Auditor Report of Advance Multitech Ltd.

Mar 31, 2024

We have audited the accompanying financial statements of ADVANCE MULTITECH
LIMITED(“the Company”), which comprise the Balance Sheet as at March 31, 2024,
and the Statement of Profit and Loss (including Other Comprehensive Income), the
Statement of Changes in Equity and the Statement of Cash Flows for the year then ended
and a summary of the significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone financial statements give the information required by
the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair
view in conformity with the Indian Accounting Standards prescribed under Section 133
of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended, (“Ind AS”) and other accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2024 and its profit, total comprehensive
income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the standard on
auditing specified u/s. 143(10) of the act (SAs). Our responsibilities under those
standards are further described in the auditor’s responsibilities for the audit of financial
statements section of our report. We are independent of the company in accordance with
the code of ethics issued by ICAI together with Independence Requirements that are
relevant to our audit of the financial statements under the provisions of the Act and the
rules made there under, 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 the basis for our
audit opinion on the financial statements.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgement, 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 standalone financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters. There is no key audit matter with respect to financial statements to be
communicated in our report.

Information other than Financial Statements and Auditor’s Report thereon

The company’s Board of Directors’ are 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 annexure to board’s report,
Business responsibility report, Corporate governance and Shareholder’s information but
does not include the financial statement and our auditor’s report thereon.

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

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

If, based on the work we have performed, we conclude that there is material
misstatement of this other information, we are required to report the 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 Companies Act, 2013 (“the Act”) with respect to the preparation of these financial
statements that give a true and fair view of the financial position, financial performance
including other comprehensive income, cashflows and changes in equity of the Company
in accordance with the Indian Accounting Standards (Ind AS) prescribed under section
133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended, and other accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets of the Company
and for preventing and detecting frauds and other irregularities; selection and application
of appropriate accounting policies; making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material misstatement, whether
due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our
audit. In conducting our audit, we have taken into account the provisions of the Act, the
accounting and auditing standards and matters which are required to be included in the
audit report under the provisions of the Act and the Rules made there under and the
Order issued under section 143(11) of the Act.

As part of an audit in accordance with SAs, we exercise professional judgement and
maintain professional Scepticism throughout the audit. We 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 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 bank has
adequate internal financial controls with reference to 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 in the standalone financial statements
made by the Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors 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 a 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 standalone financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the standalone 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 standalone 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.

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

Report on Other Legal and Regulatory Requirements

As required by 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 Balance Sheet, the Statement of Profit and Loss including Other
Comprehensive Income, Statement of Changes in Equity and the Statement of
Cash Flow dealt with by this Report are in agreement with the books of
account.

d) In our opinion, the afore said financial statements comply with the Indian
Accounting Standards prescribed under section 133 of the Act, read with Rule 7
of the Companies (Accounts) Rules,2014.

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

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

Based on our examination which included test checks, performed by us on the Company,
have used accounting software for maintaining their respective books of account for the
financial year ended March 31, 2024 which has 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 except following :

(i) The feature of recording audit trail was not enabled at the database layer to log any
direct data changes for the accounting software used for maintaining the books of
accounts relating to general ledger and consolidation process

(ii) The audit trail was not enabled for certain changes which were performed by users
having privilege access rights, for the accounting software used for maintaining the books
of accounts relating to the general ledger.

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

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from
April 1, 2023,reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014
on preservation of audit trail as per the statutory requirements for record retention is not
applicable for the financial year ended March 31, 2024.

g) 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 A”. Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the
Company’s internal financial controls over financial reporting.

h) With respect to the other matters to be included in the Auditor’s Report in
accordance with the requirements of Section 197(16) of the Act, as amend:

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 year is in
accordance with the provisions of Section 197 of the Act. The Ministry of Corporate
Affairs has not prescribed other details under Section 197(16) which are required to be
commented upon by us.

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

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

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

iii. There has been no delay in transferring amounts, required to be transferred,
to the Investor Education and Protection Fund by the Company.

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

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

(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 (i) and (ii) of Rule 11(e), as provided under (a) and
(b) above, contain any material misstatement.

v. No dividend is proposed and hence reporting under this clause is not
required.

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

Suresh R Shah & Associates
Chartered Accountants
FRN:110691W

Place: Ahmedabad Mrugen K Shah

Date: 24-05-2024 (Partner)

M. No.: 117412

UDIN: 24117412BKAHPK6928

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Mar 31, 2015

We have audited the accompanying financial statements of ADVANCE MULTITECH LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2015, 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 Sandalone 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 and presentation 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 provisions of 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 judgements and estimates that are responsible and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

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

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

An audit involves performing procedures to obtain audit evidence about the amounts and 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, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting 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 aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2015 and its profit and its 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, to the extent applicable.

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

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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, the statement of profit and loss and the 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 specified under Section 133 of the Act, read with Rule 7 of the companies (Accounts) Rules, 2014;

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

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 according to the explanations given to us:

i) The Company does not have any pending litigations for which provision have not been made which would impact its financial position.

ii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any.

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

Annexure to the Independent Auditor's Report

The Annexure referred to in our Independent Auditor's 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 per the information and explanations given to us, all the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(ii) In respect of Inventory:

(a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals. In our opinion, the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c) The company is maintaining proper records of inventory. As informed to us there were no material discrepancies noticed on verification between the physical stocks and the book records and any discrepancies found has been properly dealt within the books of accounts.

(iii) In respect of the loans, secured or unsecured, granted by the company to companies, firms or other parties covered in the register maintained u/s. 189 of the Companies Act, 2013 :

(a) During the year under audit, the Company has not granted any loans, secured or unsecured, to the companies, firms and other parties covered in the register maintained under section 189 of the Companies Act, 2013 hence clause 3 (iii) (a) and (iii) (b) of the Companies (Auditor's Report) Order, 2015 are not applicable.

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

v) According to the information and explanation given to us, the company has not accepted any deposit from the public during the year. Therefore the provisions of clause (v) of paragraph 3 of the order are not applicable to the company.

vi) The central government has prescribed maintenance of cost records under section 209(1)(d) of the companies act 1956 in respect of certain manufacturing activities of the company. Company has obtained cost audit report for the financial year 2013-14 during the year. We have broadly reviewed the accounts and records of the company in this connection and are of the opinion, that prima facie, the prescribed accounts and records have been made and maintained. We have not, however carried out detailed examination of the same.

vii) (a) The company is generally regular in depositing the undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty, Service Tax, Value Added Tax, Cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of afore mentioned dues were outstanding as at 31St March 2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no material dues of Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty, Service Tax, Value Added Tax, Cess and any other statutory dues which have not been deposited with the appropriate authorities on account of any dispute.

(viii) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

(ix) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institutions or banks. As there are no debentures, the question of repayment does not arise.

(x) In our opinion and according to the information and the explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xi) In our opinion and according to the information and explanations given to us, the Term loans have been applied for the purpose for which they were obtained.

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

As per our Report of Even Date For and on Behalf of For, Nahta Jain & Associates Chartered Accountants Firm Regn. No. 106801W

Place : Ahmedabad Dare : 29/05/2015 (CA.I.C. Nahta) Partner M.No.070023

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Mar 31, 2014

We have audited the accompanying financial statements of ADVANCE MULTITECH 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, 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") read with General Circular No. 15/2013 dated 13 Sept. 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 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. 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 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 Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("theOrder") 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 Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; read with General Circular No. 15/2013 dated 13 Sept. 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013.

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.

Annexure to Auditor''s Report (Referred to in our report of even Date)

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. The Fixed Assets have been physically verified by the management during the year and we are informed that no material discrepancies were noticed on such verification.

c. The company has not disposed off any substantial fixed Assets during the year, hence the going concern status does not affected.

ii) In respect of its inventories:

a. Physical verification of Inventory has been conducted by the management at reasonable intervals during the year. In our opinion, the frequency of verification is reasonable.

b. The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c. The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

iii) 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 u/ s. 301 of the Companies Act, 195.6 :

a) The Company had taken unsecured loans from four parties having aggregating outstanding balance of Rs. 95,79,938/- as listed in the register maintained u/s 301 of the companies Act, 1956.

b) In our opinion, the rate of interest and other terms and conditions on which loans were accepted from firm and other -parties listed in the register maintained u/s 301 of the Companies Act 1956 are not, prima facie, prejudicial to the interest of the company.

c) That payment of the principal amounts and interest, wherever applicable, was also regular.

d) There has been no overdue amount during the year.

e) The company has not granted any loan, secured loan or unsecured loan to companies, firms or other parties in the register maintained under section 301 of the companies Act, 1956 and accordingly information required under clause f & g-are not applicable.

iv) 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 sale of Goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

v) In respect of the contract or arrangement referred to in section 301 of the companies Act, 1956 :

(a) According to the information and explanations given to us, transaction that need to be entered into the register maintained under section 301 of the Companies Act 1956 have been entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi) The company has not accepted any deposits from the public during the year.

vii) In our opinion, the company has an internal audit system commensurate with its size and nature of its business.

viii) We are informed that the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 are not required for the company.

ix) In respect of statutory dues:

a) The Company is generally regular in depositing the undisputed statutory dues including Provident Fund, Income Tax, Sales Tax, Custom duty, Excise Duty, Cess and any other statutory dues with the appropriate authorities.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of afore mentioned dues were in arrears, as 31st March 2014 for a period of more than six months from the date they became payable.

c) According to the information and explanations given to us, there are no statutory dues that have not been deposited on account of any dispute:

x) In our opinion, the company does hot have any accumulated losses and has not incurred cash loss during the financial year covered by our audit and the immediately preceding financial year.

xi.) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or banks. AS there are no debentures, the question of repayment does not arise.

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

xiii) In our opinion, the company 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.

xiv) 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.

xv) We are informed that the Company has not given any guarantees for loans taken by others from banks or financial institutions. Therefore, provisions clause 4(xv) of the companies (Auditor''s Report) order, 2003 is not applicable to the company.

xvi) In our opinion and according to the information and explanations given to us, the term loans availed by the company were, prima facie, applied by the company during the year for the purposes for which the loans were obtained.

xvii) According to the information and explanation 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 except permanent working capital.

xviii) According to the information and explanation given to us the company has not made any preferential allotment of shares to parties & companies covered in the register maintained u/s 301 of the Act.

xix) According to the information and explanation given'' to us the company has not issued any debentures during the year.

xx) The Company has not raised any money by public issue during the year and therefore clause 4(xx) of the companies (Auditor''s report) order, 2003 is not applicable.

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

As per our Report of Even Date For and on Behalf of For, Nahta Jain & Associates Chartered Accountants Firm Regn. No. 106801W

Place : Ahmedabad

Date : 30.05.2014 (CA. I. C. Nahta)

Partner M.No.070023

---

Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of ADVANCE MULTITECH LIMITED ("the Company"), 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 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. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

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

1. As required by the Companies (Auditor''s Report) Order, 2003 ("theOrder") 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 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, 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.

Annexure to Auditor''s Report (Referred to in our report of even Date)

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. The Fixed Assets have been physically verified by the management during the year and we are informed that no material discrepancies were noticed on such verification.

c. The company has not disposed off any substantial fixed Assets during the year, hence the going concern status does not affected.

ii) In respect of its inventories:

a. Physical verification of Inventory has been conducted by the management at reasonable intervals during the year. In our opinion, the frequency of verification is reasonable.

b. The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c. The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

iii) 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 u/ s. 301 of the Companies Act, 1956 :

a) The company has granted loans to one companies, firms or other parties as listed in the register maintained under section 301 of the companies Act, 1956 and aggregate outstanding balance as on 31/03/2013 was Rs. 3,76,527/-.

b) In our opinion, the rate of interest and other terms and conditions on which loans were granted to firm and other parties listed in the register maintained u/s 301 of the Companies Act 1956 are not, prima facie, prejudicial to the interest of the company.

c) That receipt of the principal amounts and interest, wherever applicable, was also regular.

d) That there are no overdue amount of Rs. one lacs or more.

e) The Company had taken unsecured loans from one party having aggregating outstanding balance of Rs. 15,00,000/- as listed in the register maintained u/s. 301 of the Companies Act, 1956.

f) In our opinion, the rate of interest and other terms and conditions on which loans were accepted from the company, firm or other parties listed in the register maintained u/s. 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company.

g) The payment of the principal amount and interest, wherever applicable, was also regular.

iv) 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 sale of Goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

v) In respect of the contract or arrangement referred to in section 301 of the companies Act, 1956 :

(a) According to the information and explanations given to us, transaction that need to be entered into the register maintained under section 301 of the Companies Act 1956 have been entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi) The company has not accepted any deposits from the public during the year. vii) In our opinion, the company has an internal audit system commensurate with its size and nature of its business. viii) We are informed that the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 are not required for the company. ix) In respect of statutory dues:

a) The Company is generally regular in depositing the undisputed statutory dues including Provident Fund, Income Tax, Sales Tax, Custom duty, Excise Duty, Cess and any other statutory dues with the appropriate authorities.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of afore mentioned dues were in arrears, as 31st March 2013 for a period of more than six months from the date they became payable.

c) According to the information and explanations given to us, there are no statutory dues that have not been deposited on account of any dispute:

x) In our opinion, the company does not have any accumulated losses and has not incurred cash loss during the financial year covered by our audit and the immediately preceding financial year.

xi.) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or banks. As there are no debentures, the question of repayment does not arise.

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

xiii) In our opinion, the company 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.

xiv) 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.

xv) We are informed that the Company has not given any guarantees for loans taken by others from banks or financial institutions. Therefore, provisions clause 4(xv) of the companies (Auditor''s Report) order, 2003 is not applicable to the company.

xvi) In our opinion and according to the information and explanations given to us, the term loans availed by the company were, prima facie, applied by the company during the year for the purposes for which the loans were obtained.

xvii) According to the information and explanation 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 except permanent working capital.

xviii) According to the information and explanation given to us the company has not made any preferential allotment of shares to parties & companies covered in the register maintained u/s 301 of the Act.

xix) According to the information and explanation given to us the company has not issued any debentures during the year.

xx) The Company has not raised any money by public issue during the year and therefore clause 4(xx) of the companies (Auditor''s report) order, 2003 is not applicable.

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

As per our Report of Even Date

For and on Behalf of

For, Nahta Jain & Associates

Chartered Accountants

Firm Regn. No. 106801W

Place : Ahmedabad

Dare : 31.05.2013 (CA. I. C. Nahta)

Partner

M.No.070023

---

Mar 31, 2011

1. We have audited the attached Balance Sheet of ADVANCE MULTITECH LIMITED at 31st March 2011, the Profit & Loss Account and also the cash flow statement for the year ended on that date, annexed thereto. These Financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

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

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

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

2. In our opinion proper books of accounts as required by the law have been kept by the company so far as its appears from our examination of the books;

3. The Balance sheet and Profit & Loss Account and Cash Flow statement dealt with by this report are in agreement with such books of accounts;

4. In our opinion, the Balance sheet and Profit & loss account and Cash Flow statement dealt with by this report comply with the accounting standards, referred to in sec. 211 (3C) of the Companies Act 1956. except in respect of Accounting Standard 15 on accounting for retirement benefits on Gratuity and Leave Encashment as the company follows pay as cash basis;

5. On the basis of representations received from the Directors of the company, we report that, no director is disqualified as on 31/3/2011 from being appointed as a director of the company under the clause (g) of sub section (1) of section 274 of the Companies Act 1956.

6. In our opinion and to the best of our information and according to the explanations given to 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

i, In the case of balance sheet, of the state of affairs of the Company as at 31st March 2011 and

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

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

As per our Report of Even Date For and on Behalf of For, Nahta Jain & Associates

Chartered Accountants

Firm Regn. No. 106801W (CA.Gaurav Nahta)

Place : Ahmedabad Partner

Date : 30.08.2011 M.No.116735s

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of ADVANCE MULTITECH LIMITED at 31st March 2010, the Profit & Loss Account and also the cash flow statement for the year ended on that date, annexed thereto. These Financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit

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

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

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

1. We have obtained al! the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit ;

2. In our opinion proper books of accounts as required by the law have been kept by the company so far as its appears from our examination of the books;

3. The Balance sheet and Profit & Loss Account and Cash Flow statement dealt with by this report are in agreement with such books of accounts;

4. In our opinion, the Balance sheet and Profit & Loss account and Cash Flow statement dealt with by this report comply with the accounting standards, referred to in sec. 211 (3C) of the Companies Act 1956. except in respect of Accounting Standard 15 on accounting for retirement benefits on Gratuity and Leave Encashment as the company follows pay as cash basis;

5. On the basis of representations received from the Directors of the company, we report that, no director is disqualified as on 31-3-2010 from being appointed as a director of the company under the clause (g) of sub section (1) of section 274 of the Companies Act 1956.

6. In our opinion and to the best of our information and according to the explanations given to 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

i. In the case of balance sheet, of the state of affairs of the Company as at 31stMarch 2010 and

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

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

Annexure to Auditors Report (Referred to in our report of even Date)

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

b. The Fixed Assets have been physically verified by the management during the year and we are informed that no material discrepancies were noticed on such verification.

c. The company has not disposed off any substantial fixed Assets during the year, hence the going concern status does not affected.

ii) a. Physical verification of Inventory has been conducted by the management at reasonable intervals during the year. In our opinion, the frequency of verification is reasonable.

b. The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c. The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

iii) a. The company has not taken any loan, secured or unsecured to./ from companies, firm or other parties in the register maintained u/s. 301 of companies Act, 1956 but had granted loan to two company in the register maintained u/s. 301 and the outstanding balance as on 31/03/2010 was Rs. 20.04 lacs

b In our opinion, the rate of interest wherever applicable and other terms & conditions on which loans have been granted to firm and other parties covered in the register maintained under section 301 are not prejudicial to the interest of the company.

c The payment of principal and interest is regular wherever applicable.

d There has been no overdue amount during the year. iv) 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 sale of Goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls. v) a. According to the information and explanations given to us, transaction that need to be entered into the register maintained under section 301 of the Companies Act 1956 have been entered. b In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi) The company has not accepted any deposits from the public during the year.

vii) In our opinion, the company has an internal audit system commensurate with its size and nature of its business.

viii) We are informed that the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 are not required for the company.

ix) a) The Company is generally regular in depositing the undisputed statutory dues including Provident Fund, Income Tax, Sales Tax, Custom duty, Excise Duty, Cess arid any other statutory dues with the appropriate authorities.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of afore mentioned dues were in arrears, as 31 St March 2010 for a period of more than six months from the date they became payable.

c) According to the information and explanations given to us, there are no statutory dues that have not been deposited on account of any dispute:

x) In our opinion, the company does not have any accumulated losses and has not incurred cash loss during the financial year covered by our audit and the immediately preceding financial year.

xi.) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or banks. As there are no debentures, the question of repayment does not arise.

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

xiii) In our opinion, the company 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.

xiv) 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. xv) We are informed that the Company has not given any guarantees for loans taken by others from banks or financial institutions. Therefore, provisions clause

4(xv) of the companies (Auditors Report) order, 2003 is not applicable to the company. xvi) The company has not obtained any term loan during the year and therefore, clause 4(xiv) of the companies (Auditors Report) order, 2003 is not applicable to the company.

xvii) According to the information and explanation 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 except permanent working capital.

xviii) According to the information and explanation given to us the company has not made any preferential allotment of shares to parties & companies covered in the register maintained u/s 301 of the Act. xix) According to the information and explanation given to us the company has not issued any. debentures during the year.

xx) The Company has not raised any money by public issue during the year and therefore clause 4(xx) of the companies (Auditors report) order, 2003 is notapplicable.

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

As per our Report of Even Date

For and on Behalf of

For, Nahta Jain & Associates

Chartered Accountants Firm Regn.No. 106801W

Place : Ahmedabad

Dare : 03.09.2010 (CA.Gaurav Nahta)

Partner M. No. 116735

---

Mar 31, 2009

1. We have audited the attached Balance Sheet of ADVANCE MULTITECH LIMITED at 31st March 2009, the Profit & Loss Account and also the cash flow statement for the year ended on that date, annexed thereto. These Financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

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

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

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

2. In our opinion proper books of accounts as required by the law have been kept by the company so far as its appears from our examination of the books;

3. The Balance sheet and Profit & Loss Account and Cash Flow statement dealt with by this report are in agreement with such books of accounts;

4. In our opinion, the Balance sheet and Profit & Loss account and Cash Flow statement dealt with by this report comply with the accounting standards, referred to in sec. 211 (3C) of the Companies Act 1956. except in respect of Accounting Standard 15 on accounting for retirement benefits on Gratuity and Leave Encashment as the company follows pay as cash basis;

5. On the basis of representations received from the Directors of the company, we j report that, no director is disqualified as on 31-3-2009 from being appointed as a director of the company under the clause (g) of sub section (1) of section 274 of the Companies Act 1956.

6. In our opinion and to the best of our information and according to the explanations given to 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 i. In the case of balance sheet, of the state of affairs of the Company as at 31st March 2009 and

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

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

Annexure to Auditors Report (Referred to in our report of even Date)

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

b. The Fixed Assets have been physically verified by the management during the year and we are informed that no material discrepancies were noticed on such verification.

c. The company has not disposed off any substantial fixed Assets during the year, hence the going concern status does not affected.

ii) a. Physical verification of Inventory has been conducted by the management at reasonable intervals during the year. In our opinion, the frequency of verification is reasonable.

b. The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c. The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

iii) a. The company has not taken any loan, secured or unsecured to / from companies, firm or other parties in the register maintained u/s. 301 of companies Act, 1956 but had granted loan to two company in the register maintained u/s. 301 and the outstanding balance as on 31/03/2009 was Rs. 12.67 lacs

b In our opinion, the rate of interest wherever applicable and other terms & conditions on which loans have been granted to firm and other parties covered in the register maintained under section 301 are not prejudicial to the interest of the company.

c The payment of principal and interest is regular wherever applicable.

d There has been no overdue amount during the year. iv) 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 sale of Goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

v) a. According to the information and explanations given to us, transaction that need to be entered into the register maintained under section 301 of the Companies Act 1956 have been entered.

b In our opinion and according to the information and explanations given to us. the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. vi) The company has not accepted any deposits from the public during the year. vii) In our opinion, the company has an internal audit system commensurate with its size and nature of its business. viii) We are informed that the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 are not required for the company.

ix) a) The Company is generally regular in depositing the undisputed statutory dues including Provident Fund, Income Tax, Sales Tax, Custom duty, Excise Duty, Cess and any other statutory dues with the appropriate authorities.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of afore mentioned dues were in arrears, as 31 St March 2009 for a period of more than six months from the date they became payable.

c) According to the information and explanations given to us, there are no statutory dues that have not been deposited on account of any dispute:

x) In our opinion, the company does not have any accumulated losses and has not incurred cash loss during the financial year covered by our audit and the immediately preceding financial year.

xi.) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or banks. As there are no debentures, the question of repayment does not arise.

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

xiii) In our opinion, the company 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.

xiv) 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.

xv) We are informed that the Company has not given any guarantees for loans taken by others from banks or financial institutions. Therefore, provisions clause 4(xv) of the companies (Auditors Report) order, 2003 is not applicable to the company.

xvi) The company has not obtained any term loan during the year and therefore, clause 4(xiv) of the companies (Auditors Report) order, 2003 is not applicable to the company.

xvii) According to the information and explanation 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 except permanent working capital.

xviii) According to the information and explanation given to us the company has not made any preferential allotment of shares to parties & companies covered in the register maintained u/s 301 of the Act.

xix) According to the information and explanation given to us the company has not issued any debentures during the year.

xx) The Company has not raised any money by public issue during the year and therefore clause 4(xx) of the companies (Auditors report) order, 2003 is not applicable.

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

As per our Report of Even Date

For and on Behalf of For, Nahta Jain & Associates Chartered Accountants

Place : Ahmedabad

Dare : 17.08.2009 (CA.Gaurav Nahta) Partner M.No.116735