Auditor Report of Integra Capital Ltd.

Mar 31, 2024

We have audited the accompanying Ind AS financial statements of Integra Capital Limited (“the Company"),
which comprise the Balance Sheet as at 31^st March, 2024, the Statement of Profit and Loss, including the
Statement of Other Comprehensive Income, the Statement of Cash Flow and the Statement of Changes in
Equity for the year then ended, and notes to the financial statements, including a summary of significant
accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid Ind AS financial statements give the information required by the Companies Act, 2013, as
amended (“the Act") in the manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state of affairs of the Company as at 31^st March,
2024, its profit including other comprehensive income, its cash flows and the changes in equity for the
year ended on that date.

Basis for Opinion

We conducted our audit of the Ind AS financial statements in accordance with the Standards on Auditing
(SAs), as 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 Ind AS 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 together with the ethical requirements that are relevant to our audit of
the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion on the Ind AS 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 Ind AS financial statements for the financial year ended 31^st March, 2024. These matters were
addressed in the context of our audit of the Ind AS 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. We have fulfilled the responsibilities described in the Auditor''s responsibilities for the audit of the
standalone Ind AS financial statements section of our report, including in relation to these matters.

Accordingly, our audit included the performance of procedures designed to respond to our assessment of
the risks of material misstatement of the standalone Ind AS financial statements. The results of our audit
procedures, including the procedures performed to address the matters below, provide the basis for our
audit opinion on the accompanying standalone Ind AS financial statements.

Key audit matters

How our audit addressed the key audit matter

Capital market operations & Company''s investments in deposit with companies, debt securities and mutual funds

We have obtained an understanding on the Company''s policies and procedures for capital market operations & to identify investment of companies in deposit with companies, debt securities and mutual funds and performed the following procedures: - Verified accurate and complete initial recognition by agreeing the recorded amounts to external documents such as demat statements, receipts issued by the companies and statement of accounts issued by the mutual funds & other entities; - Verified whether the transactions were recorded as required by the applicable accounting principles; - Assessed the appropriateness of the disclosures relating to the assumptions, as we consider them likely to be important to users of the financial statements; - Testing and assessment of the completeness, appropriateness and adequacy of the disclosures in Company''s financial statements wuth regards to the measurement of the aforesaid financial assets.

Other Information

The Company''s Board of Directors is responsible for the other information. The other information comprises
the information included in the Annual report, but does not include the Ind AS financial statements and our
auditor''s report thereon.

Our opinion on the Ind AS 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 Ind AS financial statements, our responsibility is to read the other
information, when it becomes available and, in doing so, consider whether such other information is
materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated.

When we read the Director''s Report, Management Discussion and Analysis and Corporate Governance
Report, if we conclude, that there is a material misstatement of this other information, we are required to
communicate the matter to those charged with governance a required under SA 720, ''The Auditor''s
Responsibilities Relating to Other Information''.

Responsibilities of Management for the Ind AS Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with
respect to the preparation of these 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 accounting principles generally accepted in India, including the
Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with 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 the
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 Ind AS financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the Ind AS 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.

Those Board of Directors are also responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the Ind AS Financial Statements.

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 standard of auditing(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 Ind AS 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 Ind AS 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 whether the Company has adequate internal financial controls system in
place and the operating effectiveness of such controls.

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

- Conclude on the appropriateness of management''s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s
report to the related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor''s report. However, future events or conditions may cause the Company to cease to continue
as a going concern.

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

- Materiality is the magnitude of misstatements in the Ind AS Financial Statements that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the
Standalone Financial Statements may be influenced. We consider quantitative materiality and
qualitative factors in:

o Planning the scope of our audit work and in evaluating the results of our work; and

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

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

From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the Ind AS financial statements for the financial year ended 31^st
March, 2024 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 sub-section (11) of section 143 of the Act, we give in the "Annexure
1" a statement on the matters specified in paragraphs 3 and 4 of the 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 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 the Statement of Other

Comprehensive Income, the Statement of Cash Flow and Statement of Changes in Equity dealt
with by this Report are in agreement with the books of account;

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

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

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company
with reference to these Ind AS financial statements and the operating effectiveness of such controls,

g) No managerial remuneration for the year ended 31^st March, 2024 has been paid / provided by the
Company to its directors, hence no reporting is required under section 197(16) of the Companies
Act, 2013.

h) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule

11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best
of our information and according to the explanations given to us:

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

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

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

iv. (a) 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;

(b) 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;

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

v. The Company has neither declared nor paid any dividend during the year. Hence, no reporting is
required under rule 11(f) of Companies(Audit and Auditors) Rules 2014 read with section 143(3)(j)
of the Companies Act, 2013.

vi. Based on our examination, which included test checks, the Company has used accounting
softwares for maintaining its books of account for the financial year ended March 31, 2024 which
has a feature of recording audit trail (edit log) facility and the same has operated throughout the

year for all relevant transactions recorded in the softwares. Further, during the course of our audit
we did not come across any instance of the audit trail feature being tampered with.

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

For GSA & Associates LLP

Chartered Accountants

Firm Registration no. 000257N/N500339

Krishan Kant Tulshan

Partner

Membership No.: 085033
UDIN: 24085033 BKGQHT2544

Place: Gurugram
Dated: 09^th May 2024

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Mar 31, 2015

We have audited the accompanying financial statements of Integra Capital Management Limited. CIN No. U74899DL1990PLC040042 ('the Company'), which comprise the Balance Sheet as at 31st March, 2015, 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'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 and presentation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in acordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Secion 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 control, 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 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 hereunder.

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of the material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financing control relevant to the Company's preparation of the financial statements that give true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial conrols system over financial reporting and operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by 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 financial statements..

Opinion

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 Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at 31st March 2015, 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 the Companies (Auditor's Report) Order, 2015 ('the Order') issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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 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 aforesaid financial statements comply with the Accounting Standards specified under secion 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 Secttion 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 has disclosed the impact of pending litigations on its financial position in its financial statements-Refer Note 17 to the financial statements;

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.

Annexure to the Auditors' Report

[Referred to in paragraph 1 under 'Report on other Legal and Regulatory Requirements' of our Report of even date to the members of Integra Capital Management Limited on the accounts of the Company for the year ended 31st March 2015].

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

(i) In respect of its fixed assets:

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

(b) As explained to us. All the fixed assets have not been physically verified by the management during the year but there is a regular program of verification, 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.

(ii) In respect of its inventory

(a) As explained to us, the inventories were phsically verified at regular intervals by theManagement.

(b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventories followed by the Management were reasonable and adequate in relation to the size of the Company and the naure of its business.

(c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories. The discrepancies noticed on physical verification of stocks as compared to book records were not material and have been properly dealt with in the books of account.

(iii) In respect of loans, secured or unsecured, granted to the parties covered in register maintained under section 189 of the Companies Act, 2013:

According to the information and explanations given to us, the Company has not granted any loans to companies, firms or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013; and therefore paragraph 3(iii) of the Order is not applicable.

(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 for the purhase of inventory, fixed assets and for the sale of shares and securities. During the course of our Audit, we have not observed anycontinuing failure to correct major weaknesses in internal control.

(v) In our opinion and according to the information and explanations given to us, the company has not received any public deposits during the year.

(vi) As informed to us, the Company is not required to maintain any cost records under subj section (1) of Section 148 of the Act, in respect of the activities carried on by the Company.

(vii) In respect of statutory dues:

(a) According to the records of thecompany and information and exlplanations given to us, the Company has generally been regular in depositing undisputed statutory dues, including Income-tax, Service Tax and other material statutory dues applicable to it, with the appropriate authorities.

(b) According tothe information and explanations given to us, there were no undisputed amounts payable in respect of Income-tax, wealth Tax, Custom Duty, Excise Duty, sales tax, VAT, Cess and other material statutory dues in arrears/were outstanding as at 31st March, 2015 for a period of more than six months from the date they became payable.

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

(viii) The accumulated losses of the company are not more than 50% of its Net worth. However, it has earned profit in the financial year ended on 31st March, 2015.

(ix) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to financial institutions, banks and debenture holders.

(x) In our opinion, and according to the informaion and the explanation given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions during the year;

(xi) The company has not obtained any term loan during the year, so this para of order is not applicable.

(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.

For M/s H.K. Dua & Co. Chartered Accountants FRN No. : 000581N

Place : New Delhi Arun Kumar Dua Date : 15/07/2015 (Partner) M. No. : 082623

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Mar 31, 2014

We have audited the accompanying financial statements of Integra Capital Management Limited. CIN No. L74899DL1990PLC040042 (''the Company''), which comprise the Balance Sheet as at 31st March, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended and Notes to Financial Statements comprising of a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 ("The Act:) read with General Circular 15/2013 dated 13th 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 controls 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.

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 the material misstatement of the financial statements, whether due to error or fraud. 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 reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

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

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

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

Report on Other Legal and Regulatory Requirements

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

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

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

b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books [and proper returns adequate for the purposes of our audit have been received from branches not visited by us];

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 [and with the returns received from branches not visited by us].

d) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 issued by Ministry of Corporate Affairs, in respect of Section 133 of the Companies Act, 2013 and 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 31 st March 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 st March 2014, from being appointed as a director in terms of clause(g) of sub-section (1) of section 274 of the Companies Act, 1956;

Annexure referred to in paragraph 3 of our report to the members of Integra Capital Management Limited CIN No. L74899DL1990PLC040042 for the year ended 31st March, 2014

1) Fixed Assets

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

b. All the assets have not been physically verified by the management during the year but there is a regular program of verification, which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discre- pancies were noticed on such verification.

c. During the year, the Company, has not disposed off any part of fixed assets.

2) Inventory

a. The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b. 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. On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3) Loans

a. The Company has not granted, any loans/deposits to parties covered in the Register maintained under Section 301 of the Companies Act, 1956. The Company has not taken any loan from companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956.

b. In our opinion the rate of interest and other terms and conditions on which deposits have been granted to the party listed in the Register maintained under Section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the Company. There is no stipulation as to interest,

4) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the najure of its business with regard to purchases of inventories and fixed assets and sale of shares and securities. During the course of our audit, no major weakness has been noticed in the internal controls.

5) Transactions

a) Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that the transactions that need to be entered into the Register maintained under section 301 have been so entered.

b) In our opinion and according to the information and explanations given to us, no transaction made in under Section 301.

6) The Company has not accepted any deposits from the public. The National Company Law Tribunal has passed no order.

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

8) The Company is not required to maintain any cost records under clause (d) of sub-section (1) of Section 209 of the Act.

9) Statutory Dues

a) According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including income-tax, service- tax and other statutory dues as are applicable to it.

b) According to the records ot the Company, there are no dues of sales-tax, income-tax, custom duty or excise duty which were outstanding, as at 31st March, 2014 for a period of more than six months from the date they become payable.

10) Accumulated losses of the Company at the end of the financial year are less than fifty percent of its net worth. However, it has earned Loss in the financial year ended on 31 st March, 2014.

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) 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 neither a chit fund company nor a nidhi company or a mutual benefit company.

14) The Company deals or trades in shares, securities, debentures and other investments. The Company has maintained proper records of the transactions and have made timely entries therein. The shares, securities, debentures and other securities have been held by the Company in its own name except to the extent of the exemption, if any, granted under Section 49 of the Act.

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

16) The Company has not taken any term loans.

17) Based on our examination of the Balance Sheet of the Company as at 31st March, 2014, we are of the opinion that during the year the funds raised on short-term basis have not been used for long-term investments and vice versa.

18) The Company has not made any preferential allotment of shares.

19) The Company has not issued any debentures.

20) The Company has not raised any money by public issues.

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

For H.K. Dua & Co. Chartered Accountants, C.A. H.K. Dua Partner Place : New Deihi M. No.: 080727 Dated 30th August, 2014 FRN : 000581N

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Integra Capital Management Limited (''the Company1) which comprise the Balance Sheet as at 31st March, 2013, and the Statement of Profit and Loss and cash flow statement for the year then ended and Notes to Financial Statements comprising of a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance 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 controls 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.

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 the material misstatement of the financial statements, whether due to error or fraud. 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 reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

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

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

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

Report on Other Legal and Regulatory Requirements

1) As required by the Companies (Auditor''s Report) Order, 2003 (''the Order'') issued by the Central Government of India in terms of 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 and Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; and

e) On the basis of written representations received from the directors as on 31 st March 2013, and taken on record by the Board of Directors, none of the director is disqualified as on 31 st March 2013, from being appointed as a director in terms of clause

(g) of sub-section (1) of section 274 of the Companies Act, 1956;

Annexure referred to in paragraph 3 of our report to the members of Integra Capital Management Limited for the year ended 31st March, 2013

1) Fixed Assets

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

All the assets have not been physically verified by the management during the year but there is a regular program of verification, which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discre- pancies were noticed on such verification.

c. During the year, the Company, has disposed off part of fixed assets.

2) Inventory

a. The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b. 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. On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3) Loans

a. The Company has not granted, any loans/deposits to parties covered in the Register maintained under Section 301 of the Companies Act, 1956. The Company has not taken any loan from companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956.

b. In our opinion the rate of interest and other terms and conditions on which deposits have been granted to the party listed in the Register maintained under Section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the Company. There is no stipulation as to interest.

c. The Company have been repaid the principal amount and interest as stipulated.

d. There is no overdue amount of loans taken from or granted to companies, firms or other parties listed in the Registers maintained under section 301 of the Companies Act, 1956.

4) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchases of inventories and fixed assets and sale of shares and securities. During the course of our audit, no major weakness has been noticed in the internal controls.

5) Transactions

a) Based on the audit procedures applied by us and according to the information and explanaion provided by the management, we are of the opinion that the transactions that need to be entered into the Register maintained under section 301 have been so entered.

b) In our opinion and according to the information and explanations given to us, no transaction made in under Section 301.

6) The Company has not accepted any deposits from the public. The National Company Law Tribunal has passed no order.

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

8) The Company is not required to maintain any cost records under clause (d) of sub-section (1) of Section 209 of the Act.

9) Statutory Dues

a) According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including income-tax, service- tax and other statutory dues as are applicable to it.

b) According to the records of the Company, there are no dues of sales-tax, income-tax, custom duty or excise duty which were outstanding, as at 31st March, 2013 for a period of more than six months from the date they become payable.

10) Accumulated losses of the Company at the end of the financial year are less than fifty percent of its net worth. However, it has earned Loss in the financial year ended on 31 st March, 2013.

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) 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 neither a chit fund company nor a nidhi company or a mutual benefit company.

14) The Company deals or trades in shares, securities, debentures and other investments. The Company has maintained proper records of the transactions and have made timely entries therein. The shares, securities, debentures and other securities have been held by the Company in its own name except to the extent of the exemption, if any, granted under Section 49 of the Act.

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

16) The Company has not taken any term loans.

17) Based on our examination of the Balance Sheet of the Company as at 31 st March, 2013, we are of the opinion that during the year the funds raised on short-term basis have not been used for long-term investments and vice versa.

18) The Company has not made any preferential allotment of shares.

19) The Company has not issued any debentures.

20) The Company has not raised any money by public issues.

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



For H.K. Dua & Co.

Chartered Accountants,





C.A. H.K. Dua

Partner

Place: New Delhi M. No.: 080727

Dated: 31 st August, 2013 FRN : 000581N

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Mar 31, 2012

1) We have audited the attached Balance Sheet of Integra Capital Management Limited as at 31st March, 2012 and also statement of the Profit & Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2) We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance 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 the management, as well as evaluating overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

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

4) Further to our comments in the Annexure referred to above, we report that:

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

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

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

d In our opinion, the Balance Sheet, Profit & 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;

e. On the basis of written representations received from the Board of 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 31 st 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;

f. In our opinion and to the best of our information and according to the explanations given to us, they said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012;

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

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

Annexure referred to in paragraph 3 of our report to the member of Integra Capital Management Limited for the year ended 31st March, 2012

1) Fixed Assets

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

b. All the assets have not been physically verified by the management during the year but there is a regular program of verification, 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, the Company, has not disposed off any substantial part of fixed assets.

2) Inventory

a. The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b. 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. On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3) Loans

a. The Company has not granted, any loans/deposits to parties covered in the Register maintained under Section 301 of the Companies Act, 1956. The Company has not taken any loan from companies, firms and other parties covered in the Register- maintained under Section 301 of the Companies Act, 1956.

b. In our opinion the rate of interest and other terms and conditions on which deposits have been granted to the party listed in the Register maintained under Section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the Company. There is no stipulation as to interest.

c. The Company have been repaid the principal amount and interest as stipulated.

d. There is no overdue amount of loans taken from or granted to companies, firms or other parties listed in the Registers maintained under section 301 of the Companies Act, 1956.

4) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchases of inventories and fixed assets and sale of shares and securities. During the course of our audit, no major weakness has been noticed in the internal controls.

5) Transactions

a) Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that the transactions that need to be entered into the Register maintained under section 301 have been so entered.

b) In our opinion and according to the information and explanations given to us, no transaction made in under Section 301.

6) The Company has not accepted any deposits from the public. The National Company Law Tribunal has passed no order.

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

8) The Company is not required to maintain any cost records under clause (d) of sub-section (1) of Section 209 of the Act.

9) Statutory Dues

a) According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including income-tax, service- tax and other statutory dues as are applicable to it.

b) According to the records of the Company, there are no dues of sales-tax, income-tax, custom duty or excise duty which were outstanding, as at 31st March, 2012 for a period of more than six months from the date they become payable.

10) Accumulated losses of the Company at the end of the financial year are less than fifty percent of its net worth. However, it has earned Loss in the financial year ended on 31st March, 2012.

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) 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 neither a chit fund company nor a nidhi company or a mutual benefit company.

14) The Company deals or trades in shares, securities, debentures and other investments. The Company has maintained proper records of the transactions and have made timely entries therein. The shares, securities, debentures and other securities have been held by the Company in its own name except to the extent of the exemption, if any, granted under Section 49 of the Act.

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

16) The Company has not taken any term loans.

17) Based on our examination of the Balance Sheet of the Company as at 31 st March, 2012, we are of the opinion that during the year the funds raised on short-term basis have not been used for long-term investments and vice versa.

18) The Company has not made any preferential allotment of shares.

19) The Company has not issued any debentures.

20) The Company has not raised any money by public issues.

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

ForH.K. Dua&Co.

Chartered Accountants,

C.A H.K. Dua

Partner

Place : New Delhi M. No.: 080727

Dated :31st August, 2012 FRN : 000581N

---

Mar 31, 2010

1) We have audited the attached Balance Sheet of Integra Capital Management Limited as at 31st March, 2010 and also the Profit & Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2) We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain resonable assurance 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 signifcant estimates made by the management, as well as evaluating 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 enclose 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:

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

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

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

d. In our opinion, the Balance Sheet, Profit & 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;

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

f. In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

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

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT TO THE MEMBERS OF INTEGRA CAPITAL MANAGEMENT LIMITED FOR THE YEAR ENDED 31ST MARCH, 2010

1) Fixed Assets

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

b. All the assets have not been physically verified by the management during the year but there is a regular programme of verification, 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, the Company, has disposed off some substantial part of fixed assets comprising of Land & uilding amounting to gross value of Rs. 89,99,700/- (Refer Schedule 4 of Fixed Assets). As per the information and explanations given to us by the management, we are of the opinion that the sale of the said asets has not affected the going concern status of the Company.

2) Inventory

a. The inventory has been physically verified during the year by the management: In our opinion, the frequency of verification is reasonable.

b. 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. On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3) Loans

a. The Company has not granted, any loans/deposits to parties covered in the Register maintained under Section 301 of the Companies Act, 1956. The Company has not taken any loan from companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956.

b. In our opinion the rate of interest and other terms and conditions on which deposits have been granted to the party listed in the Register maintained under Section 301 of the Companies Act, 1956. are not, prima facie, prejudicial to the interest of the Company. There is no stipulation as to interest.

c. The Company have been repaid the principal amount and interest as stipulated.

d. There is no overdue amount of loans taken from or granted to companies, firms or other parties listed in the Registers maintained under section 301 of the Companies Act, 1956.

4) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchases of inventories and fixed assets and sale of shares and securities. During the course of our audit, no major weakness has been noticed in the internal controls.

5) Transactions

a) Based on the audit procedures applied by us and according to the information and explanaion provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered.

b) In our opinion and according to the information and explanations given to us, the transactions made in respect of the value of Rs. 1,05,84,000/- for sale of fixe assets to the director & a related party duly entered in register maintained under Section 301, the management has informed us that the transactions dealt with are of special nature; and therefore comparative prices are not available.

6) The Company has not accepted any deposits from the public. The National Company Law Tribunal has passed no order.

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

8) The Company is not required to maintain any cost records under clause (d) of sub-section (1) of Section 209 of the Act.

9) Statutory Dues

a) According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including income-tax, service-tax and other statutory dues as are applicable to it.

b) According to the records of the Company, there are no dues of sales-tax, income-tax, custom duty or excise duty which were outstanding, as at 31st March, 2010 for a period of more than six months from the date they become payable.

10) Accumutated tosses of the Company at the end of the financial year are less than fifty percent of its net worth. However, it has earned profit in the financial year ended on 31st March, 2010.

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) 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 neither a chit fund company nor a nidhi corhpnay or a mutual benefit company.

14) The Company deals or trades in shares, securities, debentures and other investments. The Company has maintained proper records of the transactions and have made timely entires therein. The shares, securities, debentures and other securities have been held by the Company in its own name except to the extent of the exemption, if any, granted under Section 49 of the Act.

15) The Company has not given any guarantee for loans taken by others from Banks and financial institutons.

16) The Company has not taken any term loans.

17) Based on our examination of the Balance Sheet of the Company as at 31st March, 2010, we are of the opinion that during the year the funds raised on short-term basis have not been used for long-term investments and vice versa.

18) The Company has not made any preferential allotment of shares.

19) The Company has not issued any debentures.

20) The Company has not raised any money by public issues.

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

For H.K. Dua & Co. Chartered Accountants,

C.A. H.K. Dua Partner Place : New Delhi M. No.: 080727

Dated : 31st August, 2010 FRN No. : 000581N