Tirupati Fin-Lease Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2024

We have audited the accompanying Standalone financial statements ofTirupati Finlease Limited ("the
Company") which comprises the Balance Sheet as at 31^st March, 2024 the Statement of Profit and Loss,
cash flows statement for the year then ended, and a summary of significant accounting policies and
other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone 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, 2024;

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.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in
the Auditor''s Responsibilities for the Audit of the Financial Statements section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Companies Act, 2013 and the Rules 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 opinion. ^____

A>V xXa

(tifut. iBsraY^t

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

The Company''s Board of Directors is responsible for the other Information. The other information
comprises the Director’s Report Including annexures to the director''s report, but does not include the
consolidated financial statements standalone financial statements and our auditor''s report thereon.

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

In connection with our audit of the standalone financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.

Responsibility of Management for the Standalone 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 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 the rule 7 of Companies (
Accounts) Rules,2014 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 statement 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.

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

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

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

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

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

• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies
Act, 2013, we are also responsible for expressing our opinion on whether the company has
adequate internal financial controls system in place and the operating effectiveness of such
controls.

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

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

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

:/nv 125318y \\

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

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

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central
Government of India in terms of section 143(11) of the Act, a statement on the matters specified in the
clause 3 and 4 of the Order is applicable to the Company for the year under report and is attached vide
AnnexureA.

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 entity does not have any branch office either in India or outside India, hence the said
clause is not applicable to the company.

d. The Balance Sheet, the Statement of Profit and Loss, and Cash flows statements dealt with by
this Report are in agreement with the books of account maintained for the purpose of
preparation of these standalone financial statements.

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

f. During the course of audit, we have not found any financial transactions or matters which
have any adverse effect on the functioning of the company.

g. 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.

h. During the course of audit, we have not found any qualification, reservation or adverse
remark relating to the maintenance of accounts and other matters connected therewith.
Based on our examinations and test checks, company has maintained Its books of account in

. accounting software (Tally) for the financial year 2023-24 which has a facility of edit logs.

And on the basis of our test checks there are no adverse findings.

i. With respect to the adequacy of the internal financial controls over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate Report in
''Annexure B’. Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company''s internal financial controls over financial reporting.

I. The Company 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 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.

» w

For, Meet B Shah & Associates
Chartered Accountants
Firm No. 150627W

CA. Meet B Shah \>\T y k)

Proprietor

M. No. 185848 . —

Place: Surat

Date: 30/05/2024

UDIN - 24185848BKFUDN6264

---

Mar 31, 2014

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

2 MANAGEMENT RESPONSIBILITY FOR THE FINANCIAL REPORT

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.

3 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.

4 OPINION

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: 'f

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

b) in the case of the Profit and Loss Account, of the profit/ loss 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.

5 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.

6 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 Statement 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 Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e) On the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

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

Annexure to the Auditors' Report

(Referred to in paragraph 1 of our Report of even date )

Based upon the information and explanations furnished to us and the books and records examined by us in the normal course of our audit, we report that to the best of our knowledge and belief:

(i) (a) The company has maintained proper records for fixed assets as required by the companies act, 1956.

(b) The fixed assets of company are physically verified by the management in a phased program of five years cycle which, in our opinion, is reasonable having regard to size of the company and nature of its assets. As per information given by the management, no material discrepancies were noticed during such verification.

(c) No fixed assets have been disposed off during the year, therefore the concept of going Concern has not been affected.

(ii) (a) According to the information and explanations given to us the inventory has been physically verified by the management at regular intervals during the year. In our opinion, the frequency of such verification is reasonable having regard to the size of the Company and the nature of its business.

(b) According to the information and explanations given to us the procedures for the physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) According to the information and explanations given to us it is not feasible to maintain proper records of inventory for each and every item. However, as informed by the management, no material discrepancies were noticed on physical verification of inventory.

(iii) (a) The Company has not granted any loan secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act.

(b) In our opinion, the rate of interest and other terms and conditions of loans given / taken by the Company, are prima facie not prejudicial to the interest of the Company.

(c) As explained to us, no stipulations have been fixed for the repayment of principal amount and interest, therefore, we are unable to give any comment on the regularity of payment of the principal amount and interest thereon.

(d) As explained to us, in absence of any stipulation for the repayment of principal amount or interest, the overdue amount could not be find out. Hence, we are unable to give any comment on the steps taken by the Company for recovery / payment of the principal and interest.

(iv) In our opinion, and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods. In our opinion, and as explained to us there is no major weakness in internal control.

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

(b) In our opinion, and according to the information and explanations given to us the transactions made in pursuance of contract or arrangements, entered in the register maintained under section 301 of the Companies Act 1956, and exceeding the value of Rs. Five lacs, in respect of any party during the year, have been made at prices which are reasonable having regard to the prevailing market price at the relevant time.

(vi) The Company has not accepted any deposits from the public thus, the directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA of the Act and the rules framed there under are not applicable.

(vii) The Company have not required an internal audit system commensurate with its size and the nature of its business.

(viii) According to the information and explanations given to us, maintenance of cost records in respect of manufacturing activities of the Company are not prescribed by the Central Government under section 209(1)(d)of the Act.

(ix) (a) According to the information and explanations given to us, and on the basis of our examination of the books of accounts, except some minor incidences of delay, the Company has generally been regular in depositing the undisputed statutory dues including, Income- Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other statutory dues during the year with the appropriate authorities. However, at the end of the year, there are no undisputed dues payable for a period of more than six months from the date they became payable as on 31st March, 2014.

(x) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the current financial year and in the financial years immediately preceding such financial years.

(xi) In our opinion and according to the information & explanations given to us, the Company has not defaulted in repayment of dues to a financial institution and banks.

(xii) According to the information and explanations given to us, the Company has not granted any loan or advance on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) According to the information and explanations given to us, the provisions of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund and Societies are not applicable to the Company, as no such activity has been undertaken by the Company.

(xiv) In our opinion, and according to the information and explanations given to us, the Company is dealing or trading in shares, securities, debentures or other investments.

(xv) In our opinion, and according to the information and explanations given to us the Company has not given any bank guarantee for loans taken by others from banks or other financial institutions.

(xvi) In our opinion, and according to the information & explanations given to us, term loan has been applied for the purpose for which they were raised.

(xvii) In our opinion, and according to the information & explanations given to us, funds raised on short-term basis have not been used for long-term investment.

xviii) According to the information & explanations given to us, during the financial year covered by our audit the Company has not allotted equity shares on preferential basis to parties and companies covered in the register maintained under section 301 of the Act.

(xix) The Company does not have any outstanding debentures during the year. Accordingly, no securities have been created.

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

(xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For Akshay Patel & Associates Chartered Accountants

Akshay Patel

(PROPRIETOR)

PLACE : AHMEDABAD M.N. 144483

DATE : 02/08/2014 F.R.NO. 133397W

---

Mar 31, 2013

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

2 MANAGEMENT RESPONSIBILITY FOR THE FINANCIAL REPORT

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.

3 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 andperform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4 OPINION

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 materia! 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 Profit and Loss Account, of the profit/ loss 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.

5 As required by the Companies (Auditor's Report) Order, 2003 ("theOrder") 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.

6 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 Statement 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 Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

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

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

Annexure to the Auditors' Report

(Referred to in paragraph 1 of our Peport of even date)

Based upon the information and explanations furnished to us and the books and records examined by us in the normal course of our audit, we report that to the best of our knowledge and belief

(i) (a) The company has not maintained proper records for fixed assets as required by the companies act, 1956.

(b) The fixed assets of company are physically verified by the management in a phased program of five years cycle which, in our opinion, is reasonable having regard to size of the company and nature of its assets. As per information given by the management, no material descripencies were noticed during such verification.

(c) No fixed assets have been disposed off during the year, therefore the concept of going concern has not been affected.

(ii) (a) According to the information and explanations given to us the inventory has been physically verified by the management at regular intervals during the year. In our opinion, the frequency of such verification is reasonable having regard to the size of the Company and the nature of its business.

(b) According to the information and explanations given to us the procedures for the physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business

(c) According to the information and explanations given to us it is not feasible to maintain proper records of inventory for each and every item. However, as informed by the management, no material discrepancies were noticed on physical verification of inventory

(iii) a) The Company has not granted any loan secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act.

(b) In our opinion, the rate of interest and other terms and conditions of loans given / taken by the Company, are prima facie not prejudicial to the interest of the Company

(c) As explained to us no stipulations have been fixed for the repayment of principal amount and interest therefore, we are unable to give any comment on the regularity of payment of the principal amount and interest thereon.

(d) As explained to us. in absence of any stipulation for the repayment of principal amount or interest, the overdue amount could not be find out Hence, we are unable to give any comment on the steps taken by the Company for recovery / payment of the principal and interest.

(iv) In our opinion, and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods. In our opinion, and as explained to us there is no major weakness in internal control.

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

(b) In our opinion and according to the information and explanations given to us the transactions made in pursuance of contract or arrangements entered in the register maintained under section 301 of the Companies Act 1956 and exceeding the value of Rs. Five lacs, in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market price at the relevant time.

(vi) The Company has not accepted any deposits from the public thus, the directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA of the Act and the rules framed there under are not applicable

(vii) The Company have not required an internal audit system commensurate with its size and the nature of its business

(viii) According to the information and explanations given to us, maintenance of cost records in respect of manufacturing activities of the Company are not prescribed by the Central Government under secton 209(1)(d) of the Act.

(ix) a) According to the information and explanations given to us, and on the basis of our examination of the books of accounts, except some minor incidences of delay, the Company has generally been regular in depositing the undisputed statutory dues including, Income- Tax Sales Tax Wealth Tax Custom Duty. Excise Duty, Cess and other statutory dues during the year with the appropriate authorities However, at the end of the year, there are no undisputed dues payable for a period of more than six months from the date they became payable as on 31st March, 2013

(x)The Company does not have any accumulated losses at the end of the financial year and has not curred cash losses in the current financial year and in the financial years immediately preceding such financial years.

(xi) In our opinion and according to the information & explanations given to us, the Company has not defaulted in repayment of dues to a financial institution and banks.

(xii) According to the information and explanations given to us, the Company has not granted any loan or advance on the basis of security by way of pledge of shares, debentures and other securities

(xiii) According to the information and explanations given to us, the provisions of any special statute app cable to Chit Fund, Nidhi or Mutual Benefit Fund and Societies are not applicable to the Company as no such activity has been undertaken by the Company,

(xiv) in our opinion, and according to the information and explanations given to us. the Company is deal ng or trading in shares, securities, debentures or other investments.

(xv) in our opinion, and according to the information and explanations given to us the Company has not given any bank guarantee for loans taken by others from banks or other financial institutions

(xvi) in our opinion, and according to the information & explanations given to us, term loan has been applied for the purpose for which they were raised.

(xvii) In our opinion, and according to the information & explanations given to us, funds raised on short-term basis have not been used for long-term investment.

(xviii) According to the information & explanations given to us. during the financial year covered by our audit the Company has not allotted equity shares on preferential basis to parties and companies covered in the register maintained under section 301 of the Act.

(xix) The Company does not have any outstanding debentures during the year Accordingly, no securities have been created

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

(xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For AlKSHAY B*ATEL & ASSOCIATES Chartered Accountants

AKSHAY M. PATEL (PROPRIETOR) PLACE : AHMEDABAD M.N.144483 DATE : 28/06/2013 F.R.N. 133397W

---

Mar 31, 2012

1 We have audited the attached Balance Sheet of TIRUPATI FINLEASE LTD., as at 31st March, 2012 and also the Profit and Loss Account 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.

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 disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion,

3 As required by the Companies(Auditor's Report) Order, 2003 as ammended by the companies (Auditor's Report) (Ammendment) Order 2004 (together the "Order") and on the basis of such checks of the books and records of the company as we consider appropriate and according to the information and explanations given, to us, we give in the annexure statement on the matters specified in paragraphs 4 and 5 of the said Order, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956.

4 Further to our comments in the Annexure referred to above, 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 purposes of our audit;

(ii) 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;

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

5 In our opinion, the 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 state otherwise;

6 On the basis of written representations received from the directors, as on 31st March, 2012, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2012 from being appointed as a director in terms of clause(g) of sub- section(l) of section 274 of the Companies Act, 1956;

7 in our opinion and to the best of our information and according to the explanations given to us and subject to our comment in clause (vi) above, 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:

(a) In the 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 Profit and Loss Account, of the PROFIT for the year ended on that date.

Annexure to the Auditors' Report

(Referred to in paragraph 1 of our Report of even date )

Based upon the information and explanations furnished to us and the books and records examined by us

in the normal course of our audit, we report that to the best of our knowledge and belief:

(i) (a) The company has not maintained proper records for fixed assets as required by the companies act, 1956.

(b) The fixed assets of company are physically verified by the management in a phased program of five years cycle which, in our opinion, is reasonable having regard to size of the company and nature of its assets. As per information given by the management, no material descripencies were noticed during such verification.

(c) No fixed assets have been disposed off during the year, therefore the concept of going concern has not been affected.

(ii) (a) According to the information and explanations given to us the inventory has been physically verified by the management at regular intervals during the year. In our opinion, the frequency of such verification is reasonable having regard to the size of the Company and the nature of its business.

(b) According to the information and explanations given to us the procedures for the physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) According to the information and explanations given to us it is not feasible to maintain proper records of inventory for each and every item. However, as informed by the management, no material discrepancies were noticed on physical verification of inventory.

(iii) (a) The Company has not granted any loan secured or unsecured to companies, firms or other

parties covered in the register maintained under section 301 of the Act. However, the outstanding amount at the end of the financial year pertaining to the amount taken by the

Company are as under:

No. of Parties 1

Amount (Rs,) 86555/-

(b) In our opinion, the rate of interest and other terms and conditions of loans given / taken by the Company, are prim a facie not prejudicial to the interest of the Company.

(c) As explained to us, no stipulations have been fixed for the repayment of principal amount and interest, therefore, we are unable to give any comment on the regularity of payment of the principal amount and interest thereon.

(d) As explained to us, in absence of any stipulation for the repayment of principal amount or interest, the overdue amount could not be find out. Hence, we are unable to give any comment on the steps taken by the Company for recovery / payment of the principal and

(iv) In our opinion, and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods, In our opinion, and as explained to us there is no major weakness in internal control.

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

(b) In our opinion, and according to the information and explanations given to us the transactions made in pursuance of contract or arrangements, entered in the register maintained under section 301 of the Companies Act 1956, and exceeding the value of Rs. Five lacs, in respect of any party during the year, have been made at prices which are reasonable having regard to the prevailing market price at the relevant time.

(vi) The Company has not accepted any deposits from the public thus, the directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA of the Act and the rules framed there under are not applicable.

(vii) The Company have not an internal audit system commensurate with its size and the nature of its business.

(viii) According to the information and explanations given to us, maintenance of cost records in respect of manufacturing activities of the Company are not prescribed by the Central Government under section 209(1 )(d) of the Act

(ix) (a) According to the information and explanations given to us, and on the basis of our examination of the books of accounts, except some minor incidences of delay, the Company has generally been regular in depositing the undisputed statutory dues including, Income- Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other statutory dues during the year with the appropriate authorities. However, at the end of the year, there are no undisputed dues payable for a period of more than six months from the date they became

(x) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the current financial year and in the financial years immediately preceding such financial years.

(xi) In our opinion and according to the information & explanations given to us, the Company has not defaulted in repayment of dues to a financial institution and banks.

(xii) According to the information and explanations given to us, the Company has not granted any loan or advance on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) According to the information and explanations given to us, the provisions of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund and Societies are not applicable to the Company, as no such activity has been undertaken by the Company.

(xiv) In our opinion, and according to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures or other investments.

(xv) In our opinion, and according to the information and explanations given to us the Company has not given any bank guarantee for loans taken by others from banks or other financial institutions.

(xvi) In our opinion, and according to the information & explanations given to us, term loan has been applied for the purpose for which they were raised.

(xvii) In our opinion, and according to the information & explanations given to us, funds raised on short- term basis have not been used for long-term investment

(xviii) According to the information & explanations given to us, during the financial year covered by our audit the Company has not allotted equity shares on preferential basis to parties and companies covered in the register maintained under section 301 of the Act.

(xix) The Company does not have any outstanding debentures during the year. Accordingly, no securities have been created.

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

(xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year. For AKSHAY PATEL & ASSOCIATES Chartered Accountants

AKSHAY PATEL (PROPRIETOR) PLACE :AHMEDABAD M.N,144483 DATE : 05/09/2012 F.R.N. 133397W