UFM Industries Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2025

We have audited the accompanying financial statements of UFM Industries Ltd ("the
Company") which comprises the Balance Sheet as at March 31, 2025, the Statement of Profit and
Loss, the statement of changes in equity and the statement of cash flows for the year then ended,
and notes to the financial statements, including a summary of significant accounting policies and
other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, 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 March 31, 2025, its profits including other
comprehensive income, its cash flows and the changes in equity 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.

Emphasis of Matter Paragraph

We draw attention to the following notes of the financial statement covered by this audit report:

Note 7: The company has disclosed non-financial "Other Current Assets and Non- Current Assets"
vide this note. Other Current assets include a payment made by the company of Rs. 1.00 crore in FY
15-16. The management has been demanding repayment of the said amount along with interest
which has not been received. The management has sent several communication letters to the
company regarding their balance confirmations and its recovery from there on, and is continuously
following-up for its recovery. In the opinion of the management the said amount is recoverable and
accordingly the asset has been carried in the books of accounts without providing for any provision
for probable losses.

Note 7: The Company has disclosed non-financial "Other current and non-current Assets" vide this
note. An amount of 12.80 Lakhs is being shown as Receivable in the other asset head. The same
pertains to undisputed Receivable from Income Tax department which the management intends to
recover in the future. The management has sent many communication letters to the Income Tax
Department with regard to aforesaid matter and is hopeful of recovering the same.

Note 26.1: Kind attention is drawn to this note of the financial statements, whereby the company
has disclosed "Other Administrative and Selling expenses" incurred during the year. Office rent
amounting to Rs, 0.24 lakhs has been debited to the profit and loss account. On examination of the
lease agreement, we came across the fact that the lease was a period of 11 months and therefore the
management had correctly classified the same as operating Lease. Non-application of the
accounting principles as listed down in IND AS -116 "Leases" does not create any kind of impact on
figures as reported in the financial statements, since the lease is operating in nature.

Our opinion is not modified in respect of these matters.

Key Audit Matters

Key audit matters are those matters that in our professional judgement, were of most significance in
our audit of financial statements of the financial year ended 31^st March 2025. These matters were
addressed in the context of our audit of the financial statements as a whole and in forming our
opinion thereon we do not provide a separate opinion on these matters. We have not determined
any matter to be key audit matters to be communicated in our report.

Other Matters:

We draw attention to the fact that the Company has not received any intimation from the charge
holder to modify the charge as detailed below till the balance sheet signing date.

Details of the Charge are mentioned herein:

Charge ID	Charge Value as per MCA Portal as on 31.03.2025 (Rs. In Lacs)	Correct Charge Value as on 31.03.2025 (Rs. In Lacs)	Remarks	Charge holder
90265392	1945.30	1920.30	part of the loan repaid, modification to be done	Punjab National Bank, Central Road Silchar,

Our opinion is not modified in respect of these matters.

Other Information

The company''s management and Board of Directors are responsible for the other information. The
other information comprises the information included in company''s annual report but does not
include the financial statements and our auditor''s report thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other
information and in doing so, consider whether 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 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 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. 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.

The 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 Sec 143(1)(i) of the Companies Act
2013, we are also responsible for expressing our opinion on whether the company has adequate
internal financial control system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made by management.

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

We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings.

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 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

As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give
in the Annexure "A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

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

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.

a. 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.

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

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

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

e. With respect to adequacy of internal financial controls over financial reporting of the Company
and the operating effectiveness of such controls, refer to our separate report in Annexure-"B".

f. With respect to the other matters to be included in the auditor''s report in accordance with the
requirements of Section 197 (16) of the Act as amended:

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

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

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

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

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

iv. (a) The management has represented that, to the best of its knowledge and belief, no funds
(which are material either individually or in aggregate) have been advanced or loaned or
invested (either from borrowed funds or share premium or any other sources or kind of
funds) by the company to or in any other person or entity, including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that
the intermediary shall, whether, directly or indirectly lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the company ("Ultimate
Beneficiaries") or provide any guarantee, security or like on the behalf of ultimate
beneficiaries.

(b) The management has represented that to the best of its knowledge and belief no funds
(which are material either individually or in the aggregate) have been received by the
company from any person or entity, including foreign entity ("Funding Parties") with the
understanding whether recorded in writing or otherwise, that the company shall whether
directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the ultimate beneficiaries.

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

v. Since no dividend was declared or paid during the year by the company, reporting of
compliance with Section 123 of the Act is not applicable.

vi. Based on our examination which included test checks, the company has used accounting
software for maintaining its books of accounts which has a feature of recording Audit Trail
(edit log) facility and the same has been operated throughout the year for all relevant
transactions recorded in the software. However, audit trail feature is not enabled for certain
direct changes to data when using certain access rights. Further, during the course of our
audit, we did not come across any instance of audit trail feature being tampered within
respect of accounting software where audit trail was enabled.

For Anil Hitesh & Associates
Chartered Accountants
ICAI FRN: 325406E

CA Hitesh Jain
Partner
ICAI MNO:317845

Place: Silchar
Dated: The 30^th day of May 2025
UDIN:25317845BOEPHQ5752

---

Mar 31, 2024

We have audited the accompanying financial statements of UFM Industries Ltd ("the
Company") which comprises the Balance Sheet as at March 31, 2024, the Statement of Profit and
Loss, the statement of changes in equity and the statement of cash flows for the year then ended,
and notes to the financial statements, including a summary of significant accounting policies and
other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, 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 March 31, 2024, its profits including other
comprehensive income, its cash flows and the changes in equity 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.

Emphasis of Matter Paragraph

We draw attention to the following notes of the financial statement covered by this audit report:

Note 7: The company has disclosed non-financial "Other Current Assets and Non- Current Assets"
vide this note. Other Current assets includes a payment made by the company of Rs. 1.00 crore in
FY 15-16. The management has been demanding repayment of the said amount along with interest
which has not been received. However, in the opinion of the management the said amount is
recoverable and accordingly the asset has been carried in the books of accounts without providing
for any provision for probable losses.

Note 7: The Company has disclosed non-financial "Other current and non-current Assets" vide
this note. An amount of 13.25 Lakhs is being shown as Receivable in the other asset head. The same
pertains to undisputed Receivable from Income Tax department which the management intends to
recover in the future. The management has sent many communication letters to the Income Tax
Department with regard to aforesaid matter and is hopeful of recovering the same.

Note 26.1: Kind attention is drawn to this note of the financial statements, whereby the company
has disclosed "Other Administrative and Selling expenses" incurred during the year. Office rent
amounting to Rs, 2.24 lakhs has been debited to the profit and loss account. On examination of the
lease agreement, we came across the fact that the lease was a period of 11 months and therefore the

management had correctly classified the same as operating Lease. Non-application of the
accounting principles as listed down in IND AS -116 "Leases" does not create any kind of impact
on figures as reported in the financial statements, since the lease is operating in nature.

Our opinion is not modified in respect of these matters.

Key Audit Matters

Key audit matters are those matters that in our professional judgement, were of most significance
in our audit of financial statements of the financial year ended 31^st March 2024. These matters were
addressed in the context of our audit of the financial statements as a whole and in forming our
opinion thereon we do not provide a separate opinion on these matters. We have described below
the following matters to be the key audit matters to be communicated in our report. For each
matter below, our description of how our audit addressed the matter is provided in that context.

We have fulfilled the responsibilities described in the Auditor''s responsibilities for the audit of
financial statements, including in relation to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our assessment of the risks of material
misstatement of the financial statements. The results of our audit procedures, including the
procedures performed to address the matters listed below provide the basis for our audit opinion
on the accompanying financial statements.

Key Audit Matter

Auditor''s response to such key audit matters:

Installation of new plant & machinery for modernization of plant by incurring a total cost of Rs. 449.93 lakhs at the flour mill premises located at Meherpur , Silchar, Assam-788015.

Our Audit procedures included and were not limited to the following: • Cross checking of all the physical copies of the bills of machinery purchased, along all the documents evidencing the incidental charges incurred to bring the machinery to its present location and condition where it is intended to be used by management as per principles of IND AS-10 "Property Plant & Equipment". • Verifying whether the interest on term loan incurred for such modernization has been correctly accounted for as per IND AS-23 "Borrowing Costs". Refer Note 24 for detailed disclosures. • Performing substantive Audit procedures including cross-checking rates at which import duty was paid on such import made. The management had earlier unintentionally paid the IGST on such imports made at lower rates which has been rectified and duly paid along with interest. Additional GST amounting to Rs. 25.86 lakhs have been paid and capitalized in the cost of machinery as per the principles laid down for calculation of costs in IND AS- 10 "Property, Plant and Equipment" and the differential depreciation amounting to Rs. 0.35 lakhs arising on

	account of such capitalization has been booked in the last quarter of the current financial year. Whereas the interest amounting to Rs. 4.93 lakhs incurred on such differential duty has been shown as Finance Cost. For detailed disclosures refer note 3 & note 24 of financial statements.
	• Reviewed the disclosures made by company in the financial statements for compliance as sought by IND AS.
	• Discussing with the management and those charged with governance the impact of such modernization on the company''s growth aspects in terms of production capacity and improved efficiency in the production cycle in the near future.

Other Information

The company''s management and Board of Directors are responsible for the other information. The
other information comprises the information included in company''s annual report but does not
include the financial statements and our auditor''s report thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other
information and in doing so, consider whether 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 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 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. 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.

The 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 Sec 143(1)(i) of the Companies
Act 2013, we are also responsible for expressing our opinion on whether the company has
adequate internal financial control system in place and the operating effectiveness of such
controls.

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

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

We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings 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 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

As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we
give in the Annexure "A" a statement on the matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.

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

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.

a. 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.

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

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

d. 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.

e. With respect to adequacy of internal financial controls over financial reporting of the Company
and the operating effectiveness of such controls, refer to our separate report in Annexure-"B".

f. With respect to the other matters to be included in the auditor''s report in accordance with the
requirements of Section 197 (16) of the Act as amended:

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

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

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

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

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

iv. (a) The management has represented that, to the best of its knowledge and belief, no
funds (which are material either individually or in aggregate) have been advanced or
loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) by the company to or in any other person or entity, including foreign
entities ("Intermediaries"), with the understanding, whether recorded in writing or
otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
company ("Ultimate Beneficiaries") or provide any guarantee, security or like on the
behalf of ultimate beneficiaries.

(b) The management has represented that to the best of its knowledge and belief no
funds (which are material either individually or in the aggregate) have been received by
the company from any person or entity, including foreign entity ("Funding Parties")
with the understanding whether recorded in writing or otherwise, that the company
shall whether directly or indirectly lend or invest in other persons or entities identified
in any manner whatsoever by or on behalf of the Funding Party ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the ultimate
beneficiaries.

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

v. Since no dividend was declared or paid during the year by the company, reporting of
compliance with Section 123 of the Act is not applicable.

vi. Based on our examination which included test checks, the company has used accounting
software for maintaining its books of accounts which has a feature of recording Audit
Trail (edit log) facility and the same has been operated throughout the year for all
relevant transactions recorded in the software. However, audit trail feature is not
enabled for certain direct changes to data when using certain access rights. Further,
during the course of our audit, we did not come across any instance of audit trail feature
being tampered within respect of accounting software where audit trail was enabled.

For Anil Hitesh & Associates
Chartered Accountants
ICAI FRN: 325406E

CA Hitesh Jain
Partner
ICAI MNO:317845
Place: Silchar
Dated: The 30^th day of May 2024
UDIN:24317845BKCMNH1535

---

Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of M/ UFM Industries Limited ("the Company") which comprise the Balance Sheet as at 31 March 2013, the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, 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.

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 financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i. in the case of the balance sheet, of the state of affairs of the Company as at 31 March 2013; ii. in the case of the statement of profit and loss, of the profit for the year ended on that date. iii. in the case of the cash flow statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements

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

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

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

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

c. The Balance Sheet, Statement of Profit and Loss 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 comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956; and

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

Referred to in para (1) of our Report of even date on statements of Accounts of UFM INDUSTRIES LIMITED, for the year ended 31st March'' 2013.

I) a) The Company has maintained proper records to show full particulars, including quantitative details and situation of its Fixed Assets.

b) As explained to us, the management conducted the physical verification of the major fixed assets during the year in phased periodical manner, which in our opinion, is reasonable having regards to the size of the Company and the nature of its assets, and no material discrepancies were noticed as compared with available book records.

c) In our opinion, and according to the information and explanations given to us the Company has not disposed of substantial part of fixed assets during the year.

ii) a) As explained to us, inventories have been physically verified by the management at regular intervals during the year. In our opinion the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) The Company has maintained proper records of inventories. As explained to us there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

iii) a) The Company has granted unsecured loans to 7 (Seven) concerns/parties covered in the register maintained under Sec-301 of the Companies Act 1956. The details are hereunder:

Maximum Balance Outstanding during Year end Balance No. Of Parties the year (_) (_)

1 Company 61,50,000 38,020,60

6 Other Parties 60,142,974 24,231,474

b) In our opinion and to the best of information and explanation given to us, the rate of interest and other terms and conditions on which the Company has granted loans and advances are not pre judicial to the interest of the Company.

c) The Company has taken unsecured loans from 3Concerns/ Parties covered in the register maintained under Section 301 of the Companies Act 1956.However the Loan taken during the year has been repaid during the year itself. The details are hereunder:

Maximum Balance Outstanding during Year end Balance No. Of Parties the year (_) (_)

3 Parties 20,21,514 NIL

d) In our opinion and to the best of information and explanation given to us, the rate of interest and other terms and conditions on which the Company has taken loans and advances are not pre judicial to the interest of the Company.

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, fixed assets and also for the sale of goods & services. Further, on the basis of our examination of the books and records of the company, and according to the information and explanation given to us, we have neither come across nor have we been informed of any continuing failure to correct major weakness in the aforesaid internal control system.

v) a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to section 301 of the Act have been entered in the register to be maintained under Section 301 of the Companies Act, 1956.

b) In our opinion and according to the information and explanations given to us, the transactions in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs. 5,00,000/-(Rupees Five Lacs Only) or more in respect of any party 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 U/S 58 A

vii) In our opinion, the internal audits system of the company is commensurate with its size and nature of its business.

viii) The Central Government has not prescribed maintenance of cost records under section 209 (I)(d) of the Companies Act, 1956 in respect of activities of the Company.

ix) a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including income tax, VAT , PF, ESI and other material statutory dues applicable to it.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, VAT,PF,ESI and other material statutory dues which were in arrears, as at 31.03.2013 for a period of more than six months from the date they became payable.

c) According to the information and explanation given to us, there are no dues of VAT, PF, ESI ,Income Tax, and other material statutory dues which have not been deposited on account of any dispute.

x) There are no accumulated losses of the company at the end of the financial year and it has not incurred any cash losses either during the financial year ended on the date or in the immediately preceding financial year.

xi) Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to banks.

xii) In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

xiii) In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, clause 4(xiii) of the companies (Auditor''s Report) order 2003 is not applicable to the Company.

xiv) In respect of shares, securities, debentures and other investments dealt or traded by the Company proper records are maintained in respect of transactions and contracts and timely entries have been made therein. All the investments are held by the company in its own name.

xv) According to the information and explanations given to us, and representations made by the management , the Company has given guarantee for loans taken by M/s Sethi Flour Mills to United Bank of India, the terms and conditions whereof in our opinion are not prima-facie prejudicial to the interest of the Company.

xvi The company has not raised new term loans during the year.

xvii) On the basis of an 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 short term basis which have been used for long term investment.

xviii) 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.

xix) The Company has not issued any debentures during the year. Accordingly, the question of creation of securities in this regard does not arise.

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

xxi) In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year, that causes the financial statements to be materially misstated.

FOR ANIL HITESH & ASSOCIATES

CHARTERED ACCOUNTANTS

Dated at Silchar the 20th of

August, 2013 (CA. ANIL JAIN)

PROPRIETOR

M.No. 057336

Firm Reg.325406E

---

Mar 31, 2012

1. We have audited the attached Balance sheet of UFM INDUSTRIES LTD, MEHERPUR, SILCHAR as at 31st march, 2012 and also the Statement of 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.

2. We have 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 statements 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 by Companies (Auditor''s Report) (Ammended) Order,2004 (Together "The Order") issued by Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure here to a statement on the matters specified in paragraph 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we state that:

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

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

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

(d) In our opinion, the Balance Sheet, Statement of Profit & Loss and Cash Flow Statement comply with the Accounting Standards referred to in sub section (3C) of section 211 of the companies Act., 1956 except AS-15 and AS-28 as referred to in Note No. 24 and 27 respectively of the financial statements.

(e) On the basis of the written representation received from the directors, and taken on record by the Board of Directors, we report that none of the directors is as on 31.03.2012 from being appointed as a director in terms of clause "g" of sub- section (1) of section 274 of the Companies Act, 1956.

(f) in our opinion, and best of our information and according to the explanations given to us, the said Accounts together with notes thereon,, give the information required by the Companies Act, 1956, in the manners so required and give a true & fair view (subject to Note No. 24 and 27 of Notes to Financial Statements) in the conformity with the Accounting principles generally accepted in India :

(i) In the case of Balance Sheet of the statement of Affairs of the Company as at 31st March, 2012.

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

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

ANNEXURE TO THE AUDITOR''S REPORT

Referred to in para (3) of our Report of even date on statements of Accounts of UFM INDUSTRIES LIMITED, fof the year ended 31st March'' 2012.

i) a) The Company has maintained proper records to show full particulars, including quantitative details and situation of its Fixed Assets.

b) As explained to us, the management conducted the physical verification of the major fixed assets during the year in phased periodical manner, which in our opinion, is reasonable having regards to the size of the Company and the nature of its assets, and no material discrepancies were noticed as compared with available book records.

c) In our opinion, and according to the information and explanations given to us the Company has not disposed of substantial part of fixed assets during the year.

ii) a) As explained to us, inventories have been physically verified by the management at regular intervals during the year. In our opinion the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) The Company has maintained proper records of inventories. As explained to us there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

iii) a) The Company has granted unsecured loans to 5 (Five) concerns / parties covered in the register maintained under Sec-301 of the Companies Act 1956. The details are hereunder:

No. of Parties Maximum Balance Outstanding during the year (Rs.) Year end Balance (Rs.)

1 Company 45,50,000 45,50,000

4 Other Parties 5,69,96,908 2,07,15,886

b) In our opinion and to the best of information and explanation given to us, the rate of interest and other terms and conditions on which the Company has granted loans and advances are not prejudicial to the interest of the Company.

c) The Company has taken unsecured loans from 2Concems/ Parties covered in the register maintained under Section 301 of the Companies Act 1956.However the Loan taken during the year has been repaid during the year itself. The details are hereunder:

No. of Parties Maximum Balance Outstanding during the year (Rs.) Year end Balance (Rs.)

1 Company 50,00,000 -

1 Party 9,75,000 -

d) In our opinion and to the best of information and explanation given to us, the rate of interest and other terms and conditions on which the Company has taken loans and advances are not prejudicial to the interest of the Company.

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, fixed assets and also for the sale of goods & services. Further, on the basis of our examination of the books and records of the company, and according to the information and explanation given to us, we have neither come across nor have we been informed of any continuing failure to correct major weakness in the aforesaid internal control system.

v) a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to section 301 of the Act have been entered in the register to be maintained under Section 301 of the Companies Act, 1956. ,

b) In our opinion and according to the information and explanations given to us, the transactions in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs. 5,00,000/-(Rupees Five Lacs Only) or more in respect of any party 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 U/S 58 A*

vii) In our opinion, the internal audits system of the company is commensurate with its size and nature of its business.

vii) The Central Government has not prescribed maintenance of cost records under section 209 (IXd) of the Companies Act, 1956 in respect of activities of the Company.

ix) a) The Company ifi regular in depositing with appropriate authorities undisputed statutory dues including income tax, VAT, PF, ESI and other material statutory dues applicable to it.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, VAT,PF,ESI and other material statutoiy dues which were in arrears, as at 31.03.2012 for a period of more than six months from the date they became payable.

c) According to the information and explanation given to us, there are no dues of VAT, PF, ESI,Income Tax, and other material statutory dues which have not been deposited on account of any dispute.

x) There are no accumulated losses of the company at the end of the financial year and it has not incurred any cash losses either during the financial year ended on the date or in the immediately preceding financial year.

xi) Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to banks.

xii) In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

xiii) In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, clause 4(xiii) of the companies (Auditor''s Report) order 2003 is not applicable to the Company.

xiv) In respect of shares, securities, debentures and other investments dealt or traded by the Company proper records are maintained in respect of transactions and contracts and timely entries have been made therein. AH the investments are held by the company in its own name.

xv) According to the information and explanations given to us, and representations made by the management, the Company has given guarantee for loans taken by M/s Sethi Flour Mills to United Bank of India, the terms and conditions whereof in our opinion are not prima-facie prejudicial to the interest of the Company.

xvi) The company has not raised new term loans during the year.

xvii)On the basis of an 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 short term basis which have been used for long term investment.

xviii)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.

xix) The Company has not issued any debentures during the year. Accordingly, the question of creation of securities in this regard does not arise.

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

xxi) In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year, that causes the financial statements to be materially misstated.

FOR ANIL HITESH & ASSOCIATES

CHARTERED ACCOUNTANTS

Dated at Silchar

the 20th of August, 2012 (CA. ANIL JAIN)

PROPRIETOR

M.No. 057336

Firm Reg.325406E

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of M/S. UFM INDUSTRIES LIMITED, Meherpur, Silchar as at 31st March, 2010, the Profit & Loss Account for the year ended on that date and Cash flow Statement for the year under review annexed thereto. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

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 mis-statement. 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 principle used and significant estimates made by management as well as evaluating the overall financial statements presentation. We believe that our audit provided a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 as amended, issued by the Central Government of India in terms of Section 227(4A) of The Companies Act,1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 & 5 of the said order.

4. Further to our comments in Annexure referred to above, we report as follows:

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

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

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

d) In our opinion, The Balance Sheet, the Profit & Loss Account and Cash flow statement dealt with by this report are in compliance with the Accounting standard referred to in section 211(3C) of the Companies Act, 1956.

e) On the basis of the written representation received from the directors, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2010 from being appointed as a director in terms of clause (g) of Sub-section (1) of Section 274 of the Companies Act,1956.

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

i. In the case of Balance Sheet, of the state of Affairs of the Company as at 31st March 2010,

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

iii. In the case of Cash Flow Statement, of the Cash Flow for the year ended on the date.

Referred to in Para 3 of our Report of even date on the Accounts of UFM Industries Ltd as on 31.03.2010

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

b) As explained to us, all the Fixed Assets have been physically verified by the management during the year and no material discrepancies have been noticed on such verification as compared with the available book records.

c) The Company has not disposed off any substantial part of its fixed assets so as to affect its going concern status.

2. a) The stock of finished goods, raw materials, stores, spare parts and other goods have been physically verified by the management at reasonable periodic intervals during the year. In our opinion, the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us the procedure of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

c) In our opinion and according to the information and explanations given to us the company has maintained proper records of inventory. The discrepancies noticed on physical stocks and the book records were not material having regard to the size of the operation of the Company..

3. As informed to us the Company has not granted/taken any Loans, Secured or Unsecured to/from Companies, Firms and other Parties covered in the register maintained under section 301 of the Companies Act, 1956. Hence reporting under clause iii (b)/(c)/(d) of the Order is not applicable to the Company.

4. In our opinion and according to the information and explanations given to us, there are adequate Internal Control Procedures commensurate with the size of the company and the nature of its business with regard to purchase of Inventory, Fixed Assets and Sale of Goods and services. Further on the basis of our examination of the books and records of the Company and according to information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weakness in the aforesaid internal control system.

5. a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangement that need to be entered in the register maintained pursuance to section 301 of the Act, have been so entered.

b) In our opinion the aforesaid transactions have been made at prices which are reasonable having regard to the market prices prevailing at the relevant time by the Company.

6. The Company has not accepted any deposits from the public during the year within the meaning of section 58A and 58AA of the Companies Act, 1956, and the Companies (Acceptance of Deposits) Rules 1975.

7. The Company has an internal audit system commensurate with its size and nature of its business.

8. According to the information given to us, the provisions relating to maintenance of cost records under Section 209(1) (D) of the Companies Act, 1956 is not applicable to the company

ANNEXURE TO THE AUDITORS REPORT Referred to in Para 3 of our Report of even date on the Accounts of UFM Industries Ltd as on 31.03.2010

(Page 2)

9. According to the records of the company, the company is regular in depositing undisputed statutory dues including Income Tax, Wealth Tax, Sales Tax, Provident Fund, Custom Duty, Excise Duty, Service Tax and other statutory dues applicable to it with the appropriate authorities and no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty, Provident Fund and Service Tax outstanding as at 31.03.2010 for a period of more than six months from the date they become payable.

10. The company does not have accumulated losses as at 31st March 2010. The Company has not incurred cash losses during the financial year covered by our audit. However, the company has incurred cash losses during the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial Institution, bank or debenture holders.

12. As explained to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares/debentures or any 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. In respect of shares, securities or debentures and other investments dealt or traded by the company, proper records are maintained in respect of transactions and contracts and timely entries have been made therein. All the investment are held by the company in its own name.

15. According to the information and explanations given to us, and representations made by the management, the Company has given guarantee for loans taken by M/S Sethi Flour Mills to United Bank of India during the year, the terms and conditions wherof in our opinion , are not prima-facie prejudicial to the interest of the Company.

16. On the basis of the records examined by us, the company has not availed any term loan during the year.

17. In our opinion and according to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, we have to state that no funds raised on short term basis have been used for long term investment.

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

19. In our opinion and according to the information and explanations given to us, the Company has not issued any secured debentures during the period covered by our report. Accordingly, the question of creation of securities in this regard does not arise.

20. During the period covered by our audit report, the company has not raised any money by public issue during the year.

21. According to the information and explanations given to us, and on the basis of our examination of the books and records of the company carried out in accordance with generally accepted auditing practices in India, we have not come across any such instance of fraud on or by the company, either noticed or reported during the year, nor have we been informed of such case by the management.

For M/s Rajratan & Co,

Chartered Accountants

(F R No. 307101E)

Place:: Guwahati

Dated:: 02.08.2010. ( Manas Jain )

Partner M No. 065150