Auditor Report of Rajasthan Securities Ltd.

Mar 31, 2025

We have audited the accompanying statement of Audited Financial Results of Rajasthan Gases
Limited (“the Company") which comprise the Balance Sheet as at March 31,2025, the Statement of
Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the
Statement of Changes in Equity for the year then ended, and notes to the Financial Statements,
including a summary of material accounting policies and other explanatory information (hereinafter
referred to as “Financial Statements."

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid Financial Statements give the information required by the Companies Act, 2013 (“ the
Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting
Standards prescribed under section 133 of the Act 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, its Profit including
Other Comprehensive Income, its Cash Flows and the Statement of Changes in Equity for the year
ended on that date.

Basis for Opinions

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further
described in the Auditor''s Responsibilities for the Audit of the Financial Results section of our report.
We are independent of the Company in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India together with the ethical requirements that are relevant to our audit
of the Statement under the provisions of the Act and the Rules thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the Code of Ethics. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion on the Financial Statement.

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, 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 Thereon

The Company''s Board of Directors is responsible for the other information. The other information
comprises the management discussion and analysis and director''s report included in the annual
report but does not include the Financial Statements and our auditors'' report thereon. The above
information is expected to be made available to us after the date of this auditors'' 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 identified above when it becomes available 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.

When we read the above other information, if we conclude that there is material misstatement
therein, we are required to communicate the matter to those charged with governance.

Management''s Responsibility for the Standalone Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Act,
with respect to the preparation of these Financial Statements that give a true and fair view of the
Financial Position, Financial Performance including Other Comprehensive Income, Cash Flows and
the Statement of Changes in Equity of the Company in accordance with the IND AS and other
accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of the appropriate accounting
policies; making judgements and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and fair 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 is also responsible for overseeing the Company''s financial reporting
process.

Auditors responsibilities for the Audit of Financial Statements

Our objectives are to obtain reasonable assurance about whether the Statement as a wholeis free
from material misstatement, whether due to fraud or error, and to issue an auditor''sreport that
includes our opinion. Reasonable assurance is a high level of assurance, but isnot a guarantee that
an audit conducted in accordance with SAs will always detect amaterial misstatement when it exists.
Misstatements can arise from fraud or error and areconsidered material if, individually or in the
aggregate, they could reasonably be expected toinfluence the economic decisions of users taken on
the basis of the Statement.

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

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

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

• Conclude on the appropriateness of the Board of Directors'' use of the going concernbasis of
accounting and, based on the audit evidence obtained, whether a materialuncertainty exists
related to events or conditions that may cast significant doubt onthe Company''s ability to
continue as a going concern. If we conclude that a materialuncertainty exists, we are required
to draw attention in our auditor''s report to therelated disclosures in the financial results or, if
such disclosures are inadequate, tomodify our opinion. Our conclusions are based on the
audit evidence obtained up tothe date of our auditor''s report. However, future events or
conditions may cause theCompany to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Statement, including the
disclosures, and whether the Statement represents the underlying transactions and events in
a manner that achieves fair presentation.

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

We also provide those charged with governance with a Statement that we have compliedwith
relevant ethical requirements regarding independence, and to communicate with themall
relationships and other matters that may reasonably be thought to bear on ourindependence,
and where applicable, related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order,2020 (“the Order"), issued by
the Central Government ofIndia in terms of sub-section (11) of section 143 of the Act,we
give in the “Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of
the Order.

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

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

b. In our opinion, proper books of account as requiredby law have been kept by the
Company so far asappears from our examination of those books;

c. The Balance Sheet, Statement of Profit and Lossincluding Other Comprehensive
Income, theStatement of Cash Flows and Statement of Changes inEquity dealt
with by this report are in agreement withthe books of account;

d. In our opinion, the aforesaid Financial Statementscomply with the accounting
standards specifiedunder section 133 of the Act;

e. On the basis of written representations received fromthe directors as on March
31, 2025 taken on recordby the Board of Directors, none of the directorsis
disqualified as on March 31,2025, from beingappointed as a director in terms of
section 164(2) ofthe Act;

f. With respect to the adequacy of the internal financialcontrols with reference to
Financial Statements andthe operating effectiveness of such controls, refer toour
separate Report in “Annexure B".

g. With respect to the other matters to be included in the Auditors'' Report in
accordance with the requirements of section 197(16) of the Act, as amended, In
our opinion and to the best of our information and according to the explanations
given to us, the remuneration paid or provided by the Company, to its directors
during the year is in accordance with the provisions of section 197 read with
Schedule V of the Act. The company has not paid any remuneration during the
year under review.

h. With respect to the other matters to be included inthe Auditors'' 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 and as represented by the management:

i. The company does not have any pending litigation having impact on its
Financial Position;

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

iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.

iv. (a) Management has represented to us that, to the best of its knowledge

and belief, as disclosed in the notes to the Financial Statements,
during the year no funds have been advanced or loaned or invested
(either from borrowed funds or share premium or any other sources
or kind of funds) by the company to or in any other persons or
entities, including foreign entities (“Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly lend or invest in
other persons or entities identified in any manner 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) Management has represented to us that, to the best of its knowledge
and belief, as disclosed in the notes to the Financial Statements,
during the year 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 our audit procedure conducted that have been considered
reasonable and appropriate in the circumstances, not hingh as
come to our attention that causes us to believe that the
representation given by the management under paragraph (2) (h)
(iv) (a)& (b) contains any material misstatement.

v. The company has not declared or paid any dividend during the year and
has also not proposed dividend for the year.

vi. Based on our examination which included test checks,the company has
used accounting software(s) formaintaining its books of account which has
a featureof recording audit trail (edit log) facility and the samehas operated
throughout the year for all relevanttransactions recorded in the software.

For RAHUL S GUPTA & ASSOCIATES
Chartered Accountants
(FRN. 131447W)

Sd/-

(RAHUL S GUPTA)
Proprietor
Membership No. 133745
UDIN:25133745BMNTXU9823

Place: Nagpur
Dated: 30-05-2025

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Mar 31, 2023

We have audited the standalone financial statements of Rajasthan Gases Limited ("the Company"), which comprise the balance sheet as at 31st March 2023, and the statement of Profit and Loss (Including Other Comprehensive Income)and Statement of Changes in equity for the year ended, and Statement of Cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.

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 CompaniesAct, 2013 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, ofthe state of affairs of the Company as at March 31,2023, and loss and Changes in equity, and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. 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 CharteredAccountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the CompaniesAct, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

KeyAudit 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, 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 Thereon

The Company''s management and Board of Directors are responsible for the other information. The other information comprises the information included in the Company''s annual report, but does not include the standalone financial statements and our auditors'' report thereon.

Our opinion on the standalone 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 standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

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

Management''s Responsibility forthe Standalone Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards specified under section 133 of the Act. 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 statement 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 are responsible for overseeing the Company''s financial reporting process.

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

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

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.

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

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

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

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, 2016 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure A statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

As required by Section 143(3) oftheAct, we report that:

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

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

(c) The Balance Sheet, the Statement of Profit and Loss (Including Other Comprehensive Income) and Statement of Changes in equity for the year ended), and the Cash Flow Statement 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 Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from the directors as on 31st March, 2023 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2023 from being appointed as a director in terms of Section 164 (2) oftheAct.

(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".

(g) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section 197(16) oftheAct, as amended:

In our opinion and to the best of our information and according to the explanations given to us, there is no remuneration paid by the company to its directors during the year in accordance with the provisions of Section 197 oftheAct.

(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, in our opinion and to the best of our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements

(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.

(iv) (a) The respective Managements of the Company and its subsidiaries which are

companies incorporated in India, whose financial statements have been audited under the Act, have represented to us that, to the best of their knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company or any of such subsidiaries to or in any other person or entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company or any of such subsidiaries ("Ultimate Beneficiaries") or provide any guarantee, security orthe likeon behalf of the Ultimate Beneficiaries.

(b) The respective Managements of the Company and its subsidiaries which are companies incorporated in India, whose financial statements have been audited under the Act, have represented to us that, to the best of their knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company or any of such subsidiaries from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company or any of such subsidiaries shall, 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 orthe like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances performed by us on the Company and its subsidiaries which are companies incorporated in India whose financial statements have been audited under the Act, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

(v) No dividend have been declared or paid during the year by the company.

For R. K. Malpani & Associates Chartered Accountants (FRN. 002759C)

(Rakesh Jhalani) Partner

Membership No. 074142 UDIN: 23074142BGZFGN3625

Place: Jaipur Dated: 30.05.2023

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Mar 31, 2015

We have audited the accompanying financial statements of Rajasthan Gases Limited, ('the Company') which comprise the Balance Sheet as at 31st March, 2015 and the Statement of Profit and Loss for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) of the Companies Act, 2013 with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

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

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give true and fair view 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 Company's Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements

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

Opinion

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

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

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

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 issued by the Central Government of India in terms of sub-section (11) of the section 143 of the Act (hereinafter referred to as "the Order"), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraph 3 and 4 of the 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 appears from our examination of those books.

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

d. In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement 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 March 31, 2015, and taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2015, from being appointed as a director in terms of Section 164(2) of the Act.

f. 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 knowledge and belief and according to the information and explanations given to us

i. The Company has disclosed the Nil impact of pending litigations as at March 31, 2015 on its financial position in its financial statements

ii. The Company has made provision as at March 31,2015 as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts. The Company has not entered in to any Derivative Contracts during the financial year.

iii. There has been no transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended March 31, 2015.

Annexure referred to in paragraph 7 Our Report of even date to the members of Rajasthan Gases Limited on the accounts of the company for the year ended 31st March, 2015

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

1. In respect of its fixed assets:

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

(b) All fixed assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) And also in the current financial year the company has disposed of its substantial fixed asset, but as per the explanation given by the management we come to know that this will not affect the going concern of the entity.

2. In respect of its inventories: Not Applicable

3. The Company has not granted any loans, secured or unsecured, to / from companies, firms or other parties covered in the register maintained under section 189 of the Act during the year. Consequently, clauses (iii) (a) and (iii) (b) of paragraph 3 of the Order are not applicable to the Company.

4. In our opinion, and according to the information and explanations given to us, there is an internal control system commensurate with the size of the Company and nature of its business for the purchase of inventory and fixed assets and sale of goods and services. During the course of our audit we have not observed any continuing failure to correct major weaknesses in internal control system

5. The Company has not accepted any deposits from the public covered under Section 73 to 76 of the Companies Act, 2013.

6. The Company is not required to maintain cost records pursuant to the Rules made by the Central Government for maintenance of cost records under sub-section (1) of section 148 of the Act.

7. (a) According to the information and explanations given to us and based on the records of the company examined

by us, the company is regular in depositing the undisputed statutory dues, including Provident Fund, , Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and other material statutory dues, as applicable, with the appropriate authorities in India ;

(b) According to the information and explanations given to us and based on the records of the company examined by us, there are no dues of Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise Duty which have not been deposited on account of any disputes.

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

8. The accumulated losses of the Company are not more than fifty percent of its net worth at the end of financial year. The Company has not incurred cash losses during the current year and also during immediately preceding financial year.

9. According to the records of the company examined by us and as per the information and explanations given to us, the company has not availed any loans from any financial institution or banks and has not issued debentures.

10. In our opinion, and according to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from a bank or financial institution during the year.

11. In our opinion and according to the information and explanations given to us, the company has not raised any term loans during the year.

12. During the course of our examination of the books and records of the company, carried in accordance with the auditing standards generally accepted in India, we have neither come across any instance of fraud on or by the Company noticed or reported during the course of our audit nor we have been informed of any such instance by the Management.

Rakesh Jhalani

Partner

Membership No. 074142

For and Behalf of

R.K. Malpani & Associates

Place: Jaipur Chartered Accountants

Dated: 30th May, 2015. FRN. 002759C

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Mar 31, 2014

1. We have audited the accompanying financial statements of Rajasthan Gases Limited, (''the Company'') which comprise the Balance Sheet as at 31st March, 2014 and the Statement of Profit and Loss for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

3. 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.

4. 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 of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. 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.

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

Opinion

6. In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and 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, 2014;

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

(c) In the case of the Cash Flow Statements, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

7. As per the provisions of the Companies (Auditor''s Report) order, 2003 issued by the Central Government of India in terms of sub- section (4A) of section 227 of the Companies Act, 1956 we enclose in the annexure a statement on the matters specified in paragraph 4 & 5 of the said order.

8. 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 notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

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

ANNEXURE TO THE AUDITOR''S REPORT

(This is the Annexure referred to in our Report of even date)

Referred to in paragraph 3 of the Auditors Report of M/s RAJASTHAN GASES LIMITED, Jaipur, on the accounts for the year ended 31st March, 2014.

The nature of the Company''s activities during the year have been such that clauses (x) and (xiii) of paragraph 4 of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company for the year.

1. In respect of its fixed assets:

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

(b) All fixed assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) The company has not disposed off a substantial part of its fixed assets during the year and the going concern assumption of the Company is not affected.

2. In respect of its inventories:

Not Applicable

3. a. As informed to us, the Company has not granted any loan, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Consequently sub clause (b), (c) and (d) of Clause (iii) are not applicable.

b. As informed to us, the Company has not taken any loan, secured or unsecured from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion, and according to the information and explanations given to us, there is an internal control system commensurate with the size of the Company and nature of its business for the purchase of inventory and sale. During the course of our audit we have not observed any continuing failure to correct major weaknesses in internal control system.

5. a. According to the information and explanations given to us and records of the company examined by us, the particulars of contracts/ arrangements referred to in Section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section.

b. In our opinion and according to the informations and explanations given to us transactions made in pursuance of contracts and arrangements have been made at prices which are reasonable having regard to the prevailing market price at the relevant time.

6. The Company has not accepted any deposits from the public. The directives issued by the Reserve Bank of India and the provisions of sections 58A, 58AA or any other relevant provisions of the Act and the rules framed there under are not applicable to company. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal during the year.

7. In our opinion, and according to the information and explanations given to us, there is an Internal audit system commensurate with the size of the Company and nature of its business.

8. Central Government has not prescribed to maintain Cost records under clause (d) of sub-section 209 (1) of the company''s act. Therefore; the provisions of clause (viii) of paragraph 4 of the aforesaid order are not applicable to the company.

9. The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales- tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess and any other statutory dues, if any, as applicable on the company with the appropriate authorities. As on 31st March, 2014, there were no arrears of undisputed outstanding statutory dues for a period of more than six months from the date they became payable and accordingly the sub- clauses (b) of clause (ix) is not applicable to the Company.

10. According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the balance sheet date.

11. According to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

12. In relation to dealing in or trading in Shares, Securities, Debentures and other investments, proper records have been maintained of the transactions and contracts and timely entries made therein. All the shares, securities and other investments are held in the name of Company itself or lying with NSE as margin or otherwise.

13. According to the information and explanations given to us, the company has not given guarantee for loans taken by others from banks or financial institutions.

14. In our opinion, and according to the information and explanations given to us, on an overall basis, the term loans have been applied for the purpose for which they were obtained.

15. According to the information and explanations given to us, and on an overall examination of the balance sheet of the company, funds raised on short term basis have, prima facie, not been used during the year for long term investment.

16. 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.

17. According to the information and explanations given to us and the records examined by us, no debentures were issued by the Company during the year, creating a charge/security on the fixed assets of the Company.

18. The Company has not raised any money by way of public issues during the year.

19. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.

For R.K. Malpani & Associates Chartered Accountants (FRN. 002759C)

Place: Jaipur (Rakesh Jhalani) Dated: 29th May, .2014 Partner Membership No. 074142

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Mar 31, 2013

Report on the Financial Statements

1. We have audited the accompanying financial statements of Rajasthan Gases Limited, (''the Company'') which comprise the Balance Sheet as at 31st March, 2013 and the Statement of Profit and Loss for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, 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.

Auditors'' Responsibility

3. 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.

4. 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 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.

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

Opinion

6. In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by. the Act in the manner so required and 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 year ended on that date, and

Report on Other Legal and Regulatory Requirements

7. As per the provisions of the Companies (Auditor''s Report) order, 2004 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 paragraph 4 & 5 of the said order.

8. 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 211 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.

Referred to in paragraph 3 of the Auditors Report of M/s RAJASTHAN GASES LIMITED, Jaipur, on the accounts for the year ended 31st March, 2013.

The nature of the Company''s activities during the year have been such that clauses (x) and (xiii) of paragraph 4 of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company for the year.

1. In respect of its fixed assets:

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

(b) All fixed assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) The company has not disposed off a substantial part of its fixed assets during the year and the going concern assumption of the Company is not affected.

2. In respect of its inventories: Not Applicable

3. a. As informed to us, the Company has not granted any loan, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Consequently sub clause (b), (c) and (d) of Clause (iii) are not applicable.

b. As informed to us, the Company has not taken any loan, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion, and according to the information and explanations given to us, there is an internal control system commensurate with the size of the Company and nature of its business for the purchase of inventory and sale. During the course of our audit we have not observed any continuing failure to correct major weaknesses in internal control system,

5. (a) According to the information and explanations given to us and records of the company examined by us, the particulars of contracts/arrangements referred to in Section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the informations and explanations given to us transactions made in pursuance of contracts and arrangements have been made at prices which are reasonable having regard to the prevailing market price at the relevant time.

6. The Company has not accepted any deposits from the public. The directives issued by the Reserve Bank of India and the provisions of sections 58A, 58AA or any other relevant provisions of the Act and the rules framed there under are not applicable to company. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal during the year.

7. In our opinion, and according to the information and explanations given to us, there is an internal audit system commensurate with the size of the Company and nature of its business.

8. Central Government has not prescribed to maintajggCost records under clause (d) of sub-section 209 (1) of the company''s act. Therefore the (viii) of paragraph 4 of the aforesaid order

9. The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess and any other statutory dues, if any, as applicable on the company with the appropriate authorities. As on 31st March, 2013, there were no arrears of undisputed outstanding statutory dues for a period of more than six months from the date they became payable and accordingly the sub-clauses (b) of clause (ix) is not applicable to the Company.

10. According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the balance sheet date.

11. According to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

12. In relation to dealing in or trading in Shares, Securities, Debentures and other investments, proper records have been maintained of the transactions and contracts and timely entries made therein. All the shares, securities and other investments are held in the name of Company itself or lying with NSE as margin or otherwise.

13. According to the information and explanations given to us, the company has not given guarantee for loans taken by others from banks or financial institutions.

14. In our opinion, and according to the information and explanations given to us, on an overall basis, the term loans have been applied for the purpose for which they were obtained.

15. According to the information and explanations given to us, and on an overall examination of the balance sheet of the company, funds raised on short term basis have, prima facie, not been used during the year for long term investment.

16. 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.

17. According to the information and explanations given to us and .the records examined by us, no debentures were issued by the Company during the year, creating a charge/security on the fixed assets of the Company.

18. The Company has not raised any money by way of public issues during the year.

19. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.

For R.K. Malpani & Associates

Chartered Accountants

(FRN. 002759C)

Place : Jaipur (Rakesh Jhalani)

Dated: 30.05.2013 Partner

Membership No. 074142.

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Mar 31, 2012

1. We have audited the attached Balance Sheet of RAJASTHAN GASES LIMITED as at 31st March 2012 and also the Statement of Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the management Our responsibility is to express an opinion on these financial statements based on our audit.

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

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

Further 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 & Loss Account dealt with by this report are in agreement with the books of account:

(d) In our opinion, (he Balance Sheet and Statement of Profit & Loss Account dealt with by this report comply with the accounting standards referred to in Section 211 (3c) of the Companies act, 1956:

(e) On the basis of written representations received from the detectors, 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 31st March, 2012 from being appointed as a director in terms of clause (g) of sub-section (I) of Section 2/4of the Companies Act, 1956;

(f) In our Opinion and to the best of our information and according to the explanations given to us, the said account give the information required by the Companies Act, 1956, in the manner so required and give a true and fail view in conformity with accounting principals generally accepted in India:

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

(ii) In the case of the Statement of Profit & Loss Account, of the Pro fit for the period ended on that date.

(iii) In the case of Cash flow statement, of the cash flows for the year ended on that date.

Referred to in paragraph 3 of the Auditors Report of M/s RAJASTHAN GASES LIMITED, Jaipur, on the accounts for the year ended 31st March, 2012. .

The nature of the Company''s activities during the year have been such that clauses (x) and (xiii) of paragraph 4 of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company for the year.

1. In respect of its fixed assets:

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

(b) All fixed assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) The company has not disposed off a substantial part of its fixed assets during the year and the going concern assumption of the Company is not affected.

2. In respect of its inventories:

Not Applicable

3. a. As informed to us, the Company has not granted any loan, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Consequently sub clause (b), (c) and (d) of Clause (iii) are not applicable.

b. As informed to us, the Company has not taken any loan, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion, and according to the information and explanations given to us, there is an internal control system commensurate with the size of the Company and nature of its business for the purchase of inventory and sale. During the course of our audit we have not observed any continuing failure to correct major weaknesses in internal control system. .

5. (a) According to the information and explanations given to us and records of the company examined by us, the particulars of contracts/ arrangements referred to in Section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information''s and explanations given to us transactions made in pursuance of contracts and arrangements have been made at prices which are reasonable having regard to the prevailing market price at the relevant time.

6. The Company has not accepted any deposits from the public. The directives issued by the Reserve Bank of India and the provisions of sections 58A, 58AA or any other relevant provisions of the Act and the rules framed there under are not applicable to company. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal during the year.

7. In our opinion, and according to the information and explanations given to us, there is an internal audit system commensurate with the size of the Company and nature of its business.

8. Central Government has not prescribed to maintain Cost records under clause (d) of sub-section 209 (1) of the company''s act. Therefore: the provisions of clause (viii) of paragraph 4 of than foresaid order are not applicable to the company.

9. The company is regular in depositing undisputed statutory dues including Provident Fund, Invest Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax Service Tax, Custom Duty, Excise Duty, cess and any other statutory dues, if any, as applicable 01 the company with the appropriate authorities. As on 31st March, 2012, there were no arrears c undisputed outstanding statutory dues for a period of more than six months from the date the'' became payable and accordingly the sub-clauses (b) of clause (ix) is not applicable to the Company.

10. According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or ban or debenture holders as at the balance sheet date.

11. According to the information and explanations given to us, the company has not granted any loan and advances on the basis of security by way of pledge of shares, debentures and other securities.

12. In relation to dealing in or trading in Shares, Securities, Debentures and other investments, proper records have been maintained of the transactions and contracts and timely entries made therein All the shares, securities and other investments are held in the name of Company itself or lying with NSE as margin or otherwise.

13. According to the information and explanations given to us, the company has not given guarantee for loans taken by others from banks or financial institutions.

14. The Company has raised new term loans during the year. The term loans outstanding at the beginning of the year and those raised during the year have been applied for the purposes of which they were raised.

15. According to the information and explanations given to us, and on an overall examination of the balance sheet of the company, funds raised on short term basis have, prima facie, not been use< during the year for long term investment.

16. 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.

17. According to the information and explanations given to us and the records examined by us, n debentures were issued by the Company during the year, creating a charge/security on the fixe* assets of the Company.

18. The Company has not raised any money by way of public issues during the year.

19. To the best of our knowledge and belief and according to the information and explanations give to us, no fraud on or by the company was noticed or reported during the year.

For R.K. Malpani & Associates

Chartered Accountants

(FRN. 002759C)

Place : Jaipur (Rakesh Jhalani)

Dated : 01.09.2012 Partner

Membership No. 074142