Auditor Report of Nibe Ordnance and Maritime Ltd.

Mar 31, 2024

We have audited the accompanying financial statements of ANSHUNI COMMERCIALS LIMITED (‘the Company’), which
comprises 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
“Standalone IndAS Financial Statements”).

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone IndAS
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 and its profit,
total 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 IndAS Financial Statements in accordance with the Standards on Auditing (“SA”s)
specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s
Responsibilities for the Audit of the Standalone IndAS 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 lndia (“ICAI”) together
with the ethical requirements that are relevant to our audit of the Standalone IndAS Financial Statements under the provisions
of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to
provide a basis for our audit opinion on the Standalone IndAS Financial Statements.

OTHER INFORMATION

The Company’s Board of Directors is responsible for the other information. The other information comprises the information
included in the Company’s annual report but does not include the Standalone IndAS Financial Statements and our auditor’s
report thereon. Other information is expected to be made available to us after the date of this auditor’s report.

Our opinion on the Standalone IndAS 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 IndAS 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.

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 Act with respect to the
preparation of these Standalone IndAS 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 IndAS 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 Standalone IndAS 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 IndAS 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 RESPONSIBILITY

Our objectives are to obtain reasonable assurance about whether the Standalone IndAS 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 IndAS 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 Standalone IndAS 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 Standalone IndAS 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 Standalone IndAS 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 IndAS Financial Statements, including the
disclosures, and whether the Standalone IndAS Financial Statements represent the underlying transactions and events in
a manner that achieves fair presentation.

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

1. As required by sub-section 3 of Section 143 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 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, read with relevant rule issued thereunder;

(e) on the basis of the written representations received from the directors as on 31^st March 2024 taken on record by the
Board of Directors, none of the directors is disqualified as on 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 Standalone IndAS 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 Standalone IndAS Financial Statements;

(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 explanations
given to us:

(i) The company does not have any pending litigations which would impact its financial position;

(ii) The company does not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses;

(iii) There were no amounts which were required to be transferred to the Investor Education and Protection fund by
the company;

(iv) The Company has not declared or paid any dividend during the year;

(v) (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;

(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.

(vi) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting
software which has a feature of recording audit trail (edit log) facility is applicable to the Company with effect
from April 1, 2023. Based on our examination which included test checks, the company has used accounting
software for maintaining its books of account 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 software. Further, during the
course of our audit we did not come across any instance of audit trail feature being tampered with.

(h) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of
section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to the

explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with
the provisions of section 197 of the Act.

2. 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 the Order, to the extent applicable.

For Jay Gupta & Associates
(Erstwhile Gupta Agarwal & Associates)

Chartered Accountants
FRN: 329001E

J.S Gupta

Date: 29.05.2024 (Partner)

Place: Kolkata Membership No.: 059535

UDIN: 24059535BKBIZV8107

---

Mar 31, 2014

We have audited the accompanying financial statements of ANSHUNI COMMERCIAL LIMITED ("the Company"), which comprise of 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.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the Company in accordance with accounting principles generally accepted in India, including the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with General circular 15/2013 dated 13th September, 2013, issued by the Ministry of Corporate Affairs, in respect of Section 133 of the Companies Act 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation 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 disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of risks of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by 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 financial statements give the information required by the Act in the manner so required and read with notes there on, gives a true and fair view in conformity with the accounting principles generally accepted in India:

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

b) in the case of the Statement of Profit and Loss, 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.

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

d) In our opinion, the Balance Sheet and the Statement of Profit and Loss comply with the Accounting Standards notified under the companies act 1956 read with General circular 15/2013 dated 13th September, 2013, issued by ministry of Corporate Affairs in respect of Section 133 of the Companies act,2013, except for;

e) On the basis of the written representations received from the Directors as on March 31, 2014 and taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2014, from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

Annexure to the Auditor''s Report

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

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

b) The Company has a program for physical verification of fixed assets at periodic intervals. In our opinion, the period of verification 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 is no disposal of fixed assets during the year

2. a) As per the information and explanation given to us, the management has carried out the physical verification of inventory at the reasonable intervals.

b) As per the information and explanations given to us and on the basis of such checks as we considered appropriate, the procedure of physical verifications of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) In our opinion and according to the explanation and information given to us, the company is maintaining proper records of inventory and no significant discrepancies has been noticed on physical verification of stock as compared to book records.

3. a) The Company has not granted any loans, secured or unsecured, to Companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

b) Consequently, the question of commenting on the rates of interest and other terms and conditions of the loans granted being prejudicial to the interests of the Company, receipt of regular principal and interest and reasonable steps taken for recovery of principal and interest does not arise.

c) The Company has not taken loans from party covered in the register maintained under Section 301 of the Companies Act, 1956. The company has not given any loan to the parties covered in the register maintained under section 301 of Companies Act 1956.

d) In our opinion and according to information and explanation given to us, other terms and condition on which loans have been taken from parties listed in the register maintained U/s.301 of the Companies Act, 1956 are not prima-facie, prejudicial to the interest of the company.

e) The company is regular in repaying the principal amount as stipulated.

f) There is no overdue amount of loans taken from parties listed 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, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchases of fixed assets and for inventory. During the course of our audit, no major weakness has been noticed in the internal controls.

5. Based upon the audit procedures applied by us and according to the information and explanations given to us, we are of the opinion that the transactions that are required to be entered into the register maintained under section 301 of the Companies Act, 1956 are so entered.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 and the rules framed thereunder.

7. As per our observation and as per information and explanation given to us the company has an Internal Audit System commensurate with the size and nature of business.

8. According to the information and explanations given to us, the maintenance of cost records has not been prescribed by the Central Government under section 209(1 )(d) of the Companies Act, 1956, for any of the activities of the Company.

9. a) According to the information and explanation given to us, the Company has been generally regular in depositing undisputed statutory dues including dues pertaining to investor Education and Protection Fund, Provident Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Cess and any other statutory dues applicable to it with the appropriate authorities. We have been informed that there are no undisputed dues which have remained outstanding as at the end of the financial year, for a period of more than six months from the date they became payable.

b) According to the information and explanation given to us, there are no dues of sales tax, income tax, service tax, customs duty, wealth tax, excise duty or cess outstanding on account of any dispute.

10. The Company does not have accumulated losses as at the end of the financial year and it has not incurred cash losses in the current or preceding financial years.

11. According to the information and explanations given to us and based on the documents and records produced before us, there are no dues to banks, financial institutions or debenture holders.

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

13. 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.

14. The Company does not deal or trade 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. In our opinion and according to the information and explanations given to us, no term loans were obtained by the Company during the year.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet and other records examined by us, the Company has not used funds raised on short term basis for long term purposes and vice versa.

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

19. The Company has not issued any debentures whether secured or unsecured during the year.

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

21. Based upon the audit procedures performed by us, to the best of our knowledge and belief and according to the information and explanations given to us by the management, no fraud on, or by the Company has been noticed or reported during the year.

For and on behalf of Kagrana & Associates Chartered Accountants Firm Regn. No. 115467W

Pritesh B. Dholakia Partner M. No.140041 Place: Mumbai. Dated: 30 MAY 2014

---

Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of ANSHUNI COMMERCIALS LIMITED ("the Company"), which comprise of Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal 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 disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of risks of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by 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 1 provide a basis for our audit opinion.

Opinion

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

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

b) in the case of the Statement of Profit and Loss, 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 y on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order"), issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in raphs 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 and Statement of Profit and Loss dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet and the Statement of Profit and Loss comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act.

e) On the basis of the written representations received from the Directors as on March 31, 2013 and taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2013, from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

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

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

b) The Company has a program for physical verification of fixed assets at periodic intervals. In our opinion, the period of verification 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 is no disposal of fixed assets during the year *

2. a) As per the information and explanation given to us, the management has carried out the physical verification of inventory at the reasonable intervals.

b) As per file information and explanations given to us and on the basis of such checks as we considered appropriate, the procedure of physical verifications of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) In our opinion and according to the explanation and information given to us, the company is maintaining proper records of inventory and no significant discrepancies has been noticed on physical verification of stock as compared to book records.

3. a) The Company has not granted any loans, secured or unsecured, to

Companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

b) Consequently, the question of commenting on the rates of interest and other terms and conditions of the loans granted being prejudicial to the interests of the Company, receipt of regular principal and interest and reasonable steps taken for recovery of principal and interest does not arise.

c) The Company has taken loans from 1 party covered in the register maintained under Section 301 of the Companies Act 1956.The maximum amount involved during the year was Rs. 0.50 lacs and the year end balance of loan taken from such of parties is Rs. Nil. The company has not given any loan to the parties covered in the register maintained under section 301 of Companies Act 1956.

d) In our opinion and according to information and explanation given to us, other terms and condition on which loans have been taken from parties listed in the register maintained U/s.301 of the Companies Act, 1956 are not prima facie, prejudicial to the interest of the company.

e) The company is regular in repaying the principal amount as stipulated.

f) There is no overdue amount of loans taken from parties listed 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, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchases of fixed assets and for inventory. During the course of our audit, no major weakness has been noticed in the internal controls.

5. Based upon the audit procedures applied by us and according to the information and explanations given to us, we are of the opinion that the transactions that are required to be entered into the register maintained under section 301 of the Companies Act, 1956 are so entered.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

7. As per our observation and as per information and explanation given to us the company has an Internal Audit System commensurate with the size and nature of business.

8. According to the information and explanations given to us, the maintenance of cost records has not been prescribed by the Central Government under section 209{1 )(d) of the Companies Act 1956, for any of the activities of the Company.

9. a) According to the information and explanation given to us, the Company has been generally regular in depositing undisputed statutory dues including dues pertaining to investor Education and Protection Fund, Provident Fund,

Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax,

Custom Duty, Cess and any other statutory dues applicable to it with the appropriate authorities. We have been informed that there are no undisputed dues which have remained outstanding as at the end of the financial year, for a period of more than six months from the date they became payable.

b) According to the information and explanation given to us, there are no dues of sales tax, income tax, sen/ice tax, customs duty, wealth tax, excise duty or cess outstanding on account of any dispute.

10. The Company does not have accumulated losses as at the end of the financial year and it has not incurred cash losses in the current or preceding financial years.

11. According to the information and explanations given to us and based on the documents and records produced before us, there are no dues to banks, financial institutions or debenture holders.

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

13. 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.

14. The Company does not deal or trade 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. tn our opinion and according to the information and explanations given to us, no term loans were obtained by the Company during the year.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet and other records examined by us, the Company has not used funds raised on short term basis for long term purposes and vice versa.

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

19. The Company has not issued any debentures whether secured or unsecured during the year.

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

21. Based upon the audit procedures performed by us, to the best of our knowledge and belief and according to the information and explanations given to us by the management no fraud on, or by the Company has been noticed or reported during the year. ,

For and on behalf of

Kagrana & Associates

Chartered Accountants

Firm Regn. No. 115467W

Pritesh B. Dholakia

Partner

M. No. 140041

Place: Mumbai

Dated: 28.05.2013

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of ANSHUNI COMMERCIALS LIMITED as at 31s1 March, 2010 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto and cash flow statement for the year ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditors Report) Order, 2003, as amended by the Companies (Auditors Report) (Amendment) Order, 2004, issued by the Central Government of India in terms of sub-section (4A) of Section 227 of The Companies Act, 1956 of India (the Act) and on the basis of the information and explanation given to us and the books and records examined by us in the normal course of audit and to the best of our knowledge and belief, we give in the Annexure a statement on the matter specified in paragraphs 4 and 5 of the said Order.

4. Further to our comment in the Annexure referred to above, we report that:

a. We have obtained ail the information and explanations, which to the best of our knowledge and bejief 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 the Books;

c. The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account;

d. In our opinion, the balance sheet, profit and loss account and cash flow statement dealt with by this report comply with the accounting standards referred to in Section 211(3C) of the Companies Act 1956;

e. On the basis of written representation received from the directors, as on 31st March 2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31s1 March, 2010 from being appointed as a director in term of ciause (g) of sub-section (1) of section 274 of the Companies Act 1956;

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

i) In the case of the balance sheet of the state of affairs of the company as at 31st March, 2010;

ii) In the case of the profit and loss account, of the profit for the year ended on that date; and

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



Annexure to the Auditors Report

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

(b) The fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification,

(c) In our opinion and according to the information and explanation given to us, a substantial part of fixed assets has not been disposed off by the Company during the year.

ii (a) As explained to us, the inventories were physically verified by the management at reasonable intervals during the year.

(b) In our opinion and according to the information and explanation given to us, the procedures of physical verifications of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the explanation and information given to us, the company has maintained proper records of its inventories and the discrepancies noticed on physical verification between physical stock and the book records were not material and have been adequately dealt with in the books of account.

iii According to information and explanation given to us, the company has, during the year, not granted / taken any loan to / from parties covered in the register maintained under section 301 of the Companies Act 1956.

iv The Company has adequate internal control procedures commensurate with the size of its business with regards to purchases of inventories and fixed assets and sale of goods and services. We have not come across any major weakness in internal control.

v (a) To the best of our knowledge and belief and according to the information and explanation given to us, the particulars of contracts or arrangement referred to in section 301 of the Act have been entered in the register maintained under that section.

(b) The transaction of purchase of goods and material and sale of goods, material and services, made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Act and exceeding the value of rupee five lacs in respect of any party during the year, have been made at price which are reasonable having regards to the prevailing market price at the relevant time.

vi The Company has not accepted any deposit from the public within the meaning of Section 58A and 58AA of the Act and the rules framed there under.

vii In our opinion, the company has an Internal Audit System commensurate with the size and nature of its business,

viii The Central Government has not prescribed the maintenance of cost records as required under clause (d) of sub-section (I) of Section 209 of the Companies Act, 1956 for any of the activities of the company.

ix (a) According to the records of the Company, the Company is regular in depositing undisputed statutory dues including income tax, custom duty, sales tax and other statutory dues with the appropriate authorities. According to the information and explanation given to us, there are no undisputed amounts payable in respect of such statutory dues which have remained outstanding as at 31st March, 2010 for a period of more than six months from the day they become payable.

(b) According to the information and explanation given to us, there are no any disputed dues of sales tax, income tax service tax, custom duty, wealth tax, excise duty and cess remain outstanding as 31st March 2010.

x The Company has no accumulated losses and has not incurred cash losses in the current financial year and immediately preceding financial year.

xi In our opinion and according to the information and explanation given to us, the company has not defaulted in repayment of dues to bank.

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 In our opinion, the Company is not a chit Fund or Nidhi / Mutual benefit fund/society. There for provision of clause 4 (xiii) of the Companies (Auditors Report) Order, 2003 (as amended) are not applicable to the Company.

xiv In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provision of clause 4 (xiv) of the Companies (Auditors Report) Order, 2003 (as amended) are not applicable to the Company.

xv According to information and explanation given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

xvi According to information and explanation given to us, the company has not raised any term loans during the year.

xvii In our opinion and according to the information and explanation given to us, and on 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 investment,

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

xix Since the Company does not have any debentures, the question of creation of securities for debenture does.not arise,

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

xxi To the best of our knowledge and belief and according to the information and explanation given to us no fraud on or by the company has been noticed or reported during the course of our audit.

FOR KAGRANA & ASSOCIATES

Chartered Accountants

Firm Registration No.: 115467W



(HARESH V. KAGRANA)

Partner

Membership No 033179

PLACE : MUMBAI

DATE : 07 SEP 2010