Auditor Report of Panabyte Technologies Ltd.

Mar 31, 2025

We have audited the accompanying Ind AS financial statements of M/s Panabyte Technologies Limited, (the
"Company”), which comprise the Balance Sheet as at March 31, 2025, and the Statement of Profit and Loss
(including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity
for the year then ended, and a summary of significant accounting policies and other explanatory information
(Hereinafter referred to as the "Financial Statements”).

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
financial statements give the information required by the 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 read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind
AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at
March 31, 2025 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 financial statements in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further
described in the Auditor’s responsibilities for the Audit of the Ind AS Financial Statements section of our report.
We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the Ind AS
Financial Statements under the provisions of the Companies Act, 2013 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 financial statements.

Key Audit Matters

Key audit matters (KAM) 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.

Information Other than the Financial Statements and Auditor''s Report

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

Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to
read the other information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to
be materially misstated.

If, based on the work we have performed, we conclude that there is 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 are 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, total comprehensive income, cash flows and changes in equity of the
Company including its joint operation companies in accordance with the Ind AS and accounting principles
generally accepted in India.

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

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.

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

Auditor''s Responsibility for the Audit of the Financial Statements

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

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.

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

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

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

• Obtain sufficient appropriate audit evidence regarding the financial information of the Company and its joint
operations to express an opinion on the financial statements. We are responsible for the direction, supervision
and performance of the audit of the financial statements of such entities included in the financial statements.

Materiality

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements
may be influenced.

We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in
evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial
statements.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 issued by the Central Government of India in
terms of Section 143(11) of the Companies Act, 2013, we enclose herewith; ''Annexure- A’, a statement on the
matters specified in paragraphs 3 and 4 of the said Order.

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

a. We have sought and obtained all the information and explanations which to the best of our knowledge
and belief were necessary for the 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 it
appears from our examination of those books;

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

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

e. On the basis of written representations received from the directors as on 31st March 2025, and taken on
record by the Board of Directors, none of the directors is disqualified as on 31st March 2025, from being
appointed as a director in terms of Section 164(2) of the Companies Act, 2013; and

f. Our Opinion on the adequacy of the Internal Financial Controls of the company over the financial
reporting and the operating effectiveness of such controls has been given by us in a separate report in
‘Annexure-B’.

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 explanations given to us:

(i) The Company has disclosed that there are no pending litigations which would impact its
financial statements.

(ii) The Company did not have any long term contracts for which there were any material
foreseeable losses;

(iii) The Company is not required to transfer any amount to the Investor Education and Protection
Fund by the Company.

(iv) Based on our examination, which included test checks, the Company has used accounting
software for maintaining its books of account for the financial year ended 31st March 2025
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 the audit trail feature being
tampered with and we did not observe any instance of noncompliance in this regard.

For KPB & Associates
Chartered Accountants
[FRNo. 114841W]

(Partner)

(CA Ketan N. Gada)

(Membership No 106451)

UDIN: 25106451BMONOP5918

Place: Mumbai
Date: 22.05.2025

---

Mar 31, 2024

We have audited the accompanying Ind AS financial statements of M/s Panabyte Technologies Limited (Formerly
Known as Panache Innovations Limited), (the “Company”), which comprise the Balance Sheet as at March 31, 2024, and
the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the
Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other
explanatory information (Hereinafter referred to as the “Financial Statements”).

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial
statements give the information required by the 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 read with
the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“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 Loss, 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 financial statements in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the
Auditor''s responsibilities for the Audit of the Ind AS Financial Statements section of our report. We are independent of
the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI)
together with the ethical requirements that are relevant to our audit of the Ind AS Financial Statements under the
provisions of the Companies Act, 2013 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 financial statements.

Emphasis of Matters

We draw attention towards the Note No. 34 of the General Notes to Accounts of Financial Statements.

"On January 5, 2023, an incidence of fire occurred at one of the warehouse of the company iocated at Bhiwandi, Thane. This
incident led to damage of certain property, plant and equipment, inventory and interrupted business activities. The company
had insurance cover against the damaged inventories. The company had lodged claim of this incident with the insurance
company, which has been finalised during the year and the company has received full and final claim of Rs. 1,24,70,982 /- on
account of damage occured to the plant, property & equipment and inventory. The losses and corresponding credit arising
from insurance claim has been presented as net loss of Rs. 26,81,655/- under Exceptional items in the above result for the
year ended March 31,2024."

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters (KAM) 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.

Information Other than the Financial Statements and Auditor''s Report

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

Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is 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 are 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, total comprehensive income, cash flows and changes in equity of the Company including
its joint operation companies in accordance with the Ind AS and accounting principles generally accepted in India.

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

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.

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

Auditor''s Responsibility for the Audit of the Financial Statements

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

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

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

Company has adequate internal financial controls systems 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 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.

• Obtain sufficient appropriate audit evidence regarding the financial information of the Company and its joint operations
to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of
the audit of the financial statements of such entities included in the financial statements.

Materiality

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 issued by the Central Government of India in
terms of Section 143(11) of the Companies Act, 2013, we enclose herewith; ''Annexure- A’, a statement on the
matters specified in paragraphs 3 and 4 of the said Order.

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

a. We have sought and obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the 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 it appears
from our examination of those books;

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

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

e. On the basis of written representations received from the directors as on 31^st March 2024, and taken on record
by the Board of Directors, none of the directors is disqualified as on 31^st March 2024, from being appointed as
a director in terms of Section 164(2) of the Companies Act, 2013; and

f. Our Opinion on the adequacy of the Internal Financial Controls of the company over the financial reporting and
the operating effectiveness of such controls has been given by us in a separate report in ‘Annexure-B’.

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 explanations given to us:

(i) The Company has disclosed that there are no pending litigations which would impact its financial
statements.

(ii) The Company did not have any long term contracts for which there were any material foreseeable
losses;

(iii) The Company is not required to transfer any amount to the Investor Education and Protection Fund by
the Company.

(iv) Based on our examination, which included test checks, the Company has used accounting software for
maintaining its books of account for the financial year ended 31st March 2024 which has a feature of
recording audit trail (edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the software. Further, during the course of our audit we did not come across
any instance of the audit trail feature being tampered with.

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

For KPB & Associates
Chartered Accountants
[FRNo. 114841W]

(Partner)

(CA Ketan N. Gada)

(Membership No 106451)

UDIN: 24106451BKBPBF5872

Place: Mumbai
Date: 21.05.2024

---

Mar 31, 2013

We have audited the accompanying financial statements of Ruby Traders & Exporters Limited which comprise the Balance Sheet as at 31st March, 2013, the Statement of Profit and Loss and the Cash Flow Statement for the period then ended and a summary of the significant accounting policies and other explanatory information,

The Company's 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.

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 the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control relevant to the Company's preparation and fair presentation ofthe 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 ofthe 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 the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

c) in 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 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 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 Statement of Profit and Loss comply with the Accounting Standards referred to in sub-section (3C) of section 21.1 of the Act.

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

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.

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of Ruby Traders & Exporters Limited on the accounts of the company for the year ended 31st March, 2013.

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

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

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, no fixed asset has been disposed during the year and therefore does not affect the going concern assumption.

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

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

(c) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as .compared to book records.

3. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, 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. Consequently, the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company.

(e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956, Thus sub clauses (f) & (g) are not applicable to the company.

4. in our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

b) As per information fit explanations given to us and in our opinion, the transaction entered into by the company with parties covered u/s 301 of the Act does not exceeds five lacs rupees in a financial year therefore requirement of reasonableness of transactions does not arises.

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. As per information & explanation given by the management, maintenance of cost records has been prescribed by the Central Government under clause (d) of sub- section (1) of section 209 of the Act and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

9. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State insurance, Income-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2013 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

10. The Company does not have any accumulated loss and has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. According to the information and explanations given to os, the Company has not granted loans and advances on the basis of security' by way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor's Report) Order, 2003 (as amended) is not applicable to the Company,

14. According to information and explanations given to us, the Company is trading in Shares, Mutual funds & other Investments. Proper records & timely entries have been maintained in this regard & further investments specified are held in their own name.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year,

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2013, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

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

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management,

For Bajoria Mayank & Associates Chartered Accountants FRN:327336E

Anish Kumar Banka Partner Membership No,: 412888 Place: Kolkata Date: May 30, 2013

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Mar 31, 2012

1. We have audited the attached Balance Sheet of Ruby Traders and Exporters Limited as at 31st March 2012 and also the Profit & Loss Account and the Cash Flow Statement for the year ended on that day annexed hereto. These financial statements are die 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 required that we plan and perform the audit to obtain reasonable assurance about whether the financial Statements art 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 included assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentsrion. 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 Department of Company Affairs in terms of Section 227 (4A) of the Companies Act 1956, we enclose in the Annexure, a statement on the matter specified in lhe said Order to the extent applicable;

4. further to our comments in the annexure referred to in paragraph 1 above -

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

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

iii. Thc Balance Sheet, Profit & Loss Account and the Cash Plow Statement dealt with by this report arc- in agreement wiih the books of accounts''

iv. ln Our Opinion, the Balance Sheet. Profit & I mss Account and Gash. Flow Statement together with notes of accounts dealt with by this report comply with, the -accounting standards referred to in sub- section (3C) of Section 211 of the Companies Act 1956

v. On the basis of written representations received from the Directors, as on 31st March 2012, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 3lt March 2012 from being appointed as a Director in terms of clause ''(g)'' of sub section (1) of section 274 of the Companies Act S956;

vi.In our opinion and to the best of our in forma don and according to the explanations given to Us, [the said accounts,give the information required by tire Companies Act 1956, and give a true and fair view in conformity with the accounting principles generally accepted in India

1. in the case of the Balance Sheet, of the state of affairs of the Company as at 3P: March 2012;

2. in the case of the Profit and Loss Ac count, of the Profit for the year ended on th at date,

3. in the ease tif Cash Plow Statement, of the cash flows for the year ended on that date.

The Annexure referred to in paragraph 3 of the Our Report of even date to the members of Ruby Traders & Exporters Limited on the accounts of the company for the year ended 31st March, 2012.

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

(b) Fixed Assets have been physically verified by the management during the year.No material discrepancies were noticed on such verification.

(c) Tn our opinion anti according to the information and explanation given to us, the Company has not made any substantial disposal during the year.

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

The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to die size of the Company and me nature of its business.

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

3. (a) According to the information and explanation given to us and on the basis of records furnished before us, the Company has not granted any loans, secured or unsecured to Companies, firms or other parlies covered in ihe register maintained under secdon 301 of the Companies Act, 1956.

(b) In view of above, Clause 4(iii)(a),(b),(c) (d) of Companies (Auditors Report) Order, 2003 are not applicable.

(c) According to the information and explanation given to us and on the basis of records furnished before us for the verification, the Company has not taken any loans, secured or unsecured from Companies, firms or other parties covered in the register maintained under section 301 of the Act.

(d) In view of above, clause 4(iii)(e), (f) anti (g) of Companies (.Auditors Report) Order, 2003 are not applicable.

4. in our opinion and according the information & explanations given to us. there are adequate internal control procedures commensurate with the size of the Company and nature of business with regard to purchase and sales. During the course of our Audit, we have not observed any continuing failure to correct major weakness of internal audit.

5. (i) In our opinion, there are no contracts or arrangements that need to be entered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(v)(b) of the Order is not applicable to the Company and hence not. commented upon.

(b) In respect of transactions entered exceeding the realise of five lac in the register maintained in pursuance of Section 301 of the Companies Ace 1956.according information and explanation given to us, none of the transactions madr in pursuance of such contracts or arrangements exceed the value of Rupees five lakh in respect of any one such party ill the financial year.

6 The Company lias not accepted any deposits from the public dining the year lienee Clause 4(vi) of Companies (Auditors'' Report) Order 2003 is not applicabie.

7. In our opinion, the Company has an interna] audit system commensurate with the size and nature or its business.

S. We are mformed that the Central Government has not prescribed maintenance of cost records under section 2(J9(l)(d) of die Companies Act 1956 in respect of products dealt with by the Company.

9. (a) In our opinion and according co the information and expla- nations given to us, undisputed statutory dues including Provident Fund, Investors'' Education fit Protection bund, employees State Insurance Scheme, Income Tax, Sales ''lax, Wealth 1''ax, Custom Duty, Excise Dutv, CP.S5 and any other statutory dues have been regularly deposited in time during the year with appropriate authorities and there are no undisputed Statutory dues payable for a period of six months from the date they became payable as at 317'' March 2012.

b) According to the information and explanation given to us there are- no disputes pending before the authorities in respect of Sales Tax, Income Tax, Custom Duty and CESS.

(c) According to the information and explanations given to us, there are no dues of income tax. sales-tax, wealth lax, service tax, customs duty, excise duty and cess which have not been deposited on account of any dispute.

10. The Company does out have accumulated losses as at the end of financial year but has incurred cash losses in the current financial year. There waa no cash loss in the immediate preceding financial year.

11. According to die records made available to us and information and explanation given to us by the management, the Company has not defaulted in repayment ot any dt)es to financial institnitons or banks.

12. According to the information anti explanations given co us, the Company has not granted any loans & advances on the basis of security by way of pledge ot shares debentures and urber secunries.

13. In our opinion, die Company is not chit fund, nidhi, mutual fund and societies and accordingly clause 4(xiii) of Companies (Auditors'' Report) Order, 200.3 is nor applicable.

14. In our opinion and according to the information and explanations given to us, the Company has maintained proper records of transactions and contracts relating to dealing in shares, securities and other investments during the year and timely entries have been there in. Further, such securities have been held by the Company in its own name or are in the process of transfer in its name, except to the extent ot die exemption granted section 49 of the Act.

15 in our opinion and according to the information and explanations given to us. the Company has nor given guarantees for loans taken by others from Banks & Financial Institutions- Accordingly Clause 4(xv) of Companies (Auditor''s Report) Order. 2003 is not applicable.

1 in our opinion and according to the information and explanations given to us, die Company has not obtained any Term Loan. Accordingly Clause 4(xvi) ot Companies (Auditors'' Report) Order, 2003 is not applicable-

17. According to the information and explanations given to us and on the basis of and overall examination of the Balance Sheet of the Company, no funds raised on short term basis have been utilized for long term investment and vice versa.

18. The company has not made preferential allotment of shares to parties and/or to the companies covered in the register maintained under section 301 of the Companies Ace 1956. Therefore, the pro visions of clause 4(xviii) of rite Companies (Auditors Report) Order. 2003 are not applicable to the Company.

19. During the period, the Company has not issued unsecured debentures on private placement basis and there fore, the provisions of clause 4(xix) oi the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

20. The Company has not raised any money tinough public issue during the year and therefore, the protTsions of clause 4(xx) of the Companies (Auditors Report) Order. 2003 are not applicable to the Company,

21. Daring Lite course of examination of the books and records of the Company, carried out in accordance with generallv accepted auditing practices in India, anti according to the information and explanation given us, we have neither come across any instance of fraud on or the Company noticed or reported during the period nor we have been informed of such instances by the management.

For Mayank Bajoria Chartered Accountant



Mayauk Bajoria Proprietor Membership No,: 300481

Place: Kolkata Date: May 23, 2012

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Mar 31, 2011

We have audited the attached Balance Sheet of Ruby Traders & Exporters Limited, of 41, Burtolla street date Kolkata-700007. PAN AABCRI829G as at 31st March 2011 and also the Profit and Loss Account on (lull is to annexed thereto, These financial statements are the responsibility of the company's management. Our responsibility express an opinion on these financial statements based on our and it.

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

We report that:

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.

(a) In our opinion, the company has kept proper books of accounts as required by law so far as appears from examination of those books.

(b) The Balance Sheet and Profit & Loss Account are in agreement with the hooks of account.

(c) In our opinion, the Balance Sheet, Profit & Loss Account comply with the Accounting Standards referred Section 211 (3c) of the Companies Act. 1961.

(d) On the basis of written representations received from the directors of the company and taken on record by the B of Directors, we report that none of the directors arc disqualified as on 31st March 2011 from being appointed director in terms of clause (g) of sub-section (I) of Seelion 274 of the Companies Act, 1956,

(e) In our opinion and to the best of out information and according to the explanations given to us. the said accquired together with the notes thereon. give the informal ion required by 1 ho Companies Act, 1956, in the manner so required and give a true and lair view in conformity with the accounting principles generally accepted in India:

(i) In the case of the Balance Sheet of the Slate of Affairs of the Company as at 3 1st March, 2011

(ii) In the case of the Profit & Loss Account, of the Profit of the Company for the year ended on that dale.

For M K GROSH & CO Chartered Accountants

Place: Kolkata (MK GHOSH) Dated :.26th September, 2011 Proprietor M No. 006643 PAN: ACXPG REGM NO:326 0221