Auditor Report of Arco Leasing Ltd.

Mar 31, 2024

We have audited the accompanying statement of quarterly and year to date standalone financial
results of Arco Leasing Limited (the "Company") for ihe quarter and year ended March 31, 2023
("Statement"), attached herewith, being submitted by the Company pursuant to the requirement of
Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended (the "Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, the
State merit:

i. is presented in aocordance with the requirements of the Listing Regulations in this regard; and

ii, gives a true and fair view in conformity with the applicable accounting standards and other
accounting principles generally accepted in India, of the net profit other comprehensive income and
other financial information of the Company for the quarter and year ended March 31. 2024,

Basis for Opinion

We conducted our audit in accordance with the Standards err Auditing (SAs) specified under section
143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those
Standards are further described in the "Auditors Responsibilities for the Audit of the Standalone
Financial Results" section of our report. We are independent of the Company in accordance with the
Code of Ethics Issued by the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the financial statements under the provisions of the
Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in aocordance
with these requirements and the Code of Ethics, We believe that the audit evidence obtained by us is
sufficient and appropriate to provide a basis for cur opinion,

Managements Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the standalone annual financial statements. The
Beard of Directors of the Company are responsible for the preparation and presentation of the
Statement that gives a Irue and fair view of the net profit and other comprehensive income of the
Company and other financial information in accordance with the applicable accounting standards
prescribed under Section 133 of the Act read with relevant rules issued thereunder and other
accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing
Regulations. 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 the
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 Statement that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the Statement the Board of Directors are 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 are also responsible for overseeing the Company’s financial
reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is
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 the Statement

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

Identify and assess the risks of material misstatement of the Statement, 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 audtt
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 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 made by the Board of Directors.

Conclude on the appropriateness of the 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 financial results 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 Statement, including the
disclosures, and whether the Statement represents the underlying transactions and events in a
manner that achieves fair presentation,

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

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

Other Matters

The Statement includes the results for the quarter ended March 31,2024 being the balancing figure
between the audited figures in respect of the full financial year ended March 31, 2024 and
ths published unaudifed year-fo-date figures up fo the third quarter of the current financial year,
which were subjected to a limited review by us, as required under the Listing Regulations.

For M.C.Jain & Co.

Chartered Accountants

(C.A.Vat sal Gohil)

Partner

Membership no. 146059
Firm Registration no. 304012E

Mumbai, May 23, 2024
UDJN : 24146G59BKCTIK1604

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Mar 31, 2015

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

Management's Responsibility for the Financial Statements

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

Auditors' Responsibility

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

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made 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 disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

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

(b) in the case of the Statement of Profit and Loss, of the Joss of the Company 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 Companies Act, 2013 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 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, 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 Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in section 133 of the Act; read with Rule 7 ofthe Companies (Accounts) Rules, 2014;

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

(The Annexure referred to in our report to the members of Arco Leasing Ltd. ("the Company") for the year ended 31s1 March, 2015.

We report that:

1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b) The fixed assets have been physically verified by the management during the year and no material discrepancies were noticed during such verification on comparison with book records. In our opinion the frequency of verification is reasonable having regard to the size of the Company and nature of its assets.

2. As explained to us the Company does not have an inventory, as such the provision of paragraph 3 (ii) of the Order is not applicable.

3. The Company has not granted nor taken any loans, secured or unsecured, to Companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013.

4. In our opinion and according to explanations given to us, there are adequate internal control procedures commensurate with size of the Company and the nature of its business with regards to purchase of inventory, fixed assets and with regards to the sale of goods and services. During the course of our audit, we have not observed any major weakness in internal control system during the course of the audit.

5. In our opinion and according to information given to us, the company has not accepted deposits from the public, which come under the directives issued by the Reserve Bank of India & the provisions of section 73 to76 or any other relevant provisions of the companies Act and rules framed there under.

6. To the best of our knowledge and explanation given to us, the provision of maintenance of cost records under sub-section (1) of section 148 of the Act are not applicable to the company.

7. In our opinion and according to information and explanation given to us and according to records of the company, the company has been regular in depositing undisputed statutory dues including provident fund, employees' state insurance, Income Tax, sales-tax, Wealth Tax, Service Tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues(wherever applicable) with the appropriate authorities. There are no arrears of statutory dues as at 31st March 2015 which are outstanding for a period of more than 6 month from the date they become payable.

According to the information and explanation given to us, there are no dues of Income Tax or sales-tax or Wealth Tax or Service Tax or duty of customs or duty of excise or value added tax or cess (wherever applicable) on account of any dispute

In our opinion and according to information and explanation given to us and according to records of the company, no amount required to transfer to Investor Education and Protection Fund in accordance with the relevant provision of Companies Act and rules made there under.

8. The Company does not have accumulated losses at the end of the financial year. The Company has incurred cash losses during the financial year covered by our Audit. In the immediately preceding financial year the Company has not incurred any cash losses.

9. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions or banks during the year.

10. 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.

11. According to the information and explanation given to us, the company has not taken any term loan. Therefore this clause not applicable to the company.

12. Based upon the audit procedures performed for the purpose of reporting the true and fair nature of the financial statement and as per the information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For N. L. MEHTA & ASSOCIATES CHARTERED ACCOUNTANTS Firm Regn. No.:114435W

NILESH L. MEHTA Place: Mumbai PROPRIETOR Date: Membership No. 045253

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Mar 31, 2014

We have audited the accompanying financial statements of Arco Leasing Limited, ("the Company"), which comprise the Balance Sheet as at 31s1 March , 2014 and the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the 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 the General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of fhe Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31s1 March, 2014;

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") 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 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, 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 Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act; read with the General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and

(e) on the basis of the written representations received from the directors as on 31st March, 2014 and taken on record by the Board of Directors, none of the directors is disqualified as on 3151 March, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

(The Annexure referred to in our report to the members of Arco Leasing Ltd. ("the Company") for the year ended 3151 March, 2014. We report that:

1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b) The fixed assets have been physically verified by the management during the year and no material discrepancies were noticed during such verification on comparison with book records. In our opinion the frequency of verification is reasonable having regard to the size of the Company and nature of its assets.

c) During the year the Company has not disposed off a major part of its Fixed Assets and the going concern status of the Company is not affected.

2. As explained to us the Company does not have an inventory, as such the provision of paragraph 4 of the Order is not applicable,

3. The Company has neither granted nor taken any loans, secured or unsecured, to/from Companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly paragraph 4(iii) (b), (c) and (d) of the Order, is not applicable.

A. In our opinion and according to explanations given to us, there are adequate internal control procedures commensurate with size of the Company and the nature of its business with regards to purchase of inventory, fixed assets and with regards to the sales of services. During the course of our audit, we have not observed any major weakness in internal control system during the course of the audit.

5. a) According to information and explanations given to us, we are of the opinion that the transactions that need to be entered into the Register maintained under Section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangement entered in the Register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of Rupees Five Lacs in respect of any party during the year.

6. During the year, the Company has not accepted any deposits from the public. No order has been passed by the Company Law Board on the Company. Therefore, the provisions of Clause (vi) of paragraph 4 of the Order are not applicable to the Company.

7. In our opinion, the Company has an adequate internal audit system commensurate with its size and the nature of its business.

8. As explained and to the best of our knowledge, the Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 for the Company for any of the services rendered b y the Company.

9. a) The company is regular in depositing with the appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees'' State Insurance, Income Tax, Wealth Tax, Custom Duty, Service Tax and other statutory dues applicable to it.

b) According to the information and explanation given to us no undisputed amount payable in respect of Income Tax, Wealth Tax, Service Tax, Customs Duty and any other statutory dues were in arrears as at 31st March 2014 for a period of more than six months from the date they become payable.

10. The Company does not have accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by our Audit and in the immediately preceding financial year.

11. Based on our procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders during the year.

12. According to the information given to us, the Company has not granted any loans and advances on the basis of security, by way of pledge of shares, debentures and other securities, accordingly paragraph 4 (xii) of the Order is not applicable.

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

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

15. 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.

16. The Company has not obtained any term foan during the period covered by our audit report.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short term basis have been used for long term investment.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not issued any Debentures during the year covered by our Audit Report.

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

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

For N. L. MEHTA & ASSOCIATES

CHARTERED ACCOUNTANTS

Firm Regn. No.:114435W

NILESH L. MEHTA

PROPRIETOR

Membership No. 045253

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Mar 31, 2013

We have audited the attached Balance Sheet of ARCO LEASING LIMITED as at 31st March, 2013 and lie Statement of Profit and Loss Account and he Cash Flow Statement for he year ended on that date panicked thereto. These financial statements are responsibility of the Company''s management. Our responsibility is to express an opinion on these'' financial statements bused on our audit.

We have conducted audit in accordance with Auditing Standards generally accepted in India. Those standards require that clan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. Aid audit includes examining, on a test basis, evidence supporting the amounts and disclosures in he 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 and report that:

1, As required by the Companies (Auditors'' Report) Order. 20U3 issued by the Central Government of India in terms or section 227 (4A) uf the Companies Act, 1956. we enclose in the Annexure, a'' statement on die matters specified in paragraphs 4 and 5 of the said Order,

2. Further to our cements in the anew referred to in Para I above, we report that:

A. we have obtained all the information and explanations which to the best of our knowledge and belief our audit;

B. in our opinion, proper Dooks of Accounts as required by law have been kept by the Company, so far as it appears from our examination of those books;

C die Balance Sheet, the Statement of Profit and Loss Account and the Cash Flow Statement dealt with by this report are In agreemeol with the books of account;

D. in our opinion, the Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in section 211 (3C) of the Companies Act, 1956;

E. in uur opinion and to the best of our information and according to the explanations given to us, the said accounts read together with die Significant Accounting Policies and notes thereon, give die information required by the Companies Act, 195& 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 ease of the Balance sheet, or the stale of affairs of the Company as at 3131 March 2013;

II in the case of Statement of Profit and Loss, of the Profit for the ytfcr ended on that date; and

III. in the case of the Cash Statement, of the-cash flows for the year ended on that date,

F. On the basis of written representations received Iran the Directors as on 1111 March 2013 and taken on record by the Board of Directors, report that none of the directors is disqualified as on 31s1 March 2017 from being appointed as a Director in terms of clause (g) of sub-section '' .

(1) of Section 274 of the Companies Act. [9%;

ARCQ LEASING LIMITED

(ANNEXURE REFERRED TO IN PARA GRAIN! - 1 OF OUR REPORT OF EVEN DATE)

1l a) The Company has maintained proper records showing full particulars including quantitative details and situations of fixed assets on the basis of available information.

b) The fixed assets have been physically verified by the management during die year and no material

discrepancies wire noticed during such verification on comparison with book records. In our opinion die frequency verification is reasonable,

c) During the year the Company has not disposed off a major part of its Fi:red Assets and the going concern status of the Company is nut affected,

2. As explained to us the Company does not have an inventory, as such die provision of clause ii (a), (b), (c) arc not applicable.

3. Hie Company has neither granted nor taken any loans, secured or unsecured, to/from Companies, firms or other parties covered in die register maintained under Section 301 of die Companies Act, 1956. Accordingly paragraph <((iii) of the Order is not applicable.

4. In our opinion and according to explanations given to us, there ere adequate internal control procedures commensurate with siic of the Company and the nature of its business with regards to purchase of inventory, fixed assets and with regards the sales of goods and services. During the course of our audit, have not observed any continuing failure to correct major weakness in internal controls.

5. a) According to information and explanations given to us, we are of die opinion that the transactions that" need to be entered into the Register maintained under Section 301 of the Companies Aelr 195(5 have been so entered.

b. Jn our opinion and according to the information and explanations given to us, (here are no transactions made In pursuance of contracts or arrangement entered in the Register maintained under Section 301 of the Companies Act, 1956 and exceeding die value of Kupees Five Lacs in respect of any party during the year.

6. During the year, the Company has not accepted any deposits from the public. No order has been passed by the Company Law Board on the Company, Therefore, die provisions uf Clause (vi) of paragraph 4 of die Order are not applicable to the Company,

7. in our opinion, the Company has an adequate internal audit system commensurate wide its size and the nature of its business,

S, As explained and to the best of our knowledge, the Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 for the Company.

9. a} The company is regular in depositing with die appropriate undisputed statutory dues including Provident Fund, Investor Education Protection fund, Employees'' State Insurance, Income Tax, Wealth Tax, Custom Duty and other statutory dues applicable to it.

b) According to the information and explanation given to us no undisputed amount payable in respect of Income ''fax. Wealth Tax. Customs Duly and any other statutory dues were in arrears as at 31=l March 2013 for a period of more than six monodies from the date they bceurnc payable,

10/ The Company does not have accumulated losses at the end of the financial year. The Company has not incurred cash losses during die financial year covered by our Audit and in the immediately preceding financial war

II. Based on our procedures and according to the and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

12. According to [lie in form fit [on given in us, the Company has not granted any loans and advances on the basis of security, by way uf pledge of shares, debentures and other securities, accordingly paragraph 4 (xii) of the Order is not applicable.

11 In our opinion the Company is not a chit fund / nidM / mutual benefit fund / society. Therefore the provisions of clause 4 (jiiii) of the Companies Auditor''s Report) Order, 2003 (as amended) are rot applicable to the Company.

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

15. According to die information and explanations given to us. the Company has not given tiny guarantee for loans taken by others from banks or financial institutions.

16. The Company has not obtained any term Joan during the period covered by our audit report.

17. According to the information and explanations given to us and on an overall of the Balance Sheet of the Company, we report thai no funds raised on short term basis have been used for tong term in vestment.

IS. The Company has not been made any preferential allotment of shares to parlies and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not issued any Debentures. during the year covered by our Audit Report.

20. The Company has not raised any money by public issue d tiring the year.

21. According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported dring the of our audit.

For N. L. Merita & Associates

Charrered Accountants

F. R. N.: 114435W

Place; Mumhai

Date; 30th May 2013

Nilesh L, Mehti

Proprietor

Membership NO:045253

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Mar 31, 2012

We have audited the attached Balance Sheet of ARCO LEASING LIMITED as at 31st March, 2012 and the Statement of Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

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

2. Further to our comments in the annexure referred to in Para 1 above, we report that:

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

B. In our opinion proper Books of Accounts 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, Statement of Profit & Loss Account 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 dealt with by this report are in compliance with the Accounting Standards referred to in section 211 (3C) of the Companies Act, 1956.

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

F. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies and 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 the Balance sheet, of the state of affairs of the Company as at 31st March 2012;

II. In the case of Statement of Profit and Loss, of the Profit for the year ended on that date; and

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

ARCO LEASING LIMITED

(ANNEXURE REFERRED TO IN PARAGRAPH - 1 OF OUR REPORT OF EVEN DATE)

1. a) The Company has maintained proper records showing full particulars including quantitative details and situations of fixed assets on the basis of available information.

b) The fixed assets have been physically verified by the management during the year and no material discrepancies were noticed during such verification on comparison with book records. In our opinion the frequency of verification is reasonable.

c) During the year the Company has not disposed off a major part of its Fixed Assets and the going concern status of the Company is not affected .

2. As explained to us the Company does not have an inventory, as such the provision of clause ii (a), (b), (c) are not applicable.

3. a) The Company has not taken any loans from Companies, firm or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. The Company has granted loan to one Company covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount outstanding at any time during the year was Rs. 13.07 lacs and the balance outstanding as on 31st March, 2012 is Rs. Nil.

b) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions of the loans given by the Company, are not prima facie prejudicial to the interest of the Company.

c) The Company is regular in repaying the principal amount and interest wherever stipulated.

d) In respect of the said loans and interest thereon, there are no overdue amounts.

4. In our opinion and according to explanations given to us, there are adequate internal control procedures commensurate with size of the Company and the nature of its business with regards to purchase of inventory, fixed assets and with regards to the sales of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. a) According to information & explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangement entered in the Register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of Rupees Five Lacs in respect of any party during the year.

6. During the year, the Company has not accepted any deposits from the public. No order has been passed by the Company Law Board on the Company. Therefore, the provisions of Clause (vi) of paragraph 4 of the Order are not applicable to the Company.

7. In our opinion, the Company has an adequate internal audit system commensurate with its size and the nature of its business.

8. As explained and to the best of our knowledge , the Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 for the company.

9. a) The company is regular in depositing with the appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees' State Insurance, Income Tax, Wealth Tax, Custom Duty and other statutory dues applicable to it.

10. The Company does not have accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by our Audit and the immediately preceding financial year.

11. Based on our procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

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

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

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

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

16. The Company has not obtained any term loan during the period covered by our audit report.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short term basis have been used for long term investment.

18. The Company has not been made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not issued any Debentures during the period covered by our Audit Report.

20. The Company has not raised any money by public issues during the period covered by our audit report.

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

For N. L. Mehta & Associates

Chartered Accountants

F.R. N.: 114435W



Place: Mumbai Nilesh L Mehta

Date: 30th May 2012 Proprietor

Membership No.:045253

---

Mar 31, 2010

We have audited the attached Balance Sheet of ARCO LEASING LIMITED as at 31st March, 2010 and the Profit & Loss Account and the Cash Flow Statement of the company for the year ended on that date annexed thereto. These financial statements are responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We have conducted 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, evidences supporting the amount 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 and report that:

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

2. Further to our comments in the annexure referred to in Para 1 above, we report that:

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

B. In our opinion proper Books of Accounts as required by law have been kept by the company, so far as it appears from our examination of those books.

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

D. In our opinion, the balance Sheet and the profit & Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in section 211 (3C) of the Companies Act, 1956.

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

F. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the notes on accounts, 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 the Balance sheet, of the state of affairs of the Company as at 31st march 2010 and

II. In the case of the profit & Loss Account of the Profit of the Company for the year ended on that date.

III. In the case of the cash Flow statement, of the cash flows for the year ended on that date.

ARCO LEASING LIMITED (ANNEXURE REFERRED TO IN PARAGRAPH - I OF OUR REPORT OF EVEN DATE)

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

b) The fixed assets have been physically verified by the management during the year and no material discrepancies were noticed during such verification on comparison with book records. In our opinion the frequency of verification is reasonable.

c) During the year the Company has not disposed off a major part of its Fixed Assets.

2. As explained to us the Company does not have an inventory, as such the provision of clause ii (a), (b), (c) are not applicable.

3. a) The company has not taken any loans from Companies, firm or other parties covered in the register maintained u/s 301 of the Companies Act, 1956. The Company has granted loan to one Company covered in the register maintained u/s 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 13.14 lacs and the year end balance of loan given to such parties was Rs. 13.14 lacs.

b) In our opinion, the rate of interest and other terms and conditions on which loans have been given to Companies, firms & other parties listed in the register maintained under section 301 of the companies Act, 1956 are not prima-facie prejudicial to the interest of the Company.

c) The Company is regular in repaying the principal amounts and interest wherever stipulated.

d) There is no overdue amount of loans granted to companies, firm or other parties listed in the register maintained u/s 301 of the Companies Act, 1956.

4. In our opinion and according to explanations given to us, there are adequate internal control procedures commensurate with size of the company and the nature of its business with regards to purchase of inventory, Fixed assets and with regards to the sales of goods and services. During the course of our audit we have not observed any continuing failure to correct major weakness in internal controls.

5. a) According to information & explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under sec. 301 of the Companies Act, 1956 have been so entered.

b) In our opinion & according to the information & explanations given to us there are no transactions made in pursuance of contracts or arrangement entered in the register maintained under section 301 of the Companies Act, 1956 & exceeding the value of rupees Five lacs in respect of any party during the year.

6. During the year, the Company has not accepted any deposits from the public. No order has been passed by the Company law Board on the company.

7. In our opinion the company has an internal audit system commensurate with its size & the nature of its business.

8. As explained to us the Central Government has not prescribed maintenance of cost records U/s 209 (1) (d) of the Companies Act, 1956 for any of the products of the company.

9. a)The company is regular in depositing with the appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, ESIC, Income tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it.

b) According to the information and explanation given to us no undisputed amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty and Cess were in arrears as at 31st March 2010 for a period of more than six months from the date they become payable.

c) According to the information and explanations given to us there are no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise Duty and Cess which have not been deposited on account of any dispute.

10. In our opinion the accumulated losses of the company are not more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our Audit and the immediately preceding financial year.

11. In our opinion and according to the information and explanation given to us the company has not defaulted in repayment of dues to a financial institutions, banks or debenture holders.

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

13.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.

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

15.The company has not given any guarantee for loans by other from bank or financial institution. Therefore the provisions of clause 4 (xv) of the Companies (Auditors Report) order 2003 are not applicable to the company.

16.The Company has not obtained any term loan during the period covered by our audit report.

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

18.The company has not been made any preferential allotment of shares during the period covered by our audit report.

19.The company has not issued any debentures during the period covered by our audit report.

20.The company has not raised any money by public issues during the period covered by our audit report.

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

For N. L. Mehta & Associates Chartered Accountants

Place : Mumbai Nilesh L Mehta

Date : 16th August, 2010 Proprietor

Membership No: 45253