Auditor Report of Crysdale Industries Ltd.

Mar 31, 2024

We have audited the accompanying Ind AS financial statements of Relson India Limited (“the
Company”), which comprise the Balance Sheet as at 31^st March 2024, the statement of Profit
and Loss (Including Other Comprehensive Income), the Statement of Change in Equity and
the Statement of Cash Flows for the year ended on that date, and a summary of significant
accounting policies and other explanatory information (hereinafter referred to as the “Ind AS
financial statements”).

In our opinion and to the best of our information and according to the explanations given to
us, the aforesaid Ind AS financial statements give the information required by the Companies
Act, 2013 (the “Act”) in the manner so required and give a true and fair view in conformity
with the Indian Accounting Standards prescribed under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other
accounting principles generally accepted in India, of the state of affairs of the Company as at
31st March 2024, 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 of the financial statements in accordance with the Standards on
Auditing (“SA”s) specified under section 143(10) of the Act. Our responsibilities under those
Standards are further described in the Auditor’s Responsibility 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 (“ICAI”) together with
the ethical 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 obtained by us is sufficient and appropriate to provide a basis
for our audit opinion on the financial statements.

Key audit matters

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

Information Other than the financial statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the other information. The other
information comprises the information included in the Board’s Report including Annexures
to Board’s Report, Corporate Governance Report and Shareholder Information, but does not
include the financial statements and our auditor’s report thereon.

The Board’s Report, Annexures to Board’s Report, Corporate Governance Report and
Shareholder Information is expected to be made available to us after the date of this auditor''s
report. Our opinion on the Ind AS financial statements does not cover the other information
and we will not express any form of assurance conclusion thereon. In connection with our

audit of the Ind AS 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 Board’s Report, Report on Corporate governance and Business
Responsibility report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance and describe actions
applicable in the applicable laws and regulations.

Responsibilities of Management and Those Charged with Governance for the Ind AS
financial statements:

The Company’s board of directors are responsible for the matters stated in section 134(5) of
the Act with respect to the preparation of these Ind AS financial statements that give a true
and fair view of the financial position, financial performance, including other comprehensive
Income, changes in equity and cash flows of the Company in accordance with the Ind AS and
other accounting principles generally accepted in India, including the accounting standards
specified under section 133 of the Act. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting frauds and other irregularities,
selection and application of appropriate accounting policies; making judgements and
estimates that are reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the accuracy
and completeness of the accounting records, relevant to the preparation and presentation of
the financial statement 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.

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

Auditor’s Responsibility for the Audit of the Ind AS financial statements

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

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

• Identifying and assess the risks of material misstatements 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.

• Obtaining an understanding of internal financial control relevant to the audit in order
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 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 the 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 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 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.

Other Matters

The comparative financial information of the Company for the year ended 31st March 2023
prepared in accordance with Ind AS included in these financial statements have been audited
by the predecessor auditor. The report of the predecessor auditor on the comparative financial
information dated May 15, 2023 expressed an unmodified opinion.

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, based on our audit we report that:

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

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

c. The Balance Sheet, the Statement of Profit and Loss including Other
Comprehensive Income, Statement of Changes in Equity and the Statement of
Cash Flows dealt with by this report are in agreement with the relevant books of
account;

d. In our opinion, the aforesaid Ind AS financial statements comply with the Ind AS
specified under Section 133 of the Act, read with Companies (Indian Accounting
Standards) Rules, 2015, as amended;

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

f. With respect to the adequacy of the Internal Financial Controls over financial
reporting of the Company with reference to these financial statements and the
operating effectiveness of such controls, refer to our separate report in “Annexure
B”; Our report expresses an unmodified opinion on adequacy and operative
effectiveness of the Company’s internal financial controls over financial reporting;

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

In our opinion and to the best of our information and according to the explanations
given to us, the remuneration paid / provided by the Company to its directors
during the year is in accordance with the provisions of section 197 read with
Schedule V of the Act. The Ministry of Corporate Affairs has not prescribed other
details under Section 197(16) which are required to be commented upon by us.

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

i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements as referred to Note 10 to
financial statements.

ii. The Company did not have any long-term contracts including derivative
contracts; as such the question of commenting on any material foreseeable
losses thereon does not arise.

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

iv. (a) The management has represented that, to the best of its knowledge and
belief, as disclosed in Notes 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 person or entity, including foreign entities (“Intermediaries”),
with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of
the Company (“Ultimate Beneficiaries”) or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries;

(b) The management has represented that, to the best of its knowledge and
belief, as disclosed in Notes the financial statement, no funds have been
received by the Company from any persons or entities, including foreign
entities (“Funding Parties”), with the understanding, whether recorded in
writing or otherwise, that the Company shall, whether, directly or
indirectly, lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Funding Party (“Ultimate

Beneficiaries”) or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries; and

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

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

vi. 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 to the
Company with effect from April 1, 2023. Based on our examination which
included test checks, the company, in respect of financial year
commencing on April 01, 2023, has used Tally Prime 3.0 ("an accounting
software”) for maintaining its books of account, which don''t have a feature
of recording audit trail (edit log) facility.

For JMMK & Co.

(Earlier known as JMK & Co.)

Chartered Accountants

ICAI Firm Registration No. 120459W

Sd/-

Jitendra Doshi

Partner

Membership No: 151274

Place: Mumbai

Date: 30^th May, 2024

UDIN: 24151274BKEXJV5703

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Mar 31, 2014

We have audited the attached Balance Sheet of RELSON INDIA LIMITED as at 31st March, 2014 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that date and a summary of significant accounting policies and other explanatory information.

Managements Responsibility for the Financial Statements

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

Auditors'' Responsibility

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

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 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 said accounts together with notes thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

ii) In the case of Profit and Loss Account, of the Profit of the Company for the year ended on that date; and

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

Report on Other Legal and REgulatory Requirements

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

Further and subject 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 purpose of our audit;

b) In our opinion, proper books of accounts 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 and Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet and Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the mandatory accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of the written representations received from the directors, as on 31st March, 2014 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2014 from being appointed as director in terms of clause (g) of sub-section 1 of Section 274 of the Companies Act, 1956.

ANNEXURE TO THE AUDITORS'' REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2014 OF RELSON INDIA LIMITED

(Referred to in paragraph 1 thereof)

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

(b) All the Fixed Assets have not been physically verified by the management during the year but there is a regular programme of periodic verification in a phased manner, which in our opinion, is reasonable having regard to the size of the company and nature of fixed assets. No Material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, the Company has not disposed of substantial part of fixed assets during the year and the going concern status of the Company is not affected.

2. (a) The nature of business of company does not require it to hold inventory, and hence this clause is not applicable to the company.

3. (a) According to the information and explanation given to us, the company has not granted any loans covered in the register maintained under section 301 of the Companies Act, 1956.

(b) There is no amount overdue for more than rupees one lakh, since no loans have been granted.

(c) The Company has taken interest free Unsecured loan from one party covered in the registered maintained under section 301 of the companies Act, 1956, The maximum amount involved during the year was Rs. 17,44,879/- and the year-end balance was Rs. 17,44,879/-.

4. In our opinion, and according to the information and explanations given to us, there exist adequate internal control systems commensurate with the size of the Company and the nature of its business with regards to sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal controls.

5. According to the information and explanations given to us, there were no contracts or arrangements entered into Section 301 of the Companies Act, 1956 which were required to be entered in the register maintained under that section.

6. According to the Information and explanation given to us, the Company has not accepted any deposits during the year from public within the meaning of provisions of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules made thereunder.

7. In our opinion, the company has an adequate internal audit system commensurate with the size and nature of its Business.

8. The Central Government has not prescribed maintenance of cost records under sub-section (1)(d) of Section 209 of the companies Act, 1956 for any of the products of the Company.

9. According to the information and explanation given to us in respect of statutory dues:

a) As explained to us, the statutory dues of the Company comprises of Income Tax, Sales tax, Wealth Tax and Professional Tax. According to the information and explanations given to us, and verification of records of the Company, we are of the opinion that the Company is generally regular in depositing these statutory dues with appropriate authorities. There are no undisputed statutory dues as referred to above as at 31st March, 2014 except professional tax of Rs. 34,810.00/- and service tax payable Rs. 2089/- outstanding for a period more than six months from the date they become payable.

b) There were no undisputed amounts payable in respect of Income-tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory dues in arrears as at 31st March, 2014 for a period of more than six months from the date they became payable.

10. According to the information and explanations given to us, the Company has no accumulated losses at the end of the financial and it has not incurred cash losses in the current and immediately preceding financial year.

11. Based on our audit procedures and as per the information and explanations given by the management. The Company does not have any borrowings from Banks, financial institution or by way of debentures.

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

13. In our opinion the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4 (viii) of the companies (Auditors Report) order, 2003 are not applicable to the company.

14. The Company has maintained proper records of transaction and contracts in respect of Investments in securities and timely entries have been made therein. All Investments at the close of the year have been held in name of the company except to the extent of exemption; if any, granted under section 49 of the Act.

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

16. The Company has not raised funds/Loans during the year.

17. We have been informed by the management that the funds raised on short-term basis have not been used for long-term investment.

18. The Company has not made any preferential allotment of shares to parties or Companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. The company has not issued any debentures during the year.

20. During the year, the Company has not raised money by public issue(s).

21. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For AVS & CO. Chartered Accountants

Sanjay Minda Partner Place: Mumbai Membership No.: 046535 Date: 29.05.2014 Reg. NO. 113109W

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Mar 31, 2013

Report on the Financial Statements

We have audited the attached Balance Sheet of RELSON INDIA LIMITED as at 31st March, 2013 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that date.

Managements Responsibility for the Financial Statements

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

Auditors'' Responsibility

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

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 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, they said accounts together with notes thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India

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

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

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

Report on Other Legal and Regulatory Requirements

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

Further to our comments in the Annexure referred to 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 accounts 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 and Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet and Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the mandatory accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

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

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

(b) All the Fixed Assets have not been physically verified by the management during the year but there is a regular programme of periodic verification in a phased manner, which in our opinion, is reasonable having regard to the size of the company and nature of fixed assets. No Material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, the Company has not disposed of substantial part of fixed assets during the year and the going concern status of the Company is not affected.

2. (a) The procedures of verification followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(b) The Company is maintaining proper records of Inventory.

3. (b) According to the information and explanation given to us, the company has not granted any

loans covered in the register maintained under section 301 of the Companies Act, 1956

(b) There is no amount overdue for more than rupees one lakh, since no loans have been granted.

(c) The Company has taken interest free Unsecured loan from one party covered in the registered maintained under section 301 of the companies Act, 1956, The maximum amount involved during the year was Rs.16,54,658.18 and the year-end balance was

Rs.16,54,658.18.

4. In our opinion, and according to the information and explanations given to us, there exist adequate internal control systems commensurate with the size of the Company and the nature of its business with regards to sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal controls.

5. According to the information and explanations given to us, there were no contracts or arrangements entered into Section 301 of the Companies Act, 1956 which were required to be entered in the register maintained under that section.

6. According to the Information and explanation given to us, the Company has not accepted any deposits during the year from public within the meaning of provisions of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules made thereunder.

7. In our opinion, the company has an adequate internal audit system commensurate with the size and nature of its Business.

8. The Central Government has not prescribed maintenance of cost records under sub-section (l)(d) of Section 209 of the companies Act, 1956 for any of the products of the Company.

9. According to the information and explanation given to us in respect of statutory dues:

a) As explained to us, the statutory dues of the Company comprises of Income Tax, Sales tax, Wealth Tax and Professional Tax. According to the information and explanations given to us, and verification of records of the Company, we are of the opinion that the Company is generally regular in depositing these statutory dues with appropriate authorities. There are no undisputed statutory dues as referred to above as at 31st March, 2013 except professional tax of Rs. 34,810/- and'' tax deducted at source on contractor of Rs.1,177/- service tax payable Rs.2089/- outstanding for a period more than six months from the date they become payable.

b) There were no undisputed amounts payable in respect of Income-tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory dues in arrears as at 31st March, 2013 for a period of more than six months from the date they became payable.

10. According to the information and explanations given to us, the Company has no accumulated losses at the end of the financial and it has not incurred cash losses in the current and immediately preceding financial year

11. Based on our audit procedures and as per the information and explanations given by the management. The Company does not have any borrowings from Banks, financial institution or by way of debentures.

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

13. In our opinion the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4 (viii) of the companies (Auditors Report) order, 2003 are not applicable to the company.

14. The Company has maintained proper records of transaction and contracts in respect of Investments in securities and timely entries have been made therein. All Investments at the close of the year have been held in name of the company except to the extent of exemption ; if any, granted under section 49 of the Act.

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

16. The Company has not raised funds / Loans during the year.

17. We have been informed by the management that the funds raised on short-term basis have not been used for long-term investment.

18. The Company has not made any preferential allotment of shares to parties or Companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. The company has not issued any debentures during the year.

20. During the year, the Company has not raised money by public issue(s).

21. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For AVS & CO.

Chartered Accountants

Reg. NO.113109W



Sd/.

Place: Mumbai Sanjay Minda

Date: 29.5.2013 Partner

Membership No.: 046535

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Mar 31, 2010

1. We have audited the attached Balance Sheet of RELSON INDIA LIMITED, Mumbai as at 31st March, 2010 and also the Profit and Loss Account and the Cash Flow Statement 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 the auditing standards generally accepted inIndia. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003, as amended by Companies (Auditors Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of Sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further and subject 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 appears from our examination of those books;

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

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

(e) On the basis of written representations received from the directors, as on 31st March, 2010, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 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;

(i) Debit and Credit balance including secured and unsecured loans, sundry debtors, Loans and advances given and sundry creditors are subject to confirmation and reconciliation if any;

(ii)Note No. B -9 of Schedule L, regards non-transfer of some of the investments in the name of the company and no physical verification of investments.

(f) Subject to matter referred in para 4 f (i) andf(ii), whose impact on companys Profit /Reserves is not presently ascertainable, In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with other Notes thereon and in particular Note B-8 of Schedule "L" regarding non disclosure of amount owed to small scale industrial undertaking, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the State of Affairs of the Company as at 31st March, 2010;

(b) In the case of Profit and Loss Account, of the Profit of the Company for the year ended on that date; and

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



ANNEXURE TO THE AUDITORS REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2010 OF RELSON INDIA LIMITED

(Referred to in paragraph 3 thereof)

1. (a) Fixed Assets records showing full particulars, including qualitative details and situation of fixed assets are being compiled by the Company.

(b) As explained to us, fixed assets has not physically verified by the management during the year.

(c) No disposal of fixed assets of the Company has taken place during the year.

2. The Companys nature of operation does not require it to hold the inventories and hence this clause of the order is not applicable.

3. (a) According to the information and explanation given to us, the company has not granted any loans covered

in the register maintained under section 301 of the Companies Act, 1956

(b) The Company has taken interest free Unsecured loan from one party covered in the registered maintained under section 301 of the companies Act, 1956, The maximum amount involved during the year was Rs. 13,34164.18 and the year-end balance was 13,34,164.18.

(c) In our opinion, terms and conditions on which loans have been granted to parties listed in the register maintained under section 301of the Companies Act, 1956 are no,t prima facie, prejudicial to the interest of the company.

(d) The loans taken is repayable on demand and we ere given to understand that the loan has not yet been recalled by the company

4.In our opinion, and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business with regards to sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal controls.

5. (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the particulars of the contracts and arrangements that need to be entered in the register maintained in section 301 of the Companies Act, 1956 have been so entered.

5 (b) In our opinion and according to the information and explanations given to us, the transaction made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 have been made at prices, which are reasonable, having regard to prevailing market prices at the relevant time.

6. During the year the Company has not accepted any deposits to which provisions of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under would apply.

7. As explained to us, the Company does not have its own internal audit department or entrusted the work of internal audit to outside agency, but its control procedure ensure reasonable internal checking of its financial and other records.

8. The Central Government has not prescribed maintenance of cost records under sub-section (l)(d) of Section 209 of the companies Act, 1956 for any of the products of the Company.

9. (a) As explained to us, the statutory dues of the Company comprises of Income Tax, Sales tax, Wealth Tax and Professional Tax. According to the information and explanations given to us, and verification of records of the Company, we are of the opinion that the Company is generally regular in depositing these statutory dues with appropriate authorities. There are no undisputed statutory dues as referred to above as at 31st March, 2010 except professional tax of Rs. 27,310/- and tax deducted at source on contractor of Rs. 1,177/- & on Professional Fees Rs.3,309/- outstanding for a period more than six months from the date they become payable.

(b) According to the records of the Company and information and explanation given to us, there are no dues in respect of Income Tax, Wealth Tax, Sales Tax and Profession Tax, which have not been deposited on account of dispute with tax authorities.

10. The Company has been registered for more than five years and its accumulated losses at the end of the financial year are not exceeding 50% of its Net worth. The Company has not incurred cash losses in the financial year covered under audit as well as in the immediately preceding financial year.

11. The Company has neither taken any loan from banks and financial institutions nor issued any debentures.

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

13. The Company is not carrying the chit fund business and hence the provisions of any special statute applicable to chit fund are not applicable.

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

15. The Company has not given any guarantee for loans taken by others from bank or financial institutions.

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

17. The Company has not raised any funds during the year.

18. The Company has not made any preferential allotment of shares to parties or companies covered in the Register maintained under section 301 of the Companies Act, 1956.

19. The company has not issued any debentures during the year.

20. During the year, the Company has not raised money by public issue(s).

21. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

Place: Mumbai For AVS & CO.

Date: 29.05.2010

Chartered Accountants

Sanjay Minda

Partner

Membership No: 046535

---

Mar 31, 2003

We have audited the attached Balance Sheet of Relson India Limited as at 31st March, 2003, and also the Profit and Loss Account for the year ended on that date annexed thereto and the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statement 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 the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Manufacturing and Other Companies (Auditors Report) Order, 1988 issued by the Company Law Board, in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure here to a statement on the matters specified in paragraph 4 and 5 of the said order.

2. Further to our comments in the Annexure referred to in paragraph 1 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 appears from our examination of those books;

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

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

e. On the basis of written representations received from the directors, as on 31st March, 2003 and taken on record by the Board of Director, we report that none of the Directors is disqualified as on 31st March, 2003 from being appointed as director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

f. (i) Note No. B-9 ScheduleK, regarding no reconciliation and confirmation in respect of certain Bank Accounts.

(ii) Debit and Credit balance including secured and unsecured loans, sundry debtors, Loans and advances given and creditors are subject to confirmation and reconciliation.

(iii) Note No. B - 10 (ii) Schedule K, regarding non-transfer of some of the investments in the name of Relson India Ltd.

Subject to matter referred in para 2 f (i) to f (iii) whose impact on companys Loss / reserves is not presently ascertainable, In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with the notes particularly note No. 8 regarding SSI dues thereon and attached there to give in the prescribed manner the information required by the Companies Act, 1956, and also give a true and fair view in conformity with the accounting principles generally accepted in India;

1. In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2003; and

2. In the case of Profit and Loss account, of the Loss for the year ended on that date.

3. 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 1 of our report of even date)

1. Fixed Assets records showing full particulars, including quantitative details and situation of fixed assets are being compiled by the company. During the year, the fixed assets had not been physically verified by the management.

2. None of the Fixed Assets have been revalued during the year.

3. Not Applicable as the Company does not have stock at the year-end.

4. Not Applicable in view of clause No. iii.

5. Not Applicable in view of clause No. iii.

6. Not Applicable in view of clause No. iii.

7. According to the information and explanations given to us, the rate of interest and other terms and conditions of secured or unsecured loans taken during the year by the Company from the firms, companies, or parties listed in Register maintained under section 301 of the Companies Act, 1956, are prima-facie not prejudicial to the interest of the Company.

8. According to the information and explanations given to us, the rate of interest and other terms and conditions of secured or unsecured loans granted during the year by the Company to the firms, companies, or parties listed in Register maintained under section 301 of the Companies Act, 1956, are prima-facie prejudicial to the interest of the Company

9. All the parties to whom the loans or advances in the nature of loans, have been given by the company are generally not been regular in repaying the principal amounts as stipulated. As being informed to us, the company is taking adequate steps to recover this amount.

10. In our opinion and according to the information and explanations given to us and looking to the nature of activities of the Company there exist reasonable Internal control system and we are satisfied with the same.

11. There are no transaction of purchase of goods and materials and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956.

12. There are no unserviceable or damaged stores, raw materials, or finished goods.

13. The Company has not accepted deposit from public as specified under section 58A of the Companies Act, 1956.

14. Not Applicable to the Company as there is no sale or disposal of realisable by products and scraps.

15. We are being informed that no internal audit system existed during the year.

16. Provision regarding maintenance of cost records has not been prescribed by the Central Government.

17. According to the information and explanations given to us, the company is generally being regular in payment of the Provident fund dues.

18. There are no undisputed amounts payable in respect of Income tax, Sales tax, Wealth tax, Customs duty and Excise duty as at the last day of the financial year, for a period of more than six months from the date they became payable.

19. On the basis of (i) the examination of the books of accounts of the Company, (ii) the vouchers examined by us on a test check basis, (iii) the explanations given to us against our enquiries and to the best of knowledge and belief, no personal expenses have been charged to revenue account except those which were either incurred under service contract obligations or which were incurred in accordance with normally accepted business practices.

20. The Company is not a Sick Company within the meaning of clause (o) of sub- section (1) of section 3 of the Sick Industrial Companies (Special Provisions) Act, 1988.

For M. V. Damania & Co. Chartered Accountants

Malay Damania Partner

Place : Mumbai

Date : 30th June, 2003

---

Mar 31, 2002

We have audited the attached Balance Sheet of Relson India Limited as at 31st March, 2002 and the relative Profit & Loss Account for the year ended on that date, both of which we have signed under reference to this report. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on this financial statement based on our audit.

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

1. As required by the Manufacturing and Other Companies (Auditors Report) Order, 1988 issued by the Central Government of India in terms of section 227(4A) of The Companies Act, 1956 of India (the Act) and on the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of audit, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

2. Further to our Comments in the Annexure referred to in paragraph 1 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 appears from our examination of those books;

c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance sheet and the profit & Loss Account dealt with by this report have been prepared in compliance with the applicable Accounting standard referred to in section 211(3C) of the Companies Act, 1956;

e) On the basis of the written representation received from the Directors, as on 31st March, 2002 and taken on record by the Board of Directors of the Company, none of the Directors is disqualified as on 31st March, 2002 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

f) Debit and Credit balances including secured and unsecured loans, Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation and reconciliation;

g) Note No. 9 of Schedule K regarding maintenance of stock records.

Subject to matter referred in para 2(a) to 2(e) and particularly in para 2(f) and 2(g) whose impact on companies profit / reserves is not presently ascertainable, In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with the notes particularly note No. 8 regarding SSI dues thereon and attached there to give in the prescribed manner the information required by the Companies Act, 1956, and also give a true and fair view in conformity with the accounting principles generally accepted in India;

1. In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2002; and

2. In the case of Profit and Loss account, of the Profit for the year ended on that date.

Annexure To The Auditors Report (referred to in paragraph 1 of our report of even date)

1. The Company has maintained proper records showing full particulars including quantitative details and situations of its Fixed Assets. We have been informed that the fixed assets have not been physically verified by the management during the year.

2. None of the Fixed Assets have been revalued during the year.

3. Not Applicable as the Company does not have stock at the year-end.

4. Not Applicable in view of clause No. iii.

5. Not Applicable in view of clause No. iii.

6. Not Applicable in view of clause No. iii.

7. According to the information and explanations given to us, the rate of interest and other terms and conditions of secured or unsecured loans taken during the year by the Company from the firms, companies, or parties listed in Register maintained under section 301 of the Companies Act, 1956, are prima-facie not prejudicial to the interest of the Company.

8. According to the information and explanations given to us, the rate of interest and other terms and conditions of secured or unsecured loans granted during the year by the Company to the firms, companies, or parties listed in Register maintained under section 301 of the Companies Act, 1956, are prima-facie prejudicial to the interest of the Company

9. All the parties to whom the loans or advances in the nature of loans, have been given by the company are generally not been regular in repaying the principal amounts as stipulated. As being informed to us, the company is taking adequate steps to recover this amount.

10. In our opinion and according to the information and explanations given to us and looking to the nature of activities of the Company there exist reasonable Internal control system and we are satisfied with the same.

11.There are no transaction of purchase of goods and materials and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956.

12.There are no unserviceable or damaged stores, raw materials, or finished goods.

13.The Company has not accepted deposit from public as specified under section 58A of the Companies Act, 1956.

14.Not Applicable to the Company as there is no sale or disposal of realisable by products and scraps.

15. We are being informed that no internal audit system existed during the year.

16.Provisions regarding maintenance of cost records have not been prescribed by the Central Government.

17.According to the information and explanations given to us, the Provident fund and E.S.I.C. rules are not applicable to the company.

18.There are no undisputed amounts payable in respect of Income tax, Sales tax, Wealth tax, Customs duty and Excise duty except Professional tax of Rs. 10,600/- as at the last day of the financial year, for a period of more than six months from the date they became payable.

19. On the basis of (i) the examination of the books of accounts of the Company, (ii) the vouchers examined by us on a test check basis, (iii) the explanations given to us against our enquiries and to the best of knowledge and belief, no personal expenses have been charged to revenue account except those which were either incurred under service contract obligations or which were incurred in accordance with normally accepted business practices.

20.The Company is not a Sick Company within the meaning of clause (o) of sub-section (1) of section 3 of the Sick Industrial Companies (Special Provisions) Act, 1988.

For M. V. Damania & Co. Chartered Accountants

Malay Damania Partner

Membership No. 42278

Place : Mumbai Date : 13th August, 2002