Auditor Report of Gujarat Intrux Ltd.

Mar 31, 2018

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of GUJARAT INTRUX LIMITED, which comprise the Balance Sheet as at 31^st March, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting polices and other explanatory information.

Management’s Responsibility for the Standalone Ind AS Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone Ind AS Financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies, making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

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

We have taken into 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 provision 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 Standalone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Standalone Ind AS financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the Standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the Standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. 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 Standalone Ind AS 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.

Opinion

In our opinion and to the best of the our information and according to the explanations given to us, the aforesaid Standalone Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including the Ind AS, of the state of affairs of the Company as at 31^st March, 2018 and its profits (including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Report on Other legal and Regulatory Requirements

1. As required by Companies (Auditor’s Report) Order, 2016 issued by the Central Government of India in terms of Section 143(11) of the Act, we annex hereto a statement in Annexure A on the matters specified in paragraphs 3 and 4 of the said order.

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

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

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

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

d) In our opinion, the aforesaid Standalone Ind AS financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and Companies (Indian Accounting Standards) Rules, 2015, as amended.

e) On the basis of written representations received from the directors as on 31^st March, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31^st March, 2018 from being appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the adequacy of internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, please refer to our separate report in Annexure B. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls over financial reporting.

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

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

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

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

“ANNEXURE A” REFERRED TO IN THE AUDITORS REPORT TO THE MEMBERS OF GUJARAT INTRUX LIMITED FOR THE YEAR ENDED 31^st MARCH, 2018

i. The Company has maintained proper records showing full particulars including quantitative details and situation of the fixed assets. The management has certified the physical verification of the fixed assets at reasonable intervals. No significant discrepancy was noticed on such verification. The title deeds of the immovable properties are held in the name of Company.

ii. The stock of goods has been physically verified during the year at reasonable intervals by the management. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with in the books of account.

iii. The Company had not granted any loans to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013.

iv. In respect of loans, investments, guarantees and security, the provisions of section 185 and 186 of the Companies Act, 2013 have been complied with.

v. The Company has not accepted any deposits within the meaning of section 73 to 76 or any other relevant provisions of the Companies Act, 2013.

vi. The maintenance of cost records has not been specified by the Central Government under sub section (1) of section 148 of the Companies Act, 2013.

vii. To the best of our knowledge and according to the information and explanations given to us, the Company has been regular in depositing the undisputed statutory dues consisting of Provident fund, Employees’ state insurance, income tax, sales tax, service tax, customs duty, excise duty, value added tax, cess and other statutory dues with the appropriate authorities. There are no dues in respect of income tax, sales tax, service tax, customs duty, excise duty or value added tax which have not been deposited on account of any dispute.

viii. The Company has not defaulted in repayment of loans or borrowings to a financial institutions, bank, Government or dues to debenture holders.

ix. In our opinion, the money raised by way of initial pubic offer or further public offer (including debt instruments) and term loans were applied for the purpose for which those were raised.

x. To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company or any fraud on the Company by its officers and employees has been noticed or reported during the year.

xi. The managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013.

xii. The Company is not a Nidhi Company as defined in section 406 of the Companies Act, 2013.

xiii. In our opinion, all transactions with the related parties are in compliance with sections 177 and 188 of the Companies Act, 2013 and the details have been disclosed in the Financial Statements etc. as required by the applicable accounting standards.

xiv. The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.

xv. In case of non-cash transactions with directors or persons connected with him, if any, the provisions of section 192 of the Companies Act, 2013 have been complied with.

xvi. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

“ANNEXURE B” REFERRED TO IN THE AUDITORS REPORT TO THE MEMBERS OF GUJARAT INTRUX LIMITED FOR THE YEAR ENDED 31^st MARCH, 2018

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of GUJARAT INTRUX LIMITED (“the Company”) as of 31^st March, 2018 in conjunction with our audit of the Standalone Ind AS financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the Standalone Ind AS financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Standalone Ind AS financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Standalone Ind AS financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the Standalone Ind AS financial statements. Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31^st March, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For Chandabhoy & Jassoobhoy

Partner

Chartered Accountants

Place : Ahmedabad Membership No. 100932

Date : 08^th May, 2018 Firm Regn. No. 101648W

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Mar 31, 2015

We have audited the accompanying financial statements of GUJARAT INTRUX LIMITED, which comprises of the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting polices and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the 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 and cash flows of the Company in accordance with 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 of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies, making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

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

We have taken into 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 provision of the Act and the Rules made there under.

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 the 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 financial 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. 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.

Opinion

In our opinion and to the best of the 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, 2015and its profit/loss and its cash flows for the year ended on that date.

Report on Other legal and Regulatory Requirements

1. As required by Companies (Auditor's Report) Order, 2015 issued by the Ministry of Corporate Affairs in terms of Section 143 (11) of the Act, we annex hereto a statement on the matters specified in paragraph 3 of the said order.

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

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

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

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

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

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

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

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

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

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

ANNEXURE REFERRED TO IN THE AUDITORS REPORT TO THE MEMBERS OF GUJARAT INTRUX LIMITED FOR THE YEAR ENDED 31ST MARCH, 2015

i. The Company has maintained proper records showing full particulars including quantitative details and situation of the fixed assets. The management has certified the physical verification of the fixed assets at reasonable intervals. No significant discrepancy was noticed on such verification.

ii. As informed to us by the management, the stock of goods has been physically verified during the year by the management. In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. In our opinion, the Company is maintaining a proper record of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with in the books of account.

iii. The Company has not granted loans to companies, firms or other parties covered in the register maintained under section 189 of the Act.

iv. 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 for the purchases of inventory and fixed assets and for the sale of goods and services. In our opinion, there is no continuing failure on the part of the Company to correct major weaknesses in internal control system.

v. The Company has not accepted any deposits from the public within the meaning of section 73 to 76 and other relevant provisions of the Act.

vi. The provisions of the maintenance of cost records under sub section (1) of section 148 of the Act are applicable to the Company. We have broadly reviewed the books of accounts maintained by the Company and are of the opinion that prima facie, the prescribed accounts and records have been maintained. However, we have not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

vii. To the best of our knowledge and according to the information and explanations given to us, the Company has been regular in depositing the undisputed statutory dues consisting of Provident fund, Employees' state insurance, income tax, wealth tax, service tax, customs duty, excise duty, value added tax and cess with the appropriate authorities. There are no dues in respect of income tax, wealth tax, service tax, customs duty, excise duty, value added tax or cess which have not been deposited by the Company with the appropriate authorities on account of any dispute. The amount required to be transferred to Investor Education and Protection Fund in accordance with the relevant provisions of the Act and rules made there under have been transferred to such fund within time.

viii. The Company does not have accumulated loss, nor has it incurred cash loss in the current financial year or the immediately preceding financial year.

ix. The Company has not defaulted in repayment of dues to financial institutions or banks or debenture holders.

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

xi. As the Company has not taken any term loans, the question of its application does not arise.

xii. To the best of our knowledge and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

Place: Ahmedabad For Chandabhoy & Jassoobhoy

Date : 28th May, 2015 Chartered Accountants

Partner

Membership No. : 100932

Firm Reg. No. : 101648W

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Mar 31, 2014

We have audited the accompanying financial statements of GUJARAT INTRUX LIMITED, which comprise the Balance Sheet as at 31st March,2014, and the Statement of Profit and Loss and Cash FlowStatementforthe Yearended, 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 perfomance and cash flows of the company in accordance with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on auditing issued by the Institute of Chartered Accountants of India. Those Stan- dards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assur- ance 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 assessments of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risks assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of the expressing an opinion on the effectiveness of entity''s internal control. An audit also includes evaluating the ap- propriateness of accounting policies used and the reasonableness of the accounting estimates made by manage- ment, 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 explanation given to us, the financial state- ments give the information required by the Act in the mannerso 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,2014;

b) In the case of the Profit & Loss statement, 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 issued by the Central Government of India in terms of section 227(4A) of the Act, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said 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 purposes of our audit;

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

(d) . In our opinion, the Balance Sheet, Statement of Profit and Loss Account and Cash Flow Statement com- ply with the Accounting Standards referred to in section 211(3C) of the Act.

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

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

ANNEXURE REFERRED TO IN PARAGRAPH 3 TO THE AUDITORS REPORT TO THE MEMBERS OF GUJARAT INTRUX LIMITED FOR THE YEAR ENDED 31ST MARCH 2014.

i. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. The management has certified the physical verification of the fixed assets at reasonable intervals. No significant discrepancy was noticed on such verification. A Substantial part of Fix Assets have not been disposed off during the year.

ii. As informed to us by the management, the stocks of goods has been physically verified during the year by the management. In our Opinion, frequency of verification is reasonable. The procedures of physical veri- fication of stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. In our opinion, the Company is maintaining proper record of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with in the books of account.

iii. The company has not granted loans to companies, firms or other parties covered in the register main- tained under section 301 of the Act. The Company has not taken unsecured loans from companies, firms or other parties covered in the register maintained under section 301 of the Act.

iv. In our opinion and according to the information and explanations given to us, there is an adequate inter- nal control system commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. In our opinion, there is no continuing failure on the part of the Company to correct major weakness in internal control system.

v. In our opinion, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section. In our opinion and according to the information and explanation given to us, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable, having regard to the prevailing mar- ket prices at the relevant time.

vi. The Company has not accepted any deposits from the public within the meaning of section 58A or any other relevant provisions of the Act.

vii. In our opinion, and according to the information and explanations given to us, there is an adequate inter- nal control system commensurate with the size of the Company and nature of its business.

viii. We have broadly reviewed the books of accounts maintained by the Company pursuant to the rules prescribed by the Central Government for the maintenance of cost records under section 209(l)(d) of the Act are of the opinion that prima facie, the prescribed accounts and records have been maintained. How- ever, we have not made detailed examination of the cost records with a view to determine whether they are accurate or complete.

ix. To the best of our knowledge and according to the information and explanations given to us, the Com- pany has been generally regular in depositing the undisputed statutory dues consisting of Provident Fund, Investor Education and Protection Fund, Employees'' state insurance, Income tax, Sales Tax, Wealth tax, Service Tax, Custom Duty, Excise Duty and cess with the appropriate authorities. There are no dues in respect of Income Tax, sales tax,wealth tax, service tax, customs duty, excise duty or cess which not have been deposited by the Company with the appropriate authorities on account of any dispute.

x. The Company does not have accumulated loss, nor has it incurred cash loss in the current financial year or the immediately preceding financial year.

xi. The Company has not defaulted in repayment of dues to financial institutions or banks or debenture holders.

xii. The Company has not granted any loans and advances on the basis of security byway of pledge of shares, debentures and other securities.

xiii. As informed to us, the provisions of any special statue applicable to chit funds/nidhi/mutual benefit fund/ societies are not applicable to the company.

xiv The Company is not dealing or trading in shares, securities, debentures and other investments. The shares, securities, debentures and other investments held for investment purpose have been held by the Com- pany in its own name except to the exemption, if any, granted under section 49 of the Act.

xv. To the best of our knowledge and according to the information and explanations given to us, the Com- pany has not given any guarantee for loans taken by others from bank or financial institutions.

xvi. Since the Company has not taken any term loans, the question of its application does not arise.

xvii. To the best of our judgment, the funds raised on short-term basis have not been materially used for long term investment.

xviii. 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 during the year.

xix. The Company has not issued any debentures.

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

xxi. To the best of our knowledge and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

Place : Ahmedabad For Chandabhoy & Jassoobhoy

Date : 12th May, 2014 Chartered Accountants

Partner

Membership No. 100932 Firm Reg. No. 101648W

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of GUJARAT INTRUX LIMITED, which comprise the Balance Sheet as at 31st March,2013, and the Statement of Profit and Loss and Cash Flow Statement for the Year ended, and a summary of significant accounting polices and other explanatory information.

Management''s Responsibility for the Financial Statements

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

Auditor''s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgement, including the assessments of the risks of material misstatement of the financial statements, whether due to fraud or error, In making those risks 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 eveluating 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 explanation 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 31st March,2013;

b) In the case of the Profit & Loss statement, 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 issued by the Central Government of India in terms of section 227(4A) of the Act, we ennex here to a statement on the matters specified in paragraphs 4 and 5 of the said 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 purposes of our audit;

(b). In our opinion, proper books of account , as required by law have been kept by the Company so far as appears from our examination of 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 of the Company. (d). In our opinion, the Balance Sheet, Statement of Profit and Loss Account and Cash Flow Statement comply with the Accounting Standards referred to in section 211(3C) of the Act.

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

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

ANNEXURE REFERRED TO IN PARAGRAPH 3 TO THE AUDITORS REPORT TO THE MEMBERS OF GUJARAT INTRUX LIMITED FOR THE YEAR ENDED 31ST MARCH 2013.

i. The Company has maintained proper records showing full particulars including quantitative details and

situation of fixed assets. The management has certified the physical verification of the fixed assets at reasonable intervals. No significant discrepancy was noticed on such verification. A Substancial part of Fix Assets have not been disposed of during the year.

ii. As informed to us by the management, the stocks of goods has been physically verified during the year by the management. In our Opinion, frequency of verification is reasonable. The procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. In our opinion, the Company is maintaining proper record of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with in the books of account.

iii. The company has not granted loans to companies, firms or other parties covered in the register maintained under section 301 of the Act. The Company has not taken unsecured loans from companies, firms or other parties covered in the register maintained under section 301 of the Act.

iv. 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 for the purchase of inventory and fixed assets and for the sale of goods and services. In our opinion, there is no continuing failure on the part of the Company to correct major weakness in internal control system.

v. In our opinion, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section. In our opinion and according to the information and explanation given to us, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable, having regard to the prevailing market prices at the relevant time.

vi. The Company has not accepted any deposits from the public within the meaning of section 58A or any other relevant provisions of the Act.

vii. 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 nature of its business.

viii. We have broadly reviewed the books of accounts maintained by the Company pursuant to the rules prescribed by the Central Government for the maintainance of cost records under section 209(1)(d) of the Act are of the opinion that prima facie, the prescribed accounts and records have been mnaintained. However, we have not made detailed examination of the cost records with a view to determine whether they are accurate or complete.

ix. To the best of our knowledge and according to the information and expalnations given to us, the Company has been generally regular in depositing the undisputed statutory dues consisting of Provident Fund, Investor Education and Protection Fund, Employees'' state insurance, Income tax, Sales Tax, Wealth tax, Service Tax, Custom Duty, Excise Duty and cess with the appropriate authorities. There are no dues in respect of Income Tax, sales tax,wealth tax, service tax, customs duty, excise duty or cess which not have been deposited by the Company with the appropriate authorities on account of any dispute.

x. The Company does not have accumulated loss, nor has it incurred cash loss in the current financial year or the immediately preceding financial year.

xi. The Company has not defaulted in repayment of dues to financial institutions or banks or debenture holders.

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

xiii. As informed to us, the provisions of any special statue applicable to chit funds/nidhi/mutual benefit fund/ societies are not applicable to the company.

xiv The Company is not dealing or trading in shares, securities, debentures and other investments. The shares, securities, debentures and other investments held for investment purpose have been held by the Company in its own name except to the exemption, if any, granted under section 49 of the Act.

xv. To the best of our knowledge and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

xvi. In our opinion, the term loans were applied for the purpose for which they were obtained.

xvii. To the best of our judgement, the funds raised on short-term basis have not been materially used for long term investment.

xviii. 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 during the year.

xix. The Company has not issued any debentures.

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

xxi. To the best of our knowledge and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

Place : Ahmedabad

Date : 23rd May, 2013 For Chandabhoy & Jassoobhoy

Chartered Accountants

Partner

Membership No. 100932

Firm Reg. No. 101648W

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Mar 31, 2012

1. We have audited the attached Balance sheet of GUJARAT INTRUX LIMITED, AS AT 31/03/2012 and also the Profit and Loss Account and also the Cash Flow Statement for the Year ended on that date annexued here to. 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 have conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall 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 issued by the Central Government of India in terms of sub-section (4a) of section 227 of the Companies Act, 1956, we enclosed 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 Annexure referred to above, we report that:

(i). We have Obtained all the information and explanations, which to the best of our knowledge and belief was necessary for the purposes 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 and Profit and Loss Account and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

(iv). In our opinion, the Balance Sheet and Profit and Loss Account 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 the Significant Accounting Policies and other 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 so far it relates to the Balance Sheet, of the state of affairs of the company as at 31st March 2012; and

(b). In so far it relates to the Profit and Loss Account, of the Profit for the year ended on that date;

(c). In so far it relates to the cash flow statement, of the Cash flows of the company for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

(i). In Respect of Fixed Assets :

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

(b). According to the information and explanations given to us, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) During the year Substancial part of Fix Assets have not been disposed, hence this clause is not applicable.

(ii) In Respect of its inventories :

(a) Inventory has been physically verified during the year by the management. In our Opinion Frequency of such verification is reasonable having regard to the size of the company and the nature of its business.

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

(c) The Company is maintaining proper records of inventory. There were no discrepancies noticed during the physical verification of Inventory as compared to the book records.

(iii) In respect of loans, secured or unsecured, granted or taken by the Company to / from companies, firm or other parties covered in the register maintained under section 301 of the Companies Act, 1956:

(a) The company has not granted or taken secured or unsecured loans to/from companies, firms, or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Hence this clause is not Applicable to the company.

(b) The Company has not granted or taken unsecured loans to/from the persons mentioned in the register maintained under section 301 of the Companies Act, 1956. Hence this clause is not applicable to the company.

(c ) The Company has not granted or taken unsecured loans to/from the persons mentioned in the register maintained under section 301 of the Companies Act, 1956. Hence this clause is not applicable to the company.

(d). The Company has not granted or taken unsecured loans to/from the persons mentioned in the register maintained under section 301 of the Companies Act, 1956. Hence this clause is not applicable to the company.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regards to purchase of inventory, Fixed Assets & with regard to sale of goods and services. During the course of our audit, we have not found any major weakness in the internal control.

(v) (a) According to the information and explanation given to us, we are of the opinion that the company has entered all the transaction that are required to be entered in the register as per the provision of section 301 of the Companies Act, 1956.

(b) All the transaction which are shown in the register maintained under section 301 of the Companies Act, 1956, are made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

(vi). The Company has not accepted any Deposits from public. Hence Compliance with the provisions of section 58A & 58AA of the Companies Act, 1956. and Rules framed there under is not applicable to the Company. No order has been passed by the Company Law Board.

(vii). In our opinion internal audit system adopted by the management in the company is commensurate with the nature of the business & size of the Company.

(viii) We have informed by the management that the maintenance of cost records under section 209(I) (d) of the Companies Act,1956 is applicable to the Company.

(ix) In Respect of its Statutory dues:

(a) The Company is regular in paying the Statutory dues including VAT, Income Tax, Provident fund, Excise Duty, Custom Duty, Investor Education Fund and other material statutory dues applicable to the company, State insurance funds, Wealth tax is not applicable to the company during the year.

(b). According to the information & expalnation given to us no un disputed amounts payable in respect of Income Tax, VAT, Excise Duty were in arrears as at 31/03/2012 for a period for more than a six months from the date they became payable.

(c). Since there is no undisputed amounts payable in respect of Income tax, VAT, and Excise Duty, as at 31/03/2012, this clause is not applicable to the company.

(x) In our opinion the net worth of the company is positive & there is no accumulated losses are existing, More over the company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

(xi). According to the information and explanations given to us, the company has not failed in repayment of dues to a financial institution or bank.

(xii). The Company has not granted any loans & advances on the basis of the security by way of pledge of shares debentures & other securities, hence this clause is not applicable.

(xiii) In Our Opinion the company is not chit fund or nidhi / Mutual benefit fund/Society therefore the provisions of this clause is not applicable to the company.

(xiv) In Our Opinion the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly provisions of this clause are not applicable to the company.

(xv) According to the information & explanation given to us & according to information available during the course of audit we are of the opinion that company has not given any guarantee for loans taken by others from bank or financial institution.

(xvi) In our opinion, the term loan has been applied for the purpose for which they were raised.

(xvii) According to the information & explanation given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short term basis have been used for the long term investment. No Long term funds have been used to finance short term assets except permanent working capital.

(xviii) According to the information and explanation given to us, the company has not made any preferential allotment of shares to parties and companies covered in the registered maintained under section 301 of the Companies Act, 1956.

(xix) No Debentures have been issued during the year hence the provisions of this clause are not applicable to the company.

(xx). No money has been raised through the public issue hence the provisions of this clause are not applicable to the company.

(xxi) In our Opinion and according to the information & explanation given to us, no fraud on or by the company has been noticed or reported during the year that causes the financial statements to be materially misstated.

Place : Shapar (Dist. : Rajkot) For H.B.Kalaria & Associates,

Date : 29th May, 2012 Chartered Accountants,

FRN No. 104571W

(Hasmukh Kalaria)

Proprietor.

M.No-42002

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Mar 31, 2010

1. We have audited the attached Balance sheet of GUJARAT INTRUX LIMITED, AS AT 31 /03/2010 and also the Profit and Loss Account and also 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 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 issued by the Central Government of India in terms of sub-section (4a) of section 227 of the Companies Act, 1956, we enclosed 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 Annexure referred to above, we report that:

(i). We have Obtained all the information and explanations, which to the best of our knowledge and Belief was 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). TheBalance Sheet and Profit and Loss Account and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

(iv). In our opinion, the Balance Sheet and Profit and Loss Account 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,2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31s1 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;

(vi). In our opinion and to the best our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies and other 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 so far it relates to the Balance Sheet, of the state of affairs of the company as at 3f March 2010; and (b). I n so far it relates to the Profit and Loss Account, of the Profit for the year ended on that date; (c). In so far it relates to the cash flow statement, of the Cash flows of the company for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT

(i) In respect of Fixed Assets :

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

(b) According to the information and explanations given to us, fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) During the year substantial part of Fix Assets have not been disposed hence this clause is not applicable. (ii) In respect of its Inventories :

(a) The Inventory has been physically verified during the year by the management, In our Opinion Frequency of such verification is reasonable having regard to the size of the company and the nature of its business.

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

(c) The Company is maintaining proper records of inventory. There were no discrepancies noticed during the physical verification of Inventory as compare to the book records.

(iii) In respect of loans, secured or unsecured, granted or taken by the Company to / from companies, firm or other parties covered in the register maintained under section 301 of the Companies Act, 1956 :

(a) The company has not granted or taken secured or unsecured loans to/from the companies, firms, or other parties covered in the register maintained under section 301 of the Companies Act, 1956 Hence this clause is not Applicable to the company.

(b) The Company has not granted or taken unsecured loans from to/from the persons mentioned in the register maintained under section 301 of the Companies Act, 1956 Hence this clause is not Applicable to the company.

(c) The Company has not granted or taken unsecured loans to/from the persons mentioned in the register maintained under section 301 of the Companies Act, 1956 Hence this clause is not Applicable to the company.

(d) The Company has not granted or taken unsecured loans to/from the persons mentioned in the register maintained under section 301 of the Companies Act, 1956 Hence this clause is not Applicable to the company.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regards to purchase of inventory, Fixed Assets & with regard to sale of goods & services. During the course of our audit, we have not found any major weakness in the internal control.

(v) (a) According to the information and explanation given to us, we are of the opinion that the Company has entered all the transaction that are required to be entered as per the provision of section 301 of the Companies Act 1956. (b) All the transaction which are shown in the register maintained under Section 301 of the Companies Act, 1956 are made at prices which are reasonable having regard to the prevailing market price at the relevant time.

(vi) The Company has not accepted any deposits from public. Hence compliance with the provisions of Section 58A & 58AA of the Companies Act, 1956 and Rules framed there under is not applicable to the Company. No order has been passed by the Company law board.

(vii) In our opinion internal audit system adopted by the management in the Company is commensurate with the nature of the business & size of the Company.

(viii) We have informed by the Management that the maintenance of cost records Under Section 209(1) (d) of the Companies Act,1956 is not applicable the Company.

(ix) In respect of Statutory dues :

(a) The Company is regular in paying the Statutory dues including VAT, Income Tax, Provident fund, Excise Duty, Custom Duty and other material statutory dues applicable to the Company. Investor education protection fund & State insurance funds, Wealth Tax is not applicable to the company during the year.

(b) According to the information & explanation given to us no undisputed amounts payable in respect of Income Tax, VAT, Excise Duty were in arrears as at 31/3/2010 for a period of more than six months from the date they became payable.

(c) Since there is no undisputed amounts payable in respect of Income Tax, VAT and Excise Duty, as at 31/ 3/2010, this clause is not applicable to the Company.

(x) In our opinion the Net worth of the Company positive & there is no accumulated losses existing, More over the Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

(xi). According to the information and explanations given to us, the Company has not failed in repayment of dues to a Financial institution or Bank.

(xii). The Company has not granted any loans & advances on the basis of the security by way of pledge of shares debentures & other securities, hence this clause is not applicable.

(xiii) In Our Opinion the company is not chit fund or nidhi / Mutual benefit fund / Society therefore the provisions of this clause is not applicable to the company.

(xiv) In Our Opinion the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly provisions of this clause are not applicable to the company.

(xv) According to the information & explanation given to us & according to information available during the course of audit we are of the opinion that company has not given any guarantee for loans taken by others from bank or financial institution.

(xvi) As there is No Term Loans hence this clause is not applicable to company.

(xvii) According to the information & explanation given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short term basis have been used for the long term investment. No Long term funds have been used to finance short term assets except permanent working capital.

(xviii) According to the information and explanation given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

(xix) No Debentures have been issued during the year hence the provisions of this clause are not applicable to the company.

(xx) No Money has been raised through the public issued hence the provisions of this clause are not applicable to the company.

(xxi) In our opinion and according to the information & explanation given to us, no fraud on or by the Company has been noticed or reported during the year that causes the financial Statements to be materially misstated.

Place : Rajkot.

Date : 31st May, 2010 For H.B.Kalana & Associates,

Chartered Accountants,

(Hasmukh Kalaria)

Proprietor. M.No-42002