Auditor Report of Yash Innoventures Ltd.

Mar 31, 2025

We have audited the accompanying Ind AS financial statements of Yash Innoventures Limited
(formerly known as Redex Protech Limited) (''the Company''), which comprise the Balance Sheet as at
March 31, 2025, the Statement of Profit and Loss, including other comprehensive income, Statement
of Changes in Equity and the Statement of Cash flows for the year then ended and notes forming part
of Ind AS 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, except
for the effects of the matters described in the ''Basis for Opinion'' section of our report, the aforesaid
Ind AS 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 accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2025 the Loss,
changes in equity and its cash flows for the year ended on that date.

Basis for Qualified Opinion

Our Audit Report on the statement for the year ended March 31, 2025, is qualified in respect of the
matter stated below:

A. During the financial year, the Company has borrowed funds amounting to ^1088.33 lacs from a non¬
corporate entity, namely a partnership firm. Subsequently, the Company repaid 408.81 lacs of the
borrowed funds, as a result, the outstanding balance at the close of the financial year stood at 679.52
lacs. This transaction in our opinion is a contravention of the provisions of Section 73 read with
Companies (Acceptance of Deposits) Rules, 2014.

B. During the course of audit, we observed that one of the directors appointed during the year as an
Additional Director (Non-Executive and Independent) but the director does not meet the criteria for
independence as defined under section 149(6) of the Act and the relevant rules issued thereunder. In
our opinion, this represents a departure from the requirements of the Act and could have implications
on governance and oversight of financial reporting.

We conducted our audit in accordance with the Standards on Auditing (SAs), as 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 Ind AS Financial Statements'' section of our report.
We are independent of the Company in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India together with the ethical requirements that are relevant to our audit
of the Ind AS financial statements under the provisions of the Companies Act, 2013 and the Rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion on the Ind AS Financial statements.

We draw attention to the following notes to the Ind AS financial Statements:

1. Note 36, which describes the Scheme of Amalgamation between Yash Innoventures Limited
and Yash Shelters Limited, approved by the Hon''ble National Company Law Tribunal by its
order dated March 25, 2025. As stated in the said note, the merger will be effective from April
15,2025, which is subsequent to the reporting date. Consequently, no adjustments have been
made in the Ind AS financial Statements for the year ended March 31, 2025, in respect of this
event.

2. Note 4, which describes the details of investment properties in accordance with Ind AS 40:

- The company has classified one office building as investment property, which is stated at
cost and depreciated on a yearly basis.

- The fair value of the investment property, which is required to be disclosed under Ind AS
40, has not been disclosed, and thus the disclosure requirements of the said standard are
not fully complied with.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in
our audit of the Ind AS financial statements of the current year. These matters were addressed in the
context of our audit of Ind AS financial statements as a whole, and in forming our opinion thereon.

Key Audit Matters	How our audit addressed the key audit matter
Advances paid for Outright purchase of Co-operative Housing Society for proposed development of commercial scheme (as described in Note 12 of Ind AS FS)
With respect to advance given for Outright purchase of Co-operative Housing Society for proposed development of commercial scheme, the net recoverable value is based on the management''s estimates and internal documentation, which include, among other things, the likelihood when the land acquisition would be completed, the expected date of plan approvals for commencement of project, estimation of sale prices and construction costs and Company''s business plans in respect of such planned developments. The Company has advanced an amount towards the Outright purchase of Co-operative Housing Society for proposed development of commercial Scheme, as disclosed in Note 12 to the Ind AS financial Statements. This matter was of significant importance to our audit due to the high degree of management judgment involved in assessing the feasibility and commercial viability of the project, the recoverability of the advance, and the potential regulatory challenges in obtaining approvals for change of land use and zoning. There is inherent	In respect of advance given for Outright purchase of Co-operative Housing Society for proposed development of commercial scheme, our audit procedures included the following: • Obtained status update from the management and verified the underlying documents for related developments; • Evaluated the management assessment w.r.t. recoverability of those advances and changes if any, in the business plans relating to such advances.

uncertainty surrounding the timing and success of the proposed conversion, and any delays or regulatory hurdles could impact the carrying value of the advance.
Related Party Transactions (as described in Note 31 of Ind AS FS)
The company has undertaken transactions with its related parties in the ordinary course of business at arm''s length. These include borrowing and lending loans from and to related parties as disclosed in Note 31 to the Ind AS financial Statements. We identified the accuracy and completeness of the related party transactions and its disclosures as set out in respective notes to the Ind AS financial Statements as a key audit matter due to the significance of transactions with related parties and regulatory compliances thereon, during the year ended 31st March, 2025.	Our procedures/testing included the following: • Obtained and read the company''s policies, processes and procedures in respect of identifying related parties, obtaining approval, recording and disclosures of related party transactions; • Read minutes of shareholders'' meetings, board meetings and minutes of meeting of those charged with governance in connection with company''s assessment of related party transactions being in the ordinary course of business at arm’s length; • Agreed the related party information disclosed in the Ind AS financial Statements with the underlying supporting documents, on sample basis.

Information Other than Ind AS Financial Statements and Auditor''s Report Thereon

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

Our opinion on the Ind AS 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 Ind AS financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with
the Ind AS 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 and Those Charged with Governance’s Responsibility for the Ind AS 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 Ind AS Financial Statements
that give a true and fair view of the financial position, financial performance, change in equity and
Cash flows of the Company in accordance with the Indian Accounting Standards (Ind AS) and
accounting principles generally accepted in India, specified under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules,2015, as amended. This responsibility also includes
maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate implementation and maintenance of
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 Ind AS financial statement that give a true and fair view and are
free from material misstatement, whether due to fraud or error.

In preparing the Ind AS 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 charged with governance are also responsible for overseeing the company''s financial reporting
process.

Auditor''s Responsibility for the Audit of Ind AS Financial Statement

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS 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 Ind AS 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 internal financial controls with reference to Ind AS Financial Statements in place
and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by 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 Ind AS 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 Ind AS financial statements,
including the disclosures, and whether the Ind AS financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.

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

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

Other Matter

The accompanying Ind AS financial statements include unaudited financial statements and other
unaudited financial information as regards Company''s share of loss in partnership of Rs. 2.01 lacs for
the year ended 31^st March 2025. These unaudited financial statements and other unaudited financial
information has been furnished to us by the management. Our opinion, in so far as it relates to
company''s share included in respect of the partnership firm, is based solely on such unaudited
financial statements and other unaudited financial information. In our opinion and according to the
information and explanations given to us by the management, these financial statements and other
financial information are not material to the company.

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 Act, we give in the
"Annexure A", a statement on the matters specified in the 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 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 except for the matters stated in
paragraph 2(h)(vi) below on reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014.

c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement and
statement of changes in equity dealt with by this Report are in agreement with the books

of account;

d) In our opinion, the aforesaid Ind AS Financial Statements comply with the Indian
Accounting Standards specified under Section 133 of the Act, read with the companies
(Indian Accounting Standards) Rules, 2015, as amended.

e) On the basis of the written representations received from the directors as on March 31,
2025 taken on record by the Board of Directors In our opinion and to the best of our
information, none of director is disqualified as on March 31, 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”. Our report expresses an unmodified opinion on the adequacy and
operating effectiveness of the Company''s internal financial controls over financial
reporting.

g) With respect to the 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, the managerial remuneration for the year ended 31 March 2025 has been
paid by the Company to its directors in accordance with the provisions of Section 197 read
with Schedule V to the Act.

h) With respect to the other matters to be included in the Auditor''s Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules, 2014, 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, other than as disclosed in the notes to the accounts, no funds have been
advanced or loaned or invested (either from borrowed funds or share premium
or any other sources or kind of funds) by the company to or in any other person(s)

or entity(ies), including foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the Intermediary
shall, whether, directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the company("Ultimate
Beneficiaries")or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries;

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

(c) Based on such audit procedures that we have considered reasonable and
appropriate in the circumstances; nothing has come to our notice that has caused
us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e),
as provided under (a) and (b) above, contain any material misstatement.

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

vi. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014
is applicable from 1st April 2023. Based on our examination which included test
checks, the Company has used accounting software for maintaining its books of
account, which have a feature of recording audit trail (edit log) facility and the
same has operated throughout the year for all relevant transactions recorded in
the respective software:

Further, for the periods where audit trail (edit log) facility was enabled and
operated throughout the year for the respective accounting software, we did not
come across any instance of the audit trail feature being tampered with.

For Shah & Shah

Chartered Accountants

(ICAI Firm''s Registration Number 131527W)

___

Per Tejas C. Shah

Partner Date:

Membership No. 135639 Place: Ahmedabad

udin: 25135639BMISVK8417

---

Mar 31, 2024

We have audited the accompanying Ind AS financial statements of Yash Innoventures
Limited(formerly known asRedex Protech 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 Statement of Cash flows for the year ended on that
date, and 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,
except for the effects of the matters described in the ''Basis for Opinion'' section of our report, the
aforesaid Ind AS 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 accounting
principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024
the Profit and total comprehensive income, 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 Ind AS Financial Statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India together with the ethical requirements that are relevant
to our audit of the Ind AS financial statements under the provisions of the Companies Act, 2013 and
the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to Note No.4 to the Ind AS financial statement of the company which describes
the details of Investment Properties as per Ind AS 40:

(a) There is one office Building which is treated as investment property and stated at cost,
depreciation is calculated on yearly basis.

(b) The fair value of investment property which is required to be disclosed as per Ind AS 40 is
not complied.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in
our audit of the Ind AS financial statements of the current period.

We have determined that there are no key audit matters to communicate in our report.

Information Other than Ind AS Financial Statements and Auditor''s Report Thereon

The Company''s Board of Directors is responsible for the other information. The other information
comprises the information included in the Management Discussion and Analysis, Board''s Report
including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance and
Shareholder''s Information, but does not include Ind AS 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 Ind AS financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated.

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

Management''s and Those Charged with Governance''s Responsibility for the Ind AS 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 Ind AS financial statements
that give a true and fair view of the financial position, financial performance including other
comprehensive income, change in equity and cash flows of the Company in accordance with the
Indian Accounting Standards (Ind AS) and accounting principles generally accepted in India, specified
under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules,2015, as
amended. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate
implementation and maintenance of 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 Ind AS financial statement
that give a true and fair view and are free from material misstatement, whether due to fraud or
error.

In preparing the Ind AS 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 also responsible for overseeing the company''s financial reporting process.

Auditor''s Responsibility for the Audit of Ind AS Financial Statement

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS 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 Ind AS 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 internal financial controls with reference to Ind AS Financial Statements in
place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by 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 Ind AS
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 Ind AS financial statements,
including the disclosures, and whether the Ind AS financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.

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

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.

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 Act, we give in the
"Annexure A", a statement on the matters specified in the 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 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 booksexcept for the matters
stated in paragraph 2(h)(vi) below on reporting under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014.

c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement and
statement of changes in equity dealt with by this Report are in agreement with the books
of account;

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

e) On the basis of the written representations received from the directors as onMarch 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;

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". Our report expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company''s internal financial controls over financial
reporting.

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

In our opinion and to the best of our information and according to the explanations given
to us, the remuneration paid by the Company to its directors during the current year is in
accordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in the Auditor''s Report in accordance
with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, 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; and

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

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

(c) Based on such audit procedures that we have considered reasonable and
appropriate in the circumstances; nothing has come to our notice that has caused
us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e),
as provided under (a) and (b) above, contain any material misstatement.

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

vi. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014
is applicable from 1^st April 2023.Based on our examination which included test
checks,except for the instances mentioned below, the Company have used
accounting software for maintaining its books of account, which have a feature of
recording audit trail (edit log) facility and the same hasoperated throughout the
year for all relevant transactions recorded in the respective software:

i. The feature of recording audit trail (edit log) facility was not enabled at the
database level to log any direct data changes for the accounting software
used for maintaining the books of account and certain non-editable fields/
tables of the accounting software used for maintaining general ledger.

Further, for the periods where audit trail (edit log) facility was enabled and
operated throughout the year for the respective accounting software, we did not
come across any instance of the audit trail feature being tampered with.

For Shah & Shah

Chartered Accountants

(ICAI Firm''s Registration Number 131527W)

SD/-

Per Tejas C. Shah

Partner Date:27^th May,2024

Membership No. 135639 Place: Ahmedabad

UDIN:24135639BJZZKY9982

---

Mar 31, 2015

We have audited the accompanying financial stare menu of Redex Protech Limited ("the company"). which comprise the lilac Sheet as at March 31,2015 the Statement of profit and Loss, the Cash Flow Statement for the year then ended and a summary of significant accounting policies and miner explanatory information.

Management's Responsibility for the Financial Statements

The company's Board the Directors is responsible for the matters stated 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 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 frauds and other irregularities; and application of appropriate accounting picnics; making judgments and estimates that are reasonable and prudent: and design, implements dun and maintenance of adequate internal financial controls, that were operating effective' for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a truth and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statement; based on our audit.

We have taken into account the provisions of die Act, the accounting and auditing standards and matter which are required to be included in die audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards an Auditing specified under Section 143(10) of the Act. Those Standards require mentis we comply twee ethical requirement 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 find the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risk 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 whether true and fail view in order to design audit procedures that are appropriate in the circumstances. An audit alias includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates mad's by the Company 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,

Opinion

In our opinion and to the beat of our information and according to the explanations given to us, the aforesaid financial statements give die 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, 2015, and its. profit and its cash flow 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 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

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

a) The have sought and obtained all the information and explanations which to the beat 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 no tar as It appears from our examination of those books.

e) The Balance sheet the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the boots of account,

d) In our opinion, the aforesaid financial statement comply with die Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Acoustic) Rules,2014.

e) On the basis of the written representations received from the directors as on March 31, 2015 taken on record the Board of Directors none of the directors is disqualified as on March 31,2015 from being appointed as a director tin terms of Section 164(2) of the Act.

f) With respect to the rusher matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditor) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us;

i. The Company has not provided adequate information regarding pending litigations accordingly, we are not in position to comment on the impact of such Irrigations and impact there on its financial position And its financial Benefits.

ii. The Company has made provision as required under the applicable law or accenting standards, for material foreseeable losses, on long-term contracts,

Annexure to the Independent Auditors, Report

The Annexure referred to in our independent Auditors Report to the members of the Company on the financial statements for the year ended 31 March 2015, we report that:

(i) In respect of Fixed Assets :

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

(b) As explained to us, all the Assets have been physically verified by the management during the year and there is a regular program of verified don. which. in our opinion, is reasonable having regard to the size of die company and die nature of its assets However we are unable to comment on whether the material discrepancies were noticed on such verification if any have been dealt wide it not.

ii) In respect of Inventories:

As the company is not carried out any major commercial activity and it is largely catered to service activities the contents of the clause ate not applicable.

(iii) In respect of the loans secured or unsecured loan granted by the company to the Companies, firms or other parties covered in the register maintained under section 189 of the Companies Act,

(a) The Company has granted loans to 6 reared parties covered in the register maintained under section 189 of the Companies Act, 2013 ("the Act").

Balance Outstanding of Related Parties.

Nature of Party Nature of As at As at Transaction March 31,2015 March 31,2014

Mr. GNANESH R, Bhagat Advance 6,96,000 8,96,000

Vash System (Prop- Ganesh R. BHAGAT) Advance 13,42,613 13,42,613

Mrs. Angana G, Bhagat Advance 1,91,34,228 1,91,34,228

Mr. Rajcndra D. Bbagst Advance 10,05,000 10,05,000

Yash Shelters Limited Advance 50,61,250 56,31,250

Champaben Bhagat Receivable 29,00.117 8,21,862 Education Trust

Yash Bhagat Advance 57,000 57.000 Institute of Fire Training

(b) The Company is not charging any interest on unsecured loans granted to companies, firms and other parties coveted in the register maintained under second 189 of the Act, In our opinion other terms and conditions of loans granted by the company secured or unsecured are prima fade prejudicial to the interest of the company.

(c) As the company has not entered into any specific agreement for repayment of the principle and interest In absence of the same neither we able to trace due date of payment hot comment of the same.

(iv) In respect of Internal Control

In our opinion and according to the information and explanation given to us, there is an adequate internal control system commensurate with the size of the Company and. the nature of its business with regard to purchase of fixed assets and sale of services. During the course of audit we have not observed any major weakness in the internal control system during the audit.

(v) In our opinion and according to the information and explanations given to us the company has not accepted any deposit from public Therefore the contents, of the said clause are not applicable to the company.

vi) The maintenance of "cost records under section I48(I) Companies Act, 2013 has not been prescribed for the company, Hence, this clause is not applicable to the endpin.

(vii) In respect of statutory dues:

a) According to the information and explanations given to us, the company is regular in depositing undisputed statue on dues with the appropriate authorities during the year, except that Company has not paid professional tax of Rs,22,696/- of previous year(s).

b) According to information and explanation given to us no undisputed amounts payable in respect of Income tax, Duty of Excise, Duty of Custom and Service Tax along WITHIN. cess on it Accordingly contents of the sub clause are not applicable.

c) As company is not required to transfer, any amount money to the Investor Education and Protection Fund the contents of the sub clause are not applicable.

{viii) The Company has accumulated book loss, however company has not incurred cash loss during the financial year and preceding previous year.

(ix) In our opinion and according to the information and explanation given to us, the company does not have outstanding loan from financial institution bank or debenture holders, so the contents of the clause are not applicable.

(x) in our opinion and according to the informal on given to us, company has not given any guarantee for loan taken by others from hanks or financial institutions, cements of the clause are not applicable.

(xi) The company did not have any term loan outstanding during the year, contents of the clause are not applicable to the company.

(xii) According to the information and explanation given to us no fraud on or by the company has been noticed or reported during the course of our audit,

Place : Ahmadabad For, Arvind A Thakkar & Co

Date : 30th May 2015 Chartered Accountants

Firm's Reg. No,100571W

Arvind Thakkar

Proprietor

Mem. No.014334

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Mar 31, 2014

Report on the Financial Statements

We have audited the accompanying financial statements of Redcx Protech I Limited, which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ( the Act ). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. I hose Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements arc 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 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 entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

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

(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, 2003 ("the Order") as amended by companies order 2004 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As require4 by section 227(3) of the Act, we report that,

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

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

bb. As Company is not having any Branch or Department, hence the report on the accounts of branch offices or department audited under section 228 by a branch auditor is not required to be called for.

c. the Balance Sheet, Statement of Profit and Loss and Cash How 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 How Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

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

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid tinder 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-

Annexure Referred to in paragraph of my report of even date on the Accounts of M/s. Redex Protech Limited for the year ended on 31st March 2014

i) In respect of its fixed assets :

a) It has been informed to us that the Company has maintained proper records showing full particulars including quantitative details and siruation of fixed assets. However, the same records have not provided for the purpose of verification.

b) As explained to us, all the Assets have been physically verified by the management during the year and there is a regular program of verification, which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. However we arc unable to comment on whether the material discrepancies were noticed on such verification, if any, have been dealt with or not

c) During the year, the company has not disposed any major part of fixed assets

2) In respect of its inventories ;

The company has nor earned out any major commercial activity and it is largely catered to service activities. Hence, this clause is not applicable.

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

a) The company has granted unsecured loans to 6 related parties (companies, firms and other parties) covered in the register maintained under section 301 of the Act having outstanding amount of Rs. as under from 6 parties.

Balance Outstanding of Related Parties :

Name of Party Nature of As ar As at Transaction March March 31,2014 31, 2013

Mr Gnancsh R. Bhagat Advance 8,96,000 8,96,000

Yash Systems (Prop. Gnancsh R Bhagat) Advance 13,42,613 13,42,613

Mrs. Angana G. Bhagat Advance 1,91,34,228 1,87,14,228

Mr. Rajendra D. Bhagat Advance 10,05,000 10,05,000

Yash Shelters Limited Advance 56,31,250 60,97,250

Yash Bhagat Institute of Fire Training Advance 57,000 57,000

b) The company is not charging any interest on unsecured loans granted to companies, firms and other parties covered in the register maintained under section 301 of the Act. In our opinion other terms and conditions of loans granted by the company secured or unsecured are prima facie prejudicial to the interest of the company.

c) The company has not entered into any specific agreement for repayment of principal and interest. In absence of the same, we arc unable to make comment on the same.

d) The company has not entered into any specific agreement for repayment of principal and interest. In absence of the same, we are unable to trace the due date of payment and we are unable to comment on the amount overdue.

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

5) In respect of the contracts or arrangements referred to in Section 301 of the Companies Act, 1956;

a) According to the information and explanations given to us, the particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section. However, the same register has not been produced before us for verification.

b) In our opinion and according to the information and explanations given to us, the company has not entered into any transaction that are required to be entered in register maintained under Section 301 aggregating Rs. 5,00,000/- or more in respect of any party.

6) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from public. Therefore, the provisions of clause (vi) of the paragraph 4 of the Order are not applicable to the company.

7) According to information and explanations given to us, the company does not have an internal audit system commensurate with its size and nature of its business.

8) The maintenance of cost records u/s 209 (1) (d) of the companies Act, 1956 has not been prescribed for the company. Hence, this clause is not applicable to the company.

9) In respect of statutory dues:

a) According to the information and explanations given to us, the company is regular in depositing undisputed statutory dues with the appropriate authorities during the year. Except that company has not paid professional tax of Rs. 22,696/-.

b) According to information and explanation given to us, no undisputed amounts payable in respect of statutory dues are outstanding for a period of more than six months from the date they became payable except that company has not paid professional tax of Rs.22,696/-

10) The Company has accumulated book loss, however company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

11) In our opinion and according to the information and explanations given to us, the company does not have outstanding loan from financial institution, bank or debenture holders.

12) During the year the company has not granted any loans and advances based on security by way of pledge of shares, debentures and other securities.

13) The company is not a chit fund or a nidhi mutual benefit fund / society. Therefore, the provisions of clause 4 (xiii) of paragraph of the Order arc not applicable to the company.

14) The company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4 (xiv) of paragraph of the Order are not applicable to the company.

15) In our opinion and according to the explanations and information given to us, the company has not given any guarantees for loans taken by others from banks or financial institutions.

16) The company has not obtained any term loan during the year under review.

17) According to information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis may have been used for long term investment. No long term funds have been used to finance short term assets.

18) According to the information and explanations given to us, the company has not made any allotment of shares to parties and companies covered in the register maintained under section 301 of the Act during the year under review.

19) According to information and explanations given to us, the company has not issued debentures during the period covered by our audit report.

20) The company has not raised money by public issues during the year under review.

21) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

Place: Ahmedabad For, ASA & Associates LLP, Date: 28th May, 2014. Chartered Accountants Rcgd. No.: 009571N

Partner Malav J. Ajmera Mem. No. 114351

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Mar 31, 2013

Report on the Financial Statements

We have audited die accompanying financial statements of Redex Protech Limited, which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Res pons ibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a taie and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves perfonning 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 control relevant to the Companys 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 management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and 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, 2013;

(b) in the case of the Statement of Profit and Loss Account, 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 Regvilatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") as amended by companies order 2004 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

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

c. the Balance Sheet, 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 Gash Flow Statement comply with the Accounting Standards referred to in subsection (3Q of section 211 of the Companies Act, 1956;

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

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

Annexure Referred to in paragraph of my report of even date on the Accounts of M/s. Redex Protech Limited for the year ended on 31st March 2013

1) In respect of its fixed assets:

a) It has been informed to us that the Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b) As explained to us, all the Assets have been physically verified by the management during the year and there is a regular program of verification, which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. However we are unable to comment on whether the material discrepancies were noticed on such verification, if any, have been dealt with or not.

c) During the year, the company has not disposed any major part of fixed assets

2) In respect of its inventories:

The company has not carried out any major commercial activity and it is largely catered to service activities. Hence, this clause is not applicable.

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

a) The company has granted / taken unsecured loans to / from 6 related parties (companies,: firms and other parties) covered in the register maintained under section 301 of the Act having outstanding amount of " as under.

Balance Outstanding of Related Parties :

Mr. Gnanesh R. Bhagat Receivable 8,96,000 8,96,000

Yash Systems (Prop. Ganesh Bhagat)

Mrs. Angaria G. Bhagat Receivable 1,87,14,228 2,23,50,228

Mr. Rajendra D. Bhagat Receivable 10,05,000 10,05,000

Yash Shelters Limited Receivable 60,97,250 73,10,250

Yash Bhagat Institute of Fire Receivable 57,000 57,000 Technology

b) The company is not charging any interest on unsecured loans granted to companies, firms and other parties covered in the register maintained under section 301 of the Act. In our opinion other terms and conditions of loans granted by the company secured or unsecured are prima facie prejudicial to the interest of the company.

c) The company has not entered into any specific agreement for repayment of principal and interest. In absence of the same, we are unable to make comment on the same.

d) The company has not entered into any specific agreement for repayment of principal and interest. In absence of the same, we are unable to trace the due date of payment and. We are unable to comment on the amount overdue.

4) In our opinion and according to the information, and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its

- « business with regard to purchase of inventory, fixed assets and with regard to the sale of goods.

And during die course of audit we have not observed any major weakness in internal controls.

5) In respect of the contracts or arrangements referred to in Section 301 of the Companies Act, 1956:

a) According to the information and explanations given to that there are no transactions that need to be entered into a register in pursuance of section 301 have taken place during the year..

b) According to the information and explanations given to us, the company has not entered into any transactions of sale of goods, made in pursuance of contracts or arrangements to be entered.in the register, to be maintained under section 301 of the Companies Act, 1956 and aggregating during the year '' 500,000/- or more in respect of each patty.

6) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from public. Therefore, the provisions of clause (vi) of the paragraph 4 of the Order are not applicable to the company.

7) According to information and explanations given to us, the company does not have an internal audit system commensurate with its size and nature of its business.

8) The maintenance of cost records u/s 209 (1) (d) of the companies Act, 1956 has not been prescribed for the company.

9) In respect of statutory dues:

a) According to the information and explanations given to us, the company is regular in depositing undisputed statutory dues with the appropriate authorities during the year. Except professional tax of " 22,456/-

b) According to information and explanation given to us, no undisputed amounts payable in respect of statutory dues are outstanding for a period of more than six months from die date they became payable except professional tax of''22,456/-.

10) The Company has accumulated book loss, however company has not incurred cash losses during die financial year covered by our audit and the immediately preceding financial year.

11) In our opinion and according to the information and explanations given to us, the company does not have outstanding loan from financial institution, bank or debenture holders.

12) The company has not granted any loans and advances based on security by way of pledge of shares, debentures and other securities.

13) The company is not a chit fund or a nidhi mutual benefit fund / society. Therefore, the provisions of clause 4 (xiii) of paragraph of the Order are not applicable to the company.

14) The company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4 (xiv) of paragraph of the Order are not applicable to the company.

15) In our opinion and according to the explanations and information given to us, the company has not given any guarantees for loans taken by others from banks or financial institutions.

16) The company has not obtained any term loan during the year under review.

17) According to information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis may have been used for long term investment. No long term funds have been used to finance short term assets.

18) According to the information and explanations given to us, the company has not made allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

19) According to information and explanations given to us, the company has not issued debentures during the period covered by our audit report.

20) The company has not raised money by public issues during the year under review.

21) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.



Place: Ahmedabad For, ASA & Associates,

Date: 29th May, 2013. Chartered Accountants

Regd. No.: 009571N



Partner

MalavJ. Ajmera

Mem. No. 114351

---

Mar 31, 2012

We have audited the attached Balance Sheet of REDEX PROTECH LIMITED as at 31st March, 2012 the profit & loss account and also the cash flow statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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 test basis, evidence supporting the amounts and disclosures in die financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the over all financial statement presentation. We believe that our audit provides a reasonable basis for our opinion

1. As required by die Companies ( Auditors' Report) Order,2003 issued by the Central Government in terms of Sec.227(4A) of the Companies Act, 1956, we give in the Annexure "A" a statement of the matters specified.in the paragraph 4 and 5 of the said order as are applicable to the company.

2. Further to our comments in the Annexure referred to in paragraph 1 above, we report that

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

(B) In our opinion, proper books of accounts as required by Law have been kept by the company so far as appears from our examination of the books of accounts of company.

(C) In our opinion subject to notes of accounts, the Balance Sheet, Profit & Loss account dealt with by this report comply with the Accounting Standards referred to in subsection (3C) of Section 211 of the Companies Act, 1956.

(D) The Balance Sheet and Profit & Loss account dealt with by this report are in agreement with the Books of Accounts.

(E) On the basis of the written representation received from the directors as on 31st March 2012 and taken on record by the Board of Directors, we report that none of the said Directors is disqualified as on 31st March, 2012 from being appointed as director in terms of Clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

(F) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereon give the information required by The Companies Act, 1956 in the manner so required and give a true and fair view, in conformity with the accounting' principles generally accepted in India;

(a) In the case of Balance Sheet, of the state of affairs of the company as at 31st March 2012;

(b) In the case of Profit & Loss account, of the Profit for the year ended on that date; and

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

ANNEXURE TO THE AUDITOR'S REPORT REFERRED TO IN PARAGRPH "1" OF OUR REPORT OF EVEN DATE

1. It is informed to us that the company has maintained proper records to show full particulars including situation of its Fixed Assets. It is informed to us that the Fixed Assets have been physically verified by the management wherever possible at the close of the year as confirmed by the management. No material discrepancies have come to notice on such physical verification. The company has not disposed of any of its assets.

2. The company has not carried out any major commercial activity and it largely catered to service activities. Hence, this is not applicable to it.

3. The company has taken and granted loans secured or unsecured from companies, firms or other parties under section 301 of The Companies Act, 1956 or from companies under the same management as defined under the section 370(1) (b) of The Companies Act, 1956,

As no stipulations have been made for the repayment of advance granted to a company or taken from other parties covered in the register maintained under section 301 of the Companies Act, 1956, we have no comments to offer on the regularity of payment of principal, as the necessary records were not available for verification.

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

5. It is informed to us that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered. However the same has not been verified at our end.

6. The company has not accepted any deposit during the year from the public within die meaning of section 58A or 58AA of the Companies Act, 1956 and rules made there under. However, as explained to us, during the year die company had raised funds on a short term basis from the share holders and the same has been repaid during the year itself.

7. The company has an internal audit system commensurate with its size and nature of its business.

8. As explained to us, Central govt, has not prescribed maintenance of any cost records under clause (d) of sub-section (1) of section 209 of the Act. Hence, not applicable.

9. According to the information and explanations given to us, the Company has been generally regular in depositing undisputed statutory dues with appropriate authorities during the year.

According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty were outstanding as at 31st march, 2012 for a period of more than six months from the date they became payable. However there are certain dues for which necessary details are not available to confirm actual status.

10. In our opinion, the accumulated losses of the company are more dian 50% of its net worth. The " company has incurred cash loss in the year under review.

11. The company has not defaulted in payment of loan and interest thereon on the dues. Company is able to settle the liability towards long outstanding loan to Chatotar Nagrik Sahkari Bank of Rs. 18,553,176/- for Rs. 12,750,500/- in one time setdement scheme.

12. The Company has not granted loans and advances on die basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, this is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

14. In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

15. In our opinion and according to die information the company has not given any guarantees for loans taken by others from banks & financial institutions.

16. The company has not obtained any term loan during the year under.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investment. No long term funds have been used to finance short term assets.

18. The company has made preferential allotment of shares to parties and companies covered under section 301 of the Act .However necessary records were not available for verification.

19. According to the information and explanations given to us, the company has not issued any debentures during the year under review. Hence, not applicable. *

20. The company has not raised money by way of a public issue during the year under review for expansion and working capital requirements.

21. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

Place : Ahmadabad FOR, ASA & Associates,

CHARTERED ACCOUNTANTS

Date : 30th May, 2012 MALAV J.AJMERA

(PARTNER)

MEM NO: 114351

FIRM REGN. No. 009571N

---

Mar 31, 2010

We have audited the attached Balance Sheet of REDEX PROTECH LIMITED as at 31st March, 2010 the profit & loss account and also the cash flow statement of the Company 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 are free of material misstatement. An audit includes examining, on 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 over all financial statement presentation. We believe that our audit provides a reasonable basis for our opinion

1. As required by the Companies ( Auditors Report} Order,2003 issued by the Central Government in terms of Sec.227(4A) of the Companies Act, 1956, we give in the Annexure "A" a statement of the matters specified in the paragraph 4 and 5 of the said order as are applicable to the company.

2. Attention is drawn to the following notes to the Schedule-15:

(a) Note no. F regarding the preparation of the accounts of the company on a "going concern" basis despite the fact that the companys net worth has been eroded.

(b) Note no. F regarding non provision of interest payable to Charotar Nagrik Interest charged to the tune of Rs.90,45,286 by Charotar Nagrik Sahakari Bank Ltd. was not charged to Profit & Loss account. Had the interest be charged there would be a loss of Rs 64,28,484 for the Current Year.

3. Further to our comments in the Annexure referred to in paragraph 1 above, we report that

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

(B) In our opinion, proper books of accounts as required by Law have been kept by the company so far as appears from our examination of the books of accounts of company.

(C) In our opinion subject to notes of accounts, the Balance Sheet, Profit & Loss account dealt with by this report comply with the Accounting-Standards referred to in subsection (3C) of Section 211 of the Companies Act, 1956.

(D) The Balance Sheet and Profit & acount dealt with by this report are in agreement with the Books of Accounts.

(E) On the basis of the written representation received from the directors as on 31st March 2010 and taken on record by the Board of Directors, we report that none of the said Directors is disqualified as on 31st March, 2009 from being appointed as director in terms of Clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

(F) In our opinion and to the best of our information and according to the explanations given subject to stated in para 2 above iaT-ara 2 above, read together with the notes thereon give the information required by The Companies Act, 1956 in the manner so required and give a true and fair view, in conformity with the accounting principles

(a) In the case of Balance Sheet, of the state of affairs of the company as at 31st March 2010;

(b) In the case of Profit & Loss account, of the Profit for the year ended on that date; and

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



ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRPH "1" OF OUR REPORT OF EVEN DATE

1. It is informed to us that the company has maintained proper records to show full particulars including situation of its Fixed Assets. It is informed to us that the Fixed Assets have been physically verified by the management wherever possible at the close of the year as confirmed by the management. No material discrepancies have come to notice on such physical verification The company has not disposed off any of its assets; however the company has entered into a Memorandum of Understanding under which the company has agreed to consider disposing of its land and building at Sanand. The going concern status of the company may be affected if the major properties as stated above are disposed. However, the company has not carried out any major activity during the year.

2. The company has not carried out any major commercial activity and it largely catered to service activities Hence, this is not applicable to it.

3. The company has taken and granted loans secured or unsecured from companies, firms or other parties listed in the register maintained under section 301 of The Companies Act, 1956 or from companies under the same management as defined under the section 370(1) (b) of The Companies Act, 1956.

As no stipulations have been made for the repayment of advance granted to a company or taken from other parties covered in the register maintained under section 301 of the Companies Act, 1956, we have no comments to offer on the regularity of payment of principal.

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

5. It is informed to us that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered. However the same has not been verified at our end.

6. The company has not accepted any deposit during the year from the public within the meaning of section 58A or 58AA of the Companies Act, 1956 and rules made there under. However as share holders and the same has been repaid during the year itself. a short term basis from the

7. The company has an internal audit system commensurate with its size and nature of its business.

8. As explained to us, Central govt. has not prescribed maintenance of any cost records under clause (d) of sub-section (1) of section 209 of the Act. Hence, not applicable.

9. According to the information and explanations given to us, the Company has been generally regular in depositing undisputed statutory dues, including Provident Fund, Investor Education and Protection Fund Income Tax, Sales Tax, Wealth Tax, Custom duty, cess and other material statutory dues with appropriate authorities during the year.

According to the information expreetions given to us, no undisputed amounts payable in respect of income tax, sales to customs duty and excise duty were outstanding as at 31st march, 2010 for a period of more than six months from the date they became payable. However there are certain dues for which necessary details are not available to confirm actual status.

10. In our opinion the accumulated me company are more than 60% of us net worm. The company has not incurred any cash loss in the year under review and the immediately preceding financial year.

11. The company has defaulted in payment of loan and interest thereon (including interest that is not provided in the books of accounts) on the dues to Charotar Nagarik Sahakari Bank (Also refer note no. G) Since December 1999. The current year position is not ascertainable as the bank statement was not available for verification. In the previous year the amount payable to Bank as per book was Rs. 1,85,52,986 and as per Bank statement was Rs. 5,44,67,809. The said bank has ceased to function as a banking company and government has appointed a liquidator in the bank. However, the company has continued to make payment towards the outstanding dues of the bank.

12.The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13.In our opinion, this is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

14.In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly the provisions of clause 4(!v) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

15. In our opinion and. according to the information the company has not given any guarantees for loans taken by others from banks & financial institutions.

16.The company has not obtained any term loan during the year under.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investment No long term funds have been used to finance short term assets.

18. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act hence, not applicable.

19.According to the information and explanations given to us, the company has not issued any debentures during the year under review. Hence, not applicable.

20.The company has not raised any money by way of a public issue during the year under review.

However company had raised money by way of a public issue long back and as for the end use of the money then so raised, we are unable to make a comment on it, since, it is not verifiable.

21. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

Place : Ahmedabad For SHRIKNAT SHAH & Co.

Chartered accountants

Date : 25th August 2010

MALAV J .AJMERA

(partner)

Mem No. : 114351

Firm Reg.No.117389W

---

Mar 31, 2009

We have audited the attached Balance Sheet of REDEX PROTECH LIMITED as at 31st March, 2009 the profit & loss account and also the cash flow statement of the Company 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 are free of material misstatement. An audit includes examining, on 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 over all financial statement presentation. We believe that our audit provides a reasonable basis for our opinion

1. As required by the Companies ( Auditors Report) Order,2003 issued by the Central Government in terms of Sec.227(4A) of the Companies Act, 1956, we give in the Annexure "A" a statement of the matters specified in the paragraph 4 and 5 of the said order as are applicable to the company.

2. Attention is drawn to the following notes to the Schedule 15 :

(a) Note no. P regarding the preparation of the accounts of the company on a "going concern" basis despite the fact that the companys net worth has been eroded.

(b) Note no. F regarding non provision of interest payable to Charotar Nagrik Sahakari Bank Ltd.

Details of interest charged by Charotar Nagrik Sahakari Bank Ltd. was not available for verification. Interest, if any, payable to the bank shall have adverse effect on the profit of the company.

3. Further to our comments in the Annexure referred to in paragraph 1 above, we report that

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

(B) In our opinion, proper books of accounts as required by Law have been kept by the company so far as appears from our examination of the books of accounts of company.

(C) In our opinion subject to notes of accounts, the Balance Sheet, Profit & Loss account dealt with by this report comply with the Accounting Standards referred to in subsection (3C) of Section 211 of the Companies Act, 1956.

(D) The Balance Sheet and Profit & Loss account dealt with by this report are in agreement with the Books of Accounts.

(E) On the basis of the written representation received from the directors as on 31st March 2009 and taken on record by the Board of Directors, we report that none of the said Directors is disqualified as on 31st March, 2009 from being appointed as director in terms of Clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

(F) In our opinion and to the best of our information and according to the explanations given to us, the said accounts subject to what is stated in Para 2 above, read together with the notes thereon give the information required by The Companies Act, 1956 in the manner so required and give a true and fair view, in conformity with the accounting principles generally accepted in India;

(a) In the case of Balance Sheet, of the state of affairs of the company as at 31st March 2009;

(b) In the case of Profit & Loss account, of the Profit for.the year ended on that date; and

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

ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRPH "1" OF OUR REPORT OF EVEN DATE

1. It is informed to us that the company has maintained proper records to show full particulars including situation of its Fixed Assets. It is informed to us that the Fixed Assets have been physically verified by the management wherever possible at the close of the year as confirmed by the management. No material discrepancies have come to notice on such physical verification. The company has not disposed off any of its assets; however the company has entered into a Memorandum of Understanding under which the company has agreed to consider disposing of its land and building at Sanand. The going concern status of the company may be affected if the major properties as stated above are disposed. However, the company has not carried out any major aetivity during the year.

2. The company has not carried out any major commercial activity and it largely catered to service activities. Hence, this is not applicable to it.

3. The company has taken and granted loans secured or unsecured from companies, firms or other parties listed in the register maintained under section 301 of The Companies Act, 1956 or from companies under the same management as defined under the section 370(1) (b) of The Companies Act, 1956.

As no stipulations have been made for the repayment of advance granted to a company or taken from other parties covered in the register maintained under section 301 of the Companies Act, 1956, we have no comments to offer on the regularity of payment of principal.

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

5. It is informed to us that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered. However the same has not been verified at our end.

6. The company has not accepted any deposit during the year from the public within the meaning of section 58A or 58AA of the Companies Act, 1956 and rules made there under. However, as explained to us, during the year the company had raised funds on a short term basis from the share holders and the same has been repaid during the year itself.

7. The company has an internal audit system commensurate with its size and nature of its business.

8. As explained to us, Central govt, has not prescribed maintenance of any cost records under clause (d) of sub-section (1) of section 209 of the Act. Hence, not applicable.

9. According to the information and explanations given to us, the Company has been generally regular in depositing undisputed statutory dues, including Provident Fund, Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Custom duty, cess and other material statutory dues with appropriate authorities during the year.

According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty were outstanding as at 31st march, 2009 for a period of more than six months from the date they became payable. However there are certain dues for which necessary details are not available to confirm actual status.

10. In our opinion, the accumulated losses of the company are more than 50% of its net worth. The company has not incurred any cash loss in the year under review and the immediately preceding financial year.

l1.The company has defaulted in payment of loan and interest thereon (including interest that is not provided in the books of accounts) on the dues to Charotar Nagarik Sahakari Bank (Also refer note no. G) Since December 1999. The current year position is not ascertainable as the bank statement was not available for verification. In the previous year the amount payable to Bank as per book was Rs. 2, 34, 41,561/- and as per Bank statement was Rs. 4, 94, 86,640/- . The said bank has ceased to function as a banking company and government has appointed a liquidator in the bank. However, the company has continued to make payment towards the outstanding dues of the bank.

12. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, this is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

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

15. In our opinion and according to the information the company has not given any guarantees for loans taken by others from banks & financial institutions.

16. Taken The company has not obtained any term loan during the year under review except Loan from Anchor Leasing Pvt. Ltd. of Rs. 50,000,000/- against the mortgage of part Land of Company.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investment. No long term funds have been used to finance short term assets.

18. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act hence, not applicable.

19. According to the information and explanations given to us, the company has not issued any debentures during the year under review. Hence, not applicable.

20. The company has not raised any money by way of a public issue during the year under review. However, company had raised money by way of a public issue long back and as for the end use of the money then so raised , we are unable to make a comment on it, since, it is not verifiable.

21. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.



Place : Ahmedabad

Date : 23rd August, 2009

MALAV J. AJMERA (PARTNER) MEMBERSHIP NO. 114351