Auditor Report of Kundan Minerals and Metals Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial statements of Kundan Minerals and Metals
Limited (CIN No.: L24205BR1964PLC006630) (the “Company”), which comprise the Balance Sheet as
at March 31, 2025, the Statement of Profit and Loss (including Other Comprehensive Income), the
Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date and notes
to the financial statements, including a summary of material accounting policies and other explanatory
information (hereinafter referred to as the “standalone financial statements”).

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

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on
Auditing 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 Standalone Financial
Statements section of our report. We are independent of the Company in accordance with the Code
of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the
independence requirements that are relevant to our audit of the standalone financial statements under
the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the standalone financial statements.

Key Audit Matters

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

S.No.	Key Audit Matter	Auditor’s Response
(i)	Revenue Recognition The company sales revenue mainly arose from sales of platinum Alloy ingots to customer (associate party Kundan Gold Mines Private Limited). The Company recognizes sales revenue based on the terms and conditions of transactions. For sales transactions in a certain period around balance sheet date, it is essential to ensure whether the transfer of control of the goods by the company to the customer occurs before the balance sheet date or otherwise. Considering that there is significant volume of sales transactions close to the year end, involving material amounts and such revenue	We evaluated the design of internal controls over recognition of revenue in the appropriate period in accordance with the company accounting policy. On a sample basis, we tested the operating effectiveness of the internal control relating to determination of point in time at which the transfer of control of the goods occurs. We tested the relevant information technology systems used in recording revenue including unit’s system generated reports, based on which selection of samples was undertaken. On sample basis, we performed test of details of sales recorded close to the year-end through

recognition is subject to whether transfer of control to the customers has occurred before the balance sheet date or otherwise, we consider the risk of revenue from sale of goods being recognized in the incorrect period, a key audit matter.

following procedures: i) Analyzed the terms and conditions of the underlying contract with the customer, and ii) Verified evidence for transfer of control of the goods prior to the balance sheet date or otherwise from relevant supporting documents.

Information Other than the Standalone Ind AS Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the preparation of other information. The other
information comprises the Director’s report, Corporate Governance report, Business responsible report and

Management Discussion and Analysis of Annual report, but does not include the Standalone Ind AS
Financial Statements and our report thereon. The Directors report, Corporate Governance report, Business
responsible report and Management Discussion and Analysis of Annual report is expected to be made
available to us after the date of this auditors’ report.

Our opinion on the Standalone Ind AS Financial Statements does not cover the other information and we
will not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Ind AS Financial Statements, our responsibility is to read the
other information identified above when it becomes available to us and, in doing so, consider whether the
other information is materially inconsistent with the Standalone Ind AS Financial Statements or our
knowledge obtained during the course of our audit, or otherwise appears to be materially misstated.

When we read such other information as and when made available to us and if we conclude that there is a
material misstatement therein, we are required to communicate the matter to those charged with governance.

Management’s Responsibility for the Standalone 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 financial statements that give a true and fair view
of the financial position, financial performance, total comprehensive income, changes in equity and
cash flows of the Company in accordance with the Ind AS and other accounting principles generally
accepted in India. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the standalone financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.

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

The Board of Directors are responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether standalone the financial statements as a
whole are free from material misstatement, whether due to fraud or error, andto issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an
audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in aggregate,

they could reasonably be expected to influence the economic decisions of users taken on the basis of these

standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional

skepticism throughout the audit. We also:

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

• Obtain an understanding of internal financial 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
with reference to financial statements 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 the 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 financial statements, including the
disclosures, and whether the Financial Statements represent the underlying transactions and events in
a manner that achieves fair presentation.

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

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit we report that:

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

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

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income,
Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are

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

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

f) With respect to the adequacy of the internal financial controls with reference to financial
statements of the Company and the operating effectiveness of such controls, refer to our separate
Report in “Annexure A”. Our report expresses an unmodified opinion on the adequacy and
operating effectiveness of the Company’s internal financial controls with reference to financial
statements.

g) With respect to the other matters to be included in the Auditor’s Report under section 197(16) of

the Act, as amended, in our opinion and according to the information and explanations given to
us, the remuneration paid by the Company to its directors during the current year is in accordance
with the provisions of Section 197 of the Act. The remuneration paid to any director is not in
excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has
not prescribed other details under Section 197(16) which are required to be commented upon by
us.

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

i) a) The Management has represented that, to the best of its knowledge and belief, no funds (which
are material either individually or in the aggregate) 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 or entity, including foreign entity (“Intermediaries”), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether,
directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries;

b) The management has represented, that, to the best of its knowledge and belief, no funds (which
are material either individually or in the aggregate) have been received by the Company from any
person or entity, including foreign entity (“Funding Parties”), with the understanding, whether
recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf
of the Ultimate Beneficiaries ; and

c) Based on the audit procedures that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the representations
under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any
material misstatement.

j) There is no interim or final dividend have been declared or paid by the Company during the year.

k) Based on our examination, which included test checks, the Company has used accounting
software for maintaining its books of account for the financial year ended 31 march, 2025 which
has a feature of recording audit trail (edit log) facility and the same and has been retained in
accordance with applicable statutory requirements further, during the course of our audit we did
not come across any instance of the audit trail feature being tempered with.

2. As required by the Companies (Auditor’s Report) Order, 2020 (the “Order”) issued by the Central
Government in terms of Section 143(11) of the Act, we give in “Annexure B” a statement on the
matters specified in paragraphs 3 and 4 of the Order.

For and on behalf of
Ashwani & Associates

Chartered Accountants
FRN : 000497N

Sanjeeva Narayan
Partner

M.No. 084205

UDIN:25084205BMHBRB2889
Place : New Delhi
Date:30 May 2025

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Mar 31, 2024

We have audited the accompanying Ind AS financial statements of Eastern Sugar & Industries
Limited (the “Company”), which comprise the Balance Sheet as at March 31, 2024, the Statement
of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity
and the Statement of Cash Flows for the year ended on that date and notes to the financial
statements, including a summary of material accounting policies and other explanatory information
(hereinafter referred to as the “Financial Statements”).

In our opinion and to the best of our information and according to the explanations given tous,
the aforesaid Financial Statements give the information required by the Companies Act, 2013 (the
“Act”) in the manner so required and give a true and fair view in conformity with the Indian
Accounting Standards prescribed under section 133 of the Act, (“Ind AS”) and other accounting
principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024,
its loss including other comprehensive income, changes in equity and its cash flows for the year
ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements in accordance with the Standards
on Auditing (“SA”s) 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 Standalone
Financial Statements section of our report. We are independent of the Companyin accordance with
the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (“ICAI”) together
with the ethical requirements that are relevant to our audit of the Standalone Financial Statements
under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We
believe that the audit evidence obtained byus is sufficient and appropriate to provide a basis for
our audit opinion on the Standalone Financial Statements.

Key Audit Matters

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

We have determined that there are no other key audit matters to communicate in our report.

Emphasis of Matter

We draw your attention to :-

(a) Note 25 to the financial statements which states in the matter of Going Concern that the new management
will introduce the business of precious metals in the company and will do efforts to revive the company.

(b) Note 26 to the financial statements which states that from 11^th February 2022 the company was in Corporate
Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Code, 2016 (IBC).

(i) A resolution plan was submitted by M/s Kundan Care Products Limited and approved by Committee of
Creditors on 27^th November 2022. The National Company Law Tribunal pronounced its order on 04^th October
2023 approves the resolution plan.

(ii) The approved Resolution Plan provides that, “Upon approval of Resolution Plan by the Hon’ble NCLT, the
existing Directors and KMP of the Company as on Completion Date shall be deemed to have resigned without
any additional approval from the shareholders and new Board of Directors was constituted on 27.02.2024
including requisite committees.

(iii) The approved Resolution Plan also provides the reduction of Existing Share Capital by cancellation of share
of existing promoters and allotment of new shares to the Resolution Applicant and its nominee/associates and
reduction in Face Value of Share from Rs. 10/- to Rs. 1/-.

(iv) No financial statements are prepared during CIRP for financial year ending 31st March 2023. Therefore,
figures of the audited financial statement as on 31st March 2022 has been considered while preparing the
financial statement ending 31st March 2023 without any adjustment.

(v) Necessary re-structing entries are passed in books of accounts pursuant to approval of resolution plan, but
issuance of share capital to public and promotors is in process as on signing of financial statement.

Our opinion is not modified in respect of these matters.

Other Matters

Since the company has been under ‘Corporate Insolvency Resolution Process’ under Section 7 of the ‘Insolvency
and Bankruptcy Code 2016’ from 11 February 2022 and order of National Company Law Tribunal has been
pronounced dated 04th October 2023, the comparative financial statement of the company for the year ended
March 31, 2023 were prepared by the newly constituted management of the company.

This financial statements / financial information are unaudited and have been furnished to us by the
Management and our opinion on the financial statements, is based solely on such management certified
unaudited financial statements / financial information.

Our opinion is not modified in respect of this matter.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the other information. The other information
comprises the information included in the Management Discussion and Analysis, Board’s Report
including Annexures to Board’s Report, Business Responsibility and Sustainability Report, Corporate
Governance and Shareholder’s Information, but does not include the financial statements and our
auditor’s report thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with
the financial statements, or our knowledge obtained during the course of our audit or otherwise
appears to be materially misstated.

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

Responsibilities of Management and Those Charged with Governance for the Financial
Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act

with respect to the preparation of these financial statements that give a true and fair view of the
financial position, financial performance, including other comprehensive income, changes in equity
and cash flows of the Company in accordance with the accounting principles generally accepted in
India, including Ind AS specified under section 133 of the Act. This responsibility also includes
maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring the accuracy and completeness
of the accounting records, relevant to the preparation and presentation of the financial statements
that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management and Board of Directors 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 the Board of Directors either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Company’s Board of Directors is also responsible for overseeing the Company’s financial
reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that
an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.

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

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

• Obtain an understanding of internal financial 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 with reference to financial statements 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 the 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 financial statements, including
the disclosures, and whether the Financial Statements represent the underlying transactions and
events in a manner that achieves fair presentation.

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

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

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

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

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit we report that:

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

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

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive
Income, Statement of Changes in Equity and the Statement of Cash Flows dealt with by
this Report are in agreement with the books of account.

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

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

f) With respect to the adequacy of the internal financial controls with reference to financial
statements of the Company and the operating effectiveness of such controls, refer to our
separate Report in “Annexure A”. Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the Company’s internal financial controls with
reference to financial statements.

g) With respect to the other matters to be included in the Auditor’s Report in accordance with
the requirements of section 197(16) of the Act, as amended, in our opinion and tothe best
of our information and according to the explanations given to us, the company has not paid
any managerial remuneration to its directors during the year. Accordingly provisions of
section 197 of the Act is not applicable.

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

iv. (a) The Management has represented that, to the best of its knowledge and belief, no

funds (which are material either individually or in the aggregate) 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 or
entity, including foreign entity (“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 orthe like on behalf of the Ultimate Beneficiaries;

(b) The management has represented, that, to the best of its knowledge and belief,
no funds (which are material either individually or in the aggregate) have been
received by the Company from any person or entity, including foreign entity
(“Funding Parties”), with the understanding, whether recorded in writing or
otherwise, that the Company shall, whether, directly or indirectly, lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party (“Ultimate Beneficiaries”)or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries ; and

(c) Based on the audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused
us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as
provided under (a) and (b) above, contain any material misstatement.

v. There is no interim or final dividend have been declared or paid by the Company
during the year.

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.

2. As required by the Companies (Auditor’s Report) Order, 2020 (the “Order”) issued by the
Central Government in terms of Section 143(11) of the Act, we give in “Annexure B” a
statement on the matters specified in paragraphs 3 and 4 of the Order.

For Ashwani & Associates

Chartered Accountants

(Firm’s Registration No. 000497N)

Sanjeeva Narayan
Partner

(Membership No. 084205)UDIN:

Place: New Delhi
Date: May 09, 2024

UDIN: 24511783BKGZUN4989

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Jun 30, 2014

We have audited the attached Balance Sheet of EASTERN SUGAR & INDUSTRIES LIMITED as at 30th June, 2014, the Statement of Profit & Loss and the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's 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 Section 211(3C) of the Companies Act, 1956 ("the Act") and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal 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 the accounting policies used and the reasonableness of the accounting estimates made by the 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 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:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 30th June, 2014;

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

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

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

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

On the basis of the written representations received from the directors as on 30th June, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 30th June, 2014 from being appointed as a director in terms of Section 274(1)(g) of the Act.

(Referred to in paragraph 7 under 'Report on Other Legal and Regulatory Requirements' section of our report of even date)

1. The Company has maintained proper records showing full particulars including quantitative details and situations of fixed assets. We are informed that all the fixed assets have been physically verified by the management at the year-end and no material discrepancies have been noticed on such verification. No disposal of a substantial part of the fixed assets of the Company has taken place during the reporting period.

2. The inventories were physically verified during the year by the Management at reasonable intervals. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business. The Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

3. The Company has neither granted nor taken any loans, secured or unsecured, to / from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956.

4. The Company has adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to purchase of trading goods, raw materials including components, plant and machinery, equipment and other assets and also for the sale of goods. We have not come across any major weaknesses in internal control.

5. According to the information & explanation given to us there is no contract or arrangement that's needs to be entered in the register required to be maintained under sec 301 of the Companies Act.

6. The company has not accepted any deposits within the meaning of section 58A, 58AA or any other relevant provisions of Act and the rules framed there under.

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

8. We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records in respect of sugar u/s 290(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed account and records have been maintained.

9. The Company is generally regular in depositing undisputed statutory dues, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues.

10. According to the information and explanations given to us, no disputed amount payable in respect of Income Tax, Wealth Tax, Dividend Tax, Service Tax, Sales Tax, Custom Duty, Excise Duty and Cess were in arrears, as at 30th June, 2014 for a period of more than six months from the date they became payable.

11. The Company has no accumulated losses and has not incurred any cash loss during the year covered by our audit or in the immediately preceding financial year.

12. The Company has not defaulted in payment of dues to financial institution or banks. The company has not issued any debentures.

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

14. In our opinion and according to the information and explanations given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi/mutual benefit fund/societies.

15. In our opinion and according to information and explanations given to us, the company is not dealing or trading in shares, securities, debentures and other investments and therefore the provisions of Clause 4(xiv) of the order are not applicable. The securities and other investments have been held by the company in its own name.

16. The Company has not given any guarantee for loans taken by others from Banks or Financial Institutions during the reporting period.

17. The Company has not raised any term loans, so the provisions are not applicable to the Company.

18. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short term basis have been used for long term investments. No long term funds have been used to finance short term requirements.

19. During the year the company has not issued and allotted any Preferential Shares.

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

21. Based on the audit procedures adopted and information and explanations given to us by the management, no fraud on or by the Company has been noticed or reported during the course of our audit.

For Vivek Jaiswal & Co. Chartered Accountants Firm Registrartion No. 323094E

Vivek Jaiswal Place : Kolkata Partner Date : 22nd September, 2014 M. No. 057710

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Jun 30, 2013

Report on Financial Statements

We have audited the attached Balance Sheet of EASTERN SUGAR & INDUSTRIES LIMITED as at 30th June, 2013, the Statement of Profit & Loss and the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s 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 Section 211(3C) of the Companies Act, 1956 (''the Act'') and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal 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 the accounting policies used and the reasonableness of the accounting estimates made by the 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.

Basis for qualified opinion

Non compliance of sections 194-A, 192 & 192-J, of Income Tax Act, 1961 with respect to TDS on interest other than interest on securities , salary, & fee for professional & Technical services respectively. The TDS on above have not been deducted and deposited in time. *

Non compliance of generally accepted accounting principles in accounting of Gratuity, Leave liabilities towards employees, bonus, Professional Taxes, Trade License Fees, Interest and penalty

on delayed deposit of TDS & income from interest on securities and other deposits as they are accounted for on cash basis.*

*The possible loss if any, arising out of above which might have consequential effect on the year''s Profit & Loss and Net Current Asset position of the Company at the year end, has neither been ascertained nor provided for in these accounts.

Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified Opinion paragraph 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:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 30th June, 2013;

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

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

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

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

On the basis of the written representations received from the directors as on 30th June, 2013 taken on record by the Board of Directors, none of the directors is disqualified as on 30th June, 2013 from being appointed as a director in terms of Section 274(1)(g) of the Act.

Annexure to the Independent Auditors'' Report

(Referred to under ‘Report on Other Legal and Regulatory Requirements'' section of our report of even date)

1. The Company has maintained proper records showing full particulars including quantitative details and situations of fixed assets. We are informed that all the fixed assets have been physically verified by the management at the year-end and no material discrepancies have been noticed on such verification. No disposal of a substantial part of the fixed assets of the Company has taken place during the reporting period.

2. The inventories were physically verified during the year by the Management at reasonable intervals. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business. The Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

3. The Company has neither granted nor taken any loans, secured or unsecured, to / from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956.

4. The Company has adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to purchase of trading goods, raw materials including components, plant and machinery, equipment and other assets and also for the sale of goods. We have not come across any major weaknesses in internal control.

5. According to the information & explanation given to us there is no contract or arrangement that''s needs to be entered in the register required to be maintained under sec 301 of the Companies Act.

6. The company has not accepted any deposits within the meaning of section 58A, 58AA or any other relevant provisions of Act and the rules framed there under.

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

8. We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records in respect of sugar u/s 290(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed account and records have been maintained.

9. The Company is generally regular in depositing undisputed statutory dues, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues.

10. According to the information and explanations given to us, no disputed amount payable in respect of Income Tax, Wealth Tax, Dividend Tax, Service Tax, Sales Tax, Custom Duty, Excise Duty and Cess were in arrears, as at 30th June, 2013 for a period of more than six months from the date they became payable.

11. The Company has no accumulated losses and has not incurred any cash loss during the year covered by our audit or in the immediately preceding financial year.

12. The Company has not defaulted in payment of dues to financial institution or banks. The company has not issued any debentures.

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

14. In our opinion and according to the information and explanations given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi/mutual benefit fund/societies.

15. In our opinion and according to information and explanations given to us, the company is not dealing or trading in shares, securities, debentures and other investments and therefore the provisions of Clause 4(xiv) of the order are not applicable. The securities and other investments have been held by the company in its own name.

16. The Company has not given any guarantee for loans taken by others from Banks or Financial Institutions during the reporting period.

17. The Company has not raised any term loans, so the provisions are not applicable to the Company.

18. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short term basis have been used for long term investments. No long term funds have been used to finance short term requirements.

19. During the year the company has issued 49,00,000 bonus equity shares to the existing Cumulative Convertible Preference Share Holders out of the General Reserves of the company.

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

21. Based on the audit procedures adopted and information and explanations given to us by the management, no fraud on or by the Company has been noticed or reported during the ourse of our audit.

For Vivek Jaiswal & Co.

Chartered Accountants

Firm Registrartion No. 0325948E

Vivek Jaiswal

Place : Kolkata Partner

Date : 18th September, 2013 M. No. 057710

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Jun 30, 2012

We have audited the attached Balance Sheet of EASTERN SUGAR & INDUSTRIES LIMITED as at 30th June, 2012 and also the Profit & Loss Account for the year ended on that date annexed here to and the Cash Flow Statement for the year ended on that date, which we have signed under reference to this report. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

1. As required by the Companies (Auditor''s Report) Order, 2003, as amended by the Companies (Auditor''s Report) (Amendment) Order, 2004 issued by Central Government of India, in terms of sub section (4A) of Section 227 of the Companies Act, 1956, and on the basis of the information and explanations given to us and the books and records examined by us in the normal course of our audit and to the best of our knowledge and belief, we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

2. 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 purposes of our audit;

b) In our opinion, proper books of accounts, 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 & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account as submitted to us;

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, subject to the provision for Gratuity which is not done as prescribed in AS-15.

e) On the basis of written representations received from the individual directors and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 30th June, 2012 from being appointed as a director in terms of clause (g) of Sub- section (1) of Section 274 of the Companies Act, 1956.

3. In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet, the Profit & Loss Account and Cash Flow Statement gives 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 Balance sheet, of the state of affairs of the Company as at 30th June,

2012; ii) In the case of Profit & Loss Account, of the Profit of the Company for the year ended on that date; and

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

(i) FIXED ASSETS

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

b) The assets have been physically verified by the management during the year according to a phased 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) There was no substantial disposal of fixed assets during the year.

(ii) INVENTORIES

a) According to the information and explanations given to us, and in our opinion, the inventory has been physically verified by the management at reasonable intervals.

b) According to the information and explanations given to us, the procedure of inventories followed by the Company are reasonable and adequate in relation to the size of the Company and nature of its business.

c) The Company is maintaining proper records of inventory and according to the information and explanations given to us, discrepancies noticed on physical verification were not material and the same have been properly dealt with in the books of account.

(iii) LOANS

a) As informed the Company has neither granted nor taken any loans, secured or unsecured, form™ companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956 during the year.

b) Such loans taken in earlier years are stated to be free of interest and repayable on demand and in our option, other terms and conditions on which loans have been taken are not, prima facie prejudicial to the interest of the company.

c) The Company, as informed, is regular in repaying the principal amounts.

(vi) 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 bus ness with regard to purchases of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal controls.

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

(vi) The company has not accepted any deposits from public during the year.

(vii) In our opinion, the company has an adequate internal audit system commensurate w.th the size of the Company and the nature of its business.

(viii) As informed to us, the Central Government has not prescribed maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 for the business the Company has carried on during the year.

(ix) STATUTORY DUES:

a) Based on our audit procedures and on the basis of books of accounts and records produced before us and information and explanations given by the management, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident fund, Investor education and protection fund, Employees'' state insurance, income tax, sales tax, wealth tax., service tax, customs duty, excise duty, cess and other material statutory dues applicable to it. No undisputed statutory dues were outstanding as at 30 th June for more than 6 months from the date they became payable.

b) According to the information and explanations given to us, there are no disputed dues of income tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess.

(x) The Company has no accumulated loss at the end of the current accounting year. Further, the Company has not incurred any cash loss in the current accounting year as well as in the immediately preceding accounting year.

(xi) Based on our audit procedure and on the basis of information and explanations given by the management, the Company has defaulted in repayment of the Secured Loans from the bank and Financial institution, but the company is in negotiation with the said banks and Financial Institution and the matter is expected to be settled soon. There were no borrowings in the form of Debentures.

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

(xiii) The Company is not a chit fund or a nidhi/mutual fund/society.

(xiv) The company is not dealing in or trading in shares, securities, debentures and other investments.

(xv) According to the information given to us, the Company has not given guarantees for loans taken by others from banks or financial institutions during the year.

(xvi) The Company has not taken any term loan during the year and according to the information and explanations given to us, the outstanding term loans were applied for the purpose for which the same were raised.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no new funds have been raised during the year on short-term basis.

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

(xix) The Company did not have any outstanding debentures during the year.

(xx) The Company has not raised any money by public issue.

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

For Vivek Jaiswal & Co.

Chartered Accountants

2A, Ganesh Chandra Avenue, Vivek Jaiswal

Kolkata-700 013 Partner

Date: 7th September, 2012 M. No - 057710

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Jun 30, 2011

1. We have audited the attached Balance Sheet of EASTERN SUGAR & INDUSTRIES LIMITED as at 30th June 2011 and also the Profit & Loss Account and the Cash Fahd Statement for the year ended on that date annexed thereto, which we have signed uncle reference to this report. These financial statements are the responsibility of the Company management. Our responsibility is to express an opinion on these financial statesman based on our audit.

2. We conducted our audit in accordance with generally accepted auditing standards in And These Standards require that we plan and perform the audit to obtain reasonable assurer about whether the financial statements are free of material mis-statements. An audit incur examining, on a test basis, evidence supporting the amounts and disclosure in the finance statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statesman presentation. We believe that our audit provides a reasonable basis for our opinion.

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

4. Further to our comments in the Annexure referred to alcove, we report that:—

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

b) In our opinion, proper books of accounts, as required by law have been kept by I Company, so far as it appears from cur examination of those books and proper retie adequate for the purposes of our audit have been received from the branches visited by us.

c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement referred to in c report are in agreement with the books of accounts as submitted to us;

d) In our opinion the Balance Sheet, Profit & Loss Account and Cash Flow Starter 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 management representations received from the Directors in write and taken on record by the Board, none of the directors of the company are disqualify from being appointed as a Director in terms of clause (g) of sub - section (1) of section 274 of the Companies Act, 1956;

In our opinion and to the best of our information and according to the explanations given to us, they said Accounts read together with Note No.3 in respect of gratuity & leave liability and other NOTES to Schedule 15 give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :—

a) In the case of Balance sheet, of the state of affairs of the Company as at 30th June, 2011

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

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

(Referred to in paragraph 3 of our report of even date)

(i) a) The company is maintaining proper records showing full particulars, incur quantitative details and situation of fixed assets.

b) The assets have been physically verified by the management during the year accord to a phased programme of verification which, in our opinion, is reasonable ha'' regard to the size of the company and the nature of its assets. No material discrepant* were noticed on such verification.

c) There was no substantial disposal of fixed assets during the year.

(ii) a) According to the information and explanations given to us, and in our opinion, inventory has been physically verified by the management at reasonable intervals

b) According to the information and explanations given to us, the procedure of pays verification of inventories followed by the Company are reasonable and adequate relation to the size of the Company and nature of its business.

c) The Company is maintaining proper records of inventory and according to the informs and explanations given to us, discrepancies noticed on physical verification were material and the same have been properly dealt with in the books of account.

(iii) a) As informed, the Company has neither granted nor taken any loans, secured unsecured, to/from companies, firms or other parties covered in the register maintain under section 301 of the Companies Act, 1956 during the year.

b) Such loans taken in earlier years are stated to be free of interest and repay demand and in our opinion, other terms and conditions on which loans have b taken are not, prima facie, prejudicial to the interest of the company.

c) The Company, as informed, is regular in repaying the principal amounts.

(iv) In our opinion and according to the information and explanations given to us, there adequate internal control procedures commensurate with the size of the company and nature of its business with regard to purchases of inventory and fixed assets and for sale of goods and services. During the course of our audit, no major weakness has b noticed in the internal controls.

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

(vi) The company has not accepted any deposits from public during the year.

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

(viii) As informed to us, the Central Government has not prescribed maintenance of cost reek under section 209(1 )(d) of the Companies Act, 1956 for the business the Company carried on during the year.

(ix) a) Based on our audit procedures and on the basis of books of accounts and produced before us and information and explanations given by the management, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident fund, Investor education and protection fund, Employees'' state insurance, income tax, sales tax, wealth tax., service tax, customs duty, excise duty, cess and other material statutory dues applicable to it. No undisputed statutory dues were outstanding as at 30 the June for more than 6 months from the date they became payable.

b) According to the information and explanations given to us, there are no disputed dues of income tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess.

(x) The Company has no accumulated loss at the end of the current accounting year. Further, the Company has not incurred any cash loss in the current accounting year as well as in the immediately preceding accounting year.

(xi) Based on our audit procedure and on the basis of information and explanations given by the management, the Company has defaulted in repayment of the Secured Loans from the bank and Financial institution, but the company is in negotiation with the said banks and Financial Institution and the matter is expected to be settled soon. There were no borrowings in the form of Debentures.

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

(xiii) The Company is not a chit fund or a nidhi/mutual fund/society.

(xiv) The company is not dealing in or trading in shares, securities, debentures and other investments.

(xv) According to the information given to us, the Company has not given guarantees for loans taken by others from banks or financial institutions during the year.

(xvi) The Company has not taken any term loan during the year and according to the information and explanations given to us, the outstanding term loans were applied for the purpose for which the same were raised.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no new funds have been raised during the year on short-term basis.

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

(xix) The Company did not have any outstanding debentures during the year.

(xx) The Company has not raised any money by public issue.

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

For Vivek Jaiswal & Co.

Chartered Accountants

2A, Ganesh Chandra Avenue, Vivek Jaiswal

Kolkata-700 013 Partner

Date: 26th August, 2011 M. No. 057710

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Jun 30, 2010

1. We have audited the attached Balance Sheet of EASTERN SUGAR & INDUSTRIES LIMITED as at 30th June, 2010 and also the Profit & Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto, which we have signed under reference to this report. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statements 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 accounts, 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 the branches not visited by us.

c) The Balance Sheet, Profits Loss Account and Cash Flow Statement referred to in our this report are in agreement with the books of accounts as submitted to us.

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 management representations received from the Directors in writing and taken on record by the Board, we report that none of the directors is disqualified from being appointed as a Director in terms of clause (g) of sub - section (1) of section 274 of the Companies Act, 1956.

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.

a) In the case of Balance sheet, of the state of affairs of the Company as at 30th June, 2010;

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

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

ANEXURETOTHE AUDITORS' REPORT

(Referred to in paragraph 3 of our report of even date)

1) FIXED ASSETS

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

(b) All the assets have been physically verified by the management during the year and 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) in our opinion and according to the information and explanations given to us, no substantial part of fixed assets has been disposed off by the Company during the year.

2) INVENTORIES

(a) The inventories have 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 nature of its business.

(c) On the basis of our examination of the records of inventory, in our opinion ,the Company is maintaining proper of inventory. The discrepancies noticed on physical verification of stock as compared to the book records were not material.

3) LOANS

(a) As informed, the Company has neither granted nor taken any secured or unsecured loan to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956 during the year.

(b) Such loans taken in earlier years are stated to be free of interest and repayable on demand and in our opinion, other terms and conditions on which loans have been taken are prima facie, prejudicial to the interest of the Company.

(c) The Company, as informed, is regular in payment of the the principal amounts.

(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 for the purchase of inventory, fixed assets and for the sale of goods. Further, on the basis of our examination of the books and records of the Company and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weakness in the aforesaid internal control procedures.

5) RELATED PARTY TRANSACTIONS

a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register in pursuance to Section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us , the transactions made in pursuance of contracts or arrangements entered in the registers maintained under Section 301 and exceeding the value of rupees five lacs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(6) In our opinion and according to the information and explanations given to us, the company has not accepted deposits within the meaning of the provisions of Sections 58A and 58AA of the Companies Act, 1956 and the Rules made thereunder.

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

(8) We have broadly reviewed the books of accounts maintained by the company pursuant to the rules made by the Central Government for the maintenance of cost records in respect of Sugar under Section 209(1) (d) of the Companies Act, 1956 are of the opinion that prime facie the prescribed accounts have been made and maintained . We have however not made a details examination of the records with view to determine whether they are accurate and complete.

(9) Statutory Dues:

(a) According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth tax, Customs Duty, Excise Duty, Cess and other statutory dues applicable to it with the appropriate authorities.

(b) According to the information and explanations given to us and the records of the Company examined by us, there are no undisputed amount payable in respect of Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty and Cess as at 30th June, 2010 for more than 6 months from the they became payable.

(10) The Company has no accumulated loss at the end of the financial year ended on 30th June, 2010. The company has not incurred any cash loss during the financial year year ended on that date as well as in the immediately preceding financial year.

(11) According to the records of the Company examined by us and the information and explanations given by the management the Company has defaulted in repayment of Secured Loans to a Financial institution and bank as at the Balance Sheet date, but the company is in negotiation with the said bank and Financial Institution and the matter is expected to be settled soon. There were no borrowings in the form of Debentures.

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

(13) The provisions of any special statute applicable to a chit fund / nidhi/mutual benefit fund/societies are not applicable to the Company.

(14) In our opinion, the Company is not a dealer or trader in shares, securities, debentures and other investments.

(15) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(16) Based on the information and explanations given to us and on an overall examination of Balance Sheet of the Company, no new short term funds have been raised during the year.

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

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

(19) During the course of our examination of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company noticed or reported during the year, nor have we been informed of such case by the management.

For VIVEK JAISWAL & CO.

Chartered Accountants

Place : 2A, Ganesh Chandra Avenue, (Vivek Jaiswal)

Kolkata-700 013. Partner

Date : 28thAugust,2010 (M. No. 057710)