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Auditor Report of Anjani Synthetics Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of ANJANI SYNTHETICS LIMITED ("the Company"), which comprise the Balance Sheet as at March 31,2015, the 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 Sandalone Financial Statements :

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act. 2013 ("the Act") with respect to the preparation and presentation 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities, selection and application of appropriate accounting policies; making judgements and estimates that are responsible and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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 have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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 internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, 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 on the financial statements.

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 Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements :

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the 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 those books;

c) The balance sheet, the statement of profit and loss and the cash flow Statement dealt with by this Report are in agreement with the books of account;

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the companies (Accounts) Rules, 2014;

e) On the basis of written representations received from the directors as on March 31,2015 taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2015 from being appointed as a director in terms of Section 164 (2) of the Act; and

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

i) The Company does not have any pending litigations for which provision have not been made which would impact its financial position.

ii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any.

iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company

Annexure to the Independent Auditor’s Report

The Annexure referred to in our Independent Auditor's Report to the members of the Company on the financial statements for the year ended 31 March 2015, we report that;

(i) In respect of Fixed Assets:

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

b) As per the information and explanations given to us, all the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(ii) In respect of Inventory:

(a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals. In our opinion, the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c) The company is maintaining proper records of inventory. As informed to us there were no material discrepancies noticed on verification between the physical stocks and the book records and any discrepancies found has been properly dealt within the books of accounts.

(iii) In respect of the loans, secured or unsecured, granted by the company to companies, firms or other parties covered in the register maintained u/s. 189 of the Companies Act, 2013 :

(a) During the year under audit, the Company has not granted any loans, secured or unsecured, to the companies, firms and other parties covered in the register maintained under section 189 of the Companies Act, 2013 hence clause 3 (iii) (a) and (iii) (b) of the Companies (Auditor's Report) Order, 2015 are not applicable.

iv) In our opinion and according to the information and explanations given to us, there are an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and sale of services. We have not observed any major weakness in the internal control system during the course of our audit.

v) According to the information and explanation given to us, the company has not accepted any deposit from the public during the year. Therefore the provisions of clause (v) of paragraph 3 of the order are not applicable to the company.

vi) The central government has prescribed maintenance of cost records under section 209(1)(d) of the companies act 1956 in respect of certain manufacturing activities of the company. Company has obtained cost audit report for the financial year 2013-14 during the year. We have broadly reviewed the accounts and records of the company in this connection and are of the opinion, that prima facie, the prescribed accounts and records have been made and maintained. We have not, however carried out detailed examination of the same.

vii) (a) The company is generally regular in depositing the undisputed statutory dues including Provident Fund,

Employees State Insurance, Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty, Service Tax, Value Added Tax, Cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of afore mentioned dues were outstanding as at 31St March 2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, details of statutory dues that have not been deposited on account of dispute and the matters pending before appellate authority are as under :

Sr. Name of the Statute Nature of Dues Amount No.

1. Income Tax Act, 1961 Income Tax for the 66220/- A.Y 2008-09

2. Income Tax Act, 1961 Income Tax for the 411190/- A.Y. 2010-11

3. Income Tax Act, 1961 Income Tax for the 809110/- A.Y. 2011-12

4 Income Tax Act, 1961 Income Tax for the 1150817/- A.Y. 2012-13

Sr. Name of the Statute Forum Where Remark No. dispute is pending

1. Income Tax Act, 1961 CIT - Ahmedabad

2. Income Tax Act, 1961 ITAT - Ahmedabad

3. Income Tax Act, 1961 ITAT - Ahmedabad

4 Income Tax Act, 1961 CIT - Ahmedabad

(viii) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

(ix) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institutions or banks. As there are no debentures, the question of repayment does not arise.

(x) In our opinion and according to the information and the explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xi) In our opinion and according to the information and explanations given to us, the Term loans have been applied for the purpose for which they were obtained.

(xii) According to the information and explanation given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.

As per our Report of Even Date For and on Behalf of For, Nahta Jain & Associates Chartered Accountants Firm Regn. No. 106801W

Sd/- (CA. GAURAV NAHTA) Place : Ahmedabad Partner Date : 30/05/2015 M.No.116735


Mar 31, 2014

We have audited the accompanying financial statements of Anjani Synthetics Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2014, and the 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 ("the Act") read with General Circular No. 15/2013 dated 13 Sept. 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. 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 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 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 used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

In our opinion 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 March 31,2014;

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 the Cash Flow Statement, of the cash flows 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 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 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 those books

c) the Balance Sheet, Statement of Profit and 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 and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; read with General Circular No. 15/2013 dated 13 Sept. 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013.

e) on the basis of 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 Independent Auditors'' Report (Referred to in our report of even Date)

Annexure to Independent Auditors'' Report (Referred to in our report of even Date)

i.) In respect of Fixed Assets:

a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b) As explained to us the Fixed Assets have been physically verified by the management during the year and we are informed that no material discrepancies were noticed on such verification.

c) In our opinion and according to the information and explanations given to us, the company has not disposed off any substantial fixed Assets during the year, hence the going concern status of the company is not affected.

ii) In respect of its inventories:

a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals. In our opinion, the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c) The company is maintaining proper records of inventory. As informed to us there were no material discrepancies noticed on verification between the physical stocks and the book records.

iii) In respect of the loans, secured or unsecured, granted or taken by the company to / from companies, firms or other parties covered in the register maintained u/s. 301 of the Companies Act, 1956 :

a) The Company had taken unsecured loans from sixteen parties having aggregating outstanding balance of '' 3,52,49,107/- as listed in the register maintained u/s 301 of the companies Act, 1956.

b) In our opinion, the rate of interest and other terms and conditions on which loans were accepted from firm and other parties listed in the register maintained u/s 301 of the Companies Act 1956 are not, prima facie, prejudicial to the interest of the company.

c) That payment of the principal amounts and interest, wherever applicable, was also regular.

d) There has been no overdue amount during the year.

e) The company has not granted any loan, secured loan or unsecured loan to companies, firms or other parties in the register maintained under section 301 of the companies Act, 1956 and accordingly information required under clause f & g are not applicable.

iv) 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 service 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, we have not observed any continuing failure to correct major weaknesses in internal controls.

v) In respect of the contract or arrangement referred to in section 301 of the companies Act, 1956 :

a) The transactions that need to be entered into the register in pursuance of section 301 of the Company Act 1956 have been so entered.

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

vi) According to the information and explanation given to us, the company has not accepted any deposit from the public during the year. Therefore the provisions of clause (vi) of paragraph 4 of the order are not applicable to the company.

vii) In our opinion, the company has an internal audit system commensurate with its size and nature of its business.

viii) The central government has prescribed maintenance of cost records under section 209(1 )(d) of the companies act 1956 in respect of certain manufacturing activities of the company. Company has obtained cost audit report for the financial year 2012-13 during the year. We have broadly reviewed the accounts and records of the company in this connection and are of the opinion, that prima facie, the prescribed accounts and records have been made and maintained. We have not, however carried out detailed examination of the same.

ix) In respect of statutory dues:

a) The company is generally regular in depositing the undisputed statutory dues including Provident Fund, Income Tax, Sales Tax, Custom Duty, Excise Duty, Cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of afore mentioned dues were outstanding as at 31st March 2014 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us, details of statutory dues that have not been deposited on account of dispute and the matters pending before appellate authority are as under:

Sr. Name of the Statute Nature of Dues Amount Forum Where No. dispute is pending

1. Income Tax Act, 1961 Income Tax for the A.Y. 2008-09 66220/- CITAhmedabad

2. Income Tax Act, 1961 Income Tax for the A.Y. 2010-11 411190/- CITAhmedabad

3. Income Tax Act, 1961 Income Tax for the A.Y. 2011-12 809110/- CITAhmedabad

Sr. Name of the Statute Remark No. 1. Income Tax Act, 1961 -

2. Income Tax Act, 1961 -

3. Income Tax Act, 1961 -

x) In our opinion, the company does not have any accumulated losses and has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or banks. As there are no debentures, the question of repayment does not arise.

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

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

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

xv) We are informed that company has not given guarantee for loans taken by others from banks or financial institutions.

xvi) In our opinion and according to the information and explanations given to us, the Term loans have been applied for the purpose for which they were issued.

xvii) 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 term basis have been used for long term investment.

xviii) The company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

xix) The company has not issued any debentures during the year and therefore clause 4(xix) of the companies (Auditor''s Report) order, 2003 is not applicable.

xx) The Company has not raised money by public issue during the year and therefore clause 4(xx) of the companies (Auditor''s report) order, 2003 is not applicable.

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

As per our Report of Even Date For and on Behalf of NAHTAJAIN & ASSOCIATES Chartered Accountants FRN 106801W

Place : Ahmedabad (CA. GAURAV NAHTA) Date: 30/05/2014 Partner M.No.116735


Mar 31, 2012

1. We have audited the attached Balance Sheet of ANJANI SYNTHETICS LIMITED at 31st March 2012 and the Profit & Loss Account and also the cash flow statement 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 management, as well as evaluating the overall financial statements 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 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 & 5 of the said order.

4. Further to our comments in the Annexure referred to above, 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 purpose of our audit ;

ii) In our opinion proper books of accounts as required by the law have been kept by the company so far as its appears from our examination of the books;

iii) The balance sheet and Profit & Loss Account dealt with by this report are in agreement with such books of accounts;

iv) In our opinion, the balance sheet and profit & Loss account "Except in case of retirement benefits as refer to in Note No. 2 in Schedule "P" as the Company follows "pay as you go basis" comply with the accounting standards referred to in Sec. 211(3C) of the Companies Act, 1956.

v) On the basis of representations received from the Directors of the company, we report that, no director is disqualified as on 31-3-2012 from being appointed as a director of the company under the clause (g) of sub section (1) of section 274 of the companies Act 1956.

vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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 Balance Sheet, of the state of affairs of the Company as at 31st March 2012,

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

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

i) In respect of Fixed Assets:

a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b) As explained to us the Fixed Assets have been physically verified by the management during the year and we are informed that no material discrepancies were noticed on such verification.

c) The company has not disposed off any substantial fixed Assets during the year, hence the going concern status does not affected.

ii) In respect of its inventories:

a) Physical verification of Inventory has been conducted by the management at reasonable intervals during the year. 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 nature of its business.

c) The company is maintaining proper records of inventory. As informed to us there were no material discrepancies noticed on verification between the physical stocks and the book records.

iii) In respect of the loans, secured or unsecured, granted or taken by the company to / from companies, firms or other parties covered in the register maintained u/s. 301 of the Companies Act, 1956 :

a) The company has granted loan to one companies, firms or other parties as listed in the register maintained under section 301 of the companies ACT, 1956 and aggregate outstanding balance as on 31/03/2012 was Rs. 90,00,000/-.

b) In our opinion, the rate of interest and other terms and conditions on which loans were granted to company, firm or other parties listed in the register maintained u/s. 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company.

c) The receipt of the principal amount and interest, wherever applicable, was also regular.

d) There is no overdue amount of Rs. one lacs or more .

e) The Company had taken unsecured loans from forteen parties having aggregating outstanding balance of Rs. 3.41 Crores as listed in the register maintained u/s. 301 of the Companies Act, 1956.

f) In our opinion, the rate of interest and other terms and conditions on which loans were accepted from the company, firm or other parties listed in the register maintained u/s. 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company.

g) The payment of the principal amount and interest, wherever applicable, was also regular.

iv) 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 service 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, we have not observed any continuing failure to correct major weaknesses in internal controls.

v) In respect of the contract or arrangement referred to in section 301 of the companies Act, 1956 :

a) The transactions that need to be entered into the register in pursuance of section 301 of the Company Act 1956 have been so entered.

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

vi) According to the information and explanation given to us, the company has not accepted any deposit from the public during the year. Therefore the provisions of clause (vi) of paragraph 4 of the order are not applicable to the company.

vii) In our opinion, the company has an internal audit system commensurate with its size and nature of its business.

viii) The central government has prescribed maintenance of cost records under section 209(1)(d) of the companies act 1956 in respect of certain manufacturing activities of the company. Company has obtained cost audit report for the financial year 2009-10 during the year We have broadly reviewed the accounts and records of the company in this connection and are of the opinion, that prima facie, the prescribed accounts and records have been made and maintained. We have not, however carried out detailed examination of the same.

ix) In respect of statutory dues:

a) The company is generally regular in depositing the undisputed statutory dues including Provident Fund, Income Tax, Sales Tax, Custom Duty, Excise Duty, Cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of afore mentioned dues were outstanding as at 31St March 2012 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us, details of statutory dues that have not been deposited on account of dispute and the matters pending before appellate authority are as under:

Sr. Name of the Status Nature of Dues Amount Forum Where Remark No. dispute is pending

1. Income Tax Act, 1961 Income Tax for the 113960/- CIT A.Y. 2008-09 Ahmedabad - -

2. Income Tax Act, 1961 Income Tax for the 601310/- CIT A.Y. 2009-10 Ahmedabad - -

x) In our opinion, the company does not have any accumulated losses and has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or banks. As there are no debentures, the question of repayment does not arise.

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

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

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

xv) We are informed that company has not given guarantee for loans taken by others from banks or financial institutions.

xvi) In our opinion and according to the information and explanations given to us, the Term loans have been applied for the purpose for which they were issued.

xvii) 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 term basis have been used for long term investment.

xviii) The company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

xix) The company has not issued any debentures during the year and therefore clause 4(xix) of the companies (Auditor's Report) order , 2003 is not applicable.

xx) The Company has not raised money by public issue during the year and therefore clause 4(xx) of the companies (Auditor's report) order , 2003 is not applicable.

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

As per our Report of Even Date

For and on Behalf of

NAHTA JAIN & ASSOCIATES

Chartered Accountants

FRN 106801W

Place : Ahmedabad (CA. GAURAV NAHTA)

Date : 11.08.2012 Partner

M.No.116735


Mar 31, 2010

1. We have audited the attached Balance Sheet of ANJANI SYNTHETICS LIMITED at 31st March 2010 and the Profit & Loss Account and also the cash flow statement 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 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 statements presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003. 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 & 5 of the said order.

4. Further to our comments in the Annexure referred to above, 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 purpose of our audit,

ii) In our opinion proper books of accounts as required by the law have been kept by the company so far as its appears from our examination of the books;

iii) The balance sheet and Profit & Loss Account dealt with by this report are in agreement with such books of accounts;

iv) In our opinion, the balance sheet and profit & Loss account "Except in case of retirement benefits as refer to

in Note No. 2 in Schedule "0" as the Company follows "pay as you go basis" comply with the accounting standards referred to ,n Sec. 211(3C) of the Companies Act. 1956.

v) On the basis of representations received from the Directors of the company, we report that, no director is disqualified as on 31-3-2010 from being appointed as a director of the company under the clause (g) of sub section (1) of section 274 of the companies Act 1956.

vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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 Balance Sheet, of the state of affairs of the Company as at31*March 2010;

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

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

Annexure to Auditors Report (Referred to in our report of even Date)

i.) In respect of Fixed Assets:

a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b) As explained to us the Fixed Assets have been physically verified by the management during the year and we are informed that no material discrepancies were noticed on such verification

c) The company has not disposed off any substantial fixed Assets during the year, hence the going concern status does not affected.

ii) In respect of its inventories:

a) Physical verification of Inventory has been conducted by the management at reasonable intervals during the year. 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 nature of its business

c) The company is maintaining proper records of inventory. As informed to us there were no material discrepancies noticed on verification between the physical stocks and the book records

iii) In respect of the loans, secured or unsecured, granted or taken by the company to/ from companies, firms or other parties covered in the register maintained u/s. 301 of the Companies Act, 1956 :

a) The Company had taken unsecured loans from 9 parties covered in the register maintained u/s. 301 of the Companies Act, 1956 and the year-end balance in aggregate was Rs. 0.35 Crores.

b) In our opinion, the rate of interest and other terms and conditions on which loans have been taken from the company, firm or other parties listed in the register maintained u/s 301 of the Companies Act, 1956are not. prima facie, prejudicial to the interest of the company.

c) The company is regular in repaying the principal amount as stipulated and has been regular in payment of interest.

d) There is no over due amount of loans taken from the companies, firms, other parties listed m the register maintained u/s. 301 of the Companies Act, 1956.

e) The company has not granted any loan to parties covered ,n the register maintained u/s. 301 of Companies Act, 1956. Consequently the requirements of clauses (iii) (f) and (iii) (g) of paragrapg 4 of the order are not applicable

n) 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, we have not observed any continuing failure to correct major weaknesses in internal controls.

v) In respect of the contract or arrangement referred to in section 301 of the companies Act, 1956 :

a) The transactions that need to be entered into the register in pursuance of section 301 of the Company Act 1956 have been so entered.

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

vi) According to the information and explanation given to us, the company has not accepted any deposit from the public during the year. Therefore the provisions of clause (vi) of paragraph 4 of the order are not applicable to the company

vii) In our opinion, the company has an internal audit system commensurate with its size and nature of its business.

viii) The central government has prescribed maintenance of cost records under section 209(1 )(d) of the companies act 1956 in respect of certain manufacturing activities of the company. Company has obtained cost audit report for the financial year 2008-09 during the year We have broadly reviewed the accounts and records of the company in this connection and are of the opinion, that prima facie, the prescribed accounts and records have been made and maintained We have not, however carried out detailed examination of the same.

ix) In respect of statutory dues:

a) The company is generally regular in depositing the undisputed statutory dues including Provident Fund, Income Tax, Sales Tax, Custom Duty, Excise Duty, Cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of afore mentioned dues were outstanding as at 31st March 2010 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us, details of statutory dues that have not been deposited on account of dispute and the matters pending before appellate authority are as under:

Sr. Name of the Statute Nature of Dues Amount No.

1. Income Tax Act, 1961 Income Tax for the 1035205/- AY. 2005-06

2. Income Tax Act, 1961 Income Tax for the 953269/- A.Y 2005-06

Name of the Staute Forum Where Remark dispute is pending

Income Tax Act, 1961 Ahmedabad ------------

Income Tax Act, 1961 CIT(A) Penalty Ahmedabad proceedings

x) In our opinion, the company does not have any accumulated losses and has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or banks. As there are no debentures, the question of repayment does not arise.

- xii) The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

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

XIV) In our opinion , the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

XV) We are informed that company has not given guarantee for loans taken by others from banks or financial institutions.

xvi) In our opinion and according to the information and explanations given to us, the Term loans have been applied for the purpose for which they were issued.

xvii) 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 term basis have been used for long term investment No Long term funds have been used to finance short term assets except permanent working capital.

xviii) The company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

XIX) The company has not issued any debentures during the year and therefore clause 4(xix) of the companies (Auditors Report) order, 2003 is not applicable. However the Company had issued shares consequent upon split of shares from face value of Rs. 10/-to Rs 1/-.

xx) The Company has not raised money by public issue during the year and therefore clause 4(xx) of the companies (Auditors report) order, 2003 is not applicable.

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

As per our Report of Even Da For and on Behalf of

NAHTA JAIN & ASSOCIATES

Chartered Accountants FRN 1068101W

Place: Ahmedabad (CA. GAURAVNAHTA)

Date : 25/08/2010 Partner

M.No.116735



 
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