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Auditor Report of Aikyam Intellectual Property Consultancy Ltd.

Mar 31, 2014

1. We have audited the attached Balance Sheet of M.P.POLYPROPYLENE LIMITED as at 31st March 2014 and also statement of Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor''s Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said order.

4. Further to our comments in Annexure referred to above, we report that:

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

b. In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books;

c. The Balance Sheet, and statement of Profit and Loss Account dealt with by this report are in agreement with the books of accounts.

d. In our opinion, the Balance Sheet and statement of Profit and Loss Account dealt with this report comply with the accounting standards referred to in sub-section (3C) of section 211 of Companies Act, 1956, to the extent applicable, except as reported in Para (f) to (h) hereunder:

e. On the basis of written representation received from the directors, as on 31-3-2014 and taken on record by the Board of Directors, we report that none of the directors is disqualified as at 31.3.2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956:

f. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the significant Accounting Policies and other notes thereon, give the information required by the companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:- i. in the case if the Balance Sheet, of the state of affairs of the Company as at 31st March, 2014 ii. in the case of the Statement of Profit and Loss, of the loss of the Company for the year ended on that date. iii. in the case of the Cash Flow Statement, of the cash flow for the year ended on 31st March, 2014.

Annexure to the Auditors'' Report (Referred to in Paragraph 3 of our Report of even date.)

1. The Company has no fixed assets.

2. The Company does not have any stock or inventory.

3. (a) The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act;

(b) In the absence of any loan granted under section 301 of the Act the conditions of loans and interest are not applicable to company;

(c) In the absence of any loan granted under section 301 of the Act the question of repayment of principal amount and interest does not arise;

(d) In the absence of any loan granted under section 301 of the Act, there is no question to recover of such amount and interest.

(e) Since the company has not taken any loan covered under section 301 of the Act, the provisions of clause 4(iii)(e) (f) & (g) of the Companies (Auditor''s Report) Order (as amended) are not applicable to this company;

4. According to the information and explanation given to us, there is generally adequate internal control procedure commensurate with the size of the Company and nature of its business. During the course of our audit, we have not observed any continuing failure to correct weakness in internal controls.

5. The Company has not entered into any transaction covered under section 297 & 299 of the Companies Act, 1956 and so paragraph 4(v)(a) and (b) of the Order is not applicable.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from public. In our opinion and according to the information and explanation given to us, the Company has complied with the provisions of section 58Aand 58AA and other relevant provisions of the companies Act 1956 and The Companies (Acceptance of Deposits) Rule, 1975.

7. The Company has neither formal internal audit department nor internal auditors. However, Company''s control procedure ensures reasonable internal checking of its financial and other accounts.

8. In our opinion and according to the information and explanation given to us, maintenance of cost records has not been prescribed by the Central Government under clause (d) of the Section 209(1) of the Companies Act,1956, hence the question of reporting under clause 4(viii) of the said Order does not arise.

9. In our opinion and according to the records of the Company, the Company has no dues towards Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess & other material statutory dues applicable to it. We have been informed by the Company, provision of Provident Fund, Employees State Insurance Scheme is not applicable and also provisions of Investor Education & Protection Fund are not applicable.

10. According to information & explanations given to us, the Company has accumulated losses and has also incurred cash losses during the financial year.

11. According to information & explanations given to us, the Company has not defaulted in the repayment of dues to financial institution & Banks. The Company has not borrowed any sums through Debentures.

12. Based on our examination of the records and information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, the provisions of clause 4(xii) of the said Order, 2003 is not applicable to the Company.

13. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provision of clause 4(xiii) of the said Order, 2003 is not applicable to the Company.

14. In our opinion, the Company is not dealing or trading in shares, debentures and other investments accordingly, the provision of clause 4(xiv) of the said Order, 2003 is not applicable to the Company.

15. According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from a Bank or Financial Institutions.

16. In our opinion and according to the information and explanations given to us, the Company has not obtained any term loans.

17. According to the information and explanation given to us and on overall examination of the Balance Sheet of the Company, we report that generally no funds raised on short term basis have been used during the year for the long term investment.

18. According to the information and explanation given to us, the Company has not made any preferential allotment of shares.

19. According to the information and explanation given to us, there are no debentures issued or outstanding during the year.

20. According to the information and explanation given to us, the Company has not raised any money through public issue during the year; accordingly paragraph 4(xx) of the said Order is not applicable.

21. According to the information & explanation given to us, no fraud on or by the Company has been noticed or reported during the course of our Audit. 1. We have audited the attached Balance Sheet of M.P.POLYPROPYLENE LIMITED as at 31st March 2014 and also statement of Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor''s Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said order.

4. Further to our comments in Annexure referred to above, we report that:

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

b. In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books;

c. The Balance Sheet, and statement of Profit and Loss Account dealt with by this report are in agreement with the books of accounts.

d. In our opinion, the Balance Sheet and statement of Profit and Loss Account dealt with this report comply with the accounting standards referred to in sub-section (3C) of section 211 of Companies Act, 1956, to the extent applicable, except as reported in Para (f) to (h) hereunder:

e. On the basis of written representation received from the directors, as on 31-3-2014 and taken on record by the Board of Directors, we report that none of the directors is disqualified as at 31.3.2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956:

f. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the significant Accounting Policies and other notes thereon, give the information required by the companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:- i. in the case if the Balance Sheet, of the state of affairs of the Company as at 31st March, 2014 ii. in the case of the Statement of Profit and Loss, of the loss of the Company for the year ended on that date. iii. in the case of the Cash Flow Statement, of the cash flow for the year ended on 31st March, 2014.

For D M Oza & Associates Chartered Accountants Firm Regn. No. : 119407W

D.M. Oza Proprietor M. No. : 106993 Date: 30.05.2014

Annexure to the Auditors'' Report

(Referred to in Paragraph 3 of our Report of even date.)

1. The Company has no fixed assets.

2. The Company does not have any stock or inventory.

3. (a) The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act;

(b) In the absence of any loan granted under section 301 of the Act the conditions of loans and interest are not applicable to company;

(c) In the absence of any loan granted under section 301 of the Act the question of repayment of principal amount and interest does not arise;

(d) In the absence of any loan granted under section 301 of the Act, there is no question to recover of such amount and interest.

(e) Since the company has not taken any loan covered under section 301 of the Act, the provisions of clause 4(iii)(e) (f) & (g) of the Companies (Auditor''s Report) Order (as amended) are not applicable to this company;

4. According to the information and explanation given to us, there is generally adequate internal control procedure commensurate with the size of the Company and nature of its business. During the course of our audit, we have not observed any continuing failure to correct weakness in internal controls.

5. The Company has not entered into any transaction covered under section 297 & 299 of the Companies Act, 1956 and so paragraph 4(v)(a) and (b) of the Order is not applicable.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from public. In our opinion and according to the information and explanation given to us, the Company has complied with the provisions of section 58Aand 58AA and other relevant provisions of the companies Act 1956 and The Companies (Acceptance of Deposits) Rule, 1975.

7. The Company has neither formal internal audit department nor internal auditors. However, Company''s control procedure ensures reasonable internal checking of its financial and other accounts.

8. In our opinion and according to the information and explanation given to us, maintenance of cost records has not been prescribed by the Central Government under clause (d) of the Section 209(1) of the Companies Act,1956, hence the question of reporting under clause 4(viii) of the said Order does not arise.

9. In our opinion and according to the records of the Company, the Company has no dues towards Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess & other material statutory dues applicable to it. We have been informed by the Company, provision of Provident Fund, Employees State Insurance Scheme is not applicable and also provisions of Investor Education & Protection Fund are not applicable.

10. According to information & explanations given to us, the Company has accumulated losses and has also incurred cash losses during the financial year.

11. According to information & explanations given to us, the Company has not defaulted in the repayment of dues to financial institution & Banks. The Company has not borrowed any sums through Debentures.

12. Based on our examination of the records and information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, the provisions of clause 4(xii) of the said Order, 2003 is not applicable to the Company.

13. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provision of clause 4(xiii) of the said Order, 2003 is not applicable to the Company.

14. In our opinion, the Company is not dealing or trading in shares, debentures and other investments accordingly, the provision of clause 4(xiv) of the said Order, 2003 is not applicable to the Company.

15. According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from a Bank or Financial Institutions.

16. In our opinion and according to the information and explanations given to us, the Company has not obtained any term loans.

17. According to the information and explanation given to us and on overall examination of the Balance Sheet of the Company, we report that generally no funds raised on short term basis have been used during the year for the long term investment.

18. According to the information and explanation given to us, the Company has not made any preferential allotment of shares.

19. According to the information and explanation given to us, there are no debentures issued or outstanding during the year.

20. According to the information and explanation given to us, the Company has not raised any money through public issue during the year; accordingly paragraph 4(xx) of the said Order is not applicable.

21. According to the information & explanation given to us, no fraud on or by the Company has been noticed or reported during the course of our Audit. 1. We have audited the attached Balance Sheet of M.P.POLYPROPYLENE LIMITED as at 31st March 2014 and also statement of Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor''s Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said order.

4. Further to our comments in Annexure referred to above, we report that:

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

b. In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books;

c. The Balance Sheet, and statement of Profit and Loss Account dealt with by this report are in agreement with the books of accounts.

d. In our opinion, the Balance Sheet and statement of Profit and Loss Account dealt with this report comply with the accounting standards referred to in sub-section (3C) of section 211 of Companies Act, 1956, to the extent applicable, except as reported in Para (f) to (h) hereunder:

e. On the basis of written representation received from the directors, as on 31-3-2014 and taken on record by the Board of Directors, we report that none of the directors is disqualified as at 31.3.2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956:

f. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the significant Accounting Policies and other notes thereon, give the information required by the companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:- i. in the case if the Balance Sheet, of the state of affairs of the Company as at 31st March, 2014 ii. in the case of the Statement of Profit and Loss, of the loss of the Company for the year ended on that date. iii. in the case of the Cash Flow Statement, of the cash flow for the year ended on 31st March, 2014.

Annexure to the Auditors'' Report (Referred to in Paragraph 3 of our Report of even date.)

1. The Company has no fixed assets.

2. The Company does not have any stock or inventory.

3. (a) The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act;

(b) In the absence of any loan granted under section 301 of the Act the conditions of loans and interest are not applicable to company;

(c) In the absence of any loan granted under section 301 of the Act the question of repayment of principal amount and interest does not arise;

(d) In the absence of any loan granted under section 301 of the Act, there is no question to recover of such amount and interest.

(e) Since the company has not taken any loan covered under section 301 of the Act, the provisions of clause 4(iii)(e) (f) & (g) of the Companies (Auditor''s Report) Order (as amended) are not applicable to this company;

4. According to the information and explanation given to us, there is generally adequate internal control procedure commensurate with the size of the Company and nature of its business. During the course of our audit, we have not observed any continuing failure to correct weakness in internal controls.

5. The Company has not entered into any transaction covered under section 297 & 299 of the Companies Act, 1956 and so paragraph 4(v)(a) and (b) of the Order is not applicable.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from public. In our opinion and according to the information and explanation given to us, the Company has complied with the provisions of section 58Aand 58AA and other relevant provisions of the companies Act 1956 and The Companies (Acceptance of Deposits) Rule, 1975.

7. The Company has neither formal internal audit department nor internal auditors. However, Company''s control procedure ensures reasonable internal checking of its financial and other accounts.

8. In our opinion and according to the information and explanation given to us, maintenance of cost records has not been prescribed by the Central Government under clause (d) of the Section 209(1) of the Companies Act,1956, hence the question of reporting under clause 4(viii) of the said Order does not arise.

9. In our opinion and according to the records of the Company, the Company has no dues towards Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess & other material statutory dues applicable to it. We have been informed by the Company, provision of Provident Fund, Employees State Insurance Scheme is not applicable and also provisions of Investor Education & Protection Fund are not applicable.

10. According to information & explanations given to us, the Company has accumulated losses and has also incurred cash losses during the financial year.

11. According to information & explanations given to us, the Company has not defaulted in the repayment of dues to financial institution & Banks. The Company has not borrowed any sums through Debentures.

12. Based on our examination of the records and information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, the provisions of clause 4(xii) of the said Order, 2003 is not applicable to the Company.

13. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provision of clause 4(xiii) of the said Order, 2003 is not applicable to the Company.

14. In our opinion, the Company is not dealing or trading in shares, debentures and other investments accordingly, the provision of clause 4(xiv) of the said Order, 2003 is not applicable to the Company.

15. According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from a Bank or Financial Institutions.

16. In our opinion and according to the information and explanations given to us, the Company has not obtained any term loans.

17. According to the information and explanation given to us and on overall examination of the Balance Sheet of the Company, we report that generally no funds raised on short term basis have been used during the year for the long term investment.

18. According to the information and explanation given to us, the Company has not made any preferential allotment of shares.

19. According to the information and explanation given to us, there are no debentures issued or outstanding during the year.

20. According to the information and explanation given to us, the Company has not raised any money through public issue during the year; accordingly paragraph 4(xx) of the said Order is not applicable.

21. According to the information & explanation given to us, no fraud on or by the Company has been noticed or reported during the course of our Audit.

For D M Oza & Associates Chartered Accountants Firm Regn. No. : 119407W

D.M. Oza Proprietor M. No. : 106993 Date: 30.05.2014


Mar 31, 2013

1. We have audited the attached Balance Sheet of M.P.POLYPROPYLENE LIMITED as at 31st March 2013 and also statement of Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor''s Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said order.

4. Further to our comments in Annexure referred to above, we report that:

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

b. In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books;

c. The Balance Sheet, and statement of Profit and Loss Account dealt with by this report are in agreement with the books of accounts.

d. In our opinion, the Balance Sheet and statement of Profit and Loss Account dealt with this report comply with the accounting standards referred to in sub-section (3C) of section 211 of Companies Act, 1956, to the extent applicable, except as reported in Para (f) to (h) hereunder:

e. On the basis of written representation received from the directors, as on 31-3-2013 and taken on record by the Board of Directors, we report that none of the directors is disqualified as at 31.3.2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956:

f. The company has not charged to the Profit and Loss A/c on account of Gratuity liability, since there were no more employees working w.e.f. 31.07.2005

g. The management has not certified contingent liabilities as on close of the financial year. They were unable to provide any detail with regard to contingent liabilities towards claims against the company not acknowledged as debt, liability on account of forward exchange contracts, guarantees given on behalf of constituents (i) in India (ii) outside India, acceptance, endorsement and other obligations and other transactions for which the company is contingently liable.

h. We were unable to verify the up to date payment and arrears of any payment if any, and to the extent of unpaid fee the loss is understated and liability is also understated.

i. Subject to the foregoing, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the significant Accounting Policies and other notes thereon, give the information required by the companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:- i. in the case if the Balance Sheet, of the state of affairs of the Company as at 31st March, 2013 ii. in the case of the Statement of Profit and Loss, of the loss of the Company for the year ended on that date.

Annexure to the Auditors'' Report (Referred to in Paragraph 3 of our Report of even date.)

1. The Company disposed of all its fixed assets in the year 2011-12. In our opinion and according to information and explanations furnished to us, such disposal of assets will not

affect the Going Concern assumption, in case of the Company.

2. As the company does not carry stocks of finished goods, spare parts and raw materials, reporting requirements under paragraph 4(ii) a, 4(ii)b and 4(ii) (c) are not attracted.

3. (a) The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act;

(b) In the absence of any loan granted under section 301 of the Act the conditions of loans and interest are not applicable to company;

(c) In the absence of any loan granted under section 301 of the Act the question of repayment of principal amount and interest does not arise;

(d) In the absence of any loan granted under section 301 of the Act, there is no question to recover of such amount and interest.

(e) Since the company has not taken any loan covered under section 301 of the Act, the provisions of clause 4(iii)(e) (f) & (g) of the Companies (Auditor''s Report) Order (as amended) are not applicable to this company;

4. The Company has closed down its operations from 31.07.2005 and therefore there is no adequate internal control system in existence in the company.

5. (a) According to the information and explanation given to us we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act 1956 have not been regularly so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, if any has been entered in the register maintained under section 301 of the Companies Act 1956 which is exceeding the value of rupees five lakhs in respect of one party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from public. In our opinion and according to the information and explanation given to us, the Company has complied with the provisions of section 58AA and other relavant provisions of the companies Act 1956 And the companies (Acceptance of Deposits) Rule, 1975.

7. In our opinion and according to the information and explanations given to us , since the activities of the Company remained suspended w.e.f. 31.07.2005, there does not exists an internal audit system.

8. The maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 is not applicable to the company. So far as all the activities of the company remain suspended w.e.f. 31.07.2005.

9. (a) The old liabilities which were already provided for in previous year have either been paid off or are taken over by another company.

(b) According to the information and explanation given to us and on the basis of our examination of the records of the company, we state that there are no dues of Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess which have not been deposited on account of any dispute.

10. In our opinion and according to the information and explanation given to us, the accumulated losses of the company are more than fifty percent of its net worth. The company has incurred cash losses during the financial year covered by our audit.

11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues payable to financial institutions or banks during the year.

12. In our opinion and according to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares debentures and other securities, the provisions of clause 4(xii) of the order are not applicable to the company.

13. In our opinion, the company is not a chit fund; nidhi or mutual benefit fund/society, therefore the provision for clause 4(xiii) of the Companies Order 2003 is not applicable to the company.

14. In our opinion, the company is not dealing in or trading in shares, debentures and other investments. Accordingly the provisions of clause 4(xiv) of the Companies (Auditor''s Report)(Amendment) Order, 2003 are not applicable to the Company.

15. The Company has not certified to us whether it has given guarantees for loans taken by others from bank or financial institutions, therefore we cannot comment on the conditions or can form any opinion.

16. In our opinion and according to the information and explanations given to us, the company took no term loans during the financial year.

17. According to the information and explanations given to us and on the overall examination of Balance Sheet of the company, we report that no funds are raised on short -term basis have been used for long term investments. No long-term funds have been used to finance short-term assets except permanent working capital.

18. According to the information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act.

19. In our opinion and according to the information and explanations given to us, during the period covered by our audit report the company has not issued debentures.

20. In our opinion and according to the information and explanations given to us, the company during the financial year ended 31.3.2013 has not raised money by a public issue.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year which is noticed during the course of our audit.

For D M Oza & Associates Chartered Acountants Firm Regn. No. : 119407W

D.M. Oza Proprietor M. No. : 106993 Date: September 04, 2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of M/s M.P.POLYPROPYLENE Ltd as at 31st March 2012 and also statement of Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said order.

4. Further to our comments in Annexure referred to above, we report that:

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

(b) In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books;

(c) The Balance Sheet, and statement of Profit and Loss Account dealt with by this report are in agreement with the books of accounts.

(d) In our opinion, the Balance Sheet and statement of Profit and Loss Account dealt with this report comply with the accounting standards referred to in sub-section (3C) of section 211 of Companies Act, 1956, to the extent applicable, except as reported in Para (f) to (h) hereunder:

(e) On the basis of written representation received from the directors, as on 31-3-2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as at 31.3.2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956:

(f) The company has not charged to the Profit and Loss A/c on account of Gratuity liability, since there were no more employees working w.e.f. 31.07.2005

(g) The management has not certified contingent liabilities as on close of the financial year. They were unable to provide any detail with regard to contingent liabilities towards claims against the company not acknowledged as debt, liability on account of forward exchange contracts, guarantees given on behalf of constituents (i) in India (ii) outside India, acceptance, endorsement and other obligations and other transactions for which the company is contingently liable.

(h) The Company had defaulted in getting it re listed on the stock exchange in spite of its claim for having paid the listing fee to Bombay Stock Exchange. However, we were unable to verify the up to date payment and arrears of any payment if any, and to the extent of unpaid fee the loss is understated and liability is also understated. Company's share at present is not dealt for several years on any Stock Exchange.

(i) Subject to the foregoing, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the significant Accounting Policies and other notes thereon, give the information required by the companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:-

i. in the case if the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012;

ii. in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

(Referred to in Paragraph 3 of our Report of even date.)

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

(b) The Fixed Assets have been physically verified by the Management during the year and no serious discrepancies between the book records and the physical inventory have been noticed.

(c) The company has disposed off its fixed assets during the year at the following sale prices:

Particulars Amt

LAND

Opening Gross Value on 01.04.2011 1236000.00

Less: Gross Depreciation till 31.03.2011 0.00

Less: Sale Value 3600000.00

PROFIT 2364000.00

BUILDING

Opening Gross Value on 01.04.2011 21077986.00

Less: Gross Depreciation till 31.03.2011 8669977.00

Less: Sale Value 36450000.00

PROFIT 24041991.00

PLANT & MACHINERY

Opening Gross Value on 01.04.2011 244874081.00

Less: Gross Depreciation till 31.03.2011 224897109.00

Less: Sale Value 4945525.00

LOSS 15031447.00

INVERTOR

Opening Gross Value on 01.04.2011 31000.00

Less: Gross Depreciation till 31.03.2011 26525.00

Less: Sale Value 4475.00

NO PROFIT/LOSS 0.00

Total Sale Proceeds of Fixed Assets 45000000.00

The assets disposed off during the year were relating to a non functional factory of the company. In our opinion and according to information and explanations furnished to us, such disposal of assets will not affect the Going Concern assumption, in case of the Company.

2. As the company does not carry stocks of finished goods, spare parts and raw materials, reporting requirements under paragraph 4(ii) a ,4(ii)b and 4(ii) (c) are not attracted.

3. (a) The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act;

(b) In the absence of any loan granted under section 301 of the Act the conditions of loans and interest are not applicable to company;

(c) In the absence of any loan granted under section 301 of the Act the question of repayment of principal amount and interest does not arise;

(d) In the absence of any loan granted under section 301 of the Act, there is no question to recover of such amount and interest.

(e) Since the company has not taken any loan covered under section 301 of the Act, the provisions of clause 4(iii)(e) & (g) of the Companies (Auditor's Report) Order (as amended) are not applicable to this company;

4. The Company has closed down its operations from 31.07.2005 and therefore there is no internal control system in existence in the company.

5. (a) According to the information and explanation given to us we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act 1956 have not been regularly so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of one party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from public.

7. So far as the activities of the Company remain suspended w.e.f. 31.07.2005, there do not exist an internal audit system.

8. The maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 is not applicable to the company. So far as all the activities of the company remain suspended w.e.f. 31.07.2005.

9. (a) The Company is irregular in depositing with the appropriate authorities undisputed statutory dues including Income Tax, Sales Tax, Wealth tax, Custom Duty, Excise duty, cess and other statutory dues applicable to it. The management has not quantified the exact liabilities on the balance sheet date. The old liabilities which were already provided for in previous year have either been paid off or are taken over by another group company.

(b) According to the information and explanation given to us and on the basis of our examination of the records of the company, we state that there are no dues of Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess which have not been deposited on account of any dispute.

10. In our opinion and according to the information and explanation given to us, the accumulated losses of the company are more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our audit due to sale of its fixed assets.

11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues payable to financial institutions or banks during the year.

12. In our opinion and according to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares debentures and other securities.

13. In our opinion, the company is not a chit fund; nidhi or mutual benefit fund/society, therefore the provision for clause 4(xiii) of the Companies Order 2003 is not applicable to the company.

14. In our opinion, the company is not dealing in or trading in shares, debentures and other investments. Accordingly the provisions of clause 4(xiv) of the Companies (Auditor's Report)(Amendment) Order, 2003 are not applicable to the Company.

15. The Company has not certified to us whether it has given guarantees for loans taken by others from bank or financial institutions, therefore we cannot comment on the conditions or form any opinion.

16. In our opinion and according to the information and explanations given to us, the company took no term loans during the financial year.

17. According to the information and explanations given to us and on the overall examination of Balance Sheet of the company, we report that no funds are raised on short-term basis have been used for long term investments. No long-term funds have been used to finance short-term assets except permanent working capital.

18. According to the information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act.

19. In our opinion and according to the information and explanations given to us, during the period covered by our audit report the company has not issued debentures.

20. In our opinion and according to the information and explanations given to us, the company during the financial year ended 31.3.2012 has not raised money by a public issue.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year which is noticed during the course of our audit.

For Jain Chatterjee and Associates

Chartered Accountants

CA Satyajeet Chatterjee

Partner

MMN: 072544 / FRN : 007285 C

Date: 25.08.2012

Place : Raisen


Mar 31, 2011

1. We have audited the attached Balance Sheet of M/s M.P.POLYPROPYLENE Ltd as at 31st March, 2011 and the Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclosed in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said order.

4. Further to our comments in Annexure referred above, we report that:

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

(b) In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books of the company.

(c) The Balance Sheet, and Profit and Loss Account dealt with by this report are in agreement with the books of accounts.

(d) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (30) of section 211 of Companies Act,1956, to the extent applicable, except as reported in Para (f) to (h) hereunder:

(e) On the basis of written representation received from the directors, as on 31-3- 2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as at 31.3.2011 from being appointed as director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act,1956:

(f) As indicated in Note No.1(d) of schedule 9, the company has not charged to the Profit and Loss A/c on account of Gratuity liability. This is not in compliance with Accounting Standard (AS)- 15 "Accounting for treatment Benefits in the Financial Statements of Employers" issued by the Institute of Chartered Accountants of India. In the absence of any actuarial valuation in respect of the above, the amount of unprovided liability toward these could not be quantified and ascertained reasonably.

(g) As indicated in Note No. 3 (b) of schedule 9, the management has not certified contingent liabilities as on close of the financial year. They were unable to provide any detail with regard to contingent liabilities towards claim against the company not acknowledged as debt, liability on account of forward exchange contracts, guarantees given on behalf of constituents (i) in India (ii) outside India, acceptance, endorsement and other obligations and other transactions for which the company is contingently liable

(h) As indicated in Note No.12 of Schedule 9, the Company had defaulted in getting it relisted on the stock exchange in spite of its claim for having paid the listing fee to Bombay Stock Exchange. However, we were unable to verify the up to date payment and arrears of any payment if any, and to the extent of unpaid fee the loss is understated and liability is also understated. Company's share at present is not dealt for several years on any Stock Exchange.

(g) Subject to the foregoing, in our opinion and to the best of our information and according to the explanations given to us, they said accounts read together with notes thereon, give the information required by the companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:-

(i) in the case if the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011;

(ii) in the case of the Profit and Loss Account, of the loss of the Company for the year ended on that date.

(iii) in the case of the Cash flow statement of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

Referred to in paragraph 3 of our report of even date, to the members of M.P Polypropylene Limited on the financial statements for the year ended 31st March 2011.

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

(b) The Fixed Assets have been physically verified by the Management during the year and no serious discrepancies between the book records and the physical inventory have been noticed.

(c) The company has disposed off nothing during the year.

2. As the company does not carry stocks of finished goods, spare parts and raw materials, reporting requirements under paragraph 4(A) (iii),4(A) (iv),4(A) (v) and 4(A) (vi) are not attracted.

3. a. The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act;

b. In the absence of any loan granted under section 301 of the Act the conditions of loans and interest are not applicable to company;

c. In the absence of any loan granted under section 301 of the Act the question of repayment of principal amount and interest does not arise;

d. No overdue principal or interest amount is due from any party over Rupees One Lakh, under the provisions of section 301 of the Companies Act 1956;

e. The Company has not taken any loans, secured or unsecured from Companies, firms or other parties covered in the register maintained under section 301 of the Act;

f. Since the company has not taken any loan covered under section 301 of the Act, the provisions of clause 4(iii)(f) & (g) of the Companies (Auditor's Report)(Amendment) Order are not applicable to company;

4. The Company has closed down its operations from 31.07.05. There was no purchase of inventory or purchase of fixed assets or sale of goods during the relevant previous year.

5. (a) According to the information and explanation given to us we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act 1956 have not been regularly so entered.

(b) In our opinion and according to the information and explanations given to us, no transactions were made in pursuance of contracts or arrangement entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs.5 lakhs in respect of any party during the year have been made at prices which are not reasonable having regard to prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from public.

7. So far as the activities of the company remain suspended w.e.f. 31.07.05, there does not exist an internal audit system. The maintenance of cost accounts under section 209 (1) (d) of the Companies Act,1956 has not been prescribed by appropriate authorities.

8. (a)The Company is irregular in depositing with the appropriate authorities undisputed statutory dues including Income Tax , Sales Tax, Wealth tax, Custom Duty, Excise duty, Cess and other statutory dues applicable to it.

(b) According to the information and explanation given to us and the records of the company examined by us , there are no dues of Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess which have not been deposited on account of any dispute.

9. In our opinion and according to the information and explanation given to us, the accumulated losses of the company are more than fifty percent of its net worth. The company has incurred cash losses during the financial year covered by our audit due to payment of expenses.

10. In our opinion and according to the information and explanations given to us, the company has defaulted in repayment of dues payable to financial institutions or banks during the year.

11. In our opinion and according to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares debentures and other securities.

12. In our opinion, the company is not a chit fund, nidhi or mutual benefit fund/society, therefore the provision for clause 4(xiii) of the Companies Order 2003 are not applicable to the company.

13. In our opinion, the company is not dealing in or trading in shares, debentures and other investments. Accordingly the provisions of clause 4(xiv) of the Companies (Auditor's Report)(Amendment) Order, 2003 are not applicable to the Company .

14. The Company has not certified to us whether it has given guarantees for loans taken by others from bank or financial institutions, therefore we cannot comment on the conditions or form any opinion.

15. In our opinion and according to the information and explanations given to us, no term loans were taken by the company during the financial year.

16. According to the information and explanations given to us and on the overall examination of Balance Sheet of the company, we report that no funds raised on short -term basis have been used for long term investments. No long term funds have been used to finance short term assets except permanent working capital.

17. According to the information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act.

18. In our opinion and according to the information and explanations given to us, during the period covered by our audit report the company has not issued debentures.

19. In our opinion and according to the information and explanations given to us, the company during the financial year ended 31.3.2011 has not raised money by a public issue.

20. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For Jain Chatterjee and Associates

Chartered Accountants

Date: May 20, 2011 Satyajeet Chatterjee

Place: Dist :Raisen Partner


Mar 31, 2010

1. We have audited the attached Balance Sheet of M/s M.P.POLYPROPYLENE Ltd as at 31st March, 2010 and the Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclosed in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said order.

4. Further to our comments in Annexure referred above, we report that:

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

(b) In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books of the company.

(c) The Balance Sheet, and Profit and Loss Account dealt with by this report are in agreement with the books of accounts.

(d) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (30) of section 211 of Companies Act,1956, to the extent applicable, except as reported in Para (f) to (h) hereunder:

(e) On the basis of written representation received from the directors, as on 31-3- 2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as at 31.3.2010 from being appointed as director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act,1956:

f) The company has not charged to the Profit and Loss A/c on account of Gratuity liability. This is not in compliance with AS-15 (Revised) "Accounting for retirement Benefits in the Financial Statements of Employers" issued by the Institute of Chartered Accountants of India. In the absence of any actuarial valuation in respect of the above, the amount of unprovided liability towards these could not be quantified and ascertained reasonably.

(g) As indicated in Note No.3(b) of schedule 9, the management has not certified contingent liabilities as on close of the financial year. They were unable to provide any detail with regard to contingent liabilities towards claims against the company not acknowledged as debts, liability on account of forward exchange contracts, guarantees given on behalf of constituents (i) in India (ii) outside India, acceptance, endorsement and other obligations and other transactions for which the company is contingently liable.

(h) As indicated in Note No.10 of Schedule 9, the Company had defaulted in getting it relisted on the stock exchange in spite of its claim for having paid the listing fee to Bombay Stock Exchange. However, we were unable to verify the up to date payment and arrears of any payment if any, and to the extent of unpaid fee the loss is understated and liability is also understated. Company's share at present is not dealt for several years on any Stock Exchange.

(i) Subject to the foregoing, in our opinion and to the best of our information and according to the explanations given to us, they said accounts read together with notes thereon, give the information required by the companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:-

(i) in the case if the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010;

(ii) in the case of the Profit and Loss Account, of the loss of the Company for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

Referred to in paragraph 3 of our report of even date, to the members of M.P Polypropylene Limited on the financial statements for the year ended 31st March 2010.

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

(b) The Fixed Assets have been physically verified by the Management during the year and no serious discrepancies between the book records and the physical inventory have been noticed.

(c) The company has not disposed off any fixed assets during the year.

2. Since the company has shut down its operations from 31st July 2005, reporting requirements regarding stock of finished goods, spare parts and raw materials under paragraph 4(A) (iii),4(A) (iv),4(A) (v) and 4(A) (vi) are not attracted.

3. (a) The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act;

(b)In the absence of any loan granted under section 301 of the Act the conditions of loans and interest are not applicable to company;

(c)In the absence of any loan granted under section 301 of the Act the question of repayment of principal amount and interest does not arise;

(d)No overdue principal or interest amount is due from any party over Rupees One Lakh, under the provisions of section 301 of the Companies Act 1956;

(e) The Company has not taken any loans, secured or unsecured from Companies, firms or other parties covered in the register maintained under section 301 of the Act;

(f)Since the company has not taken any loan covered under section 301 of the Act, the provisions of clause 4(iii)(f) & (g) of the Companies (Auditor's Report)(Amendment) Order are not applicable to company;

4. The Company has closed down its operations from 31.07.05. There was no purchase of inventory or purchase of fixed assets or sale of goods during the relevant previous year.

5. (a) According to the information and explanation given to us we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act 1956 have not been regularly so entered.

(b) In our opinion and according to the information and explanations given to us, no transactions were made in pursuance of contracts or arrangement entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs.5 lakhs in respect of any party during the year have been made at prices which are not reasonable having regard to prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from public.

7. So far as the activities of the company remain suspended w.e.f. 31.07.05, there does not exist an internal audit system.

8. The maintenance of cost accounts under section 209 (1) (d) of the Companies Act,1956 has not been prescribed by appropriate authorities.

9. (a)The Company is irregular in depositing with the appropriate authorities undisputed statutory dues including Income Tax , Sales Tax, Wealth tax, Custom Duty, Excise duty, Cess and other statutory dues applicable to it.

(b) According to the information and explanation given to us and the records of the company examined by us , there are no dues of Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess which have not been deposited on account of any dispute.

10. In our opinion and according to the information and explanation given to us, the accumulated losses of the company are more than fifty percent of its net worth. The company has incurred cash losses during the financial year covered by our audit due to payment of expenses.

11. In our opinion and according to the information and explanations given to us, the company has defaulted in repayment of dues payable to financial institutions or banks. This status persists since previous years.

12. In our opinion and according to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares debentures and other securities.

13. In our opinion, the company is not a chit fund, nidhi or mutual benefit fund/society, therefore the provision for clause 4(xiii) of the Companies Order 2003 are not applicable to the company.

14. In our opinion, the company is not dealing in or trading in shares, debentures and other investments. Accordingly the provisions of clause 4(xiv) of the Companies (Auditor's Report)(Amendment) Order, 2003 are not applicable to the Company .

15. The Company has not certified to us whether it has given guarantees for loans taken by others from bank or financial institutions, therefore we cannot comment on the conditions or form any opinion

16. In our opinion and according to the information and explanations given to us, no term loans were taken by the company during the financial year.

17. According to the information and explanations given to us and on the overall examination of Balance Sheet of the company, we report that no funds raised on short -term basis have been used for long term investments. No long term funds have been used to finance short term assets except permanent working capital.

18. According to the information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act.

19. In our opinion and according to the information and explanations given to us, during the period covered by our audit report the company has not issued debentures.

20. In our opinion and according to the information and explanations given to us, the company during the financial year ended 31.3.2010 has not raised money by a public issue.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For Jain Chatterjee and Associates

Chartered Accountants

Date: August 12, 2010 Satyajeet Chatterjee

Place: Dist: Raisen Partner


Mar 31, 2009

1) We have audited the attached Balance Sheet of M/s M. P. POLYPROPYLENE Ltd as at 31st March, 2009 and the Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2) We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable

basis for our opinion.

3) As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclosed in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said order.

4) Further to our comments in Annexure referred above, we report that:

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

b. In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books of the company.

c. The Balance Sheet, and Profit and Loss Account dealt with by this report are in agreement with the books of accounts.

d. In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (30) of section 211 of Companies Act, 1956, to the extent applicable, except as reported in Para (f) to (h) hereunder

e. On the basis of written representation received from the directors, as on 31-3- 2009 and taken on record by the Board of Directors, we report that none of the directors is disqualified as at 31.3.2009 from being appointed as director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act,1956

(f) The company has not charged to the Profit and Loss A/c on account Of Gratuity liability. This is not in compliance with AS-15 (Revised) "Accounting for retirement Benefits in the Financial Statements of Employers " issued by the Institute of Chartered Accountants of India. In the absence of any actuarial valuation in respect of the above, the amount of unprovoked liability towards these could not be quantified and ascertained reasonably.

(g) As indicated in Note No.3(b) of schedule 9, the management has not outside India, acceptance, endorsement and other obligations and other transactions for which the company is contingently liable.

(h) As indicated in Note No. 10 of Schedule 9, the Company had defaulted in getting it relisted on the stock exchange inspire of its claim for having paid the listing fee to Bombay Stock Exchange. However, we were unable to verify the up to date payment and arrears of certified contingent liabilities as on close of the financial year. They were unable to provide any detail with regard to contingent liabilities towards claims against the company not acknowledged as debts, liability on account forward exchange contracts, guarantees given on behalf of constituents ft) in India (ii) any payment if any, and to the extent of unpaid fee the loss is understated and liability is also understated. Company's share at present is not dealt for several years on any Stock Exchange.

(i) Subject to the foregoing, in our opinion and to the best of our information and according to the explanations given to us, they said accounts read together with notes thereon, give the information required by the companies Act, 1956, in the manner so required and give a true and , fair view in conformity with the accounting principles generally accepted in India:-

(i) in the case if the Balance Sheet, of the state of affairs of the Company as at 31st March, 2009;

(ii) in the case of the Profit and Loss Account, of the loss of the Company for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

Referred to in paragraph 3 of our report of even date, to the members of M.P Polypropylene Limited on the financial statements for the year ended 31st March 2009

1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation obits fixed assets.

(b) The Fixed Assets have been physically verified by the Management during the year and no serious discrepancies between the book records and the physical inventory have been noticed.

(c) The company has not disposed off any fixed assets during the year.

2. Since the company has shut down its operations from 31st July 2005, reporting requirements regarding stock of finished goods, spare parts and raw materials under paragraph 4(A) (iii),

4(A) (iv), 4(A) (v) and 4(A) (vi) are not attracted.

3. (a) The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act;

(b) In the absence of any loan granted under section 301 of the Act the conditions of loans and interest are not applicable to company;

(c) In the absence of any loan granted under section 301 of the Act the question of repayment of principal amount and interest does not arise;

(d)No overdue principal or interest amount is due from any party over Rupees One Laky, under the provisions of section 301 of the Companies Act 1956;

(e) The Company has not taken any loans, secured or unsecured from Companies, firms or other parties covered in the register maintained under section 301 of the Act;

(f) Since the company has not taken any loan covered under section 301 Of the Act, the provisions of clause 4(iiiX) & (g) of the Companies (Auditor's Report Amendment) Order are not applicable to company;

4. The Company has closed down its operations from 31.07.05. There was no purchase of inventory or purchase of fixed assets or sale of goods during the relevant previous year.

5. (a) According to the information and explanation given to us we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act 1956 have not been regularly so entered.

(b) In our opinion and according to the information and explanations given to us, no transactions were made in pursuance of contracts or arrangement entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs.5 lakhs in respect of any party during the year have been made at prices which are not reasonable having regard to prevailing market prices at the relevant time.

(6) In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from public.

(7) So far as the activities of the company remain suspended w.e.f. 31.07.05, there does not exist an internal audit system.

(8) The maintenance of cost accounts under section 209 (1) (d) of the Companies Act,1956 has not been prescribed by appropriate authorities.

(9) (a)The Company is irregular in depositing with the appropriate authorities undisputed statutory dues including Income Tax , Sales Tax, Wealth tax, Custom Duty, Excise duty, Cess and other statutory dues applicable to it.

(b) According to the information and explanation given to us and the records of the company examined by us , there are no dues of Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess which have not been deposited on account of any dispute.

(10) In our opinion and according to the information and explanation given to us, the accumulated losses of the company are more than fifty percent of its net worth. The company has incurred cash losses during the financial year covered by our audit due to payment of expenses.

(11) In our opinion and according to the information and explanations given to us, the company has defaulted in repayment of dues payable to financial institutions or banks. This status persists since previous years.

(12) In our opinion and according to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of snares debentures and other securities.

(13) In our opinion, the company is not a chit fund, nidhi or mutual benefit fund/society, therefore the provision for clause 4(xiii) of the Companies Order 2003 are not applicable to the company.

(14) In our opinion, the company is not dealing in or trading in shares, debentures and other investments. Accordingly the provisions of clause 4(xiv) of the Companies (Auditor's Report)(Amendment) Order, 2003 are not applicable to the Company .

(15) The Company has not certified to us whether it has given guarantees for loans taken by others from bank or financial institutions, therefore we cannot comment on the conditions or form any opinion.

(16) In our opinion and according to the information and explanations given to us, no term loans were taken by the company during the financial year.

(17) According to the information and explanations given to us and on the overall examination of Balance Sheet of the company, we report that no funds raised on short -term basis have been used for long term investments. No long term funds have been used to finance short term assets except permanent working capital.

(18) According to the information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 ofthe Act.

(19) In our opinion and according to the information and explanations given to us, during the period covered by our audit report the company has not issued debentures.

(20) In our opinion and according to the information and explanations given to us, the company during the financial year ended 31.3.2009 has not raised money by a public issue.

(21) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For Jain Chatteijee and Associates

Chartered Accountants

Date: July 12, 2009 Satyajeet Chatterjee

Place: Dist Raisen Partner

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