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Auditor Report of Alka India Ltd.

Sep 30, 2014

Report on the Financial Statements

We have audited the accompanying financial statements of Alka India Limited which comprise the Balance Sheet as at September 30, 2014 and Statement of Profit and Loss and 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

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.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 misstatements ,whether due to fraud and 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 Standards on auditing issued by the Institute of Chartered Accountants of India. Those standards require that we comply with the ethical requirements plan and perform the audit to obtained reasonable assurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgement, including the assessment of the risk of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose expressing an opinion on the effectiveness of entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies and the reasonableness of accounting estimates made by management, as well as evaluating the overall financial statement.

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 financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at September 30, 2014;

(b) in the case of the Profit and Loss Account, of the profit/ loss for the year ended on that date; and

(c) in the case of Cash Flow Statement, of the cash flow 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 term of sub section (4A) of the section 227 of the Act, we give in the annexure a statement on the matters specified in paragraphs 4 and 5 of the order:

2. Required by section 227(3) of the act, we report that :

(i) 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;

(ii) 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 these books.

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

(iv) In our opinion, the Balance Sheet, Profit and Loss Account and cash flow statements comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

(v) On the basis of written representation received from the Directors as on September 30, 2014 and taken on record by the Board of Directors, none of the Directors is disqualified as on September 30, 2014 from being appointed as a Director in terms of Section 274(1)(g) of the Companies Act, 1956.

ANNEXURE TO AUDITORS'' REPORT

(Referred to in paragraph 4 of our report to the members of Alka India Limited of even date)

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

(b) The fixed assets have been physically verified by the management at reasonable intervals, which in our opinion, is considered reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verifications.

(c) The Company has not disposed off a substantial part of fixed assets during the year, and accordingly, going concern is not affected.

(ii) Physical verification of inventory has been conducted at reasonable intervals by the management. Consequently, there is no tangible inventory carried by the Company. Accordingly, the provisions of Paragraph 4(ii) of the said Order are not applicable to the Company.

(iii) According to the information and explanations given to us, the Company has not taken any loan, secured or unsecured from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act 1956. Accordingly, Paragraph 4(iii) of the said Order is not applicable to the Company.

(iv) In our opinion, and according to the information and explanations given to us, the Company''s internal control procedures for the purchase of inventory and for the sale of goods and services needs to be further strengthened so as to be commensurate with the size of the Company and nature of its business. In respect of purchase of fixed assets, the Company has adequate internal control procedures 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 major weakness in internal control system.

(v) In our opinion and according to the information and explanations given to us, there are no transactions that need to be been entered in the register maintained under section 301 of the Companies Act, 1956.

(vi) The Company has not accepted any deposits from the public to which the directives issued by the Reserve Bank of India and the provisions of section 58A, 58AA and any other relevant provisions of the Companies Act, 1956 and the rules framed there under are applicable. Accordingly, the provisions of Paragraph 4(vi) of the said Order are not applicable to the Company.

(vii) The Company has an internal audit system, commensurate with the size of the Company and the nature of its business.

(viii) As informed to us, the maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 in respect of the activities of the Company. Accordingly the provisions of Paragraph 4(viii) of the said Order are not applicable to the Company.

(ix) (a) According to the information and explanations given to us, except for delays in depositing tax deducted at source, the Company is generally regular in depositing undisputed statutory dues including provident fund, investors education and protection fund, employees state insurance, income-tax, service tax, excise duty, custom duty, cess and any other statutory dues as applicable, with the appropriate authorities during the year. At the end of the financial year, and the company had filed appeal against the said order. There are no outstanding Statutory dues except above as at the last day of the financial year concerned for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no dues of sales tax, income-tax, wealth tax, service tax, custom duty, excise duty and cess which have not been deposited on account of any dispute.

(x) After considering the effect of quantified qualification, in our opinion and according to the information and explanations given to us, the accumulated losses of the Company at the end of the financial year does not exceed fifty percent of its net worth. The Company has not incurred cash losses during the current financial year and also in the immediately preceding financial year.

(xi) In our opinion, and on the basis of our examination and according to the information and explanations given to us, the Company has not defaulted in repayment of its dues to financial institutions :

(xii) In our opinion, and on the basis of our examination 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. Accordingly the provisions of Paragraph 4(xii) of the said Order are not applicable to the Company.

(xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Accordingly, the provisions of Paragraph 4(xiii) of the said Order are not applicable to the Company.

(xiv) The Company is dealing in or trading in shares, securities, debentures and other investments. Proper records have been maintained of the transactions and contracts and timely entries have been made therein; also shares, securities, debentures and other investments have been held by the company, in its own name to the extent of the exemption, if any, granted under section 49 of the Act;

(xv) According to the information and explanations given to us, the Company has not given guarantee to any Company..

(xvi) According to the information and explanations given to us that the company had not raised any term loan.

(xvii) On the basis of an overall examination of the balance sheet of the Company, in our opinion and according to the information and explanations given to us, there are no funds raised on short-term basis, which have been used for long-term purposes.

(xviii) The Company has not made preferential allotment of shares to the parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of Paragraph 4(xviii) of the said Order are not applicable to the Company.

(xix) The Company has not issued any debentures during the year. Accordingly, the provisions of Paragraph 4(xix) of the said Order are not applicable to the Company.

(xx) During the year the Company has partly restructured the Bank loan by issuing Fully Convertible Warrants as stated in Notes.

(xxi) To the best of our knowledge and belief, and according to the information and explanations given to us, there have been no cases of fraud on or by the Company noticed or reported during the year.

For Agrawal Jain & Gupta Chartered Accountants FRN: 013538C

Sd/- CA Narayan Swami Partner M. No - 409759

Place : Mumbai, Date : 20th January,.2015


Sep 30, 2013

Report on the Financial Statements.

1. We have audited the accompanying financial statements of Alka India Limited which com- prise the Balance Sheet as at September 30, 2013 and statement of Profit and Loss and 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

2. 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. This responsibility includes the design implementation and main- tenance of internal control relevant to the preparation and presentation of the financial state- ments that give a true and fair view and are free from material misstatements, whether due to fraud and error.

Auditor''s Responsibility

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

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judg- ment, including the assessment of the risk of material misstatements of the financial state- ments, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies and the reasonable- ness of accounting estimates made by management, as well as evaluating the overall financial statement.

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

Opinion

6. In our opinion, and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so re- quired 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 September 30, 2013;

(b) in the case of the Profit and Loss Account, of the Profit/Loss for the year ended on that date; and

(c) in the case of Cash Flow Statement, of the cash flow for the year ended on that date;

Report on other Legal and Regulatory Requirements

7. Required by section 227(3) of the act, we report that :

(i) We have obtained all the information and explanations which, to the best of our knowl- edge and belief, were necessary for the purposes of our audit;

(ii) In our opinion, proper books of account, as required by law, have been kept by the Com- pany so far as appears from our examination of these books.

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

(iv) In our opinion, the Balance Sheet, Profit and Loss Account and cash flow statements comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

(v) On the basis of written representation received from the Directors as on September 30, 2013 and taken on record by the Board of Directors, none of the Directors is disqualified as on September 30,2013 from being appointed as a Director in terms of Section 274 (1)(g) of the Companies Act 1956.

ANNEXURE TO AUDITORS'' REPORT

(Referred to in paragraph 4 of our report to the members of Alka India Limited of even date)

(i) (a) The Company has maintained proper records showing full particulars, including quan- titative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management at reasonable inter- vals, which in our opinion, is considered reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verifications.

(c) The Company has not disposed off a substantial part of fixed assets during the year, and accordingly, going concern is not affected.

(ii) Physical verification of inventory has been conducted at reasonable intervals by the man- agement. Consequently, there is no tangible inventory carried by the Company. Accord- ingly, the provisions of Paragraph 4(ii) of the said Order are not applicable to the Company.

(iii) According to the information and explanations given to us, the Company has not taken any loan, secured or unsecured from companies, firms or other parties listed in the register main- tained under section 301 of the Companies Act 1956. Accordingly, Paragraph 4(iii) of the said Order is not applicable to the Company.

(iv) In our opinion, and according to the information and explanations given to us, the Company''s internal control procedures for the purchase of inventory and for the sale of goods and ser- vices needs to be further strengthened so as to be commensurate with the size of the Com- pany and nature of its business. In respect of purchase of fixed assets, the Company has adequate internal control procedures commensurate with the size of the Company and na- ture of its business. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system.

(v) In our opinion and according to the information and explanations given to us, there are no transactions that need to be been entered in the register maintained under section 301 of the Companies Act, 1956.

(vi) The Company has not accepted any deposits from the public to which the directives issued by the Reserve Bank of India and the provisions of section 58A, 58AA and any other relevant provisions of the Companies Act, 1956 and the rules framed there under are applicable. Accordingly, the provisions of Paragraph 4(vi) of the said Order are not applicable to the Company.

(vii) The Company has an internal audit system, commensurate with the size of the Company and the nature of its business.

(viii) As informed to us, the maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 in respect of the activities of the Company. Accordingly the provisions of Paragraph 4(viii) of the said Order are not applicable to the Company.

Registered Office :

E-211, Crystal Plaza, By Order Of the Board of Directors

Opp. Fame Adlabs For ALKA INDIA LIMITED

New Link Road, Andheri (W)

Mumbai – 400053. Sd/-

Ramakant Gokulchand

Place :Mumbai Chairman & Managing Director

Date :14th February, 2014


Sep 30, 2012

1. We have audited the attached balance sheet of Alka India Limited (''the Company’) as at September 30, 2012, the profit and loss account and also the cash flow statement of the Company for the year ended on that date (all together referred to as the ''financial statements’). 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 the 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.

3. As required by the Companies (Auditor’s Report) Order, 2003 (''the said 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 enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to in paragraph 3 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 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, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account;

d. in our opinion, the balance sheet, the profit and loss account and cash flow statement comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

e. on the basis of the written representations received from the directors, and taken on record by the board of directors, we report that none of the directors are disqualified as on March 31, 2012 from being appointed as a director under 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 explanation given to us, the said financial statements, read with the 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 of the balance sheet, of the state of affairs of the Company as at March 31, 2012;

ii. in the case of the profit and loss account, of the loss of the Company for the year ended on that date; and

iii. in the case of the cash flow statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE TO AUDITORS’ REPORT

(Referred to in paragraph 4 of our report to the members of Alka India Limited of even date)

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

(b) The fixed assets have been physically verified by the management at reasonable intervals, which in our opinion, is considered reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verifications.

(c) The Company has not disposed off a substantial part of fixed assets during the year, and accordingly, going concern is not affected.

(ii) The Company has a policy of treating motion pictures under production as inventory till the date of release/agreement whichever is earlier. Consequently, there is no tangible inventory carried by the Company. Accordingly, the provisions of Paragraph 4(ii) of the said Order are not applicable to the Company.

(iii) According to the information and explanations given to us, the Company has not taken any loan, secured or unsecured from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act 1956. Accordingly, Paragraph 4(iii) of the said Order is not applicable to the Company.

(iv) In our opinion, and according to the information and explanations given to us, the Company’s internal control procedures for the purchase of inventory and for the sale of goods and services needs to be further strengthened so as to be commensurate with the size of the Company and nature of its business. In respect of purchase of fixed assets, the Company has adequate internal control procedures 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 major weakness in internal control system.

(v) In our opinion and according to the information and explanations given to us, there are no transactions that need to be been entered in the register maintained under section 301 of the Companies Act, 1956.

(vi) The Company has not accepted any deposits from the public to which the directives issued by the Reserve Bank of India and the provisions of section 58A, 58AA and any other relevant provisions of the Companies Act, 1956 and the rules framed there under are applicable. Accordingly, the provisions of Paragraph 4(vi) of the said Order are not applicable to the Company.

(vii) The Company has an internal audit system, commensurate with the size of the Company and the nature of its business.

(viii) As informed to us, the maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 in respect of the activities of the Company. Accordingly the provisions of Paragraph 4(viii) of the said Order are not applicable to the Company.

(ix) (a) According to the information and explanations given to us, except for delays in depositing tax deducted at source, the Company is generally regular in depositing undisputed statutory dues including provident fund, investors education and protection fund, employees’ state insurance, income-tax, service tax, excise duty, custom duty, cess and any other statutory dues as applicable, with the appropriate authorities during the year. At the end of the financial year, and the company had filed appeal against the said order. There are no outstanding Statutory dues except above as at the last day of the financial year concerned for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no dues of sales tax, income-tax, wealth tax, service tax, custom duty, excise duty and cess which have not been deposited on account of any dispute.

(x) After considering the effect of quantified qualification, in our opinion and according to the information and explanations given to us, the accumulated losses of the Company at the end of the financial year does not exceed fifty percent of its net worth. The Company has not incurred cash losses during the current financial year and also in the immediately preceding financial year.

(xi) In our opinion, and on the basis of our examination and according to the information and explanations given to us, the Company has not defaulted in repayment of its dues to financial institutions :

(xii) In our opinion, and on the basis of our examination 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. Accordingly the provisions of Paragraph 4(xii) of the said Order are not applicable to the Company.

(xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Accordingly, the provisions of Paragraph 4(xiii) of the said Order are not applicable to the Company.

(xiv) The Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of Paragraph 4(xiv) of the said Order are not applicable to the Company.

(xv) According to the information and explanations given to us, the Company has not given guarantee to any Company..

(xvi) According to the information and explanations given to us that the company had not raised any term loan.

(xvii) On the basis of an overall examination of the balance sheet of the Company, in our opinion and according to the information and explanations given to us, there are no funds raised on short-term basis, which have been used for long-term purposes.

(xviii) The Company has not made preferential allotment of shares to the parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of Paragraph 4(xviii) of the said Order are not applicable to the Company.

(xix) The Company has not issued any debentures during the year. Accordingly, the provisions of Paragraph 4(xix) of the said Order are not applicable to the Company.

(xx) During the year the Company has partly restructured the Bank loan by issuing Fully Convertible Warrants as stated in Notes.

(xxi) To the best of our knowledge and belief, and according to the information and explanations given to us, there have been no cases of fraud on or by the Company noticed or reported during the year.

For Agrawal Jain & Gupta

Chartered Accountants

FRN: 013538C

Sd/-

CA Narayan Swami

Partner

M. No - 409759

Mumbai, 06th Febuary.2013


Sep 30, 2011

1. We have audited the attached Balance Sheet of ALKA INDIA LTD. as at 30th September 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.

2. We have 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.

3. As required by the Companies (Auditor's Report) Order, 2003, as amended by the Companies (Auditor's Report) Order, 2004, 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 paragraphs 4 and 5 of the said Order to the extend applicable.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that

a) We have obtained all the information and explanation. Which to the best of our knowledge and belief were necessary for the purpose of our audit.

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

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

d) In our opinion, the Balance Sheet. Profit & loss Account and Cash Flow comply with the accounting standards specified by the Institute of Chartered Accountants of India, referred to in sub section (3C) of section 211 of the companies Act 1956 to the extent applicable.

e) On the basis of the written representation received from the Directors of the company and taken on record by the Board of Directors, we report that, none of the Directors of the Company is disqualified as on 30th September 2011 from being appointed as a Director under 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 explanation given to us the said accounts subject to :-

g) No provision for leave encashment benefit payable to employees has been made in the accounts, the amount of which is not ascertainable. (Refer Note No. 1(f) (I) of "Schedule-X "on Notes on accounts).

And read together with the Schedules annexed thereto and the notes and Significant Accounting Policies thereon give the information required by the Companies Act. 1956 in the manner so required and give a true and fair view: -

1) In the case of the Balance Sheet, of the State of Affairs of the Company as at 30th September, 2011; And

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

ANNEXURE TO THE REPORT OF THE AUDITORS'

[Annexure referred to in paragraph 3 of the Auditors Report of even date on the accounts of ALKA INDIA LIMITED for the year ended on 30th September 2011]

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

(b) We are informed that, all the assets have been physically verified by the management during the year. No material discrepancies were noticed on such verification.

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

2. (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining proper records of inventory. No discrepancies were noticed on verification between the physical stocks and the book records.

3. The Company has not taken any Loans form other Companies covered in the register maintained u/ s.301 of the Companies Act,1956, hence Clause (b),(c) are not applicable.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

5 According to the information and explanations provided by the management, the particulars of all contracts or arrangements that need to be entered into the register the maintained u/s 301 of the Companies Act, 1956. During the year company purchase vehicle of Rs. 80.00 lacks to Ashok R. panchariya.

6 According to information's and explanations given to us, the company has not accepted any deposit from public covered by the provision of section 58A and 58AA of the companies act 1956 and the rule framed there under.

7 In our opinion, the company has an internal control system commensurate with the size and nature of its business.

8 We are informed that maintenance of cost records as prescribed by the Central Govt. U/s. 209(1) (d) of the Companies act, 1956, is not applicable to the company.

9. (a) According to the records of the company and information & explanation by the management, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees' state insurance, income-tax, sales-tax, wealth-tax, custom duty, excise-duty, Service Tax cess and other statutory dues applicable to it.

(b) According to the information and explanations given to us by management, no undisputed amounts payable in respect of income-tax, wealth-tax, sales tax, customs duty, excise duty, *"*" service tax and cess were outstanding, as at 30.09.2011 for a period of more than six months from the date they became payable.

(c) According to the records of the company and information & explanation by the management, there are no dues of sales tax. Income tax, custom tax/wealth tax, excise duty, service tax and cess, which has not been deposited on account of any dispute.

10. The accumulated losses of the company are not more than fifty percent of its net worth. The company has incurred cash losses during the financial year covered by our audit but the company has incurred cash losses in the immediate preceding financial year.

11. Based on our Audit procedure and on the information and explanation given by the management, we are of the opinion that the company has not defaulted in repayment of dues to a financial institution, bank or debenture holder.

12. The company has not granted any loans or advances on basis of the security by way of pledge of shares, securities, debentures and other securities.

13. In our opinion, the company is not a chit fund or nidhi mutual benefit fund/ society. Therefore the provision of the clause 4(xiii) of the companies (Auditor's Report) order, 2003are not applicable to the company.

14. In our opinion, the company is not dealing in shares securities debentures and other investments. Therefore the provision of the clause 4(xiii) of the companies (Auditor's Report) order, 2003are not applicable to the company.

15. The company has not given any guarantee for loan taken by others from banks or financial institutions.

16. The company has not taken any term loan; hence the clause is not applicable.

17. According to the information and explanation given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-terms basis have been | used for long-term investment. No long term funds have been used to finance short-term assets except core (permanent) working capital.

18. Based on our examination of records and the information provided to us by the management, we have1 report that the company has not made preferential allotment of shares to parties and companies J covered under section 301 of the Act.

19. During the year covered by our audit report, the company has not issued any debentures.

20. During the year under review, the company has not raised funds from public issue.

21. Based upon the audit procedures performed and information and explanations given by the (of management, we report that no fraud on or by the company has been noticed or reported during the ,~ course of our audit.

For Agrawal Jain And Gupta

Chartered Accountants

FRN : 013538C

sd/-

Place: Mumbai (CA. Narayan Swami)

Date : 13th February, 2012 Partner M. No.- 409759


Sep 30, 2010

1. We have audited the attached Balance Sheet of ALKA INDIA LTD. as at 30th September 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.

2. We have 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.

3. As required by the Companies (Auditors Report) Order, 2003, as amended by the Companies (Auditors Report) Order, 2004, 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 paragraphs 4 and 5 of the said Order to the extend applicable.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that

a) We have obtained all the information and explanation. Which to the best of our knowledge and belief were necessary for the purpose of our audit.

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

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

d) In our opinion, the Balance Sheet. Profit & loss Account and Cash Flow comply with the accounting standards specified by the Institute of Chartered Accountants of India, referred to in sub section (3C) of section 211 of the companies Act 1956 to the extent applicable.

e) On the basis of the written representation received from the Directors of the company and taken on record by the Board of Directors, we report that, none of the Directors of the Company is disqualified as on 30th September 2010 from being appointed as a Director under 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 explanation given to us the said accounts subject to :- g) No provision for leave encashment benefit payable to employees has been made in the accounts, the amount of which is not ascertainable. (Refer Note No. 1(f) (I) of "Schedule-X "on Notes on accounts).

And read together with the Schedules annexed thereto and the notes and Significant Accounting Policies thereon give the information required by the Companies Act. 1956 in the manner so required and give a true and fair view: -

1) In the case of the Balance Sheet, of the State of Affairs of the Company as at 30th September, 2010; And

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

3) In the case of Cash Flow Statement of the cash flow for the year ended on that date.

ANNEXURE TO THE REPORT OF THE AUDITORS

[Annexure referred to in paragraph 3 of the Auditors Report of even date on the accounts of ALKA INDIA LIMITED for the year ended on 30th September 2010]

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

(b) We are informed that, all the assets have been physically verified by the management during the year. No material discrepancies were noticed on such verification.

(c) The company has disposed off the plant and machinery during the year.

2. (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining proper records of inventory. No discrepancies were noticed on verification between the physical stocks and the book records.

3. The Company has not taken any Loans form other Companies covered in the register maintained u/s.301 of the Companies Act,1956, hence Clause (b),(c) are not applicable.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

5. According to the information and explanations provided by the management, the particulars of all contracts or arrangements that need to be entered into the register the maintained u/s 301 of the Companies Act, 1956.

6. According to informations and explanations given to us, the company has not accepted any deposit from public covered by the provision of section 58A and 58AA of the companies act 1956 and the rule framed there under.

7. In our opinion, the company has an internal control system commensurate with the size and nature of its business.

8. We are informed that maintenance of cost records as prescribed by the Central Govt. U/s. 209(1)

(d) of the Companies act, 1956, is not applicable to the company.

9. (a) According to the records of the company and information & explanation by the management, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income- tax, sales-tax, wealth-tax, custom duty, excise-duty, Service Tax cess and other statutory dues applicable to it.

(b) According to the information and explanations given to us by management, no undisputed amounts payable in respect of income-tax, wealth-tax, sales tax, customs duty, excise duty, service tax and cess were outstanding, as at 30.09.2010 for a period of more than six months from the date they became payable.

(c) According to the records of the company and information & explanation by the management, there are no dues of sales tax. Income tax, custom tax/wealth tax, excise duty, service tax and cess, which has not been deposited on account of any dispute.

10. The accumulated losses of the company are not more than fifty percent of its net worth. The company has incurred cash losses during the financial year covered by our audit but the company has incurred cash losses in the immediate preceding financial year.

11. Based on our Audit procedure and on the information and explanation given by the management, we are of the opinion that the company has not defaulted in repayment of dues to a financial institution, bank or debenture holder.

12. The company has not granted any loans or advances on basis of the security by way of pledge of shares, securities, debentures and other securities.

13. In our opinion, the company is not a chit fund or nidhi mutual benefit fund/ society. Therefore the provision of the clause 4(xiii) of the companies (Auditors Report) order, 2003are not applicable to the company.

14. In our opinion, the company is not dealing in shares securities debentures and other investments. Therefore the provision of the clause 4(xiii) of the companies (Auditors Report) order, 2003are not applicable to the company.

15. The company has not given any guarantee for loan taken by others from banks or financial institutions.

16. The company has not taken any term loan; hence the clause is not applicable.

17. According to the information and explanation given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-terms basis have been used for long-term investment. No long -term funds have been used to finance short-term assets except core (permanent) working capital.

18. Based on our examination of records and the information provided to us by the management, we report that the company has not made preferential allotment of shares to parties and companies covered under section 301 of the Act.

19. During the year covered by our audit report, the company has not issued any debentures.

20. During the year under review, the company has not raised funds from public issue.

21. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For Agrawal Jain And Gupta

Chartered Accountants

FRN : 013538C

sd/-

Place: Mumbai ( CA. Narayan Swami ) Date : 4th March, 2011 Partner M. No.- 409759


Sep 30, 2009

1 . We have audited the attached Balance Sheet of ALKA INDIA L.TD. as at 30th September 2009 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the rcsponsibi1ity of the Companys Management. Our responsibility is to express an opinion on these financia1 statements based on our audit.

2. We have conducted our audit in accordanee 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 arc free of material misstatement. An audit includes examining, on a lest 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.

3. As required by the Companies (Auditors Report) Order, 2003, as amended by the Companies (Auditors Report) Order, 2004, 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 paragraphs 4- and 5 of the said Order to the extend applicable.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that

a.) We have obtained all the information and explanation. Which to the best of our Knowledge and belief were necessary for the purpose of our audit.

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

e) The Balance Sheet and Profit &. Loss Account dealt with by this report are in agreement with the books of account.

d> In our opinion, the Balance Sheet. Profit & loss Account and Cash Flow comply with the accounting standards specified by the Institute of Chartered Accountants of India, referred to in sub section (3C) of section 211 of the companies Act 1956 to the extent applicable.

e) On the basis of the written representation received from the Directors of the company and taken on record by the Board of Directors, we report that, none of the Directors of the Company is disqualified as on 30th September 2009 from being appointed as a Director under clause (g) of Sub-section (1) of Section 27-4 of the companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanation given to us the said accounts subject to :-

(g) Mo provision for leave encashment benefit payable to employees has been made in the accounts, the amount of which is not ascertainable. (Refer Note No. 1(f) (I) of "Schcdulc-X "on Notes on accounts).

And read together with the Schedules annexed thereto and the notes and Significant Accounting Policies thereon give the information required by the Companies Act. 1956 in the manner so required and give a true and fair view: -

1 ) In the case of the Balance Sheet, of the State of Affairs of the Company as at 30th September, 2009; And

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

3) In the case of Cash Flow Statement of the cash flow for the year ended on that date.

ANNEXURE TO THE REPORT OF THE AUDITORS

Annexure referred to in paragruph 3 of the Auditors Report of even date on the accounts of ALKA INDIA LIMITED for the year ended on 30th September 2009

1 . ( a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) We are informed that, all the assets have been physically verified by the management during the year. No material discrepancies were noticed on such verification. (C) The company has not disposed off any part of the plant and machinery during the year.

2. (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(e) On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining proper records of inventory. No discrepancies were noticed on verification between the physical stocks and the book records.

3 .The Company has not taken any Loans form other Companies covered in the register maintained u/s.30)l of the Companies Act, 1956, hence Clause (b).(e) are not applicable.

4. In our opinion and according to the information and explanations given to us. there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

5 According to the information and explanations provided by the management, the particulars of all contracts or arrangements that need to be entered into the register the maintained u/s 30 1 of the Companies Act. 1956.

6 According to informations and explanations given to us. the company has not accepted any deposit from public covered by the provision of section 58A and 58AA of the companies act 1956 and the rule framed there under.

7 In our opinion, the company has an internal control system commensurate with the size and nature of its business.

8.We are informed that maintenance of cost records as prescribed by the Central Govt. U/s. 209( 1 ) (d) of the Companies act. 1956, is not applicable to the company.

9. (a) According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income-tax, sales-tax. wealth-tax. custom duty, excise-duty. Service Tax cess and other statutory dues applicable to it.

(b) According to the information and explanations given to lis, no LindispLited amounts payable in respect of income-tax, wealth-tax. sales tax. customs duty, excise duty, service tax and cess were outstanding, as at 30.09.2009 for a period of more than six months from the date they became payable.

(c) According to the records of the company, there are no dues i^V sales tax. Income tax, custom tax/wealth tax. excise duty, service ta x and cess, which has not been deposited on account of any dispute.

10. The accumulated losses of the company are not more than fifty percent of its net worth. The company has incurred cash losses during the financial year covered by our audit but the company has not incurred cash losses in the immediate preceding financial year.

11. Based on our Audit procedure and on the information and explanation given by the management, we are of the opinion that the company has not defaulted in repayment of dues to a financial institution, bank or debenture holder.

12. The company lias not granted any loans or advances on basis of the security by way of pledge of shares, securities, debentures and other securities.

13. In our opinion, the company is not a chit fund or nidhi mutual benefit fund/ society. Therefore the provision of the clause 4(xiii) of the companies (Auditors Report) order. 2003are not applicable to the company.

14. In our opinion, the company is not dealing in shares securities debentures and other investments. Therefore the provision of the clause 4( x iii) of the companies (Auditors Report) order. 2003are not applicable to the company.

15. The company has not given any guarantee for loan taken by others From banks or financial institutions;.

16. The company has not taken any term loan; hence the clause is not applicable.

17. According to the information and explanation given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-terms basis have been used for long-term investment. No long term funds have been used to finance short-term assets except core (permanent) working capital.

18. Based on our examination of records and the information provided to us by the management, we report that the company has not made preferential allotment of shares to parties and companies covered under section 30 1 of the A.ct.

19. During the year covered by our audit report, the company has not issued any debentures.

20. During the year under review, the company has not raised Funds From public issue.

21 . Based upon the audit procedures per Formed and information and explanations given by the management, we report that no Fraud on or by the company has been noticed or reported during the course of our audit.

For, Agarwal Jain And Cupta Chartered Accountants,

Place: Mumbai (Narayan Swami)

Date: 04.03.2010 Partner.

M.No.-409759



 
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