Auditor Report of Shreenath Investments Company Ltd.

Mar 31, 2024

We have audited the standalone financial statements of Shrccnath Investment Company Limited
which comprise the balance sheet as at 31st March 2024, and the statement of Profit and Loss
(including other comprehensive income), statement of changes in equity and statement of cash flows
for the year then ended, and notes to the financial statements, including 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 give a true and fair view in conformity with the accounting
principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024,
and profit (including other 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 Act. Our responsibilities under those Standards are further described in the Auditor''s
Responsibilities for the Audit of the Financial Statements section of our report. We are independent of
the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants
of India together with the ethical requirements that are relevant to our audit of the standalone financial
statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 of the current period. These matters were addressed in the context
of our audit of the financial statements as a whole, and in forming our opinion thereon, and wc do not
provide a separate opinion on these matters. For the matter described below, our description of how
our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in
our report. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the
audit of the standalone financial statements section of our report, including in relation to these
matters. Accordingly, our audit included the performance of procedures designed to respond to our
assessment of the risks of material misstatement of the standalone financial statements. The results of
our audit procedures, including the procedures performed to address the matter below, provide the
basis for our audit opinion on the accompanying standalone financial statements.

Kev Audit Matter	How nur audit addressed the key audit matter
	_______—-
Accuracy of recognition, measurement, presentation and disclosure of revenue from commodities sale The Company recognises revenues when control of the goods is transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods. The terms of arrangements in case of sales, including the timing of transfer of control, delivery specifications and other contractual and commercial terms, are relevant factors in determining the timing and value of revenue to be recognised. The Company considers revenue as a key performance measure which could create an incentive for overstatement revenue. Based on above, revenue recognition from commodities trading has been considered as a key audit matter for the current year’s audit.	Our Audit procedures involve identification of internal controls and their operating effectiveness towards application of this standard. We have also carried out the substantive testing of the transactions. We have: a. Assessed the appropriateness of the revenue recognition policies by comparing with the applicable Indian accounting standards. b. Evaluated the accounting policies with respect to these transactions. c. Verified the internal controls towards identification of costs incurred towards the concerned transactions and ensured that only the costs related to the transactions are recorded. d. Verified the documents relating to satisfying the performance obligation and costs incurred thereunder. e. Assessed the disclosures made in the standalone financial statements in respect of revenue recognition in accordance with the applicable requirements.

Information Other than the Financial Statements and Auditor s Report 1 nereon

The Company’s Management and Board of Directors are responsible for the other information, lhe
other information comprises the information included in the Company’s Annual Report, 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 Ind AS financial statements, our responsibility is to
read the other information and, in doing so, consider whether such other information is materially
inconsistent with the standalone financial statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated. If, based on the work we have performed, we conclude
that there is a material misstatement of this other information, we are required to report that tact. 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 standalone financial statements that give a true and fair view
of the financial position, financial performance (including other comprehensive income), changes in
equity and cash flows of the Company in accordance with the accounting principles generally
accepted in India, including the Indian 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 of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and presentation ot
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 standalone 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.

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

Auditor’s Responsibilities for the Audit of the Financial Statements

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

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

Wc also:

• identify and assess the risks of material misstatement of the standalone financial statements,
whether due to fraud or error, design and perforin 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 standalone financial statements in place and the operating
effectiveness of such controls.

• evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.

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

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

Materiality is the magnitude of misstatements in the standalone financial statements that, individually
or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of
the standalone financial statements may be influenced. We consider quantitative materiality and
qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our
work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial
statements.

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

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

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

Report on Other Legal and Regulatory Requirements

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

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 (including other comprehensive income), the
Statement of Changes in Equity and Statement of Cash Flows dealt with by this Report are in
agreement with the books of account.

(d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting
Standards specified under Section 133 of the Act.

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

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

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

i. the Company does not have any pending litigations which would impact its financial position.

ii. the Company did not have any long-term contracts including derivative contracts. As such,
the question of commenting on any material foreseeable losses thereon does not arise.

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

iv. the management has represented that, to the best of its knowledge and belief, other than as
disclosed in the note no. 34 to the accounts, 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 or entity, including foreign entity
(“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the company (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate

''*( . Beneficiaries;

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v. the management has represented that, to the best of its knowledge and belief, other than as
disclosed in the note no. 34 to the accounts, no funds have been received by the company
from any person or entity, including foreign entity (“Funding Parties”), with the
understanding, whether recorded in writing or otherwise, that the company shall, whether,
directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the Ultimate;

vi. Based on such audit procedures that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of Rule 11(e), contain any material mis-statement.

vii. The Company has neither declared nor paid any dividend during the year.

viii. Based on our examination which included test checks, the Company has used an accounting
software for maintaining its books of account for the financial year ended March 31, 2024
which has a feature of recording audit trail (edit log) facility and the same has operated
throughout the year for all relevant transactions recorded in the software. Further, during the
course of our audit we did not come across any instance of audit trail feature being tampered
with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April
01, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on
preservation of audit trail as per the statutory requirements for record retention is not
applicable for the financial year ended March 31,2024.

(h) With respect to the matter to be included in the Auditor’s Report under Section 197(16) of the Act:

In our opinion and according to the information and explanations given to us, the remuneration
paid by the Company to its director/s during the current year is in accordance with the provisions
of Section 197 of the Act.

FOR KAMDAR DALAL & ASSOCIATES

FIRM REGISTRATION NO.: 129596W

CHARTERED ACCOUNTANTS ^

^ --- rA\

S.K.KAMDAR Chartered w

PARTNER

MEMBERSHIP NO.: 032878 s_ _ -/ *//

UDIN : 24032878BKBHFD2336

MUMBAI: MAY 23, 2024

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Mar 31, 2014

We have audited the attached Balance Sheet of Shreenath Investment Company Limited (hereinafter referred to as 'the Company') as at March 31, 2014, and also the Statement of Profit and Loss 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

2. Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under Companies Act 1956 ("the Act") read with general circular 08/2014 dated 4th April 2014 of the Ministry of Corporate Affairs. 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.

3. Auditor's Responsibility

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

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

4. Opinion

In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with Significant Accounting Policies and Other Notes on Accounts and those appearing elsewhere in the accounts 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:

4.6.1 in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

4.6.2 in the case of the Statement of Profit and Loss, of the profit for the year ended on that date ; and

4.6.3 in the case of Cash Flow Statement, of the cash flows of the Company for the year ended on that date

5. Report on Other Legal and Regulatory Requirements

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

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

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

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

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

d) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with the Accounting Standards notified under Companies Act 1956 ("the Act") read with General Circular 08/2014 dated April 04, 2014 issued by the Ministry of Corporate Affairs;

e) On the basis of the written representations received from the directors as on March 31, 2014 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2014 from being appointed as a director in terms of section 274 (l)(g) of the Act

Annexure referred to in paragraph 5 of our report of even date

Re: SHREENATH INVESTMENT COMPANY LIMITED

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

b) The Company has physically verified its fixed assets which in our opinion, is reasonable having regards to the size of the Company and the nature of its assets. No material discrepancies were observed during the physical verification.

c) The Company has not disposed off a substantial part of its fixed assets during the year.

ii. The Company did not hold inventory during the year and hence Clauses (ii) (a), (b) and (c) of the Order, are not applicable to the company

iii. The Company has neither given nor taken any loans, secured or unsecured, to companies, firm or other parties covered in the register maintained under section 301 of the Act. Hence, clauses (iii) (b), (c) and (d),(f),(g) of the Order, are not applicable to the Company

iv. In our opinion and according to the information and explanations given, there is adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of fixed assets and for the sale of services. Further, on the basis of examination of the books and records of the Company and according to the information and explanations given, and as per the checking carried out in accordance with the auditing standards generally accepted in India, neither we have observed nor we have been reported for any continuing failure to correct major weaknesses in the internal control system relating to the aforesaid. During the year the Company has neither purchased any inventory nor sold any goods, hence we have not commented on same

v. Based on the audit procedures applied and according to the information and explanations given, there are no contracts or arrangements referred to in Section 301 of the Act that need to be entered in the register maintained under that section. Hence clause (v)(b) of the Order is not applicable to the Company.

vi. In our opinion and according to the information and explanations given, the Company has not accepted deposits from public in terms of the provisions of Section 58A and 58AA of the Act. No order has been passed by the Company Law Board or National Company Law Tribunal or the Reserve Bank of India or any Court or any other Tribunal

vii. In view of the existing internal controls and low volume of transactions during the year, the Company did not deem it necessary to have a formal Internal Audit System during the year

viii. As informed, the Company is not required to maintain Cost Records under Clause (d) of sub section (1) of Section 209 of the Act

ix. a) The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including income Tax, Service Tax, Cess and other material Statutory Dues applicable to it. There were no arrears as at March 31, 2014 for a period of more than six months from the date they became payable.

As informed, statutory dues in the nature of wealth tax, provident fund, investor education and protection fund, employees state insurance, sales tax, custom duty, excise duty are not applicable to the Company.

b) According to the information and explanations given to us, there are no dues of income tax, service tax, cess and

any other material Statutory dues which have not been deposited on account of any dispute.

As informed, statutory dues in the nature of wealth tax, sales tax, custom duty, excise duty are not applicable to the Company

x. The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in current financial year or in the immediately preceding financial year

xi. According to the information and explanations given, the Company has not taken loans from financial institutions and banks nor has the company" issued any debentures, hence clause 4(xi} of the Order is not applicable to the Company

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

xiii. In our opinion, the company is not a chit fund or a nidhi/ mutual benefit fund/ society. Therefore, the provision of clause 4(xiii) of the order is not applicable to the Company

xiv. In our opinion, the Company is not dealing in or trading in shares, securities, debentures, and other investments. Accordingly, provision of clause 4 (xiv) of the order are not applicable to the Company

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

xvi. According to the information and explanations given, the company has not raised any term loans. Accordingly, provision of clause 4(xvi) of the Order is not applicable to the Company

xvii. According to the information and explanation given and on overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investments

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

xix. According to the information and explanations given, the company has not issued any debentures. Therefore, the provision of clause 4(xix) of the Order is not applicable to the Company

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

xxi. During the course of our examination of the books and records of the Company, carried out in accordance with the auditing standards generally accepted in India, we have neither come across any instance of fraud on or by the Company noticed or reported during the year nor we have been informed of such case by the management

For and on behalf of Khimji Kunverji & Co Chartered Accountants Firm Registration No. 105146W

Mumbai, R. V. CHANIYARI Dated: May 31, 2014 PARTNER (F -31083)

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Mar 31, 2011

1. We have audited the attached Balance Sheet of Shreenath Investment Company Limited (hereinafter referred to as 'the Company') as at March 31, 2011, and also 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

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

3. As required by the Companies (Auditor's Report) Order, 2003 (as amended) (hereinafter referred to as 'the Order') issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, (hereinafter referred to as 'the Act') we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

4.1 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;

4.2 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;

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

4.4 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 section 211 (3C) of the Act;

4.5 On the basis of the written representations received from the directors as on March 31, 2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2011 from being appointed as a director in terms of section 274 (l)(g) of the Act;

4.6 In our opinion and to the best of our information and according to the explanations given, the said accounts read together with Significant Accounting Policies and Notes on Accounts in Schedule '7' and those appearing elsewhere in the accounts 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:

4.6.1 in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2011;

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

4.6;3 in the case of Cash Flow Statement, of the cash flows of the Company for the year ended on that date

Annexure referred to in paragraph 3 of our report of even date

Re: SHREENATH INVESTMENT COMPANY LIMITED

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

(i){b) The Company has physically verified its fixed assets which in our opinion, is reasonable having regards to the size of the Company and the nature of its assets. No material discrepancies were observed during the physical verification

(i)(c) The Company has not disposed off a substantial part of its fixed assets during the year

(ii) The company did not hold inventory during the year and hence Clauses (it) (a), (b) and (c) of the Order, are not applicable to the company

(iii) The Company has neither given nor taken any loans, secured or unsecured, to companies, firm or other parties covered in the register maintained under section 301 of the Act. Hence, clauses (iii) (b), (c) and (d),(f),{g) of the Order, are not applicable to the Company

(iv) In our opinion and according to the information and explanations given, there is adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of fixed assets and for the sale of services. Further, on the basis of examination of the books and records of the Company and according to the information and explanations given, and as per the checking carried out in accordance with the auditing standards generally accepted in India, neither we have observed nor we have been reported for any continuing failure to correct major weaknesses in the internal control system relating to the aforesaid. During the year the Company has neither purchased any inventory nor sold any goods, hence we have not commented on same

(v) Based on the audit procedures applied and according to the information and explanations given, there are no contracts or arrangements referred to in Section 301 of the Act that need to be entered in the register maintained under that section. Hence clause (v)(b) of the Order is not applicable to the Company

(vi) In our opinion and according to the information and explanations given, the Company has not accepted deposits from public in terms of the provisions of Section 58A and 58AA of the Act. No order has been passed by the Company Law Board or National Company Law Tribunal or the Reserve Bank of India or any Court or any other Tribunal

(vii) !n view of the existing internal controls and low volume of transactions during the year, the Company did not deem it necessary to have a formal Internal Audit System during the year

(Viii) As informed, the Company is not required to maintain Cost Records under Clause (d) of sub section (1) of Section 209 of the Act

(ix){a) The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Income Tax, Service Tax, Cess and other material Statutory Dues applicable to it. There were no arrears as at March 31, 2011 for a period of more than six months from the date they became payable.

As informed, statutory dues in the nature of wealth tax, provident fund, investor education and protection fund, employees state insurance, sales tax, custom duty, excise duty are not applicable to the Company

(ix){b) According to the information and explanations given, there are no dues of Income tax, Cess and other material Statutory dues which have not been deposited on account of any dispute As informed, statutory dues in the nature of wealth tax, sales tax, custom duty, excise duty are not applicable to the Company

(x) The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in current financial year or in the immediately preceding financial year

(xi) According to the information and explanations given, the Company has not taken loans from financial institutions and banks nor has the company issued any debentures, hence clause 4(xi) of the Order is not applicable to the Company

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

(xiii) In our opinion, the company is not a chit fund or a nidhi/ mutual benefit fund/ society. Therefore, the provision of clause 4(xiii) of the order is not applicable to the Company

(xiv) m our opinion, the Company is not dealing in or trading in shares, securities, debentures, and other investments. Accordingly, provision of clause 4 (xiv) of the order are not applicable to the Company

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

(xvi) According to the information and explanations given, the company has not raised any term loans. Accordingly, provision of clause 4{xvi) of the Order is not applicable to the Company

(xvii) According to the information and explanation given and on overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investments

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

(xix) According to the information and explanations given, the company has not issued any debentures. Therefore, the provision of clause 4{xix) of the Order is not applicable to the Company

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

(xxi) During the course of our examination of the books and records of the Company, carried out in accordance with the auditing standards generally accepted in India, we have neither come across any instance of fraud on or by the Company noticed or reported during the year nor we have been informed of such case by the management

For and on behalf of

KHIMJI KUNVERJI & Co

Chartered Accountants

FIRM REGISTRATION NO. 105146W

Mumbai, R V CHANIYARI

Dated: May 31, 2011 Partner (F-31083)

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Mar 31, 2010

1. We have audited the attached Balance Sheet of Shreenath Investment Company Limited (hereinafter referred to as the 'Company') as at March 31, 2010, and also 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

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

3. As required by the Companies (Auditor's Report) Order, 2003 (as amended) (hereinafter referred to as 'the Order') issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, (hereinafter referred to as 'Act') we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order,

4. Further to our comments in Para 3 above, we report that:

4.1 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

4.2 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

4.3 The Balance Sheet, Profit and Loss Account and the Cash Flow statement dealt with by this report are in agreement with the books of account

4.4 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 section 211 (3C) of the Act

4.5 On the basis of the written representations received from the directors as on March 31, 2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2010 from being appointed as a director in terms of section 274(l)(g) of the Act

4.6 In our opinion and to the best of our information and according to the explanations given, the said accounts read together with Significant Accounting Policies and Notes on Accounts in Schedule '7' and those appearing elsewhere in the accounts 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:

4.6.1 in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2010; and

4.6.2 in the case of the Profit and Loss account, of the profit for the year ended on that date ; and

4.6.3 in the case of Cash Flow statement, of the cash flows of the company for the year ended on that date

Annexure referred to in paragraph 3 of our report of even date Re: SHREENATH INVESTMENT COMPANY UMITED

3.1{a) The Company has maintained proper records showing particulars, including quantitative details and situation of fixed assets

3.1(b) The Company has physically verified its fixed assets which in our opinion, is reasonable having regards to the size of the Company and the nature of its assets. No material discrepancies were observed during the physical verification

3.1(c) The Company has not disposed off a substantial part of its fixed assets during the year

3.2 The company did not hold inventory during the year and hence Clauses (ii) (a), (b) and (c) of the Order, are not applicable to the company

3.3 The Company has not given/taken any loans, secured or unsecured, to companies, firm or other parties covered in the register maintained under section 301 of the Act. Hence, clauses (iii) (b), (c) and (d),(f),(g) of the Order, are not applicable to the Company

3.4.1 In our opinion and according to the information and explanations given, there is adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of fixed assets and for the sale of services. Further, ort the basis of examination of the books and records of the Company and according to the information and explanations given, and as per the checking carried out in accordance with the auditing standards generally accepted in India, neither we have observed nor we have been reported for any continuing failure to correct major weaknesses in the internal control system relating to the aforesaid

3.5 Based on the audit procedures applied and according to the information and explanations given, there are no contracts or arrangements referred to in section 301 of the Act that need to be entered in the register maintained under that section. Hence clause (v)(b) of the Order is not applicable to the company

3.6 In our opinion and according to the information and explanations given, the Company has not accepted deposits from public in terms of the provisions of Section 58A and 5SAA of the Act. No order has been passed by the Company Law Board or National Company Law Tribunal or the Reserve Bank of India or any Court or any other Tribunal

3.7 In view of the existing internal controls and low volume of transactions during the year, the Company did not deem it necessary to have a formal Internal Audit System during the year

3.8 As informed, the Company is not required to maintain Cost Records under Clause (d) of sub section (1) of section 209 of the Act

3.9(a) The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Income Tax, Service Tax Cess and other material Statutory Dues applicable to it. There were no arrears as at March 31, 2010 for a period of more than six months from the date they became payable.

As informed, statutory dues in the nature of wealth tax, provident fund, investor education and protection fund, employees state insurance, sales tax, custom duty, excise duty are not applicable to the company

3.9(b) According to the information and explanations given, there are no dues of Income tax, Cess and other material Statutory dues which have not been deposited on account of any dispute

3.10 The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in current financial year or in the immediately preceding financial year

3.11 According to the information and explanations given, the Company has not taken loans from financial institutions and banks nor has the company issued any debentures, hence clause 4(xi) of the Order is not applicable to the company

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

3.13 In our opinion, the company is not a chit fund or a nidhi/ mutual benefit fund/ society. Therefore, the provision of clause 4(xiii) of the order is not applicable to the company

3.14 In our opinion, the Company is not dealing in or trading in shares, securities, debentures, and other investments. Accordingly, provision of clause 4 (xiv) of the order are not applicable to the company

3.15 According to information and explanations given, the Company has not given guarantees for loans taken by others from banks or financial institutions

3.15 According to the information and explanations given, the company has not raised any term loans. Accordingly, provision of clause 4(xvi) of the Order is not applicable to the company

3.17 According to the information and explanation given and on overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investments

3.18 The Company has not made preferential allotment of shares during the year to parties and companies covered in the register maintained under section 301 of the Act

3.19 According to the information and explanations given, the company has not issued any debentures. Therefore, the provision of clause 4(xix) of the Order is not applicable to the company

3.20 The Company has not raised any money through a public issue during the year

3.21 During the course of our examination of the books and records of the Company, carried out in accordance with the auditing standards generally accepted in India, we have neither come across any instance of fraud on or by the Company noticed or reported during the year nor we have been informed of such case by the management

For and on behalf of *

KUIMJI KUNVERJI &CO

Chartered Accountants

FIRM REGISTRATION NO. 105146W

Mumbai, R.V CHANITARI

Dated:25 MAY 2010

Partner (F-31083)

---

Mar 31, 2009

1. We have audited the attached Balance Sheet of Shreenath Investment Company Limited (hereinafter referred to as the Company) as at March 31, 2009, and also 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.

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

3. As required by the Companies (Auditors Report) Order, 2003 (as amended) (hereinafter referred to as the Order) issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, (hereinafter referred to as Act) we give below a statement on the matters specified in paragraphs 4 and 5 of the said Order:

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

3.1(b) The Company has physically verified its fixed assets which in our opinion, is reasonable having regards to the size of the Company and the nature of its assets. No material discrepancies were observed during the physical verification.

3.1 (c) The Company has not disposed off a substantial part of its fixed assets during the year.

3.2 The company did not hold inventory during the year and hence Clauses (ii) (a), (b) and (c) of the Order, are not applicable to the company.

3.3(a) The Company has not given any loans, secured or unsecured, to companies, firm or other parties covered in the register maintained under section 301 of the Act. Hence, clauses (iii) (b), (c) and (d) of the Order, are not applicable to the Company.

3.3(b) The Company has not taken any loans, secured or unsecured, from companies, firm or other parties covered in the register maintained under section 301 of the Act. Hence, clauses (iii) (f) & (g) of the Order, are not applicable to the company.

3.4.1 In our opinion and according to the information and explanations given, there is adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of fixed assets and for the sale of services. Further, on the basis of examination of the books and records of the Company and according to the information and explanations given, and as per the checking carried out in accordance with the auditing standards generally accepted in India, neither we have observed nor we have been reported for any continuing failure to correct major weaknesses in the internal control system relating to the aforesaid.

3.5 Based on the audit procedures applied and according to the information and explanations given, there are no contracts or arrangements referred to in section 301 of the Act that need to be entered in the register maintained under that section. Hence clause (v)(b) of the Order is not applicable to the company.

3.6 In our opinion and according to the information and explanations given, the Company has not accepted deposits from public in terms of the provisions of Section 58A and 58AA of the Act. No order has been passed by the Company Law Board or National Company Law Tribunal or the Reserve Bank of India or any Court or any other Tribunal.

3.7 In view of the existing internal controls and low volume of transactions during the year, the Company did not deem it necessary to have a formal Internal Audit System during the year.

3.8 As informed, the Company is not required to maintain Cost Records under Clause (d) of sub section (1) of section 209 of the Act.

3.9(a) The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Income Tax, Service Tax Cess and other material Statutory Dues applicable to it. There were no arrears as at March 31, 2009 for a period of more than six months from the date they became payable except Income-Tax dues of Rs.2, 839.

As informed, statutory dues in the nature of wealth tax, provident fund, investor education and protection fund, employees state insurance, sales tax, custom duty, excise duty are not applicable to the company.

3.9(b) According to the information and explanations given, there are no dues of Income tax, Cess and other material Statutory dues which have not been deposited on account of any dispute.

3.10 The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in current financial year or in the immediately preceding financial year.

3.11 According to the information and explanations given, the Company has not taken loans from financial institutions and banks nor has the company issued any debentures, hence clause 4(xi) of the Order is not applicable to the company.

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

3.13 In our opinion, the company is not a chit fund or a nidhi/ mutual benefit fund/ society. Therefore, the provision of clause 4(xiii) of the order is not applicable to the company.

3.14 In our opinion, the Company is not dealing in or trading in shares, securities, debentures, and other investments. Accordingly, provision of clause 4 (xiv) of the order are not applicable to the company.

3.15 According to information and explanations given, the Company has not given guarantees for loans taken by others from banks or financial institutions.

3.16 According to the information and explanations given, the company has not raised any term loans. Accordingly, provision of clause 4(xvi) of the Order is not applicable to the company.

3.17 According to the information and explanation given and on overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investments.

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

3.19 According to the information and explanations given, the company has not issued any debentures. Therefore, the provision of clause 4(xix) of the Order is not applicable to the company.

3.20 The Company has not raised any money through a public issue during the year.

3.21 Based upon the audit procedures performed and information and explanations given, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

4. Further to our comments in Para 3 above, we report that:

4.1 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.

4.2 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.

4.3 The Balance Sheet, Profit and Loss Account and the Cash Flow statement dealt with by this report are in agreement with the books of account.

4.4 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 section 211 (3C) of the Act.

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

4.6 In our opinion and to the best of our information and according to the explanations given, the said accounts read together with Significant Accounting Policies and Notes on Accounts in Schedule 7 and those appearing elsewhere inthe accounts 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:

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

4.6.2 in the case of the Profit and Loss account, of the profit for the year ended on that date ; and

4.6.3 in the case of Cash Flow statement, of the cash flows of the company for the year ended on that date.

For and an behalf of

KHIMJI Kunverji & Co

Chartered Accountants

R V CHANIYARI

Mumbai, Partner(F-31083)

Dated : June 20, 2009