Ganesha Ecoverse Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2025

GANESHA ECOVERSE LIMITED

(FORMERLY KNOWN AS SVP HOUSING LIMITED)

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

OPINION

We have audited the standalone financial statements of Ganesha Ecoverse Limited (Formerly known as SVP Housing Limited) (“the Company”), which comprise the Balance Sheet as at 31 March 2025, the Statement of Profit and Loss (including other comprehensive income), Standalone Statement of Changes in Equity and Standalone Statement of Cash Flows for the year then ended, and notes to the standalone financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as “the standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards (‘Ind AS’) specified under section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2025, and its loss(including other comprehensive loss, 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 SAs are further described in the

''Auditor’s Responsibilitiesfor the Audit of the Standalone Financial Statements’ section of our report.

We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.

Key audit matters are those matters that, in our professional judgement, 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 not determined any matters to be the Key audit matters to be communicated in our report.

INFORMA TION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR’S REPORT THEREON

The Company’s Board of Directors are responsible for the other information. The other information comprises the information included in the Annual Report, but does not include the standalone financial statements and other auditor’s Report thereon.

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

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained 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 OFMANAGEMENTAND THOSE CHARGED WITH GOVERNANCE FOR THE STANDALONE FINANCIAL STATEMENTS

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; 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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

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

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

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

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

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

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

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

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

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

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

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

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

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors’ 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

(A) As required by the Companies (Auditors’ Report) Order, 2020 (“the Order”) issued by the Central Government of India in terms of Section 143(11) of the Act, we give in “Annexure A”; a statement on the matters specified in paragraphs 3 and 4 of the Order.

(B) As required by Section 143(3) of the Act, based on or audit, we report that:

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

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

c) The standalone financial statements dealt with by this report are in agreement with the relevant books of account maintained for the purpose of preparation of the standalone financial statements.

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

e) On the basis of the written representations received from the directors as on 31^stMarch 2025 taken on record by the Board of Directors, none of the directors is disqualified as on 31^st March 2025 from being appointed as a director in terms of Section 164(2) of the Act.

f The Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company w.e.f. April 1, 2023, and accordingly, we report that:

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 in respect of accounting software and the audit trail has been preserved by the Company as per the statutory requirements for record retention.

g) 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”.

h) In our opinion and according to the information and explanations given to us the company did not pay or provide for any managerial remuneration during the year. As such 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 respect of whether the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act is not applicable

i) With respect to the other matters to be included in the Auditors’ 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 long term contracts requiring a provision for material foreseeable losses.

iii. There has been no delay in transferring amounts, 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 representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

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Mar 31, 2024

Independent Auditor''s Examination Report on Restated Summary Statements

2024^{1thC rcSW,Pd SUmmary 6latemcn,B of} “^5Sct9 Abilities as at March 31, 20.4, -023 and 2022, summary statements of profits and losses (including other comprehensive

MarcTs 1 ."T *" **"** ^{for each of thc} >''«^K «"dcd

March 31,2024 20-3 and 2022 of Ganesha Ecoverse Limited (Formerly known as “SVP Housing

Limited } (collecuvcly, the “Restated Summary Statements”)

To.

Thc Board of Directors,

Ganesha Ecoverse Limited

(Formerly Known as SVP Housing Limited)

P3-211, Second Moor, Central Square. 20,

Manohnr I-nl Khuram Marg, Bara Hindu Rao, Delhi - 110006

Dear Sir;/ Madam,

¹ fFl!^k,^XS^{ninCd fhe} aivlu ^{RcStatcd Summar}y Statements of Ganesha Ecoverse Limited (Formerly Known as SVP Housing Limited”) annexed to this report and prepared bv the

Company for the purpose of inclusion in the Lena of Offer in connection with its Right Issue.

, ^{, CStat}f^d ST^muy ^S,atcmcnts* ^{whlch hav}* been approved bv thc Board of Directors of thc

Company, have been prepared by thc Company in accordance with thc requirements of:

2. Section 26 of Pan I of Chapter III of thc Companies Act. 2013 (the “Act")

^b'' ““T ?r^d °^f •** Disclose Requirements)

Regulations, 20 IS as amended from time to time in pursuance of provisions of Securities and Exchange Board of India Act. 1992 ("ICDR Regulations"); and

c. The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Guidance Nott“ “''⁸ °^f ''^nd" <"^1C*^r* ” “““W ft™» « » untc (the

Managements’ Responsibility for the Restated Summary Statements:

2. The Management of Company is responsible fo: the preparation of the Restated Summary Statements for the purpose of inclusion in the Offer documents to be filed with Securities and exchange Board of India, Registrar or Companies, Delhi and Haryana and die Stock Exchange m connection with the proposed Right Issue, ''lire responsibilities of thc Management of the Company includes designing, implementing, and maintaining adequate internal control relevant to the preparation and presentation of thc Restated Summary Statements. The Board of Directors

;~^C ‘°*identifying and ensuring that thc Company complies with thc Act. ICDR Regulations and me Guidance Note.

Q V/f......

Auditors'' Responsibilities

3. We have examined such Restated Summary Statements talung into comddetanon:

’-wtx

^b'' Se^G«n?*“,^U^V!r^dI“''r “‘^|uirci *f* ” W"plrwill, .he ethical rt<|turements of tht . th.es issued by the Institute of Chartered Accountants of India (ICAI);

*• S°“^Cd^P" “^{f d,}“^l“ ”^d ¦“““¦% » »^b“in reasonable assurance based on venficauon Oi CV lucncc supporting the Restated Summary Statements: and

^d'' °^{f SeCd}"^{n 26} °^{f AC}‘ “^nd "* ^,CDR ****** Our work was

^t^'' cSrr ? •“"“VT. i» ^hon ,o your compbance

hsl ’ ^{ICDR R=}«^Ul*^0O“ “"^d ““ ^GuRk"« Note in eonneedon with the Right

Restated Summsuy Statements as pet audited Financial Statements

4. Them Restated Summarr Statements have been compiled by the management of the Company

*'' °^f''*^{C f}“ *'' “^d''^{d M}«^{h 31} ¦²⁰²⁴ »«cb have

nte^eSsT a c “T"/ *“⁰*^J««* with the Indian Accounting Standards «

, l T°° '' ^A“ ^{rad M,h b,dian} Accounting StantJds Rules 2015

\S"Whth ha ^d h *“*“”“?* T''’** ^gCnC“^tty “^CCP"^{d in ln Netted to as -fad 2^4 ° apPr°VCd b>’ *'' B”''d of Divots a. their mceuig held on May 30.}

^b- ^Au*''^d. ^F“”"^cial Statements of the Company for the yearn ended on Man* 31 >023 and

2£ "^uh ^^{accouncn8 pdncip}"^!

S y*~. ^Cyr^{l 1} ,r thV^cIc!^{ant timc 35} P^r<-‘^scnbcd under Section 133 of the Ac, read

th^R? T rn ^COUDtUlgu ^ ^{Ru,CS 2021 as} ^nded, Which have been approved the Board of Drrcctors at char meeting held on May 30.2023 and May 30.2022 respectively

M reh ^ in forma non for the yoZZZt

March 31. 202.3 and 2022. mduded in such Indian GAAP financial sJcmcTtsZZ

.nfoSmnn⁵^ ^mC"^SUr<:^InC"^t P“P¹** ^a{ ,nd AS and has included such adjusted flnancra!

^c— ^f» -—

5. For the purpose of our examination, we have relied on

a. Auditor''s Report issued by us dated May 30, 2024 on Financial Statements of die Company as at

v/ v^ ^<0dBd ^ ^3I* ^{2U24 and ,hc audit rc}P^om^ by the previous auditor, ^C°^mpan>’ ^{for dlc} >''^{ear cndcd} March 31. 2023 dared May 30. 2023 and M/s Ki ML & Associates for the year ended March 31. 2022 dated May 30. 2022 as referred in Paragraphs 4 (a) and (b) above.

b. There were no qualification* in the Audit Reports issued by us and by previous auditor for the years ended on March 31 2024. 2023 and 2022 which would require adjustments in this Restated nummary statements of the Company.

c. Based on the above and in accordance with the requirements of Section 26 of Pan 1 of Chapter

ot the Act read with, the ICDR Regulations and the Guidance Note and based on our examination and according to the information and explanations given to us. wc .epon that

i- The Restated Summary Statement of the Company, as attached to this report read with the oasis of preparation and respective Significant Accounting Policies given in Note U of Resulted Summary^Statements as described in paragraph 1 have been prepared in accordance with die Act, ICDR Regulations, and Guidance Note.

Ihc Restated Summary Statements has been prepared after incorporating adjustments, if any. tor the changes in accounting policies and regrouping/ reclassifications to reflect die same accounting treatment in the respective financial year to which they relate, i. There were no qualifications in Auditor’s Report on the Audited Financial Statements of the Company for the year ended March 31. 2024. March 31 2023 and 2022 which require anv adjustments to the Restated Summary Statements and

6. Wc have not audited the any financial statements of the Company as of any date or for anv period subsequent to March 31,2024. Accordingly, the Restated Summary Statements do not reflect the utects or events that occurred subsequent to the audited financial statements mentioned in paragraph 4 above.

i. I his report should not in any way be construed as a rcisjuance or re dating of any of die previous audit reports issued by us or the previous auditors, nor should this report be construed as a new opinion on any of the financial statements referred to herein.

K VVc have no responsibility to update out report fox events and circumstances occurnng after the date of die report.

9. Our report is inrended solely for use of the Board of Directors for inclusion in the Offer documents to be filed with .Securities and Exchange Board of India, the Stock Exchanges and Registrar of Companies, Delhi and Haryana in connection with the proposed Right Issue. Our report should not be used, referred to, or distributed for any other purpose except with our prior consent in writing. Accordingly, we do not accepr or assume any liability or any duty ofczrc for any other purpose or to any other person to whom rhis report is shown or into whose hands it may come without our prior consent in writing.

For Rajiv Mehrotra & Associates,

Chattered Accountants,

ICAI Firm Reg. No.: 002253C Peer Review Certificate No: 016310

**T?\m:s2C/z •

Shivani Yadav Partner

Membership No: 451408

UDIN: 24451408BKEOBF8136

Place: Kanpur

Date: 30^u,Mav2024 0

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Mar 31, 2016

Report on the Financial Statements

We have audited the accompanying financial statements of M/s Mahabir Metallex Limited which comprise the Balance Sheet as at March 31, 2016, 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

The Company''s Board of Directors is responsible for the matters in Section 134(5) of the Companies Act, 2013 ("the act") with respect to preparation of these financial statements that give a true and fair view of the financial position and financial performance and cash flows of the Company in accordance with the Accounting Principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with rule 7 of the Companies (Accounts) Rule, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the company and for preventing and detecting the 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 control that were operating effectively for ensuring the accuracy and completeness of accounting records , relevant to the preparation and fair 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 have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under and under section 143(11) of the Act.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation and fair view 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 evidences we have obtained are sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

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, subject to the note no.11 where we do not express any opinion, in conformity with the accounting principles generally accepted in India, of the state of Affairs of the Company as at March 31, 2016, and its profit and its 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, 2016 (''the Order'') issued by the Central Government in terms of Section 143(11) of the Act, we enclose "Annexure A" giving 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 appears from our examination of those books.

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

d) In our opinion, the aforesaid 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 written representations received from the directors as on 31^st March, 2016, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2016, 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, we enclose "Annexure B" giving our separate report.

g) With respect to the other matters included in the Auditor''s Report and to the best of our information and according to the explanations given to us :

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements.

ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long term contracts including derivative contracts.

iii. There has been no amount required to be transferred, to the Investor Education and Protection Fund by the Company.

Annexure “A” to the Independent Auditors’ Report Re: Mahabir Metallex Limited

Referred to in 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) A substantial portion of the fixed assets has been physically verified by the management during the period and in our opinion the frequency of verification is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such physical verification.

c) According to the information given to us, the title deeds of all the immovable properties are held in the name of the company.

2. The inventories have been physically verified during the period by the management at reasonable intervals. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with in the books of account.

3. The company has not granted any loans, secured or unsecured to any company, firm, Limited Liability Partnership or other Parties covered in the register maintained under section 189 of the companies Act, 2013.

4. In our opinion and according to the information and explanations given to us the company has not granted any loans, investments, guarantees, and security and the provisions of Section 185 and 186 of the Companies Act, 2013 have been complied with.

5. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits within the meaning of provisions of sections of 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under.

6. The company has maintained books of account relating to materials, labour and other items of cost pursuant to the Rules made by the Central Government for the maintenance of cost records under section 148 (1) of the Companies Act, 2013. We have not made however a detailed examination of the record with a view to determine whether they are accurate or complete.

7. a) According to the records of the company, the company is 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, Service Tax, Value Added Tax, Cess and other material statutory dues, as applicable, with the appropriate authorities.

b) There were no undisputed amounts payable in respect of Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Value Added Tax, Cess and other material statutory dues in arrears as at 31^st March 2016 for a period of more than six months from the date they became payable.

c) According to the information and explanation given to us and records of the company examined by us, the particulars dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise Duty, Service Tax, Value Added Tax, Cess which have not been deposited on account of any dispute, are NIL

8. In our opinion and according to 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 a financial institution, bank or debenture holders.

9. In our opinion, the moneys raised by term loans have been applied for the purpose for which they were raised.

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

11. According to the information given to us and based upon our audit procedures, the managerial remuneration has been paid in accordance with the provisions of Section 197 read with Schedule V of the Companies Act, 2013.

12. The company is not a Nidhi Company and hence, the company is not governed by Nidhi Rules, 2014.

13. In our opinion, the transactions with the related parties are in compliance with Sections 177 and 188 of the Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.

14. The company has not made any preferential allotment or private allotment of shares or fully or partly paid convertible debentures during the year under review.

15. On the basis of information provided to us, the company has not entered into any non-cash transactions with directors or parties connected with him under Section 192 of the Companies Act, 2013.

16. The company is not required to get registered under Section 45-IA of the Reserve Bank of India Act, 1934.

For VAPS & Company

Chartered Accountants,

Firm Regn. No. 003612N

(Vipin aggarwal)

Partner

M.N. 082498

Place: New Delhi

Dated: 30.05.16

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Mar 31, 2015

1. We have audited the accompanying financial statements of M/s Mahabir Metallex Limited which comprise the Balance Sheet as at March 31, 2015, and the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.

2. Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in Section 134(5) of the Companies Act, 2013 ("the act") with respect to preparation of these financial statements that give a true and fair view of the financial position and financial performance of the Company in accordance with the Accounting Principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with rule 7 of the Companies (Accounts) Rule, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the company and for preventing and detecting the 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 internal financial control that were operating effectively for ensuring the accuracy and completeness of accounting records , relevant to the preparation and fair presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

3. Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

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 evidences we have obtained are sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

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:

i) In the case of the Balance Sheet, of the State of affairs of the Company as at 31st March 2015.

ii) In the case of the Profit & Loss Statement, of the Profit of the Company for the year ended on that date.

4. Report on Other Legal and Regulatory Requirements

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 appears from our examination of those books.

c. The Balance Sheet and the Statement of Profit and Loss dealt with by this Reportage in agreement with the books of account.

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

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

f. With respect to the other matters included in the Auditor's Report and to our best of our information and according to the explanations given to us :

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements. ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long term contracts including derivative contracts. iii. There has been no amount required to be transferred, to the Investor Education and Protection Fund by the Company.

Re: Mahabir Metallex Limited

Referred to in paragraph 3 and 4 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) A substantial portion of the fixed assets has been physically verified by the management during the period and in our opinion the frequency of verification is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such physical verification.

2. a) The inventories have been physically verified during the period by the management. In our opinion, the frequency of verification is reasonable.

b) The procedures of physical verification of inventories followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) In our opinion and according to the information and explanations given to us, the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt within the books of account.

3. a) The company has granted unsecured loan to eight parties of the register maintained under section 189 of the companies Act, 2013. The Maximum amount involved during the year was Rs.8,56,08,068 and the yearend balance of loan given to Company was Rs.8,56,08,068.

b) The company is regular in receipt of the principal amounts as stipulated and has been regular in the receipt of interest.

c) There is no overdue amount of loans granted to companies, firms and other parties covered in the register maintained under section 189 of the companies act,2013

4. In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal controls system.

5. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits within the meaning of provisions of sections of 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under .

In our opinion and according to the information and explanations given to us, no order has been passed by the Company Law Board or the National Company Law Tribunal or the Reserve Bank of India or any other Tribunal against the company.

6. We have broadly reviewed the books of account relating to materials, labor and other items of cost maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 148 (1) of the Companies Act, 2013 we are of the opinion that prima facie the prescribed accounts and record have been made and maintained. We have not

made however a detailed examination of the record with a view to determine whether they are accurate or complete.

7. (a) According to the 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, Custom Duty, Excise Duty, Service Tax, Value Added Tax , Cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty, Service Tax, Value Added Tax, Cess etc. were outstanding as at 31st March, 2015 for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us and records of the company examined by us, the particulars dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise Duty, Service Tax, Value Added Tax, Cess which have not been deposited on account of any dispute, are as per annexure below: Nil

(d) According to the information and explanation given to us and records of the company examined by us, the company is not required to transfer amount to investor education and protection fund in accordance with the relevant provisions of the Companies Act,1956(1 of 1956) and rules made there under to such fund within time.

8. The company has no accumulated losses as at 31st March 2015 and has not incurred any cash losses during the financial period covered by our audit and in the immediately preceding financial period.

9. In our opinion and according to the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

10. The company has not given any guarantee for loans taken by others from bank or financial institutions.

11. In our opinion, the term loans have been applied for the purpose for which they were raised.

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

For VAPS & Co.

Chartered Accountants,

Firm Regn. No. 003612N

(Vipin Aggarwal)

Partner M.N. 082498

Place: New Delhi

Dated: 30.05.2015