Auditor Report of Triliance Polymers Ltd.

Mar 31, 2025

We have audited the financial statements of TRILIANCE POLYMERS LIMITED ("the
Company"), which comprise the Balance Sheet as at March 31, 2025, the Statement of
Profit and Loss, Statement of Changes in Equity, 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 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, of the state of affairs of the Company as at March
31, 2025, and statement of profit and loss, 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 Chartered Accountants of India together with
the ethical requirements that are relevant to our audit of the financial statements under
the provisions of the Companies Act, 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.

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

We have determined that there are no Key audit matters to communicate in this report

Other Information

The Company''s Board of Directors is responsible for the other information. The other
information comprises the Director''s Report, Management Discussion and Analysis and
Business Responsibility Report but does not include the financial statements and our
auditor''s report thereon. The other information is expected to be made available to us
after the date of this auditor''s report. Our opinion on the financial statements does not
cover the other information and we do not express any form of assurance conclusion
thereon. In connection with our audit of the financial statements, our responsibility is to
read the other information identified above when it becomes available and, in doing so,
consider whether such other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.

Responsibilities of Management and Those Charged with Governance for the
Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5)
of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial
statements that give a true and fair view of the financial position, financial performance,
changes in equity and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Accounting Standards specified
under section 133 of the Act. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the
assets of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and

presentation of the financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

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 SAs will
always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.

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

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

• Obtain an understanding of internal 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.

1. The financial statements of the Company for the year ended 31^st March, 2024
were audited by Nayan Parikh & Co. who expressed an unmodified opinion on
those statements. We have relied upon Audit Reports of the preceding Auditor
for all such previous periods.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued

by the Central Government of India in terms of sub-section (11) of section 143 of the

Companies Act, 2013, we give in the "Annexure A" a statement on the matters

specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

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

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

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

(d) In our opinion, the aforesaid financial statements comply with the Indian
Accounting Standards (Ind AS) specified under Section 133 of the Act, read with
Companies (Indian Accounting Standard) Rules, 2015.

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

(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 Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in

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

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

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

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

iv. a) The management has represented that, to the best of its knowledge and
belief, 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) The management has represented that, to the best of its knowledge and
belief, no funds have been received by the company from any persons or
entities, including foreign entities ("Funding Parties"), with the
understanding, whether recorded in writing or otherwise, that the company
shall, whether, directly or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries; and

c) Based on such audit procedures that were considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has
caused us to believe that the representations under sub clause (a) and (b)
contain any material misstatement.

v. During the year, the Company has not declared any dividend.

(h) Based on our examination in accordance with the Implementation Guidance on
Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors)
Rules,2014 issued by the Institute of Chartered Accountants of India, which
included test checks, the Company has not used accounting software''s for
maintaining its books of account for the financial year ended March 31, 2025 which
has a feature of recording audit trail (edit log) facility and the same has not been
operated throughout the year for all relevant transactions recorded in the
software''s.

Further, during the course of our audit we were unable to check any instance of
the audit trail feature being tampered with. Our examination of the audit trail was
in the context of an audit of financial statements carried out in accordance with the
Standard of Auditing and only to the extent required by Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014.

We have not carried out any audit or examination of the audit trail beyond the
matters required by the aforesaid Rule 11(g) nor have we carried out any
standalone audit or examination of the audit trail.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from
April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014 on preservation of audit trail as per the statutory requirements for
record retention is not applicable for the financial year ended March 31, 2025.

for Motilal Associates & LLP

(a member firm of M A R C K S Network)

Chartered Accountants
ICAI FRN: 106584W/W100751

Rishabh Jain

Partner

Membership No. 179547
Place: Mumbai
Date : 30^th May, 2025
UDIN : 25179547BMMBGP7816

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Mar 31, 2024

To the Members of Triliance Polymers Limited Report on Audit of the Financial Statements Opinion

We have audited the accompanying financial statements of Triliance Polymers Limited formerly known as Leena Consultancy Limited (“the Company”), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss (including Other Comprehensive Income), Statement of Changes in Equity and the Cash Flow Statement 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 “the 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, 2024, its loss, total comprehensive loss, its changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the 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 made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics issued by ICAI. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined that there are no key audit matters to communicate in our 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 Annual report but does not include the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is 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 Responsibilities for the Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance (including other comprehensive income), changes in equity and cash flows of the Company in accordance with the 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 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 the 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 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 SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

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

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Central Government of India in terms of Section 143 (11) of the Act, we give in the

“Annexure A”, a statement on the matters specified in the paragraphs 3 and 4 of the

Order.

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

i) 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;

ii) In our opinion, proper books of account as required by law maintained by the Company, including relevant records relating to preparation of the aforesaid financial statements have been kept so far as it appears from our examination of those books, except in relation to compliance with the requirement of audit trail, refer paragraph ix(f) below;

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

iv) In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act, read with relevant rules issued thereunder and relevant provisions of the Act;

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

vi) The modification relation to the maintainence of accounts and other matter connected therewith, are as stated in paragraph (ii) above;

vii) 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”; Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls with reference to financial statements.

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

has not paid or provided any managerial remuneration and hence reporting requirements under section 197 of the Act is not applicable.

ix) 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:

a) The Company has no pending litigations.

b) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; and

c) There were no amounts which were required to be transferred to the Investor and Protection Fund by the Company;

d) (i) The Management has represented that, to the best of its knowledge and

belief, as stated in the Note no.21 (iv) to the accounts no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(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

(ii) The Management has represented, that, to the best of its knowledge and belief, as stated in the Note no.21 (v) to the accounts no funds (which are material either individually or in the aggregate) have been received by the Company from any person(s) or entity(ies), including foreign entity (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(iii) Based on the audit procedures performed by us that has been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (i) and (ii) above, contain any material mis-statement;

e) The Company has neither declared nor paid any dividend during the year; and

f) As per the Ministry of Corporate Affairs (MCA) notification, proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014, for the financial year commencing April 1, 2023, every company which uses accounting software for maintaining its books of account shall use only such accounting software which has a feature of recording an audit trail of each and every transaction, creating an edit log of each change made in the books of account along with the date when such changes were made, and ensuring that the audit trail cannot be disabled. The interpretation and guidance on what level of edit log and audit trail needs to be maintained evolved during the year and continues to evolve.

The accounting software used by the Company does not have the feature to maintain an audit trail (edit log).

For Nayan Parikh & Co.

Chartered Accountants Firm Registration No. 107023W

Deepali Shrigadi

Partner

Place: Mumbai Membership No. 133304

Date: May 30, 2024 UDIN: 24133304BKAUMO4846

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Mar 31, 2010

We have audited the attached Balance Sheet of LEENA CONSULTANCY LIMITED as at 31st March, 2010 and also the Profit & Loss Account for the year ended on that data and the Cash -low 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.

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 arc free of material misstatement. An audit includes examining, on a lest 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 out audit provides a reasonable basis of our opinion,

As required by the Companies (Auditors Report) Order, 2003. issued by the Central Government at India in terms of sub-section (4A) of section 727 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 to our comments in the Annexure referred to above, we report that:

1) 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;

2} 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 ;

3) The Balance Sheet and Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

A) In our opinion, the Balance Sheet and Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to In sub-section (3C) of section 211 of the Companies Act, 1956.

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

6) in our opinion and to the best of our information and according to the explanations given to lis, the said accounts give the information required by Companies Act, 1956, in the manner so required and give a true and fair view in con for mity with 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, 2010 and

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

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

ANNEXURE TO THE AUDITORS REPORT

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

(i) As explained to us, the Company did not have any fixed assets, hence the question of reporting under sub-clause (a) regarding maintaining proper records of fixed assets, sub-clause (b) regarding physical verfication of fixed assess and sub-clause (c) regarding disponing of substantial part of fixed assets of clause 4(i) of the Order does not arise.

(ii) As explained to us, the Company did not have any inventory, hence the question of reporting under sub-clause (a) regarding physical verification of inventory, sub- clause (b) regarding procedure of physical verification of inventory and sub-clause (c) regarding materia! discrepancies on physical verification of inventory of clause 4(ii) of the Order dees not arise.

(iii) As explained to us, the Company has neither granted nor taken any loans, secured or unsecured from companies, firms or other parties covered in the reglstei maintained under section 301 of the Companies Act. 1956, hence the question of reporting under sub-clause (a) regarding the number of parties and amount involved Of loans granted, sub-clause (b) regarding rate of interest and other terms and conditions of loans givan being prima facie prejudicial to the interest of the Company, sub-clause (c) regarding regularity in receipt of the principal amount and interest, sub-clause (d) regarding reasonable steps taken by the company for recovery of the principal and interest if overdue amount is more than rupees one lacs, sub clause (e) regarding the number of parties and amount involved of loans taken, sub-Jo use in regarding rate of interest and other terms and conditions of leans taken being prima facie prejudicial to the interest of the Company and sub- clause (g) regarding regularity of payment of principal and interest of clause 4(iii} of the Order does not arise,

(iv) As explained to us the Company did not purchase any fixed assets and inventory and has not sold any goods, hence the question of reporting under clause (iv) of the Order on internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and with regard to sale of goods and services does not a rise.

(v) As axplained to us, the Company has not entered into any contracts or arrangements that need to be entered into a register maintained under section 301 of the Companies Act. 1956, hence the question of reporting under sub-clause (a) regarding particulars of contracts or arrangements to be entered into a register in pursuance of section 301 of the Act and sub-clause (b) regarding transactions made in pursuance of such contracts or arrangements at prevailing market price of clause 4 (v) Of the Order does not arise.

(vi) In our opinion and according to the Information and explanation given to us, the Company has not accepted deposits from the public and therefore, the provisions contained in sections 58A and 58AA or any relevant provisions of the Companies Act. 1956 and Rules there under are not applicable to the Company.

(vii) The Company has no formal internal audit system.

(will) We are informed that the Central Government has not prescribed the maintenance of cost records under section 209(1 )(d) of the Companies Act. 1956.

(in) (a) Based on the records produced before us. the Company is generally regular in depositing with appropriate authorities undisputed statu Lory dues such as President Fund, invstor Education and Protection Fund, Employees State Insurance, Income Tax. Sales Tax. Wealth Tax. Service Tax, Custom Duty, Excise Duty, cess and any other material statutory dues wherever applicable and there are no amounts in arrears as at March 31, 2010 for a period of more than six months from the date they became payable.

(b) According to the Information and explanations given to us. there are no dues of income tax, sales tax. wealth lax, secvice fax, custom duty, excise duty and cess which have not been deposited on account of any dispute.

(k) The Company did not have the accumulated losses at the end of the financial year and the Company has not incurred any cash loss in such financial year and in the financial year immediately preceding such financial year.

(xi) As explained to us, the Company has not taken any loans from financial institution of bank or from debenture holders, hence the question of reporting under clause 4(xi) of the Order regarding defait in repayment of dues does not arise.

(xii) As explained to us, the Company has not granted any loans and advances on the basis of security by way of pieces of shares, debentures and other securities, hence the question of reporting under clause 4(xii) of line Order regarding maintenance of adequate documents and records and the deficiencies therein does not arise.

(xiii) The Company is not a nidhi / mutual fund / society. Therefore the provisions of clause 4(xiii) of the Order are not applicable to the Company.

(xiv) The Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly the question of reporting under clause 4(xiv) of the Order regarding maintenance of proper retards in respect thereof does notarise.

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

(xvi) As explained to us the Company has not taken any term loans and hence the question of reporting under clause 4(xvi) regarding applying term loans for the purpose for Which the loans were obtained does not arise.

(xvii) According to the information end explanations given to us and overall examination of the Cash Flow Statement and Balance Sheet of the Company, we report that the Company has not Tatsed any funds on short-term basis. All the assets have been funded by shareholders funds.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Seclion 301 of the Companies Act, 1956. during the period, hence the question of reporting under clause 4(xviiy of the Order regarding whether price at which shares have been issued is prejudicial to the interest of the Company does not arise. arise.

(xx) The Company has not raised any money by public issues during the period covered by our report.

(xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reporied during the period.

For K. L TH ACKER & ASSOCIATES

Charted Accountants

(FirmRean. No 110859W)

(KIRIT L. THACKERI)

Proprietor

Mem. No. 35086

PLACE : MUMBAI

DATED: , 01 SEP 2010