Auditor Report of Yogi Ltd.

Mar 31, 2025

We have audited the accompanying Standalone financial statements of Yogi Limited (“The Company”),
which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss (Including Other
Comprehensive Income), the Cash Flow Statement, the Statement of Changes in Equity and Notes to the
Standalone Financial Statement for the year then ended including a summary of significant accounting policies
and other explanatory information (Hereinafter referred to as the “Standalone Financial Statement”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
Standalone financial statements give the information required by the Companies Act, 2013 (the “Act”) in the
manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed
under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended,
(“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company
as at March 31, 2025, its profit and total comprehensive income (including other comprehensive income), the
changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing
(SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards
are further described in the Auditor’s Responsibilities for the Audit of the Standalone 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
Standalone financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder,
and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of
Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.

Key Audit Matters

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

We have determined the matter described below to be the key audit matters to be communicated in our audit
report.

Key Audit Matters	How our audit addressed the key audit matters
The Company applies Ind AS 115 for recognition of revenue from real estate projects. The revenue from real estate projects is recognized at a point in time upon the Company satisfying its performance obligation and the customer obtaining control of the underlying asset, which involves significant estimates and judgement	Our audit procedures included, among others, the following: We have read the accounting policy for revenue recognition and assessed compliance of the policy in terms of principles enunciated under Ind AS 115. We assessed management’s evaluation of determining revenue recognition from sale of real estate property at a point in time in accordance with the requirements under Ind AS 115.

For contracts involving sale of real estate inventory property, the Company receives the consideration in accordance with the terms of the contract based on progress made for completion of such real estate projects. Application of Ind AS 115 involves significant judgment in determining when ‘control’ of the real estate property is transferred to the customer As the revenue recognition involves significant estimates and judgement, we regard this as a key audit matter.	We obtained and understood the revenue recognition process and performed test of controls over revenue recognition including determination of point of transfer of control, completion of performance obligations We tested the computation for recognition of revenue and management’s assessment of stage of completion of projects and project cost estimates on test check basis. We assessed the disclosures made by management in compliance with the requirements of Ind AS 115
Assessing the carrying value of Inventory and advances paid towards land procurement
As at March 31, 2025, the carrying value of real estate Work-in-Progress is Rs. 6582.40 lakhs which included land cost of Rs. 3746.44 lakhs and Inventory of Traded Goods is 21629.73. The inventories are carried at lower of cost and net realizable value (‘NRV’). The determination of the NRV involves estimates based on prevailing market conditions and taking into account the estimated future selling price, cost to complete projects and selling costs. Advance paid during the course of transferring legal title of the land to the seller /intermediary towards out right purchases of land is recognized as land advance under other advances which is transferred to land cost under inventories upon transfer of title. The aforesaid deposits and advances are carried at the lower of the amount paid/payable and net recoverable value, which is based on the management’s assessment including the expected date of commencement and completion of the project and the estimate of sale prices and construction costs of the project. We identified the assessment of the carrying value of inventory and land advances/deposits as a key audit matter due to the significance of the balance that involves estimates and judgement.	Our procedures in assessing the carrying value of the inventories and land advances/deposits included, among others, the following: We read and evaluated the accounting policies with respect to inventories and land advances/deposits We assessed the Company’s methodology applied in assessing the carrying value under the relevant accounting standards including current market conditions in assessing the net realizable value having regard to project development plan and expected future sales. We made inquiries with management with respect to inventory of properties on test check basis to understand key assumptions used in determination of the net realizable value/ net recoverable value. We enquired from the management regarding the project status and verified the underlying documents for related developments in respect of the land acquisition, project progress and expected recoverability of advances paid towards land procurement on test check basis. We obtained and tested the computation involved in assessment of carrying value and the net realizable value/ net recoverable value on test check basis.

Information other than the Financial Statements and Auditor’s Report thereon

The Company’s Board of Directors is responsible for the preparation of 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, Corporate Governance Report Business Responsibility and Sustainability
Report and Shareholder’s Information but does not include the Standalone financial statements and our auditor’s
report thereon.

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

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

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

Responsibilities of management and Those Charged with Governance for the Standalone Financial
Statements.

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

In preparing the Standalone financial statements the Board of Directors is responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.

The Board of Directors of the Company are also responsible for overseeing the financial reporting process of
the Company.

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

Our objectives are to obtain reasonable assurance about whether the Standalone 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 Standalone financial statements.

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

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

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

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

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

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

From the matters communicated with those charged with governance, we identify matter that were of such
significance in the audit of the Standalone financial statements for the financial year ended March 31, 2025, that
they would be considered key audit matters. Accordingly, such matters have been described in our auditor’s report.
Furthermore, there were no circumstances where disclosure was precluded by law or regulation, or where adverse
consequences were expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Central Government
of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the ‘Annexure A’,
a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

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

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

c. The Company does not have any branches therefore the reporting under this clause is not applicable.

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

e. In our opinion, the aforesaid Standalone financial statements comply with the Ind AS specified under
Section 133 of the Act.

f. There are no observations or comments on financial transactions or matters which have any adverse
effect on the functioning of the company.

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

h. There is no qualification, reservation or adverse remark relating to maintenance of accounts and other
matters connected therewith no need to include this.

i. 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.

j. With respect to the matter to be included in the Auditor’s Report under Section 197(16) of the Act:

In our opinion and to the best of our information and according to the explanations given to us, the
provisions of section 197 read with schedule V to the companies Act, 2013 in respect of the remuneration
paid by the Company to its directors during the year. The remuneration paid is in accordance with the
provisions of Section 197 read with Schedule V to the Companies Act, 2013.

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

i. The Company does not has any pending litigations which would impact its financial statements.

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

iii. There has been no amount which is to be transferred to the Investor Education and Protection Fund
during the financial year.

iv. (a) The management has represented that, to the best of its knowledge and belief, no funds have

been advanced or loaned or invested (either from borrowed funds or share premium or any
other sources or kind of funds) by the company to or in any other persons or entities, including
foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the Company
(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf ofthe Ultimate
Beneficiaries.

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

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

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

vi. Based on our examination of the books of account and other relevant records of the Company, and
according to the information and explanations given to us, we report that the Company has used
accounting software for maintaining its books of account which has a feature of recording audit trail
(edit log) facility.

Further, in accordance with the requirements of the proviso to Rule 3(1) of the Companies (Accounts) Rules,
2014, applicable with effect from April 1, 2023, the audit trail feature has been operated throughout the financial
year ended March 31, 2025, for all transactions recorded in the software, and the audit trail has not been tampered
with and the audit trail has been preserved by the Company as per the statutory requirements for record retention.

For BKG & Associates

Chartered Accountants
Firm Reg. No.: 114852W

CA. Akshit Jain
M. No.: 170822

UDIN: 25170822BMJAYA5178
Place: Mumbai
Date: 8^th May, 2025

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Mar 31, 2024

We have audited the accompanying Ind AS financial statements of Yogi Limited (The Company), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss (Including Other Comprehensive Income), the Cash Flow Statement, the Statement of Changes in Equity and Notes to the Ind AS Financial Statement for the year then ended including a summary of significant accounting policies and other explanatory information (Hereinafter referred to as the “Ind AS Financial Statement”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone 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 including Indian Accounting Standards(‘Ind AS’) specified under Section 133 of the Act, of the state of affairs (financial position) of the Company as at March 3l, 2024, its financial performance, Loss (including other Comprehensives income) , Cash Flows and changes in equity 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 Act. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements Section of our report. We are Independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (‘ICAI’) together with the ethical requirements that are relevant to our audit of the Ind As Financial Statements under the provisions of the Act and the Rules there-under, and we have fulfilled our ethical responsibilities in accordance with these requirements and the Code of the Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the financial statements.

Key Audit Matters

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

We have determined the matter described below to be the key audit matters to be communicated in our audit report.

Key Audit Matters	How our audit addressed the key audit matters
The Company applies Ind AS 115 for recognition of revenue from real estate projects. The revenue from real estate projects is recognized at a point in time upon the Company satisfying its performance obligation and the customer obtaining control of the underlying asset, which involves significant estimates and judgement	Our audit procedures included, among others, the following: We have read the accounting policy for revenue recognition and assessed compliance of the policy in terms of principles enunciated under Ind AS 115. We assessed management’s evaluation of determining revenue recognition from sale of real estate property at a point in time in accordance with the requirements under Ind AS 115.

Key Audit Matters

How our audit addressed the key audit matters

For contracts involving sale of real estate inventory property, the Company receives the consideration in accordance with the terms of the contract based on progress made for completion of such real estate projects. Application of Ind AS 115 involves significant judgment in determining when ‘control’ of the real estate of property is transferred to the customer As the revenue recognition involves significant estimates and judgement, we regard this as a key audit matter.

We obtained and understood the revenue recognition process and performed test of controls over revenue recognition including determination of point of transfer of control, completion of performance obligations We performed test of details, on a sample basis, and tested the underlying customer contracts and sale deed/ handover documents, evidencing the transfer of control of the asset to the customer based on which the revenue is recognized at a point of time. We tested the computation for recognition of revenue and management’s assessment of stage of completion of projects and project cost estimates on test check basis. We assessed the disclosures made by management in compliance with the requirements of Ind AS 115

Assessing the carrying value of Inventory and advances paid towards land procurement

As at March 31, 2024, the carrying value of inventory	Our procedures in assessing the carrying value of
is Rs. 5260.0 lakhs which included land cost of Rs .	the inventories and land advances/deposits included,
3746.44 lakhs .	among others, the following:
The inventories are carried at lower of cost and net	We read and evaluated the accounting policies with
realizable value (‘NRV’). The determination of the NRV involves estimates based on prevailing market	respect to inventories and land advances/deposits
conditions and taking into account the estimated	We assessed the Company’s methodology applied
future selling price, cost to complete projects and	in assessing the carrying value under the relevant
selling costs.	accounting standards including current market conditions in assessing the net realizable value having
Advance paid during the course of transferring legal	regard to project development plan and expected
title of the land to the seller /intermediary towards out	future sales.
right purchases of land is recognized as land advance	We made inquiries with management with respect
under other advances which is transferred to land cost
under inventories upon transfer of title.	to inventory of properties on test check basis to understand key assumptions used in determination of
The aforesaid deposits and advances are carried at the lower of the amount paid/payable and net recoverable	the net realizable value/ net recoverable value.
value, which is based on the management’s assessment	We enquired from the management regarding the
including the expected date of commencement and	project status and verified the underlying documents for
completion of the project and the estimate of sale	related developments in respect of the land acquisition,
prices and construction costs of the project.	project progress and expected recoverability of advances paid towards land procurement on test check
We identified the assessment of the carrying value of inventory and land advances/deposits as a key audit	basis.
matter due to the significance of the balance that	We obtained and tested the computation involved in
involves estimates and judgement.	assessment of carrying value and the net realizable value/ net recoverable value on test check basis.

Information other than the Financial Statements and Auditor’s Report thereon

The Company’s Board of Directors is responsible for the other information. The Other information comprises the information included in Management Discussion and Analysis, Board’s Report including Annexures in the

Board Report and Shareholder information, but does not include the 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 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 concluded that there is a material misstatement of this other information we are required to report that fact. We have nothing to report in this regard.

Responsibilities of management and Those Charged with Governance for the Standalone Financial Statements.

The Company’s Board of Director is responsible for the matters stated in Section 134(5) of The Companies Act, 2013 (“The Act”),with respect to the preparation and presentation of these Ind AS financial statements that give a true and fair view of the state of affairs (financial position), Profit/Loss (financial performance) (Including Other Comprehensive Income) and changes in the Equity and cash flows of the Company in accordance with the Accounting principles generally accepted in India, including the Ind AS specified under section 133 of the Act read with the Companies (Indian Accounting Standard) Rules 2015, as amended.

This responsibility also includes the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgment 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 statements 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 operation, or has no realistic alternative but to do so.

The Board of Directors of the Company are also responsible for overseeing the financial reporting process of the Company.

Auditor’s Responsibilities for the Audit of the Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS Financial statements as whole are free from material misstatement, whether due to fraud or errors and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or errors 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 Standards on Auditing, 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 errors, 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 the internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for

expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

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

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

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the 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 deficiency 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 safeguard.

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order,2020 (The ‘Order’) issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. Further to our comment in Annexure ‘A’ As required by section 143 (3) of the Act, we report that:

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

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

c. The Ind AS financial statements dealt with by this Report are in agreement with the books of account.

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

e. On the basis of written representation received from the directors, and 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 with refence to the Ind AS Financial Statements of the Company as on 31st March 2024 and operating effectiveness of such controls refer to our our report separate report in “Annexure B” wherein we have expressed an unmodified opinion;

g. The reporting under Rule 11(g) of (Audit and Auditors) Rules, 2014 is applicable from 1 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 software.

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

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 explanation given to us:

1) The Company does not have any pending litigation as at 31st March,2024 which would impact its financial position.

2) The Company did not have any long term contracts including derivative contracts as at 31st March 2024 for which there were any material foreseeable losses.

3) There has been no delay in transferring amounts to the Investor Education and Protection Fund by the Company during the year ended on 31st March 2024.

4) i) The management has represented that, to the best of it’s 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 s h a l l , whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

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

iii) Based on audit procedures which we considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under subclause (i) and (ii) contain any material misstatement.

5) The company has not declared or paid any dividend during the year in contravention of the provisions of section 123 of the Companies Act, 2013

i. With respect to the matter to be included in the Auditors’ Report under Section 197(16) of the Act: In our opinion and according to the information and explanations given to us, the remuneration paid by the company to its director during the current year is in accordance with the provisions of section 197of the

Act. The remuneration paid to any director is not in excess of the limit laid down under section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act which are required to be commented upon by us

FOR BKG & ASSOCIATES

Chartered Accountants Firm Reg. No.: 114852W

CA. Akshit Jain

(Partner)

M. No.: 170822

UDIN: 24170822BKFUDM4353

Place: Mumbai Date: May 22, 2024

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Mar 31, 2015

We have audited the accompanying financial statements of PARSHARTI INVESTMENT LIMITED ("the Company") which comprise the Balance Sheet as at March 31, 2015, 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

The Company's Board of Directors is responsible for 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 account- ing principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Companies Act, 2013 (Act) read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and de- sign, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the ac- counting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

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, 2015;

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("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 statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by section 143(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 aforesaid financial statements comply with the Accounting Standards under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

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

f. with respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and accord- ing 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.

ANNEXURE REFERRED TO IN PARAGRAPH "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT TO THE MEMBERS OF PARSHARTI INVESTMENT LIMITED ('THE COMPANY') FOR THE YEAR ENDED 31ST MARCH, 2015.

On the basis of such checks as we considered appropriate and in terms of the information and explanations given to us, we state that:

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

(b) The assets have been physically verified by the management during the current year. The frequency of verification is considered reasonable, having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

ii. The Company is an investment company and does not have any inventory. Thus, paragraph 3(ii) of the Order is not applicable.

iii. The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 189 of the Act.

iv. In our opinion and according to the information and explanations given to us, there are adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of fixed assets/power and sale of goods & services. Further, on the basis of our examination of the books of accounts and according to the information and explanations given to us, we have not come across nor have we been informed of any instance of major weaknesses in the aforesaid internal control system.

v. No deposits within the meaning of Sections 73 to 76 of the Act and rules framed there under have been accepted by the Company.

vi. We have been informed that the Central Government has not prescribed the maintenance of cost records under section 148 (1) of the Act in respect of activities undertaken by the Company during the year.

vii. (a) According to the books of account and records as produced and examined by us in accordance with the generally accepted auditing practices in India, in our opinion, the Company is regular in depositing undisputed statutory dues in respect of provident fund, employees state insurance, income tax, wealth tax, service tax, sales tax, customs duty, excise duty, value added tax, cess and other statutory dues applicable to the Company with appropriate authorities. According to the information and explanation given to us, no undisputed amounts payable in respect of the aforesaid statutory dues were outstanding as at the last day of the financial year for a period of more than six months from the date they became payable.

(b) On the basis of our examination of the documents and records, the company does not have any disputed Statutory Liabilities.

(c) In our opinion and according to the information and explanations given to us, there are no amounts which are required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956.

viii. The Company has accumulated losses more than 50% of its net worth, and also has incurred cash loss during the financial year covered by audit and has incurred cash loss immediately preceding financial year.

ix. According to the information and explanations given to us, the Company has not defaulted in repayment of dues to the financial institution or bank or debenture holders.

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

xi. According to the information and explanations given to us, the Company did not obtain any term loans out- standing during the year.

xii. During the course of our examination of the books of account and records of the company carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

For N.B. THAKORE & CO.

Chartered Accountants

Firm Reg. No: 110929 (W)



Nimish B. Thakore

Place: Mumbai (Proprietor)

Date: 29th May, 2015 Membership No. 034767

---

Mar 31, 2014

We have audited the accompanying financial statements of PARSHARTI INVESTMENT LIMITED (the Company) 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 as on date, 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 mantenance of internal control relevant to (he preparation and presentation of the financial statements that give a hue 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 aucfit involves performing procedures to obtain audit evidence about the amounts and disdosures 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 state- ments in order to design audit procedures that are appropriate in the circumstances. An audit also indudes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management as wel as evaluating the overall presentation of the finandal statements.

We befieve 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 Profit and Loss Account, of the loss 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 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, to the extent they are applicable to the company.

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 befief 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 for 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. inouropinion, the Balance Sheet Statement of Profit and Loss, and Cash Flow 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 31,2013, 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 1 OF REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS OF OUR AUDITOR''S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 31ST MARCH, 2014 OF PARSHARTI INVESTMENT LIMITED

On the basis of such checks as we considered appropriate and in terms of the information and explanations given to us, we state that:

i. (a) The Company has generally maintained proper records showing particulars, including quantitative details and

situation of fixed assets;

(b) As explained to us, fixed assets, according to the practice of the Company, are physically verified by the management at reasonable intervals, in a phased verification-program, which, in our opinion, is reasonable, looking to the size of the Company and the nature of its business. According to the information and explanations given to us no discrepancies noticed on physical verification.

(c) The company has not disposed off any substantial part of its fixed assets so as to affect its going concern;

ii. The Company is an investment company and does not have any inventory. Therefore the provisions of clause 4(ii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

iii. (a) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in

the register maintained under Section 301 of the companies Act 1956. Accordingly, clauses (iii) b, c and d are not applicable.

(b) The company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under Section 301 of the companies Act 1956. Accordingly, clauses (iii) f and g are not applicable.

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

v. According tothe information and explanation given tous.thereisrioContractorArrangementreferredto in section 301 of the act that need to be entered into the register maintained under that section. Hence clause (v) b of the Order is not applicable

vi. In our opinion and according to the information and explanations given to us the Company has not accepted any deposits within the meaning of Section 58A, 58AAor any other relevant provisions of the Companies Act 1956 and the rules flamed there under.

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

viii. We are informed that the Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 in respect of the Company''s activities.

ix. (a) Accordingly to the records of the Company, it has.been regular with little delay in depositing undisputed statutory

dues including Income Tax, Service Tax, Sales Tax, Professional Tax and other Statutory Dues with the appropriate authorities;

(b) On the basis of our examination of the documents and records, the company does not have any disputed Statutory Liabilities.

x. The Company has accumulated losses more than 50% of its net worth, and also has incurred cash loss during the financial year covered by audit and has incurred cash loss immediately preceding financial year.

xi. In our opinion and according to the information and explanations given to us, the Company has not dues payable to banks, financial institutions or debenture holders. Accordingly, provisions of clause 4 (xi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

xii. As explained to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities;

xiii. In our opinion, the Company is not a chit fund or a nidhi mutual benefit fund / society. Therefore the provisions of paragraph 4 (xiii) of the Companies (Auditor''s Report) Order2003 are not applicable to the Company.

xiv. In respect of shares, securities, debentures and other investments dealt or traded by the Company, proper records are maintained in respect of transactions and contracts and timely entries have been made therein. All the investments are held by the company in its own name;

xv. According to the information and explanations given to us, and the representations made by the management, the Company has not given any guarantee for loans taken by others from any bank or financial institutions.

xvi. According to the information and explanations given to us, no term loans have been raised by the Company during the year and hence, the provision of clause (xvi) of the Companies (Auditor''s Report) order, 2003 are not applicable to the company.

xvii. The company has not raised any short term / long term fund during the year of audit therefore this clause is not applicable not commented

xviii. The company has not made an preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

xix. During the year under audit company has not issue any debenture therefore this clause is not commented.

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

xxi. According to the information and explanations given to us and to the best of our knowledge and belief no fraud on or by the Company, has been noticed or reported by the Company during the year;

The company has only one Class of Equity shares having par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to redeve remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by each shareholder.

FOR N.B. THAKORE & CO. Chartered Accountants Firm Reg. No. 110929(w)

Place: Mumbai Date : 30th May, 2014 Nimish B. Thakore Proprietor Membership No.034767

---

Mar 31, 2013

Report on the Financial Statements

We nave audited the accompanying financial statements of PARSHARTI INVESTMENTS LIMITED ("the Company") which comprise the Balance Sheet as at March 31,2013, and tie Statement of Profit and Loss and Cash Flow Statement to the year ended as on date,atidasun»na(yo*signilicant accounting poficies and other explanatory information. Management''s Responsibility for the Financial Statements Management fcresponsMe for the preparatton of 1he5efmam& statement that give a t^ and cash flows of the Company in accordance with the Accounting Standard referred to in sursectkxi (3C) d ("the Act"). This responsHty includes the design, implementation and rrrarrrteri^

financial statements that give a true and fair view and are free from matfln^misstateriientwlietr» due to fraud or enor. Auditor''s Responsibility

Our responsrbBty is to express an opinion on these financial staternerits based on our ajdrlWfe conducted our awR^ Auditing issued by trie ireSute of OiarteredAccountar^ the aurJrt to obtain reasonaMe assurance ab
An audit involves performing procedures to obtain audtt evidstice abrxtt the amourfe arxl dtsotosttres in tte selected depend on fieaudrtor''sjBdgmerit inducfrgtteassessmeritcJte - fraud or erra. to rrraWnglwse risk assessrrwrits, the aur^ financial statements in Oder to design audit procedures that are wropriate in trie circumstances. An auolta^ of accounting pcficies used and the reasonableness of the arxrjurrtjrig estimates rnade by manap^rnert as w^ of the financial statements.

We believe that the audrt evidence we have obtained is sufficient and appropriate to provkle a basis fo

Opinion

In our opinion and to the best of our information and acxaxing to the explanations grven to us, ftieSnan^ the Act in the manner so required and give a true and fair view in carrrbmty with the accajr*^

(a) in the case of the Balance Sheet, of the state of affairs of file tympany as at March 31,2013;

(b) in the case of me Profit and Loss Account, of me toss for the year ended on that date; and

(c) in the case of the Cash How Statement, of the cash flows for me yea ended on that date. Report on Other Legal and Regulatory Requirement*

1. As required by the Companies (Auditor''s Report) Order. 20)3 issued ty the Cental Gcwemrtiert^ of the Act, we give in the Amexure a statement on the rnatters specified to paragraphs 4 arid 5 of the Order, to the ext^ company.

2. As required by secrjon.227(3)oftheAet, we report that

a. mliave obtained alfhe information and exp^

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.

a the Balance Sheet, Statement of ProftarK) Loss, aral to

d. in our opinion, the Balance Sheet Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of sectjon 211 of the Companies Act''1956;

e. on file basis of written representations received from the directors as on March 31, 2013, and taken on record by the 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 1 OF REPORT ON OTHER LEGAL AND REGULATORY REQUIRE- MENTS OF OUR AUDITOR''S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 31- MARCH, 2013 OF PARSHARTI INVESTMENT LIMITED

On the basis of such checks as we considered appropriate and in terms of the information and explanations given to us, we state that

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

(b) As explained to us, fixed assets, according to the practice of the Company, are physically verified by the management at reasonable intervals, in a phased verification-program, which, in our opinion, is reasonable, looking to the size of the Company and the nature of its business. According to the information and explana- tions given to us no discrepancies noticed on physical verification.

(c) The company has not disposed off any substantial part of its fixed assets so as to affect its goingconcem;

ii. The Company is an investment company and does not have any inventory. Therefore the provisions of clause 4(H) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

iii. (a) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the companies Act 1956. Accordingly, clauses (iii) b, c and d are not applicable.

(b) The company has not taken any loans, secured or unsecured from companies, firms or other parlies covered in me register maintained under Section 301 of the companies Act 1956. Accordingly, clauses (iii) f and g are not applicable.

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

v. According to the information and explanation given to us, there is no Contract or Arrangement referred to in section 301 of the act that need to be entered into the register maintained under that section. Hence clause (v) b of the Order is not applicable

vi. In our opinion and according to the information and explanations given to us the Company has not accepted any deposits within the meaning of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under.

vii. In our opinion and according to the information and explanations given to us internal audit system is com- mensurate with the size of the Company and the nature of its business.

viii. We are informed that the Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 in respect of the Company''s activities.

ix: (a) Accordingly to the records of the Company, it has been regular with little delay in depositing undisputed statutory dues including Income Tax, Service Tax, Sales Tax, Professional Tax and other Statutory Dues with the appropriate authorities;

(b) On the basis of our examination of the documents and records, the company does not have any disputed Statutory Liabilities.

x. The Company has accumulated losses more than 50% of its net worth, and also has incurred cash loss during the financial year covered by audit and has incurred cash loss immediately preceding financial year.

xi. In our opinion and according to the information and explanations given to us, the Company has not dues payable to banks, financial institutions or. debenture holders. Accordingly, provisions of clause 4 (xi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

xii. As explained to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities ;

xiii. In our opinion, the Company is not a chit fund or a nidhi mutual benefit fund / society. Therefore the provi- sions of paragraph 4 (xiii) of the Companies (Auditor''s Report) Order 2003 are not applicable to the Company.

xiv. In respect of shares, securities, debentures arid other investments dealt or traded by the Company, proper records are maintained in respect of transactions and contracts and timely entries have been made therein. All the investments are held by the company in its own name;

xv. According to the information and explanations given to us, and the representations made by the manage- ment, the Company has not given any guarantee for loans taken by others from any bank or financial institu- tions.

xvi. According to the information and explanations given to us, no term loans have been raised by the Company during the year and hence, the provision of clause (xvi) of the Companies (Auditor''s Report) order, 2003 are not applicable to the company.

xvii. The company has not raised any short term / long term fund during the year of audit therefore this clause is not applicable not commented

xviii. The company has not made an preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956''

xix. During the year under audit company has not issue any debenture therefore this clause is not commented.

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

xxi. . According to the information and explanations given to us and to the best of our knowledge and belief no fraud on or by the Company, has been noticed or reported by the Company during the year;

For N.B. THAKORE & CO.

Chartered Accountants

Firm Reg. No: 110929 (W)

Nimish B, Thakore

Place: Mumbai (Proprietor)

Date: 30th May, 2013 Membership No. 034767

---

Mar 31, 2012

We have audited the attached Balance Sheet of Parsharti Investment Limited as at 31st March, 2012 and the Profit & Loss Account for the period ended on that date, both 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 and report that:

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

2 As required by the Companies (Auditor's Report) Order, 2003 & amended by Companies (Auditors Report) (Amendment) Order 2004, issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, on the basis of such chocks of the books & records as we considered appropriate and the information and explanations given to us during the course of the audit, we Annex hereto a statement on the matters specified in paragraphs 4 & 5 of the said order, to the extent they are applicable to 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 & explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b. In our opinion, books of account as required by law have been kept by the company so far as it appears from our examination of such books;

c. The Balance Sheet & Profit and Loss Account referred to in this report are in agreement with the books of account;

d. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

e. On the basis of information & explanation given to us and representations received from the Directors of the Company we report that no Directors is disqualified from being appointed as a Director of the Company under clause (g) of sub-section (1) of the Section 274 of the Companies Act, 1956;

f. In our opinion & to the best of our information and according to the explanations given to us, the said balance sheet and profit & Loss Accounts read together with the notes thereon, give the information required and give a true and fair view :

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

ii. In the case of the Profit & Loss Account, of the Loss for the period ended on that date.

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

ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31st MARCH, 2012 OF PARSHARTI INVESTMENT LIMITED.

On the basis of such checks as we considered appropriate and in terms of the information and explanations given to us, we state that:

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

(b) As explained to us, fixed assets, according to the practice of the Company, are physically verified by the management at reasonable intervals, in a phased verification-program, which, in our opinion, is reasonable, looking to the size of the Company and the nature of its business. According to the information and explanations given to us no discrepancies noticed on physical verification.

(c) The company has not disposed off any substantial part of its fixed assets so as to affect its going concern;

ii. The Company is an investment company and does not have any inventory. Therefore the provisions of clause 4{ii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

iii. (a) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the companies Act 1956. Accordingly, clauses (iii) b, c and d are not applicable.

(b) The company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under Section 301 of the companies Act 1956. Accordingly, clauses (iii) f and g are not applicable.

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

v. According to the information and explanation given to us, there is no Contract or Arrangement referred to in section 301 of the act that need to be entered into the register maintained under that section. Hence clause (v) b of the Order is not applicable

vi. In our opinion and according to the information and explanations given to us the Company has not accepted any deposits within the meaning of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under.

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

viii. We are informed that the Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 in respect of the Company's activities.

ix. (a) Accordingly to the records of the Company, it has been regular with little delay in depositing undisputed statutory dues including Income Tax, Service Tax, Sales Tax, Professional Tax and other Statutory Dues with the appropriate authorities ;

(b) On the basis of our examination of the documents and records she company does not have any disputed Statutory Liabilities.

x. The Company has accumulated losses more than 50% of its net worth, and also has incurred cash loss during the financial year covered by audit however does not incurred cash loss immediately preceding financial year.

xi. In our opinion and according to the information and explanations given to us. the Company has not dues payable to banks, financial institutions or debenture holders. Accordingly, provisions of clause 4 (xi) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

xii. As explained to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities ; '

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

xiv. In respect of shares, securities, debentures and other investments dealt or traded by the Company, proper records are maintained in respect of transactions and contracts and timely entries have been made therein.

All the investments are held by the company in its own name;

xv. According to the information and explanations given to us, and the representations made by the management, the Company has not given any guarantee for loans taken by others from any bank or financial institutions.

xvi. According to the information and explanations given to us, no term loans have been raised by the Company during the year and hence, the provision of clause (xvi) of the Companies (Auditor's Report) order, 2003 are not applicable to the company.

xvii. The company has not raised any short term / long term fund during the year of audit therefore this clause is not applicable not commented

xviii. The company has not made an preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956'

xix. During the year under audit company has not issue any debenture therefore this clause is not commented.

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

xxi. According to the information and explanations given to us and to the best of our knowledge and belief no fraud on or by the Company, has been noticed or reported by the Company during the year;

For N.B. THAKORE & CO.

Chartered Accountants

Firm Reg. No. 110929(w)

Place: Mumbai

Date: 30th May, 2012

Nimish B. Thakore

(Proprietor)

Membership No. 034767

---

Mar 31, 2010

We have audited the attached Balance Sheet of Parsharti Investment Limited as at 31st March, 2010 and the Profit & Loss Account for the period ended on that date, both 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 and report that:

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

2 As required by the Companies (Auditors Report) Order, 2003 & amended by Companies (Auditors Report) (Amendment) Order 2004, issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, on the basis of such checks of the books and records as we considered appropriate and the information and explanations given to us during the course of the audit, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent they are applicable to 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 & explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b. In our opinion, books of account as required by law have been kept by the company so far as it appears from our examination of such books;

c. The Balance Sheet & Profit and Loss Account referred to in this report are in agreement with the books of account,

d. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

e. On the basis of information & explanation given to us and representations received from the Directors of the Company we report that no Directors is disqualified from being appointed as a Director of the Company under clause (g) of sub-section (1) of the Section 274 of the Companies Act, 1956;

f. In our opinion & to the best of our information and according to the explanations given to us, the said balance sheet and profit & Loss Accounts read together with the notes thereon, give the information required and give a true and fair view :

i. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010. ii. (n the case of the Profit & Loss Account, of the profit for the period ended on that date. ii. In the case of the Cash Flow Statement, of the cash flows for the year ended on that.

ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITORS REPORT OF EVEN DATE ON THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 St March, 2010 OF PARSHARTI INVESTMENT LIMITED.

On the basis of such checks as we considered appropriate and in terms of the information and explanations given to us, we state that :

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

(b) As explained to us, fixed assets, according to the practice of the Company, are physically verified by the management at reasonable intervals, in a phased verification-program, which, in our opinion, is reasonable, looking to the size of the Company and the nature of its business. According to the information and explanations given to us no discrepancies noticed on physical verification.

(c) The company has not disposed off any substantial part of its fixed assets so as to affect its going concern;

ii. The Company is an investment company and does not have any inventory. Therefore the provisions of clause 4(H) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

iii. (a) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the companies Act 1P56. Accordingly, paragraph (iii) b, c and d are not applicable.

(b) The company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under Section 301 of the companies Act 1956. Accordingly, paragraph (iii) f and g are not applicable.

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

v. According to the information and explanation given to us, there is no Contract or Arrangement referred to in section 301 of the act that need to be entered into the register maintained under that section. Hence paragraph (v) b of the Order is not applicable

vi. In our opinion and according to the information and explanations given to us the Company has not accepted any deposits within the meaning of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under.

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

viii. We are informed that the Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 in respect of the Companys activities.

ix. (a) Accordingly to the records of the Company, it has been regular with little delay in depositing undisputed statutory dues including Income Tax, Fringe Benefit Tax, Sales Tax, Professional Tax and other Statutory Dues with the appropriate authorities ;

(b) On the basis of our examination of the documents and records, the company does not have any disputed Statutory Liabilities.

x. The Company has accumulated losses not less than 50% of its net worth and has not incurred cash loss during the financial year covered by audit but in immediately proceeding financial year cash loss was incurred by the Company.

xi. In our opinion and according to the information and explanations given to us, the Company has not dues payable to banks, financial institutions or debenture holders. Accordingly, provisions of clause 4 (xi) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

xii. As explained to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities.

xiii. In our opinion, the Company la not a chit fund or a nidhi mutual benefit fund / society. Therefore the provisions of Paragraph 4 (x8f> of the Companies (Auditors Report) order 2003 are not applicable to the Company.

xiv. In respect of shares, securities, debentures and other investments dealt or traded by the Company, proper records are maintained in respect of transactions and contracts and timely entries have been made therein. All the investments are held by the company in its own name.

xv. According to the information and explanations given to us, and the representations made by the management, the Company has not given any guarantee for loans taken by others from any bank or financial institutions.

xvi. According to the Information and explanations given to us, no term loans have been raised by the Company during the year and hence, the provision of clause (xvi) of the Companies (Auditors Report) order, 2003 are not applicable to the company.

xvii. The company has not raised any short term / long term fund during the year of audit therefore this clause is not applicable not commented

xviii. The company has not made an preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

xix. During the year under audit company has not issued any debenture therefore this paragraph is not commented.

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

xxi. According to the information and explanations given to us and to the best of our knowledge and belief no fraud on or by the Company, has been noticed or reported by the Company during the year*



FOR N.B. THAKORE & CO.

Chartered Accountants

Place: Mumbai

Date :27th May, 2010

Nimish B. Thakore

Proprietor