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Auditor Report of Alchemist Corporation Ltd.

Mar 31, 2014

We have audited the accompanying financial statement of ALCHEMIST CORPORATION LIMITED ( Formerly known as Haryana Fibres Limited) ("the Company"), which comprises the Balance Sheet as at March 31, 2014 and the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub- section (3C) of section 211 of the Companies Act, 1956 ("the Act") and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control relevant to the Company''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 Company''s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the 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 and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the 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:-

a) In the case of the Balance Sheet of the state of affairs of the Company as at March 31,2014;

b) In the case of Statement of Profit and Loss, of the Loss of the Company for the year ended on that date; and

c) In the case of Cash Flow Statement, of the Cash Flows of the Company for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act 1956 (the Act), we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, 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 purposes of our audit;

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

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

d) In our opinion, the Balance Sheet, Statement of Profit & Loss, and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Act; &

e) On the basis of the written representations received from the Directors as on March 31, 2014, and taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2014 from being appointed as a Director in terms of Clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956 ;

ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT (Referred to in paragraph 7 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)

i) (a) Company has maintained proper records showing full particulars, including quantitative details of fixed assets.

(b) As per the information and explanation given to us, fixed assets have been physically verified by the management at reasonable interval during the year.

(c) No substantial part of fixed assets has been disposed off during the year.

ii) (a) According to the information and explanations given to us physical

verification of inventory has been conducted by the management at regular intervals.

(b) In our opinion, the procedure of physical verification of inventories followed by the management is commensurate with the size of the company and nature of its business.

(c) In our opinion, company is maintaining proper records of inventory. No material discrepancies have been noticed on physical verification of inventories as compared to books of accounts and minor discrepancies found, have been properly dealt with in the books of accounts.

iii) According to information and explanations given to us, the company has not taken interest free unsecured loans from any of its group Companies during the year.

iv) In our opinion, and according to information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company & the nature of the business, for the purchase of inventory and Fixed Assets and for the sale of goods.

v) According to information and explanations given to us, during the year there are no transactions / purchase or sales that need to be entered is the register maintained U/S 301 of Companies Act. 1956. The company is a holding company of Kautilya Infotech Limited .

vi) According to information and explanations given to us, the company has not accepted any deposits from public hence provisions of Section 58A of Companies Act, 1956 and rules framed there under are not applicable.

vii) a) According to the records of the company and explanation given to us, the provisions of Provident Fund and Employees State Insurance are not

applicable to the company.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, customs duty and excise duty were outstanding as at 31st March 2014 for a period of more than six months from the date these became payable. Except the taxation payable (Net off DTA ) for Rs. 5,40,300/- pertaining to the earlier years.

viii) According to information and explanations given to us and from the records of the company, the Company has not defaulted, in repayment of dues of bank.

ix) As explained to us, company has not given any guarantee for loans taken by others from banks or financial institutions.

x) According to information and explanations given to us, and from the records of the company, perused by us during the course of audit, term loans have not been raised during the year.

xi) According to information and explanations given to us and from the records of the company, no short-term funds have been raised during the year.

xii) According to 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 U/S 301 of the Companies Act, 1956.

xiii) Company has not issued any debenture during the year.

xiv) According to the information and explanations given to us, company has not raised any money by public issue during the year.

xv) According to information and explanations given to us and from the records of the company, perused by us during the course of our audit, we have not come across any fraud on or by the company during the year.

xvi) The other clauses of the Order are not applicable to the Company

For A A A M & CO. CHARTERED ACCOUNTANTS FRN: 008113C

Sd/- (CA RAHUL GUPTA, ACA) Partner M. No:419625

PLACE: NOIDA DATE: 30-05-2014


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statement of ALCHEMIST CORPORATION LIMITED ( Formerly known as Haiyana Fibres Limited) ("the Company"),, which comprises the Balance Sheet as at March 31, 2013 and the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to ira sub- section (3C) of section 211 of the Companies Act, 1956 ("the Act") and in accordance with the accounting principles generally accepted in India.This responsibility includes the desigpn, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free frown material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the f nancial statements. The procecL ''es selected depend on the auditor''s judgment, including th-j assessment of the risks of material misstatement of the financial statements, whether c ie to fraud or error. In making, nose risk assessments, the auditor considers the interna# ontrol relevant to the Compare* '' preparation and fair presentation of the financial statements in order to design audit pjc-oedures that are appropriate in the circumstances, but nci for the purpose of expressing s."V opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of the accounting policies us.-d and the reasonableness of accounting estimates made by the 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 and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act,. 1956 in the manner so required and give a true and fair view in conformity witln the accounting principles generally accepted in India:-

a) In the case of the Balance Sheet of the state of affairs of the Company :as at March 31,2013;

b) In the case of Statement of Profit and Loss, of the Loss of the Company for the year ended on that date; and

c) In the case of Cash Flow Statement, of the Cash Flows of the Company for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act 1956 (the Act), we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, 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 purposes of our audit;

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

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

d) In our opinion, the Balance Sheet, Statement of Profit & Loss, and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Act; &

e) On the basis of the written representations received from the Directors as on March 31, 2013, and taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2013 from being appointed as a Director in terms of Clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; .

i) (a) Company has maintained proper records showing full particulars, including quantitative details of fixed assets.

(b) As per the information and explanation given to us, fixed assets have been physically verified by the management at reasonable interval during the year.

(c) No substantial part of fixed assets has been disposed off during the year.

ii) (a) According to the informati on and explanations given to us physical verification of inventory has been conducted by the management at regular intervals.

(b) In our opinion, the procedure of physical verification of inventories followed by the management is commensurate with the size of the company and nature of its business.

(c) In our opinion, company is maintaining proper records of inventory. No material discrepancies have beeir noticed on physical verification of inventories as compared to books of accounts and minor discrepancies found, have been properly dealt with in the books of accounts.

iii) According to information and explanations given to us, the csmpany has not taken interest free unsecured loans from any of its group Companies during the year.

iv) In our opinion, and according to information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company & the nature of the business, for the purchase of inventory and Fixed Assets and for the sale of goods.

v) According to information and explanations given to us, during the year there are no transactions / purchase or sales that need to be entered is the register maintained U/S 301 of Companies Act. 1956. The company is a holding company of Kautilya Infotech Limited .

vi) According to information and explanations given to uskthe company has not accepted any deposits from public hence provisions of Section 58A of Companies Act, 1956 and rules framed there under are not applicable.

vii) a) According to the records of the company and explanation given to us, the provisions of Provident Fund and Employees State Insurance are not applicable to the company.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, customs duty and excise duty were outstanding as at 31st March 2013 for a period of more than six months from the date these became payable. Except the taxation payable (Net off DTA) for Rs. 5,40,300/- pertaining to the earlier years.

viii) According to information and explanations given to us and from the records of the company, the Company has not defaulted, in repayment of dues of bank.

ix) As explained to us, company has not given any guarantee for loans taken by others from banks or financial institutions.

x) According to information and explanations given to us, and from the records of the company, perused by us during the course of audit, term loans have not been raised during the year.

xi) According to information and explanations given to us and from the records of the company, no short-term funds have been raised during the year.

xii) According to 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 U/S 301 of the Companies Act, 1956.

xiii) Company has not issued any debenture during the year.

xiv) According to the information and explanations given to us, company has not raised any money by public issue during the year.

xv) According to information and explanations given to us and from the records of the company, perused by us during the course of our audit, we have not come across any fraud on or by the company during the year.

xvi) The other clauses of the Order are not applicable to the Company.

For A A A M & CO.

CHARTERED ACCOUNTANTS

FRN: 008113C



Sd/-

(CA AYUSH AGRAWAL, ACA)

Partner

M. No: 414952



PLACE: NOIDA

DATE: May 30, 2013


Mar 31, 2011

We have audited the attached Balance Sheet of M/s. ALCHEMIST CORPORATION LIMITED (Formerly known as Haryana Fibres Limited), Delhi as at 31st MARCH, 2011 and also the Profit and 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.

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 management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

A. We report that:

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

2. In our opinion proper books of account as required by law have been kept by the company so far as appears from our examination of those books.

3. The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

4. In our opinion, the Balance Sheet and the Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956.

5. On the basis of written representation received from the directors as on 31st March 201 land taken on record by the Board of directors we report that none of directors is disqualified as on 31st March 2011 from being appointed as director in terms of clause (g) of subsection (1) of section 274 of the company Act 1956.

6. In our opinion and to the best of our information and according to the explanations given to us, the said accounts, subject to the above, 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 of the Balance Sheet, of the State of Affairs of the Company as at 31st March, 2011;

ii) In the case of the Profit & Loss Account, of the Loss for the year ended on that date; and

iii) In the case of Cash Flow Statement, of the cash flows for the year ended on that date.

B As required by the Companies (Auditors Report) Order 2003, issued by the Central Government of India in terms of Sub Section (4A) Section 227 of the Companies Act, 1956, we further report on the matters specified in paragraphs 4 and 5 of the said order that

i) (a) Company has maintained proper records showing full particulars, including quantitative details of fixed assets.

(b) As per the information and explanation given to us, fixed assets have been physically verified by the management at reason- able interval during the year.

(c) No substantial part of fixed assets has been disposed off during the year.

ii) (a) According to the information and explanations given to us physical verification of inventory has been conducted by the man- agreement at regular intervals.

(b) In our opinion, the procedure of physical verification of inventories followed by the management is commensurate with the size of the company and nature of its business.

(c) In our opinion, company is maintaining proper records of inventory. No material discrepancies have been noticed on physical verification of inventories as compared to books of accounts and minor discrepancies found, have been properly dealt with in the books of accounts.

iii) According to information and explanations given to us, the company has not taken interest free unsecured loans from any of its group Companies during the year.

iv) In our opinion, and according to information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company & the nature of the business, for the purchase of inventory and Fixed Assets and for the sale of goods.

v) According to information and explanations given to us, during the year there are no transactions / purchase or sales that need to be entered is the register maintained U/S 301 of Companies Act. 1956. The company is a holding company of Kautilya Infotech Limited

vi) According to information and explanations given to us, the company has not accepted any deposits from public hence provisions of Section 58A of Companies Act, 1956 and rules framed there under are not applicable.

vii) a) According to the records of the company and explanation given to us, the provisions of Provident Fund and Employees State Insurance are not applicable to the company.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, customs duty and excise duty were outstanding as at 31st March 2011 for a period of more than six months from the date these became payable. Except the taxation payable (Net off DTA ) for Rs. 5,40,300/- pertaining to the earlier years.

viii) According to information and explanations given to us and from the records of the company, the Company has not defaulted, in repayment of dues of bank.

ix) As explained to us, company has not given any guarantee for loans taken by others from banks or financial institutions.

x) According to information and explanations given to us, and from the records of the company, perused by us during the course of audit, term loans have not been raised during the year.

xi) According to information and explanations given to us and from the records of the company, no short-term funds have been raised during the year.

xii) According to 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 U/S 301 of the Companies Act, 1956.

xiii) Company has not issued any debenture during the year.

xiv) According to the information and explanations given to us, company has not raised any money by public issue during the year.

xv) According to information and explanations given to us and from the records of the company, perused by us during the course of our audit, we have not come across any fraud on or by the company during the year.

xvi) The other clauses of the Order are not applicable to the Company.

For AGRAWAL ATUL & ASSOCIATES

Chartered Accountants

Sd/- Place : New Delhi (ATUL AGRAWAL, FCA)

Dated : 31.12.2011 Partner Membership No.: 077293


Mar 31, 2010

We have audited the attached Balance Sheet of M/s. ALCHEMIST CORPORATION LIMITED (Formerly known as Haryana Fibres Limited), Delhi as at 31st MARCH, 2010 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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 management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

A. We report that :

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

2. In our opinion proper books of account as required by law have been kept by the company so far as appears from our examination of those books.

3. The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

4. In our opinion, the Balance Sheet and the Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Companies Act 1956.

5. On the basis of written representation received from the directors as on 31st March 2010 and taken on record by the Board of directors we report that none of directors is disqualified as on 31st March 2010 from being appointed as director in terms of clause (g) of subsection (1) of section 274 of the company Act 1956.

6. In our opinion and to the best of our information and according to the explanations given to us, the said accounts, subject to the above, 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 of the Balance Sheet, of the State of Affairs of the Company as at 31st March, 2010;

ii) In the case of the Profit & Loss Account, of the Loss for the year ended on that date; and

iii) In the case of Cash Flow Statement, of the cash flows for the year ended on that date.

B As required by the Companies (Auditors Report) Order 2003, issued by the Central Government of India in terms of Sub Section (4A Section 227 of the Companies Act, 1956, we further report on the matters specified in paragraphs 4 and 5 of the said order that : -

I)

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

(b) As per the information and explanation given to us, fixed assets have been physically verified by the management at reasonable interval during the year.

c) No substantial part of fixed assets has been disposed off during the year.

ii) (a) According to the information and explanations given to us physical verification of inventory has been conducted by the management at regular intervals.

(b) In our opinion, the procedure of physical verification of inventories followed by the management is commensurate with the size of the company and nature of its business.

(c) In our opinion, company is maintaining proper records of inventory. No material discrepancies have been noticed on physical verification of inventories as compared to books of accounts and minor discrepancies found, have been properly dealt with in the books of accounts.

iii) According to information and explanations given to us, the company has not taken interest free unsecured loans from any of its group Companies during the year.

iv) In our opinion, and according to information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company & the nature of the business, for the purchase of inventory and Fixed Assets and for the sale of goods.

v) According to information and explanations given to us, during the year there are no transactions / purchase or sales that need to be entered is the register maintained U/S 301 of Companies Act. 1956. The company is a holding company of Kautilya Infotech Limited .

vi) According to information and explanations given to us, the company has not accepted any deposits from public hence provisions of Section 58A of Companies Act, 1956 and rules framed there under are not applicable.

vii) a) According to the records of the company and explanation given to us, the provisions of Provident Fund and Employees State Insurance are not applicable to the company.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, customs duty and excise duty were outstanding as at 31st March 2010 for a period of more than six months from the date these became payable. Except the taxation payable (Net off DTA ) for Rs. 5,40,300/- pertaining to the earlier years.

viii) According to information and explanations given to us and from the records of the company, the Company has not defaulted, in repayment of dues of bank.

ix) As explained to us, company has not given any guarantee for loans taken by others from banks or financial institutions.

x) According to information and explanations given to us, and from the records of the company, perused by us during the course of audit, term loans have not been raised during the year.

xi) According to information and explanations given to us and from the records of the company, no short-term funds have been raised during the year.

xii) According to 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 U/S 301 of the Companies Act, 1956.

xiii) Company has not issued any debenture during the year.

xiv) According to the information and explanations given to us, company has not raised any money by public issue during the year.

xv) According to information and explanations given to us and from the records of the company, perused by us during the course of our audit, we have not come across any fraud on or by the company during the year.

xvi) The other clauses of the Order are not applicable to the Company.

for AGRAWAL ATUL & ASSOCIATES

CHARTERED ACCOUNTANTS

(CA ATUL AGRAWAL, FCA)

PARTNER

Membership No: 077293

FRN NO: 008113C

Place : Delhi.

Date : 13th August,2010

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