Auditor Report of Lexoraa Industries Ltd.

Mar 31, 2025

We have audited the standalone financial statements of Lexoraa Industries Limited (Formerly Known as
Servoteach Industries Limited) (the "Company") which comprise the standalone balance sheet as at 31
March 2025, and the standalone statement of profit and loss (including other comprehensive income),
standalone statement of changes in equity and standalone statement of cash flows for the year then
ended, and notes to the standalone financial statements, including material 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 standalone financial statements give the information required by the Companies Act, 2013
("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 March 2025, and
its profit and other comprehensive income, changes in equity and its cash flows for the year ended on
that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section
143(10) of the Act. Our responsibilities under those SAs 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 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 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 opinion on the standalone financial statements.

Material Uncertainty Related to Going Concern

We draw attention to Note 35 of the financial statements, which states that the Company has incurred
a net loss of ^47.56 Lakhs during the year ended 31st March 2025, has accumulated losses of ^507.35
Lakhs, and its net worth has been fully eroded and stands negative at ^84.39 Lakhs as at that date. These
conditions, together with other matters described in the said note, indicate the existence of a material
uncertainty that may cast significant doubt on the Company''s ability to continue as a going concern.
However, as disclosed in the said note, the financial statements of the Company have been prepared
on a going concern basis, considering management''s plans. The Company has already commenced
operations and closed the last quarter with revenue of ^254.93 Lakhs and a gross profit of ^16.20 Lakhs,
and intends to continue operations under the revised business model. Further, the
promoters/management have confirmed their commitment to explore new business opportunities and
to infuse additional funds, as necessary, to meet the Company''s working capital requirements and cash

flow needs. Based on this commitment and management''s assessment of future business prospects
under the revised businsess model, the financial statements of the Company have been prepared on a
going concern basis.

Our opinion is not qualified on this matter.

Emphasis of Matters

We draw attention to Note 28 of the financial statements which concerns the balances of Loans and
Advances, Sundry Debtors, Sundry Creditors, Current Liabilities & Provisions, and other personal
accounts are subject to confirmation and reconciliation.

Our opinion is not qualified on this matter.

Key Audit Matter(s)

Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the standalone financial statements of the current period. These matters were addressed in the
context of our audit of the standalone financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.

Key Audit Matter

How the Matter was Addressed in our Audit

The Company has incurred losses in recent years, and its net worth has eroded. As at 31st March 2025, the Company has accumulated losses of ^ 507.35 Lakhs, and its net worth stands negative at ^ 84.39 Lakhs. These conditions may indicate potential stress on the Company''s ability to continue as a going concern. The assessment of going concern involves significant judgment, particularly in evaluating the Company''s business plans, projected cash flows, and the financial support available from the promoters. Accordingly, we considered this as a key audit matter.

Our audit procedures included, among others: Evaluating management''s assessment of the Company''s ability to continue as a going concern, including testing the underlying assumptions in projected cash flow forecasts. Assessing the sensitivity of management''s forecasts to changes in key assumptions, such as revenue growth, margins, and working capital requirements. Obtaining written representations and confirmations from the promoters regarding their commitment to provide necessary financial support for meeting the Company''s operational and financial obligations for the foreseeable future (i.e., at least 12 months from the balance sheet date). Evaluating the adequacy of the disclosures made in the financial statements regarding the Company''s going concern assumption. Based on the procedures performed, we found management''s use of the going concern assumption in the preparation of the financial statements to be reasonable.

Other Information

The Company''s Management and Board of Directors are responsible for the other information. The
other information comprises the information included in the Company''s annual report, but does not
include the financial statements and auditor''s report(s) thereon. The Company''s annual report is
expected to be made available to us after the date of this auditor''s report.

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

Management and Board of Directors'' Responsibilities for the Standalone Financial Statements

The Company''s Management and Board of Directors are 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 state of affairs, profit/ loss and other comprehensive income, changes in equity
and cash flows 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. This
responsibility also includes maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and presentation of
the standalone 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, the Management and Board of Directors are
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 Board of Directors is also 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 the standalone financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s
report that includes our opinion.

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

• Conclude on the appropriateness of the Management and Board of Directors use of the going concern
basis of accounting in preparation of standalone financial statements 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 standalone 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 standalone financial statements,
including the disclosures, and whether the standalone financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.

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

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

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

b. In our opinion, proper books of account as required by law have been kept by the Company
so far as it appears from our examination of those books except for the matters stated in
the paragraph 2B(d) below on reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014.

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

d. In our opinion, the aforesaid standalone 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 31^st March
2025 taken on record by the Board of Directors, none of the directors is disqualified as on
31 March 2025 from being appointed as a director in terms of Section 164(2) of the Act.

f. The modifications relating to the maintenance of accounts and other matters connected
therewith are as stated in the paragraph 2A(b) above on reporting under Section 143(3)(b)
of the Act and paragraph 2B(d) below on reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014.

g. With respect to the adequacy of the internal financial controls with reference to financial
statements of the Company and the operating effectiveness of such controls, refer to our
separate Report in "Annexure B".

B. With respect to the other matters to be included in the Auditor''s Report in accordance with

Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of

our information and according to the explanations given to us:

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

b. During the year company is not required to deposit any amount to the Investor Education
and Protection Fund.

c. (i) The management has represented that, to the best of its knowledge and belief, that

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
directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(ii) The management has represented that, to the best of its knowledge and belief, that
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 directly or indirectly, lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Parties ("Ultimate Beneficiaries") or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries.

(iii) Based on the audit procedures performed 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 (i) and (ii) above, contain any material misstatement.

c. There is no payment of Interim dividend and dividend to shareholders as there were no
profits generated during the year.

d. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is
applicable from 1 April 2023. The feature of recording audit trail (edit log) facility was
enabled at the database level to log any direct data changes for the accounting software
used for maintaining the books of account.

e. With respect to the matter to be included in the Auditor''s Report under Section 197(16)
of the Act:

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) of the Act
which are required to be commented upon by us.

For Bakliwal & Co.

Chartered Accountants

Firm''s Registration No.: 130381W

Sd/-

Ankur Jain
Partner

Membership No.197643
UDIN: 25197643BMIMJB3968
Place: Mumbai
Date:28/05/2025

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Mar 31, 2024

1. We have audited the accompanying Standalone financial statements of LEXORAA INDUSTRIES LIMITED
(FORMERLY KNOWN AS SERVOTEACH INDUSTRIES LIMITED) (“the Company”), which comprise the
Balance Sheet as at 31st March, 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 then ended, and
notes to the financial statements, including a summary of significant accounting policies and other explanatory
information.

2. 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 accounting principles generally accepted in India,
of the state of affairs of the Company as at 31st March, 2024, and total comprehensive income (comprising of
loss and other comprehensive income), changes in equity and its cash flows for the year then ended.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10)
of the Act. Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for
the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance
with the Code of Ethics issued by the Institute of Chartered Accountants of India 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 opinion.

Material Uncertainty Related to Going Concern

4. We draw attention to Note 34 of the financial statements, which indicates that the Company incurred a net
loss during the year ended 31st March,2024 and also having exorbitant accumulated losses from previous years
and also, company has discontinued its existing business operations, these events or conditions, indicate that
a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going
concern, however as per management representation, they have changed business objective of company and
also applied for change of name of company and having business strategy to continue their business,
management is of view that going concern basis of accounting is appropriate. Our opinion is not modified in
respect of this matter.

Key audit matters

5. 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.

Key audit matter description

We have determined that there is no key audit matter to communicate in our audit reports
Information Other than the Financial Statements and Auditor’s Report Thereon

6. The Company’s Board of Directors is responsible for the other information. The other information comprises
the information included in the Board’s report, but does not include the financial statements and our Auditor’s
report thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the financial statements, or
our knowledge obtained in the 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

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

8. In preparing the financial statements, Management is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless Management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so. Those Board of Directors are also responsible for
overseeing the Company’s financial reporting process.

Auditor’s responsibilities for the audit of the financial statements

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

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

• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit

evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible
for expressing our opinion on 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 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.

11. 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.

12. 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.

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

Report on other legal and regulatory requirements

14. 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 B a
statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

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

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

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

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

e) On the basis of the written representations received from the Directors as on 31st March, 2024, taken
on record by the Board of Directors, none of the Directors is disqualified as on 31st 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 with reference to financial statements of
the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure
A”.

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

I. The Company has disclosed the impact of pending litigations on its financial position in its
financial statements - Refer Note 33 to the financial statements;

II. The Company has made provision as at 31st March, 2024, as required under the applicable law
or accounting standards, for material foreseeable losses, if any, on long-term contracts - Refer
Note 28.15 of financial statement

III. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company during the year ended 31st March, 2024.

IV. (a) The Management has represented that, to the best of its knowledge and belief, 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 persons or entities, 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

W hatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries

The Management has represented that, to the best of its knowledge and belief, as disclosed in
the notes to the accounts, no funds have been received by the Company from any persons or
entities, 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

(b) Based on such audit procedures that we 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 (a) and (b) contain any material misstatement.

V. The Company has not declared or paid any dividend during the year.

16. The Company has paid/ provided for managerial remuneration in accordance with the requisite approvals
mandated by the provisions of Section 197 read with Schedule V to the Act.

17. Based on our examination which included test checks, the Company has used an accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log), however same has not
been enabled and operated throughout the year for recording of all the transaction at application level as well
as database level.

18. The Company did not have any derivative contracts as at 31st March, 2024.

For Patel Kabrawala and Co.

Firm Registration Number: 130952W

Sd/

Hardik Vikrambhai Patel
(Partner)

Membership Number. 135535
Place: Surat
Date: May 28, 2024
UDIN: 24135535BKCPZL9119

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Mar 31, 2015

We have audited the accompanying financial statements of Servo tech Engineering Industries Limited (the "Company"), which comprise the Balance Sheet as at March 31, 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 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 principles generally accepted in India including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies: making judgements 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.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

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

audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the 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 the Company's directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015;

(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 (Auditors' Report) Order, 2015 ("the Order"), issued by the Central Government of India in terms of sub-section (1) of section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 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 information and explanation which to the best of our knowledge and belief were necessary for the purpose s of our audit;

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

c. The Company had no Branch offices during the year under audit.

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

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

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

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

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

II. The Company has no long-term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise.

III. There has not been an occasion in case of the group during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of delay in transferring such sums does not arise.

ANNEXURE REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF THE SERVO TECH ENGINEERING INDUSTRIES LIMITED, WE REPORT THAT:

Clause Sub Particulars

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

(b) As per information provided to us, fixed assets have been physically verified by management at reasonable intervals and there were no material discrepancies noted during such verification.

(ii) The Company does not have any inventory.

(iii) The Company has not granted any loan to parties covered in the register maintained under section 189 of the Companies Act, 2013 ('the Act'). Thus, paragraph 3(iii) of the Order is not applicable.

(iv) In our opinion and according to explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regards to purchase of fixed assets and sale of service. We have not observed any major weakness in the internal control system during the course of the audit.

(v) The Company has not accepted deposit from the public.

(vi) The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for any of the services rendered by the Company.

(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities.

According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31 March 2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of income-tax, sales-tax, wealth-tax, service-tax, customs duty, and excise duty on account of any dispute except a sum of Rs. 2,12,960/- on account of Provident Fund.

(c) There has not been an occasion in case of the company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of reporting any delay in transferring such sums does not arise.

(viii) The accumulated losses of the company have exceeded fifty percent of its net worth. The Company has accumulated losses of Rs 36,870,538/- at the end ot the financial year and has incurred cash losses in the financial year covered by our audit.

(ix) The Company did not have any outstanding dues to financial institutions, banks or debenture holders during the year.

(x) In our opinion and according to the information and the explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xi) The Company has not taken any term loan during the year.

(xii) Based on the audit procedures performed and information and explanation given by the management, we report that no fraud or by the company has been noticed or reported during the year.

For Amar Bafna & Associates Chartered Accountants Firm Registration No: 114854W

Amar Bafna Partner Membership No. 048639

Place: Mumbai Date: May 25,2015

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Mar 31, 2014

We have audited the accompanying financial statements of Servotech Engineering Industries Limited (the "Company"), which comprise the Balance Sheet as at March 31, 2014 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, which we have signed under reference to this report.

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 sub-section (3C) of section 211 of the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with accounting principle 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.

Auditors'' 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 and other applicable authoritative pronouncements 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 auditors'' 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 auditors consider 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 entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 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'', as amended by ''the Companies (Auditor''s Report) (Amendment) Order, 2004'', issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act (hereinafter referred to as the "Order"), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, 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, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this report comply with the Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013;

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

ANNEXURE REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF THE SERVOTECH ENGINEERING INDUSTRIES LIMITED.

Clause Sub Particulars

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

(b) As per information provided to us, the fixed assets have been physically verified by the management at reasonable intervals and there were no material discrepancies noted during such verification.

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

(ii) The Company does not have any inventory.

(iii) (a) The Company has not granted/taken any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Act. Hence the sub-clause (a) to (g) is not applicable to the Company.

(iv) In our opinion and according to explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business. During the process of audit, no major weakness has been noticed in the internal control.

(v) According to the information and explanations provided by the management, we are of the opinion that the contracts or arrangements that need to be entered into the register required to be maintained under Section 301 of the Act, has been entered.

(vi) The Company has not accepted deposit from the public under section 58A and 58AA of the Companies Act and rules framed there under.

(vii) The company does not have an formal internal audit system.

(viii) As informed to us, there are no cost records prescribed by the central government under sec. 209(1)(d) of the Act, hence this clause is not applicable.

(ix) (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing the 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 and other material statutory dues, as applicable, 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 dues of income-tax, sales-tax, wealth-tax, service-tax, customs duty, and excise duty which have not been deposited on account of any dispute except a sum of Rs.2,12,960/- on account of Provident Fund.

(c) According to information and explanations given to us, there are no amounts pending on account of disputes with any statutory authorities.

(x) The accumulated losses of the company have exceeded fifty percent of its net worth. The Company has accumulated losses of Rs. 35,713,754/- at the end of the financial year and has incurred cash losses during the financial year covered by our audit.

(xi) Based on our audit procedures and as per 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 or banks.

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

(xiii) The Company not being Chit Fund / Nidhi / mutual Benefit Fund this clause and sub clause (a) (b) (c) (d) are not applicable

(xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable to the Company.

(xv) As informed to us the Company has not given any guarantee for loans taken by others from bank or financial institutions.

(xvi) The Company had not taken any term loan during the year.

(xvii) Based on the examination of documents and records made available and on the basis of information and explanations given to us, the Company has not used funds raised on short term basis for long term investments and vice versa.

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

(xix) The Company has not issued any debentures; hence this clause does not applies.

(xx) The Company has not raised any money by public issue; hence this clause is not applicable.

(xxi) Based on the audit procedures performed and information and explanation given by the management, we report that no fraud on or by the company has been noticed or reported during the year.

For Amar Bafna& Associates Chartered Accountants Firm Registration No: 114854W

Place : Mumbai Amar Bafna Date : May 29th, 2014 Partner – M No. 048639

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Mar 31, 2011

1. We have audited the attached Balance Sheet of M/s SERVOTECH ENGINEERING INDUSTRIES LTD. As the 31st March, 2011 the Profit & Loss Account of the company and also 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 have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and 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 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 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 in paragraph (3) above, we state that

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

b) In our opinion proper books of accounts as required by law have been kept by the company, so far as appears from our examination of such books.

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

d) In our opinion, the Profit and Loss Account and Balance Sheet comply with the accounting standards referred to in Sub-section (3C) of Section 211 of the Companies Act, 1956.(Except retirement benefits which are accounted for on cash basis.)

e) On the basis of the written representations received from the directors and taken on record by the board of Directors, we report that none of the Directors is disqualified as on March 31, 2011, from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act 1956.

f) Attention is invited to the following notes in schedule 18 :

i) Note No. 4 regarding Debts considered doubtful for of recovery amounting to Rs.34,15,744 for which no provision has been made in accounts

ii) Note No. 5 regarding Non- Provision of retirement benefits. In our opinion and to the best of our information and according to the explanations given to us , subject to our comments as referred to in (f) above impact of which is presently not ascertainable, the said accounts read with other notes thereon give the information required by the Companies Act, 1956 in the manner so required give true and fair view and conformity with the general accounting principles accepted in India :

a) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2011

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

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

ANNEXURE REFERRED TO THE AUDITORS' REPORT TO THE MEMBERS OF SERVOTECH ENGINEERING IND. LTD. FOR THE YEAR ENDED 31ST MARCH, 2011.

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

b) As explained to us, the fixed assets have been physically verified by the management during the year. The Company has a phased Program of physical verification of its fixed assets which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assented.

2. The company has no inventory.

3. The Company has granted unsecured loans & Advanced amounting to Rs.10,11,642/- to The companies, covered in the register maintained under section 301 of the Companies Act, 1956. They are not regular in repayment of principle & interest. This is informed to us the management trying to recover the same. The Company has not taken unsecured loan from company's covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventories, fixed assets and for the sale of goods needs to be strengthened.

5. In our opinion, and according to the information and explanations given to us, the transactions that need to be entered in the register in pursuance of section 301 of the Act have been so entered.

6. The Company has not accepted any deposits from the public and consequently, the directive issued by the Reserve Bank of India, the Provisions of Sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under are not applicable.

7. The Company dose not have formal internal audit system.

8. The provisions regarding maintenance of cost records are not applicable to the Company.

9. In Respect of Statutory Dues.

a) The company is not regular in depositing Provident fund with appropriate authorities a sum of Rs. 2,12,966/- on a/c of provident fund is outstanding as on 31st March 2011

b) According to the information and explanations given to us, there are no undisputed amount payable in respect of such statutory due which have remained outstanding as at 31.03.2011 for a period of more than six months from date they become payable Apart from that, a sum of Rs. 2,12,966/- on a/c of provident fund is still outstanding.

C) According to the information and explanations given to us, there are no dues of

income tax, Wealth Tax, Sales Tax, Excise duty. Custom Duty & Cess which have not been deposited on account of dispute.

10. The Company has accumulated losses of Rs.2,97,67,447/- at the end of the financial year and has not incurred cash losses during the financial year covered by our audit.

11. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, clause 4(xii) of the order is not applicable.

12. In our opinion, the Company is not a chit fund or a nidhi /mutual benefit fund or society. Accordingly, clause 4(xiii) of the order is not applicable.

13. According to the information and explanations given to us, the Company is not a dealer or trader in shares, securities, debentures and other investments. Accordingly clause 4(xiv) of the order is not applicable.

14. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions. Accordingly, clause 4(xiv) of the order is not applicable.

15. In our opinion, the company has not taken any term loan during the year.

16. On the basis of an over all examination of the balance sheet of the company, in our opinion and according to the information and explanations given to us, there are no funds raised on a short term basis which have been used for long term investment, and vice versa.

17. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act during the year. Accordingly, clause 4(xviii) of the order is not applicable.

18. The Company has not issued any debentures during the year. Accordingly, clause 4(xix) of the order is not applicable.

19. The Company has not raised any money by public issues during the year. Accordingly, clause 4(xx) of the order is not applicable.

20. 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, no fraud on or by the company has been noticed or reported during the audit.

FOR D.C. SURANA & ASSOCIATES

Chartered Accountants

Sd/-

Place : Mumbai (Proprietor)

Date : 29th August,2011 M.No.100-34074

F.R.NO. 115961W

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Mar 31, 2010

1. We have audited the attached Balance Sheet of M/s SERVOTECH ENGINEERING INDUSTRIES LTD. As the 31st March, 2010 the Profit & Loss Account of the company and also 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 have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and 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 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 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 in paragraph (3) above, we state that

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

b) In our opinion proper books of accounts as required by law have been kept by the company, so far as appears from our examination of such books.

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

d) In our opinion, the Profit and Loss Account and Balance Sheet comply with the accounting standards referred to in Sub-section (3C) of Section 211 of the Companies Act, 1956.(Except retirement benefits which are accounted for on cash basis.)

e) On the basis of the written representations received from the directors and taken on record by the board of Directors, we report that none of the Directors is disqualified as on March 31, 2009, from being appointed as a Director in terms of clause (g) of sub- section (1) of section 274 of the Companies Act 1956.

f) Attention is invited to the following notes in schedule 18 :

i) Note No. 4 regarding Debts considered doubtful for of recovery amounting to Rs.98,17,159 and Note no - 6 regarding certain advances of Rs 19,25,000/- to contractor for fixed assets for which no provision has been made in accounts

ii) Note No. 5 regarding Non- Provision of retirement benefits.

In our opinion and to the best of our information and according to the explanations given to us , subject to our comments as referred to in (f) above impact of which is presently not ascertainable, the said accounts read with other notes thereon give the information required by the Companies Act, 1956 in the manner so required give true and fair view and conformity with the general accounting principles accepted in India :

a) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2010

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

A N D

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

ANNEXURE REFERRED TO THE AUDITORS' REPORT TO THE MEMBERS OF SERVOTECH ENGINEERING IND. LTD. FOR THE YEAR ENDED 31ST MARCH, 2010.

1. a) The Company has maintained proper records showing full particulars, including quantitative

details and situation of fixed assets.

b) As explained to us, the fixed assets have been physically verified by the management during the year. The Company has a phased Program of physical verification of its fixed assets which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assented.

c) Company has advanced a sum of Rs. 19,25,000/- to various suppliers for supply of Machineries and same has been shown under the head Fixed Assets as Capital Work in progress. The suppliers have not yet supplied machineries and in our opinion the said advances are doubtful of recovery. If is informed to us the management is trying to recover the money / or get the machineries. Expect there is no material discrepancies were noticed on such physical verification. No Fixed assets were disposed off during the year.

2. The company has no inventory.

3. The Company has granted unsecured loans & Advanced amounting to Rs.19,60,000/- to The companies, covered in the register maintained under section 301 of the Companies Act, 1956. They are not regular in repayment of principle & interest. This is informed to us the management trying to recover the same. The Company has not taken unsecured loan from company's covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventories, fixed assets and for the sale of goods needs to be strengthened.

5. In our opinion, and according to the information and explanations given to us, the transactions that need to be entered in the register in pursuance of section 301 of the Act have been so entered.

6. The Company has not accepted any deposits from the public and consequently, the directive issued by the Reserve Bank of India, the Provisions of Sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under are not applicable.

7. The Company dose not have formal internal audit system.

8. The provisions regarding maintenance of cost records are not applicable to the Company.

9. In Respect of Statutory Dues.

a) The company is not regular in depositing Provident fund with appropriate authorities a sum of Rs. 2,12,966/- on a/c of provident fund is outstanding as on 31st March 2010

b) According to the information and explanations given to us, there are no undisputed amount payable in respect of such statutory due which have remained outstanding as at 31.03.2010 for a period of more than six months from date they become payable Apart from that, a sum of Rs. 2,12,966/- on a/c of provident fund is still outstanding.

c) According to the information and explanations given to us, there are no dues of income tax, Wealth Tax, Sales Tax, Excise duty. Custom Duty & Cess which have not been deposited on account of dispute.

10. The Company has accumulated losses of Rs.3,00,46,559/- at the end of the financial year and has not incurred cash losses during the financial year covered by our audit.

11. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, clause 4(xii) of the order is not applicable.

12. In our opinion, the Company is not a chit fund or a nidhi /mutual benefit fund or society. Accordingly, clause 4(xiii) of the order is not applicable.

13. According to the information and explanations given to us, the Company is not a dealer or trader in shares, securities, debentures and other investments. Accordingly clause 4(xiv) of the order is not applicable.

14. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions. Accordingly, clause 4(xiv) of the order is not applicable.

15. In our opinion, the company has not taken any term loan during the year.

16. On the basis of an over all examination of the balance sheet of the company, in our opinion and according to the information and explanations given to us, there are no funds raised on a short term basis which have been used for long term investment, and vice versa.

17. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act during the year. Accordingly, clause 4(xviii) of the order is not applicable.

18. The Company has not issued any debentures during the year. Accordingly, clause 4(xix) of the order is not applicable.

19. The Company has not raised any money by public issues during the year. Accordingly, clause 4(xx) of the order is not applicable.

20. 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, no fraud on or by the company has been noticed or reported during the audit.

FOR D.C. SURANA & ASSOCIATES

Chartered Accountants

Sd/-

Place : Mumbai (Proprietor)

Date : 3rd September, 2010 M.NO.100-34074

F.R.NO. 115961W