INDEPENDENT AUDITOR'S REPORT

To,

The Members,

ATHARV ENTERPRISES LIMITED Report on the Financial Statements

We have audited the accompanying financial statements of ATHARV ENTERPIRSES LlMITED("the Company"), which comprise the Balance Sheet as at March 31, 2016, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting polides and other explanatory information.

Management's Responsibility For the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) of the Companies Act, 2013 ("the Act"} with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and

detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) 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 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 financial contract relevant to the Company's preparation of the financial statements that give true and fair view 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 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 the financial statements.

Opinion

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

a- In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2016

b. In the case of profit and Loss Account, of the PROFIT of the Company for the year ended on that date.

c. in the case of the Cash Row 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, 2016 issued by the Company Law Board in terms of Section 143 (11) of the Act., We annexed hereto a statement on the matters specified in the paragraphs 3 and 4 of the said order to the extent they are applicable in the company.

2. Further to our comments in the Annexure referred to in paragraph 1 above:-

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

(b) Jn our opinion, proper books ol account as required by taw have been kept by the company, so far as appears from our examination of the books,

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

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

(e) On the basis of written representations received - from the directors as on 31,03,2016 taken on record by the Board of Directors, we report that none of the directors 1s disqualified as on March 31, 2016 from being appointed as a Director in terms of Section 164 (2) of the Act, and;

(f) With respect to the other matters included in the Auditor's Report and to the best of. our information and according to the explanations given to us:

(g) With respect to the other matters included in the Auditor's Report and to the bestows our information and according to the explanations given to us:

1. 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 derivatives which there were any material foreseeable losses.

iii. The Company is not liable for contribution to the investor Education and protection fund.

1. In respect of its assets

a) The Company has maintained ... records showing full particulars including quantitative details of Fixed Assets. One of the Cars still stands registered in the of erstwhile directors of the company.

b) As explained to us, fixed assets have been physically verified by the management during the year, which in our opinion is reasonable, having regard to the size of the Company and nature of the assets. No material discrepancies were noticed in such physical verification.

2, I n respect of 1 n ventories:

a) As explained to us, inventories have been physically verified by the management at regular intervals during the year.

b) In our opinion, and according to information and explanation given to us, the procedures of physical verification of inventories followed by the management 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.

3- The Company has. not granted any loans, secured or unsecured, to companies, firms or other parties covered in the registered maintained under Section 189 of the Companies Act, 2013.

4. In our opinion and according to our information and explanation given to us, there are adequate internal control procedure 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 the goods. During the course of our audit, we have not observed any major weaknesses in internal controls.

5. The Company has not accepted any deposits from the public.

6. The Central Government has not prescribed maintenance of Cost Records under Section 209, <1) (d) of the Companies Act, 1956 for the company.

7. h respect of statutory dues:

a) According to the records of the Company undisputed statutory dues including Income-Tax, sales tax and other statutory dues have been generally regularly

7. In respect of statutory dues:

a) According to the records of the Company undisputed statutory dues Including Income-Tax, sales tax and other statutory dues have been generally regularly deposited with the appropriate authorities. However there are some major delays in depositing TDS. According to the information and explanation given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31 March, 2016 for a period of more than six months from the date of becoming payable. The company is not liable to Provident fund, Investor " Education and Protection Fund, ESI, Wealth Tax, Custom Duty and Cess as certified by the company.

8. The accumulated losses of the ' company are not more than fifty percent of its worth Company at the end of the financial year under report and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

9. The company has not defaulted in repayment of dues to banks. It does not have any liabilities towards financial institution or debenture holders.

10. Based on our audit procedures and as per information given to us the Company has not given guarantees for loans taken by others from banks or financial institutions.

11. Based on our audit procedures and as per information given to us the company has not raised any term loans during the year.

12. in our opinion and according to the information and explanation given to us, no fraud on /or by the Company has been noticed or reported during the year , that causes the financial statement to be materially misstated.

Sanjay M. Vhanbatte Proprietor M. NO. 044808

We have audited the internal financial controls over financial reporting of ATHARV ENTERPRISES PRIVATE LIMITED the Company) as of March 31, 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

REPORT ON THE INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING UNDER CLAUSE (i) OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT, 2013 {"THE ACT')

MANAGEMENTS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS The Company's management is responsible for establishing and maintaining internal control based on the internal control over financial reporting 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 (the "Guidance Note") issued by the Institute of Chartered Accountants of India. These responsibilities include the design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Company's 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 if reliable financial information, as required under the Companies Act, 2013.

AUDITORS’ RESPONSIBILITY

Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013 to the extent applicable to an audit of internal financial controls* 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 financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence I about the adequacy of the internal financial. controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.

We believe that the audit evidence we have obtained is sufficient and I appropriate to provide a basis for our audit opinion on the Company's internal financial controls system over financial reporting.

meaning OF INTERNAL FINANCIAL

controls over financial reporting

A company's internal financial control lover financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transaction are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and payments 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 company's assets that could have a material effect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL

reporting

Because of the inherent limitations of internal financial controls over financial reporting, 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 financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Disclaimer of Opinion

According to the information and explanations given to us, the company does not have documented framework of internal financial control over financial reporting on criteria based on or 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. On an overall examination of accounting procedure and financial reporting it is observed ' that the information system used by the company does not have sufficient checks and controls with regard to Internal financial control over financial reporting. Because of this reason, we are unable to obtain sufficient appropriate audit evidence to provide a basis for our opinion whether the Company had adequate internal financial controls over financial reporting and whether such internal financial controls were operating effectively as at March 31, 2016.

We have considered the disclaimer reported above in determining the nature, timing, and extent of audit tests applied in our audit of the financial statements of the Company, and the disclaimer does not affect our opinion on the financial statements of the Company

1. In respect of its fixed assets :

a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

b) As informed to us, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such physical verification.

c) The title deeds of immovable properties are held in the name of the company,

2. In respects of its inventories:

a) As explained to us, inventories have been physically verified by the management at regular intervals during the year.

b) As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

3. Loans Given By Company:

The Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability parties covered in the Register maintained under section 189 of the Act. Accordingly, the provisions of clause 3 <iii> (a) to <C) of the Order are not applicable to the Company and hence not commented upon.

4. Loans To Directors And Loans & investments By Company:

in our opinion and according to the information and explanations given to us, the company has not granted any loans, made any investments, provided any guarantees or given any security attracting the provisions of section 185 and 186 of the Companies Act, 2013,

5. Acceptance of Deposits:

The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.

6. Maintenance Of Cost Record-

The company is not liable to maintain cost records.

7. in respect of statutory dues;

a) According to the records of the Company, undisputed statutory dues including Income Tax and Sales Tax have been generally regularly deposited with the appropriate authorities except for some delays in depositing the TDS. According to the information and explanations given

to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2016 for a period of more than six months from the date of becoming payable except the following:

b) The company is not liable to pay provident Fund, Excise duty, Service Tax, Employees State Insurance, Customs Duty and other Statutory dues.

There were no disputed tax liabilities which were outstanding.

8. Default In Repayment Of Loan And Borrowing: ..

In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of loans or borrowing dues to banks. The Company has not taken any loan either from financial institutions or from the government and has not issued any debentures.

9, Application Of Funs Raised;

Based upon the audit procedures performed and the information and explanations given by the management, the company has not raised moneys byway of initial public offer or further public offer including debt instruments. The terms loans raised by the company have been applied for the purpose for which they have been raised.

10. Fraud:

Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the company by its officers or employees has been noticed or reported during the year.

11. Managerial Remuneration:

- Based upon the audit procedures

- performed and the information and

- explanations given by the

- management, the managerial

- remuneration has been paid or

- provided in accordance with the

- requisite approvals mandated

- by the provisions of section 197 read

- with Schedule V to the Companies

- Act.

- 12. Deposits Of Nidhi Company;

- In our opinion, the Company is not a

- Nidhi Company. Therefore, the

- provisions of clause 4 (xii) of the H Order are not applicable to the

II company.

13. Related Party Transaction:

In our opinion, ail transactions with I the related parties are in compliance I with section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial ,Statement as required by the applicable accounting standards.

14. Issue Of Preference Shares Or Partly Convertible Debentures:

Based upon the audit procedure performed and the information and P explanations given by the D management, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of clause 3 (xiv) of the Order are not applicable to the Company and hence not commented upon,

15 - Non -Cash Transactions With Directors:

Based upon the audit procedures and the information and explanations given by the management, the company has not entered into any non-cash transactions with directors I or persons connected with him. Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.

16. Registration With Reserve Bank Of India:

In our opinion, the company is required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 but the company has not obtained such registration as on the date of this report.

To Board of Directors of ATHARV ENTERPRISES LIMITED

We have audited the accompanying Statement Standalone financial results ("the statement") of ATHARV ENTERPRISES LIMITED for the year ended 31,03,2016, attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This financial statements j which is the responsibility of the Company's management and approved by the Board of Directors, has been prepared on the basis of related financial statements which are in accordance with the Accounting Standard prescribed, under Section 133 of the Companies Act, 2103, as applicable and other accounting principles generally accepted in India, Our responsibility is to express an opinion on the Statement.

We conducted our- audit in accordance with the auditing standards generally accepted in India. Those Standards require that we comply with ethical requirements and we plan and perform the audit to obtain reasonable assurance that the Statement is free of material misstatement(s).

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Statement. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the Statement, 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 statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit An audit also includes evaluating appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the statement.

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

In our opinion and to the best of our information and according to the explanations given to us the statement:

i. Is presented in accordance with the requirements of Regulation 33 of the SEBI (listening Obligations and Disclosure Requirements) Regulations, 2015 in this regard; and

ii. gives a true and fair view in conformity with the aforesaid Accounting Standards and other accounting principles generally accepted in India of the net profit and other financial information of the company for the year ended 31,03,2016.

ATHARV ENTERPRISES LIMITED -ANNUAL ACCOUNTS - 2015 - 16

The Statement includes the results for the Quarters ended March 31 , 2016 and March 31 , 2015 being the balancing figures between the audited figures in respect of the full financial year and the audited year to date figures up to the third quarter of the relevant financial year.

For and on behalf of

SAN JAY VHANBATTE & CO.

Chartered Accountants

FRN:112996 W

Place: Kolhapur

Date: 30.05,2016