Auditor Report of Iconik Sports and Events Ltd.

Mar 31, 2025

We have audited the accompanying financial statements of ICONIK SPORTS AND EVENTS
LIMITED (Formerly known as ID INFO BUSINESS SERVICES LIMITED), which comprise the
Balance Sheet as at March 31,2025, the Statement of Profit and Loss for the year then ended,
Cash Flow Statements and a summary of significant accounting policies and other explanatory
information.

2) Management responsibility for the financial statement

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 principles generally accepted in
India, including the Accounting Standards specified under Section 133 of the Act, read with Rule
of the Companies (Accounts) Rules, 2014, as prescribed by the Institute of Chartered
Accountants of India 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 misstatements, whether due to fraud or error.

3) Auditors responsibility

Our responsibility is to express an opinion on these 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 provisions of the Act and
the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing under Section 143 (10) of
the Act. Those Standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the financial statements are
free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor''s
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company''s internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.

4) Opinion

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 Notes from 1-14, annexed thereon gives 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 case of the Balance Sheet, of the state of the Company''s affairs as at 31st March 2025

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

c) Its Cash flows for the year ended on that date

5) Report on other legal and regulatorty requirements

As required by the Companies (Auditors'' Report) Order, 2004, issued by the Central
Government in terms of sub section (4A) of Section 227 of the Companies Act, 1956, we
enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said
order

6) Further to our comments in the above Para on the basis of our audit, 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, the company has kept proper books of account as required by law so far as
appears from our examination of the books of account;

c. The Balance Sheet and Profit and Loss Account dealt with this report are in agreement with the
books of Accounts;

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

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

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

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

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

iii. There were no amounts which required to be transferred by the Company to the Investor

Education and Protection Fund.

For M/s. D G M S & Co.

Chartered Accountants

Sd/-

(Atul Doshi)

Partner
M.No. 102585
FRN:112187W

UDIN : 25102585BMJTFZ2401

Place: Mumbai
Dated: 29/05/2025

---

Mar 31, 2024

We have audited the accompanying financial statements of 11) INFO BUSINESS SERVICES
LIMITED, which comprise the Balance Sheet as at March 31, 2024. the Statement of Profit and
Loss for the year then ended, Cash Flow Statements and a summary of significant accounting
policies and other explanatory information.

2) Management responsibility for the financial statement

The Company''s Board of Directors is responsible for the matters stated in Section 134 (5) ol 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 principles generally accepted in India,
including the Accounting Standards specified under Section 133 ot the Act, read with Rule ot the
Companies (Accounts) Rules. 2014, as prescribed by the Institute of Chartered Accountants of
India and other accounting principles generally accepted in India. This responsibility also includes
maintenance ol'' 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
i 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 misstatements,
whether due to fraud or error.

• i ¹

. |> | > * ,

3) Auditors responsibility

Our responsibility is to express an opinion on these 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 provisions of the Act and
the Rules made thereunder.

i;

We conducted our audit in accordance with the Standards on Auditing under Section 143 (10) of
the Act. Those Standards require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free from
material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor’s judgment,
including the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor considers internal control
relevant to the Company''s preparation and fair presentation of the financial statements in order to
design audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Company''s internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of the

. f/O, xCwv

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.

4) Opinion

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 Notes from 1-13, annexed thereon gives the information
required by the Act. in the manner so required and give a true and fair view in conformity w ith the
accounting principles generally accepted in India

ll '' '' 1 ,

a) In case of the Balance Sheet, of the state of the Company''s affairs as at 3 l^il March 2024

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

c) Its cash flows for the year ended on that date

i ii li ¹ • \

5) Report on other legal and regulators requirements

As required by the Companies (Auditors'' Report) Order, 2004, issued by the Central Government
in terms of sub section (4A) of Section 227 of the Companies Act, 1956, we enclose in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order

. , | , ¦ , ,i

6) Further to our comments in the above Para on the basis of our audit, we report that:

Ij! I | 0 - 1

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, the company has kept proper books of account as required by law so far
as appears from our examination of the books of account;

c. The Balance Sheet and Profit and Loss Account dealt with this report are in agreement
with the books of Accounts;

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards

specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules. 2014. ¹

¦ |l. • ^{1 1} 5

e) On the basis of written representations received from the directors as on 3 P^l March.
2024, taken on record by the Board of Directors, none of the directors is disqualified as
on 31 March, 2024. from being appointed as a director in terms of Section 164(2) of the
Act.

^{1 1}

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

i. The Company does not have any pending litigations which would impact its financial
position ¹

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

i v , ¦

'' t | |rt

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

¦

For M/s. D G M S & Co.

Chartered Accountants

(of

^fv ^__^lt//— IU-|FSN: 112187WJ#jj

(Atul Doshi)

Partner
M.No. 102585
FRN:112187W

UDIN : 24102585BJZYER3221

Place: Mumbai .

Dated: 09/05/2024

; ; ii

---

Mar 31, 2014

I have audited the attached balance sheet of M/S.HEMAKUTA INDUSTRIAL INVESTMENT CO. LTD as at 31st March, 2014 and the Profit and Loss Account of the year ended on that date annexed thereto and report that:

1. As required by the Companies (Auditors'' Report) Order 2003, issued by the Ministry of Finance (Department of Company Affairs) in terms of Section 227 (4A) of the Companies Act, 1956, and on the basis of such checks as were considered appropriate. I enclose in the annexure a statement on the matters specified in paragraph 4 of the said Order.

2. Conducted my audit in accordance with auditing standards generally accepted in India. These standards require that I 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. I believe that my audit provides a reasonable basis for my opinion.

3. Further to my comments in the annexure referred to in paragraph 1 above

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

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

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

d) In my opinion, the balance Sheet & the Profit & Loss Account comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956.

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

f) in my opinion and to the best of my information and according to the explanations given to me the said financial statements, read together with the Accounting Policies and other notes there on give the information required by the Companies Act, 1956, in the manner so required and gives a true and fair view :

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

ii) in the case of the Profit & Loss Account of the Profit for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE REPORT OF EVEN DATE OF THE AUDITOR TO THE MEMBERS OF M/S.HEMAKUTA INDUSTRIAL INVESTMENT COMPANY LTD.ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2014

1. (i) The Company has maintained proper record showing full particulars including quantitative details and situation or fixed assets.

(ii) Fixed assets of the company have been physically verified by the Management at reasonable intervals. No material discrepancies were noticed.

(iii) There has been no disposal of substantial part of the fixed assets during the year

2. (i) Inventory has been physically verified by the management at reasonable intervals during the year.

(ii) The procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

(iii) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

3. (i) The Company has taken unsecured loans from directors & their associates amounts to Rs 50.48 Lacs listed in the register maintained under section 301 of Companies Act, 1956 where the terms and conditions are not prima-facie prejudicial to the interest of the company.

(ii) The Company has not granted any loans, secured or unsecured to companies, firm or other Parties listed in the Register maintained under section 301 of the Companies Act, 1956 .

4. According to the information and explanation given to me, there are adequate internal control Procedure commensurate with the size of the Company and nature of its business with regard to Purchase of inventory & fixed assets and for the sale of goods.

5. i) The Company has entered into transaction that need to be entered into a register in pursuance of the section 301 of the Act.

ii) In my opinion and according to the information and explanation given to me, transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Act exceeding Rs. 5.00 Lacs in respect of any party during the year, have been entered into at price which are reasonable having regard to prevailing market price at the relevant time.

6. The Company has not accepted deposits from the Public to which the Provisions of section 58(A) & 58(AA) of the Companies Act, 1956 and rules framed there under apply.

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

8. To the best of my knowledge and according to the information given to me, the Central Government has not Prescribed maintenance of cost records under section 209(1 )(d)of the Companies Act, 1956 in respect of the Company''s product

9. The company is regular in depositing with the appropriate authorities undisputed statutory dues including provident fund, Employees State Insurance Scheme, Income tax. Sales tax and other materia! statutory dues applicable to it. According to the information and explanation given to me, there are no undisputed statutory dues payable in respect of Income - Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty, Cess & other statutory dues with the appropriate authorities which were outstanding as on 31st March, 2013 for a period of more than six months from the date they became payable.

10. In my opinion, the company has accumulated losses at the end of the financial year amounts to Rs. 352.36 lacs and has incurred cash losses in the current financial year of Rs. 6.54 lacs and has incurred cash loss in the immediately preceding financial year amounts to Rs. 3.25 lacs

11. The company has not defaulted in repayment of dues to the bank.

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

13. The Company is not a nidhi/mutua) benefit fund/society to which the provisions of special statute relating to chit fund are applicable.

]4. According to the information and explanations given to me, the company is not dealing or trading in shares, securities, debentures and other investments. The company does not hold any investment.

15. According to the information and explanations given to me, the Company has not given any Guarantee for loans taken by others from bank.

16. The Company has not obtained any term loans during the year and hence reporting requirements of para (xvi) are not applicable.

17. According to the information and explanations given to me, funds raised on long term basis have not been used for short term investment & vice versa during the year.

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

19. There are no debentures outstanding as at year end.

20. The Company has not raised money during the year through a public issue.

21. According to the information and explanations given to me, during the year no fraud on or by the Company has been noticed or reported



PLACE : MUMBAI For VISHNU AGARWAL & ASSOCIATES DATE: 27th May, 2014 CHARTERED ACCOUNTANTS (FRN: 134443W)

S/d (MANU AGARWAL) Partner M.No. 146713

---

Mar 31, 2012

I have audited the attached balance sheet of M/S.HEMAKUTA INDUSRIAL INVESTMENT CO. LTD. as at 31st March, 2012 and the Profit and Loss Account of the year ended on that date annexed thereto and report that:

1 As required by the Companies (Auditors'' Report) Order 2003, issued by the Ministry of Finance (Department of Company Affairs) in terms of Section 227 (4A) of the Companies Act,1956, and on the basis of such checks as were considered appropriate. I enclose in the annexure a statement on the matters specified in paragraph 4 of the said Order.

2. I conducted my audit in accordance with auditing standards generally accepted in India. These standards require that I 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. I believe that my audit provides a reasonable basis for my opinion.

3. .Further to my comments in the annexure referred to in paragraph 1 above

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

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

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

d) In my opinion, the balance Sheet & the Profit & Loss Account comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of written representations received from the directors as on 31st March, 2011 and taken on record by the Board of Directors, I report that none of the directors is disqualified as on 31st March,2012 from being appointed as a director in terms of section 274(1) (g) of the Companies Act ,1956.

f) In my opinion and to the best of my information and according to the explanations given to me the said financial statements, read together with the Accounting Policies and other notes there on give the information required by the Companies Act, 1956, in the manner so required and gives a true and fair view :

i) In the case of the Balance Sheet of the state of affairs to the Company as at 31st March, 2011 and ii) in the case of the Profit & Loss Account of the Profit for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE REPORT OF EVEN DATE OF THE AUDITOR TO THE MEMBERS OF M/S.HEMAKUTA INDUSRIAL INVESTMENT COMPANY LTD.ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2012

1. (i) The Company has maintained proper record showing full particulars including quantitative details and situation or fixed assets. (ii) Fixed assets of the company have been physically verified by the Management at reasonable intervals., No material discrepancies were noticed. (iii) There has been no disposal of substantial part of the fixed assets during the year

2. (i) Inventory has been physically verified by the management at reasonable intervals during the year.

(ii) Theprocedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

(iii) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

3. (i) The Company has taken unsecured loans from directors & their associates amounts to Rs. 50.48 Lacs listed in the register maintained under section 301 of Companies Act, 1956 where the terms and conditions are not prima- facie prejudicial to the interest of the company. (ii) The Company has not granted any loans, secured or unsecured to companies, firm or other parties listed in the Register maintained under section 301 of the Companies Act,1956 .

4. According to the information and explanation given to me, there are adequate internal control procedure commensurate with the size of the Company and nature of its business with regard to purchase of inventory & fixed assets and for the sale of goods.

5. i) The Company has entered into transaction that need to be entered into a register in pursuance of the section 301 of the Act. ii) In my opinion and according to the information and explanation given to me, transactions in pursuance of contracts or arrangements entered in the register maintained under section 301of the Act exceeding Rs. 5.00 Lacs in respect of any party during the year, have been entered into at price which are reasonable having regard to prevailing market price at the relevant time.

6. The Company has not accepted deposits from the Public to which the Provisions of section 58(A) & 58(AA) of the Companies Act,1956 and rules framed there under apply.

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

8. To the best of my knowledge and according to the information given to me, the Central Government has not Prescribed maintenance of cost records under section 209(1)(d)of the Companies Act,1956 in respect of the Company'' s product

9. The company is regular in depositing with the appropriate authorities undisputed statutory dues including provident fund, Employees State Insurance Scheme, Income tax, Sales tax and other material statutory dues applicable to it. According to the information and explanation given to me, there are no undisputed statutory dues payable in respect of Income - Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty, Cess & other statutory dues with the appropriate authorities which were outstanding as on 31stMarch, 2012 for a period of more than six months from the date they became payable.

10.In my opinion, the company has accumulated losses at the end of the financial year amounts to Rs. 342.57 lacs and has incurred cash losses in the current financial year of Rs. 4.62 lacs and has incurred cash loss in the immediately preceding financial year amounts to Rs. 0.39 lacs.

11. The company has not defaulted in repayment of dues to the bank.

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

13. The Company is not a nidhi/mutual benefit fund/society to which the provisions of special statute relating to chit fund are applicable.

14. According to the information and explanations given to me, the company is not dealing or trading in shares, securities, debentures and other investments. The company does not hold any investment.

15. According to the information and explanations given to me, the Company has not given any Guarantee for loans taken by others from bank.

16. The Company has not obtained any term loans during the year and hence reporting requirements of para(xvi) are not applicable.

17. According to the information and explanations given to me, funds raised on long term basis have not been used for short term investment & vice versa during the year.

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

19. There are no debentures outstanding as at year end.

20. The Company has not raised money during the year through a public issue.

21. According to the information and explanations given to me, during the year no fraud on or by the Company has been noticed or reported.

PLACE : MUMBAI VISHNU KUMAR AGARWAL

CHARTERED ACCOUNTANT

DATE : 14th June, 2012 M.NO.37593

---

Mar 31, 2010

I have audited the attached balance sheet of HEMAKUTA INDUSTRIAL INVESTMENT CO. LTD. as at 31st March, 2010 and the Profit and Loss Account of the year ended on that date annexed thereto and report that:

1. As required by the Companies (Auditors'' Report) Order 2003, issued by the Ministry of Finance (Department of Company Affairs) in terms of Section 227 (4A) of the Companies Act, 1956, and on the basis of such checks as were considered appropriate. I enclose in the annexure a statement on the matters specified in paragraph 4 of the said Order.

2. I conducted my audit in accordance with auditing standards generally accepted in India. These standards require that I 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. I believe that my audit provides a reasonable basis for my opinion.

3. Further to my comments in the annexure referred to in paragraph 1 above

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

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

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

d) In my opinion, the Balance Sheet & the Profit & Loss Account comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of written representations received from the directors as on 31st March, 2010 and taken on record by the Board of Directors, I report that none of the directors is disqualified as on 31st March, 2010 from being appointed as a director in terms of section 274(1)(g) of the Companies Act, 1956.

f) In my opinion and to the best of my information and according to the explanations given to me the said financial statements, read together with the Accounting Policies and other notes there on give the information required by the Companies Act, 1956, in the manner so required and gives a true and fair view :

i) In the case of the Balance Sheet of the state of affairs to the Company as at 31st March, 2010 and

ii) in the case of the Profit & Loss Account of the Loss for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE REPORT OF EVEN DATE OF THE AUDITOR TO THE MEMBERS OF HEMAKUTA INDUSTRIAL INVESTMENT CO. LTD. THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2010

1.(i) The Company has maintained proper record showing full particulars including quantitative details and situation or fixed assets.

(ii) Fixed assets of the company have been physically verified by the Management at reasonable intervals. No material discrepancies were noticed.

(iii) There has been no disposal of substanstial part of the fixed assets during the year.

2. (i) Inventory has been physically verified by the management at reasonable intervals during the year.

(ii) The procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business. (iii) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

3. (i) The Company has taken unsecured loans from 2 directors amounts to Rs. 50.48 Lacs listed in the register maintained under section 301 of Companies Act, 1956 where the terms and conditions are not prima-facie prejudicial to the interest of the company.

(ii) The Company has granted any loans, secured or unsecured to companies, firm or other parties listed in the Register maintained under section 301 of the Companies Act, 1956 & its repayment is regular.

4. According to the information and explanation given to me, there are adequate internal control procedure commensurate with the size of the Company and nature of its business with regard to purchase of inventory & fixed assets and for the sale of goods.

5. i) The Company has not entered into any transaction that need to be entered into a register in pursuance of the section 301 of the Act.

ii) In my opinion and according to the information and explanation given to me, transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Act exceeding Rs. 5.00 Lacs in respect of any party during the year, have been entered into.

6. The Company has not accepted deposits from the Public to which the Provisions of section 58(A) & 58 (AA) of the Companies Act, 1956 and rules framed there under apply.

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

8. To the best of my knowledge and according to the information given to me, the Central Government has not Prescribed maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 in respect of the Company''s product.

9. The company is regular in depositing with the appropriate authorities undisputed statutory dues including Income tax and other material statutory dues applicable to it. According to the information and explanation given to me, there are disputed statutory dues payable in respect of Income - Tax amounts to Rs. 285.04 Lacs with the appropriate authorities which were outstanding as on 31st March, 2010 for a period of more than six months from the date they became payable.

10. The Company has take loan from a bank and it has defaulted in repayment of its dues.

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

12. The Company is not a nidhi/mutual benefit fund/society to which the provisions of special statute relating to chit fund are applicable.

13. According to the information and explanations given to me, the company is dealing or trading in shares, securities, debentures and other investments. The company holds an investment in its own name.

14. According to the information and explanations given to me, in my opinion, the Company has not given any guarantee for loans taken by other from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the company.

15. The Company has not obtained any term loans during the year and hence reporting requirements of para (xvi) are not applicable.

16. According to the information and explanations given to me, funds raised on long term basis have not been used for short term investment & vice versa during the year.

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

18. There are no debentures outstanding as at year end.

19. The Company has not raised during the year through a public issue.

20. According to the information and explanations given to me, during the year no fraud on or by the Company has been noticed or reported.

For RAJESH N. AGARWAL & CO.

(Chartered Accountants)

(RAJESH N. AGARWAL)

(Proprietor) M.NO. 107950

Place: Mumbai

Date: 07/09/2010