Auditor Report of Kusam Electrical Industries Ltd.

Mar 31, 2024

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Mar 31, 2014

We have audited the accompanying financial statements of Kusam Electricals industries Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and 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 and financial performance of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

An audit, involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entire 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 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 March 31,2014.

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

(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

i. Attention is drawn to note no 28 wherein the various conditions as stipulated in the listing agreement have not been complied with and liabilities / cost arising in respect thereof are un ascertainable.

ii. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

iii. As required by Section 227(3) of the Act, we report that:

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

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

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

(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement, comply with the Accounting Standards referred to in sub section (3C) of section 211 of Act.

(e) On the basis of the written representations received from the directors as on March 31, 2014, taken on record by the Board of Directors, none of the directors Is disqualified as on March 31, 2014, from being appointed as a director in terms of Section 274(1) (g) of the Act.

Annexure to Independent Auditors'' Report

(Referred to in paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirement" of our report of even date)

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

b) The Company has a regular programme of physical verification of its fixed assets and no material discrepancies were noticed on such verification during the year.

c) In our opinion and according to the information and explanation given to us, the Company has hot disposed off a substantial part of fixed assets during the year.

ii. a) The inventory has been physically verified during the year by the management at periodica! intervals. In our opinion, the frequency of verification is reasonable.

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

c) In our opinion and according to the information and explanations given to us and on the basis of our examination of records of inventory, the Company is maintaining proper records of inventory.

iii. As informed to us, 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. Consequently, reporting under clause (iii) of paragraph 4 of the Order is not applicable.

iv. in our opinion and according to the information and explanations given to us, there are adequate interna! control procedures'' commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and sale of goods and services.

v. Based on the audit procedures applied by us and according to the information, provided to us by the management, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 have been entered and the transactions are made at the prices which are reasonable with regard to the prevailing market prices at the relevant time

vi. The Company has not accepted any deposits from the public within the meaning of Section 58A of the Companies Act, 1956 and the rules framed there under. Therefore, the provisions of section 58AA or any other relevant provision of the Act are not applicable to the Company.

vii. We have been informed by the management that day to day operations of the company are supervised by Directors and looking the size and nature of its business the company at present does not have formal internal audit systems.

viii. Since the company is not a manufacturing company, hence provisions for maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956 are not applicable to the company.

ix, a) According to the information and explanations given to us and on the basis of the books and records as produced and examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues including Sales tax, income tax, wealth tax, service tax, custom duty, cess, excise duty, provident fund, employee''s state insurance, investor education & fund and other material statutory dues as applicable with appropriate authorities.

b) According to the information and explanation given to us and the records of the company, there have been no dues in respect of Sales Tax, income Tax, Custom Duty, Wealth Tax, Excise Duty, Cess and Service Tax etc. which have not been deposited on account of any dispute.

x. The Company has not incurred any cash losses during the financial year under report and during the immediately preceding financial year.

xi. Based on our procedures and on the basis of information and explanations given by the management, in our opinion the Company has not defaulted in repayment of dues to a financial institution and bank.

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

xiii. In our opinion, considering the nature of activities carried on by the Company during the year, the provisions of any special statute applicable to chit fund, nidhi or mutual benefit fund/ societies are not applicable to the Company.

xiv. In our opinion and according to the information and explanation gives to us, the company is not dealing in or trading in shares, securities, debentures and other investments.

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

xvi. The term loan obtained by the company during the year has been applied for the purpose for which it has been obtained.

xvii. On the basis of our examinations of the books of account and the explanations and information''s provided to us, in our opinion, the funds raised on short term basis have not been used for long term investment.

xviii. The Company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under Section 301 of the Act.

xix. The Company has not issued any debentures and hence clause 4(xix) of the Companies (Auditor''s Report) Order, 2003 is not applicable to the Company.

xx. During the year covered by our report the Company has not raised any money by way of public issue.

xxi. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanation given to us, we have neither come across any instances of fraud on or by the Company nor have we been informed of such cases by the management.



For CHHAJED & DOSHI,

CHARTERED ACCOUNTANTS FRN 101794W1

Arima. D. Dhanesha Place: Mumbai Partner Date : 24th May 2014 (Membership No. 107863)

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of KUSAM ELECTRICAL INDUSTRIES LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2013, the Statement of Profit and Loss and 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 and financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

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

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 March 31,2013;

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

(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

i. Attention is drawn to note no 28 wherein the company has not complied with various conditions as stipulated in the listing agreement.

ii. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

Hi. As required by Section 227(3) of the Act, we report that:

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

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

(c) The Balance Sheet and 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 and Statement of Profit and Loss and the Cash Flow Statement comply with the Accounting Standards referred to in sub section (3C) of section 211 of Act.

(e) On the basis of the written representations received from the directors as on March 31, 2013, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of Section 274(1) (g) of the Act.

Annexure to Independent Auditors'' Report (Referred to in paragraph 1 under the heading of "Report on Other Legal and Regulatory

Requirement" of our report of even date)

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

b) All the fixed assets of the company have been physically verified during the year by the management and no material discrepancies between the book records and the Physical inventory have been noticed.

c) In our opinion and according to the information and explanation given to us, the Company has not disposed off a substantial part of fixed assets during the year.

ii. a) The inventory has been physically verified during the year by the management at periodical intervals. In our opinion, the frequency of verification is reasonable.

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

c) In our opinion and according to the information and explanations given to us and on the basis of our examination of records of inventory, the Company is maintaining proper records of inventory.

iii. As informed to us, 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. Consequently, reporting under clause (iii) of paragraph 4 of the Order is not applicable.

iv. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchases of inventory, fixed assets and sale of goods and services.

v. Based on the audit procedures applied by us and according to the information, provided to us by the management, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 have been entered and the transactions are made at the prices which are reasonable with regard to the prevailing market prices at the relevant time

vi. The Company has not accepted any deposits from the public within the meaning of Section 58A of the Companies Act, 1956 and the rules framed there under. Therefore, the provisions of section 58AA or any other relevant provision of the Act are not applicable to the Company.

vii. The Company does not have system of formal internal audit. However we have been informed by the management that day to day operations of the company are supervised by Directors and looking the size and nature of its business the company at present does not have system of formal internal audit.

viii. Since the company is not a manufacturing company, provisions for maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956 are not applicable to the company.

ix. a) According to the information and explanation given to us and the books and records as produced and examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues including Sales tax, income tax, wealth tax, service tax, custom duty, excise duty, provident fund, employee''s state insurance, investor education & protection other material statutory dues as applicable with appropriate authorities.

x. The Company had not incurred any cash losses in the financial year under report and during the immediately preceding financial year.

xi. Based on our procedures and on the basis of information and explanations given by the management, in our opinion the Company has not defaulted in repayment of dues to a financial institution and banks.

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

xiii. In our opinion, considering the nature of activities carried on by the Company during the year, the provisions of any special statute applicable to chit fund, nidhi. or mutual benefit fund/ societies are not applicable to the Company.

xiv. In our opinion and according to the information and explanation gives to us, the company is not dealing in or trading in shares, securities, debentures and other investments.

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

xvi. The term loan obtained by the company during the year has been applied for the purpose for which it has been obtained.

xvii. On the basis of our examinations of the books of account and the explanations and information''s provided to us, in our opinion, the funds raised on short term basis have not been used for long term investment.

xviii. The Company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under Section 301 of the Act.

xix. The Company has not issued any debentures and hence clauses 4(xix) of the Companies (Auditor''s Report) Order, 2003 is not applicable to the Company.

xx. During the year covered by our report the Company has not raised any money by way of public issue.

x*i. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanation given to us, we have neither come across any instances of fraud on or by the Company nor have we been informed of such cases by the management.

Place: Mumbai For CHHAJED & DOSHI.

CHARTERED ACCOUNTANTS

[FRN 101794W]

M.P. Chhajed

Partner

Date :31st May, 2013 (Membership No. 49357)

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Mar 31, 2010

We have audited the attached Balance Sheet of M/S KUSAM ELECTRICAL INDUSTRIES LIMITED, Kolkata as at 31st March, 2010 and also 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 Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material mis-statements. 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 statements presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors Report) Order, 2003 (As Amended) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable to the Company.

Further to our comments in the Annexure referred to in paragraph 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 purposes 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 such books of our Company;

(iii) The Balance Sheet and Profit & Loss account dealt with by this report are in agreement with the books of account;

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

The report on account of the Mumbai Branch, audited by other Auditors has been forwarded to us and the same has been duly considered by us in preparing our report.

(vii) In our opinion and to the best of our information and according to explanations given to us the annexed accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view :-

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

(b) In the case of the Profit & Loss Account, of the Profit of the Company for the year ended on that date.

(c) In the Case of Cash Flow Statement, of the Cash Flows for the year Ended on that date.

Annexure to the Auditors Report (As Referred to in paragraph 3 of our report of even date )

1. a) The Company has maintained proper records to show full particulars, including quantitative details and situation of its Fixed Assets. The management have physically verified the Fixed Assets and we have been informed that no serious discrepancies were noticed on such verification. In our opinion the frequency of verification is reasonable.

b) The Company has not disposed off substantial amount of Fixed • Assets during the year and none of the Fixed Assets have been revalued during the year.

2. a) The inventory has been physically verified during the year by the management at periodical intervals. In our opinion, the frequency of verification is reasonable.

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

c) In our opinion and according to the information and explanations given to us and on the basis of our examination of records of inventory, the Company is maintaining proper records of inventory.

3. a) As informed to us, 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. Consequently, clause (iii) (b), (iii) (c), (iii) (d), (iii) (f). (iii)(g) of the Order are not applicable.

b) As informed to us, the Company has not taken any loan, secured or unsecured, to companies , firms or other parties covered in the Register maintained Under Section 301 of the Companies Act, 1956. Therefore , the provisions of clauses (iii)(e) to (g) of the Companies (Auditors Report) Order, 2003( as amended) are not applicable.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchases of inventory, fixed assets and sale of goods and services.

5. Based on the audit procedures applied by us and according to the information, provided to us by the management, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 have been entered and the transactions are made at the prices which are reasonable with regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public within the meaning of Section 58A of the Companies Act, 1956 and the rules framed there under. Therefore, the provisions of section 58AA or any other relevant provision of the Act are not applicable to the Company.

7. The internal audit procedures in the Company commensurate with the size and nature of its activities being carried on by the Company.

8. To the best of our information and explanations given to us the Central Govt, has not prescribed for the maintenance of cost records under Section 209(1 )(d) of the Companies Act, 1956.

9. a) According to the information and explanation given to us and the books and records as produced and examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues including Sales tax, income tax, wealth tax, service tax, custom duty, cess.excise duty,provident fund , employees state insurance , investor education & protection fund and other material statutory dues as applicable with appropriate authorities.

(b) According to the information and explanation given to us and the records of the company, there have been no dues in respect of Sales Tax, Income Tax, Custom Duty, Wealth Tax and Service Tax etc. which have not been deposited on account of any dispute.

10. The Company had not incurred any cash losses both in the financial year under report and during the immediately preceding financial year.

11. Based on our procedures and on the basis of information and explanations given by the management, in our opinion the Company has not defaulted in repayment of dues to a financial institution and banks.

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

13. In our opinion, considering the nature of activities carried on by the Company during the year, the provisions of any special statute applicable to chit fund, nidhi or mutual benefit fund/ societies are not applicable to the Company.

14. In our opinion and according to the information and explanation gives to us, the company is not dealing in or trading in shares, securities, debentures and other investments.

15. According to the information and explanations provided to us, the Company has not guaranteed for loans taken by others from banks or financial institutions.

16. As per the explanations and informations provided to us the term loan has been applied for the purpose for which they were taken.

17. On the basis of our examinations of the books of accounts and the explanations and informations provided to us, in our opinion, the funds raised on short term basis have not 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 Act during the year.

19. The Company has not issued any debentures and hence clauses 4(xix) of the Companies (Auditors Report) Order, 2003 is not applicable to the Company.

20. During the year covered by our report the Company has not raised any money by way of public issue.

21. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanation given to us, we have neither come across any instances of fraud on or by the Company nor have we been informed of such cases by the management.

For SURENDRA KUMAR SURANA & CO. CHARTERED ACCOUNTANTS Firm Regn. No. 317119E

(S.K. SURANA) Partner (Membership No. 53271)

Kolkata

Dated : 31.08.2010