Shivamshree Businesses Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2024

We have audited the accompanying standalone Ind AS financial statements of Shivamshree
Business Limited (Erstwhile known as Siddharth Business Limited) ("the Company"), which
comprise the Balance Sheet as at 31^st March 2024, the Statement of Profit and Loss, the
Statement of Changes in Equity and the Statement of Cash Flows for the year ended, and
summary of the significant accounting policies and other explanatory information
(hereinafter referred to as "Standalone Ind AS financial statements").

Except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph,
in our opinion and to the best of our information and according to the explanations given to
us, standalone 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 standards
prescribed under section 133 of the Act, read with companies Rules 2015, as amended ( IND
AS) and other accounting principles generally accepted in India of the state of affairs of the
Company as at 31^st March 2024, its loss (including other comprehensive income), changes in
equity and its cash flows for the year ended on that date.

Basis for Qualified Opinion

We have conducted our audit of the standalone Ind AS financial statements in accordance
with the Standards on Auditing specified under Section 143(10) of the Act. Our responsibility
under those Standards are further described in Auditor''s Responsibility for the Audit of the
standalone financial statements section of our report. We are independent of the company
in accordance of with code of ethics issued by ICAI together with the independence
requirement that are relevant to our audit of standalone financial statement under the
provisions of the Act and the rules made there Code under, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the ICAI''s of Ethics.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for out audit opinion on the stand alone financial statement except for the following
matter:

We have not been provided with the balance confirmation or any other details for the trade
receivable, trade payable, loans and advances receivable/ payable shown in the books of
accounts. In the absence of the same we are unable to confirm the balance and nature of
transaction.

As a result of these matters, we were unable to determine whether any adjustments might
have been found necessary in respect of recorded or unrecorded transactions and accounts
receivable/payable in the Balance Sheet, and the corresponding elements making up the
Statement of Profit and Loss and Cash Flow Statement.

Key Audit Matters

Sr No	Key Audit Matters	How Our Audit addressed the Key Audit Matter
1	Revenue recognition: Company has main income of trading and other services and therefore recognition policy becomes critical.	• We have reviewed the management policy for the recognition of sales and purchase transaction and also tested the revenue recognition policy.
2	Evaluation of Financial assets :	• We have reviewed the transactions.
	The company has some advances to various parties as a part of business	• We discussed the nature of transaction with management.
	transactions. For us to reach to conclusion for audit opinion the verification and confirmation of such advances were necessary.	• We asked for the confirmation from the parties however the same were not made available till the date of audit report and the same has been described in qualified opinion.

Other Information

The company''s management and board of directors are responsible for the other information.
The other information comprises Board''s Report on corporate governance and Business
Responsibility report but does not include standalone financial statement and our auditor''s
report thereon.

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

In connection with our audit of standalone financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is materially
inconsistent with the standalone financial statements or our knowledge obtained during the
course of our audit procedures or otherwise appear 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 on that fact. We have nothing to report
in this regard.

Management''s Responsibility for the Standalone 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 standalone Ind
AS financial statements that give a true and fair view of the state of affairs, Profit (including
other comprehensive income), changes in equity and cash flows of the Company in
accordance with the accounting principles generally accepted in India, including the Indian
Accounting Standards (Ind AS) prescribed 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 the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal financial controls that were
operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the standalone Ind AS financial statements
that give a true and fair view and are free from material misstatement, whether due to fraud
or error.

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

Board of directors is also responsible for overseeing the company''s financial reporting
process.

Auditor''s Responsibility

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

As a 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 risk of material misstatement of the standalone financial
statements, whether due to fraud or error, design and perform audit procedure
responsive to those risks, and obtain 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 the one resulting from error, as fraud may involve
collusion, forgery, intentional, omission, misrepresentation, or the override of internal
control.

• Obtain an understanding of internal financial control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section
143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the
company has an 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 the management.

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

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

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

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

From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the standalone financial statements of
the current period and are therefore the key audit matters. We describe these matters in our
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 in terms of Section 143(11) of the Act, we give in "Annexure A" a

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

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

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

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

(c) The 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) In our opinion, the aforesaid standalone Ind AS financial statements comply with the
Indian Accounting Standards prescribed under section 133 of the Act.

(e) On the basis of the written representations received from the directors and taken on
record by the Board of Directors, none of the directors is disqualified as on 31 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
financial statements of the Company and the operating effectiveness of such controls,
refer to our separate Report in "Annexure B".

(g) With respect to the other matters to be included in the Auditor''s Report in accordance
with 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. There is no pending litigation on the company therefore the same is not required
to be disclosed.

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

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

Date: 20/05/2024 For M A A K & Associates

Place: Ahmedabad (Chartered Accountants).

UDIN: 24139533BKECUQ6819 FRN: 135024W

SD/-

Kenan Satyawadi
Partner

M. No.: 139533

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Mar 31, 2015

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

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015;

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

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

Emphasis of Matters

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at 31stMarch2015, its profit/loss and its cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters Specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

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

b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books. The company has no branches.

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

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

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

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

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

2) The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.

3) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

Annexure to the Audit's Report

[Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements' of our Report of even date to the members of Siddarth Businesses Limited on the accounts of the company for the year ended 31st March, 2015].

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

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

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

2. The company has no Physical inventory in the company. Hence this clause is not applicable to the concern.

3. According to the information and explanations given to us, the Company has not granted any loans to companies, firms or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013, and therefore paragraph 3(iii) of the Order is not applicable.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of fixed assets and payment for expenses & for Services. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. The company has not received any public deposits during the year.

6. As per information & explanation given by the management, the Central Government has not prescribed the maintenance of cost records u/s 148(1) (d) of the Companies Act, 2013 for the company.

7. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess, value added tax to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

8. The company losses as at 31st March, 2015 are less than fifty percent of its net worth. The Company has not incurred cash losses in the financial year covered by our audit.

9. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

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

11. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

12. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

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

14. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For Goel Mintri& Associates Chartered Accountants Firm No. (13211N)

Sd/- (Sanjay Kumar Goel) Partner, M No. 092305

Place: New Delhi Date: 29.05.2015

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Mar 31, 2014

We have audited the attached Balance Sheet of SIDDARTH BUSINESSES LIMITED as at 31st March, 2014 and the Statement ofRs. Profit & Loss for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

2. As required by the Companies (Auditor''s Report) Order, 2003, as amended by the Companies (Auditor''s Report) Amendment order, 2004 ("the order"), issued by Central Government of India in terms of Section 227(4A) of the Companies Act, 1956 [hereinafter referred to as the "Act"], are applicable to the company. We enclose in the annexure a statement on the matters specified in paragraph 3 and 4 of the said order.

3. Further we state that:- a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for

the purpose of our audit.

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

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

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

e) In our opinion, based on information and explanations given to us, none of the directors are disqualified as on 31st March, 2014 from being appointed as directors in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

4. In our opinion and to the best of our information and according to the explanations given to us, the accounts read together with the significant accounting policies and notes to accounts give the information required by the Companies Act, 1956 in the manner so required and give the true and fair view:

i) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2014 and

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

ANNEXURE AS REFERRED TO IN PARA 3 OF THE AUDITOR''S REPORT TO THE SHAREHOLDERS OF SIDDARTH BUSINESSES LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2014.

1 The company has maintained the proper records showing full particulars including details & situation of fixed assets.

2 No Inventory is held by the Company during the year.

3 The Company has not granted loans without interest and has not taken any Loan from company covered in the Register maintained under Section 301 of The Companies Act, 1956. As per the explanation given by the management such loans are not prejudicial to the interest of the company.

4 In our opinion, according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5 a. According to the information and explanations given to us, we are of the opinion that the transactions

that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b. In our opinion, according to the information and explanations given to us, there are no transactions made in pursuance of such contracts or arrangements entered into the Register in pursuance of Section 301 of the Act and exceeding the value of Rupees Five Lakhs in respect of any party during the year, which have been made at prices which are not reasonable having regard to the prevailing market prices at the relevant time.

6 The Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Act and the rules framed there under.

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

8 The Central Government has not prescribed the maintenance of Cost Records under clause (d) of sub- section (1) of Section 209 of the Act for any of the products of the Company.

9 a. According to the information and explanations given to us and the records of the Company examined

by us, in our opinion, the Company is regular in depositing the undisputed statutory dues including income-tax, sales-tax, customs duty, cess and other material statutory dues as applicable with the appropriate authorities.

b. According to the information and explanations given to us and the records of the Company examined by us, there are no dues of sales tax, income-tax, customs duty and cess etc. which have not been deposited on account of any dispute.

10 The Company has not incurred cash loss in the financial year ended on that date. The Company has not incurred cash loss in the immediately preceding financial year.

11 According to the record of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at 31st March,2014.

12 The Company has not granted loan and advances on the basis of security by way of pledge of Shares, debentures and other securities.

13 The provisions of any special statue applicable to Chit Fund/ Nidhi Mutual Benefit Fund societies are not applicable to the Company.

14 There were no trading/Investment in Shares during the year. However, we have verified investment records produced before us.

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

16 The Company has not obtained any term loans during the year.

17 On the basis of overall examination of the Balance Sheet of the Company in our opinion and according to the information and explanations given to us, there are no funds raised on a short-term basis, which have been used for long-term investments or vice versa.

18 The Company has not made any preferential allotment of Shares to parties and companies covered in the Register maintained under section 301 of the Act during the year.

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

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

21 During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have been informed of such case by the management.

For Goel Mintri & Associates Chartered Accountants FRN: 13211N Sd/- Date: 30.05.2014 Sanjay Kumar Goel Place: New Delhi Partner M.No. 092305

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Mar 31, 2013

We have audited the accompanying financial statements of SIDDARTH BUSINESSES LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss for the year then ended, and the Cash Flow Statement for the year ended and a summary of significant accounting policies and other explanatory information.

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and Cash Flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). 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.

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

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

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

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

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

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. Books of Accounts are prepared on Going Concern basis, Management is planning to arrange additional funds for repayment of its liabilities. Therefore Going concern assumption seems to be unaffected.

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

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

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

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

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

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

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

ANNEXURE AS REFERRED TO IN PARA 3 OF THE AUDITOR''S REPORT TO THE SHAREHOLDERS OF SIDDARTH BUSINESSES LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2013

1. No Fixed Assets are held by the company during the year.

2. No Inventory is held by the Company during the year.

3. The Company has granted loans for Rs.0.38 lacs without interest to "2 Parties" and has not taken any Loan from company covered in the Register maintained under Section 301 of The Companies Act, 1956. As per the explanation given by the management such loans are not prejudicial to the interest of the company.

4. In our opinion, according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. (a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion, according to the information and explanations given to us, there are no transactions made in pursuance of such contracts or arrangements entered into the Register in pursuance of Section 301 of the Act and exceeding the value of Rupees Five Lakhs in respect of any party during the year, which have been made at prices which are not reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Act and the rules framed there under.

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

8. The Central Government has not prescribed the maintenance of Cost Records under clause (d) of sub- section (1) of Section 209 of the Act for any of the products of the Company.

9. (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is regular in depositing the undisputed statutory dues including income-tax, sales-tax, customs duty, cess and other material statutory dues as applicable with the appropriate authorities.

(b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of sales tax, income-tax, customs duty and cess etc.,which have not been deposited on account of any dispute.

10. The Company has accumulated losses more than 50% of the Net Worth as at 31st March, 2013 and it has not incurred cash loss in the financial year ended on that date. The Company has incurred cash loss in the immediately preceeding financial year.

11. According to the record of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at 31st March,2013.

12. The Company has not granted loan and advances on the basis of security by way of pledge of Shares, debentures and other securities.

13. The provisions of any special statue applicable to Chit Fund/ Nidhi Mutual Benefit Fund societies are not applicable to the Company.

14. There were no trading/Investment in Shares during the year. However, we have verified investment records produced before us.

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

16. The Company has not obtained any term loans during the year.

17. On the basis of overall examination of the Balance Sheet of the Company in our opinion and according to the information and explanations given to us, there are no funds raised on a short-term basis, which have been used for long-term investments or vice versa.

18. The Company has not made any preferential allotment of Shares to parties and companies covered in the Register maintained under section 301 of the Act during the year.

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

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

21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have been informed of such case by the management.

For O.P. Vijay & Co. Chartered Accountants

Sd/- O. P. Vijay (Proprietor) Membership No. : 083966

Place: Delhi Date: 28.05.2013

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Mar 31, 2012

1 We have audited the attached Balance Sheet of SIDDARTH BUSINESSES LIMITED ¦ormerly known as Indo Kush Foods Limited as at 31st March, 2012 and also statement of Profit and Loss for the year ended on that date annexed thereto.These financial statements are the responsibility of Company'' s Management .Our responsibility is to express an opinon on these financial statements.based on our audit.

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

3 As required by the Companies (Auditor''s Report) Order, 2003 (as amended) issued by the Central Government in terms of Section 227 <4A) of the Companies Act ,1956, we enclose in the Annexure a statement on the matters specified in paragarphs 4 & 5 of the said Order to the extent applicable.

4 Books of accounts are prepared on going concern basis, Management is planning to arrange additional funds for repayment of its liabilities.Therefore going concern assumption seems to be unaffected.

5 Further to our comments, we report that:

i) 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.

it) 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.

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

(iv) In our opinion, Balance Sheet and statement of Profit and Loss dealt with by this report comply with the accounting standards referred to in sub -section (3C) of Section 211 of The Companies Act, 1956 except as otherwise disclosed in the notes to the accounts in Schedule 7.

v) On the basis of writtern representation received from Directors and placed before the Board, we report that none of the Director is disqualified as at 31.3.2012 to be appointed as Director in terms of provisions of Section 274 (1)(g) of The Companies Act ,1956.

vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts, give the information required by the Companies Act 1956, in the manner, so required and give a true and fair view:

a) In case of the Balance Sheet of the State of affairs of the Company as at 31st March ,2012

and

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

ANNEXURE AS REFERRED TO IN PARA 3 OF THE AUDITOR''S REPORT TO THE SHAREHOLDERS OF SIDDARTH BUSINESSES LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2012

No Fixed Assets are held by the company during the year

2 No Inventory is held by the Company during the year.

3 The Company has not granted any loan and has not taken any Loan from company covered in the Register maintained under Section 301 of The Companies Act, 1956.

4 In our opinion, according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5.a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion, according to the information and explanations given to us, there are no transactions made in pursuance of such contracts or arrangements entered into the Register in pursuance of Section 301 of the Act and exceeding the value of Rupees Five Lakhs in respect of any party during the year, which have been made at prices which are not reasonable having regard to the prevailing market prices at the relevant time.

6 The Company has not accepted any deposits from the public within the meaning of ™ Sections 58A and 58AA of the Act and the rules framed there under.

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

The Central Government has not prescribed the maintenance of Cost Records under clause (d) of sub-section (1) of Section 209 of the Act for any of the products of the Company.

According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is regular in depositing the undisputed statutory dues including income-tax, sales-tax, customs duty, cess and other material statutory dues as applicable with the appropriate authorities.

(b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of sales tax, income-tax, customs duty and cess etc.,which have not been deposited on account of any dispute.

10 The Company has accumulated losses more than 50% of the Net Worth as at 31st March, 2012 and it has incurred cash loss in the financial year ended on that date. The Company has also incurred cash loss in the immediately preceeding financial year.

11 According to the record of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at 31st March,2012.

12 The Company has not granted loan and advances on the basis of security by way of pledge of Shares, debentures and other securities.

13 The provisions of any special statue applicable to Chit Fund/ Nidhi Mutual Benefit Fund societies are not applicable to the Company.

14 There were no trading/Investment in Shares during the year. However.we have verified investment records produced before us.

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

16 The Company has not obtained any term loans during the year.

17 On the basis of overall examination of the Balance Sheet of the Company in our opinion and according to the information and explanations given to us, there are no funds raised on a short-term basis, which have been used for long-term investments or vice versa.

18 The Company has not made any preferential allotment of Shares to parties and companies covered in the Register maintained under section 301 of the Act during the year.

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

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

21 During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have been informed of such case by the management.

FOR O. P. VIJAY & CO. CHARTERED ACCOUNTANTS

PLACE : DELHI (O.P.VIJAY) DATED : 30/08/2012 PROPRIETOR M.NO 083966

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Mar 31, 2011

1 We iiave audited the attached Balance Sheet of INDO KUSH FOODS LIMITED formerly known as Siddarath butsnesses limited as at 31st March, 2011 and also Profit and Loss Account for the year ended on that date annexed thereto.These financial statements are the responsibility of Company''s Management Our responsibility is to express an opmon on these financial statements based on our audit.

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

3 As required by the Companies (Auditor''s Report) Order, 2003 (as amended) issued by the Central Government in terms of Section 227 (4A) of The Companies Act 1956, we enclose in the Annexure a statement on the matters specified in paragarphs 4 & 5 of the said Order to the extent applicable

4 Further to our comments, we report that .

i) 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.

II) 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.

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

iv) In our opinion, Balance Sheet and Profit and Loss account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of The Companies Act, 1956 except as otherwise disclosed in the notes to the accounts in Schedule 7.

v) On the basis of writtern representation received from Directors and placed before the Board, we report that none of the Director is disqualified as at 31.3.2011 to be appointed as Director in terms of provisions of Section 274 (1){g) of The Companies Act ,1956.

vi) In our opinion and the best of our information and according to the explanations given to us, the said accounts subject to notes regarding non-provision for (i) fall in the value of investments in shares of unquoted company and (ii) interest on unsecured loans, if the provision is made the loss shall increase by the same amount and state of affairs shall also be effected,this report read together with other notes give the information required by The Companies Act ,1956 in the manner so required and give a true ancl fair view in conformity with the account -ing principles generally accepted in India :

a) In case of the Balance Sheet of the State of affairs of the Company as at 31st March ,2011

and

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

ANNEXURE AS REFERRED TO IN PARA 3 OF THE AUDITOR''S REPORT TO THE SHAREHOLDERS OF INDO KUSH FOODS LIMITED FORMERLY KNOWN AS SIDDARTH BUSINESSES LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2011

1 No Fixed Assets are held by the company during the year.

2 The company has not taken unsecured loan without interest from a company covered in the Register maintained under Section 301 of The Companies Act ,1956 - As per explanation given by the Management, such loans are not prejudicial to the interest of the Company.

3 In respect of loans and Advances in the nature of loans , which have been granted to a company covered in the Register maintained under Section 301 of the Act, without interest , are being adjusted / recovered as stipulated.

4 (a) In our opinion, according to the information and explanations given to us , the

transactions that need to be entered into the Register in pursuance of Section 301 of the Act, have been so entered

(b) In our opinion, according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements entered into the Register in pursuance pf Section 301 of the Act and exceeding the value of Rupees Five Lakhs in respect,of any party during the year which have been made at prices which are not reasonable having regard to the prevailing market price at the relevant time.

The company had not accepted any loan in contravention of the direction issued by the Reserve Bank of India & Rules framed under Section 58A of The Companies Act 1956 with regard to loans accepted by it.

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

7 According to the information and explanations given to us , no undisputed amount payable in respect of Income Tax , Wealth Tax , Sales Tax , Custom Duty and Excise Duty was outstanding as at 31st March , 2011 for a period of more than six months from the date they become payable as per certificate given to us by a Director.

8 The company has accumulated losses as at 31st March, 2011 and it has incurred cash loss in the financial year ended on that date. The company has also incurred cash losses in the immediately preceeding financial year.

9.The comapny has not granted any loans and advances on the basis of security by way of pledge of shares debentures and other securities

10.The provisions of any special statute applicabel to Chit Fund Nidhi or MUtual Benefit Society are not applicable to the Comapny.

11.There were no trading/ investment in shares during the year. However we have verified investment records produced before us

12 Durin the of course of our examination of the books and records of the company, carried out in accordance with the generally auditing practives in india and according to the information and explanations given ''to us we have neither come across any instance of fraud on or by the company noticed or reported during the year

13 In our opinion other Causes are not applicable to the company .

FOR O. P. VIJAY & CO. CHARTERED ACCOUNTANTS

PLACE : DELHI (O.P.VIJAY) DATED : 26th July,2011 PROPRIETOR M.NO 083966