Devinsu Trading Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2025

We have audited the accompanying financial statements of Devinsu Trading Limited ("the
Company"), which comprises of Balance Sheet as at March 31, 2025, the Statement of Profit and Loss
(including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of
Cash 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 (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 Companies (Indian Accounting
Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted
in India, of the state of affairs of the Company as at March 31, 2025, its profit (including other
comprehensive income), its changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s
Responsibilities for the Audit of the Financial Statements section of our report. We are independent
of the Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of
the financial statements under the provisions of the Act and the Rules made 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 financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period. We have determined that there are no
key audit matters to communicate in our report.

Information Other than the Financial Statements and Auditor''s report thereon

The Company''s Board of Directors is responsible for the preparation of other information. The Other
information comprises the information included in the Board''s Report including Annexures to the
Board report but does not include the financial statement and our auditor''s report thereon. The
Board''s report is expected to be made available to us after the date of this auditor''s report.

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 identified above when it becomes available 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.

When we read the report, if we conclude that there is a material misstatement threrin, we are
required to communicate the matter to those charged with governance.

Management responsibilities 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
financial position, financial performance (including other comprehensive income), changes in equity
and cash flows of the Company in accordance with the accounting principles generally accepted in
India, including the accounting Standards specified under Section 133 of the Act. This responsibility
also includes maintenance of adequate accounting records in accordance with the provisions of the
Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation 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, management is responsible for assessing the Company''s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless management either intends to liquidate the Company
or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 skepticism 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 Act, 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 the 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 entity''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 of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.

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

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

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

Report on Other Legal and Regulatory Requirements

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

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

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

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

(c) The Balance sheet, the Statement of Profit & Loss (including other comprehensive income),
the Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report
are in agreement with the books of account.

(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards
specified under Section 133 of the Act, read with Companies (Indian Accounting Standards)
Rules, 2015, as amended.

(e) On the basis of the written representation received from the directors as on March 31, 2025
taken on records by the Board of Directors, none of the directors is disqualified as on March
31, 2025 from being appointed as a Directors 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".

(g) With respect to the other matters to be included in the Auditor''s Report in accordance with
the requirements of Section 197(16) of the Act, as amended:

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

(h) With respect to the matters to be included in the Auditor''s report in accordance with the
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 litigation 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 were no amounts which were 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 (which are material either individually or in the aggregate) 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 (which are material either individually or in the aggregate) 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 representation under sub clause (i) and (ii) of Rule 11(e) of The
Companies (Audit and Auditors) Rules, 2014, as provided under (a) and (b) above,
contains any material misstatement. (Refer Note no.25 to the financial statements)

v. The Company has not declared or paid dividend during the financial year 2024-25.
Accordingly, reporting under Rule 11 (f) of Companies (Audit and Auditors) Rules, 2014 is
not applicable.

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

For SVP & Associates

Chartered Accountants

Firm registration No. 003838N

Sd/-

Yogesh Kumar Singhania

Place: Mumbai Partner

Date: 17^th April,2025 Membership No. 111473

UDIN: 25111473BMKVRF1466

---

Mar 31, 2024

We have audited the accompanying financial statements of Devinsu Trading Limited ("the
Company”), which comprises of Balance Sheet as at March 31, 2024, the Statement of Profit
and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and
the Statement of Cash 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 (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 Companies
(Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS”) and other accounting
principles generally accepted in India, of the state of affairs of the Company as at March 31,
2024, its profit (including other comprehensive income), its changes in equity and its cash
flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Act. Our responsibilities under those Standards are further described
in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.
We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that
are relevant to our audit of the financial statements under the provisions of the Act and the
Rules made 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 financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. We have determined
that there are no key audit matters to communicate in our report.

Information Other than the Financial Statements and Auditor’s report thereon

The Company’s Board of Directors is responsible for the preparation of other information. The
Other information comprises the information included in the Board’s Report including
Annexures to the Board report but does not include the financial statement and our auditor’s
report thereon. The Board’s report is expected to be made available to us after the date of this
auditor''s report.

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 identified above when it becomes available 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.

When we read the report, if we conclude that there is a material misstatement threrin , we are
required to communicate the matter to those charged with governance.

Management responsibilities 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 financial position, financial performance (including other comprehensive income),
changes in equity and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the accounting Standards specified under Section 133
of the Act. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation 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, management is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to
do so.

The Board of Directors are also responsible for overseeing the Company’s financial reporting
process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 skepticism 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
Act, 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 the 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 entity’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 of the financial statements,
including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.

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

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

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

Report on Other Legal and Regulatory Requirements

1. Pursuant to the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the

Central Government of India in terms of sub-section (11) of Section 143 of the Act, we

give in the Annexure “A” a statement on the matters specified in paragraphs 3 and 4 of

the Order.

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

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

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

(c) The Balance sheet, the Statement of Profit & Loss (including other comprehensive
income), the Statement of Changes in Equity and the Statement of Cash Flow dealt
with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as amended.

(e) On the basis of the written representation received from the directors as on March 31,
2024 taken on records by the Board of Directors, none of the directors is disqualified
as on March 31, 2024 from being appointed as a Directors 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”.

(g) With respect to the other matters to be included in the Auditor’s Report in accordance
with the requirements of Section 197(16) of the Act, as amended:

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

(h) With respect to the matters to be included in the Auditor’s report in accordance with
the 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 litigation 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 were no amounts which were 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 (which are material either individually or in the aggregate) 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 (which are material either individually or in the aggregate) 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 representation under sub clause (i) and (ii) of Rule 11(e) of
The Companies (Audit and Auditors) Rules, 2014, as provided under (a) and (b)
above, contains any material misstatement. (Refer Note no.25 to the financial
statements)

v. The Company has not declared or paid dividend during the financial year 2023-24.
Accordingly, reporting under Rule 11 (f) of Companies (Audit and Auditors) Rules,
2014 is not applicable.

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

For SVP & Associates

Chartered Accountants

Firm registration No. 003838N

Sd/-

Yogesh Kumar Singhania

Place: Mumbai Partner

Date: 29^th May,2024 Membership No. 111473

UDIN: 24111473BKHBMB1741

---

Mar 31, 2014

Report on the Financial Statements

We have audited the accompanying financial statements of ''Devinsu Trading Limited'' which comprise the Balance Sheet as at March 31, 2014 and the Statement of Profit and Loss and Cash Flow for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance and cash flow in accordance with the accounting principles generally accepted in India including Accounting Standards notified under the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of sections 133 of the Companies Act, 2013. 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 misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

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

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

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

Report on Other Legal and Regulatory Requirements

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 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 the Statement of Profit and Loss & cash flow statement dealt with by this Report are in agreement with the books of account.

d. in our opinion, the Balance Sheet, the Statement of Profit and Loss & cash flow statement comply with the Accounting Standards notified under the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of sections 133 of the Companies Act, 2013;

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

Devinsu Trading Limited.

ANNEXURE TO THE AUDITORS'' REPORT 31st MARCH 2014

(Referred to the paragraph 3 of our report of even date)

1) In respect of fixed assets:-

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

b) The Management has physically verified fixed assets during the year in accordance with program of verification of fixed assets at reasonable intervals. According to information and explanation given to us no material discrepancies were noticed on verification.

c) In our opinion and according to information and explanation given to us, no substantial part of fixed assets has been disposed off by the Company during the year, and therefore it does not effect the going concern assumption.

2) In respect of Inventories:-

There are no inventories in the company.

3) In respect of Loans

a) According to Information and explanations furnished to us, the company during the year has not granted any loans to companies, firms or other parties as per the register maintained u/s 301 of the companies act, 1956.

b) The company has not taken unsecured loans from its directors and shareholders the rate of interest and other terms and conditions of above loan are not prima facie prejudicial to the interest of company.

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

5) In respect of transaction entered in the register maintained in pursuance of Section 301 of the companies Act, 1956

a) In our opinion and according to the information and explanation given to us, the particulars of all contracts or arrangements referred to in Section 301 of the Companies Act, 1956 have been entered in the register maintained under the said section wherever it is applicable.

b) In our opinion and according to the information and explanations given to us, the transactions which have been entered into, pursuant to contracts that have been entered in the registered maintained under section 301 of the Companies Act, 1956, have been made at prices and terms which are reasonable having regard to prevailing market prices at the relevant times and conditions in the context of such transactions.

6) The company has not accepted any deposits from public within the meaning of Sections 58A and 58AA .

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

8) We are informed that the Central Govt, has not prescribed for the maintenance of cost records under Section 209(1) (d) of the Companies Act, 1956 for the period under review of the Company.

9) a) According to the records of the Company and the information and explanations given to us, in our opinion, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income-Tax, Sales- Tax, Wealth-Tax, Custom Duty, Excise Duty, Cess and any other statutory dues applicable to it.

b) No undisputed amount payable in respect of Income tax, Sales tax, Wealth Tax, Custom Duty, Excise Duty, Cess were in arrears as at 31st March 2014 for a period of more than six month from the date they become payable.

10) Company has neither accumulated losses nor has it incurred cash loss in the financial year under report and in the immediately preceding financial Year.

11) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the company has not defaulted in the repayment of dues to financial institutions, banks as at the Balance Sheet date.

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

13) In our opinion, the Company is not a chit fund company 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.

14) In our opinion, the company is not dealing in or trading in share, securities, debentures and other investments. Accordingly, the provision of clause 4 (xiv) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the company.

15) To the best of our knowledge and belief and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

16) To the best of our knowledge and belief and according to the information and explanations given to us, the Company has not raised term loans during the year.

17) To the best of our knowledge and belief and according to the information and explanations given to us, the funds raised on short-terms basis have not been used during the year for long-term investment.

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

19) The Company has not issued any debentures during the year.

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

21) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the course of our audit.

For R.K.Chapawat & Co. Chartered Accountants F.R. No.l01708W

Place:Mumbai Ravindra Chapawat Dare :27 may 2014 Partner M.No. 037720

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Mar 31, 2013

Report on the Financial Statements

1. We have audited the accompanying financial statements of Devinsu Trading Limited , which comprise the Balance Sheet as at March 31, 2013, and 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 Financial Statements

2 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 interna! control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from materiai misstatement, whether due to fraud or error.

Auditor 3 Responsibility

3. Our resoonsiDility is to express an opinion on these financial statements based en our a-jcm. 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.

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 control relevant to the Company''s preparation and fair presentation of ihe financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting police used and the reasonableness of the accounting estimates made by management, as well as ^"aluating 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 financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

(b) in the case of the 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

7. 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 OrHer.

8. 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 ooinion 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 oy this Report are in agreement with the books of account;

d in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement 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, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub- section (1) of section 274 of the Companies Act, 1956.

ANNEXURE TO THE AUDITORS'' REPORT 31* MARCH 2013

(Referred to the paragraph 3 of our report of even date)

1) In respect of fixed assets:-

a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. b) The Management has physically verified fixed assets during the year in accordance with program of verification of fixed assets at reasonable intervals. According to information and explanation given to us no material discrepancies were noticed on verification. c) In our opinion and according to information and explanation given to us,no substantial part of fixed assets has been disposed off by the Company during the year, and therefore it does not effect the going concern assumption.

2) In respect of Inventories:-

There are no inventories in the company.

3) In respect of Loans

a) According to Information and explanations furnished to us, the companv during the year has granted any loans to companies , firms or other parties as per the register maintained under section u/s 301 of the companies ace .,1956.

b) The company has not taken unsecured loans from its directors and shareholders the rate of interest and other terms and conditions of above loan are not prima facie prejudicial to the interest of company .

4) In our opinion and according to information and explanation given to us, there are adequate internai co, ''::ol procedures commensurate with the size of the company and nature of its business for the purchase of inventory, fixed assets and for the sale of goods. During the course of our audit, we have not observed any continuing failure ''^ correct major weaknesses in internal control system.

5) In of transaction entered in the register maintained in pursuance of section 301 of the companies Act, 1956

a) In our opinion and according to the information and explanation given to us, the particulars of all contracts or arrangements referred to in Section 301 of the Companies Act, 1956 have been entered in the register ma^j^^ed under the said section wherever it

l^ applicable

b) In our opinion and according to the information and explanations given to us, the transactions which have been entered into, pursuant to contracts that have been entered in the registered maintained under section 301 of the Companies Act, 1956, have been made at prices and terms which are reasonable having regard to prevailing market prices at the relevant times and conditions in the context of such transactions.

6) The company has not accepted any deposits from public within the meaning of Sections 58A and 58AA .

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

8) We are informed that the Central Govt, has not prescribed for the maintenance of cost records under Section 209(1) (d) of the Companies Act, 1956 for the period under review of the Company.

9) a) According to the records of the Company and the information and explanations given to

us, in our opinion, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees'''' State Insurance, Income-Tax, Sales- Tax, Wealth-Tax, Custom Duty, Excise Du y, Cess and any other statutory dues applicable to it. b) No undisputed amount payable in respect of Income tax, Sales tax, Wealth Tax, Custom Duty, Excise Duty, Cess were in arrears as at 31st March 2013 for a period of more than si^ month from the date they become payable.

b''M Company ha- neither accumulated losses nor has ic incurred cash kx-.s m the financial year under report and in the immediately preceding financial Year.

11) Based on our audit procedures and on the information and explanations given by the management, wt: are of the opinion that the company has not defaulted in the repa meat of dues to financial institutions, banks as at the Balance Sheet date.

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

13) In our opinion, the Company is not a chit fund company 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.

14) In our opinion, the company is not dealing in or trading in share, securities, debentures and other investments. Accordingly, the provision of clause.4 (xiv) of ^fipS^PHBanies (Auditors'' Report) Ordt''f 2U03 are not applicable to the company. %r«* 15) To the best of our knowledge and belief and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

16) To the best of our knowledge and belief and according to the information and explanations given to us, the Company has not raised term loans during the year.

17) To the best of our knowledge and belief and according to the information and explanations given to us, the funds raised on short-terms basis have not been used during the year for long-term investment.

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

19) The Company has not issued any debentures during the year.

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

21) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported daring the course of our audit.

For R.K.Chapawai & Co.

Chartered Accountants

F.R.No.l0170SW

Place: Mumbai Ravindra Chapawat

Date: Partner

M.No. 037720

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Mar 31, 2012

We have audited the attached Balance Sheet of DEVINSU TRADING LTD at 31st March 2012 the Profit and Loss Account & Cash Flow statement of the Company for the year ended o the company's management. Our statements are the responsibility financial statements based on responsibility is to express an opinion on these financial statement our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards required that we plan and perform the audit to obtain reasonable assurance about whether the financial statement 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 principals used and significant estimates made by the management as well as evaluating the overall financial statement presentation we believe that our audit reasonable basis for our opinion.

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 companies Act,1956, we enclose in the Annexure a statement of the matters specified in the paragraphs 4 and 5 of the said order to the extent applicable.

2. Further to our comments in the Annexure referred to in paragraph 1 above we report that;

a) We have obtained all the information and explanations which of 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 book of account.

d) In our opinion the Balance Sheet Profit and loss Account & the cash flow statement comply with the mandatory Accounting Standards referred in section 211 (3C0 of the companies Act,1956.

e) On the basis confirmations received from the directors concerned, none of the Directors is disqualified from being appointed as a Director under 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 explanations given to us, they said accounts read together with the Significant Accounting Policies and 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:

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

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

iii. in the case of the Cash Flow Statement of the cash flows for the year ended on that date.

(Referred to in Paragraph 1 of our report of even date)

1. The Company has maintained proper records showing particulars including quantitative details and situation of its fixed assets. The Fixed Assets have been physically verified by the Management during the year. In our opinion, the frequency of such verification is reasonable and no material discrepancies were notice on such verification as compared to book records.

2. None of the fixed assets has been revalued during the year.

3. The Company has not granted any loans, secured or unsecured, to the Companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956, or to the companies under the same management within the meaning of Sub- section (1-B) of the Section 370 of the Companies Act, 1956.

4. The parties to whom loans and/or the nature of loans have been given by the Company are repaying the principal amount as stipulated and are also regular in payment of interest wherever applicable.

5. In our opinion there is an adequate internal control procedure commensurate with the size of the company and the nature of its business for the purchase and sales of goods.

6. In the respect of transactions covered under section 301 of the Companies Act, 1956, in our opinion and according to the information and explanations given to us, there are no transactions in pursuance of contracts or arrangement entered in the register maintained under section 301 of the Companies Act, 1956.

7. The Company has not accepted any deposits from the public; therefore the provisions of Section 58A of the Companies Act, 1956 and rules framed there under are not applicable to the. Company.

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

9. According to information and explanations given to us, provisions of Provident Fund Act and Employees State insurance Act are not applicable to the Company.

10. According to the information & explanations given to us, there are no undisputed amounts payable in respect of Income Tax, Sales Tax, Customs Duty & Excise Duty as at 31st March, 2012 which are outstanding for a period of more than six months from the date they become payable.

11. According to the information and explanations given to us, no personal expenses of employees or directors have been charged to the revenue account other than those payable under contractual obligations and accepted business practice.

12. The Company has maintained proper records of the transactions and contracts in respect of trading in shares securities debentures and other investments and timely entries have been made therein. All the shares, securities and other investments have been held by the Company in its own name except to the extent of the exemption granted under Section 49-A of the Companies Act 1956.

13. As per information and explanation given to us since the company has not engaged in any manufacturing operations clauses no (iii), (iv), (v), (vi), (x), (xii), (xiv), (XV), (xvi), (xx), of paragraph 4(A) of the aforesaid order are not applicable.

FOR R. K. CHAPAWAT & CO

CHARTERED ACCOUNTANTS

FRN 101708W



RAVINDRA CHAPAWAT

PARTNER

M.N.037720

---

Mar 31, 2010

We have audited the attached Balance Sheet of DEVINSU TRADING LTD. as at 31- March 2010, the Profit and Loss Account & Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards required 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

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

2. Further to our comments in the Annexure referred to in paragraph 1 above, we report that:

a) We have obtained all the information and explanations, which of 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 fcuas 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 account.

d) In our opinion, the Balance Sheet, Profit and Loss Account & the Cash flow statement comply with the mandatory Accounting Standards referred in Section 211 (3C) of the Companies Act 1956.

e) On the basis confirmations received from the directors concerned, none of the Directors is disqualified from being appointed as a Director under 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 explanations given to us, the said accounts read together with the Significant Accounting Policies and 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:

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

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

iii. in the case of the Cash Flow Statement of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT Re: DEVINSU TRADING LIMITED (Referred to in Paragraph 1 of our report of even date)

1. The Company has maintained proper records showing particulars including quantitative details and situation of its fixed assets. The Fixed Assets have been physically verified by the Management during the year. In our opinion, the frequency of such verification is reasonable and no material discrepancies were notice on such verification as compared to book records.

2. None of the fixed assets has been revalued during the year.

3. The Company has not granted any loans, secured or unsecured, to the Companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956, or to the companies under the same management with in the meaning of Sub- section (1-B) of the Section 370 of the Companies Act, 1956.

4. The parties to whom loans and/or the nature of loans have been given by the Company are repaying the principal amount as stipulated and are also regular in payment of interest wherever applicable.

5. In our opinion there is an adequate internal control procedure commensurate with the size of the company and the nature of its business for the purchase and sales of goods.

6. In the respect of transactions covered under section 301 of the Companies Act, 1956, in our opinion and according to the information and explanations given to us, there are no transactions in pursuance of contracts or arrangement entered in the register maintained under section 301 of the Companies Act, 1956.

7. The Company has not accepted any deposits from the publ^ therefore the provisions of Section 58A of the Companies Act, ;

8. 1956 and rules framed thereunder are not applicable to the Company.

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

10. According to information and explanations given to us, provisions of Provident Fund Act and Employees State Insurance Act are not applicable to the Company.

11. According to the information & explanations given to us, there are no undisputed amounts payable in respect of Income Tax, Sales Tax, Customs Duty & Excise Duty as at 31st March, 2010 which are outstanding for a period of more than six months from the date they become payable.

12. According to the information and explanations given to us, no personal expenses of employees or directors have been charged to the revenue account other than those payable under contractual obligations and accepted business practice.

13. The Company has maintained proper records of the transactions and contracts in respect of trading in shares securities debentures and other investments and timely entries have been made therein. All the shares, securities and other investments have been held by the Company in its own name except to the extent of the exemption granted under Section 49-A of the Companies Act 1956

14. As per information and explanation given to us since the company has not engaged in any manufacturing operations clauses no (iii), (iv), (v), (vi), (x), (xii), (xiv), (xv), (xvi), (xx), of paragraph 4(A) of the aforesaid order are not applicable.

FOR R. K. CHAPAWAT 85 CO CHARTERED ACCOUNTANTS



(RAVINDRA CHAPAWAT) PROPRIETOR