To

The Members

Shri Mahalaxmi Agricultural Development Ltd

Ahmedabad

Report on Financial Statements

We have audited the accompanying financial statements of Shri Mahalaxmi AgriculturalDevelopment Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2018 the Statement of Profit and Loss for the year then ended and a summary ofsignificant 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 atrue and fair view of the financial position financial performance of the Company inaccordance with the accounting principles generally Our responsibility is to express anopinion on these financial statements based on our audit. We conducted our audit inaccordance with the Standards on Auditing issued by the Institute of Chartered Accountantsof India. Those Standards require that we comply with ethical requirements and plan andperform the audit toobtainreasonableassuranceaboutwhetherthefinancialstatementsarefreefrommaterialmisstatements.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statement s. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of th e accounting estimates made by management aswell as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 312018; (b) In the case of the Statement of Profit and Loss of the Loss for theyear ended on that date;

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor s Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section 11 of section 143 of theAct we give in the "Annexure-I" a statement on the matters specified inparagraphs 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 bestof 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 theCompany so far as appears from our examination of those books;

c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account;

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules2014;

e) On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in terms of Section164 (2) of the Act;

f) With respect to the other matters to be included in the Auditor s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

a. The Company does not have any pending litigations which would impact its financialposition;

b. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

c. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

Annexure to the Auditors' Report for the Year Ended on 31-03-2018

(Referred to in paragraph (3) of our report of even date)

1. Reporting on maintaining and verifying and disposing of fixed assets a. TheCompany does not have any fixed assets; hence relevant clause is not applicable to theCompany. b. The Company does not have any fixed assets; hence relevant clause is notapplicable to the Company. c. The Company does not have any immovable property; hencerelevant clause is not applicable to the Company.

2. Physical verification and Maintenance of records of inventories a. Asexplained to us the Company does not have Inventories hence relevant clause is notapplicable to the Company; b. As explained to us the Company does not have Inventorieshence relevant clause is not applicable to the Company.

3. Loan given by the company

According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has given loans secured or unsecured tocompanies firms or other parties listed and have maintained the registers as requiredunder Section 189 of the Companies Act 2013.

4. Loan to Director and Investment by the Company

According to the information and explanations given to us the Company has given loansand made investments however guarantees and security are not provided all thetransactions pursuant to the provision of section 185 and 186 are disclosed and reportedduring the year.

5. Deposits

During the year under report the company has not accepted any deposits as stated insection 73 to 76. Hence clause 3 (v) of the report are not applicable to the company.

6. Cost Records

The Company is engaged in the business of trading activity hence the central governmenthas not specified maintenance of cost records.

7. Statutory Dues

a. According to the records of the Company and information and explanation given to usthe company has been generally regular in depositing undisputed statutory dues includingprovident fund employees state insurance sales tax service tax value added tax dutyof custom wealth tax Income Tax and other statutory dues with the appropriateauthorities during the year. According to the information and explanations given to us noundisputed amounts payable in respect of the aforesaid dues were outstanding as 31st March2018for a period of more than six months from the date of becoming payable.

b. According to the records of the company and information and explanations given tous no disputed dues of provident fund employees state insurance sales tax service taxvalue added tax duty of custom Income Tax and other statutory dues were payable duringthe year

8. Default in repayment of dues

According to the information and explanations given to us the company has not acceptedany loans from financial institution bank Government or dues to debenture holders.

9. Utilization of IPO and Further Public Offer

According to the information and explanations given to us the company has not raisedany funds by way of Initial Public Offer (IPO) or further public offer (including debtinstruments) and terms loans hence the clause 3(xi) of the report are not applicable tothe Company. 10.

Reporting of Fraud

To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the company has been noticed or reportedduring the year.

11. Managerial Remuneration

According to the information and explanations given to us the company and to the bestof our knowledge and belief the company has paid the managerial remuneration in accordancewith the requisite mandated by the provision of section 197 read with schedule V of theCompanies Act 2013.

12. Nidhi Company

This Clasue 3(xii) of the report are not applicable to the Company.

13. Related Party Transactions:

According to the information and explanation given the company has disclosed all thetransactions with the related parties in compliance with section 177 and 188 of theCompanies Act 2013 and the details have been disclosed in the financial statements asrequired by the applicable accounting standards;

14. Private Placement or Preferential Issues

According to the information and explanations given to us the company has not made anypreferential issues or made any private placement allotment during the period under review.

15. Non Cash Transaction

According to the information and explanations given to us the company has not enteredinto any non cash transactions with directors or persons connected with him.

16. Register with RBI Act 1934

According to the information and explanations given to us the company is not requiredto be registered u/s. 45 IA of the RBI Act 1934.