Auditor Report of Pratik Panels Ltd.

Mar 31, 2023

Pratik Panels Limited.

Report on the Audit of the standalone financial statements

Opinion

We have audited the accompanying standalone financial statements of Pratik Panels Limited (hereinafter “the Company”), which comprise the Balance Sheet as at March 31, 2023, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended and notes to the Standalone Financial Statements including a summary of the significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013, as amended (the ‘Act’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including Indian Accounting Standards (‘Ind AS’) specified 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 (financial position) of the Company as at March 31, 2023 and its profit (financial performance including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act (SAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (‘ICAI’) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statement.

Emphasis of Matter

We draw attention to Note 2.8 (e) to the financial statement that pursuant to the application by the company, a scheme of capital reduction was approved by National Company Law Board (“The NCLT”) vide their letter dated July 08, 2022. As per scheme of capital reduction, there is reduction of existing Issued, Subscribed and paid-up Equity Capital (prior to fresh allotment) to 38,98,500 fully paid up Equity Shares of Re.1/- each and adjusting capital reduction of Rs.3,50,86,500/- with the brought forward balance of accumulated losses. Fresh equity share capital of Rs.6 Crores was issued during the year resulting in positive net worth of the company.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, for the year ended on March 31, 2023 and in forming our opinion thereon and we do not provide a separate opinion on these matters. We do not have any key audit matter to be communicated except as provided in emphasis of matter in the previous paragraph of this report.

Information other than the financial statements and Auditor’s Report thereon

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

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

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

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

Responsibilities of Management and Those Charged with Governance for the standalone financial statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the state of affairs (financial position), profit or loss (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 the Ind AS specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and 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.

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

Auditor’s Responsibilities for the Audit of the financial statements

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 Standards on Auditing 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 Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

a) 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.

b) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for explaining our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

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

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

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

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

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

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

Report on other Legal and Regulatory Requirements

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

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 standalone financial statements dealt with by this report are in agreement with the books of account;

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

e) on the basis of the written representations received from the directors and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2023 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 Financial Statements and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”;

g) In our opinion, the managerial remuneration for the year ended March 31,2023 has been paid / provided by the Company to its directors in accordance with the provisions of section 197 read with Schedule V to the Act;

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

i. the Company has disclosed the impact of pending litigations on its financial position in the standalone financial statements;

ii. the Company has made provision, as required under the applicable law or Accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts;

iii. there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended March 31,2023;

iv. Other matters:

(a) The Management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(c) Based on such audit procedures that 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 in (a) and (b) above, contain any material misstatement.

v. Since the Company has not declared or paid any dividend during the year, the

question of commenting on whether dividend declared or paid is in accordance with

Section 123 of the Companies Act, 2013 does not arise.

For R Shah & Co,

Chartered Accountants

Firm’s Registration Number: 502010C

CA Adityendra Soni Partner

Membership Number: 400149 Date: May 12, 2023 UDIN: 23400149BGYIIA4856

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Mar 31, 2014

1. We have audited the attached Balance Sheet of "PRATIK PANELS LIMITED" as at 31st MARCH, 2014 and also the Profit and Loss Account and the Cash Flow Statement for the year then ended, and the summary of significant accounting policies and other explanatory statements. These financial statements are the responsibility of the Company''s management.

2. Management is Responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the company in accordance with the Accounting Standards referred to in sub section (3C) of section 211 of the Company''s 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.

3. Our responsibility is to express an opinion on these financial statements based on our audit. We have conducted our audit in accordance with 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 of material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedure selected depends on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An Audit also includes evaluating the appropriateness of 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.

5. In our opinion and to the best of our information and according to the explanation given to us, the financial statements give the information required by the Act in the manner so required and 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:

i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2014.

(ii) in the case of Profit and Loss Account, of the Loss for the year ended on that date.

(iii) in the case of Case Flow Statement, of the Cash Flows of the year ended on that date.

6. 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 Companies Act, 1956, we enclose in the Annexure a Statement on the matters specified in paragraphs 4 and 5 of the said order.

7. Further to our comments in the Annexure referred to above, we report that:

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

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

c) The Balance Sheet, Profit and Loss Account and Cash flow statement dealt with by the 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 sub-section (3 C) of section 211 of the Company Act, 1956;

e) On the basis of written representation received from the directors as on 31/03/2014 and taken on record by the Board of Director, we report that none of the Directors are disqualified as on 31/03/2014 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 in paragraph 6 of our Report of even date on the Account of PRATIK PANELS LIMITED for the year ended 31st MARCH, 2014)

1. In respect of its fixed assets:

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

(b) As per the information and explanations given to us, the company has a system of physical verification of all of its assets. We are informed that the fixed assets have been physically verified during the year by the management and no material discrepancy was noticed between book records and physical inventory. In our opinion the frequency of such verification is reasonable having regard to size of the Company and the nature of its assets.

(c) In our opinion the company has disposed off substantial part of fixed assets during the year and going concern status of company is affected. During the year under consideration company has not undertaken any commercial activity

2. In respect of its inventories:

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

(b) In our opinion and according to information and explanation given to us the procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records. That the inventory has been considered as shown in the opening stock.

3 (a) The Company has neither granted nor taken any Loans Secured or Unsecured to or from the other companies listed in the register maintained under section 301 of the Companies Act, 1956.

(b) As company has not granted nor taken any loan, hence it is not applicable.

(c) As company has not granted nor taken any loan, hence it is not applicable.

4. In our opinion and according to the information and explanation given to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to sale of fixed assets during the course of our audit, we have not observed any major weaknesses in internal controls, requiring corrections.

5. In respect of transaction under section 301 of the Company Act, 1956.

(a) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements that needed to be entered into in the register maintained Under Section 301 of the Company Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, there are no transaction of purchase of goods and material and sales of goods, material and services made in pursuance of contract or arrangement entered in the register maintained under section 301 of the Companies Act, 1956.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public Under Section 58 A of the Companies Act, 1956.

7. In our opinion the Company has an adequate Internal Audit System commensurate with size and nature of its business.

8. We have been informed that the Central Government has not prescribed maintenance of cost records Under Section 209 (1) (d) of the Companies Act, 1956 for any of the products of the company.

9. In respect of statutory dues:

(a) According to the information and explanations given to us and records examined by us, the Company is not regular in depositing, with the appropriate authorities, undisputed statutory dues in respect of income-tax, wealth-tax, customs-duty, excise-duty except sales-tax, provident fund etc.

(b) According to the records of the company, there were no undisputed amount payable in respect of income-tax, wealth-tax, customs-duty and excise-duty outstanding as at 31st March 2014 for a period of more than six months from the date they become payable subject to an amount of Rs.. 0.12 crores is outstanding for more than six months with respect to the Provident Fund, ESIC, Sales-Tax etc.

10. The company has accumulated losses of Rs. 341.59 lacs. During the financial year covered by our report the company has incurred cash loss of Rs. 4.75 lacs. The company has incurred cash losses of Rs 146.25 lacs in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the company has been defaulted in repayment of dues to the bank.

12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares debentures and other securities.

13. In our opinion, the company is not a chit find or a nidhi / mutual benefit fund / society. Therefore, clause 4 (xiii) of the companies (Auditors Report) order 2003 is not applicable to the company.

14. The Company is not dealing in shares securities debentures and other investments. According the Provision of clause 4 (xiv) of the companies (Auditors Report) order 2003 are not applicable to the Company.

15. The company has given guarantee for loans taken by others from banks or financial institutions. According to the information and explanation given to us we are of the opinion that the terms and conditions on which the company has given guarantee for loans taken by others are not prima facie prejudicial to the interest of the Company.

16. In our opinion and according to the information and explanations given to us, on an overall basis, the funds raised have been applied for the purpose for which they were obtained or pending for the actual application were deployed for working capital purposes transitorily.

17. According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized short term sources towards repayment of long term borrowing and acquisition of fixed assets and vice-versa.

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

19. The Company has not issued any debentures. Therefore the clause 4 (xix) of the companies (Auditor''s Report) order 2003, is not applicable to the company.

20. The Company has not raised money by way of public issue during the year covered by our audit report.

21. In our Opinion 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.

PLACE: MUMBAI FOR SADANI & SINGHI DATED: 29/05/2014 CHARTERED ACCOUNTANTS

VINOD SADANI PARTNER (M.NO. 73007)

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Mar 31, 2013

1. We have audited the attached Balance Sheet of "PRATIK PANELS LIMITED" as at 31st MARCH, 2013 and also the Profit and Loss Account and the Cash Flow Statement for the year then ended, and the summary of significant accounting policies and other explanatory statements. These financial statements are the responsibility of the Company''s management.

2. Management is Responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the company in accordance with the Accounting Standards referred to in sub section (3C) of section 211 of the Company''s 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.

3. Our responsibility is to express an opinion on these financial statements based on our audit. We have conducted our audit in accordance with 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 of material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedure selected depends on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An Audit also includes evaluating the appropriateness of 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.

5. In our opinion and to the best of our information and according to the explanation given to us, the financial statements give the information required by the Act in the manner so required and 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:

i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31" March 2013.

(ii) in the case of Profit and Loss Account, of the Loss for the year ended on that date.

(iii) in the case of Cash Flow Statement, of the Cash Flows of the year ended on that date.

6. 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 Companies Act, 1956, we enclose in the Annexure a Statement on the matters specified in paragraphs 4 and 5 of the said order.

7. Further to our comments in the Annexure referred to above, we report that:

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

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

c) The Balance Sheet, Profit and Loss Account and Cash flow statement dealt with by the report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, Profit and Loss account and cash How statement dealt with by this report comply with the accounting standards referred to in sub-section (3 C) of section 211 of the Company Act, 1956;

e) On the basis of written representation received from the directors as on 31/03/2013 and taken on record by the Board of Director, we report that none of the Directors are disqualified as on 31/03/2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956 ;

SADANI & SINGHI CHARTERED ACCOUNTANTS

ANNEXURE TO THE AUDITOR''S REPORT

(Referred to in paragraph 6 of our Report of even date on the Account of PRATIK PANELS LIMITED for the year ended 31st MARCH, 2013)

1. In respected of its fixed assets:

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

(b) As per the information and explanations given to us, the company has a system of physical verification of all of its assets. We are informed that the fixed assets have been physically verified during the year by the management and no material discrepancy was noticed between book records and physical inventory. In our opinion the frequency of such verification is reasonable having regard to size of the Company and the nature of its assets.

(c) In our opinion the company has not disposed off substantial part of fixed assets during the year and going concern status of company is not affected.

2. In respect of its inventories:

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

(b) In our opinion and according to information and explanation given to us the procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under section 301 of the Company Act, 1956.

(a) The company has not granted loans to companies firm or other parties listed in the register maintained Under Section 301 of the Act. The company has taken unsecured loans from Companies firm or other parties covered in the registered maintained under section 301 of the Companies Act, 1956.

(b) In our opinion, the rate of interest and other terms and conditions of such loans are not prima facie prejudicial to the interest of the Company.

(c) In respect of the aforesaid loans, the interest payment is regular as per the stipulation and repayment of loans is regular as per the stipulation.

(d) In respect of the aforesaid loans, there were no overdue amounts.

(e) The company has not taken any loans, secured or unsecured from companies, firms and other parties covered in the register maintained Under Section 301, hence clauses (f) and (g) are not applicable to the Company.

4. In our opinion and according to the information and explanation given to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls, requiring corrections.

5. In respect of transaction under section 301 of the Company Act, 1956.

(a) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements that needed to be entered into in the register maintained Under Section 301 of the Company Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, there are no transaction of purchase of goods and material and sales of goods, material and services made in pursuance of contract or arrangement entered in the register maintained under section 301 of the Companies Act, 1956

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public Under Section 58 A of the Companies Act, 1956.

7. In our opinion the Company has an adequate Internal Audit System commensurate with size and nature of its business.

8. We have been informed that the Central Government has not prescribed maintenance of cost records Under Section 209 (1) (d) of the Companies Act, 1956 for any of the products of the company.

9. In respect of statutory dues:

(a) According to the information and explanations given to us and records examined by us, the Company is generally regular in depositing, with the appropriate authorities, undisputed statutory dues in respect of income-tax, wealth-tax, customs-duty, excise-duty except sales-tax , provident fund etc.

(b) According to the records of the company, there were no undisputed amount payable in respect of income-tax, wealth-tax, customs-duty and excise-duty outstanding as at 31st March 2013 for a period of more than six months from the date they become payable subject to an amount of Rs. 28.07 Lacs is outstanding for more than six months with respect to the Provident Fund, ESIC, Sales-Tax etc.

10. The company has accumulated losses of Rs. 336.84 lacs. During the financial year covered by our report the company has incurred cash loss of Rs. 146.25 lacs. The company has incurred cash losses of Rs 13.86 lacs in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to the financial institutions, bank or debenture holders.

12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares debentures and other securities.

13. In our opinion, the company is not a chit find or a nidhi / mutual benefit fund / society. Therefore, clause 4 (xiii) of the companies (Auditors Report) order 2003 is not applicable to the company.

14. The Company is not dealing in shares securities debentures and other investments. According the Provision of clause 4 (xiv) of the companies (Auditors Report) order 2003 are not applicable to the Company.

15. The company has given guarantee for loans taken by others from banks or financial institutions. According to the information and explanation given to us we are of the opinion that the terms and conditions on which the company has given guarantee for loans taken by others are not prima facie prejudicial to the interest of the Company.

16. In our opinion and according to the information and explanations given to us, on an overall basis, the funds raised have been applied for the purpose for which they were obtained or pending for the actual application were deployed for working capital purposes transitorily.

17. According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized short term sources towards repayment of long term borrowing and acquisition of fixed assets and vice-versa.

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

19. The Company has not issued any debentures. Therefore the clause 4 (xix) of the companies (Auditor''s Report) order 2003, is not applicable to the company.

20. The Company has not raised money by way of public issue during the year covered by our audit report.

21. in our Opinion 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 SADANI & SINGHI

CHARTERED ACCOUNTANTS

VINOD SADANI

PLACE : RAIPUR PARTNER

DATED : 30/05/2013 (M.NO. 73007)

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Mar 31, 2012

1. We have audited the attached Balance Sheet of "PRATIK PANELS LIMITED" as at 31st MARCH. 2012 and also the ' Profit and L.oss Account and the Cash flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India, these standards required 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 amount of disclosures in the financial statement. An audit estimated made by management, as well as evaluating the overall financial statement presentation. We believe e that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) order 2003 (as amended) issued In the Central Government of lndia in terms of sub-section (4A) Section 227 of the Companies Act. 1956. we enclose in the Annexure a Statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to above, w e report that:

a) We have obtained all the information and explanations, which to the best of our know ledge 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's appears from our examination of those books.

c) The Balance Sheet, Profit and Loss Account and Cash flow statement dealt with by the 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 sub-section (3 C) of section 211 of the Company Act. 1956:

e) On the basis of written representation received from the directors as on 31/03/2012 and taken on record by the Board of Director, we report that none of the Directors are disqualified as on 31st 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act. 1956:

0 hi our opinion and to the best of our information and according to the explanation given to us the accounts read together with Significant Accounting Policies and Notes on Accounts, the said accounts give the information required by the Companies Act. 1956. in the manner so required and give a true and fair view in con form it with the accounting principles general accepted in India:

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2012.

(ii) in the case of Profit and Loss Account, of the loss for the year ended on that date.

(iii) in the case of Case Flow Statement, of the Cash Flows of the year ended on that date.

(Referred of in paragraph 3 of our Report of even date on the Account of PRATIK PANELS LIMITED for the year ended 31st MARCH, 2012

1. In respected of its fixed assets:

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

b. As per the information and explanations given to us. the company have a system of physical verification of all of its assets. We are informed that the fixed assets have been physical Liveried during the y ear by the management and no material discrepancy w as noticed between book records and pinsicalinsentory. In our opinion the frequency of such verification is reasonable having regard to size of the Company and the nature of its assets.

c. In our opinion the company has not disposed off substantial part of fixed assets during the year and going concern status of company is not affected.

2. In respect of its inventories:

a. As explained to us the inventory has been physically verified by the management at reasonable intervals.

b. In our opinion and according to information and explanation given to us the procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the si/e of the Company and nature of its business.

c. The Company has maintained proper records of inventories. As explained to us. there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties reported in the register maintained under section 301 of the Company Act. 1956.

a. The company has not granted loans to companies firm or other parties listed in the register maintained Under Section 301 of the Act. The company has taken unsecured loans from Companies firm or other parties covered in the registered maintained under section 301 of the Companies Act. 1956.

b. In our opinion, the rate of interest and other terms and conditions of such loans are not prima facie prejudicial to the interest of the Company.

c. In respect of the aforesaid loans, the interest payment is regular as per the stipulation and repayment of loans are regular as per the stipulation.

d. In respect of the aforesaid loans, there were no overdue amounts.

e. The company has not granted any loans, secured or unsecured to companies, firms and other parties covered in the register maintained Under Section 301 of clauscs(f) and (g) are not applicable to the Company.

4. In our opinion and according to the information and explanation given to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls, requiring corrections.

5. In respect of transaction under section 301 of the Company Act. 1956.

a. In our opinion and according to the information and explanation given to us. the transactions made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained under Section 301 of the Company Act. 1956 have been so entered.

b. In our opinion and according to the information and explanations given to us. there are no transaction of purchase of goods and material and sales to goods. material and services made in pursuance of contract or arrangement entered in the register maintained under section 301 of the Companies Act. 1956.

6. In our opinion and according to the information and explanations given to its. the company has not accepted any deposits] from the public Under Section 58 A of the Companies Act. 1956.

7. In our opinion the Company has an adequate Internal Audit System commensurate with as and nature of its business.

8. We have been informed that the Central Government has not prescribed maintenance of cost records Under Section 209 (I )(d)of the Companies Act. 1956 for any of the products of the company.

9. In respect of statutory due:

(a) According to the information and explanations given to us and records examined by us. the Company is generally regular in depositing, with the appropriate authorities, undisputed statutory dues in respect of income-tax. wealth- tax. customs-duty. excise-duty except sales-tax. provident fund etc.

(b) According to the records of the company, there vv ere no undisputed amount pay able in respect of income-tax. wealth- tax, customs-duty and excise-duty outstanding as at 31st March 2012 for a period of more than six months from the ' dale they become payable. An amount of Rs. 20.33 is outstanding for more than six months with respect to the Provident Fund. FSIC. Sales-Tax etc.

10. The company has accumulated losses of Rs. 187.53 lacs. During the financial year covered by our report the company has incurred cash loss of Rs. 129.05 lacs. The company has incurred cash losses of Rs 13.86 lacs in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanation given to us. we are of the opinion that the company has not defaulted in repayment of dues to the financial institutions, bank or debenture holders.

12. In our opinion and according to the information and explanation given to us. no loans and advances have been granted by the company on the basis of security by way of pledge of shares debentures and other securities.

13. In our opinion, the company is not a chit find or a nidhi / mutual benefit fund society. Therefore, clause 4 (xiii) of the companies (Auditors Report) order 2003 is not applicable to the company.

14. The Company is not dealing in shares securities debentures and other investments. According the Provision of clause 4 (xi v) of the companies (Auditors Report) order 2003 are not applicable to the Company.

15. In our opinion and according to the information and explanations given to us. on an overall basis, the funds raised have been applied for the purpose for which they were obtained or pending for the actual application were deployed for working capital purposes transitorily.

16. According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized short term sources towards repayment of long term borrowing and acquisition of fixed assets and vice-versa.

17. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Companies Act. 1956

18. The Company has not issued any debentures. Therefore the clause 4 (xix) of the companies (Auditor's Report) order 2003. is not applicable to the company.

19. The Company has not raised money by way of public issue during the year covered by our audit report.

20. In our Opinion 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.

Place :Raipur SADANI & SINGHI

Dated :31/05/2012 CHARTERED ACCOUNTANTS

VINOD SADANI

PARTNER

(M.NO. 73007)

---

Mar 31, 2011

1. We have audited the attached Balance Sheet of "PRATIK PANELS LIMITED" as at 31st MARCH, 2011 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. These standards required 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 amount of disclosures in the financial statement. An audit estimated 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 (Auditor's Report) order 2003 (as amended) issued by the Central Government of India in terms of sub-section (4A) Section 227 of the Companies Act, 1956, we enclose in the Annexure a Statement on the matters specified in paragraphs 4 and 5 of the said order.

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

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

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

c) The Balance Sheet, Profit and Loss Account and Cash flow statement dealt with by the 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 sub-section (3 C) of section 211 of the Company Act, 1956;

e) On the basis of written representation received from the directors as on 31/03/2011 and taken on record by the Board of Director, we report that none of the Directors are disqualified as on 31/03/2011 from being appointed as a director in terms of clause (g) of sub-section (l)ofsection 274 of the CompaniesAct, 1956;

f) In our opinion and to the best of our information and according to the explanation given to us the accounts read together with Significant Accounting Policies and Notes on Accounts, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2011. (ii) in the case of Profit and Loss Account, of the Loss for the year ended on that date. (iii) in the case of Case Flow Statement, of the Cash Flows of the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

(Referred to in paragraph 3 of our Report of even date on the Account of PRATIK PANELS LIMITED for the year ended 31st MARCH, 2011

1. In respected of its fixed assets:

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

(b) As per the information and explanations given to us, the company have a system of physical verification of all of its assets. We are informed that the fixed assets have been physically verified during the year by the management and no material discrepancy was noticed between book records and physical inventory. In our opinion the frequency of such verification is reasonable having regard to size of the Company and the nature of its assets.

(c) In our opinion the company has not disposed off substantial part of fixed assets during the year and going concern status of company is not affected.

2. In respect of its inventories:

(a) As explained to us the inventory have been physically verified by the management at reasonable intervals.

(b) In our opinion and according to information and explanation given to us the procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under section 301 of the Company Act, 1956.

(a) The company has not granted loans to companies firm or other parties listed in the register maintained Under Section 301 of the Act. The company has taken unsecured loans from Companies firm or other parties covered in the registered maintained under section 301 of the Companies Act, 1956.

(b) In our opinion, the rate of interest and other terms and conditions of such loans are not prima facie prejudicial to the interest of the Company.

(c) In respect of the aforesaid loans, the interest payment are regular as per the stipulation and repayment of loans are regular as per the stipulation.

(d) In respect of the aforesaid loans; there were no overdue amounts.

(e) The company has not granted any loans, secured or unsecured to companies, firms and other parties covered in the register maintained Under Section 301 of clauses (f) and (g) are not applicable to the Company.

4. In our opinion and according to the information and explanation given to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls, requiring corrections.

5. In respect of transaction under section 301 of the Company Act, 1956.

(a) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained Under Section 301 of the Company Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, there are no transaction of purchase of goods and material and sales of goods, material and services made in pursuance of contract or arrangement entered in the register maintained under section 301 of the Companies Act, 1956

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public Under Section 58 A of the Companies Act, 1956.

7. In our opinion the Company has an adequate Internal Audit System commensurate with size and nature of its business.

8. We have been informed that the Central Government has not prescribed maintenance of cost records Under Section 209 (1) (d) of the Companies Act, 1956 for any of the products of the company.

9. In respect of statutory due:

(a) According to the information and explanations given to us and records examined by us, the Company is generally regular in depositing, with the appropriate authorities, undisputed statutory dues in respect of income-tax, wealth-tax, customs-duty, excise-duty except sales-tax , provident fund etc.

(b) According to the records of the company, there were no undisputed amount payable in respect of income-tax, wealth-tax, customs-duty and excise-duty outstanding as at 31st March 2011 for a period of more than six months from the date they become payable. An amount of Rs. 21.78 is outstanding for more than six months with respect to the Provident Fund, ESIC, Sales-Tax etc.

10. The company has accumulated losses of Rs. 167.55 lacs . During the financial year covered by our report the company has incurred cash loss of Rs. 115.19 lacs. The company has incurred cash losses of Rs 23.02 Lacs in the immediately preceeding financial year.

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to the financial institutions, bank or debenture holders.

12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares debentures and other securities.

13. In our opinion, the company is not a chit find or a nidhi / mutual benefit fund / society. Therefore, clause 4 (xiii) of the companies (Auditors Report) order 2003 is not applicable to the company.

14. The Company is not dealing in shares securities debentures and other investments. According the Provision of clause 4 (xiv) of the companies (Auditors Report) order 2003 are not applicable to the Company.

15. The company has given guarantee for loans taken by others from banks or financial institutions. According to the information and explanation given to us we are of the opinion that the terms and conditions on which the company has given guarantee for loans taken by others are not prima facie prejudicial to the interest of the Company.

16. In our opinion and according to the information and explanations given to us, on an overall basis, the funds raised have been applied for the purpose for which they were obtained or pending for the actual application were deployed for working capital purposes transitorily.

17. According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized short term sources towards repayment of long term borrowing and acquisition of fixed assets and vice-versa.

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

19. The Company has not issued any debentures. Therefore the clause 4 (xix) of the companies (Auditor's Report) order 2003, is not applicable to the company.

20. The Company has not raised money by way of public issue during the year covered by our audit report.

21. In our Opinion 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.

PLACE :MUMBAI SADANI & SINGHI DATED :26/04/2011 CHARTERED ACCOUNTANTS

VINOD SADANI PARTNER (M.NO. 73007)

---

Mar 31, 2010

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

2. We have conducted our audit in accordance with auditing standards generally accepted in India. These standards required 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 amount of disclosures in the financial statement. An audit estimated 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) issued by the Central Government of India in terms of sub-section (4A) Section 227 of the Companies Act, 1956, we enclose in the Annexure a Statement on the matters specified in paragraphs 4 and 5 of the said order.

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

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

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

c) The Balance Sheet, Profit and Loss Account and Cash flow statement dealt with by the 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 sub-section (3 C) of section211 of the Company Act, 1956;

e) On the basis of written representation received from the directors as on 31/03/2008 and taken on record by the Board of Director, we report that none of the Directors are disqualified as on 31/03/2008 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

f) In our opinion and to the best of our information and according to the explanation given to us the accounts read together with Significant Accounting Policies and Notes on Accounts, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2010. (ii) in the case of Profit and Loss Account, of the Loss for the year ended on that date. (iii) in the case of Case Flow Statement, of the Cash Flows of the year ended on that date.



ANNEXURE TO THE AUDITORS REPORT

(Referred to in paragraph 3 of our Report of even date on the Account of PRATIK PANELS LIMITED for the year ended 31st MARCH, 2010

1. In respected of its fixed assets:

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

(b) As per the information and explanations given to us, the company have a system of physical verification of all of its assets. We are informed that the fixed assets have been physically verified during the year by the management and no material discrepancy was noticed between book records and physical inventory. In our opinion the frequency of such verification is reasonable having regard to size of the Company and the nature of its assets.

(c) In our opinion the company has not disposed off substantial part of fixed assets during the year and going concern status of company is not affected.

2. In respect of its inventories:

(a) As explained to us the inventory have been physically verified by the management at reasonable intervals.

(b) In our opinion and according to information and explanation given to us the procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under section 301 of the Company Act, 1956.

(a) The company has not granted loans to companies firm or other parties listed in the register maintained Under Section 301 of the Act. The company has taken unsecured loans from Companies firm or other parties covered in the registered maintained under section 301 of the Companies Act, 1956.

(b) In our opinion, the rate of interest and other terms and conditions of such loans are not prima facie prejudicial to the interest of the Company.

(c) In respect of the aforesaid loans, the interest payment are regular as per the stipulation and repayment of loans are regular as per the stipulation.

(d) In respect of the aforesaid loans, there were no overdue amounts.

(e) The company has not granted any loans, secured or unsecured to companies, firms and other parties covered in the register maintained Under Section 301 of clauses (f) and (g) are not applicable to the Company.

4. In our opinion and according to the information and explanation given to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls, requiring corrections.

5. In respect of transaction under section 301 of the Company Act, 1956.

(a) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained Under Section 301 of the Company Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, there are no transaction of purchase of goods and material and sales of goods, material and services made in pursuance of contract or arrangement entered in the register maintained under section 301 of the Companies Act, 1956

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public Under Section 58 A of the Companies Act, 1956.

7. In our opinion the Company has an adequate Internal Audit System commensurate with size and nature of its business.

8. We have been informed that the Central Government has not prescribed maintenance of cost records Under Section 209 (1) (d) of the Companies Act, 1956 for any of the products of the company.

9. In respect of statutory due:

(a) According to the information and explanations given to us and records examined by us, the Company is generally regular in depositing, with the appropriate authorities, undisputed statutory dues in respect of income-tax, wealth-tax, customs-duty, excise-duty except sales-tax , provident fund etc.

(b) According to the records of the company, there were no undisputed amount payable in respect of income-tax, wealth-tax, customs-duty and excise-duty outstanding as at 31sl March 2010 for a period of more than six months from the date they become payable. An amount of Rs. 23.24 is outstanding for more than six months with respect to the Provident Fund, ESIC, Sales-Tax etc.

10. The company has accumulated losses of Rs. 135.76 lacs . During the financial year covered by our report the company has incurred cash loss of Rs. 66.28 lacs. The company has incurred cash losses of Rs 24.20 Lacs in the immediately preceeding financial year.

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to the financial institutions, bank or debenture holders.

12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares debentures and other securities.

13. In our opinion, the company is not a chit find or a nidhi / mutual benefit fund / society. Therefore, clause 4 (xiii) of the companies (Auditors Report) order 2003 is not applicable to the company.

14. The Company is not dealing in shares securities debentures and other investments. According the Provision of clause 4 (xiv) of the companies (Auditors Report) order 2003 are not applicable to the Company.

15. The company has given guarantee for loans taken by others from banks or financial institutions. According to the information and explanation given to us we are of the opinion that the terms and conditions on which the company has given guarantee for loans taken by others are not prima facie prejudicial to the interest of the Company.

16. In our opinion and according to the information and explanations given to us, on an overall basis, the funds raised have been applied for the purpose for which they were obtained or pending for the actual application were deployed for working capital purposes transitorily.

17. According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized short term sources towards repayment of long term borrowing and acquisition of fixed assets and vice-versa.

18. During the year, the Company has rrot made any preferential allotment of shares 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. Therefore the clause 4 (xix) of the companies (Auditors Report) order 2003, is not applicable to the company.

20. The Company has not raised money by way of public issue during the year covered by our audit report.

21. In our Opinion 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.

PLACE :RAIPUR SADANI & SINGHI

DATED :31/05/2010 CHARTERED ACCOUNTANTS

VINOD SADANI

PARTNER (M.NO. 73007 )