

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

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

b) In our opinion, proper books of account as required by law have been kept by the Company so far
as it appears from our examination of those books, except that the backup of books of account
and other books and papers maintained in electronic mode has not been maintained on a daily
basis.

c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income),
the statement of changes in equity, and the statement of Cash Flows dealt with by this Report are
in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified
under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of the written representations received from the directors as on 31March2024 taken
on record by the Board of Directors, none of the directors are 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 with reference to financial statements
of the Company and the operating effectiveness of such controls, refer to our separate Report in
“Annexure B” to this report.

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

i. The Company does not have any pending litigations which would impact on its financial
position.

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

iii. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company.

h) The management has represented that other than those disclosed in the notes to accounts:

(i) no funds have been advanced or loaned or invested by the company to or in any other person(s)
or entities, including foreign entities (“Intermediaries”), with the understanding that the
intermediary shall whether directly or indirectly lend or invest in other persons or entities
identified in any manner by or on behalf of the company (Ultimate Beneficiaries) or provide
any guarantee, security or the like on behalf of ultimate beneficiaries.

(ii) no funds have been received by the company from any person(s) or entities including foreign
entities (“Funding Parties”) with the understanding that such company shall whether, directly
or indirectly, lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the funding party (ultimate beneficiaries) or provide guarantee, security or
the like on behalf of the Ultimate beneficiaries.

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
sub-clause (h) (i) and (h) (ii) contain any material misstatement.

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

j) The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under
the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies
(Accounts) Amendment Rules 2021 requiring companies, which uses accounting software for
maintaining its books of account, shall use only such accounting software which has a feature of
recording audit trail of each and every transaction, creating an edit log of each change made in
the books of account along with the date when such changes were made and ensuring that the
audit trail cannot be disabled.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 (as amended), which provides
for books of account to have the feature of audit trail, edit log and related matters in the accounting
software used by the Company, the audit trail has not been preserved by the company as per the
statutory requirements for record retention.

k) With respect to the matter to be included in the Auditor’s Report under section 197(16):

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

for M H A & Associates LLP

Chartered Accountants
Firm’s Registration No. S200133

Sd/-

Raviteja Parinam
Partner

Membership No: 230267
UDIN:24230267BKDUXZ9199

Date: 30 May 2024
Place: Hyderabad

---

Mar 31, 2014

We have audited the accompanying financial statements of NYLOFILS INDIA 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''s Responsibility for the Financial Statements:

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting 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 15th September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 Statement, of the 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.

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in 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 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.

As required by the Companies'' (Auditor''s Report) Order, 2003 and according to the information and explanations given to us during the course of the audit and on the basis of such checks as were considered appropriate we report that:

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

b) The fixed assets have been physically verified by the management during the year. We are informed that no material discrepancies were noticed by the management upon such verification

The Company has sold substantial part of its Factory Building and Machinery in the Financial Year 2003-04, with

c) an intention to discontinue its Manufacturing Activity. It is stated by the Management that the trading activity will be continued.

2. The Company does not hold any inventories. Hence, the Clause (ii) of the order is not applicable.

3. a) The Company has taken loans from 1 party being companies, firms or other parties covered in the Register, maintained under Section 301 of the Companies Act, 1956. The balance outstanding during the year being 2.25 lakhs. The company has not granted any loans to companies, firms or other parties covered in the register, maintained under Section 301 of the Companies Act, 1956.

b) The rate of interest and other terms and conditions of loans taken/given by the company are prima facie not prejudicial to the interest of the company.

c) The payment of principal amount and interest, if applicable are also regular.

d) There are no overdue amounts of more than one lakh.

4 There are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets and sale of goods. In our opinion, there is no continuing failure to correct major weaknesses in internal control.

5 a) The Company has not entered into any transactions with any party, that needs to be entered in the register maintained under Section 301 of the Companies Act, 1956. We are informed that the said registers are appropriately maintained.

6 The company had not accepted any deposits from public within the meaning of Section 58A and Section 58AA of the Companies Act 1956

7 Neither the company''s paid-up capital and Free Reserves nor does its turnover warrant any internal audit system.

8 The company is not required to maintain cost records as prescribed in Sec 209(1)(d) of the companies act,1956

9 a) According to the information and explanations given to us, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income-tax, sale tax, wealth tax, customs duty, excise duty, cess and other material statutory dues applicable to it.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of income- tax, wealth-tax, sales-tax, customs duty, excise duty and cess are in arrears as at 31st March, 2014 for a period of more than six months from the date they became payable.

10 The Company has accumulated losses amounting to Rs.5,28,11,181.66 as at the end of the Financial Year which is more than its net worth and has incurred cash losses in the current financial year and in the immediately preceding financial year.

11 The company has not defaulted in repayment of its dues to banks and financial institutions. The Company has not issued any debentures.

12 The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures or other securities.

The provisions of any Special Statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund / Societies are not

13 applicable to the Company.

14 The Company is not dealing or trading in shares, securities and debentures.

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

16 The Company has not taken any term loan during the year.

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

18 The funds raised on short-term basis have not been used for long-term investment and vice-versa.

19 As the Company had not issued any debentures the issue of creation of securities does not arise.

20 The Company has not raised any money by way of public issues during the year.

21 On the basis of our examination and according to the information and explanations given to us, no fraud, on or by the Company, has been noticed or reported during the year.

For R A O & K U M A R, Chartered Accountants, FRN 03089S

(CA Anirban Pal) Partner. M.No. 214919 Place : Visakhapatnam Date: 26.05.2014

---

Mar 31, 2012

Not Available

---

Mar 31, 2010

We have examined the attached Balance Sheet of M/S NYLOFILS INDIA .LTD RAJAMUNDRY, as at 31st March 2010, and the annexed Profit & Loss Account for the year ending on that date and report that these financial statements are the responsibility of the Company’s Management. Our reconcilability is to express are opinion on these financial statements based on our audit.

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

1. As required by the companies (Auditors Report ) Order, 2003 issued by the company Law Board in terms of Section 227(4a) of the companies Act, 1956, we enclosed in the annexure a Statements on the matters spec field in the paragraph 4 and 5 of the said order.

2. Further to our comments in the Annexure referred to in Paragraph 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 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 appears from our examination of the books.

c. The Balance Sheet and Profile & Loss Account d55nar57thg^rt are in agreement w„h the Books of Account.

d) in our opinion and based on information and , nations given to jus rone of as on 31st March 2010 from being appointed as Directors in terms 01 owes, vy/ 274 of the Companies Act, 1956.

e) In our opinion the Balance Sheet and Profit and Loss Account dealt with by this report comply with, the accounting statements referred to in sub section (3)c of section 211 of the Companies Act, 1956

F) in our opinion and to the best of our information and according to expiations give to us, the said Balance Sheet and profit and loss Account read with the significant accounting policies and notes there on give the information required by the companies Act, 1956 in the Manner so required and:

g) In our opinion and to te best of our information and according to the explanations given as at 31st March 2010; and Balance Sheet and the Profit & Loss account read together with the notes thereon give a true and fair view;

i) in the cased of the Balance Sheet of the State of Affairs of the company as at 31stg march 2010; and

ii) in the case of profit and Loss Account, the LOSS of the Company for the year ended on that date

ANNEXURE TO AUDITORS’ REPORT

As required by the Companies (Auditors Report) order, 2003.and according to the information and explanations given to during the course of the audit and on the basis of such cheeks as were considered appropriate we report that:

1. a) The Company has maintained proper records showing fell particulars inducing quantitative details and situation of fixed assets.

b) The Fixed asserts have been physically verified by the management during the year. we are informed that no Material discrepancies were noticed by the management upon such verification.

c. The Company has sold substantial part of its Factory Building and Machinery in the Financial Year 2003-041 with a intention to discontinue is Manufacturing Activity it is stated by the Management that the Trading activity will be continued.

2 a) The Company does not hold any inventories. Hence. the Clause (ii) of the order is nut applicable.

3.a) The Company has not take any loans from companies Firms or other parties covered in the Register maintained under section 301 of the Companies Act1956. The Company has not granted any loans to companies, firms or there parties covered in the Register, maintained under section 301 of the companies act, 1956

b) The rate of interest and other terms and conditions of loans given by the company are prima facie no. prejudicial to the interest of the company.

c) The payment of principal amount and interest are also regular.

d) There are no overdue amounts of more than one lakh.

4. There are adequate internal control producer commensurate with the size of the Company and the nature of its business with regard to purchase on fixed assets and sales of goods. In our opinion, there is no continuing failure to correct major weakness in internal control.

5. The Company has not entered into any transactions that need to be entered in the register maintained under sec301 of the companies Act, 1956

6.The Company had not accepted any deposits from public within the meaning of sec 58A and Sec 58AA of the companies act1956

7 The company's not paid up capita, nor does its turnover warrant any internal, Audi, system.

8 The company is no, quire to maintain coos, records as prescribed in Sec 209(1„d, of ,he companies ac.,956

9 a0 Undisputed Statutory Dues including Provident Fund, Investors Education & Protection Fund, Employees State Insurance. Income Tax, Sales Tax, Wealth Tax, Services Tax, customs Duty, Excise Duty, and cess have been regularly deposited with the appropriate authorities though there has been allay in a few cases.

b) The Company does not have any undisputed Income Tax, Sales Tax, Customs Duty, Excise Duty and other Statutory dues payable out standing as on 31.03.2010 for more than six months from the date they became payable.

10 The Company has accumulated losses to the tune ofRS499 546 industrial company within financial year and in the immediately preceding Year. The company is a sick industrial Company within the meaning of Clause (o) of Sub-section (1) of section 3 of sick industrial companies (Special Provisions ) Act, 1985. The company has made an Application with BIFR, Ministry of Finance Government of India.

11 The company does not have any dues to banks and no debentures are issued.

13. The provisions of any special Statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund Societies are not applicable to the company.

14. The Company is not dealing or trading in shares, securities and debentures. However in respect of investments made in shares. It has maintained proper records of the transactions and has made entries therein. The Investments are held in its own name.

15. According to the information and explanation s given to us, the Company has not given any guarantee for loans taken by others from banks and financial institutions.

16. The Company has not taken any term loan during the year

17. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 during the year.

18. funds raised on shooter basis have no, been used talon. tempt investment and vice-versa.

19 The company has not raised any capital by way o, debentures.

20 The Company has nonbiased any money by way to public issues During the year.

For RAO & KUMAR,

Chartered Accountants

(V.V.RAMMOHAN)

Partner,