Eddie Nikoi Accounting Consultancy Chartered Accountants and Management Consultants

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1 Eddie Nikoi Accounting Consultancy Chartered Accountants and Management Consultants

4 PAGE 3 PAAJAF FOUNDATION STATEMENT OF DIRECTORS' RESPONSIBILITIES The directors are responsible for preparing financial statements for each financial year which gives a true and fair view of the state of affairs of the foundation at the end of the financial year and of the income and expenditure of the foundation for the year. In preparing those financial statements, the directors are required to: i. select suitable accounting policies and then apply them consistently. ii. make judgements and estimates that are reasonable and prudent. iii. state whether the applicable accounting standards have been followed. iv. prepare the financial statements on the going concern basis unless it is inappropriate to presume that they will continue in business. The directors are responsible for ensuring that the foundation keeps accounting records which disclose with reasonable accuracy the financial position of the foundation and which enable them to ensure that the financial statement comply with IFRS for SM Es. They are responsible for taking such steps as are reasonably open to them to safeguard the assets of the foundation, and to prevent and detect fraud and other irregularities. The financial statement do not contain untrue statements, misleading facts or limit or omit material facts to the best of our knowledge Approval of the financial statements The financial statements, as indicated, were approved by the Board of Directors and were signed on their behalf by: Signature:... Signature:... Date:... 05/12/2016 Date:... 05/12/2016 Director`s name:... Ps Victor Mendy Director`s name:... Philip Kyei Appiah

5 PAGE 4 PAAJAF FOUNDATION INDEPENDENT AUDITORS' REPORT We have audited the accompanying financial statements of Paajaf Foundation, as at 31st December, 2012, set out on pages 6 to 10 which have been prepared on the basis of the significant accounting policies on page 11 to 13 and other explanatory notes on page 14. DIRECTORS' RESPONSIBILITY FOR THE FINANCIAL STATEMENTS The directors are responsible for ensuring that the foundation keeps accounting records which disclose with reasonable accuracy the financial position of the foundation and which enable them to ensure that the financial statement comply with IFRS for SMEs. They are responsible for taking such steps as are reasonably open to them to safeguard the assets of the foundation, and to prevent and detect fraud and other irregularities. 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 Companies Act 1963 (Act 179) and the Rules made there under including the accounting standards and matters which are required to be included in the audit report. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to 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 auditors judgement, 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 entity's preparation and fair presentation of the financial statements 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 entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of 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, proper books of account have been kept by the foundation and the financial statements audited by us, which are in agreement therewith, present in all material respects, give a true and fair view of the financial position of the foundation as at 31st December, 2012 and of its results of operations for the year then ended in conformity with International Financial Reporting Standards for Small and Medium-sized Entities and in a manner required by the Companies Code, 1963 (Act 179)

PAGE 5 PAAJAF FOUNDATION INDEPENDENT AUDITORS' REPORT (Continued) REPORT ON OTHER LEGAL REQUIREMENT The Companies Code, 1963 (Act 179) requires that in carrying out our audit work we consider and

6 PAGE 5 PAAJAF FOUNDATION INDEPENDENT AUDITORS' REPORT (Continued) REPORT ON OTHER LEGAL REQUIREMENT The Companies Code, 1963 (Act 179) requires that in carrying out our audit work we consider and report on the following matters: We confirm that: i. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of the audit. ii. In our opinion proper books of account have been kept by the foundation so far as appears from our examination of those books; and iii. The foundation's statement of financial position and statement of income and expenditure are in agreement with the books of account. SIGNED BY: EDDIE NIKOI (ICAG/P/1040) FOR AND ON BEHALF OF: EDDIE NIKOI ACCOUNTING CONSULTANCY: (ICAG /F/2016/110) CHARTERED ACCOUNTANTS NEAR OSU RE KFC RESTAURANT P. O. BOX OS 51 OSU-ACCRA DATE: 28TH NOVEMBER, 2016

7 PAGE 6 PAAJAF FOUNDATION STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER, 2012 NON-CURRENT ASSETS NOTES 2012 GH 2012 USD PROPERTY, PLANT & EQUIPMENT 9 1, CURRENT ASSETS CASH TOTAL ASSETS 1, CURRENT LIABILITIES ACCOUNT PAYABLE TOTAL LIABILITIES FUND ACCUMULATED FUND Page 8 1, TOTAL LIABILITIES AND FUND 1, Signature:... Signature:... Name:... Ps Victor Mendy Name:... Philip Kyei Appiah Date:... 05/12/2016 Date:... 05/12/2016 The notes and schedules form an integral part of these financial statements. Auditors Report is on page 4 and 5.

Independent Auditor s Report

Independent Auditor s Report To the Members of Bharat Forge Limited Report on the Consolidated Ind AS Financial Statements We have audited the accompanying consolidated Ind AS financial statements of Bharat