RKB Agro Industries Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2024

We have audited the Ind AS Financial Statements of RKB Agro Industries Limited
(“theCompany”), which comprise the Balance Sheet as at 31st March 2024, and the Statement of Profit
and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement
of Cash Flows for the year then ended, and notes to the Financial Statements, including a summary of
significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us,
except for the effects of the matters described in the Basis for Qualified Opinion section of our report, the
aforesaid Ind AS Financial Statements give the information required by the Act in the manner so required
and give a true and fair view in conformity with the accounting principles generally accepted in India, of
the State of affairs of the Company as at March 31,2024, and Profit including Other Comprehensive
Income, Changes in Equity and its Cash flows for the year ended on that date.

Basis for Qualified Opinion

1) The Company has not ascertained from the Creditors as to whether they are registered as
Micro or Small Enterprises under Micro, Small and Medium Enterprises Development Act,
2006 and as such particulars of dues, if any, to such enterprises as required under the said Act
are not disclosed. Moreover, interest, if any accrued to such enterprises is not determined and
provided for. Consequential impact on profit for the year and trade Payables as at the
year-end is not ascertainable.

2) The Company has accounted the retirement gratuity on cash basis, as against actuarial valuation
basis as envisaged in Ind AS 19 and disclosures required under this standard are not disclosed.
Consequential impact on the accounts is not ascertainable.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further
described in the Auditor’s Responsibilities for the Audit of the Ind AS 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 Ind AS Financial Statements under the provisions of the Companies Act, 2013 and the
Rules there under, 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 qualified opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the Ind AS Financial Statements of the current period. These matters were addressed in the
context of our audit of the Ind AS Financial Statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.

Sr. No.	Key Audit Matter	Auditor’s Response
1.	Information Technology Systems and Controls on Accounting Software	Audit Procedures performed We have performed procedures to ensure the financial data entered in the accounting software captures all accounting data.Our audit approach consisted of testing of design and operating effectiveness of internal controls and substantive testing around the Accounting Software system.
		We performed sufficient test of details as a part of our audit. We have performed the test of details for areas where the management has implemented manual controls as at the year end.
		The combination of these tests of controls and procedures, gave us sufficient evidence to enable us to rely on the operations of accounting software system for the purpose of the audit of the financial statements.

Emphasis of Matter:

Attention is drawn to Note 4 to the Balance Sheet that having regard to confirmation of outstanding
balances of Trade Receivables due for more than three years amounting to Rs 97.02 Lakhs and assurance
from the customers to clear the dues by disposing of or transferring the assets held by them within a
short period, management has considered these dues as fully recoverable and hence no provision
against the same is considered necessary. Our opinion is not modified in respect of this matter.

Other Information

The Company''s Board of Directors is responsible for the other information. The other information
comprises the information included in the Company''s Annual Report being Management Discussion
and Analysis, Boards Report including Annexures to Board''s Report, Business Responsibility Report,
Corporate Governance Report and Shareholder''s information but does not include the Financial
Statements and our auditor’s report thereon. Our opinion on the Financial Statements does not cover the
other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Financial Statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information; we are required to report that fact. The Directors Report along with Annexures is not made
available to us at the date of this auditor''s report. We have nothing to report in this regard.

Management’s Responsibility for the Ind AS Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the
Companies Act, 2013 (“the Act”) with respect to the preparation of these Ind AS Financial Statements that
give a true and fair view of the financial position, financial performance, changes in equity and cash flows
of the Company in accordance with the accounting principles generally accepted in India, including the
Indian Accounting Standards specified under section 133 of the Act. This responsibility also includes
maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding
of the assets of the Company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate implementation and maintenance of accounting policies; making judgments
and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the Financial Statements that give
a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Ind AS 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.

In preparing the Ind AS 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 Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of these Ind AS 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 Ind AS 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 controls 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 control system
in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company''s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the Ind AS 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 Ind AS Financial Statements, including
the disclosures, and whether the Ind AS 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.

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, and
in terms of the information and explanations sought by us and given by the Company and the
books and records examined by us in the normal course of audit and to the best of our knowledge
and belief, we state that:

(i) (a) (A) The Company is maintaining proper records showing full particulars including

quantitative details and situation of Property, Plant and Equipment (PPE).

(B) The Company does not own any Intangible assets, hence requirement of clause 3 (i)(a)(B)
of the Order does arise.

(b) All PPE have been physically verified by the management during the year in accordance
with its policy to verify all PPE on annual basis, which, in our opinion is reasonable
having regard to the size of the company and no material discrepancies were noticed
on such verification.

(c) The Title deeds of Immovable properties (other than properties where the Company is
the lessee and the lease agreements are duly executed in favour of the lessee) disclosed
in the Financial Statements are held in the name of the Company.

(d) The Company has not revalued any of its PPE (including Right of Use assets) or Intangible
assets or both during the year, hence requirements of clause 3 (i) (d) ofthe Order is not applicable.

(e) No proceedings have been initiated or are pending against the Company for holding
any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988)
and rules made thereunder. Hence the reporting on disclosure of such transactions in
the Financial Statements as per clause 3 (i)(e) of the Order does not arise.

(ii) (a) The inventory has been physically verified during the year by the management. In our

opinion, the frequency of verification is reasonable. The coverage and 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. The
discrepancies noticed on verification between the physical stocks and the book records
were not 10% or more in the aggregate for each class of inventory.

(b) The Company has been sanctioned working capital limits in excess of five crore rupees,
in aggregate, from a bank on the basis of security of current assets. The quarterly
returns/ statements filed by the Company with such bank are not in agreement with the
books of account of the Company as stated below:

Quarter Return/ Statement	Particulars	Amount as per Books of Accounts (Rs in Lakhs)	Amount as per Quarterly returns/ statement (Rs in Lakhs)	Difference (Rs in Lakhs)
Jun''23	Stock	591.07	673.99	82.92 Excess in the Returns
Jun''23	Receivables	927.84	927.80	0.04 Short in the Returns
Sep''23	Stock	562.74	561.05	1.69 Short in the Returns
Sep''23	Receivables	1200.89	1076.89	124.00 Short in the Returns
Dec''23	Stock	696.18	627.58	68.60 Short in the Returns
Dec''23	Receivables	1797.68	1728.85	68.83 Short in the Returns
Mar''24	Stock	1199.56	1229.48	29.92 Excess in the Returns
Mar''24	Receivables	341.00	366.49	25.49 Excess in the Returns

(iii) During the year the Company has not provided any guarantee or security or granted
any loans or advances in the nature of loans, secured or unsecured, to companies,
firms, Limited Liability Partnerships or any other parties, except Interest free unsecured
loans/advances in the nature of loans to employees, hence the reporting of aggregate
amount during the year and balance outstanding of such loan/ advances/ guarantee/
security and the question of schedule of repayment of interest and principal, recovery of
principal and interest on regular basis and steps for recovery of overdue amount for
more than 90 days, loan or advance being renewed or extended or fresh loans granted
to settle overdue of existing parties; loan or advance granted either repayable on demand
or without specifying any terms or period of repayment as per clause 3 (iii) of the Order
does not arise. According to the information and explanation given to us the investments
made by the company during the year are not prejudicial to the company''s interest.

(iv) As explained to us, the company has not granted any loans, made any investments or
given any guarantees/ security, hence the question of compliance to the provisions of
Sections 185 and 186 of the Act as per clause (iv) of the Order does not arise

(v) The Company has not accepted any deposits nor any amounts deemed to be deposits
within the meaning of the provisions of Section 73 of the Act and Rules framed there
under. Hence compliance with the directives issued by the Reserve Bank of India and
the provisions of Sections 73 to 76 or any other relevant provisions of the Companies
Act, 2013 and the rules framed thereunder does not arise.

(vi) Maintenance of Cost records is not specified by the Central Government for under
Section 148 (1) of the Act and Rules framed there under for the products dealt by the
company.

(vii) (a) The Company is generally regular in depositing undisputed statutory dues including
Goods & Service Tax, Provident Fund, Employees State Insurance, Income tax, Sales
Tax, Service Tax, Duty of Customs, Duty of excise, Value Added Tax, Cess and other
statutory dues to the extent applicable to the company, with the appropriate authorities
to the extent applicable to it. (b) As per the books and records verified by us, no undisputed
amounts payable in respect of statutory dues referred to in sub-clause (a) above to the
extent applicable to the company, which have remained outstanding as at 31st March
2024 for a period of more than six months from the date they became payable.

(c) As explained to us, there are no statutory dues referred to in sub-clause (a) above to
the extent applicable to the company, which have not been deposited on account of any
dispute.

(viii) There are no transactions not recorded in the books of accounts that have been
surrendered or disclosed as income during the year in the tax assessments under the
Income Tax Act, 1961. Hence the reporting whether the previously unrecorded income
has been properly recorded in books of account during the year as per clause 3(viii) of
the Order does not arise.

(ix) (a) In our opinion, the Company has not defaulted in repayment of loans or other
borrowings or in the payment of interest thereon to any lender.

(b) The Company has not been declared willful defaulter by any bank or financial institution
or other Lender.

(c) In our opinion and according to the information and explanations given to us, the Company
has utilized the money obtained by way of term loans during the year for the purposes
for which they were obtained.

(d) According to the information and explanations given to us, and the procedures performed
by us, and on an overall examination of the financial statements of the Company, we
report that no funds raised on short term basis have been used for long-term purposes
by the Company.

(e) The Company does not have any subsidiaries, associates or joint ventures, hence
requirements of clause 3 (ix)(e) of the Order regarding funds from any entity or person
on account of or to meet the obligations of its subsidiaries, associates or joint ventures
does not arise.

(f) The Company does not have any subsidiaries, associates or joint ventures hence
requirements of clause 3 (ix)(f) of the Order regarding raising of loans during the year
on the pledge of securities held in its subsidiaries, joint ventures or associate companies
does not arise.

(x) (a) No money was raised by the company by way of initial public offer or further public
offer (including debt instruments) during the year. Hence requirements of reporting under
clause 3 (x) (a) of the Order does not arise.

(b) The Company has not made any preferential allotment or private placement of shares
or convertible debentures during the year; hence the requirement of compliance
to provisions of Section 42 and Section 62 of the Act and utilization of amounts
so raised for the purpose for which the funds were raised as per clause 3 (x)(b) of the
Order does not arise.

(xi) (a) To the best of our knowledge and according to the information and explanations
given to us, no fraud by the Company or on the Company has been noticed or reported
during the year.

(b) To the best of our knowledge and according to the information and explanations
given to us, no report under sub-section (12) of Section 143 of the Act has been filed by
the auditors in Form ADT -4, as prescribed under Rule 13 of Companies (Audit and
Auditors) Rules 2014 with the Central Government.

(c) As represented to us by the management, there are no whistle blower complaints
received by the Company during the year.

(xii) The Company is not a Nidhi Company. Therefore, the provisions of clause 3 (xii) of the
Order are not applicable to the Company.

(xiii) In our opinion, all transactions with the related parties are in compliance with the
provisions of Section 177 and Section 188 of the Act and the company has
disclosed such transactions in the Financial Statements as required by the applicable
Accounting Standards.

(xiv) (a) In our opinion and based on our examination, the Company has an internal audit
system commensurate with the size and nature of its business.

(b) We have considered the internal audit reports of the Company issued till date, for
the period under audit.

(xv) In our opinion, the Company has not entered into any non-cash transactions with directors
or persons connected with them, hence the requirement of compliance to provisions of
Section 192 of the Act as per clause 3 (xv) of the Order does not arise.

(xvi) (a) In our opinion, the Company is not required to be registered under Section 45- IA of
the Reserve Bank of India Act, 1934, hence the requirements of clause3 (xvi) of the
Order are not applicable.

(b) The Company has not conducted any non-banking financial or housing finance
activities without a valid certificate of Registration (COR) from the Reserve Bank of
India, as per Reserve Bank of India Act, 1934.

(c) The Company is not a core investment Company (CIC) as defined in the
regulations made by the Reserve Bank of India. Hence the reporting of whether the
Company continues to fulfil the criteria of CIC and in case the Company is exempted or
unregistered CIC and if it continues to fulfil such criteria as per clause 3 (xvi)(c) of
the Order does not arise.

(d) The group has no CIC hence the requirements of Clause 3 (xvi)(d) of the Order are
not applicable.

(xvii) The Company has not incurred cash losses in the financial year and in the immediately
preceding financial year.

(xviii) There has been no resignation of the Statutory Auditors during the year and accordingly
requirement of clause 3 (xviii) of the Order is not applicable.

(xix) According to the information and explanations given to us and on the basis of the financial
ratios, ageing and expected dates of realisation of Financial assets and payment of
Financial liabilities, other information accompanying the financial statements, our
knowledge of the Board of Directors and management plans and based on our
examination of the evidence supporting the assumptions, nothinghas come to our
attention, which causes us to believe that any material uncertainty exists as on the date
of the audit report that the Company is not capable of meeting its liabilities existing as at
the date of the balance sheet and when they fall due within a period of one year from the
balance sheet date. We, however, state that this is not an assurance as to the future
viability of the Company. We further state that our reporting is based on the facts up to
the date of the audit report and we neither given any guarantee nor any assurance that
all liabilities falling due within a period of one year from the balance sheet date, will get
discharged by the Company as and when they fall due.

(xx) The provisions of Section 135 of the Act are not applicable to the Company for the year,
hence the reporting requirements under Clause 3 (xx) of the order is not applicable.

(xxi) The accounts reported being Standalone Financials, the requirements of clause 3
(xxi) of the Order are not applicable.

I. 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, we state that in our
opinion and to the best of our information and according to the explanations given to us,
remuneration paid to the Directors during the year is in the accordance with the provisions
of section 197, read with Schedule V of the Act.

II. 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 except(a) for not
keeping backup on a daily basis of such books of account, maintained in electric mode,
in a server physically located in India and (b) in relation to compliance with the
requirements of audit trail, refer paragraph (g) (vi) below.

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

d) Except for the effects of the matters described in paragraph 2 of the Basis for Qualified
Opinion section above, in our opinion, the aforesaid financial statements comply with
the Indian Accounting Standards specified under Companies (Indian Accounting
Standards) Rules, 2015 as amended.

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

f) With respect to the adequacy of the internal financial controls with reference to Ind AS
Financial Statements of the Company and the operating effectiveness of such controls,
refer to our separate Report in “Annexure A”.

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

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

ii. The Company did not have any long-term contracts including derivative contracts for
which there are any material foreseeable losses.

iii. There are no dues 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 it’s knowledge and belief,
other than as disclosed in the Notes to the accounts, no funds have been advanced or
loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) by the Company to or in any other person(s) or entity(ies), including
foreign entities (“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 it’s knowledge and belief,
other than as disclosed in the Notes to the accounts, no funds have been received by
the Company from any person(s) or entity(ies), including foreign entities (“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; and

(c) Based on such audit procedures that has been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that
the representations under sub-clause (a) and (b) contain any material mis-statement.

v. The Company has not declared or paid any dividend during the year, hence the question
of compliance with Section 123 of the Act does not arise.

vi. Based on our examination which included test checks, the company has not used an
accounting software for maintaining its books of account which has a feature of recording
audit trail (edit log) facility. Consequently reporting on whether the audit trail has operated
throughout the year for all relevant transactions recorded in the software and reporting of
any instance of audit trail feature being tampered with does not arise (refer note 33 of the
Financial Statements)

FOR DAGLIYA & CO
CHARTERED ACCOUNTANTS
(FIRM NO.: 00671S)

UDIN : 24224048BKEPUZ1744 CHETAN KUMAR K JAIN

PLACE : BENGALURU PARTNER

DATE : 18-06-2024 ^{MEMBERSHIP NO} 224048

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Mar 31, 2023

We have audited the Ind AS Financial Statements of RKB Agro Industries Limited (“the Company”), which comprise the Balance Sheet as at 31st March 2023, and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the Financial Statements, including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matters described in the Basis for Qualified Opinion section of our report, the aforesaid Ind AS Financial Statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the State of affairs of the Company as at March 31, 2023, and Profit including Other Comprehensive Income, Changes in Equity and its Cash flows for the year ended on that date.

Basis for Qualified Opinion

1) The Company has not ascertained from the Creditors as to whether they are registered as Micro or Small Enterprises under Micro, Small and Medium Enterprises Development Act, 2006 and as such particulars of dues, if any, to such enterprises as required under the said Act are not disclosed. Moreover, interest, if any accrued to such enterprises is not determined and provided for. Consequential impact on profit for the year and trade Payables as at the year-end is not ascertainable

2) The Company has accounted the retirement gratuity on cash basis, as against actuarial valuation basis as envisaged in Ind AS 19 and disclosures required under this standard are not disclosed. Consequential impact on the accounts is not ascertainable.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Ind AS 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 ouraudit ofthe Ind AS Financial Statements underthe provisions ofthe Companies Act, 2013 and the Rules there under, 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 qualified opinion

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit ofthe Ind AS Financial Statements ofthe current period. These matters were addressed in the context of our audit ofthe Ind AS Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters

Sr. No.	Key Audit Matter	Auditor’s Response
1.	Information Technology Systems and Controls on Accounting Software	Audit Procedures performed : We have performed procedures to ensure the financial data entered in the accounting software captures all accounting data.Our audit approach consisted of testing of design and operating effectiveness of internal controls and substantive testing around the Accounting Software system. We performed sufficient test of details as a part of our audit. We have performed the test of details for areas where the management has implemented manual controls as at the year end. The combination ofthese tests of controls and procedures, gave us sufficient evidence to enable us to rely on the operations of accounting software system for the purpose of the audit of the financial statements.

Emphasis of Matter:

Attention is drawn to Note 5 to the Balance Sheet that having regard to confirmation of outstanding balances of Trade Receivables due for more than three years amounting to Rs 97.02 Lakhs and assurance from the customers to clear the dues by disposing of or transferring the assets held by them within a short period in any case not exceeding 12 months from the date of the Balance sheet, management has considered these dues as fully recoverable and hence no provision against the same is considered necessary. Our opinion is not modified in respect of this matter.

Other Information

The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Company''s Annual Report being Management Discussion and Analysis, Boards Report including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance Report and Shareholder''s information but does not include the Financial Statements and our auditor’s report thereon.

Our opinion on the Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. The Directors Report along with Annexures is not made available to us at the date of this auditor''s report. We have nothing to report in this regard.

Management’s Responsibilities for the Ind AS Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation ofthese IndAS Financial Statements that give a true and fair view of the financial position, financial performance, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate implementation and maintenance of accounting policies; making judgments

and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Ind AS 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 Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 butis 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Ind AS 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 Ind AS 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 higherthan for one resulting from error, as fraud may involve collusion, forgery, ntentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal controls 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 forexpressing our opinion on whetherthe Company has adequate internal financial control system in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Ind AS 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 Ind AS Financial Statements, including the disclosures, and whetherthe Ind AS 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.

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, and in terms of the information and explanations sought by us and given by the Company and the books and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:

(i) (a) (A) The Company is maintaining proper records showing full particulars

includingquantitative details and situation of Property, Plant and Equipment (PPE).

(B) The Company does not own any Intangible assets, hence requirement of clause 3 (i)(a)(B) of the Order does arise.

(b) All PPE have been physically verified by the management during the year in accordance with its policy to verify all PPE on annual basis, which, in our opinion is reasonable having regard to the size of the company and no material discrepancies were noticed on such verification.

(c) The Title deeds of Immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) disclosed in the Financial Statements are held in the name of the Company.

(d) The Company has not revalued any of its PPE (including Right of Use assets) or Intangible assets or both during the year, hence requirements of clause 3 (i) (d) ofthe Order is not applicable.

(e) No proceedings have been initiated or are pending against the Company for holding any benami property underthe Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder. Hence the reporting on disclosure of such transactions in the Financial Statements as per clause 3 (i)(e) ofthe Order does notarise.

(ii) (a) The inventory has been physically verified during the year by the management. In our

opinion, the frequency of verification is reasonable. The coverage and procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size ofthe Company and the nature of its business. The discrepancies noticed on verification between the physical stocks and the book records were not 10% or more in the aggregate for each class of inventory.

(b) The Company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from a bank on the basis of security of current assets. The quarterly returns/ statements filed by the Company with such bank are not in agreement with the books of account ofthe Company as stated below:

Quarter Return/ Statement	Particulars	Amount as per Books of Accounts (Rs in Lakhs)	Amount as per Quarterly returns/ statement (Rs in Lakhs)	Difference (Rs in Lakhs)
Jun''22	Stock	344.63	379.13	34.5 Excess in the Returns
Jun''22	Receivables	712.86	696.4	16.46 Short in the Returns
Sep''22	Stock	523.57	469.39	54.18 Short in the Returns
Sep''22	Receivables	467.32	590.87	123.55 Excess in the Returns
Dec''22	Stock	524	497.48	26.52 Short in the Returns
Dec''22	Receivables	772.78	861.02	88.24 Excess in the Returns
Mar''23	Stock	500.91	516.01	15.1 Excess in the Returns
Mar''23	Receivables	1131.87	1131.45	0.42 Short in the Returns

(iii) During the year the Company has not provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any other parties, except Interest free unsecured loans/advances in the nature of loans to employees, hence the reporting of aggregate amount during the year and balance outstanding of such loan/ advances/ guarantee/ security and the question of schedule of repayment of interest and principal, recovery of principal and interest on regular basis and steps for recovery of overdue amount for more than 90 days, loan or advance being renewed or extended or fresh loans granted to settle overdue of existing parties; loan or advance granted either repayable on demand or without specifying any terms or period of repayment as per clause 3 (iii) of the Order does not arise. According to the information and explanation given to us the investments made by the company during the year are not prejudicial to the company''s interest.

(iv) In our opinion, the Company has complied with the provisions of Sections 185 and 186 of the Act in respect of loans, investments or guarantees/security given.

(v) The Company has not accepted any deposits nor any amounts deemed to be deposits within the meaning of the provisions of Section 73 of the Act and Rules framed there under. Hence compliance with the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed thereunder does not arise.

(vi) Maintenance of Cost records is not specified by the Central Government for under Section 148 (1) of the Act and Rules framed there under forthe products dealt by the company.

(vii) (a) Barring minor delays in remittance of Provident Fund dues, the Company is generally regular in depositing undisputed statutory dues including Goods & Service Tax, Provident Fund, Employees State Insurance, Income tax, Sales Tax, Service Tax, Duty of Customs, Duty of excise, Value Added Tax, Cess and other statutory dues to the extent applicable to the company, with the appropriate authorities to the extent applicable to it.

(b) As per the books and records verified by us, no undisputed amounts payable in respect of Goods & Service Tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and other statutory dues to the extent applicable to the company, which have remained outstanding as at 31st March 2023 for a period of more than six months from the date they became payable.

(c) As explained to us, there are no dues of Goods & Service Tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and other statutory dues to the extent applicable to the company, which have not been deposited on account of any dispute.

(viii) There are no transactions not recorded in the books of accounts that have been surrendered

or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961. Hence the reporting whether the previously unrecorded income has been properly recorded in books of account during the year as per clause 3 (viii) of the Order does not arise.

(ix) (a) In our opinion, the Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.

(b) The Company has not been declared wilful defaulter by any bank orfinancial institution or other Lender.

(c) In our opinion and according to the information and explanations given to us, the Company has utilized the money obtained by way of term loans during the year for the purposes for which they were obtained.

(d) According to the information and explanations given to us, and the procedures performed by us, and on an overall examination of the financial statements of the Company, we report that no funds raised on short term basis have been used for long"term purposes by the Company.

(e) The Company does not have any subsidiaries, associates or joint ventures, hence requirements of clause 3 (ix)(e) of the Order regarding funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures does not arise.

(f) The Company does not have any subsidiaries, associates or joint ventures hence requirements of clause 3 (ix)(f) of the Order regarding raising of loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies does not arise.

(x) (a) No money was raised by the company by way of initial public offer or further public offer (including debt instruments) during the year. Hence requirements of reporting under clause 3 (x) (a) of the Order does not arise.

(b) The Company has not made any preferential allotment or private placement of shares or convertible debentures during the year; hence the requirement of compliance to provisions of Section 42 and Section 62 ofthe Act and utilization of amounts so raised for the purpose forwhich the funds were raised as per clause 3 (x)(b) ofthe Order does not arise.

(xi) (a) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company or on the Company has been noticed or reported during the year.

(b) To the best of our knowledge and according to the information and explanations given to us, no report under sub-section (12) of Section 143 of the Act has been filed by the auditors in Form ADT -4, as prescribed under Rule 13 of Companies (Audit and Auditors) Rules 2014 with the Central Government.

(c) As represented to us by the management, there are no whistle blower complaints received by the Company during the year.

(xii) The Company is not a Nidhi Company. Therefore, the provisions of clause 3 (xii) of the Order are not applicable to the Company.

(xiii) In our opinion, all transactions with the related parties are in compliance with the provisions of Section 188 oftheActandthe company has disclosed such transactions in the Financial Statements as required by the applicable Accounting Standards. In our opinion, provisions of Sec 177 of the Act are not applicable to the company during the year.

(xiv) (a) In our opinion, the Company is not required to have an internal audit system during the year.

(b) In view of above, considering the reports of internal auditor by the statutory auditor as per clause 3 (xiv) (b) of the Order does not arise.

(xv) In our opinion, the Company has not entered into any non-cash transactions with directors or persons connected with them, hence the requirement of compliance to provisions of Section 192 of the Act as per clause 3 (xv) of the Order does not arise.

(xvi) (a) In our opinion, the Company is not required to be registered under Section 45-IAof the Reserve Bank of India Act, 1934, hence the requirements of clause 3(xvi) of the Order are not applicable.

(b) The Company has not conducted any non-banking financial or housing finance activities without a valid certificate of Registration (CoR) from the Reserve Bank of India, as per Reserve Bank of India Act, 1934.

(c) The Company is not a core investment Company (CIC) as defined in the regulations made by the Reserve Bank of India. Hence the reporting ofwhetherthe Company continues to fulfil the criteria of CIC and in case the Company is exempted or unregistered CIC and if it continues to fulfil such criteria as per clause 3 (xvi)(c) of the Order does not arise.

(d) The group has no CIC hence the requirements of Clause 3 (xvi)(d) of the Order are not applicable.

(xvii) The Company has not incurred cash losses in the financial year and in the immediately preceding financial year.

(xviii) There has been no resignation of the Statutory Auditors during the year and accordingly requirement of clause 3 (xviii) of the Order is not applicable.

(xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realisation of Financial assets and payment of Financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that the Company is not capable of meeting its liabilities existing as at the date of the balance sheet and when they fall due within a period of one yearfromthe balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither given any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

(xx) The provisions of Section 135 of the Act are not applicable to the Company for the year, hence the reporting requirements under Clause 3 (xx) of the order is not applicable.

(xxi) The accounts reported being Standalone Financials, the requirements of clause 3 (xxi) of the Order are not applicable.

II. 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, we state that in our opinion and to the best of our information and according to the explanations given to us, remuneration paid to the Directors during the year is in the accordance with the provisions of section 197, read with Schedule V of the Act.

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

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

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

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

d) Except forthe effects of the matters described in paragraph 2 of the Basis for Qualified Opinion section above, in our opinion, the aforesaid financial statements comply with the Indian Accounting Standards specified under Companies (Indian Accounting Standards) Rules, 2015 as amended

e) On the basis of the written representations received from the Directors as on 31 st March 2023 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2023 from being appointed as a Director, in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls with reference to Ind AS Financial Statements of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”.

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

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

ii. The Company did not have any long-term contracts including derivative contracts for which there are any material foreseeable losses.

iii. There are no dues 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 it’s knowledge and belief, other than as disclosed in the Notes to the accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“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 it’s knowledge and belief, other than as disclosed in the Notes to the accounts, no funds have been received by the Company from any person(s) orentity(ies), including foreign entities (“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; and

(c) Based on such audit procedures that has been considered reasonable and appropriate in the circumstances, nothing has come to their notice that has caused them to believe that the representations under sub-clause (a) and (b) contain any material mis-statement.

v. The Company has not declared or paid any dividend during the year, hence the question of compliance with Section 123 of the Act does not arise.

FOR DAGLIYA & CO CHARTERED ACCOUNTANTS (FIRM NO.: 00671S)

UDIN : 23016444BGXWTH8666 PM AN OHARA GUPTA

PLACE:BENGALURU PARTNER

DATE : 03-07-2023 MEMBERSHIP NO, 016444

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Mar 31, 2014

We have audited the accompanying financial statements of RKB Agro Industries Limited (Formerly BHANDARI UDHYOG LIMITED) which comprise the Balance Sheet as at March 31,2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements:

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 ("the Act") which continues to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular no. 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation ofthe 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 the company''s 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 ofthe financial statements.

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

Basis for Qualified Opinion

(i) The company has not ascertained from the creditors as to whether they are registered as Micro or Small Enterprise under Micro Small & Medium Enterprises Development Act, 2006 and as such the particulars of dues, if any, to such undertakings as required under the said Act are not disclosed.

(ii) In the absence of Net Book value of certain items of Plant & Machinery retired from active use and held for disposal, we are unable to confirm whether these assets are stated at lower of their book value and Net Realizable Value as required by AS 10 notified by the companies (Accounting Standards) Rules, 2006. Consequential impact on the accounts is not ascertainable. (Refer clause II (9) of Note 19 to the Financial Statements).

(iii) The company has accounted the Retirement Gratuity on cash basis as against actuarial valuation basis as envisaged in AS-15 notified by the companies (Accounting Standards) Rules, 2006. Consequential impact on the accounts is not ascertainable. Refer clause II (13 a) of Note 19 to the Financial Statements)

Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the possible effects of the matters described in the basis for qualified opinion paragraph, the financial statements give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

b) in the case of the Statement of Profit and Loss, of the PROFIT of the company for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

I. As required by the Companies (Auditors'' Report) Order, 2003 (as amended) issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, in our opinion and based on such checks as we considered appropriate and according to the information and explanations given to us we state that:

1) (a) Adequate records of fixed assets with full particulars including quantity and location required to be maintained by the company not made available for our verification.

(b) The fixed assets have been physically verified by the management during the year and due to non availability of fixed assets register, discrepancies if any, could not be ascertained.

(c) During the year, the company has not disposed off any substantial part of the fixed assets affecting the going concern status ofthe company.

2) (a) The inventory has been physically verified during the year 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 ofthe company and the nature of its business.

(c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material having regard to the nature of business and volume of operations and the same have been properly dealt with in the books of accounts.

3) a) The company has granted loans to three parties covered in the register maintained u/s 301 of the companies Act, 1956. The maximum amount involved during the year is Rs. 1,62,50,899/ -/- and the yearend balance is Rs. 1,29,60,000/-

b) In our opinion, the rate of interest and other terms and conditions of such loans are not, prima facie prejudicial to the interests ofthe company.

c) The parties are regular in repayment ofthe above loans as and when required by the company.

d) There are no overdue amounts in excess of Rs 1 lakh in respect of above loans.

e) The company has taken interest free loans from 25 parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year is Rs. 9,13,01,580/- and the yearend balance is Rs.7,78,46,580/-.

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

g) As explained to us these loans do not carry any interest and are being repaid as required by the lenders.

1) In our opinion and according to the information and explanations given to us, and as per our evaluation, it appears that there is adequate internal control system commensurate with the size ofthe Company and the nature of its business with regard to purchase of inventory, fixed assets, the sale of goods & services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

2) (a) Based on the audit procedures and according to the information and explanations provided by the management, we are of the opinion that the particulars of contracts or arrangements that need to be entered in the register maintained u/s 301 Ofthe companies Act, 1956 have been so entered.

(b) Considering the explanations given to us about the volatility in the market and variation in the quality of materials dealt, we are unable to form an opinion in regard to the reasonableness of the prices charged/paid. Moreover these transactions with one of the parties attracts the provisions of Section 297 ofthe Companies Act, 1956, requiring prior approval from the Central Government which has hot been complied with.

3) The company has borrowed loans from certain parties, which amounts to deposit within the meaning of Section 58A ofthe Companies Act, 1956 and the rules framed there under. These loans exceed the limits prescribed under the above provisions and hence the said borrowings are in contravention of the said provisions. The Company Law Board has not passed any order against the company, hence the question of compliance with the order does not arise.

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

8) According to the information and explanations furnished to us, the maintenance of cost records has not been prescribed by the Central Government under Section 209 (1) (d) ofthe Companies Act, 1956, for the company''s activities / products.

9) (a) According to the records ofthe Company, except for certain delays in remittance of Income Tax (TDS) and Provident Fund Contributions, the company is generally regular in depositing with the appropriate authorities undisputed statutory dues including investor education and protection fund, employees'' state insurance, income tax, sales tax, wealth tax, Service Tax, customs duty, excise duty, cess and other material statutory dues to the extent applicable to it.

(b) Based on the records verified by us, we state that no undisputed amounts payable in respect of Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty, Excise duty, Cess and other material statutory dues were in arrears as at 31st March 2014 for a period of more than six months from the date they became payable except the professional tax payable of Rs.4,675/-.

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

10) The company is registered for a period more than 5 years. The accumulated losses ofthe company at the end of the financial year are more than 50% of its networth. The company has not incurred cash losses during the current year and in the immediate preceding financial year.

11) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to banks. The company has no dues to financial institutions nor issued any debenture holders, hence the question of default in repayment/redemption does not arise.

12) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities during the year. Therefore, the provisions of clause 4(xii) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

13) The Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) ofthe Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

14) In our opinion and according to the information and explanations given to us, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) ofthe Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

15) As explained to us, the Company has not given guarantees for loans taken by others from banks or financial institutions.

16) The company has raised term loans from Banks during the year which have been applied for the purpose for which they are raised.

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

18) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 ofthe Companies Act, 1956.

19) The Company has not issued any debentures during the year. Hence creation of security does not arise.

20) The company has not raised any money by public issues during the year. Hence disclosure and verification of end use of money raised by public issue does not arise.

21) Based on the audit procedures performed and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

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

Except for the matters described in Basis for qualified opinion paragraph,

a. Except, as stated in Basis of Opinion Paragraph (ii), we have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit:

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

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

d. In our opinion, the Balance sheet, Statement of Profit & loss and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 ofthe Companies Act, 1956 read with the General Circular no. 15/2013 dated 13th September 2013 ofthe Ministry of Corporate Affairs in respect of Section 133 ofthe Companies Act, 2013 except for Compliance with AS 10 as stated in para (ii) and AS 15 as stated in para (iii) under the head "Basis for Qualified Opinion" above.

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

For DAGLIYA & CO. Place: Bangalore Chartered Accountants Date: 31.07.2014 (FRN 000671S) (R S Somasekhara) Partner (M. No. 018395)

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Mar 31, 2012

We have audited the attached Balance Sheet of BHANDARI UDHYOG LIMITED, RAICHUR as at 31st March 2012, the Statement of Profit and Loss of the Company annexed thereto and the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with Auditing Standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. 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 statements presentation. We believe that our audit provides a reasonable basis of our opinion.

(I) As required by the Companies (Auditors' Report) Order, 2003 (as amended by the Companies (Auditor's Report) (Amendment) Order, 2004 issued by the Central Government in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 and based on such checks as we considered necessary, we state that:

1. a) The Company is not maintaining proper records showing full particulars including quantitative details and situation of Fixed Assets. We are informed that the Fixed Assets Register maintained by the company is misplaced and not traceable.

b) We are informed that, all the assets have been physically verified by the management during the year. However discrepancies, if any, on physical verification could not be ascertained due to non availability of fixed asset records.

c) As explained to us the company has not disposed off any portion of its Fixed Assets during the year which would affect the going concern status of the company.

2. a) As explained to us the stock of finished goods, raw materials, stores & spare parts have been physically verified by the Management at reasonable intervals during the year. In our opinion the frequency of verification of stocks is reasonable and adequate having regard to the size of the company and nature of its business.

b) As per the information and explanations given to us and in our opinion it appears that the procedures of physical verification of stocks followed by the Management are reasonable, and adequate in relation to the size of the company and the nature of its business.

c) The Company is maintaining proper records of inventory, except in respect of stores & spares for which no adequate stock records are maintained. The discrepancies noticed on physical verification of stocks as compared to book records were not material and the same have been properly dealt with in the books of accounts. However, in respect of stores & spares in the absence of adequate stock records, discrepancies, if any, on physical verification could not be ascertained.

3. (i) The company has not granted any loans to companies, firms or other parties covered by the Register maintained u/s 301 of the Companies Act, 1956. In view of the above, the question of terms and conditions, regularity in recovery, over dues, etc. does not arise. (ii) According to the information and explanations given to us, the Company has taken unsecured loans from 21 parties covered by the Register maintained under Section 301 of the Companies Act 1956. Loan outstanding as at the end of the year is Rs.5,21,30,850/ - and the maximum balance outstanding during the year is Rs.6,29,24,000/-.

(iii) No interest is payable on the above loans. Other terms and conditions are not prima facie prejudicial to the interest of the company.

(iv) None of the above loans have fallen due for payment and hence the question of over dues does not arise.

4. In our opinion and according to the information and explanations given to us, and as per our evaluation, it appears that there are adequate internal control systems commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control.

5. a) In our opinion and according to the information and explanations given to us, the particulars of transactions that need to be entered in the register have been so entered. b) According to the information and the explanations given to us, the prices paid / charged in respect of the transactions of purchase/sale of materials, goods or services made in pursuance of contracts/arrangements entered in the register maintained under Section 301 of the Companies Act 1956 are not comparable in view of variations and volatility in market prices of the product dealt by the company.

6. The company has borrowed loan from a shareholder, which amounts to deposit within the meaning of Section 58 A of the Companies Act, 1956 and the rules framed there under. This loan exceeds the limits prescribed under the above provisions and hence the said borrowing is in contravention of the said provisions. The Company Law Board has not passed any order against the company; hence the question of compliance with the order does not arise.

7. According to the information and explanations given to us, the company has an internal audit system during the year and in our opinion, it is commensurate with the size and nature of its business.

8. According to the information and explanations furnished to us, the maintenance of cost records has not been prescribed by the Central Government under Section 209 (1) (d) of the Companies Act, 1956, for the company's activities / products, since the company was engaged in trading activities during the year.

9. a) The company is generally regular in depositing with the appropriate authorities the undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Service tax, Wealth Tax, Customs Duty, Excise Duty, Cess and other material statutory dues to the extent applicable to it except for certain delays observed in remittance of Provident Fund which have been set right as at the year end.

b) According to the information and explanations given to us and based on the records verified by us, we state that there were no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Service tax, Customs Duty, Excise Duty and Cess which have remained outstanding as at 31.03.2012 for a period of more than 6 months from the date they became payable except Profession Tax of Rs 4,675/-.

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

10. The Company's accumulated Loss as at 31st March 2012 exceeds 50% of its Net- worth. The company has not incurred cash loss during the year and during the immediate preceding financial year.

11. The company has defaulted in repayment of dues to Canara Bank for the period from 2008-2009 and the outstanding dues payable was Rs.4,77,28,505/- as on 31.03.2011 as per the books of accounts of the company; excluding un provided interest .of Rs 363.07 lakhs as on 31.03.2011. However the company has since settled entire dues under OTS during the year and there are no outstanding dues as at the year end.

12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities during the year. Hence clause 4 (xii) of the Companies (Auditors' Report) Order, 2003 is not applicable to the Company.

13. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditors' Report) Order, 2003 are not applicable to the company.

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

15. As informed to us, the company has not given guarantees for loans taken by others from banks or financial institutions.

16. The company has not raised any term loans from banks or financial institutions during the year under audit. Hence the question of application of funds does not arise.

17. According to the information and explanations given to us and on an overall examination of the Balance sheet of the company, we report that no funds raised on short term basis have been used for long term investments.

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

19. According to the information and explanations given to us, the company has not issued any debentures during the year covered by our audit report.

20. The company has not raised money by public issues during the year. Hence the question of utilization of the same does not arise.

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

(II) Subject to our Comments in para (I) above:

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

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

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

d) In our opinion, the Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with by this report expect AS-15 (R ) relating to employee benefit comply with the Accounting standards referred to in Section 211(3C) of the Companies Act, 1956.

e) Attention is drawn to :

(i) The company has not ascertained from the creditors as to whether they are registered under Micro Small & Medium Enterprises Development Act, 2006 and as such the particulars of dues, if any, to such undertakings as required under the said Act are not disclosed.

(ii) Disclosures as required under AS 10, in respect of certain items of plant & machinery retired from active use and held for disposal as stated in para no.II (9) of Note 19 in the "Other Notes on Accounts for the year ended 31st March 2012", have not been made in the Financial Statements. Consequential impact on the accounts in the absence of such disclosure, is not ascertainable.

(iii) Disclosures as required under AS 19 in respect of the Operating Leases of certain portion of buildings given on lease are not made in the Financial Statements. Consequential impact on the accounts, in the absence of such disclosure, is not ascertainable.

(iv) The company has settled loan dues to Canara Bank under OTS. Wavier amount of Rs. 24,228,505/- under the scheme has been credited to General Reserve Account instead of crediting to Profit & Loss Account. This has resulted in decrease in profit for the year by Rs. 24,228,505/-.

(v) The company has accounted the Retirement Gratuity on cash basis as against actuarial valuation basis as envisaged in AS-15 notified by the companies (Accounting Standard) Rules, 2006. Consequential impact on the accounts is not ascertainable.

Subject to the above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i) In the case of the balance sheet, of the state of affairs of the company as at 31st March 2012.

ii) In the case of the Statement of Profit and Loss, of the Profit for the year ended on that date; and

iii) In the case of the cash flow statement, of the cash flows for the year ended on that date.

For Dagliya & Co. Chartered Accountants FRN0671S

R S Somasekhara Partner

Place : Bangalore (M.No. 018395) Date : 29.06.2012

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Mar 31, 2010

We have audited the attached Balance Sheet of BHANDARI UDHYOG LIMITED, RAICHUR as at 31st March 2010, the Profit and Loss Account of the Company annexed thereto and the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with Auditing Standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. 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 statements presentation. We believe that our audit provides a reasonable basis of our opinion.

(I) As required by the Companies (Auditors' Report) Order, 2003 (as amended by the Companies (Auditor's Report) (Amendment) Order, 2004 issued by the Central Government in terms of sub- section (4A) of Section 227 of the Companies Act, 1956 and based on such checks as we considered necessary, we state that:

1. a) Though the company was maintaining records showing full particulars including quantitative details and situation of fixed assets, the same is not available for our verification.

b) We are informed that, all the assets have been physically verified by the management during the year. However discrepancies, if any, on physical verification could not be ascertained due to non availability of fixed asset records.

c) As informed to us the company has not disposed off any of the fixed assets during the year. The company has identified 30 numbers of old gins as impaired and kept aside for disposal. However this has not affected the going concern status of the company.

2. a) As explained to us the stock of finished goods, raw materials, stores & spare parts have been physically verified by the Management at reasonable intervals during the year. In our opinion the frequency of verification of stocks is reasonable and adequate having regard to the size of the company and nature of its business.

b) As per the information and explanations given to us and in our opinion it appears that the procedures of physical verification of stocks followed by the Management appears to be reasonable, and adequate in relation to the size of the company and the nature of its business.

c) The Company is maintaining proper records of inventory, expect in respect of stores & spares, no adequate stock records are maintained. The discrepancies noticed on physical verification of stocks as compared to book records were not material. However, in respect of stores & spares in the absence of adequate stock records, discrepancies, if any, on physical verification could not be ascertained.

3. According to the information and explanations given to us, the Company has taken Unsecured loans from a company covered by the Register maintained under Section 301 of the Companies Act 1956. Loan outstanding as at the end of the year is Rs. 34,16,000/-.

4. In our opinion and according to the information and explanations given to us, and as per our evaluation, it appears that there are adequate internal control systems commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control.

5. a) In our opinion and according to the information and explanations given to us, the particulars of transactions that need to be entered in the register have been so entered.

b) According to the information and the explanations given to us, the company has no transactions of purchase/sale of materials, goods or services made in pursuance of contracts/ arrangements entered in the register maintained under Section 301 of the Companies Act 1956.

6. As explained to us, the company has not accepted any deposits from the public within the meaning of Sections 58A & 58AA of the Companies Act 1956, and rules framed there under.

7. According to the information and explanations given to us, the company has an internal audit system during the year and in our opinion, it is commensurate with the size and nature of its business.

8. According to the information and explanations furnished to us, the maintenance of cost records has not been prescribed by the Central Government under Section 209 (1) (d) of the Companies Act, 1956, for the company's activities / products.

9. a) The company is generally regular in depositing with the appropriate authorities the undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Service tax, Wealth Tax, Customs Duty, Excise Duty, Cess and other material statutory dues to the extent applicable to it.

b) According to the information and explanations given to us and based on the records verified by us, we state that there were no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Service tax, Customs Duty, Excise Duty and Cess which have remained outstanding as at 31.03.2010 for a period of more than 6 months from the date they became payable except Profession Tax of Rs 4,675/-.

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

10. The Company's accumulated Loss as at 31st March 2010 exceeds 50% of its Net-worth. The company has not incurred cash loss during the year ended 31st March 2010 but had incurred cash loss during the immediately preceding financial year.

11. (A) According to the information and explanations given to us, the Company has delayed in repayment of dues to KSFC as detailed below :

Rs. 130.00 Lakhs due as on 31.03.2009 paid on 4th May, 2009 Rs. 6.52 Lakhs interest dues as on 14.08.2009 is yet to be paid.

(B) The Company has made a request with Canara Bank for settlement of the entire dues payable to the bank under One Time Settlement (OTS) and is in the process for final approval. Pending approval of OTS, no provision has been made towards interest accrued on the entire dues till 31st March 2010 amounting to Rs.241.38 lakhs including interest accrued for the current year amounting to Rs.121.69 Lakhs.

12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities during the year. Hence clause 4 (xii) of the Companies (Auditors' Report) Order, 2003 is not applicable to the Company.

13. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditors' Report) Order, 2003 are not applicable to the company.

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

15. As informed to us, the company has not given guarantees for loans taken by others from banks or financial institutions.

16. The company has not raised any term loans from banks or financial institutions during the year under audit. Hence the question of application of funds does not arise.

17. According to the information and explanations given to us and on an overall examination of the alance sheet of the company, we report that no funds raised on short term basis have been used for long term investments.

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

19. According to the information and explanations given to us, the company has not issued any debentures during the year covered by our audit report. However security has been created in respect of debentures issued on private placement in the earlier year.

20. The company has not raised money by public issues during the year. Hence the question of utilisation of the same does not arise.

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

(II) Subject to our Comments in para (I) above :

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

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

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

d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report expect AS-15 ® relating to employee benefit comply with the Accounting standards referred to in Section 211 (3C) of the Companies Act, 1956.

e) We report that all the directors are disqualified as at 31st March 2010 from being appointed as directors of a company in terms of Section 274 (1) (g) of the Companies Act, 1956, as the company has delayed redemption of Debentures and the defaults continuing for more than one year as on 4th May 2009 the date on which the Debentures were fully redeemed under the OTS.

f) The company has not ascertained from the creditors as to whether they are registered under Micro Small & Medium Enterprises Development Act, 2006 and as such the particulars of dues, if any, to such undertakings as required under Schedule VI to the Companies Act, 1956, as amended are not disclosed.

g) No provision has been made towards interest accrued on the entire dues payble to Canara Bank till 31st March 2010 amounting to Rs.241.38 lakhs including interest accrued for the current year amounting to Rs.121.69 Lakhs pending approval of the OTS.

h) The company has provided for Retirement Gratuity on accrual basis as against actuarial valuation basis as envisaged in AS-15 notified by the companies (Accounting Standard) Rules, 2006. Consequential impact on the accounts is not ascertainable.

Subject to the above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :

i) In the case of the balance sheet, of the state of affairs of the company as at 31st March 2010;

ii) In the case of the profit and loss account, of the Profit for the year ended on that date; and

iii) In the case of the cash flow statement, of the cash flows for the year ended on that date.

For Dagliya & Co. Chartered Accountants FRN 0671 S

Place.-Bangalore R S Somasekhara Date: 02-09-2010 Partner M.No. 018395