Bajaj Global Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2024

We have audited the accompanying standalone financial statements of M/s Bajaj
Global Limited (''the Company''), which comprise the Balance Sheet as at 31 March 2024, the
Statement of Profit and Loss (including Other Comprehensive Income), Statement of Changes in
Equity and Statement of Cash Flow 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 financial statements give the information required by the Companies Act,
2013 (''Act'') in the manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India including Indian Accounting Standards (''Ind
AS'') specified under section 133 of the Act, of the state of affairs (financial position) of the
Company as at March 31,2024, and profit (financial performance including other comprehensive
income), its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013. 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 financial statements under the provisions of the Companies
Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code of Ethics.

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

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the Standalone Financial Statements of the current period. These
matters were addressed in the context of our audit of the Standalone Financial Statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters. We have determined the matters described below to be the key audit matters to be
communicated in our report.

Principal Audit Procedures:

We have performed the following audit procedures in order to obtain sufficient audit evidence:

• Evaluated the design of internal controls and tested the operating effectiveness of key
internal controls around the process ofpreparation of the Standalone Financial Statements;

• Reviewed the exemptions availed by the Company from certain requirements under Ind AS;

• Obtained an understanding ofthe determination of key judgments;

• Evaluated and tested the key assumptions and judgments adopted by management;

• Assessed the disclosures made against the relevant Ind AS; and

• Determined the appropriateness of the methodologies and models used along with the
reasonability ofthe outputs.

Information other than the Financial Statements and Auditor''s Report thereon

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

Our opinion on the 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 financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially
inconsistent with the 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.

Responsibilities of Management and Those charged with Governance for the Financial
Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5)
of the Act with respect to the preparation of these financial statements that give a true and fair
view of the state of affairs (financial position), profit or loss (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 Ind AS 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 implementation and maintenance of accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls that were operating effectively for ensuring
the accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors 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 the Board of Directors
either intends to liquidate the Company or to cease operations, or has no realistic alternative but to
do so.

Those Board of Directors are also responsible for overseeing the company''s financial
reporting process.

Auditor''s Responsibility for the Audit of the Standalone Financial Statements

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

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

• Identify and assess the risks of material misstatement of the 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
Companies Act, 2013, we are also responsible for expressing our opinion on whether the
company has adequate internal financial controls system in place and the operating
effectiveness of such controls.

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

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

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

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

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

From the matters communicated with those charged with governance, we determine
those matters that were of most significance in the audit of the 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

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in
the Annexure A, a statement on the matters specified in the paragraph 3 and 4 ofthe order.

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

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

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

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

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

(e) on the basis of the written representations received from the directors as on 31 March
2024 taken on record by the Board of Directors, none of the directors is disqualified as
on 31 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 over financial reporting of
the Company and the operating effectiveness of such controls, refer to our separate
report in "Annexure B"; and

(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, 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 does not have any material foreseeable losses on long term contracts including
derivative contracts which would impact its financial position;

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

iv. (a) the management has represented that, to the best of its knowledge and belief, 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;

(b) the management has represented, that, to the best of its knowledge and belief, 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 Beneficiaries;

(c) Based on the 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 (a) and (b) above, contain any material misstatement.

v. the Company has not declared or paid any dividend during the year;

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

For VMSS & Associates
Chartered Accountants
Firm Registration No. 328952E

Place: NAGPUR (CAMP) Sagar Jaiswal

Date: 24th May, 2024 Partner

Membership No. 316727
UDIN: 24316727BKFQJK8594

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Mar 31, 2014

We have audited the accompanying financial statements of M/s BAJAJ GLOBAL LIMITED (Company), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Linancial 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 referred to in sub-section (3C) of section 211 of the Companies Act, 1956. 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.

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 financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

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

Report on Other Legal and Regulatory Requirements

1. 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 Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

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

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

d) in our opinion, the Balance Sheet and Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

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

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO THE AUDITORS'' REPORT FOR THE YEAR ENDED 31ST MARCH, 2014 (Referred to in Paragraph 1 of our report of even date)

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

(b) As explained to us, all the fixed assets were physically verified during the year by the management. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

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

2. There is no inventory in the Company.

3. a) The company has not taken any loan, secured or unsecured loans from companies, firms or parties covered in the register maintained under section 301 of the Companies Act, 1956.

b) The Company has granted unsecured Loan to one company covered in the register maintained under section 301 of the Companies Act, 1956. The Maximum amount involved during the year was Rs. 40.76 lacs and the year end balance of loan granted to such company was Rs. 40.76 lacs.

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

d) As explained to us there is no overdue amount of Loans exceeding Rupees one Lacs.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of the business with regards to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

5. (a) According to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 are being updated in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions that were made in pursuance of contracts or arrangements that need to be entered into the register maintained in pursuance of Section 301 of the Companies Act, 1956 and aggregating during the year to Rs. 5,00,000/- or more, in respect of each party, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public to which the provisions of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975 apply.

7. During the year the Company has no internal audit system, as in the opinion of management, considering the size and nature of its business and personal supervision by the Directors, the same is considered to be adequate and commensurate with its size and nature of its business.

8. In view of the activities of the Company maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 is not applicable.

9. (a) According to the information and explanations given to us and on the basis of records of the Company, 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, Service Tax, Custom Duty, Excise-Duty, Cess and other statutory dues, as applicable, with the appropriate authorities.

(b) According to the information and explanation given to us, there are no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty and Cess except Income Tax Demand of Rs. 312472/ - in respect of Assessment Year 2008-09, against which appeal is preferred before the Income Tax Authorities.

10. There are no accumulated losses in the Company and the Company has not incurred any cash loss in the year under review or in the immediately preceding year.

11. The Company has not taken any loan from Financial Institutions or Banks or Debenture holders.

12. According to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of Shares, Debentures and other Securities.

13. The Company is not a chit fund or a nidhi /mutual benefit fund/society.

14. The Company is not dealing in or trading in shares, securities, debentures and other investments. All the Shares and Securities held as investments are in company''s own name.

15. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions.

16. According to the information and explanations given to us, there are no term loans raised by the Company during the year.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, no funds raised on short-term basis have been used for long-term investment.

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

19. According to the information and explanations given to us, the Company has not issued any debentures during the year.

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

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

FOR B.CHHAWCHHARIA & CO. Chartered Accountants

SANJAY AGARWAL Place: NAGPUR Partner Date: 24th May, 2014 Firm Registration No. 305123E Membership No. 66580

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Mar 31, 2012

We have audited the attached Balance Sheet of M/s. Bajaj Global Limited as at 31st March. 2012, the Profit & Loss Account and the Cash Flow Statement for the year ended on that dale annexed hereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the financial statements based on our audit.

We have 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 from material misstatement An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in Financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion and we report that:

1. As required by the Companies (Auditors' Report) Order. 2003, issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956. we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

2. Further to our comments in the Annexure referred 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 purpose of our audit:

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

(c) the Balance Sheet, the Profit & Loss Account and the Cash Flow Statement referred to in this report are in agreement with the books of account:

(d) In our opinion, subject so our comments hereinafter, the Balance Sheet, the Profit & Loss Account and the Cash Flow Statement comply with the Accounting Standards as referred to in Sub-section (3C) of Section 211 of the Companies Act. 1956:

(e) On the basis of the written representation received from the Directors of the Company and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March. 2012 from being appointed as a director in terms of clause (g) of Sub Section (11 of Section 274 of the Companies Act 1956:

(f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with Significant Accounting Policies and Notes to the Accounts, 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 :

i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012.

ii) in the case of the Profit & Loss Account, of the Profit of the Company for the year ended on that date. and

iii) in the case of the Cash Flow. Statements, of the Cash flows of the Company for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT FOR THE YEAR ENDED 31st MARCH, 2012 (Referred to in Paragraph I of our report of even date)

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

(b) As explained to us, all the fixed assets were physically verified during the year by the management. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

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

2. There is no inventory in the Company.

3. a) The company has taken unsecured loans from two companies covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 156.04 lacs and the year-end balance of such loans taken was Rs. 146.23 lacs.

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

c) The payment of principal amounts and interest are generally regular as per stipulations, wherever such stipulations exist.

d) There is no overdue amount of loans exceeding one lacs.

e) The Company has granted unsecured Loans to one company covered in the register maintained under section 301 of the Companies Act, 1956. The Maximum amount involved during the year was Rs. 371.28 lacs and the year end balance of loans granted to Such companies was Rs. 14.19 lacs.

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

g) As explained to us there is no overdue amount of Loans exceeding Rupees one Lacs.

4. In our opinion and according to the information and explanations given to us. there are adequate internal control procedures commensurate with the size of the company and the nature of the business with regards to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

5. (a) According to the information and explanations given to us. the particulars of contracts or arrangements referred to in section 301 of the Companies Act. 1956 are being updated in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us. the transactions that were made in pursuance of contracts or arrangements that need to be entered into the register maintained in pursuance of Section 301 of the Companies Act. 1956 and aggregating during the year to Rs. 5,00,000/- or more, in respect of each party, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public to which the provisions of Section SKA of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975 apply.

7. During the year the Company has no internal audit system, as in the opinion of management, considering the size and nature of its business and personal supervision by the Directors, the same is considered to he adequate and commensurate with its size and nature of its business.

8. In view of the activities of the Company maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 is not applicable

9. (a) According to the information and explanations given to as and on the basis of records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues, including Provident Fund. Investor Education Protection Fund, Employees' Stale Insurance, Income-Tax. Sales Tax, Wealth Tax, Service Tax, Custom Duty. Excise-Duty, Cess and Other statutory dues, as applicable, with the appropriate authorities.

(b) According to the information and explanation given to us, there are no dues of Sales Tax, Income Tax, Customs Duty. Wealth Tax, Service Tax, Excise Duty and Cess except Income Tax Demand of Rs. 312472/- in respect of Assessment Year 2008-09. against which appeal is preferred before the Income Tax Authorities.

10. There are no accumulated losses in the Company and the Company has not incurred any cash loss in the year under review or in the immediately preceding year.

11. The Company has not taken any loan from Financial Institutions or Banks or Debenture holders.

12. According to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of Shares. Debentures and other Securities.

13. The Company is not a chit fund or a nidhi/mutual benefit fund/society.

14. The Company is not dealing in or trading in shares, securities, debentures and other investments. All the Shares and Securities held as investments are in company's own name.

15. According to the information and explanations given to us, the Company has not given any guarantee tor loans taken by others from Banks or Financial Institutions.

16. According to the information and explanations given to us. there are no term loans raised by the Company during the year.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, no funds raised on short-term basis have been used for long-term investment.

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

19. According to the information and explanations given to us. the Company has not issued any debentures during the year.

20. According to the information and explanations given to us. the Company has not raised any money through public issues during the year.

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

For B. CHHAWCHHARIA & CO. SANJAY AGARWAL Partner Chartered Accountants

Firm Registration No. 305123E Membership No. 66580

Place : NAGPUR Date : 14th August, 2012

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Mar 31, 2011

We have audited the attached Balance Sheet of M/s. Bajaj Global Limited as at 31st March, 2011, the Profit & Loss Account and the Cash Flow Statement for the year ended on that date annexed hereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the financial statements based on our audit.

We have 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 from 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion and we report that:

1. As required by the Companies (Auditors' Report) Order, 2003, issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

2. Further to our comments in the Annexure referred 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 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 such books;

(c) The Balance Sheet, the Profit & Loss Account and the Cash Flow Statement referred to in this report are in agreement with the books of account;

(d) In our opinion, subject to our comments hereinafter, the Balance Sheet, the Profit & Loss Account and the Cash Flow Statement comply with the Accounting Standards as referred to in Sub-section (3C) of Section 211 of the Companies Act, 1956;

(e) On the basis of the written representation received from the Directors of the Company and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 20! ! from being appointed as a director in terms of clause (g) of Sub Section (1) of Section 274 of the Companies Act, 1956;

(f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with Significant Accounting Policies and Notes to the Accounts, 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 :

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

ii) in the case of the Profit & Loss Account, of the Profit of the Company for the year ended on that date, and

iii) in the case of the Cash Flow Statements, of the Cash flows of the Company for the year ended on that date.

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

(b) As explained to us, all the fixed assets were physically verified during the year by the management. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

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

2. There is no inventory in the Company.

3. The Company has not granted or taken any loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of the business with regards to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

5 (a) According to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 are being updated in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions that were made in pursuance of contracts or arrangements that need to be entered into the register maintained in pursuance of Section 301 of the Companies Act, 1956 and aggregating during the year to ? 5,00,000/- or more, in respect of each party, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public to which the provisions of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975 apply.

7. During the year the Company has no internal audit system, as in the opinion of management, considering the size and nature of its business and personal supervision by the Directors, the same is considered to be adequate and commensurate with its size and nature of its business.

8. In view of the activities of the Company maintenance of cost records under Section 209(l)(d) of the Companies Act, 1956 is not applicable.

9. (a) According to the information and explanations given to us and on the basis of records of the Company, 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, Service Tax, Custom Duty, Excise-Duty, Cess and other statutory dues, as applicable, with the appropriate authorities.

(b) According to the information and explanation given to us, there are no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty and Cess except Income Tax Demand of i 312472/- in respect of Assessment Year 2008-09, against which appeal is preferred before the Income Tax Authorities.

10. There are no accumulated losses in the Company and the Company has not incurred any cash loss in the year under review or in the immediately preceding year.

11. The Company has not taken any loan from Financial Institutions or Banks or Debenture holders.

12. According to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of Shares, Debentures and other Securities.

13. The Company is not a chit fund or a nidhi /mutual benefit fund/society.

14. The Company is not dealing in or trading in shares, securities, debentures and other investments. All the Shares and Securities held as investments are in company's own name.

15. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions.

16. According to the information and explanations given to us, there are no term loans raised by the Company during the year.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, no funds raised on short-term basis have been used for long-term in vestment.

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

19. According to the information and explanations given to us, the Company has not issued any debentures during the year.

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

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

For B. CHHAWCHHARIA & CO.

Place:-NAGPUR

Dated: 12th August, 2011 SANJAY AGARWAL

Partner Chartered Accountant

Firm Registration No. 305123E Membership No. 66580

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Mar 31, 2010

We have audited the attached Balance Sheet of Bajaj Global Limited as on 31st March, 2010 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto and the Financial statesment are the responsibility of the companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

2. As required by the Manufacturing and Other Companies (Auditors Report) Order, 2003, and the Companies (Auditors Report)( Amendment) Order, 2004 issued under the Companies Act,1956, and on the basis of the such cheks as we consider appropriate we enclose in the Annexure a atatement on the matters specified in a pragraph 4 and 5 of the said order.

3. Further to our comments in the Annexure referred to in paragraph (3) above, we report that;

b) 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;

c) 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.

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

e) In our opinion, the Balance Sheet and Profit and Loss account comply with the Accounting Standards referred to in Sub- Section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable and

f) On the basis of written representation received from the Directors and taken on record by the Board of Directors, we report that none of the Director are disqualified as on March 31, 2010 from being appointed as a Director in terms of clause (g) of Sub-section (1) of Section 274 of the Companies Act, 1956.

g) In our opinion and to the best of our information and according to the explanation given to us, the said accounts read with the notes thereon gives the information required by Companies Act, 1956 in the maanner so required and give a true and fair view in confirmity with the accounting principles generally accepted in India:

I In the case of the Balance Sheet of the state of affairs of the company as at 31 st March 2010 and

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

III In the case of Cash Flow statements of the Cash Flows for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT FOR THE YEAR ENDED 31ST MARCH,2010 (referred to in paragraph 1 of our report of even date)

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

(b) As explained to us, all the fixed assets were physically verified daring the year by the management. According to the information and explanations given to us, no material discrepancies were noticed on such verification. (c) During the year, in our opinion, a substantial part of fixed assets has not been disposed off by the Company.

2 The Company has not granted or taken any loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

Accordingly sub-clauses (b), (c), (d), (f) and (g) of para 4 (iii) are not applicable.

3 In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the company and the nature of the business with regards to Phases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

4 Based upon the audit procedures, performed and according to the information and explanations given to us, there are no transactions that need to be entered into the register maintained in pursuance of Section 301 of the Companies Act, 1956.

Sub-clause (b) of para 4 (v) is not applicable.

5 The Company has not accepted any deposits from the public to which the provisions of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975 apply.

6 During the year the Company has no internal audit system, as in the opinion of management, considering the size and nature of its business and personal supervision by the Directors, the same is considered to be adequate and commensurate with its size and nature of its business.

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

8. (a) According to the information and explanations given to us and on the basis of records of the Company, 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 Service Tax, Wealth Tax, Custom Duty, Excise-Duty, Cess and other statutory dues applicable to it.

(b) According to the information and explanation given to us there are no dues of Sales tax, Income tax, Customs duty, Service Tax, Wealth tax, Excise duty and Cess which have not been deposited on account of any dispute.

9. The Company does not have any accumulated losses and has not incurred cash losses in the current financial year and in the immediately preceding financial year.

10. The Company has not taken any loans from any Financial Institutions or Banks or Debenture holders.

11 According to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of Shares, Debentures and other Securities.

The Company is not a chit fund or a nidhi/mutual benefit fund/society.

13. As per the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investment. The shares and securities have been held in its own name.

14. The Company has not given any guarantee for loans taken by others from banks or financial institutions.

15. According to the information and explanations given to us, there are no term loans raised by the Company during the year.

16. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, no funds raised on short-term basis have been used for long-term investment.

17 According to the information and explanations given to us, during the year the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

18. According to the information and explanations given to us, the Company has not issued any debentures during the year.

19. According to the information and explanations given to us, the Company has not raised any money through public issues during the year.

20. 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.

Looking to the nature of activities being carried on, at present, by the Company and also considering the nature of matters referred to in the various clauses of the Companies {Auditors Report) Order, 2003, and the Companies (Auditors Report) (Amendment) Order, 2004, clauses (ii) of paragraph 4 of the aforesaid order is in our opinion, not applicable to the Company.

For BANKIM V. SHAH Chartered Accountants

( BANKIM V. SHAH) Proprietor Membership No. 31800

NAGPUR Dated: 04.09.2010

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Mar 31, 2009

We have audited the attached Balance Sheet of Bajaj Global Limited as on 31st March, 2009 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto and the Cash Flow Statement for the year ended on that date, which we have signed under reference to this report. 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.

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

2. As required by the Manufacturing and other Companies (Auditors Report) Order, 2003 and the Companies (Auditors Report) (Amendment) Order, 2004 issued under the Companies Act, 1956, and on the basis of the such checks as we consider appropriate we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order.

3. Further to our comments in the Annexure referred to in paragraph 2 above, we report that;

a) We have obtained ail 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 has been kept by the Company so far as appears from our examination of books.

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

d) In our opinion, the Balance Sheet and the Profit & Loss Account comply with the Accounting Standards referred to in Sub-Section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable and

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

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

g> In case of the Balance Sheet of the state of the Companys affairs as at 31st March, 2009 and, II In the case of the Profit and Loss Account, of the Profit of the Company for the year ended on that date. K In the case of Cash Flow Statements of the Cash Flows for the year ended on that date

ANNEXURE TO THE AUDITORS REPORT FOR THE YEAR ENDED 31ST MARCH, 2009 (Referred to in Paragraph 1 of our report of even date)

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

(b) As explained to us, all the fixed assets were physically verified during the year by the management. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) During the year, in our opinion, a substantial part of fixed assets has not been disposed off by the Company.

2. The Company has not granted or taken any loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly sub-clauses (b), (c), (d), (0 and (g) of para 4 (iii) are not applicable.

3. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of the business with regards to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

4. Based upon [the audit procedures, performed and according to the information and explanations given to us, there are no transactions that need to be entered into the register maintained in pursuance of Section 301 of the Companies Act, 1956.

Sub-clause (b) of para 4 (v) is not applicable.

5. The Company has not accepted any deposits from the public to which the provisions of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975 apply.

6. During the year the Company has no internal audit system, as in the opinion of management, considering the size and nature of its business and personal supervision by the Directors, the same is considered to be adequate and commensurate with its size and nature of its business.

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

8. (a) According to the information and explanations given to us and on the basis of records of the Company, 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, Service Tax, Wealth Tax, Custom Duty, Excise-Duty, Cess and other statutory dues applicable to it.

(b) According to the information and explanation given to us, there are no dues of Sales tax. Income tax. Customs duty, Service Tax, Wealth tax. Excise duty and Cess which have not been deposited on account of any dispute.

9. The Company does not have any accumulated losses and has not incurred cash losses in the current financial year and in the immediately preceding financial year.

10. The Company has not taken any loans from any Financial Institutions or Banks or Debenture holders.

11. According to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of Shares, Debentures and other Securities.

12. The Company is not a chit fund or a nidhi/mutual benefit fund/society.

13. As per the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investment. The shares and securities have been held in its own name.

14. The Company has not given any guarantee for loans taken by others from banks or financial institutions.

15. According to the information and explanations given to us, there are no term loans raised by the Company during the year.

16. According to the Information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, no funds raised on short-term basis have been used for long-term investment.

17. According to the information and explanations given to us, during the year the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

18. According to the information and explanations given to us, the Company has not issued any debentures during the year.

19. According to the information and explanations given to us, the Company has not raised any money through public issues during the year.

20. 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.

Looking to the nature of activities being carried on, at present, by the Company and also considering the nature of matters referred to the various claues of the Companies (Auditors Report) Order, 2003, and the Companies (Auditors Report) (Amendment) Order 2004, Clauses (ii) of paragraph 4 of the aforesaid order is in our opinion, not applicable to the Company.

For BANKIM V. SHAH Chartered Accountants

NAGPUR BANKIM SHAH)

Dated: 04.09.2009 Proprietor

Membership No. 31800