Auditor Report of Vani Commercials Ltd.

Mar 31, 2025

We have audited the accompanying Standalone financial statements of
VANI COMMERCIALS LIMITED (“the Company and its subsidiary which
collectively known as the Group”), which comprise the Standalone Balance
Sheet as at March 31, 2025 the Statement of Standalone Profit and Loss,
the Standalone Cash Flow Statement and the Statement of Changes in
Equity for the year then ended, and notes to the Standalone financial
statements, including a summary of significant accounting policies and
other explanatory information.

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, as amended
(''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
Standalone state of affairs of the Company as at 31st March 2025, its
Standalone profit, and its Standalone cash flows and the changes in equity
for the year ended on that date.

Basis of opinion

We conducted our audit of the Standalone financial statements in
accordance with the Standards on Auditing (SAs), as 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

Standalone Financial Statements'' section of our report. We are
independent of the Group and its subsidiary 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 audit opinion on the Standalone financial
statements.

Key Audit Matters

Key audit matters (''KAM'') are those matters that, in our professional
judgment, were of most significance in our audit of the Standalone financial
statements for the FY ending 31^st March 2025. These matters were
addressed in the context of our audit of the Standalone financial statements
as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. For each matter our description of how
our audit addressed the matter is provided in that context.

Other Information

The holding Company''s Board of Directors are responsible for the other
information. The other information comprises the information included in
the Company''s annual report, but does not include the financial statements
and our auditors'' report thereon.

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

In connection with our audit of the Standalone financial statements, our
responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the Standalone
financial statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in
this regard.

Management''s Responsibility for the Standalone Financial
Statements

The holding 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, Standalone financial performance including other Standalone
comprehensive income, Standalone cash flows and changes in equity of
the Group in accordance with the accounting principles generally accepted
in India, including the Accounting Standards (AS) specified under section
133 of the Act read with read with Rule 7 of the Companies (Accounts)
Rules, 2015. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and the design, implementation and maintenance
of adequate internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the Standalone financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error which have been used for the
purpose of preparation of the Standalone financial statements by the
directors of the holding company.

In preparing the Standalone financial statements, Management of the
holding company responsible for assessing the group and its subsidiary''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 group or to cease
operations, or has no realistic alternative but to do so.

Auditor''s responsibilities for the audit of the Standalone Financial
Statements

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

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

judgment and maintain professional skepticism throughout the audit.

We also:

• Identify and assess the risks of material misstatement of the
Standalone financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in
order to design audit procedures that are appropriate in the
circumstances. Under section 143(3)(i) of the Act, we are also
responsible for expressing our opinion on whether the Holding
Company has adequate internal financial controls with reference to
financial statements in place and the operating effectiveness of
such controls.

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

• Conclude on the appropriateness of management''s use of the
going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the ability of
the Group and its associates and joint ventures to continue as a

going concern. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor''s report to the related
disclosures in the Standalone financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the date of our
auditor''s report. However, future events or conditions may cause
the Group and its associates and joint ventures 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.

• Obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business activities within the Group
and its associates and joint ventures of which we are the
independent auditors and whose financial information we have
audited, to express an opinion on the Standalone financial
statements. We are responsible for the direction, supervision and
performance of the audit of the financial statements of such entities
included in the Standalone financial statements of which we are the
independent auditors. For the other entities included in the
Standalone financial statements, which have been audited by other
auditors, such other auditors remain responsible for the direction,
supervision and performance of the audits carried out by them. We
remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding
Company and such other entities included in the Standalone financial
statements of which we are the independent auditors 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 for the financial year ended March 31,
2025 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

1. We did not audit the financial statement and other financial
information is respect of its subsidiary Silverlink Fintech Private
Limited whose financial statement not included as at 31^st March
2025 because SILVERLINK FINTECH PRIVATE LIMITED ceased
to be the subsidiary of the Company w.e.f. 12th February, 2025.

This Financial Statement and other financial information has been
audited by other auditors as furnished to us by the management.
The Standalone financial statement in respect of the company and
its subsidiary have been audited by us. Our opinion on the
Standalone financial statements, in so far as it relates to the
amounts and disclosures included in respect of these subsidiaries,
joint ventures and associates, and our report in terms of
subsections (3) of Section 143 of the Act, in so far as it relates to the
aforesaid subsidiaries, joint ventures and associates, is based
solely on the reports of such other auditors.

Our opinion above on the Standalone financial statements, and our
report on Other Legal and Regulatory Requirements, is not
modified in respect of the above matters with respect to our reliance
on the work done and the reports of the other auditors and the
financial statements and other financial information certified by the
Management.

2. As required by the Companies (Auditor''s report) Order, 2016 (“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 1 a
statement on the matters specified in paragraphs 3 and 4 of the
Order.

3. 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 purpose of our audit;

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

c) The Standalone Balance Sheet, the Statement of
Standalone Profit and Loss, the Standalone Cash Flow
Statement and Statement of changes in Equity 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 Accounting Standards
specified under Section 133 of the Act, read with
Companies (Accounting Standards) Rules, 2015, as
amended;

e) On the basis of written representations received from the
directors of the holding company as on 31st March 2025
taken on record by the Board of Directors of the holding
company and its subsidiary, none of the Directors is
disqualified as on 31st March 2025, 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 the Standalone financial
statement of the holding company and its subsidiary over
financial reporting of the Company and the operating
effectiveness of such controls, refer to our separate Report
in “Annexure 2” to this report;

g) In our opinion and based on the consideration of reports of
other statutory auditors of its subsidiary incorporated in
India, the managerial remuneration for the year ended
March 31, 2025 has been paid / provided by the Holding
Company, its subsidiary incorporated in India to their
directors in accordance with the provisions of section 197
read with Schedule V to the Act;

h) 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 and based
on the consideration of the report of the other auditors on
separate financial statements as also the other financial
information of the subsidiary to the best of our information
and according to the explanations given to us:

(i) The Group does not have any pending litigations
which would impact its financial position.

(ii) The Group did not have any long-term contracts
including derivative contracts for which there were
any material foreseeable losses.

(iii) There has not been an occasion, in which the
Group and its subsidiary, during the year under
report, to transfer any sum to the Investor
Education and Protection Fund. Hence, the
question of delay in transferring such sum does
not arise.

For MKRJ & Co.

Chartered Accoutants

Firm Registration No.: 030311N

Mukesh Kumar Jain

Partner

Membership No. 073972

UDIN: 25073972BMLGAW2496

Place : New Delhi

Date : 25-05-2025

---

Mar 31, 2024

We have audited the accompanying Standalone financial statements of
VANI COMMERCIALS LIMITED (“the Company) which comprise the
Balance Sheet as at March 31, 2024 the Statement of Profit and Loss, the
Cash Flow Statement and the Statement of Changes in Equity for the year
then ended, and notes to the financial statements, including a summary of
significant accounting policies and other explanatory information.

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, as amended
(''the Act'') in the manner so required and 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 31st
March 2024, its profit, and its cash flows and the changes in equity for the
year ended on that date.

Basis of opinion

We conducted our audit of the Standalone financial statements in
accordance with the Standards on Auditing (SAs), as 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

Standalone Financial Statements'' section of our report. We are
independent of the company in accordance with the ''Code of Ethics'' issued
by the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the 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 audit opinion on the
Standalone financial statements.

Key Audit Matters

Key audit matters (''KAM'') are those matters that, in our professional
judgment, were of most significance in our audit of the Standalone financial
statements for the current period. No matters were addressed in the context
of our audit of the Standalone financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on
these matters.

Other Information

The Company''s management andBoard of Directors are responsible for the
other information. The other information comprises the information included
in the Company''s annual report, but does not include the financial
statements and our auditors'' report thereon.

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

In connection with our audit of the Standalone financial statements, our
responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the Standalone
financial statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in
this regard.

Management''s 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,
Standalonefinancial performance including otherStandalone
comprehensive income, Standalonecash flows and changes in equity of the
Group in accordance with the accounting principles generally accepted in
India, including Ind AS specified under section 133 of the Act read with read
with Rule 7 of the Companies (Accounts) Rules, 2015. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding of the assets of the Company
and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and the design, implementation
and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
Standalone financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

In preparing the Standalone financial statements, Management of the
holding company responsible for assessing the group and its subsidiary''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 group or to cease
operations, or has no realistic alternative but to do so.

Auditor''s responsibilities for the audit of the Standalone Financial
Statements

Our objectives are to obtain reasonable assurance about whether the
Standalone financial statements based on our audit. We have taken into
account the provisions of the Act, the accounting and auditing standards
and matters which are required to be included in the Audit Report under the
provisions of the Act and the rules made thereunder. We conducted our
audit in accordance with the Standards on auditing issued by the institute of
chartered accountants of India as specified under section 143(10) of the
Act. Those standards require that we comply with ethical requirements and
plan and perform the audit to obtain reasons 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 a financial statements whether due to
fraud or error in making those risk assessment the auditor considered
internal financial control relevant to the companies preparation of the
financial statements that give a true and fair view in order to design audit
procedure that are appropriate in the circumstance.An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by the company''s
directors as well as evaluating the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion on the
standalone financial statements.

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 1 a
statement on the matters specified in paragraphs 3 and 4 of the
Order.

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

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

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

c) TheBalance Sheet, the Statement of Profit and Loss, the
Cash Flow Statement and Statement of changes in Equity
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 IND AS specified under
Section 133 of the Act, read with Companies (Accounting
Standards) Rules, 2015, as amended;

e) On the basis of written representations received from the
directors as on 31st March 2024 taken on record by the
Board of Directors, none of the Directors is disqualified as
on 31st 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
controlsover financial reporting of the Company and the
operating effectiveness of such controls, refer to our
separate Report in “Annexure 2” to this report;

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 for which
there were any material foreseeable losses.

(iii) There has not been an occasion, in which the
Company, during the year under report, to transfer
any sum to the Investor Education and Protection
Fund. Hence, the question of delay in transferring
such sum does not arise.

For MKRJ & Co.

Chartered Accountants

Firm Registration No.: 030311N

Sd/-

Mukesh Kumar Jain

Partner

Membership No. 073972

UDIN: 24073972BKFARC9258

Place: New Delhi

Date:30.05.2024

---

Mar 31, 2015

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

Management''s Responsibility for the (Standalone) * Financial Statements

2. The management and Board of Directors of the Company are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (''the act'') with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with rule 7 of Companies (Accounts) Rules, 2014. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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; design, implementation and maintenance of adequate internal financial controls, that are operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. 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 financial control relevant to the Company''s preparation of the financial statements, that give a true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company''s management and Board of Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

6. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at 31st March 2015, its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor''s Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (1l) of section143 of the Act, we give in the Annexure a statement on the matters Specified in paragraphs 3 and 4 of the Order.

8. As required by section 143(3) of the Act, we further 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 purpose of our audit;

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

c) the Balance Sheet, Statement of Profit and Loss, and 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 applicable Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014;

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

f) In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:

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 has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of delay in transferring such sums does not arise.

Annexure referred to in paragraph 7 Our Report of even date to the members of VANI COMMERCIALS LIMITED on the accounts of the company for the year ended 31st March, 2015

On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of our audit, we report that:

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

(b) As explained to us, fixed assets have been physically verified by the management at regular intervals; and no material discrepancies were noticed on such verification.

ii. The Company is a Non Banking Finance Company, primarily rendering financial services. Accordingly, it does not hold any physical inventories. Thus, paragraph 3(ii) of the Order is not applicable.

iii. The company has granted unsecured loans to a company covered in the register maintained under section 189 of the Act. The terms of the said loans are prima facie not prejudicial to the interest of the Company.

iv. In our opinion and according to the information and explanations given to us, 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 our examination of the books and records of the Company and according to the information and explanations given to us, no major weakness has not been noticed or reported.

v. The Company has not accepted any deposits from the public covered under Section 73 to 76 of the Companies Act, 2013.

vi. As informed to us, the Central Government has not prescribed maintenance of cost records under sub-section (1) of Section 148 of the Act.

vii. (a) According to the information and explanations given to us and based on the records of the company examined by us, the company is regular in depositing the undisputed statutory dues, including Income-tax and other material statutory dues, as applicable, with the appropriate authorities in India ;

(b) According to the information and explanations given to us and based on the records of the company examined by us, there are demands of Income Tax pending, for the reason of mismatch of TDS Credits. The details of which have been provided in the Notes to Accounts;

(c) There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of reporting delay in transferring such sums does not arise.

viii. As at 31st March, 2015 the accumulated losses of the Company are less than 50% of its net worth, however the Company has not incurred cash losses in the current financial year or immediately preceding financial year.

ix. According to the records of the company examined by us and as per the information and explanations given to us, the company has not availed of any loans from any financial institution or banks and has not issued debentures.

x. In our opinion, and according to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from a bank or financial institution during the year.

xi. In our opinion, and according to the information and explanations given to us, the company has not raised any term loans during the year.

xii. During the course of our examination of the books and records of the company, carried 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 course of our audit nor have we been informed of any such instance by the Management.

For Satyendra Mrinal & Associates Chartered Accountants FRN: 017068N



Sd/- S. K. Jain Place: New Delhi Partner Date : 29/05/2015 M.No.086103

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Mar 31, 2014

We have audited the attached Balance Sheet of VANI COMMERCIALS LIMITED as at 31st March, 2014 and the Statement of Profit and Loss for the Year ended on that date annexed thereto, summary of significant accounting policies and explanatory information which we have signed under reference to this report.

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 in accordance with the accounting standards referred to in sub section (3C) of section 211 of the Companies Act 1956 ("the act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

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.

Opinion

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

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

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

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

Report on other Legal and Regulatory Requirements

As required by the Companies (Auditor''s Report) Order, 2003 as amended by the Companies (Auditor''s Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of subsection (4A) of section 227 of ''The Companies Act, 1956'' (the ''Act'') the comments are annexed herewith in the Annexure I attached with the report. Further we report that:

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

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

c) The Balance Sheet and Profit and Loss Account and Cash Flow Statement referred to in this report are in agreement with the books of accounts.

d) In our opinion, the Balance Sheet and Profit Loss Account and Cash Flow Statement referred to in this Report comply with the Accounting Standards referred to in Section 211(3C) of The Companies Act 1956.

e) On the basis of written representations received from the directors as on 31st March, 2014 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31st, 2014 from being appointed as a director in terms of clause (g) of sub section (1) of Section 274 of the Companies Act, 1956.

Annexure I to the Audit Report:

(i) (a) The details are not required as the company does not have any fixed assets.

(ii) The Company does not deal with the inventory. Therefore clause (a), (b) & (c) of para (ii) do not apply to the Company.

(iii) (a) The Company has granted unsecured loans to two companies covered in the register maintained under section 301 of the Companies Act, 1956. The amount involved in the said transactions at the end of the year is Rs. 73, 62,068/-. The terms of the loan are not prejudicial to the interest of the Company.

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

(iv) In our opinion and according to the information and explanations given to us, in the company there are adequate internal control procedure commensurate with the size of the Company and nature of its business with regard sale of services.

(v) Based on the audit procedure applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered and the transactions made in pursuance of such contracts or arrangement have been made at a price which are reasonable having regard to prevailing market price at all relevant time.

(vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposit under section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of deposit) rules 1975 with regard to acceptance of deposits. Accordingly the clause does not apply to the company.

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

(viii) As informed by the management, the Central Government has not prescribed the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956.

(ix) (a) The Company is regular in depositing undisputed Income Tax with appropriate authorities, the other statutory dues mentioned in the clause are not applicable to the Company.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax were in arrears, as at 31st March, 2014 for a period of more than six months from the date it became payable.

(c) According to the information and explanation given to us, there are no dues of income tax which have not been deposited on account of any dispute.

(x) The company has accumulated losses of Rs. 4,85,060.60/- at the end of financial year covered under audit and has not incurred any cash loss during the year under audit and in the immediately preceding financial year.

(xi) The Company has neither taken any loans from any Bank/Financial Institutions nor issued any debenture, the clause is not applicable to the Company.

(xii) We are of the opinion that the company has not granted 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 provisions of clause 4(xiii) of the Companies (Auditor''s Report) order, 2003 are not applicable to the company.

(xiv) In our opinion and according to information and explanation given to us the company is not a dealer or trader in securities. However the company has invested some funds in shares of other companies for which proper records have been maintained and the shares have been held in the name of the company.

(xv) As informed to us the company has not given any guarantees for loans taken by others from banks or financial institutions.

(xvi) According to the information and explanations given to us and records examined by us the company has not taken any term loan, the clause is not applicable to the Company.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds have been raised on short-term basis thus the clause is not applicable to the Company.

(xviii) The Company has not made any preferential allotment, the clause is not applicable to the Company.

(xix) According to the information and explanations given to us, during the year covered under audit, the company has not issued any debentures.

(xx) The Company has not raised any money by public issues.

(xxi) 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 Satyendra Mrinal & Associates Chartered Accountants FRN: 017068N

Sd/- S.K Jain Place: New Delhi Partner Date: 30-05-2014 M.No. 086103

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Mar 31, 2013

We have audited the attached Balance Sheet of VANI COMMERCIALS LIMITED as at 31st March, 2013 and the Statement of Profit and Loss for the Year ended on that date annexed thereto, summary of significant accounting policies and explanatory information which we have signed under reference to this report.

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 in accordance with the accounting standards referred to in sub section (3C) of section 211 of the Companies Act 1956 ("the act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

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.

Opinion

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

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013;

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

Report on other Legal and Regulatory Requirements

As required by the Companies (Auditor''s Report) Order, 2003 as amended by the Companies (Auditor''s Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of subsection (4A) of section 227 of ''The Companies Act, 1956'' (the ''Act'') the comments are annexed herewith in the Annexure I attached with the report.

Further we report that:

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

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

c) The Balance Sheet and Profit and Loss Account referred to in this report are in agreement with the books of accounts.

d) In our opinion, the Balance Sheet and Profit Loss Account referred to in this Report comply with the Accounting Standards referred to in Section 211(3C) of The Companies Act, 1956.

e) On the basis of written representations received from the directors as on 31st March, 2013 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31st, 2013 from being appointed as a director in terms of clause (g) of sub section (1) of Section 274 of the Companies Act, 1956

Annexure to the Audit Report:

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

(b) All assets have been physically verified by the management during the year and there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) The substantial part of Fixed Assets has not been disposed off during the year.

(ii) The Company does not deal with the inventory. Therefore clause (a), (b) & (c) of para (ii) do not apply to the Company.

(iii) (a) The Company has granted unsecured loans to 2 parties covered in the register maintained under section 301 of the Companies Act 1956 and the amount involved at the end of the year was Rs. 19439804/-

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

(c) The interest wherever payable on loan given by the company is regularly served, there is no stipulation regarding repayment of principal.

(d) The Company has not taken unsecured loan from companies/firms or other parties covered in the register maintained under section 301 of the Companies Act 1956, therefore clause e,f,g,h of the para (iii) of the said order are not applicable to the company.

(iv) In our opinion and according to the information and explanations given to us, in the company there are adequate internal control procedure commensurate with the size of the Company and nature of its business with regard to purchase of fixed assets and for sale of services.

(v) Based on the audit procedure applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered and the transactions made in pursuance of such contracts or arrangement have been made at a price which are reasonable having regard to prevailing market price at all relevant time.

(vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposit under section 58A and 58AA of the Companies Act, 1956 and the companies (Acceptance of deposit) rules 1975 with regard to acceptance of deposits. Accordingly the clause does not apply to the company.

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

(viii) As informed by the management, the Central Government has not prescribed the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956.

(ix) (a) The Company is regular in depositing undisputed Income Tax with appropriate authorities, the other statutory dues mentioned in the clause are not applicable to the Company.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax were in arrears, as at 31st March, 2013 for a period of more than six months from the date it became payable.

(c) According to the information and explanation given to us, there are no dues of income tax which have not been deposited on account of any dispute.

(x) The company has accumulated losses of Rs. 830363/- at the end of financial year. The company has not incurred any cash loss during the year under audit, however the Company has earned profit of Rs. 359028/- during the financial year.

(xi) The Company has neither taken any loans from any Bank/ Financial Institutions nor issued any debenture, the clause is not applicable to the Company.

(xii) We are of the opinion that the company has not granted 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 provisions of clause 4(xiii) of the Companies (Auditor''s Report) order, 2003 are not applicable to the company.

(xiv) In our opinion and according to information and explanation given to us the company is not a dealer or trader in securities. However the company has invested some funds in shares of other companies for which proper records have been maintained and the shares have been held in the name of the company.

(xv) As informed to us the company has not given any guarantees for loans taken by others from banks or financial institutions.

(xvi) According to the information and explanations given to us and records examined by us the company has not taken any term loan, the clause is not applicable to the Company.

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

(xviii) The Company has not made preferential allotment to any person covered in the register maintained under section 301 of the Act.

(xix) According to the information and explanations given to us, during the year covered under audit, the company has not issued any debentures.

(xx) The Company has not raised any money by public issues.

(xxi) 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. Place: New Delhi For Satyendra Mrinal & Associates

Date: 28/05/2013 Chartered Accountants FRN: 017068N

Sd/- S.K. Jain Partner M.No. 086103

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Mar 31, 2012

1. We have audited the attached Balance Sheet of M/s Vani Commercials Limited as at 31st March, 2012 and also the Profit and Loss 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 financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of sub- section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 of the said order.

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

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

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

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

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

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

vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereon and annexed thereto give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2012;

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

Annexure to the Audit Report:

(i) The Company does not have any Fixed Assets at the end of the Financial Year. In this view the reporting requirement prescribed under clause 1 of the order is Not Applicable to the Company.

(ii) As the company does not deal in the Purchase and Sale of goods and there is no opening stock at the end of the year. This clause does not apply to the company.

(iii) (a) The Company has granted unsecured loans to 2 parties covered in the register maintained under section 301 of the Companies Act 1956 and the amount involved at the end of the year was Rs. 17903050/- (b) In our opinion, the rate of interest and other terms and conditions on which loans have been given to the parties listed in the register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company.

(c) The interest wherever payable on loan given by the company is regularly served, there is no stipulation regarding repayment of principal.

(d) The Company has not taken unsecured loan from companies/firms or other parties covered in the register maintained under section 301 of the Companies Act 1956, therefore clause e,f,g,h of the para (iii) of the said order are not applicable to the company.

(iv) The company has not purchased any Inventory or Fixed Assets during the year, the clause in not applicable.

(v) The company did not carry the business during the year so the clause is not applicable.

(vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposit under section 58A and 58AA of the Companies Act, 1956 and the companies (Acceptance of deposit) rules 1975 with regard to acceptance of deposits. Accordingly the clause does not apply to the company.

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

(viii) The Central Government has not prescribed the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956.

(ix) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees'' state insurance, income tax, sales tax, wealth tax, custom duty, excise duty, cess and other material statutory dues applicable to it.

(b) According to the information and 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, as at 31st March, 2012 for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us, there are no dues of sales tax, income tax, customs duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

(x) The company has accumulated losses of Rs. 1189391/- at the end of financial year. The company has not incurred any cash loss during the year under audit, however the Company has earned profit of Rs. 290457/- during the financial year.

(xi) The Company has neither taken any loans from any Bank/ Financial Institutions nor issued any debenture, the clause is not applicable to the Company.

(xii) We are of the opinion that the company has not granted 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 provisions of clause 4(xiii) of the Companies (Auditor''s Report) order, 2003 are not applicable to the company.

(xiv) The company is not a dealer or trader in securities.

(xv) As informed to us the company has not given any guarantees for loans taken by others from banks or financial institutions.

(xvi) According to the information and explanations given to us and records examined by us the company has not taken any term loan, the clause is not applicable to the Company.

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

(xviii) The Company has not made any preferential allotment during the financial year.

(xix) According to the information and explanations given to us, during the period covered by our audit report, the company has not issued any debentures.

(xx) The Company has not raised any money by public issues.

(xxi) 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.

Place: New Delhi For Satyendra Mrinal & Associates Date: 30/05/2012 Chartered Accountants FRN: 017068N

Sd/- S.K. Jain Partner M.No. 086103

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Mar 31, 2011

1. We have audited the attached Balance Sheet of M/s Vani Commercials Limited as at 31st March, 2011 and also the Profit and Loss 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 financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of sub- section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 of the said order.

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

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

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

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

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

v) On the basis of 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 clauses (g) of sub – section (1) of section 274 of the Companies Act, 1956;

vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereon and annexed thereto give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

Annexure to the Audit Report:

(i) The Company does not have any Fixed Assets at the end of the Financial Year. In this view the reporting requirement prescribed under clause 1 of the order is Not Applicable to the Company.

(ii) As the company does not deal in the Purchase and Sale of goods and there is no opening stock at the end of the year. This clause does not apply to the company.

(iii) (a) The Company has granted unsecured loans to 8 parties covered in the register maintained under section 301 of the Companies Act 1956 and the amount involved at the end of the year was Rs. 17457399/- (b) In our opinion, the rate of interest and other terms and conditions on which loans have been given to the parties listed in the register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company.

(c) The interest wherever payable on loan given by the company is regularly served, there is no stipulation regarding repayment of principal.

(d) The Company has not taken unsecured loan from companies/firms or other parties covered in the register maintained under section 301 of the Companies Act 1956, therefore clause e,f,g,h of the para (iii) of the said order are not applicable to the company.

(iv) The company has not purchased any Inventory or Fixed Assets during the year, the clause in not applicable.

(v) The company did not carry the business during the year so the clause is not applicable.

(vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposit under section 58A and 58AA of the Companies Act, 1956 and the companies (Acceptance of deposit) rules 1975 with regard to acceptance of deposits. Accordingly the clause does not apply to the company.

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

(viii) The Central Government has not prescribed the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956.

(ix) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees'' state insurance, income tax, sales tax, wealth tax, custom duty, excise duty, cess and other material statutory dues applicable to it.

(b) According to the information and 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, as at 31st March, 2011 for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us, there are no dues of sales tax, income tax, customs duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

(x) The company has accumulated losses of Rs. 1479848/- at the end of financial year. The company has not incurred any cash loss during the year under audit, however the Company has earned profit of Rs. 223338/- during the financial year.

(xi) The Company has neither taken any loans from any Bank/ Financial Institutions nor issued any debenture, the clause is not applicable to the Company.

(xii) We are of the opinion that the company has not granted 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 provisions of clause 4(xiii) of the Companies (Auditor''s Report) order, 2003 are not applicable to the company.

(xiv) The company is not a dealer or trader in securities.

(xv) As informed to us the company has not given any guarantees for loans taken by others from banks or financial institutions.

(xvi) According to the information and explanations given to us and records examined by us the company has not taken any term loan, the clause is not applicable to the Company.

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

(xviii) According to the information and explanations given to us, the company has made preferential allotment of 10,50,000 equity shares during the year to the parties, other than those covered u/s 301 of the Act.

(xix) According to the information and explanations given to us, during the period covered by our audit report, the company has not issued any debentures.

(xx) The Company has not raised any money by public issues.

(xxi) 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.

Place: New Delhi For Satyendra Mrinal & Associates Date: 28/05/2011 Chartered Accountants FRN: 017068N

Sd/- S.K. Jain Partner M.No. 086103