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Auditor Report of Asahi Songwon Colors Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Asahi Songwon Colors Limited("the Company"), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the 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 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 the 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 judgments and estimates that are reasonable 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.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken into account the provisions of the 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 there under.

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 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 31st March, 2015;

(b) in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date, and

(c) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

Report on Other legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, 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 Companies Act, 2013, 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 it 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 specified under section 133 of the Companies Act, 2013, read with Rule 7 of Companies (Accounts) Rules, 2014.

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

(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 has disclosed the impact of pending

litigations on its financial position in its financial statements.

(ii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.

(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

Annexure to Independent Auditors' Report

Referred to in paragraph 1 of the Auditors' Report of even date to the members of Asahi Songwon Colors limited on the financial statements as at and for the year ended 31st March, 2015.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

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

(b) As explained to us, fixed assets, according to the practice of the company, are physically verified by the management at reasonable intervals, in phased verification programme, which in our opinion, is reasonable looking to the size of the Company and the nature of its business. As explained to us, on such physical verification of fixed assets, no major discrepancies have been noticed.

2. (a) During the year, the inventories have been physically verified, by the Management at regular intervals, except for the stock lying with the outside parties, which have, however, been confirmed by them. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedure of the 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 records of the inventories, we are of the opinion that, the Company has maintained proper records of inventories. As explained to us, no material discrepancies were noticed on physical verification of inventories as compared to the book records.

3. As per the information and explanations given to us, the Company has not granted any loans, secured or unsecured loans to Companies, firms or other parties listed in the register maintained under Section 189 of the Companies Act, 2013.

4. In our opinion and as per the information and explanations given to us, there is adequate internal control system commensurate with the size of the company and the nature of its business with regards to purchase of inventory and fixed assets and sale of goods and services. During the course of our audit, no major weaknesses in the internal control system have been noticed and there is no continuing failure in the same.

5. According to the information and explanations given to us, as the company has not accepted any deposits from the public, Therefore the provision of clause(v) of paragraph 3 of the CARO 2015 are not applicable to the Company.

6. According to the information and explanation provided for the provisions of clause 3(vi) of the Order are not applicable to the company as the company is not covered by the Companies (Cost Records and Audit) Rules, 2014. The company does maintain cost records in accounting system as per financial data, however the detailed examination has not been made to determine whether they are sufficient accurate or correct.

7. (a) In our opinion and as per the information and explanations given to us, the Company is generally regular in depositing undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, service tax, Value added Tax, custom duty, excise duty, Investor Education and Protection Fund and cess and other statutory dues, if any, with the appropriate authorities.

According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Service Tax, Custom Duty and Excise Duty / Cess were in arrears, as at 31st March, 2015 for a period of more than six months from the date of they become payable.

(b) The disputed dues on account of income tax, which have remained unpaid as on 31.03.2015 are as follows:

Name of the Statute Nature of Amount of Demand Year to Which forum where Dispute is Pending Dues net of Deposits Amount Relates

Income ]Tax Act, 1961 Income Tax 554,840 2001-2002 The said Demand is outstanding because of non disposal of the application filed u/s 154

Income Tax Act, 1961 Income Tax 1,344,550 2002-2003 Income Tax Appellate Tribunal Ahmedabad

Income Tax Act, 1961 Income Tax 2,755,672 2004-2005 Commissioner of Income Tax (Appeal)

Income Tax Act, 1961 Income Tax 151,555 2006-2007 Commissioner of Income Tax (Appeal)

Income Tax Act, 1961 Income Tax 953,530 2008-2009 Commissioner of Income Tax (Appeal)

Income Tax Act, 1961 Income Tax 793,947 2009-2010 Commissioner of Income Tax (Appeal)

Income Tax Act, 1961 Income Tax 16,470 2010-2011 Income Tax Appellate Tribunal Ahmedabad

Income Tax Act, 1961 Income Tax 272,520 2011-2012 Income Tax Appellate Tribunal Ahmedabad

(c) According to the information and explanations given to us the amounts which were required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules there under has been transferred to such fund within time.

8. The Company neither has any accumulated losses at the end of the financial year as at 31st March 2015, nor has it incurred any cash losses in the current financial year ended on that date and in the immediately preceding financial year.

9. In our opinion and as per the information and explanations given to us, the Company has not defaulted in repayment of dues to Banks and Financial Institutions and debenture holders.

10. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

11. According to the information and explanations given to us and based on the verification the company has availed disbursement of sanctioned Term Loan and have been applied for the purposes for which they were raised.

12. According to the information and explanations given to us and to the best of our knowledge and belief, no fraud on or by Company was noticed or reported in the course of our audit during the year.

For, Trushit Chokshi and Associates

Chartered Accountants

firm Registration No: 111072W

Trushit Chokshi Place: Ahmedabad Proprietor

Date: 12/08/2015 Membership No.: 040847


Mar 31, 2014

We have audited the accompanying financial statements of Asahi Songwon Colors Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2014, the Statement of profit and Loss and Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash fow 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 15/2013 dated September 13, 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.

Auditors'' 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 the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is suffcient 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 31st March, 2014;

(b) in the case of the Statement of profit and Loss, of the profit of the Company for the year ended on that date, and

(c) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, 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 Companies Act, 1956, 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 it 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 sub-section (3C) of section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013; and

(e) On the basis of the written representations received from the directors as on 31st March, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 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 Auditors'' Report

Referred to in paragraph 1 of the Auditors'' Report of even date to the members of Asahi Songwon Colors Limited on the financial statements as at and for the year ended 31st March, 2014.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

1. (a) The company has maintained proper records showing

full particulars including quantitative details and situation of its fixed assets.

(b) As explained to us, fixed assets, according to the practice of the company, are physically verifed by the management at reasonable intervals, in phased verifcation programme, which in our opinion, is reasonable looking to the size of the Company and the nature of its business. As explained to us, on such physical verifcation of fixed assets, no major discrepancies have been noticed.

(c) The Company has not disposed off any substantial part of the fixed assets during the year and the going concern status of the company is not affected.

2. (a) During the year, the inventories have been physically verifed, by the Management at regular intervals, except for the stock lying with the outside parties, which have, however, been confirmed by them. In our opinion, the frequency of verifcation is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedure of the physical verifcation 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 records of the inventories, we are of the opinion that, the Company is maintaining proper records of inventories. As explained to us, no material discrepancies were noticed on physical verifcation of inventories as compared to the book records.

3. (a) As per the information and explanations given to us,

the Company has not granted any loans, secured or unsecured loans to Companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Accordingly clauses 3(b), 3(c) and 3(d) of Paragraph 4 of the Order are not applicable to the company for the current year.

(b) As per the information and explanations given to us, the Company has not taken any loans, secured or unsecured loans from Companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Accordingly clauses 3(f) and 3(g) of Paragraph 4 of the Order are not applicable to the company for the current year.

4. In our opinion and as per the information and explanations given to us, there is adequate internal control system commensurate with the size of the company and the nature of its business with regards to purchase of inventory and fixed assets and sale of goods and services. During the course of our audit, no major weaknesses in the internal control system have been noticed and there is no continuing failure in the same.

5. a) Based on the audit procedure applied by us and according to the information and explanations and representations given to us by the management, we are of the opinion that the transactions in which directors were interested and which need to be entered into the register to be maintained under Section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and as per the information and explanations given to us, the transaction made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 exceeding the value of rupees five lakhs in respect of any party during the year is reasonable having regard to the prevailing market prices at the relevant time.

6. In our opinion and as per the information and explanations given to us, as the company has not accepted any deposits from the public, paragraph 4(vi) of the order is not applicable to the Company.

7. In our opinion, the Company has an internal audit system commensurate with the size of the Company and nature of business.

8. According to the information and explanations given to us, the Central Government has prescribed maintenance of cost records under Section 209(1) (d) of the Companies Act, 1956 in respect of manufacturing activities of the Company. 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 a detailed examination of the same.

9. (a) In our opinion and as per the information and explanations given to us, the Company is generally regular in depositing undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, service tax, value added tax, custom duty, excise duty and cess and other statutory dues, if any, with the appropriate authorities.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Service Tax, Custom Duty and Excise Duty / Cess were in arrears, as at 31st March, 2014 for a period of more than six months from the date of they become payable.

(c) The disputed dues on account of income tax which have remained unpaid as on 31/03/2014 are as follows:

Name of the Statute Nature of Dues Amount of Demand Year to Which net of Deposits Amount Relates

Income Tax Act, 1961 Income Tax 554,840 2001-2002

Income Tax Act, 1961 Income Tax 1,344,550 2002-2003

Income Tax Act, 1961 Income Tax 1,607,120 2003-2004

Income Tax Act, 1961 Income Tax 4,649,710 2004-2005

Income Tax Act, 1961 Income Tax 151,555 2006-2007

Income Tax Act, 1961 Income Tax 117,670 2008-2009

Income Tax Act, 1961 Income Tax 644 2009-2010

Income Tax Act, 1961 Income Tax 16,470 2010-2011

Income Tax Act, 1961 Income Tax 2,72,520 2011-2012

Name of the Statute Forum where Dispute is Pending

Income Tax Act, 1961 The said Demand is outstanding because of non disposal of the application fled u/s 154

Income Tax Act, 1961 Income Tax Appellate Tribunal Ahmedabad

Income Tax Act, 1961 Income Tax Appellate Tribunal Ahmedabad

Income Tax Act, 1961 Commissioner of Income Tax (Appeal)

Income Tax Act, 1961 Commissioner of Income Tax (Appeal)

Income Tax Act, 1961 Commissioner of Income Tax (Appeal)

Income Tax Act, 1961 Commissioner of Income Tax (Appeal)

Income Tax Act, 1961 Commissioner of Income Tax (Appeal)

Income Tax Act, 1961 Commissioner of Income Tax (Appeal)

10. The Company has neither accumulated losses at the end of the financial year as at 31st March 2014, nor has it incurred cash losses in the current financial year ended on that date and in the immediately preceding financial year.

11. In our opinion and as per the information and explanations given to us, the Company has not defaulted in repayment of dues to Banks, Financial Institutions and Debenture Holders.

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

13. The Company is not a Chit Fund, Nidhi, Mutual benefit Fund and / or a Society. Therefore, the provision of this clause of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

14. In our opinion the Company has maintained proper records of the transactions and contracts of the investments dealt in by the Company and timely entries have been made therein. The investments made by the company are held in its own name.

15. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

16. According to the information and explanations given to us, the term loans were applied by the Company for the purpose for which they were obtained.

17. According to the information and explanations given to us, and on verifcation of Cash fow and on an overall examination of the balance sheet of the company, in our opinion, there are no funds raised on short-term basis used for long-term investments.

18. According to the information and explanations given to us, during the period covered by our audit, the Company has not made preferential allotment of equity shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19. On the basis of the records and documents examined by us, the Company has not issued any debenture during the year.

20. The Company has not raised any money by way of public issue during the year.

21. According to the information and explanations given to us and to the best of our knowledge and belief, no fraud on or by Company was noticed or reported in the course of our audit during the year.

For, Trushit Chokshi and Associates Chartered Accountants

Firm Registration No : 111072W

Trushit Chokshi Place : Ahmedabad Proprietor Date : 12/08/2014 Membership No. : 040847


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Asahi Songwon Colors Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2013, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flow 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"). 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.

Auditors'' 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 the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the 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 31st March, 2013;

(b) in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date, and

(c) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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

2. As required by Section 227(3) of the Act, we report that:

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

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it 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 sub-section (3C) of section 211 of the Act.

(e) On the basis of the written representations received from the directors as on 31st March, 2013 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

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

(b) As explained to us, fixed assets, according to the practice of the company, are physically verified by the management at reasonable intervals, in phased verification programme, which in our opinion, is reasonable looking to the size of the Company and the nature of its business. As explained to us, on such physical verification of fixed assets, no major discrepancies have been noticed.

(c) The Company has not disposed off any substantial part of the fixed assets during the year and the going concern status of the company is not affected.

2. (a) During the year, the inventories have been physically verified, by the Management at regular intervals, except for the stock lying with the outside parties, which have, however, been confirmed by them. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedure of the 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 records of the inventories, we are of the opinion that, the Company is maintaining proper records of inventories. As explained to us, As explained to us, no material discrepancies were noticed on physical verification of inventories as compared to the book records.

3. (a) As per the information and explanations given to us, the Company has not granted any loans, secured or unsecured loans to Companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Accordingly clauses 3(b), 3(c) and 3(d) of Paragraph 4 of the Order are not applicable to the company for the current year.

(b) As per the information and explanations given to us, the Company has not taken any loans, secured or unsecured loans from Companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Accordingly clauses 3(f) and 3(g) of Paragraph 4 of the Order are not applicable to the company for the current year.

4. In our opinion and as per the information and explanations given to us, there is adequate internal control system commensurate with the size of the company and the nature of its business with regards to purchase of inventory and fixed assets and sale of goods and services. During the course of our audit, no major weaknesses in the internal control system have been noticed and there is no continuing failure in the same.

5. a) Based on the audit procedure applied by us and according to the information and explanations and representations given to us by the management, we are of the opinion that the transactions in which directors were interested and which need to be entered into the register to be maintained under Section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and as per the information and explanations given to us, the transaction made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 exceeding the value of rupees five lakhs in respect of any party during the year is reasonable having regard to the prevailing market prices at the relevant time.

6. In our opinion and as per the information and explanations given to us, as the company has not accepted any deposits from the public, paragraph 4(vi) of the order is not applicable to the Company.

7. In our opinion, the Company has an internal audit system commensurate with the size of the Company and nature of business.

8. According to the information and explanations given to us, the Central Government has prescribed maintenance of cost records under Section 209(1) (d) of the Companies Act, 1956 in respect of manufacturing activities of the Company. 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 a detailed examination of the same.

9. (a) In our opinion and as per the information and explanations given to us, the Company is generally regular in depositing undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, service tax, value added tax, custom duty, excise duty and cess and other statutory dues, if any, with the appropriate authorities. No undisputed amounts payable in respect thereof were outstanding at the year end for a period of more than six months from the date they became payable.

(b) There are no amounts in respects of Sales Tax, VAT, Excise Duty, Custom and Wealth Tax and cess that have not been deposited with the appropriate authorities on account of any dispute.

(c) The disputed dues on account of income tax which have remained unpaid as on 31/03/2013 are as follows.

Name of the Statute Nature of Dues Amount of Demand Year to Which net of Deposits Amount Relates

Income Tax Act, 1961 Income Tax 554,840 2001-2002

Income Tax Act, 1961 Income Tax 1,344,550 2002-2003

Income Tax Act, 1961 Income Tax 1,607,120 2003-2004

Income Tax Act, 1961 Income Tax 4,649,711 2004-2005

Income Tax Act, 1961 Income Tax 151,555 2006-2007

Income Tax Act, 1961 Income Tax 117,670 2008-2009

Income Tax Act, 1961 Income Tax 644 2009-2010

Income Tax Act, 1961 Income Tax 16,470 2010-2011

Income Tax Act, 1961 Income Tax 2,72,520 2011-2012

Name Forum where Dispute is Pending

Income Tax Act, 1961 The said Demand is outstanding because of non disposal of the application filed u/s 154

Income Tax Act, 1961 Income Tax Appellate Tribunal Ahmedabad

Income Tax Act, 1961 Income Tax Appellate Tribunal Ahmedabad

Income Tax Act, 1961 Commissioner of Income Tax (Appeal)

Income Tax Act, 1961 Commissioner of Income Tax (Appeal)

Income Tax Act, 1961 Commissioner of Income Tax (Appeal)

Income Tax Act, 1961 Commissioner of Income Tax (Appeal)

Income Tax Act, 1961 Commissioner of Income Tax (Appeal)

Income Tax Act, 1961 Commissioner of Income Tax (Appeal)

10. The Company has neither accumulated losses at the end of the financial year as at 31st March 2013, nor has it incurred cash losses in the current financial year ended on that date and in the immediately preceding financial year.

11. In our opinion and as per the information and explanations given to us, the Company has not defaulted in repayment of dues to Banks, Financial Institutions and Debenture Holders.

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

13. The Company is not a Chit Fund, Nidhi, Mutual Benefit Fund and / or a Society. Therefore, the provision of this clause of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

14. In our opinion the Company has maintained proper records of the transactions and contracts of the investments dealt in by the Company and timely entries have been made therein. The investments made by the company are held in its own name.

15. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

16. According to the information and explanations given to us, the term loans were applied by the Company for the purpose for which they were obtained.

17. According to the information and explanations given to us, and on verification of Cash flow and on an overall examination of the balance sheet of the company, in our opinion, there are no funds raised on short-term basis used for long-term investments.

18. According to the information and explanations given to us, during the period covered by our audit, the Company has not made preferential allotment of equity shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19. On the basis of the records and documents examined by us, the Company has not issued any debenture during the year.

20. The Company has not raised any money by way of public issue during the year.

21. According to the information and explanations given to us and to the best of our knowledge and belief, no fraud on or by Company was noticed or reported in the course of our audit during the year.

For, Trushit Chokshi & Associates

Chartered Accountants

Firm Registration No : 111072W

Trushit Chokshi

Place : Ahmedabad (Proprietor)

Date : 19/06/2013 Membership No. : 040847


Mar 31, 2011

1. We have audited the attached Balance Sheet of ASAHI SONGWON COLORS LIMITED as at 31st March 2011, and also the Profit and Loss Account for the year ended on that date and 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 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 misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India, in terms of Section 227(4A) of the Companies Act, 1956; we give in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent applicable to the Company.

4. Further to our comments in the Annexure referred to in paragraph 3, 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 it 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 dealt with by this report are in compliance with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956;

(e) On the basis of written representation received from the directors, as on 31st March ,2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2011 from being appointed as a director in terms of Clause (g) of sub-section 1 of Section 274 of the Companies Act,1956;

(f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read together with the significant accounting policies and 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 31st March, 2011;

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

(iii) In the case of Cash-Flow Statement, of the Cash-Flows for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITOR'S REPORT OF EVEN DATE TO THE MEMBERS OF THE ASAHI SONGWON COLORS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED ON 31st March 2011. On the basis of such checks of books and records as we considered appropriate and in terms of the information and explanations given to us during course of our audit, we state that:

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

b) As explained to us, fixed assets, according to the practice of the company, are physically verified by the management at reasonable intervals, in phased verification programme, which in our opinion, is reasonable looking to the size of the Company and the nature of its business. As explained to us, on such physical verification of fixed assets, no major discrepancies have been noticed.

c) The Company has not disposed off any substantial part of the fixed assets during the year and the going concern status of the company is not affected.

2. a) During the year, the inventories have been physically verified, by the Management and the Internal Auditors at regular intervals, except for the stock lying with the outside parties, which have, however, been confirmed by them. In our opinion, the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us, the procedure of the physical verification of inventories followed by the Management and Internal Auditors 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 records of the inventories, we are of the opinion that, the Company is maintaining proper records of inventories. Discrepancies noticed on the physical verification of the inventories as compared to the book records were not material and have been properly dealt with in the books of accounts.

3. a) As per the information and explanations given to us, the Company has not granted any loans, secured or unsecured loans to Companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Accordingly clauses 3(b), 3(c) and 3(d) of Paragraph 4 of the Order are not applicable to the company for the current year. b) As per the information and explanations given to us, the Company has not taken any loans, secured or unsecured loans from Companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Accordingly clauses 3(f) and 3(g) of Paragraph 4 of the Order are not applicable to the company for the current year.

4. In our opinion and as per the information and explanations given to us, there is adequate internal control system commensurate with the size of the company and the nature of its business with regards to purchase of inventory and fixed assets and sale of goods and services. During the course of our audit, no major weaknesses in the internal control system have been noticed and there is no continuing failure in the same.

5. a) Based on the audit procedure applied by us and according to the information and explanations and representations given to us by the management, we are of the opinion that the transactions in which directors were interested and which need to be entered into the register to be maintained under Section 301 of the Companies Act, 1956 have been so entered. b) In our opinion and as per the information and explanations given to us, the transaction made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 exceeding the value of rupees five lakhs in respect of any party during the year is reasonable having regard to the prevailing market prices at the relevant time.

6. In our opinion and as per the information and explanations given to us, as the company has not accepted any deposits from the public, paragraph 4(vi) of the order is not applicable.

7. On the basis of internal audit reports broadly reviewed by us, we are of the opinion that the coverage of internal audit functions carried out by the internal auditor is commensurate with the size and the nature of business.

8. As per the information and explanations given to us, the company is not required to maintain the books of accounts pursuant to the rules made by the central government, for the maintenance of cost records prescribed under section 209 (1) (d) of the Companies Act,1956.

9. a) In our opinion and as per the information and explanations given to us, the Company is generally regular in depositing undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, service tax, Value added Tax, custom duty, excise duty and cess and other statutory dues, if any, with the appropriate authorities. b) As at 31st March, 2011 according to the records of the Company, following are the particulars of disputed dues on account of Sales Tax, VAT, Excise Duty, Custom and Income Tax.

Name of the Nature of Amount of Year to Which Forum where statute Dues Demand net of Amount relates Dispute is Pending Deposits (Rs. In Lacs)

Income Tax Law Income Tax 17.57 2000-2001 Income Tax Appellate Tribunal Ahmedabad

Income Tax Law Income Tax 3.78 2001-2002 Commissioner Of Income Tax(Appeal)

Income Tax Law Income Tax 13.02 2001-2002 High Court of Gujarat

Income Tax Law Income Tax 11.81 2002-2003 Income Tax Appellate Tribunal Ahmedabad

Income Tax Law Income Tax 16.07 2003-2004 Commissioner Of Income Tax(Appeal)

Income Tax Law Income Tax 37.33 2004-2005 Income Tax Appellate Tribunal Ahmedabad

10. The Company has neither accumulated losses at the end of the financial year as at 31st March 2011, nor has it incurred cash losses in the current financial year ended on that date and in the immediately preceding financial year.

11. In our opinion and as per the information and explanations given to us, the Company has not defaulted in repayment of dues to Banks and Financial Institutions.

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

13. The Company is not a Chit Fund, Nidhi, Mutual Benefit Fund and / or a Society.

14. In our opinion the Company has maintained proper records of the transactions and contracts of the investments dealt in by the Company and timely entries have been made therein. The investments made by the company are held in its own name.

15. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

16. According to the information and explanations given to us, the term loans were applied by the Company for the purpose for which they were obtained.

17. According to the information and explanations given to us, and on verification of Cash flow and on an overall examination of the balance sheet of the company, in our opinion, there are no funds raised on short-term basis used for long-term investments.

18. The Company, during the year under review, has not made any preferential allotment of shares.

19. On the basis of the records and documents examined by us, the Company has not issued any debenture during the year.

20. The Company has not raised any money by way of public issue during the year.

21. According to the information and explanations given to us and to the best of our knowledge and belief, no fraud on or by Company was noticed or reported in the course of our audit during the year.

For, Trushit Chokshi and Associates

Chartered Accountants

Firm No. : 111072W

(Trushit Chokshi)

Place :Ahmedabad Proprietor

Date :06/07/2011 Membership No. 40847




Mar 31, 2010

1. We have audited the attached Balance Sheet of ASAHI SONGWON COLORS LIMITED as at 31st March 2010, and also the Profit and Loss Account for the year ended on that date and 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 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 misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India, in terms of Section 227(4A) of the Companies Act, 1956; we give in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent applicable to the Company.

4. Further to our comments in the Annexure referred to in paragraph 3, 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, 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 dealt with by this report are in compliance with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956;

(e) On the basis of Written representation received from the directors, as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2010 from being appointed as a director in terms of Clause (g) of sub-section 1 of Section 274 of the Companies Act, 1956;

(f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read together with the Significant Accounting Policies and 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 31st March, 2010;

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

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

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITORS REPORT OF EVEN DATE TO THE MEMBERS OF THE ASAHI SONGWON COLORS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED ON 31st March 2010. On the basis of such checks of books and records as we considered appropriate and in terms of the information and explanations given to us during course of our audit, we state that:

1. a) The Company has maintained proper records showing full particulars including quantitative details and

situation of fixed assets.

b) As explained to us, fixed assets, according to the practice of the company, are physically verified by the management at reasonable intervals, in phased verification programme, which in our opinion, is reasonable looking to the size of the Company and the nature of its business. As explained to us, on such physical verification of fixed assets, no major discrepancies have been noticed.

c) The Company has not disposed off any substantial part of the fixed assets during the year and the going concern status of the company is not affected.

2. a) During the year, the inventories have been physically verified, by the Management and the Internal

Auditors at regular intervals, except for the stock lying with the outside parties, which have, however, been confirmed by them. In our opinion, the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us, the procedure of the physical verification of inventories followed by the Management and Internal Auditors 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 records of the inventories, we are of the opinion that, the Company is maintaining proper records of inventories. Discrepancies noticed on the physical verification of the inventories as compared to the book records were not material and have been properly dealt with in the books of accounts.

3. a) As per the information and explanations given to us, the Company has not granted any loans, secured

or unsecured loans to Companies, firms or other parties listed in the register maintained under Section 301 of the Companies act, 1956. Accordingly clauses 3(b), 3(c) and 3(d) of Paragraph 4 of the Order are not applicable to the company for the current year. b) As per the information and explanations given to us, the Company has not taken any loans, secured or unsecured loans from Companies, firms or other parties listed in the register maintained under Section 301 of the Companies act, 1956. Accordingly clauses 3(f) and 3(g) of Paragraph 4 of the Order are not applicable to the company for the current year.

4. In our opinion and as per information and explanations given to us, there is adequate internal control system commensurate with the size of the company and the nature of its business with regards to purchase of inventory and fixed assets and sale of goods and services. During the course of our audit, no major weaknesses in the internal control system have been noticed and there is no continuing failure in the same.

5. a) Based on the audit procedure applied by us and according the information and explanations and

representations given to us by the management, we are of the opinion that the transactions in which directors were interested and which need to be entered into the register to be maintained under Section 301 of the Companies Act. 1956 have been so entered. b) In our opinion and as per information and explanations given to us, the transaction made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act. 1956 exceeding the value of rupees five lakhs in respect of any party during the year is reasonable having regard to the prevailing market prices at the relevant time.

6. In our opinion and as per information and explanations given to us, as the company has not accepted any deposits from the public, paragraph 4(vi) of the order is not applicable.

7. On the basis of internal audit reports broadly reviewed by us, we are of the opinion that the coverage of internal audit functions carried out by the internal audit department constituted by the Management is commensurate with the size and the nature of business.

8. As per information and explanation given to us, the company is not required to maintain the books of accounts pursuant to Rules made by the Central Government, for the maintenance of cost records prescribed under section 209 (l)(d) of the Companies Act, 1956.

9. a) In our opinion and as per information and explanations given to us, the Company is generally regular in depositing undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, service tax, Value added Tax, custom duty, excise duty and cess and other statutory dues, if any, with the appropriate authorities. b) As at 31st March, 2010 according to the records of the Company, following are the particulars of disputed dues on account of Sales Tax, Excise Duty, Custom and Income Tax.

Name of the Nature of Amount of Period to Which Forum where statute Dues Demand net Amount relates Dispute isPending of Deposits (Rs. In Lacs) Income Tax Law Income Tax 17.57 2000-2001 Income Tax Appellate Tribunal Ahmedabad Income Tax Law Income Tax 3.78 2001-2002 Commissioner Of Income Tax (Appeal) Income Tax Law Income Tax 13.02 2001-2002 High Court ofGujarat Income Tax Law Income Tax 11.81 2002-2003 Income Tax Appellate Tribunal Ahmedabad Income Tax Law Income Tax 16.07 2003-2004 Commissioner Of Income Tax (Appeal) Income Tax Law Income Tax 37.33 2004-2005 Income Tax Appellate Tribunal Ahmedabad Income Tax Law Income Tax 2.81 2006-2007 Commissioner Of Income Tax (Appeal VI)

10 The Company has neither accumulated losses at the end of the financial year as at 31st March 2010, nor has it incurred cash losses in the current financial year ended on that date and in the immediately preceding financial year.

11 In our opinion and as per information and explanations given to us, the Company has not defaulted in repayment of dues to Banks and Financial Institutions.

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

13 The Company is not a Chit Fund, Nidhi, Mutual Benefit Fund and / or a Society.

14 In our opinion the Company has maintained proper records of the transactions and contracts of the investments dealt in by the Company and timely entries have been made therein. The investments made by the company are held in its own name.

15 According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

16 According to the information and explanations given to us, the term loans were applied by the Company for the purpose for which they were obtained.

17 According to the information and explanations given to us, and on verification of Cash flow and on an overall examination of the balance sheet of the company, in our opinion, there are no funds raised on short- term bases used for long-term investments.

18 The Company, during the year under review, has not made any preferential allotment of shares.

19 On the basis of the records and documents examined by us, the Company has not issued any debenture during the year.

20 The Company has not raised any money by way of public issue during the year.

21 According to the information and explanations given to us and to the best of our knowledge and belief, no fraud on or by Company was noticed or reported in the course of our audit during the year.

For, Trushit Chokshi and Associates Chartered Accountants Reg. No. : 111072W (Trushit Chokshi) Place : Ahmedabad Proprietor Date : 25.05.2010 Membership No. 40847

 
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