Auditor Report of Shree Salasar Investment Ltd.

Mar 31, 2025

SHREE SALASAR INVESTMENTS LIMITED,

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying standalone financial statements of M/s. SHREE SALASAR INVESTMENTS LIMITED (“the Company”), which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a summary of material accounting policies and other explanatory information (hereinafter referred to as “the 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 (“the Act”) in the manner so required and except the effect of matter referred to in Basis for opinion give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, the profit and total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion:

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

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements for the financial year ended March 31, 2025. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. There are no key audit matters to be reported for the financial year ended March 31, 2025.

Other Information

The Company’s Board of Directors are responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Board’s Report including Annexures to Board’s Report, Business Responsibility Report, Corporate Governance and Shareholder’s Information, but does not include the standalone financial statements and our auditor’s report thereon.

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

In connection with our audit 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 during the course of our audit or otherwise appears to be materially misstated.

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

Management’s Responsibility for the Standalone Financial Statements

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

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

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

Our objectives are to obtain reasonable assurance about whether the standalone financial results 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 results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain

professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial results, 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 the Board of Directors.

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

• Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the financial results 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.

Report on other legal and regulatory requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order"), i ssued by the Central

Government of India in terms of sub-section (11) of section 143 of the Act, we give in the “Annexure

A” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

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

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

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

(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from the directors as on 31^st March 2025, none of the directors are disqualified as on 31^st March 2025 from being appointed as a director in terms of Section 164 (2) of the act.

(f) The Company has neither declared nor paid any dividend during the year

(g) Based on our examination which included test checks, the company has used an 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.

(h) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”

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

a. The Company does not have any pending litigations which would impact its financial position.

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

c. There were no amounts which were required to be transferred, to the Investor Education and Protection Fund by the Company.

d. The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts,

i. no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) or entity(ies), including foreign entities ''Intermediaries'', with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company ''Ultimate Beneficiaries'' or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

ii. no funds have been received by the company from any person(s) or entity (ies), including foreign entities ''Funding Parties'', with the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ''Ultimate Beneficiaries'' or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

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

e. In our opinion and according to the information and explanations given to us, there is no dividend declared or paid during the year by the company is in compliance with section 123 of the Companies Act, 2013.

For and on behalf of

Satya Prakash Natani & Co.

Chartered Accountants

Firm''s Registration No.: 115438W

Jayesh Pravin Chauhan

Partner

UDIN: 25604755BMGYVL1982

Membership No.: 604755

Place: Mumbai

Date: 30-05-2025

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Mar 31, 2024

We have audited the accompanying standalone financial statements of M/s. SHREE SALASAR
INVESTMENTS LIMITED (“the Company”), which comprise the Balance Sheet as at March 31,
2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of
Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a
summary of significant accounting policies and other explanatory information (hereinafter referred
to as “the 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 (“the Act”) in the manner so required and except the effect of matter referred to in Basis for
opinion give a true and fair view in conformity with the Indian Accounting Standards prescribed
under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015,
as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2024, the profit / (loss) and total comprehensive income,
changes in equity and its cash flows for the year ended on that date.

Basis for Opinion:

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

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements for the financial year ended March 31, 2024. These matters were
addressed in the context of our audit of the financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters. There are no key audit
matters to be reported for the financial year ended March 31, 2024.

The Company’s Board of Directors are responsible for the preparation of the other information. The
other information comprises the information included in the Management Discussion and Analysis,
Board’s Report including Annexures to Board’s Report, Business Responsibility Report, Corporate
Governance and Shareholder’s Information, but does not include the standalone financial statements
and our auditor’s report thereon.

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

In connection with our audit 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 during the course of our audit or
otherwise appears to be materially misstated.

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

Management’s Responsibility for the Standalone Financial Statements

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

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

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

Our objectives are to obtain reasonable assurance about whether the standalone financial results
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 results.

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

• Identify and assess the risks of material misstatement of the standalone financial results,
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 the Board of Directors.

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

• Evaluate the overall presentation, structure and content of the standalone financial results,
including the disclosures, and whether the financial results 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.

Report on other legal and regulatory requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order"), issued by the Central

Government of India in terms of sub-section (11) of section 143 of the Act, we give in the “Annexure

A” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

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

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

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

(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified
under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from the directors as on 31^st March 2024,
none of the directors are disqualified as on 31^st March 2024 from being appointed as a director in
terms of Section 164 (2) of the act

(f) The Company has neither declared nor paid any dividend during the year

(g) Based on our examination which included test checks, the company has used an 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.

(h) With respect to the adequacy of the internal financial controls with reference to financial
statements of the Company and the operating effectiveness of such controls, refer to our separate
Report in “Annexure B”

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

a. The Company does not have any pending litigations which would impact its financial
position

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

c. There were no amounts which were required to be transferred, to the Investor Education
and Protection Fund by the Company.

d. The management has represented that, to the best of its knowledge and belief, other
than as disclosed in the notes to the accounts,

i. no funds have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of
funds) by the company to or in any other person(s) or entity(ies),
including foreign entities ''Intermediaries'', with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the company
''Ultimate Beneficiaries'' or provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries; and

ii. no funds have been received by the company from any person(s) or
entity (ies), including foreign entities ''Funding Parties'', with the

understanding, whether recorded in writing or otherwise, that the
company shall, whether, directly or indirectly, lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party ''Ultimate Beneficiaries'' or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.

iii. Based on audit procedures carried out by us, that we have considered
reasonable and appropriate in the circumstances, nothing has come to
our notice that has caused us believe that the representations under sub¬
clause (i) and (ii) contain any material misstatement.

e. In our opinion and according to the information and explanations given to us,
there is no dividend declared or paid during the year by the company is in
compliance with section 123 of the Companies Act, 2013

For and on behalf of

Satya Prakash Natani & Co.

Chartered Accountants

Firm''s Registration No.: 115438W

Satya Prakash Natani

Partner

Mumbai UDIN: 24048091BKAPVQ6685

29th May 2024 Membership No.: 048091

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Mar 31, 2012

We have audited the attached Balance Sheet of Shree Salasar Investments Ltd., as at 31st March, 2012, the Profit and Loss Account and 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 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;

iii. The Balance Sheet , Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of;

iv. In our opinion, the Balance Sheet , Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;except AS-15 regarding Retirement benefits treated on Cash basis.

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

vi. In our opinion and to the best of our information and according to the explanation given to us, the said accounts Subject to Para no.7 of note A regarding non provision of retirement benefits amount is unascertained and read together with other notes thereon given in Note 'A' give a true and fair view in conformity with the accounting principles generally accepted in India:

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

b. In case of the Profit and Loss Account, of the loss for the year ended on that date.

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

ANNEXURE TO THE AUDITOR'S REPORT

Annexure in terms of para 1 of our report of even date to the members of SHREE SALASAR INVESTMENTS LTD. on the accounts for the year ended 31st March 2012.

la. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.

lb. we are informed that Fixed Assets have been physically verified by the management and no discrepancies were observed between book record and physical verification.

lc. The Company has not disposed off substantial part of Fixed Asset during the year to effect to its going concern.

2. During the year there is no inventory hence relevant clause is not applicable.

3a. The Company has not granted loan, secured or unsecured to parties covered in the Register maintained u/s. 301 of the Companies Act, 1956. Hence provisions of sub clause (a) to (d) of clause 4(iii) of the companies (Auditor's Report) Order, 2003 are not applicable to the companies.

3b. The Company has not taken unsecured loan from parties covered u/s. 301 of the Companies Act, 1956. Hence relevant clause is not applicable.

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

5. As per information and explanations given to us there is no transaction in the company that needs to be entered into register in pursuance of section 301 of the Companies Act, 1956.

6. As per information and explanations given to us the company has not accepted deposit from public in contravention of provisions of section 58A of the Companies Act, 1956.

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

8. According to the information and explanations given to us, maintenance of cost records have not been prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956 with regard to the nature of business of the company.

9a. The Company is regular in statutory dues including provident fund, income tax, sales tax, wealth tax, custom duty, service tax, excise duty, cess and any other material statutory dues wherever applicable with the appropriate authorities

9b. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty, excise duty and cess were in arrears.. There are no undisputed statutory dues outstanding for more than six months.

10. The company does not have accumulated loss at the financial year and it has not incurred cash loss in the financial year but in the financial year immediately preceding such financial year there was accumulated loss of Rs.8,72,546 /-

11. According to information and explanations provided to us, the Company has not taken any loan from bank. Hence relevant clause is not applicable.

12. The company has not granted any loans or advance on the basis of security by way of pledge of shares and debentures or any other securities. Therefore, the provisions of clause 4(Xii) of the companies (Auditor's Report) Order, 2003 are not applicable to the companies.

13. In our opinion, the company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of clause 4(Xiii) of the companies (Auditor's Report) Order, 2003 are not applicable to the companies.

14. The company is not dealing in shares and securities. Hence the provisions of clause 4(Xiv) of the companies (Auditor's Report) Order, 2003 are not applicable to the companies.

15. The company has not given any guarantee for loans taken by others from bank or financial institution. Hence, the provisions of clause 4(XV) of the companies (Auditor's Report) Order, 2003 are not applicable to the companies.

16. Company has not taken any term loan. Hence relevant clause is not applicable.

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

18. The company has not made any preferential allotment of shares during the year.

19. The company has not issued any debentures.

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

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

FOR SHANKARLAL JAIN & ASSOCIATES

CHARTERED ACCOUNTANTS

Firm Registration No. 109901W

S.L. AGRAWAL

PARTNER.

M.NO. 72184

PLACE: MUMBAI

DATED: 11 AUG 2012

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Mar 31, 2011

We have audited the attached Balance Sheet of Shree Salasar Investments Ltd., as at 31st March, 201 l,the Profit and Loss Account and 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 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;

iii) The Balance Sheet , Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of;

iv) In our opinion, the Balance Sheet , Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 21 1 of the Companies Act, 1956;

v) On the basis of written representations received from the directors, as on 31st March, 2011, 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 if our information and according to the explanation given to us, the said accounts read together with other notes thereon given in schedule 'T gives 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 Balance Sheet, of the state of affairs of the Company as at 31sl March, 2011; and

b. In case of the Profit and Loss Account, of the loss for the year ended on that date.

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

ANNEXURE TO THE AUDITOR'S REPORT

Annexure in terms of para 1 of our report of even date to the members of SHREE SALASAR INVESTMENTS LTD. on the accounts for the year ended 31st March 2011.

la. The company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.

lb We are informed that Fixed Assets have been physically verified by the management and no discrepancies were observed between book record and physical verification.

lc. The company has not disposed off substantial part of Fixed Asset during the year to effect to its going concern.

2. During the year there is no inventory hence relevant clause is not applicable.

3a The company has not granted loan, secured or unsecured to parties covered in the Register maintained u/s. 301 of the Companies Act, 1956. Hence provisions of subclause (a) to (d) of clause 4(iii) of the companies (Auditor's Report) Order, 2003 are not applicable to the companies,

3b The company has taken unsecured loan from a director covered u/s. 301 of the Companies Act, 1956. Amount of loan outstanding as on 315! March 11 is Rs.10000.

3c. In our opinion, the terms & conditions of such loans are not Prima facie prejudicial to the interest of the company.

4 In our opinion and accordinq to the information and explanation given to us, there are adequate interna! control procedures commensurate with the size of the company and the nature of its business, for the purchase and sale of inventory, fixed assets and with regard to the sale of goods/services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5 As per information and explanations given to us there is no transaction in the company that needs to be entered into register in pursuance of section 301 of the Companies Act, 1956.

6 As per information and explanations given to us the company has not accepted deposit from public in contravention of provisions of section 58A of the Companies Act, 1956.

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

8 According to the information and explanations given to us, maintenance of cost records have not been prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956 with regard to the nature of business of the company.

9a The Company is regular in depositing undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, custom duty, service tax, excise duty, cess and any other material statutory dues wherever applicable with the appropriate authorities.

9b. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty, excise duty and cess were in arrears.. There are no undisputed statutory dues outstanding for more than six months.

10. The company does have accumulated loss of Rs. 14,78,846/- at the financial year and it has incurred cash loss in the financial year of Rs.8,56,242/- and in the financial year immediately preceeding such financial year of Rs.12,07,110/-

11. According to information and explanations provided to us, the Company has not taken defaulted in repayment of dues to bank.

12. The company has not granted any loans or advance on the basis of security by way of pledge of shares and debentures or any other securities. Therefore, the provisions of clause 4(Xii) of the companies (Auditor's Report) Order, 2003 are not applicable to the companies.

13. In our opinion, the company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of clause 4(Xiii) of the companies (Auditor's Report) Order, 2003 are not applicable to the companies.

14. The company is not dealing in shares and securities. Hence the provisions of clause 4(Xiv) of the companies (Auditor's Report) Order, 2003 are not applicable to the companies.

15. The company has not given any guarantee for loans taken by others from bank or financial institution. Hence, the provisions of clause 4(XV) of the companies (Auditor's Report) Order, 2003 are not applicable to the companies.

16. As per information and explanations given to us term loans taken during the year were applied for the purpose for which it was taken. During the year there is no loan accepted.

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

18. The company has not made any preferential allotment of shares during the year.

19. The company has not issued any debentures.

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

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

For SHANKARLAL JAIN & ASSOCIATES

CHARTERED ACCOUNTANTS Firm Reg. No.109901 W

S.L. Agrawal PARTNER M NO 72184

Place : Mumbai

Date :23 AUG 2011

---

Mar 31, 2010

We have audited the attached Balance Sheet of Shree Salasar Investments Ltd., as at 31st March, 2010,the Profit and Loss Account and 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 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 (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to 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;

iii) The Balance Sheet , Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of;

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

v) On the basis of written representations received from the directors, as on 31st March, 2010, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2010 from being appointed as 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 if our information and according to the explanation given to us, the said accounts read together with other notes thereon given in schedule 7 gives 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 Balance Sheet, of the state of affairs of the Company as at 31st March, 2010; and

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

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



ANNEXURE "A" TO THE AUDITORS REPORT

(Referred to in Paragraph 3 of the Auditors Report of even date to the members of Shree Salasar Investments Ltd On the financial statements for the year ended 31st March 2010)

1. The company has maintained proper records showing full particulars including, quantitativedetails and situation of fixed assets. The assets have been disposed during the year .Hence question of physical verification does not arise.

2. The company is not dealing / trading in goods , as such this para is not applicable .

3. The company has granted unsecured loans of Rs 119721/- to a company listed in the register maintained under section 301 of the Companies Act, 1956. The company is paying the principal amount and the interest as stipulated. In our opinion terms and conditions on which loan has been granted are not prima facie prejudicial to the interest of the company out of this Rs 107000/- has been repaid during the year. The company has not taken any loan from parties listed in the register maintained under section 301 of the Companies Act, 1956.

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, and for the sale of shares/assets. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in the internal controls.

5. As explained to us, in case of transactions exceeding the value of Rs 5 Lakhs in the financial year in respect of any party (a) the transaction need to be entered into a register in pursuance of Section 301 of the companies act,1956 have been so entered, (b) in our opinion these transaction have been made at the prices which are reasonable having regards to prevailing market price at relevant price.

6. The Company has not accepted any deposits from the public within the meaning of Section 58A and 58AA of the Act. According to the information and explanations given to us, no order has been passed by Company Law Board and as such the requirement of compliance thereof is not applicable to the Company.

7. Internal audit is carried out by the own Internal Audit Celi of the Company. In our opinion, the internal audit system has been found to be generally commensurate with the size and nature of the business of the Company.

8. According to the information and explanations given to us, the Central Government has not prescribed for the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 in respect of the product of the Company.

9. i.According to the information and explanations given to us, the Company, has been generally regular in depositing the undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, wealth tax, excise duty, cess and other material statutory dues with the appropriate authorities. As far as available from the records verified by us and according to the information and explanations given to us, there were no arrears of dues outstanding for a period of more than six months as at 31st March 2010 from the date they became payable.

ii. According to the information and explanations given to us, there is no disputed statutory unpaid during the year.

10. The Company has accumulated losses of Rs 6.06 lacs and there is a cash loss of Rs 12.08 lacs during the year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to Banks or Debentures holders.

12. As informed, the Company has not granted any loans and advances on the basis of any security by way of pledge of shares, debentures and other securities.

13. According to the information and explanations given to us, the Company is not a chit fund or a nidhi/mutual benefit fund/society.

14. According to the information and explanations given to us, the Company is engaged in investments in shares, securities, debentures and other investments and in our opinion proper records are maintained in this regard.

15. In our opinion and according to the information and explanations given to us, the Company has not given guarantees for loans taken by others from banks.

16. The Company has not taken term loan from a bank.

17. According to the information and explanations given to us and on overall examination of the Balance Sheet of the Company, has no short term funds .

18. According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of Companies Act, 1956.

19. According to the information and explanations given to us, no debentures has been issued during the year by the Company.

20. According to the information and explanations given to us, the Company has not raised any money during the year by public issue.

21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices and according to the • information and explanations given to us, we have neither come across any fraud on or by the Company nor have we have been informed of any such case by the Management.



For SHANKARLAL JAIN & ASSOCIATES

CHARTERED ACCOUNTANTS

SLAGARWAL

Place : Mumbai PARTNER

Date : 06/05/2010 M NO 72184

---

Mar 31, 2009

We have audited the attached Balance Sheet of Shree Salasar Investments Ltd., as at 31st March, 2009,the Profit and Loss Account and 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 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 (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to 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;

iii) The Balance Sheet , Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of;

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

v) On the basis of written representations received from the directors, as on 31st March, 2009, 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 if our information and according to the explanation given to us, the said accounts subject to note No.4 in respect of certain shares not held by the company and non-provision of fall in market value of investments of Rs.1254941/- and read together with other notes thereon given in schedule 7 gives the information required by the Companies Act, 1956, in the matter so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a. in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2009; and

b. in case of the Profit and Loss Account, of the profit for the year ended on that date.

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

(Referred to in Paragraph 3 of the Auditors Report of even date to the members of SHREE SALASAR INVESTMENTS LTD. On the financial statements for the year ended 31st March 2009)

1. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. We are informed that fixed assets were verified by the management at the end of the year and no material discrepancy was noticed on such verification by the management. No assets have been disposed off during the year.

2. The company has granted unsecured loans of Rs 119721/- to a company listed in the register maintained under section 301 of the Companies Act, 1956. The company is paying the principal amount and the interest as stipulated. In our opinion terms and conditions on which loan has been granted are not prima facie prejudicial to the interest of the company. The company has not taken any loan from parties listed in the register maintained under section 301 of the Companies Act, 1956.

3. 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, for the purchase of securities and for the sale of securities.

4. The company has transactions in pursuance of contracts or arrangements duly entered in the register maintained under section 301 of the Companies Act, 1956 in respect of each party have been made. In our opinion these transactions have been made at prices which are reasonable having regard to the prevailing market price at the relevant time.

5. The company has not accepted deposit from public.

6. According to the information and explanations given to us, there are no undisputed amounts payable in respect of Income-tax, Wealth-tax, Sales Tax, Service tax ,Customs duty and Excise duty were outstanding, as at 31st March, 2009 for a period of six months from the date they became payable. Income Tax demand of Rs.479368/- plus interest thereon has been disputed by the company and appeal is pending.

7. The company has not granted any loans or advances on the basis of security by way of pledge of shares, debenture and other securities. Hence, there is no need to maintain the records regarding security of loans.

8. As the company is not Chit fund, Nidhi or mutual benefit society, the question of application of special statue does not arise.

9. The company has maintained proper records of the transactions and contracts of investments in shares and has also made timely entries therein. The shares held by the company at the end of the year are in its own name except 5200 shares of Shree Dhanop Finance & Consultancy Ltd.

10. During the checks carried out by us, any frauds on or by company has not been noticed or reported during the year under report.

11. In our opinion, provisions of Para 4A (ii), (vii),(viii), (x) ,(xi), (xv) to (xx) are not applicable to the company.

For SHANKARLAL JAIN & ASSOCIATES CHARTERED ACCOUNTANTS

S.L.Agrawal

PARTNER

M NO 72184

Place : Mumbai

Date : 31/07/2009

---

Mar 31, 2008

We have united the attached Balance Sheet or Shree Salasar Investments Ltd., as at 31st March. 2008.The Profit and Loss Account and Cash Flow Statement for the year ended on that date annexed hereto These financial statements arc 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 10 obtain reasonable assurance about whether the financial statements are Tree 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 estimate* 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 I and 3 of the said Order

l-further to our comments in the Annexure referred to above, we report that

i) We have obtained all the information and explanations, which lo 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 kepi by the company so far as appears from our examination of those.

iii) The Balance Sheet Profit and Loss Account and Cash Flow Statement dealt with by this report arc in agreement with the books of;

iv) In our opinion, the Balance Sheet Profit and Loss Account and ( ash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C)of section 211 of the Companies Act 1956

v) On the basis of written representations received from the directors, as on 11th March, 2008, amid taken on record by the Board of Directors, we report half none of the directors is disqualified as on 31- March 2008 from being appointed as u director in terms of clause
''i) In our opinion and to the best if our information and according to the explanation given to us. the said accounts subject to note No 4 in respect of certain shares not held by the company and non-provision of fall in market value of investments of Rs. 1254941/- and read together with other notes thereon given in schedule "7" gives the information required by the Companies Act, 1956. if the matter so required and give a true and fair view in conformity with the accounting principles generally accepted in India

a. in the case of Balance Sheet, of the state of affairs of the Company as at 31st March. 2008,and

b. in case of the Profit and loss Account, of the profit for the year ended on that date

c in case of the Cash Mow Statement of the cash flow for the year ended on that date

(Referred to in Paragraph 3 of the Auditors Report of even date To the members of SHREE SALASAR INVESTMENTS LTD. On the financial statements for the year ended 31 March 2008)

1 The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets We are informed that fixed assets were verified by the management at the end of the year and no material discrepancy was noticed on such verification by the management No assets have been disposed of during the year

2 the company has granted unsecured loans of Rs 104750/- lo a company listed in the register maintained under section 301 of the Companies Act. 1956 The company is paying the principal amount and the interest as stipulated In our opinion terms and conditions on which loan has been granted are not prima faces prejudicial to the interest of the company. The company has not taken any loan from parties listed in the register maintained under section 301 of the Companies Act 1956

3 In our opinion and according to the information and explanations given to us. there are adequate internal control procedures commensurate with the shed of the Company and the nature of its business, for the purchase of securities and for the sale of securities

4. the company has transactions in pursuance of contracts of arrangements duly entered in the register maintained under section 301 of the Companies Act. IV56 iii respect of catch party have been made In our opinion these transactions have been made at prices which are reasonable having regard to the prevailing market price at the relevant time.

5 The company has not accepted deposit from public

6. According to the information and explanations given to us. there arc no undisputed amounts payable in respect of Income-tax. Wealth-tax, S.des Tax. Service tax .Customs duty and Excise duty were outstanding, as at 31st March. 2008 for a period of six months from the date they became payable Income fax demand of Rs.479368/- plus interest thereon has been disputed by the company ,quid appeal is pending

7 The company lugs not granted an loans of advances on the basis of security by way of pledge of shares, debenture and other securities Hence, there is no need to maintain the records regarding security of loans

8. As the company is not Chit fund, Nidhi or mutual benefit society. the question of application of special statue does not arise

9. The company has maintained proper records of the transactions amid contracts of investments in shares and has also made timely entries therein The them held by the company at the end of the year are in its own name except 5200 shares of Shock Jhanop Finance & Consultancy Ltd

10 During the checks earned our by us. any frauds on or by company has not been noticed or reported during the year under report

11 In our opinion, provisions of Para 4A (ii). (vii),(viii). (x) .(XI). (xv) to (xx) are not applicable to the company

For SHANKARLAL JAIN & ASSOCIATES

CHARTERED ACCOUNTANTS



SL Agrawal

PARTNER

M NO 72184

Place Mumbai

Date 05/07/2008