Auditor Report of Elitecon International Ltd.

Mar 31, 2025

We have audited the accompanying financial statements
of ELITECON INTERNATIONAL LIMITED ("the Company”),
which comprise the balance sheet as at 31st March 2025,
the statement of profit and loss, statement of changes
in equity and statement of cash flows for the year
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
explanations given to us, the aforesaid 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 accounting principles
generally accepted in India of the state of affairs of the
Company as at 31st March, 2025, and the net profit
(including other comprehensive income), changes in equity
and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards
on Auditing (SAs) specified under section 143(10) of

the 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 (ICAI) together with
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 ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that
the audit evidences we have obtained are sufficient and
appropriate to provide a basis for our opinion.

Key Audit Matters

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

Key audit matters

Auditor''s response

Revenue from operation (I) According to Ind AS 115, revenue to be recognized on satisfaction of performance obligation and transfer of control pertaining to goods and/ or services. (II) Determination of transaction price for measurement of revenue according to Ind AS 115.

Our audit procedure inter- alia included the following- • We assessed the company’s accounting policy for timing of revenue recognition assess compliances in terms of Ind AS-115 on ‘Revenue from contract with customers.’ • On a sample basis we have tested orders or contract with customers, sales invoices raised by the company to determine timing of transfer of control along with transaction price. • We performed year end cut off procedures to determine whether revenues are recorded in the correct period. • We used assessment of overall control environment relevant for measurement of revenue. • We performed testing of journal entries, with particular focus on manual adjustment to revenue account including elimination of inter- branch transfer in total turnover in order to mitigate the risk of manipulation of revenue and/ or profit figures.

Information other than the Financial Statements
and Auditor’s Report thereon

The Company’s Board of Directors is responsible for the
preparation of the other information. The other information
comprises the information included in the Management
Discussion and Analysis, Board’s Report including
Annexure to Board’s Report, Business Responsibility
Report, Corporate Governance and Shareholder’s
Information, but does not include the financial statements
and the 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 the other information is
materially inconsistent with the financial statements or
our knowledge obtained during the course of our audit or
otherwise appears to be materially misstated.

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

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,
changes in equity and cash flows of the Company in
accordance with the applicable accounting standards and
the other accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the
Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance
of adequate internal financial controls, that are operating
effectively for insuring 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 misstatements,
whether due to fraud or error.

In 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 is 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 a reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and
to issue our 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 due to 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 the SAs, we
exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

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

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

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

(iv) 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.

(v) 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 controls 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 reasonable be thought to bear on our
independence, and where applicable, relevant 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, 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’), as amended, issued by the
Central Government of India in terms of sub-section
(11) of section 143 of the Act, we give in 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 and proper returns adequate for the
purposes of the audit have been received from
branches not visited by us;

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

d. In our opinion, the aforesaid financial statements
comply with the applicable accounting standards
specified under Section 133 of the Act;

e. On the basis of the written representations
received from the directors as on 31st March,
2025 taken on record by the Board of Directors,
none of the directors is disqualified as on
31stMarch, 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. Our report
expresses an unmodified opinion on the
adequacy and operating effectiveness of the
Company’s internal financial controls with
reference to financial statements.

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 has disclosed the impact, if
any of pending litigations on its financial
position, in its financial statements [Refer
note no. 25(1) of the financial statements].

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

iii. The Company is not required to transfer
any amount to the Investor Education and
Protection Fund.

iv. (a) The management has represented

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

(b) The management has represented,
that, to the best of its knowledge and
belief, other than as disclosed in the
notes to the accounts, no funds have
been received by the company from
any person(s) or entity(ies), including
foreign entities (“Funding Parties”),
with the understanding, whether
recorded in writing or otherwise, that
the company shall, whether, directly

or indirectly, lend or invest in other
persons or entities identified in any
manner whatsoever by or on behalf
of the Funding Party ("Ultimate
Beneficiaries”) or provide any
guarantee, security or the like on behalf
of the Ultimate Beneficiaries; and

(c) Based on such audit procedures
we have obtained reasonable
and appropriate evidence in the
circumstances; nothing has come
to our notice that has caused us to
believe that the representations under
sub-clause (i) and (ii) contain any
material mis-statement.

v. No Dividend has been declared or paid
by the company during the period by this
report in pursuance with Section 123 of the
Companies Act 2013.

vi. Based on examination, which includes test
checks, the Company has used accounting
software for maintaining its books of
account for the financial year ended on
31st March 2025 which has a feature of
recording audit trail (edit log) facility and

the same has been operated throughout the
year for all relevant transactions recorded
in the software. Further, during the course
of our audit and the audit trail feature has
not been tampered with and the audit
trail has been preserved as per statutory
requirement for record retention.

h. In our opinion and according to the information
and explanations given to us, the company
has paid remuneration to its director during
the current financial year in accordance with
the provisions laid down under section 197 of
the Act, read with Schedule V of the Act are
being complied.

FOR V.N. PUROHIT & CO.

Chartered Accountants

Firm Regn. No. 304040E

O.P. Pareek

Partner

Membership No. 014238

UDIN: 25014238BMJMBW5986

New Delhi, 27th day of May 2025

---

Mar 31, 2024

We have audited the accompanying financial statements of ELITECON INTERNATIONAL
LIMITED (formerly known as Kashiram Jain & Company Limited) (“the Company”), which
comprise the balance sheet as at 31^st March 2024, the statement of profit and loss, statement
of changes in equity and statement of cash flows for the year 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 explanations given to us, the aforesaid
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 accounting
principles generally accepted in India of the state of affairs of the Company as at 31^sl March,
2024, and the net profit (including other comprehensive income), changes in equity and its
cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the 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 (ICAI) together with 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 ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audit evidences we have obtained
are sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

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

Key audit matters

Auditor’s response

Revenue from operation (1) According to ind AS 115, revenue to be recognized on satisfaction of performance obligation and transfer of control pertaining to goods and/ or services. (It) Determination of transaction price for measurement of revenue according to Ind AS 115.

Our audit procedure inter- alia included the following- • We assessed the company''s accounting policy for timing of revenue recognition assess compliances in terms of Ind AS-115 on ‘Revenue from contract with customers.’ • On a sample basis we have tested orders or contract with customers, sales invoices raised by the company to determine timing of transfer of control along with transaction price. • We performed year end cut off procedures to determine whether revenues are recorded in the correct period. • We used assessment of overall control environment relevant for measurement of revenue. • We performed testing of journal entries, with particular focus on manual adjustment to revenue account including elimination of inter- branch transfer in total turnover in order to mitigate the risk of manipulation of revenue and/ or profit figures.

Information other than the Financial Statements and Auditor’s Report thereon

The Company’s Board of Directors is responsible for the preparation of the other information.
The other information comprises the information included in the Management Discussion and
Analysis, Board''s Report including Annexure to Board’s Report, Business Responsibility
Report, Corporate Governance and Shareholder’s information, but does not include the
financial statements and the 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 the other information is materially
inconsistent with the financial statements or our knowledge obtained during the course of
our audit or otherwise appears to be materially misstated.

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

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, changes in equity and cash flows of the
Company in accordance with the applicable accounting standards and the other accounting
principles generally accepted in India. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding of
the assets of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and estimates
that are reasonable and prudent; and design, implementation and maintenance of adequate
internal financial controls, that are operating effectively for insuring 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 misstatements,
whether due to fraud or error.

in 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 is 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 a reasonable assurance about whether the financial statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue our
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 due to 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 the SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also;

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

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

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

(iv) 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 upto
the date of our auditor’s report. However, future events or conditions may cause the
Company to cease to continue as a going concern.

(v) Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the
underlying 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 controls 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 reasonable be thought to bear on our independence,
and where applicable, relevant 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, 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

We draw attention to Note no. 23(16) of the financial statements, The Company’s net worth
has been fully eroded. However, having regard financial support from its promoters, the
financial statements have been prepared on the basis that the Company is a going concern and
that no adjustments are required to the carrying value of assets and liabilities. Our opinion is
not qualified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (‘the Order’), as amended,
issued by the Central Government of India in terms of sub-section (11) of section 143 of
the Act, we give in 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 and proper returns
adequate for the purposes of the audit have been received from branches not visited
by us;

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

d. In our opinion, the aforesaid financial statements comply with the applicable
accounting standards specified under Section 133 of the Act;

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

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 has disclosed the impact, if any of pending litigations on its
financial position, in its financial statements [Refer note no. 23(1) of the
financial statements].

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

iii. The Company is not required to transfer any amount to the Investor Education
and Protection Fund.

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

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

(c) Based on such audit procedures we have obtained reasonable and
appropriate evidence in the circumstances; nothing has come to our notice that
has caused us to believe that the representations under sub-clause (i) and (ii)
contain any material mis-statement.

v. No Dividend has been declared or paid by the company during the period by this
report in pursuance with Section 123 of the Companies Act 2013.

vi. Based on examination, which includes test checks, the Company has used
accounting software for maintaining its books of account for the financial year
ended on 31^st March 2024 which has a feature of recording audit trail (edit log)
facility and the same has been operated throughout the year for all relevant
transactions recorded in the software. Further, during the course of our audit
and the audit trail feature has not been tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable
from 1^st April 2023, reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014 on preservation of audit trail as per statutory
requirements for the record retention is not applicable for the financial year
ended on 31^st March 2024.

h. In our opinion and according to the information and explanations given to us, the
company has paid remuneration to its director during the current financial year in
accordance with the provisions laid down under section 197 of the Act, read with
Schedule V of the Act are being complied.

FOR V.N. PUROH1T a CO.

Chartered Accountants

Firm Regn. No. 304040E

^((*/ Ne$J)clhi Wjj

O.P. Pardek

Partner

Membership No. 014238

UDIN: - 24014238BKAUCD4293

New Delhi, 28^th day of May 2024

---

Mar 31, 2015

We have audited the accompanying standalone financial statements of KASHIRAM JAIN AND COMPANY LTD ("the Company"), which comprises the Balance Sheet as at March 31, 2015, the Statement of Profit, and Loss for the year ended March 31, 2015, and a summary of significant accounting policies and other explanatory information.

2. Management's Responsibility for the Standalone Financial Statements

Management is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ('the Act') with respect to the preparation of these Standalone financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the Accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

3. Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken in to account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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 of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place and adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's directors, 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 on the standalone financial statements

4. Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the 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 31st March, 2015, and its profit/ loss

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015;

b) in the case of the Profit and Loss Statement, of the profit for the year ended March 31, 2015.

5. Report on Other Legal and Regulatory Requirements

a. As required by the Companies (Auditor's Report) Order, 2015("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure A statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

b. 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 purpose of our audit;

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

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

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

e) On the basis of written representations received from the directors as on March 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of section 164 (2) of the Companies Act, 2013;

FOR NMV & Co. Chartered Accountants Registration No. 327453E

Sd/- CA Nitesh Agarwal Partner M. No. 300071

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Mar 31, 2014

We have audited the accompanying financial statements of KASHIRAM JAIN AND COMPANY LIMITED which comprise the Balance Sheet as at March 31, 2014, 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 of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

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

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

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

Opinion

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

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

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of 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. The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards issued by the Institute of Chartered Accountants of India, to the extent applicable to the Company, as referred to in subsection (3C) of section 211 of the Companies Act, 1956, read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the CompaniesAct,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.

Annexure to Independent Auditors' Report

Referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date

1. In respect of Fixed Assets:

a. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets on the basis of available information.

b. As explained to us, the management has physically verified the Fixed Assets of the Company at reasonable intervals and no material discrepancies have been noticed on such physical verification.

c. During the year the Company has not disposed off substantial part of fixed assets and the going concern status of the Company is not affected.

2. In respect of Inventories:

a. No inventories is held by the Company at any time during the year.

3. In respect of Loans:

a. The Company didn't grant or take any loans, secured or unsecured from Companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. Consequently, the requirements of Clauses (iii) (b), (iii)(c), (iii)(d), (iii)(e), (iii)(f) and (iii)(g) of Paragraph 4 of the Order are not applicable.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases/sale of inventory, fixed assets and with regard to the sale of goods/services. During the course of our audit, we have not observed any continuing failure to correct major weakness in the internal control.

5. In respect of transaction covered under section 301 of the Companies Act, 1956:

a. According to the information and explanations given to us, there are no transactions that need to be entered in the register maintained under Section 301 of the Act.

6. According to the information and explanations given to us, the Company has not accepted any deposits from public, hence provisions of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and rules made there under are not applicable to the Company.

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

8. As informed and explained to us, maintenance of cost records has not been prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956.

9. In respect of statutory dues;

a. According to the records of the Company, undisputed statutory dues including Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty and other Statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2014 for a period of more than six months from the date of becoming payable.

10. The company does not have accumulated losses as at the end of the financial year. The Company has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to banks. The Company has not taken any loans from financial institutions and has not issued debentures.

12. In our opinion and information and explanation given to us and based on the information available, the Company has not granted any loans on the basis of security by way of pledge of shares, debentures or other securities.

13. In our opinion the Company is not a chit fund or a nidhi/society. There fore the provisions of clause 4 (xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

14. Based on our examination of the records and evaluation of the related internal controls, we are of the opinion that proper records have been maintained by the Company of the transactions and contracts and timely entries have been made in those records. We also report that the Company has held the investments in its own name.

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

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

17. Based on information and the explanations given to us and on the basis of over all review of the Financial Statements of the Company, funds raised for short term purposes have, prima facie, not been used for long term requirement.

18. The company has not made any preferential allotment of shares during the year.

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

20. The company has not made any public issue during the year. Therefore the provisions of clause 4(xx) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

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

For Patni & Associates Chartered Accountants (Registration No. 327367E)

CA Chandan Patni Partner Guwahati : August 16, 2014 Membership No. 300578

---

Mar 31, 2013

We have audited the accompanying financial statements of KASHIRAM JAIN AND COMPANY LIMITED, which comprise the Balance Sheet as at March 31,2013, 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 of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

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

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

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

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 31,2013;

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of 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, 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 comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

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

Annexure to Independent Auditors Report

Referred to in Paragraph:1 under the heading of Report on Other Regulatory Requirementsof our report of even date

1. In respect of Fixed Assets:

a. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets on the basis of available information.

b. As explained to us, the management has physically verified the Fixed Assets of the Company at reasonable intervals and no material discrepancies have been noticed on such physical verification.

c. During the year the Company has not disposed off substantial part of fixed assets and the going concern status of the Company is not affected.

2. In respect of Inventories:

a. No inventories is held by the Company at any time during the year.

3. in respect of Loans:

a. The Company didn't grant or take any loans, secured or unsecured from Companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. Consequently, the requirements of Clauses (iii) (b), (iii)(c), (iii)(d), (iii)(e), (iii)(f) and (iii)(g) of Paragraph 4 of the Order are not applicable.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases/sale of inventory, fixed assets and with regard to the sale of goods/services. During the course of our audit, we have not observed any continuing failure to correct major weakness in the internal control.

5. In respect of transaction covered under section 301 of the Companies Act, 1956:

a. According to the information and explanations given to us, there are no transactions that need to be entered in the register maintained under Section 301 of the Act.

6. According to the information and explanations given to us, the Company has not accepted any deposits from public, hence provisions of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and rules made there under are not applicable to the Company.

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

8. As informed and explained to us, maintenance of cost records has not been prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956.

9. In respect of statutory dues:

a. According to the records of the Company, undisputed statutory dues including Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty and other Statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2013 for a period of more than six months from the date of becoming payable.

10. The company does not have accumulated losses as at the end of the financial year. The Company has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to banks. The Company has not taken any loans from financial institutions and has not issued debentures,

12. In our opinion and information and explanation given to us and based on the information available, the Company has not granted any loans on the basis of security by way of pledge of shares, debentures or other securities.

13. In our opinion the Company is not a chit fund or a nidhi/society. There fore the provisions of clause 4 (xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

14. Based on our examination of the records and evaluation of the related internal controls, we are of the opinion that proper records have been maintained by the Company of the transactions and contracts and timely entries have been made in those records. We also report that the Company has held the investments in its own name.

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

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

17. Based on information and the explanations given to us and on the basis of over all review of the Financial Statements of the Company, funds raised for short term purposes have, prima facie, not been used for long term requirement.

18. The company has not made any preferential allotment of shares during the year.

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

20. The company has not made any public issue during the year. Therefore the provisions of clause 4(xx) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

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

For Patni & Associates Chartered Accountants (Registration No 327367E)

CA Chandan Patni Partner Guwahati: August 16,2013 Membership No. 300578

---

Mar 31, 2012

1. We have audited the attached Balance Sheet of KASHIRAM JAIN AND COMPANY LIMITED as at March 31, 2012 and also Profit and Loss Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material 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 the Companies (Auditor's Report) (Amendment) Order, 2004 (together the 'Order') issued by Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

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

iii) The Balance Sheet, Profit and Loss Statement and cash flow statement dealt with by this report are in agreement with the books of account;

iv) In our opinion, the Balance Sheet, Profit and Loss Statement and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

v) On the basis of written representations received from the Directors, as on 31st March, 2012, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2012 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with significant accounting policies and 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:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012; and

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

c) in the case of cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE TO AUDITORS' REPORT

Referred to in paragraph 3 of our report of even date

As required by the Companies (Auditors' Report) Order, 2003 issued by Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, and on the basis of such checks as we considered appropriate we further report that:

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

b) As explained to us, the Company has physically verified certain assets, in accordance with a phased program of verification, which on our opinion is reasonable, having regard to the size of the company. No material discrepancies were noticed on such verification.

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

2) No stocks of goods is held by the Company at any time during the year.

3) The Company neither granted nor taken any loans, secured or unsecured from companies, firms or other parties covered in register maintained under section 301 of the Act. Consequently, clauses (iii)(b), (iii)(c), (iii)(d), (iii)(f) and (iii)(g) of paragraph 4 of the order are not applicable.

4) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business.

5) According to the information and explanations given to us, there are no transactions that need to be entered into the register maintained in pursuance of Section 301 of the Companies Act, 1956.

6) The Company has not accepted any deposits from the public during the year under audit hence provision of section 58A, 58AA or any other relevant provision of the Companies Act, 1956 and rules made there under are not applicable to the Company.

7) In our opinion, the Company has an internal audit system commensurate with its size and nature of its business.

8) As informed and explained to us, the Central Government has not prescribed the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956.

9) a) The Company is regular in depositing undisputed statutory dues. According to the information and explanations, there were no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess and other statutory dues which have remained outstanding as at 31st March, 2012 for a period of more than six months from the date they became payable.

b) There are no disputed dues which have remained unpaid as on 31st March, 2012 in respect of sales tax, income tax, service tax, custom duty, wealth tax, excise duty, cess etc.

10) The company does not have any accumulated losses as at the end of the financial year and has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

11) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to Banks. The Company has not taken any loans from financial institutions and has not issued debentures.

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

13) Provisions of any special statute applicable to chit funds are not applicable to the Company.

14) Based on our examination of the records and evaluation of the related internal controls, we are of

the opinion that proper records have been maintained by the Company of the transactions and contracts and timely entries have been made in those records. We also report that the Company has held the investments in its own name.

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

16) The Company has not taken any term loans.

17) The Company has not raised any short or long term funds.

18) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

19) The Company has never issued any debentures.

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

21) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our Audit.

For Patni & Associates Chartered Accontants F.R.No.327367E

Place:Guwahati Date: August 29, 2012

Sd/- Chandan Patni Proprietor Membership No.300578

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Mar 31, 2011

1. We have audited the attached Balance Sheet of KASHIRAM JAIN AND COMPANY LIMITED as at March 31, 2011 and also Profit and Loss Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material 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 the Companies (Auditor's Report) (Amendment) Order, 2004 (together the 'Order') issued by Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

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

iii) The Balance Sheet, Profit and Loss Statement and cash flow statement dealt with by this report are in agreement with the books of account;

iv) In our opinion, the Balance Sheet, Profit and Loss Statement and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

v) On the basis of written representations received from the Directors, as on 31st March, 2011, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2011 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with significant accounting policies and 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:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011; and

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

c) in the case of cash flow statement, of the cash flows for the year ended on that date.

Referred to in paragraph 3 of our report of even date

As required by the Companies (Auditors' Report) Order, 2003 issued by Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, and on the basis of such checks as we considered appropriate we further report that:

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

b) As explained to us, the Company has physically verified certain assets, in accordance with a phased program of verification, which on our opinion is reasonable, having regard to the size of the company. No material discrepancies were noticed on such verification.

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

2) No stocks of goods is held by the Company at any time during the year.

3) The Company neither granted nor taken any loans, secured or unsecured from companies, firms or other parties covered in register maintained under section 301 of the Act. Consequently, clauses (iii)(b), (iii)(c), (iii)(d), (iii)(f) and (iii)(g) of paragraph 4 of the order are not applicable.

4) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business.

5) According to the information and explanations given to us, there are no transactions that need to be entered into the register maintained in pursuance of Section 301 of the Companies Act, 1956.

6) The Company has not accepted any deposits from the public during the year under audit hence provision of section 58a, 58AA or any other relevant provision of the Companies Act, 1956 and rules made there under are not applicable to the Company.

7) In our opinion, the Company has an internal audit system commensurate with its size and nature of its business.

8) As informed and explained to us, the Central Government has not prescribed the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956.

9) a) The Company is regular in depositing undisputed statutory dues. According to the information and explanations, there were no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues which have remained outstanding as at 31st March, 2011 for a period of more than six months from the date they became payable.

b) There are no disputed dues which have remained unpaid as on 31st March, 2011 in respect of sales tax, income tax, service tax, custom duty, wealth tax, excise duty, cess etc.

10) The company does not have any accumulated losses as at the end of the financial year and has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

11) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to Banks. The Company has not taken any loans from financial institutions and has not issued debentures.

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

13) Provisions of any special statute applicable to chit funds are not applicable to the Company.

14) Based on our examination of the records and evaluation of the related internal controls, we are of the opinion that proper records have been maintained by the Company of the transactions and contracts and timely entries have been made in those records. We also report that the Company has held the investments in its own name.

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

16) The Company has not taken any term loans.

17) The Company has not raised any short or long term funds.

18) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

19) The Company has never issued any debentures.

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

21) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our Audit.

For Patni & Associates. Chartered Accountants F R No. 327367E

Sd/- Chandan Patni Proprietor Guwahati : August 29, 2011 Membership No. 300578