_INDEPENDENT AUDITOR’S REPORT_

To

The Members,

Modi Udyog Limited REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying F financial Statement of Modi Udyog Limited(“the Company”), which comprise the Balance Sheet as at March, 206, the Profit and Loss Statement, the Cash Flow Statement for the year March 2015 and a summary of significant Accounting Policies and other explanatory information.

MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company’s Board of Directors is responsible for the matters 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 flow Co accordance with the Accounting Principles generally accepted in India including the Accounting Standards specified under Section BB of the Act, read with Rule 7 of the Companies (Accounts) Rules, 204. This responsibility also includes maintenance pitied accounting records in accordance with the/prisons of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgment Smelts that are reasonable and prudent/ 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 a presentation of the Financial Statement give a true and fair view and are free from material misstatement, whether due to fraud error .

AUDITOR’S RESPONSIBILITY

Our responsibility is to express an opinion on these Fingocial Statements based on our Audit.

We have taken into account to divisions of the Act, the accounting god Auditing Standards and matters which are required to b included in the Audit Report under the provisions of the Act god the Rules made there under. We conducted our Audio accord with the Standards on Audit specified under Section 43(D) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the Audit to obtain reasonable assurance about whether the Financial Statement more free material misstatement s.

An Audit involves performing procedures to obtain Audit evidence about the amounts and disclosures in the Financial Statement The procedures selected depend on the Auditors’ judgment, including the assessment of the risks of material misstatement of the Finical Statements, whether due to fraud or error. In making those risk assessments, the auditor considers intercool financial relevant to the Company’s preparation of the Financial Statements that give a true and fair view in order to design Audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company gage in pled quite internal financial controls system over Financial Reporting and the operating effectiveness of audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimate thud Company’s Directors, 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 on Financial Statement s.

OPINION

In our opinion and to the best of our information and according to the explanations give it he/ 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 accrued principles generally accepted in India, of the state of affairs of the Company206 , and its profit and its cash flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1 As required by 'The Companies (Auditor's Report) Order6'20ssued by the Central Government of India in terms of Sub section (11) of Section 143 of the Act (hereinafter referred to as the “Order”), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs B and 4 of the Order.

As required by Section 4B(B) 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 brief 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 Profit and Loss Statement, and the Co Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the afore said Financial Statements comply with the Accounting Standards specified under Section 33 of the Act, read with Rule 7 of the Companies (Accounts)Act 2014

e) On the basis of the written representations received from the Directors as on March 31 206, taken on record by the Board Directors, none of the directors is disqualified as on March 3, 20B, from being appointed as a director in 64 (2) of the Act.

f) 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, 204, in our opinion aod to the best of our information and according to the at given to us:

(i) The Company has disclosed the impact of pending litigations on its Financial position in its Financial Statements referred to in the Note to the Financial Statements.

(ii) The Company has made provision, as required under the applicable or Accounting Standards, for material foreseeable losses, if any, and as required on l-tB|;m contracts including derivative contracts.

(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education aod Protect Fund by the Company .

ANNEXURETO INDEPENDENTAUDITORS' REPORT

Referred to in paragraph l of the Independent Auditors' Report of even date to the members of Modi Udyog Limited the financial statements as of and the year ended March 31 206.

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

(b) The substantial portion of fixed assets has been physically verified by the mature assumable intervals having regard to the size of the company and the nature of assets. No material discrepancies were noticed on such physic verification .

(c) The company is not having any immovable properties in its name.

2 (a) The inventory has-been physically verified by the Management at reasonable intervals during the year., and no material discrepancies were noticed during such verification.

3. The company has not granted any loans, secured or unsecured to companies, firms, limited liability Phips or other parties covered in the register maintained under section 189 of the Act, 203 during the year.

(a) Since the company has not granted any loans as stated above and no such loan outstanding amount is there during the ye under review, moments on schedule of repayment of principle and interest is not applicable.

(b) In view of the above, comments on overdue amount is not applicable to the company.

4. In our opinion and according to the information and explanations given to us, the cynhpa not granted any loan under section 185 or made any investment under section 186 of the Act.

5. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits within the meaning of provisions actions of 73 to 76 or any other relevant provisions of the Companies Act, 203 and the rules framed there under. In our opinion and according to the information and explanations given to me, no order has been passed by the Company Law Board or the Nation Company Law Tribunal or the Reserve Bank of India or any other Tribunal against the company.

6. We have broadly reviewed the books of account relating to materials, labor and other items of cost maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 48 (i) o the Companies Ac5 3 and are of the opinion that, prima facie, the prescribed accounts and record have been made and maintained.

7. (a) According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues duding Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Custom Duty, Excise Duty, Service Tax, Value Added The Cess and other material statutory dues applicable t o it.

(b) According to the information and explanations given to us, no during mount in respect of Income Tax sales Tax, Customs Duty and Excise Duty, Service T ax, Value Added T ax etc. were outstanding as at 3st March, 206

8. The Company does not have any loans or borrowings from any financial institution, banks, government debenture holder, Hence comments on defaults in repayment is not applicable to the company during the year under review.

9. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) a term loans during the year. Henge comment regarding utilization sooty applicable to the company during the year under review.

1. In our opinion there were no instances of any fraud by the company or any fraud on the company by its officers or employee has been noticed or reported during the year under review.

H In our opinion the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of the section 97 read with Schedule V to the Companies Ac

2. In our opinion the Company is not a nidhi company. Hence this point is not applicable.

B. In our opinion there are no transactions in the books of account of the Company during the year under review that fall u the purview of related part/ambitions and hence compliance with sections 77 and 188 of the Act is not applicable.

4. The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debenture during the year under review, hence coligrle of Section 42 of the Act is not applicable.

5. In our opinion compliance of section 192 of the Act is not applicable since the company has not entered into any Inonu transactions with directors or persons connected with him.

16. The Company is not rutted to be registered under section-I4A of the Reserve Bank of India Act, 9 B4

For S. K Sircar & Co.

Chartered Accountants

Firm Registration No. 380116E

Sd/-

Swapan Kumar Sircar

Place: Kolkata Proprietor

Date: 30.05.2016 Membership No.:014295