Sacheerome Ltd Auditor Reports

To the Members of Sacheerome Limited (Formerly known as Sacheerome Private Limited) Report on the Audit of the Financial Statements Opinion

We have audited the accompanying Financial Statements of Sacheerome Limited (“the Company”), which comprise the Balance Sheet as at March 31, 2026, the Statement of Pro t and Loss and the Statement of Cash Flows for the year then ended, and notes to the Financial Statements including a summary of the signi cant accounting policies and other explanatory information (hereinafter referred to as “the Financial Statements”). 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 Companies Act, 2013 (“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, 2026, and its pro t and its cash ows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Financial Statements in accordance with the Standards on Auditing (“SAs”) speci ed under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors 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 (ICAI) together with the ethical requirements that are relevant to our audit of the Financial Statements under the provisions of the Act and the Rules thereunder, and we have ful lled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have obtained is suf cient and appropriate to provide a basis for our audit opinion on the Financial Statements.

Key Audit Matter

Key audit matters are those matters that, in our professional judgment, were of most signi cance in our audit of the nancial statements of the current period. These matters were addressed in the context of our audit of the nancial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have determined the matters described below to be the key audit matters to be communicated in our report

Key audit matter	How our audit addressed the key audit matter
Capital work in progress (CWIP)	Our audit procedures included, but were not limited to the following:
The Company has significant balances under CWIP relating to ongoing projects. The recognition, classification, and valuation of CWIP involve management judgment regarding project costs, allocation of overheads, and assessment of capitalization criteria under Accounting Standards.	1. Evaluating capitalisation against the requirements of AS 10 - Property, Plant & Equipment, to ensure only directly attributable costs were capitalised.
Due to the significant magnitude of the matters described above, this matter was considered to be of importance in our audit of the financial statements	2. Testing of CWIP balances to supporting documentation (contracts, invoices, etc.) to verify that expenditures were incurred for bringing assets to their intended use.
	3. Examining disclosures in the financial statements to ensure compliance with Schedule III requirements.

Information other than the Financial Statements and Auditors Report thereon

The Companys Board of Directors is responsible for the preparation and presentation of its report (herein after called as “Board Report”) which comprises various information required under section 134(3) of the Companies Act 2013 but does not include the Financial Statements and our auditors report thereon. The Board Report is expected to be made available to us after the date of our audit report.

Our opinion on the standalone nancial statements does not cover the Board Report and we do not express any form of assurance conclusion thereon.

Responsibilities of Management and those charged with Governance for the Financial Statements

The Companys 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 nancial position, nancial performance and cash ows of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards speci ed 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 accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal nancial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Financial Statements, the Board of Directors is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors 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 Companys nancial reporting process.

Auditors Responsibilities 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 auditors 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 in uence 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 judgement 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 risk, and obtain audit evidence that is suf cient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal nancial controls with reference to the Financial Statements in place and the operating effectiveness of such controls.

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

Conclude on the appropriateness of managements 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 signi cant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors 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 auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

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

Materiality is the magnitude of misstatements in the Financial Statement that, individually or in aggregate, makes it probable that the economic decision of a reasonably knowledgeable user of the nancial statements may be in uenced. We consider quantitative materiality and qualitative factor in (i) planning the scope of our audit work; and (ii) to evaluate the effect of any identi ed misstatement in the Financial Statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and signi cant audit ndings, including any signi cant de ciencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most signi cance in the audit of the nancial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest bene ts of such communication.

Other Matter

The Financial Statements of the Company for the year ended March 31, 2025 were audited by another rm of Chartered Accountants under the

Companies Act, 2013 who, vide their report dated May 10, 2025, have expressed an unmodi ed opinion on those standalone nancial statements

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 (“the Order, 2020”), issued by the Central Government of India in terms of subsection (11) of section 143 of the Companies Act, 2013, we give in the “Annexure I” a statement on the matters speci ed in paragraphs 3 and 4 of the Order, to the extent applicable.

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

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

purposes of our audit;

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

those books;

(c) the Balance Sheet, the Statement of Pro t and Loss and the Cash Flow Statement dealt with by this report are in agreement with the books

of account;

(d) in our opinion, the aforesaid Financial Statements comply with the Accounting Standards speci ed under Section 133 of the Act, read with

Rule 7 of the Companies (Accounts) Rules, 2014;

(e) on the basis of written representations received from the directors as on March 31, 2026 and taken on record by the Board of Directors, none

of the directors is disquali ed as on March 31, 2026 from being appointed as a director in terms of Section 164(2) of the Act;

(f) with respect to the adequacy of the internal nancial controls with reference to the Financial Statements of the Company and the operating

effectiveness of such controls, refer to our separate Report in “Annexure II”;

(g) with respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors)

Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. the Company has disclosed the impact of pending litigations on its nancial position in its Financial Statements Refer Note 28.1

to the Financial Statements;

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 to us that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity (ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identi ed in any manner whatsoever by or on behalf of the Company (“Ultimate Bene ciaries”) or provide any guarantee, security or the like on behalf of the Ultimate Bene ciaries;

(b) The management has represented to us that, to the best of its knowledge and belief, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identi ed in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Bene ciaries”) or provide any guarantee, security or the like on behalf of the Ultimate Bene ciaries; and

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

v. The Company has neither declared nor paid any dividend during the year.

vi. Based on our examination which included test checks, the Company has used accounting software for maintaining its books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software.

Further, we did not come across any instance of the audit trail feature being tampered with. Additionally, where audit trail (edit log) facility was enabled and operated in the previous years, the audit trail has been preserved by the Company as per the statutory requirements for record retention.

3. With respect to the other matters to be included in the Auditors 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 by the Company to its directors

during the year is in accordance with the provisions of Section 197 of the Act.

Annexure I to the Independent Auditors Report referred to in paragraph 1 under the heading “Report on other Legal and Regulatory

requirements” of our report of even date on the Financial Statements of Sacheerome Limited.

Based on the audit procedure performed for the purpose of reporting a true and fair view on the Financial Statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, and to the best of our knowledge and belief, we report that: 1.(a) A. The Company has maintained proper records showing full particulars including quantitative details and situation of Property, Plant and Equipment.

B. The Company has maintained proper records showing full particulars of Intangible Assets.

(b) The Company has planned a program of physical veri cation of its property, plant and equipment under which all items of Property, plant and equipment are veri ed in a phased manner, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Accordingly, the Company is in the process of conducting physical veri cation of its property, plant and equipment as per the planned schedule.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) disclosed in the Financial Statements are held in the name of the Company.

(d) According the information and explanations given to us, the Company has not revalued its Property, Plant and Equipment or intangible assets or

both during the year. Accordingly, clause (i)(d) of paragraph 3 of the Order, 2020 is not applicable to the Company.

(e) According the information and explanations given to us, no proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder. Accordingly, clause (i)(e) of paragraph 3 of the Order, 2020 is not applicable to the Company.

2.(a) In our opinion and according to the information and explanations given to us, the inventory have been physically veri ed by the management during the year at reasonable intervals and no material discrepancies were noticed on such physical veri cation. In our opinion, the coverage and procedure of such veri cation by the management was appropriate.

(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has been sanctioned working capital limits in excess of ve crore rupees, in aggregate, from banks on the basis of security of current assets. In our opinion, the quarterly returns or statements led by the Company with such banks are in agreement with the books of account of the Company and no material discrepancy have been observed.

3. According the information and explanations given to us, the Company has not made investments in, provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured, to companies, rms, Limited Liability Partnerships or any other parties, during the year. Accordingly, clause (iii)(a) and (iii)(b) of paragraph 3 of the Order, 2020 is not applicable to the Company.

4. In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not given any loans, or made any investments, or provided any guarantee, or security as speci ed under section 185 and 186 of the Companies Act, 2013. Accordingly, clause (iv) of paragraph 3 of the Order, 2020 is not applicable to the Company.

5. As per the information and explanations given to us, the Company has not accepted any deposits or which are deemed to be deposits from the public within the meaning of Section 73 to Section 76 or any other relevant provisions of the Act and the rules framed there under during the year. Accordingly, clause (v) of paragraph 3 of the Order, 2020 is not applicable to the Company.

6. According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under section

148(1) of the Companies Act, 2013 for the Company. Accordingly, clause (vi) of paragraph 3 of the Order, 2020 is not applicable to the Company.

7.(a) According to the information and explanations given to us and on the basis of our veri cation of records of the Company, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Goods and Services Tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and other statutory dues to the extent applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of aforesaid dues were in arrears as at March 31, 2026 for a period of more than six months from the date they became payable except for Rs.0.01 lakhs pertaining to Provident Fund dues. As represented to us, the delay is due to mismatch in the employees details in PF and Aadhaar records, resulting in non-generation of the challan.

(b) According to the information and explanations given to us and the records of the Company examined by us, there are no statutory dues referred to

in clause 7(a) above which have not been deposited with the appropriate authorities on account of any dispute except as mentioned below:

Name of Statue	Nature of the Dues	Forum where dispute is pending	Period to which the amount relates	Amount Involved (In Rs lakhs)	Amount deposited under protest (In Rs. Lakhs)
Income Tax Act, 1961	Income Tax	CPC	AY 2017-18	20.80	-
Income Tax Act, 1961	Income Tax	Assessing Officer	AY 2010-11	1.91	-
Goods and Service Tax Act, 2017	Goods and Service Tax - Delhi	First Appellate Authority	AY 2019-20	Tax: 14.12 Interest: 2.82 Penalty: 14.12	1.41

8. According to the information and explanations given to us, there are no transactions, which are not recorded in the books of account, have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961). Accordingly, clause (viii) of paragraph 3 of the Order, 2020 is not applicable to the Company.

9.(a)According to the information and explanations given to us, the Company has not defaulted in repayment of loans or other borrowings or in the

payment of interest thereon to any lender. Accordingly, clause (ix)(a) of paragraph 3 of the Order, 2020 is not applicable to the Company.

(b)According to the information and explanations given to us, the Company is not declared as wilful defaulter by any bank or nancial institution or

other lender.

(c)According to the information and explanations given to us and based on our examination of the records of the Company, the company has not

obtained any term loan during the year. Accordingly, clause (ix)(c) of paragraph 3 of the Order, 2020 is not applicable to the Company.

(d)According to the information and explanations given to us, and the procedures performed by us, and on an overall examination of the Financial

Statements of the Company, we report that no funds raised on short-term basis have been used for long-term purposes by the Company.

(e)According to the information and explanations given to us, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures. Accordingly, clause (ix)(e) of paragraph 3 of the Order, 2020 is not applicable to the Company.

(f)According to the information and explanations given to us, the Company has not raised any loans during the year on the pledge of securities held in its subsidiaries, associates or joint ventures companies. Accordingly, clause (ix)(f) of paragraph 3 of the Order, 2020 is not applicable to the Company.

10.(a) In our opinion and according to information and explanations given by the management and audit procedures performed by us, monies raised by the Company by way of initial public offer were applied for the purpose for which they were raised. The amount of unutilized proceeds as at March 31, 2026 amounted to Rs. 2,946.14 lakhs. Also, refer Note 29.6 of the Financial Statements of the Company. The Company has not raised any money by way of further public offer (including debts instruments) during the year.

(b)According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year. Accordingly, clause (x)(b) of paragraph 3 of the Order, 2020 is not applicable to the Company.

11.(a)During the course of our examination of the books of accounts and records carried out in accordance with the generally accepted auditing practices and according to the information and explanations given to us, no fraud by the Company or on the Company has been noticed or reported

during the year.

(b) No report under sub-section (12) of section 143 of the Companies Act has been led by the auditors in Form ADT-4 as prescribed under rule 13 of

Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) As represented to us by the management, no whistle-blower complaints have been received during the year by the Company. Accordingly, clause

(xi)(c) of paragraph 3 of the Order, 2020 is not applicable to the Company.

12. In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, clause (xii) of

paragraph 3 of the Order, 2020 is not applicable to the Company.

13. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with section 177 and sections 188 of the Act, where applicable, and the details of such transactions have been disclosed in the Financial Statements, as required by the applicable accounting standards.

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

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

15. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into any non-cash transactions with any of the directors or persons connected with him. Accordingly, clause (xv) of paragraph 3 of the Order, 2020 is not applicable to the Company.

16. (a)The provision of section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable on the Company. Accordingly, the requirement

to report on clause (xvi)(a), (xvi) (b) and (xvi) (c) of paragraph 3 of the Order, 2020 is not applicable to the Company.

(b)There is no Core Investment Company as a part of the Group (as de ned in the Core Investment Companies (Reserve Bank) Directions, 2016),

hence, the requirement to report on clause (xvi)(d) of paragraph 3 of the Order, 2020 is not applicable to the Company.

17. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not

incurred any cash losses in the current nancial year and in the immediately preceding nancial year.

18. There has been resignation of the statutory auditors during the year and we have taken into consideration the issues, objections or concerns raised

by the outgoing auditors.

19. According to the information and explanations given to us and on the basis of the nancial ratios disclosed in Note 29.9 to the nancial statements, ageing and expected dates of realisation of nancial assets and payment of nancial liabilities, other information accompanying the nancial statements, our knowledge of the Board of Directors and management plans, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

20.(a) In respect of other than ongoing projects, there are no unspent amounts that are required to be transferred to a Fund speci ed in Schedule VII to the Companies Act, in compliance with second proviso to sub-section (5) of section 135 of the said Act. Accordingly, the requirement to report on clause (xx)(a) of paragraph 3 of the Order, 2020 is not applicable to the Company.

(b) In respect of ongoing projects, the Company has no unspent amounts and does not require to transfer any amount to a special account, within a

period of thirty days from the end of the nancial year in compliance with section 135(6) of the said Act.

Annexure II to the Independent Auditors Report referred to in paragraph 2(f) under the heading “Report on other Legal and Regulatory

requirements” of our report of even date on the Financial Statements of Sacheerome Limited.

Report on the Internal Financial Controls with reference to the Financial Statements under Clause (i) of Sub-section 3 of Section 143 of the

Companies Act, 2013 (“the Act”).

Opinion

We have audited the internal nancial controls with reference to the Financial Statements of Sacheerome Limited (“the Company”) as of March 31, 2026 in

conjunction with our audit of the Financial Statements of the Company for the year ended on that date.

In our opinion, the Company has, in all material respects, an adequate internal nancial controls with reference to the Financial Statements and such internal nancial controls were operating effectively as at March 31, 2026, based on the internal nancial control with reference to the Financial Statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India(“the Guidance Note”).

Managements Responsibility for Internal Financial Controls

The Companys Board of Directors is responsible for establishing and maintaining internal nancial controls based on the internal nancial controls with reference to the Financial Statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note. These responsibilities include the design, implementation and maintenance of adequate internal nancial controls that were operating effectively for ensuring the orderly and ef cient conduct of its business, including adherence to Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable nancial information, as required under the Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal nancial controls with reference to the Financial Statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal nancial controls with reference to the Financial Statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal nancial controls with reference to the Financial Statements were established and maintained and whether such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal nancial controls with reference to the Financial

Statements and their operating effectiveness. Our audit of internal nancial controls with reference to the Financial Statements included obtaining an understanding of such internal nancial controls, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is suf cient and appropriate to provide a basis for our audit opinion on the Companys internal

nancial controls with reference to the Financial Statements.

Meaning of Internal Financial Controls with reference to the Financial Statements

A Companys internal nancial control with reference to the Financial Statements is a process designed to provide reasonable assurance regarding the reliability of nancial reporting and the preparation of Financial Statements for external purposes in accordance with generally accepted accounting principles.

A Companys internal nancial control with reference to the Financial Statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly re ect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Financial Statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companys assets that could have a material effect on the Financial Statements.

Inherent Limitations of Internal Financial Controls with reference to the Financial Statements

Because of the inherent limitations of internal nancial controls with reference to the Financial Statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal nancial controls with reference to the Financial Statements to future periods are subject to the risk that the internal nancial control with reference to the Financial Statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

For J. C. Bhalla & Co.

Chartered Accountants

Firms Regn. No. 001111N

Sd/-

(Akhil Bhalla)

Partner

Membership No. 505002