Auditor Report of Hiliks Technologies Ltd.

Mar 31, 2025

We have audited the accompanying financial statements of HILIKS TECHNOLOGIES LIMITED
("the Company"), which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit
and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the
Statement of Cash Flows for the year ended on that date and a summary of significant accounting
policies and other explanatory information (hereinafter referred to as the "Financial statements").

In our opinion and to the best of our information and according to the explanations given to us,
the aforesaid financial statements give the information required by the Companies Act, 2013 (the
"Act") in the manner so required and give a true and fair view in conformity with the Indian
Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2025 and its profit
, total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis of Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing
("SA"s) specified under section 143(10) of the Act. Our responsibilities under those Standards are
further described in the Auditor''s 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 the ethical requirements that are
relevant to our audit of the financial statements under the provisions of the Act and the Rules
made thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the ICAI''s Code of Ethics.

We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis
for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the financial statements of the current period. These matters were addressed in the
context of our audit of the financial 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 below to be the key audit matters to be communicated in our report.

Information other than the financial statements and auditors'' 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 Board''s Report including Annexures
to Board''s Report, Business Responsibility Report but does not include the financial statements
and our auditor''s report thereon.

Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether 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 Board of Directors 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 financial statements that
give a true and fair view of the financial position, financial performance including other
comprehensive income, changes in equity and cash flows of the Company in accordance with the
Ind AS and other accounting principles generally accepted in India. 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.

In preparing the financial statements, management is responsible for assessing the Company''s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Company is responsible for
overseeing the financial reporting process of the company.

Auditor''s Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s
report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of
these Financial statements.

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

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

• Obtain an understanding of internal control 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 the internal financial controls with
reference to the financial statements and the operating effectiveness of such controls based
on our audit.

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

• Conclude on the appropriateness of management''s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Group''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 Group to cease to continue as a going concern.

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

Materiality is the magnitude of misstatements in the financial statements that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of
the financial statements may be influenced. We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in evaluating the results of our work; and
(ii) to evaluate the effect of any identified misstatements in the financial statements.

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

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

From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor''s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits
of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 (''the Order'') issued by
the Central Government of India in terms of Section 143(11) of the Act, we give in the
''Annexure A'' a statement on the matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.

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

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

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

c) The balance sheet, the statement of profit and loss (including other comprehensive
income), the statement of changes in equity and the statement of cash flows dealt with
by this Report are in agreement with the books of account.

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

e) On the basis of the written representations received from the directors as on March 31,
2025 taken on record by the Board of Directors, none of the directors is disqualified as
on March 31, 2025 from being appointed as a director in terms of Section 164(2) of the
Act.

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 the requirements of section 197(16) of the Act, as amended, in our opinion and to
the best of our information and according to the explanations given to us, the
remuneration paid by the Company to its directors during the year is in accordance
with the provisions of section 197 of the Act.

B. 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;

a. The Company does not have any pending litigations which would impact its financial
position;

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

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

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

(ii) The management has represented, that, to the best of it''s knowledge and belief,
other than as disclosed in the notes to the accounts, no funds have been 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

(iii) Based on audit procedures which we considered reasonable and appropriate in
the circumstances, nothing has come to their notice that has caused them to believe
that the representations under sub-clause (i) and (ii) contain any material mis¬
statement.

e. The company has not declared or paid any dividend during the year in contravention
of the provisions of section 123 of the Companies Act, 2013.

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

For A S K M & CO.,

Chartered Accountants
Firm Registration No: 012799S

Sd/-

VENKATESWARA RAO SAMUDRALA
Partner

Membership No: 223702
UDIN: 25223702BMIOUB8386

Place: Mumbai
Date: 29.04.2025

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Mar 31, 2014

We have audited the accompanying financial statements of ANUBHAV INDUSTRIAL RESOURCES LIMITED which comprise the Balance Sheet as at March 31, -014, and the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation ol the financial statements that give a hue and fair view and are free from mateiial misstatement, whether due to fraud or error..

Auditor's Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. 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 oi 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 tie 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; AND

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

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 oi the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 ol the Order.

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

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

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

c) The Balance Sheet, Statement of Profit and Loss and cash flow statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, Statement of Profit and Loss 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, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub- section (1) of section 274 of the Companies Act, 1956.

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing tire manner in which such cess is to be paid, no cess is due and payable by the Company.

Annexure to the auditor's report of ANUBHAV INDUSTRIAL RESOURCE LIMITED Referred to in paragraph 3 of our report of even date

(i) The Company have no fixed assets, hence the said clause is not applicable.

(ii) The Company have no inventory, hence the said clause is not applicable.

(iii) (a) The Company during the period has not granted or taken loans to/from parties listed in the register maintained under section 301 of the Companies Act, 1956 and thus said clause is not applicable.

(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. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system of the company.

(v)(a) According to tire information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Act.

(vi) In our opinion and according to information and explanations given to us, the Company has not accepted deposits from the Director and public within the meaning of section 58A of the Companies Act, 1956 and the rules framed there under are not applicable.

(vii) In our opinion, the company has an internal audit system according to its size and nature of its business.

(viii) Tire Central Government has not prescribed maintenance of cost records under section 209(l)(d) of the Companies Act, 1956 for any of the activities of the Company.

(ix)(a) According to information and explanation given to us, the Company is regular in depositing with appropriate authorities undisputed statutory dues including income-tax, service tax and other material statutory dues applicable to it which are outstanding for more than Six months from the date they become payable as of 31st March 2014.

(b) According to the records of the Company, there was no disputed statutory dues that have not been deposited on account of the matters pending before appropriates authorities.

(x) The Company has accumulated losses of Rs. 7,74,206 as at March 31, 2014. However the same is less than 50% of Net Worth of the company.

(xi) According to the information and explanations given to us, the Company has not defaulted in any repayment of dues to any financial Institution or bank, as applicable, as at the Balance Sheet date.

(xii) As explained to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities and therefore Paragraph 4(xii) of the said Order relating to maintenance of documents and records is not applicable.

(xiii) The Company is not a Chit Fund / Nidhi / Mutual Benefit Fund/Societies. Therefore, the provisions of clause 4(xiii) are not applicable to the company.

(xiv) In our opinion and according to the information and explanations given to us, the Company is not dealing in or trading in securities.

(xv) According to the information and explanations given to us, the Company has not given guarantees Loan taken by others from bank or financial institutions and thus clause 4(xv) is not applicable.

(xvi) According to the information and explanations given to us, the term loans were applied for die purpose for which they were obtained by the company.

(xvii) According to the information and explanations given to us, die Company has not raised any funds, short-term or long-term, during the period and therefore Clause 4(xvii) of the said Order relating to usage of such funds is not applicable.

(xviii) According to the information and explanations given to us, during the year 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) According to the information and explanations given to us, during the year covered by our audit report, the Company has not jssued any debentures.

(xx) According to the information and explanations given to us, the Company has not made any public issue during the period and accordingly Paragraph 4(xx) of the said Order relating to end use of money raised is not applicable.

(xxi) According to tire information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

M/s. Hemant C. Parikh & Co., Chartered Accountants Date: 28/07/2014 Place: Ahmedabad Hemant C. Parikh (Proprietor) M. No. 031780

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Mar 31, 2013

We have audited the accompanying financial statements of Anubhav Industrial Resources Limited, which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. 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.

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

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

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 profits 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.

1. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the 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

Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of Anubhav Industrial Resources Limited on the accounts of the company for the year ended 31st March, 2013.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

1. In respect of its fixed assets:

The company does not have any fixed assets as such, the provisions of this paragraph are not applicable.

2. In respect of its inventories:

As the company has not carried any activity during the year as such, the provisions of this paragraph are not applicable

3. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has granted unsecured loans to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956

(b) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus further sub clauses are not applicable to the company.

4. As the company has not carried any activity during the year as such, the provisions of this paragraph are not applicable

5. The company has entered into transactions which needs to be entered in pursuance of section 301 of the Act and has complied with the provisions of the Companies Act in this regard

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business

8 The company has not been required to maintain cost records under Section 209(1) (d) of the Companies Act. 1956

9 According to the records of the company, undisputed statutory dues including Provident Fund. Investor Education and Protection Fund, Employees' State Insurance, Income- tax. Sales-tax, Wealth Tax. Service Tax. Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2013 for a period of more than six months from the date they became payable.

10. The company has been registered for a period of more than five years, having existing share capital of Rs.9800000/-. Its accumulated losses at the end of the financial year amount to Rs. 806753/-.

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 a financial institution, bank or debenture holders.

12. According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13 The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore the provision of this clause of the Companies (Auditor's Report) Order, 2003 (as amended) is not applicable to the Company

14 The company is an Investment Company and have maintained proper records for purchase and sale of shares and proper entries have been made therein and all the securities and shares are held in the companies own name

15 According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

16 audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17 Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2013, we report that no funds have been raised on short-term basis as such question of its utilisation for long term purposes does not arise

18 Based the audit Procedures Performed and the information and explanations given to rep0rt that the ComPany has not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

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

21 BaSed on the audit pr°cedures Performed and the information and explanations given to the We report that no fraud °n or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For S.C Dewan & Co Chartered Accountants FRN: 000934N

Place: Chandigarh S.C. Dewan Date 30.05.2013 Partner Membership No. : 015678

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Mar 31, 2012

We have audited the attached Balance Sheet of M/s Anubhav Industrial Resources Limited as at 31st March, 2012 and also the Profit and Loss Account 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.

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

1. As required by the Companies (Auditors Report) Order, 2003 issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956, we enclose in Annexure A, statement on the matters specified in paragraph 4 & 5 of the said order.

2. Further to our comments in the Annexure referred to above, we state 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 it appears from our examination of the books.

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

(d) In our opinion, the Balance Sheet, Profit & Loss Account and the Cash Flow statement comply with the mandatory Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956.

(e) On the basis of the written representations from the Directors, taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March, 2012 from being appointed as a Director under section 274 (1)(g) of the Companies Act, 1956.

3. 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 give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the Accounting Principles generally accepted in India:-

i) In so far as it relates to the Balance Sheet of the state of-affairs of the company as at 31st March, 2012, and

ii) In so far as it relates to the Profit and Loss account of the Profit of the company for the year ended on that date.

iii) In the case of Cash Flow statement, of the Cash Flows for the year ended on that date.

ANUBHAV INDUSTRIAL RESOURCES LIMITED Referred to in Paragraph 1 of our report of even date:

1. The company has no fixed assets as such the provisions of this paragraph are not applicable.

2. As the company has not carried any activity during the year as such, the provisions of this paragraph are not applicable.

3. According to information and explanations given to us, Loans have been taken from the companies, firms or other parties listed in the registers maintained under Section 301 and from the companies under the same management. As no payment of interest is involved therefore the terms are not prejudicial to the interest of the members of the company.

4. As the company has not carried any activity during the year as such, the provisions of this paragraph are not applicable.

5. The transactions that need to be entered into a register in pursuance of section 301 of the Act have been so entered in the register. Each of these transactions has been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The company has not accepted any deposit from the public.

7. The company has an internal audit system commensurate with its size and nature of its business.

8. The company has not been required to maintain cost records under Section 209(1) (d) of the Companies Act, 1956.

9. The company is regular in depositing undisputed statutory dues including, Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income Tax, Sales -tax, Wealth - tax, Custom Duty, Excise Duty, Cess and any other statutory dues with the appropriate authorities

10. The provisions of Sick Industrial Companies (Special Provisions) Act, 1985 are not applicable to the company as the company does not fall under scheduled industries.

11. The company has not availed any loan from financial institution or bank or issued debenture during the year under review. As such, the question of default does not arise.

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

13. The company is not a chit fund company.

14. The company is not running any Nidhi / Mutual Benefit Fund/Society.

15. The company is a Financing Company and have maintained proper records for purchase

and sale of shares and proper entries have been made therein and all the securities and shares are held in the companies own name. .

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

17. There are no term loans as such the question of their utilization does not arise

18. The funds raised by the company on short term basis have been used for payment of routine expenses.

19. The Company has not made any Preferential Allotment of shares to the parties and companies covered in the register maintained under section 301 of the Companies Act during the year.

20. The company has not issued any Debentures to the public.

21. The company has not raised any money by Public Issue during the year.

22. No fraud on or by the company has been noticed or reported during the year.

For S.C. DEWAN & CO. Chartered Accountants FRN 000934N

Place : Chandigarh (S.C. Dewan) Date : 2nd, July, 2012 Partner

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Mar 31, 2011

We have audited the attached Balance Sheet of M/s Anubhav Industrial Resources Limited as at 31st March, 2011 and also the Profit and Loss Account 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.

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

1. As required by the Companies (Auditors Report) Order, 2003 issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956, we enclose in Annexure A, statement on the matters specified in paragraph 4 & 5 of the said order.

2. Further to our comments in the Annexure referred to above, we state 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 it appears from our examination of the books.

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

(d) In our opinion, the Balance Sheet, Profit & Loss Account and the Cash Flow statement comply with the mandatory Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956.

(e) On the basis of the written representations from the Directors, taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March, 2011 from being appointed as a Director under section 274 (1)(g) of the Companies Act, 1956.

3. 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 on Accounts as per SCHEDULE H OF NOTES ON ACCOUNTS NOTE NO. 5 REGARDING VALUATION OF INVESTMENTS give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the Accounting Principles generally accepted in India:-

i) In so far as it relates to the Balance Sheet of the state of affairs of the company as at 31st March, 2011, and

ii) In so far as it relates to the Profit and Loss account of the Loss of the company for the year ended on that date.

iii) In the case of Cash Flow statement, of the Cash Flows for the year ended on that date.

ANUBHAV INDUSTRIAL RESOURCES LIMITED Referred to in Paragraph 1 of our report of even date:

1. The company has no fixed assets as such the provisions of this paragraph are not applicable.

2. As the company has not carried any activity during the year as such, the provisions of this paragraph are not applicable.

3. According to information and explanations given to us, Loans have been taken from the companies, firms or other parties listed in the registers maintained under Section 301 and from the companies under the same management. As no payment of interest is involved therefore the terms are not prejudicial to the interest of the members of the company.

4. As the company has not carried any activity during the year as such, the provisions of this paragraph are not applicable.

5. The transactions that need to be entered into a register in pursuance of section 301 of the Act have been so entered in the register. Each of these transactions has been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The company has not accepted any deposit from the public.

7. The company has an internal audit system commensurate with its size and nature of its business.

8. The company has not been required to maintain cost records under Section 209(1) (d) of the Companies Act, 1956.

9. The company is regular in depositing undisputed statutory dues including, Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income Tax, Sales -tax, Wealth - tax, Custom Duty, Excise Duty, Cess and any other statutory dues with the appropriate authorities

10. The provisions of Sick Industrial Companies (Special Provisions) Act, 1985 are not applicable to the company as the company does not fall under scheduled industries.

11. The company has not availed any loan from financial institution or bank or issued debenture during the year under review. As such, the question of default does not arise.

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

13. The company is not a chit fund company.

14. The company is not running any Nidhi / Mutual Benefit Fund/Society.

15. The company is a Financing Company and have maintained proper records for purchase and sale of shares and proper entries have been made therein and all the. securities and shares are held in the companies own name.

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

17. There are no term loans as such the question of their utilization does not arise

18. The funds raised by the company on short term basis have been used for payment of routine expenses.

19. The Company has not made any Preferential Allotment of shares to the parties and companies covered in the register maintained under section 301 of the Companies Act during the year.

20. The company has not issued any Debentures to the public.

21. The company has not raised any money by Public Issue during the year

22. No fraud on or by the company has been noticed or reported during the year.

For S.C. DEWAN & CO. Chartered Accountants

Place : Chandigarh (S.C. Dewan) Date : 12.07.11 Partner