Auditor Report of Gujarat Inject (Kerala) Ltd.

Mar 31, 2025

We have audited the standalone financial statements of Gujarat Inject (Kerala) Limited (“the Company”),
which comprise the Standalone Balance Sheet as at March 31, 2025, the Standalone Statement of Profit and
Loss (Including Other Comprehensive Income), the Standalone Statement of Changes In Equity and the
Standalone Statement of Cash Flows for the year then ended and notes to the standalone financial statements,
including a summary of significant accounting policies and other explanatory information (hereinafter referred
to as “Standalone Financial Statements”).

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 (“Act”) in the
manner so required and give a true and fair view in conformity with the accounting principles generally
accepted in India including Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Act, of
the state of affairs of the Company as at March 31, 2025, and its profit and other comprehensive income,
changes in equity and its cash flows for the year ended on that date.

BASIS OF OPINION

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10)
of the Act. Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the
Audit of the Standalone Financial Statements section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the
ethical requirements that are relevant to our audit of the standalone financial statements under the provisions
of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics.

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

EMPHASIS OF MATTERS

We draw attention to the fact that the Company had closed its manufacturing operations and
sold/disposed off land, plant & machinery and other fixed assets in earlier years and since then the
company has not resumed the manufacturing activities. These events or conditions, along with other
matters as set forth in Notes to the financial statements. However, from the last year, company has
started business operation by way of trading of goods. This does not crystalize the opinion of auditor
on companies’ ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the standalone 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.

On the basis of audit procedures carried out and discussion with the management, we determined that there
are no matters which are to be classified as Key Audit Matters for current financial year.

INFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS AND
AUDITORS’ REPORT THEREON

The Company’s management and Board of Directors are responsible for the other information. The other
information comprises the information included in the Annual Report but does not include the financial
statements and our auditor’s report thereon.

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

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

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

MANAGEMENT’S AND BOARD OF DIRECTOR’S RESPONSIBILITY FOR THE STANDALONE
FINANCIAL STATEMENTS:

The Company’s Management and Board of Directors are responsible for the matters stated in section 134(5)
of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone financial
statements that give a true and fair view of the financial position, financial performance including other

comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian
Accounting Standards (Ind AS), accounting principles generally accepted in India, including the Indian
Accounting Standards specified under Section 133 of the Act, read with the Companies (Indian Accounting
Standard) Rules, 2015 as amended.

This responsibility also includes the maintenance of adequate accounting records in accordance with the
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 adequate 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.

In preparing the standalone financial statements, management and 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 management either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company’s financial reporting process.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE FINANCIAL
STATEMENTS:

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit
conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these standalone
financial statements.

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

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

• Evaluate the overall presentation, structure and content of the standalone financial statements,
including the disclosures, and whether the standalone financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.

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

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

From the matters communicated with those charged with governance, we 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 auditors’ report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS:

1. As required by The Companies (Auditor''s Report) Order, 2020 issued by The Central Government of
India in term of section 143 (11) of The Companies Act, 2013, we enclose in the Annexure-A hereto a
statement on the matters specified in paragraphs 3 and 4 of the said order, to the extent applicable to the
company.

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

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

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

c) The Standalone Balance Sheet, Standalone the Statement of Profit and Loss including Other
Comprehensive Income, the Standalone Statement of Changes in Equity & the Standalone Statement of
Cash Flows dealt with by this Report are in agreement with the books of account;

d) In our opinion, aforesaid Standalone Balance Sheet, the Standalone Statement of Profit and Loss including
Other Comprehensive Income, the Standalone Statement of Changes in Equity & the Standalone
Statement of Cash Flows, comply with the Indian Accounting Standards prescribed under section 133 of
the Act;

e) On the basis of written representations received from the directors of the Company as on March 31, 2025,
and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2025,
from being appointed as a director in terms of sub-section (2) of section 164 of Act;

f) With respect to the adequacy of internal financial control over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate report in Annexure-B;

g) With respect to the other matters 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 had no litigations pending as at the end of the financial year which may impact its

financial position on final disposal of the respective matters.

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

iii. As at 31st March, 2025 there were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.

iv. Management Representation:

a. The Management of the Company has represented to us that to the best of it’s 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(s) or entity(ies), including foreign entities (“Intermediaries”),
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall,
directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever

by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries.

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

c. Based on audit procedures which we considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations under sub-clause
(i) and (ii) of Rule 11(e) Companies (Audit and Auditors) Rules, 2014 (as amended) and provided in
clauses (a) and (b) above contain any material mis-statement.

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

vi. Based on our examination which included test checks, the Company has used accounting software for
maintaining its books of account 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. Further,
during the course of our audit we did not come across any instance of audit trail feature being tampered
with.

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

In our opinion and according to the information and explanations given to us, the remuneration paid
by the Company to its directors during the current year is in accordance with the provisions of Section
197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under
Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under
Section 197(16) of the Act which are required to be commented upon by us.

For And On Behalf Of
S. Mandawat & Co.

Chartered Accountants,

Firm reg. No. 118330W

Place: Ahmedabad Subhash Chandra Mandawat

Dated: 20-05-2025 Partner

UDIN: 25102708BMMBT02074 M. No. 102708

---

Mar 31, 2024

We have audited the standalone financial statements of Gujarat Inject (Kerala) Limited (“the Company”), which comprise the Standalone Balance Sheet as at March 31, 2024, the Standalone Statement of Profit and Loss (Including Other Comprehensive Income), the Standalone Statement of Changes In Equity and the Standalone Statement of Cash Flows for the year then ended and notes to the standalone financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as “Standalone Financial Statements”).

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 (“Act”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Act, of the state of affairs of the Company as at March 31, 2024, and its profit and other comprehensive income, changes in equity and its cash flows for the year ended on that date.

BASIS OF OPINION

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics.

We believe that the audit evidence we have obtaiftethis''Jufficient and appropriate to provide a basis for our • •

opinion.

EMPHASIS OF MATTERS

We draw attention to the fact that the Company had closed its manufacturing operations and sold/disposed off land, plant & machinery and other fixed assets in earlier years and since then the company has not resumed the manufacturing activities. These events or conditions, along with other matters as set forth in Notes to the financial statements. However, from the last year, company has started business operation by way of trading of goods. This does not crystal ize the opinion of auditor on companies’ ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone 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.

On the basis of audit procedures carried out and discussion with the management, we determined that there are no matters which are to be classified as Key Audit Matters for current financial year.

INFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS AND AUDITORS’ REPORT THEREON

The Company’s management and Board of Directors are responsible for the other information. The other information comprises the information included in the Annual Report but does not include the financial statements and our auditor’s report thereon.

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

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

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

MANAGEMENT’S AND BOARD OF DIRECTOR’S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS:

The Company’s Management and Board of Directors are responsible for the matters stated in section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other

comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind AS), accounting principles generally accepted in India, including the Indian Accounting Standards specified under Section 133 of the Act, read with the Companies (Indian Accounting Standard) Rules, 2015 as amended.

This responsibility also includes the maintenance of adequate accounting records in accordance with the 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 adequate 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.

In preparing the standalone financial statements, management and 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 management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company’s financial reporting process.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS:

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

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

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

• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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

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

From the matters communicated with those charged with governance, we 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 auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS:

1. As required by The Companies (Auditor''s Report) Order, 2020 issued by The Central Government of India in term of section 143 (11) of The Companies Act, 2013, we enclose in the Annexure-A hereto a statement on the matters specified in paragraphs 3 and 4 of the said order, to the extent applicable to the company.

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

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

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

c) The Standalone Balance Sheet, Standalone the Statement of Profit and Loss including Other Comprehensive Income, the Standalone Statement of Changes in Equity & the Standalone Statement of Cash Flows dealt with by this Report are in agreement with the books of account;

d) In our opinion, aforesaid Standalone Balance Sheet, the Standalone Statement of Profit and Loss including Other Comprehensive Income, the Standalone Statement of Changes in Equity & the Standalone Statement of Cash Flows, comply with the Indian Accounting Standards prescribed under section 133 of the Act;

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

f) With respect to the adequacy of internal financial control over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure-B;

g) With respect to the other matters 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 had no litigations pending as at the end of the financial year which may impact its

financial position on final disposal of the respective matters.

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

iii. As at 31st March, 2024 there were no amounts which were required to be transferred to the Investor

Education and Protection Fund by the Company. ¦

iv. Management Representation:

a. The Management of the Company has represented to us that to the best of it’s 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(s) or entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever

by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

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

c. Based on audit procedures which we considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e) Companies (Audit and Auditors) Rules, 2014 (as amended) and provided in clauses (a) and (b) above contain any material mis-statement.

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

vi. Based on our examination which included test checks, the Company has used accounting software for maintaining its books of account 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. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with.

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

In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act which are required to be commented upon by us.

For And On Behalf Of S. Mandawat & Co.

Chartered Accountants, - :

FifmYeg. No. 118330W 1-CC

v iv (cfm p

^ rru.\ Jj.'',g;

Place: Ahmedabad Subhash Chandra Mandawat

Dated: 09-05-2024 Partner

UDIN: 24102708BKENML2044 M. No. 102708

---

Mar 31, 2011

We have audited the attached Balance Sheet of Gujarat Inject (Kerala) Limited as at 31st March, 2011 and the Profit and Loss Account and 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.

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 includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

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 and 5 of the said Order.

Further to our comments in the Annexure referred to in para3 above, we report that:

(i) 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;

(ii) 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, subject to note No. 8 regarding interest payable to Financial Institutions are accounted on cash basis;

(iii) The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the said accounts comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956 subject to:

(1) Note No.1(a) regarding the accounts of the company are prepared on going concern basis though the principle of going concern has been affected which is not in accordance with the Accounting Standards AS 1 issued by the Institute of Chartered Accountants of India and;

(v) On the basis of written representation received from the directors and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said statements of accounts subject to:

(a) Note No.3 regarding the balances in the bank accounts, sundry creditors and loans and advances are not confirmed;

(b) Note No. 4 regarding non-reconciliation of share allotment and refund accounts relating to issue of shares to public. Consequent to this, amount due for crediting to Investor Education and Protection Fund, if any, can not be ascertained;

(b) Note No. 8 regarding non-provision of interest on Loans to Financial institutions amounting to Rs. 8519118/-;

(c) Note No. 9 regarding non-provision of increase in filing fee of Rs.40,000/- and the interest thereon, which is not quantifiable for the enhancement of Authorised Capital. Consequently the net profit is overstated by that extent as stated in clause (b) and (c) above;

(d) Attention is invited that the principle of going concern has been affected due to discontinuance of operations and taking over possession of the assets of the company by IFCI Ltd.

(e) Although the company had incurred substantial losses in the past resulting in the erosion of its net worth, the accounts of the company are prepared on going concern basis; and read with other notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

a) in the case of the balance sheet, of the state of affairs of the Company as at 31st March, 2011;

b) in the case of the profit and loss account, of the loss for the year ended on that date; and

c) in the case of cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH [3] OF OUR REPORT OF EVEN DATE Re: Gujarat Inject (Kerala) Limited.

(i) (a) The Company had maintained proper record showing full particulars, including quantitative details and situation of fixed assets. The company has no fixed assets as at the end of the year.

(b) During the year 2008, IFCI Ltd has taken over the possession of all the fixed assets. We are of the opinion that the said take over has affected the going concern status of the company.

(ii) (a) The management has not conducted physical verification of inventory at reasonable intervals during the year since, the company did not possess any inventory during the year.

(iii) (a) As informed, the Company has not granted any loan, secured or unsecured, to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(b) The Company has not taken any loan, secured or unsecured, from the companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

(v) According to the information and explanations, provided by the management, we are of the opinion that there are no transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956.

(vi) The Company has not accepted any deposit from the public.

(vii) The company has no internal audit system in vogue though it is statutorily necessary.

(viii) To the best of our knowledge and as explained, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 for the products of the Company.

(ix) (a) According to the information and explanation given to us and as per the records of the Company, the Company has been regular in depositing undisputed statutory dues on account of Provident Fund, Employees State Insurance, Income Tax and Sales Tax with the appropriate authorities during the year to the extent those are applicable to the company. Except for the following, no other undisputed amounts of statutory dues were outstanding for a period more than six months from the date they become payable as at 31.03.2011:

Name of Nature of Amount Period to Due Date The statute the dues (Rs.) which the Date of Amount Payment

Employees Sept.1997 Not paid State Insurance to -do- Act E S I 1,27,211 Oct. 1999

KGST Act, March 1963 Sales Tax 75,280 1993-94 1994 Not paid Profession Tax 58,477 2003-04 various Not paid Dates

There are no amounts to be deposited towards Investor Education and Protection Fund, Wealth Tax, Customs Duty, Excise duty, Service tax and Cess.

(b) According to the records of the Company, there are no dues outstanding of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise Duty, Service tax and Cess on account of any dispute.

(x) The accumulated losses at the end of the financial year are more than fifty percent of its net worth and the company has incurred cash loss in the financial year covered by our audit. However, the Company had not incurred any cash loss in the immediately preceding financial year.

(xi) Based on our audit procedures and on the information and explanations given by the management we are of the opinion that the Company has defaulted in repayment of dues to the following (excluding interest not provided for up to 31.03.2011):

Name of the Institution Amount Due (Rs in lakhs) Period

K S I D C Limited 75.04 Since 1994

The Federal Bank Limited. 180.35 Since 1997

We have been informed that the Company has not issued any debentures during the year.

(xii) According to the information and explanations given to us and based on the documents and records provided to us, the Company has not granted loans or 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 (as amended) are not applicable to the Company.

(xiv) The Company is not dealing or trading in shares, securities, debentures or other investments.

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

(xvi) The Company has not availed any term loans during the year.

(xvii) 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 investments.

(xviii) The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

(xix) The Company did not have any outstanding debentures during the year.

(xx) The Company has not raised any money through a public issue during the year.

(xxi) Based upon the audit procedures performed by us for expressing our opinion on these financial statements and information and explanations given to us by the management, no fraud on or by the Company has been noticed or reported during the course of our audit.

For Krishnamoorthy and Krishnamoorthy

Chartered Accountants

(Firm Regn.No: 001488S)

K.J. Narayanan.

Partner

Membership No: 202844

Thrissur

01/09/11

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of Gujarat Inject (Kerala) Limited as at 31'1 March, 2010 and the Profit and Loss Account and 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 includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement 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 and 5 of the said Order.

4. Further to our comments in the Annexure referred to in Para3 above, we report that:

(i) 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;

(ii) 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, subject to note No. 9 regarding interest payable to Financial Institutions are accounted on cash basis;

(iii) The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the said accounts comply with the Accounting Standards referred to in Section 21 1 (3C) of the Companies Act, 1956 subject to:

(1) Note No.}(a) regarding the accounts of the company are prepared on going concern basis though the principle of going concern has been affected which is not in accordance with the Accounting Standards AS - 1 issued by the Institute of ('bartered Accountants of India and;

(v) On the basis of written representation received from the directors and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 311,1 March 2010 from being appointed as a director in terms of clause (g) of sub- section 274 of the Company Act 1956

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said statements of accounts subject to:

(a) Note No. 4 regarding the balances in some bank accounts, sundry creditors and loans and advances are not confirmed;

(b) Note No. 5 regarding non-reconciliation of share allotment and ref und accounts relating to issue of shares to public. Consequent to this, amount due for crediting to Investor Education and Protection Fund, if any, can not be ascertained:

(b) Note No. 9 regarding non-provision of interest on Loans to Financial institutions amounting to Rs. 72.50,313/-:

(c) Note No. 10 regarding non-provision of increase in filing fee of Rs.40,000/- and the interest thereon, which is not quantifiable for the enhancement of Authorised Capital. Consequently the net profit is overstated by that extent as stated in clause (h) and (c) above;

(d) Attention is invited that the principle of going concern has been affected due to discontinuance of operations and taking over possession of the assets of the company by IFCI Ltd. as explained in Note No. 2.

(e) Although the company had incurred substantial losses in the past resulting in the erosion of its net worth, the accounts of the company are prepared on going concern basis;

And read with other notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

a) in the case of the balance sheet, of the state of affairs of the Company as at 31st March, 2010;

b) in the ease of the profit and loss account, of the profit for the year ended on that date; and

c) in the case of cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH [3| OF OUR REPORT OF EVEN DATE

Re: Gujarat Inject (Kerala) Limited.

(i) (a) The Company had maintained proper record showing full particulars, including quantitative details and situation of fixed assets. The company has no fixed assets as at the end of the year.

(b) During the year 2008, IFCI Ltd has taken over the possession of all the fixed assets. We are of the opinion that the said take over has affected the going concern status of the company.

(ii) (a) The management has not conducted physical verification of inventory at reasonable intervals during the year since, the company did not possess any inventory during the year owing to taking over the entire assets by IFCI Ltd..

(iii) (a) As informed, the Company has not granted any loan, secured or unsecured, to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(b) The Company has not taken any loan, secured or unsecured, from the companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

(v) According to the information and explanations, provided by the management, we are of the opinion that there are no transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956.

(vi) The Company has not accepted any deposit from the public.

(vii) The company has no internal audit system in vogue though it is statutorily necessary.

(viii) To the best of our knowledge and as explained, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 for the products of the Company.

(ix) (a) According to the information and explanation given to us and as per the records of the Company, the Company has been regular in depositing undisputed statutory dues on account of Provident Fund, Employees State Insurance, Income fax and Sales Tax with the appropriate authorities during the Except for the following, no other undisputed amounts of statutory dues were outstanding for a period more than six months from the date they become payable as at 31.03.2010:

Name of Nature of Amount Period to Due Date The statute the dues (Rs.) which the Date of Amount Payment

Employees Sept. 1997 Not paid State Insurance to -do- Act ESI 1.27,211 Oct. 1999

KGST Act. March 1963 Sales Tax 75.280 1993-94 1994 Not paid

Profession Tax 58,477 2003-04 various Not paid Dates

There are no amounts to be deposited towards Investor Education and Protection Fund, Wealth l ax, Customs Duty, Excise duty. Service tax and Cess.

(b) According to the records of the Company, there are no dues outstanding of Sales Tax. Income Tax, Customs Duty, Wealth Tax, Excise Duty, Service tax and Cess on account of any dispute.

(x) The accumulated losses at the end of the financial year are more than fifty percent of its net worth and the company has not incurred any cash loss in the financial year covered by our audit. However, the Company had incurred cash loss in the immediately preceding financial year.

(xi) Based on our audit procedures and on the information and explanations given by the management we are of the opinion that the Company has defaulted in repayment of dues to the following (excluding interest not provided for up to 31.03.2010):

Name of the Amount Due Period Institution (Rs in lakhs)

K S I D C Limited 75.04 Since 1994

The Federal Bank 180.35 Since 1997 Limited.

We have been informed that the Company has not issued any debentures during the year.

(xii) According to the information and explanations given to us and based on the documents and records provided to us, the Company has not granted loans or advances on the basis of security by way of pledge of shares, debentures and 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 (as amended) are not applicable to the Company.

(xiv) The Company is not dealing or trading in shares, securities, debentures or other investments.

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

(xvi) The Company has not availed any term loans during the year.

(xvii)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 investments.

(xviii) The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

(xix) The Company did not have any outstanding debentures during the year.

(xx) The Company has not raised any money through a public issue during the year.

(xxi) Based upon the audit procedures performed by us for expressing our opinion on these financial statements and information and explanations given to us by the management, no fraud on or by the Company has been noticed or reported during the course of our audit.

For Krishnamoorthy & Krishnamoorthy

Chartered Accountants

(Firm Regn. No: 001488S)

K.J. Narayanan.

Partner

Membership No: 202844

Thrissur

01/09/2010

---

Mar 31, 2009

1. We have audited the attached Balance Sheet of Gujarat Inject (Kerala) Limited as at 31st March, 2009 and the Profit and Loss Account and 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 includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement 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 (4 A) of Section 227 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.

4. Further to our comments in the Annexure referred to in para 3 above, we report that:

(i) 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;

(ii) 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, subject to note No. 8 regarding interest payable to Financial Institutions are accounted on cash basis;

(iii) The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the said accounts comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956 subject to:

(1) Note No. 1(a) regarding the accounts of the company are prepared on going concern basis though the principle of going concern has been affected which is not in accordance with the Accounting Standards AS — 1 issued by the Institute of Chartered Accountants of India and;

(2)Note No. 1 (c) attached to the accounts regarding non provision of depreciation on the part of fixed assets arising on fluctuation in translation of (of ° foreign currency loan, which is not in accordance with the Accounting '.-X , Standards AS 6 and AS 11.

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

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said statements of accounts subject to:

(a) Note No. 3 regarding the balances in some bank accounts, sundry creditors and loans and advances are not confirmed;

(b) Note No. 8 regarding non-provision of interest on Loans to Financial institutions amounting to Rs. J17765893/-;

(c) Note No. 9 regarding non-provision of increase in filing fee of Rs.40,000/- and the interest thereon, which is not quantifiable for the enhancement of Authorised Capital. Consequently the net loss is understated by that extent as stated in clause (b) and (c) above;

(d) Attention is invited that the principle of going concern has been affected due to discontinuance of operations and taking over possession of the assets of the company by IFCI Ltd. as explained in Note No. 2.

(e) Although the company had incurred substantial losses in the past resulting in the erosion of its net worth, the accounts of the company are prepared on going concern basis; and read with other notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

a) in the case of the balance sheet, of the state of affairs of the Company as at 31st March, 2009;

b) in the case of the profit and loss account, of the loss for the year ended on that date; and

c) in the case of cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH [3] OF OUR REPORT OF EVEN DATE

Re: Gujarat Inject (Kerala) Limited.

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

(b) Fixed assets of the company have not been physically verified by the management during the year. In our opinion, the frequency of physical verification is not reasonable having regard to the size of the company and nature of its business.

(c) During the year, IFCI Ltd has taken over the possession of all the fixed assets. We are of the opinion that the said take over has affected the going concern status of the company.

(ii) (a) The management has not conducted physical verification of inventory at reasonable intervals during the year.

(b) The procedures of physical verification of inventory followed by the management are not reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of inventory.

(iii) (a) As informed, the Company has not granted any loan, secured or unsecured, to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(b) The Company has not taken any loan, secured or unsecured, from the companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

(v) According to the information and explanations, provided by the management, we are of the opinion that there are no transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956.

(vi) The Company has not accepted any deposit from the public.

(vii) The company has no internal audit system in vogue though it is statutorily necessary.

(viii) To the best of our knowledge and as explained, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 for the products of the Company.

(ix) (a) According to the information and explanation given to us and as per the records of the Company, the Company has been regular in depositing undisputed statutory dues on account of Provident Fund, Employees State Insurance, Income Tax and Sales l ax with the appropriate authorities during the year. Except for the following, no other undisputed amounts of statutory dues were outstanding for a period more than six months from the date they become payable as at 31.03.2009:

Name of Nature of Amount The statute the dues (Rs.)

Employees State Insurance

Act ESI 1,27,211

KGST Act,

1963 Sales Tax 75,280

Profession Tax 58,177

Income Tax Act TDS 29058 1961

Name of Period to Due Date The statute which the Date of Amount Payment

Employees Sept. 1997 Not paid State Insurance to -do- Act Oct. 1999

KGST Act March 1963 1993-94 1994 Not paid

Profession 2003-04 various Not paid Dates

Income Tax Act 2007-08 various Not paid 1961 dates

There are no amounts to be deposited towards Investor Education and Protection Fund, Wealth Tax, Customs Duty, Excise duty, Service tax and Cess.

(b) According to the records of the Company, there are no dues outstanding of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise Duty, Service tax and Cess on account of any dispute.

(x) The accumulated losses at the end of the financial year are more than fifty percent of its net worth and the company has incurred cash losses in the financial year covered by our audit and the immediately preceding financial year.

(xi) Based on our audit procedures and on the information and explanations given by the management we are of the opinion that the Company has defaulted in repayment of dues to the following (excluding interest not provided for up to 31.03.2009):

Name of the Amount Due Period Institution (Rs in lakhs)

117 C I Limited 2134.04 Since 1994

K S ID C Limited 75.04 Since 1994

The Federal Bank 180.35 Since 1997 Limited.

We have been informed that the Company has not issued any debentures during the year.

(xii) According to the information and explanations given to us and based on the documents and records provided to us, the Company has not granted loans or 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 (as amended) are not applicable to the Company.

(xiv) The Company is not dealing or trading in shares, securities, debentures or other investments.

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

(xvi) The Company has not availed any term loans during the year.

(xvii)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 investments.

(xviii) The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

(xix) The Company did not have any outstanding debentures during the year.

(xx) The Company has not raised any money through a public issue during the year.

(xxi) Based upon the audit procedures performed by us for expressing our opinion on these financial statements and information and explanations given to us by the management, no fraud on or by the Company has been noticed or reported during the course of our audit.

For Krishnamoorthy & Krishnamoorthy

Chartered Accountants

K.J. Narayanan.

Partner .

Membership No: 202844

Thrissur

01/09/2009