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Auditor Report of Ashoka Refineries Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of ASHOKA REFINERIES LTD. ("the Company"), which comprise the Balance Sheet as at March 31, 2015, 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, which we have signed under reference to this report.

Management's Responsibility for the Standalone 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 standalone 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone 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 standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 the paragraph 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 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) In our opinion ,Subject to Point No.3 given below, 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 standalone 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 the written representations received from the directors as on 31 March 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2015 from being appointed as a director in terms of Section 164 (2) of the Act; and

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

(i) The Company does not have any pending litigations which would impact its financial position

(ii) The Company did not have any long-term contracts including derivative contracts; as Page 3 of 4 such the question of commenting on any material foreseeable losses thereon does not arise

(iii) There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of delay in transferring such sums does not arise.

3. Attention of the members is drawn to the following Notes:-

a. Note No.12 of Notes on financial statements regarding certain disclosure relating to Micro / Small / Medium Enterprises.

Annexureto Companies (Auditor's Report) Order, 2015 ("the Order") to the members of Ashoka Refineries Ltd on the accounts of the company for the year ended 31st March, 2015

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

(i) There are no fixed assets in the company.

(ii) The Company is not engaged in trading and manufacturing activities. Hence, the requirement of clause (ii) of paragraph 3 of the said Order is not applicable to the Company

(iii) The company has not granted any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 189 of the Act.

(iv) In our opinion and according to the information and explanations there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to supply of services. Further, on the basis of our examination, and according to the information and explanations given to us, we have neither come across nor have been informed of any instance of major weaknesses in the aforesaid internal control procedures.

(V)The Company has not accepted any deposits from the public covered under Section 73 to 76 of the Companies Act, 2013

(vi) As informed to us, the Central Government has not prescribed maintenance of cost records under sub-section (1) of Section 148 of the Act

(vii) ( a)According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, undisputed statutory dues including provident fund, employee's state insurance, income tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues applicable to the Company have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess were in arrears, 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 and based on the records of the company examined by us, there are no dues of Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise Duty which have not been deposited on account of any disputes.

(c) There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of reporting delay in transferring such sums does not arise as at 31st March, 2015.

(viii) The Company does not have accumulated losses of more than 50% of its net worth as on 31st March, 2015 and company has incurred cash losses during the financial year ended on the date.However the company has not incurred cash losses in the immediately preceeding financial year.

(ix) The Company did not have any outstanding dues to financial institutions, banks or debenture holders during the year.

(x) In our opinion, and according to the information and explanations given to us, the company has not raised any term loans during the year and did not have any term loans outstanding during the year.

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

For, SUNIL JOHRI & ASSOCIATES CHARTERED ACCOUNTANTS FIRM REG. NO. 005960C

(BIVOR KUMAR) PLACE: RAIPUR PARTNER DATED: 28/05/2015 M .No: 422898


Mar 31, 2014

Report on the Financial Statements

We have audited the accompanying financial statements of ASHOKA REFINERIES LTD. ("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, which we have signed under reference to this report.

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 notified under ''the Companies Act, 1956'' of India (the "Act") 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. 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, subject to note given below, 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 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 including companies (Auditors Report) (Amendment) order 2004 issued by the Central Government of India in terms of Sub-section (4A) of section 227 of the companies Act, 1956, we enclose in the Annexure a Statement on the matters specified in paragraphs 4 & 5 of the said order.

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

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

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

c. The Balance Sheet and Statement of Profit and Loss dealt with by this Report are in agreement with the books of account.

d. In our opinion, subject to point no. 3 given below the Balance Sheet and Profit & Loss Account dealt with by this report comply with the accounting standards referred to in sub- section (3C) of section 211of the companies Act, 1956 read with general circular 15/2013 dated 13 Spetember2013 of Ministry of Corporate Affairs in respect of section 133 of the Companies Act 2013 and

e. On the basis of written representations received from all 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.

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

3. Attention of the members is drawn to the following Notes:-

a. Note No.12 of Notes on financial statements regarding certain disclosure relating to Micro / Small / Medium Enterprises.

b. Note No. 14 of Notes on financial statements regarding non provision of listing fees for the FY 2013-14

ANNEXURE TO THE AUDITOR''S REPORT REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE

I. The Company has no fixed assets hence Clause 4(i) (a) to (c) of CARO 2003 is not applicable to the Company.

II. The Company is not engaged in Trading or manufacturing activities hence does not have to maintain inventory, therefore Clause 4(ii) (a) to (c) of CARO 2003 is not applicable to the Company.

III. a) As informed by us, the Company has neither granted nor taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Since the Company has neither granted nor taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956, clauses 4(iii) (a) to (g) of CARO 2003 are not applicable to the Company.

IV. In our opinion and according to the information and explanations there are adequate internal control procedures'' commensurate with the size of the company and the nature of its business with regard to supply of services. Further, on the basis of our examination, and according to the information and explanations given to us, we have neither come across nor have been informed of any instance of major weaknesses in the aforesaid internal control procedures.

V. a) According to the information and explanations given to us, Company has not entered into any contract or arrangement referred to in section 301 of the act.

b) As the Company has not entered into any transaction, no comments have been given in respect of Clause 4(v) of the CARO, 2003.

VI. In our opinion according to the information and explanations provided by the management, in our opinion, the company has not accepted any public deposits. Hence no comments have been given in respect of Clause 4(vi) of the CARO, 2003.

VII. The Company does not have a formal internal audit system. However, in our opinion, there are adequate internal control procedures commensurate with the size and nature of the business.

VIII. The maintenance of the cost records under section 209(1 )(d) of the Companies Act, 1956, is not applicable to the Company.

IX. a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, undisputed statutory dues including provident fund, employee''s state insurance, income tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues applicable to the Company have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess were in arrears, as at 31st March 2014 for a period of more than six months from the date they became payable.

b) As on 31st March 2014, according to the records of the Company, there are no dues of sales tax, income-tax, customs tax / wealth tax, excise duty, Service Tax / cess on account of any dispute.

X. The Company has not accumulated losses of more than 50% of its net worth as on 31st March, 2014 and company has not incurred cash losses during the financial year ended on the date and immediately previous year.

XI. Since there is no borrowing from Bank / Financial Institution, Hence no comments have been given in respect of Clause 4(XI) of the CARO, 2003.

XII. According to the information and explanations given to us and based on the documents and records produced before us, the Company has not granted any loans and advances on the basis of pledge of shares, debentures and other securities.

XIII. In our opinion and to the best of our knowledge and according to the explanations provided by the management, that the company is neither a Chit Fund nor a Nidhi/mutual benefit society. Hence, the requirements of Clause 4(xiii) of CARO, 2003 do not apply to the Company.

XIV. In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provision of clause 4 (xiv) of CARO 2003 is not applicable to the company.

XV. The Company has not given guarantees for loans taken by others from bank or financial institutions. Accordingly, the provision of clause 4 (XV) of CARO 2003 is not applicable to the company.

XVI. The Company has neither raised any term loans during the year nor was any unutilized amount left on this account, as at the beginning of the year. Therefore, the provision of clause 4 (XVI) of CARO 2003 is not applicable to the company.

XVII. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

XVIII. The Company has not made any fresh allotment of shares during the year.

XIX. The Company did not issued debentures during the year.

XX. The Company has not raised any money by public issue during the period covered by our audit report.

XXI. To the best of our knowledge and belief, and according to the information and explanations given to us, and the records of the Company examined by us, no fraud on or by the Company was noticed or reported during the year.

FOR, SUNIL JOHRI & ASSOCIATES CHARTERED ACCOUNTANTS FIRM REGN.N0.005960C

(SUNIL JOHRI) PARTNER M.NO.074654

PLACE: RAIPUR DATE: 02.09.2014


Mar 31, 2013

Report on Financial Statements

We have audited the accompanying financial statements of Ashoka Refineries Limited, which comprise the Balance Sheet as at March 31, 2013, the Statement of Profit a Loss Cash Fluw 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 i true and fair view of the financial position, financial performance *nd cash flows of the Company in accordance with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control ce levant 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 trs.it we comply with ethical requirements and plan and perform toe audit to obtain reasonable assurance about whether the financial statements are free from rnaterial 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 malting those risk assessments, the auditor considers internal control relevant to the Company''s preparation aid fair presentation of the financial statements in order to design audit prccerlurps that arp appropriate in the circumstances. An audit also includes eva bating 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 one information and according to the explanation given ro us, the financial statements give the information required by the Act in the manner so requiied 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, 2013;

b) In the case of the Statement of Profit a Loss Account, of The profit 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, 20Ds. (together the "order) issued by the Central Government nf India in terms of sub-section (4A) of section 227 of the companies Act, 1955 of India (the ''Act''t, we enclose in the Annexure a Statement on the matters specified in paragraphs 4 & 5 of the said order.

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

a) We have obtained all the information and explanations whch in the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion proper books of atcuunt 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 & Loss and the Cash Flow Statement dealt with by tnis Report are in agreement with the books of account-

d) In our opinion, the Balance Sheet and Statement of Profit & Loss comply with the Accounting Standards referred to in subjection |3C) of section 211 of the Companies Act, 1956;

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

(iii) a) The inventory has been plysically verified at regular intervals during the year by the management. Il our opinion, the frequency of such verification is reasonable.

b) The procedures of Physical verification of inventories followed by the managenment are reasonable and adequate in rekdlen. to the size of the company and nature of its business.

c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the hysical stock and the book records were not material.

(iii) a) According to the information and explaination given to us, the rate of interest and other terms and conditions on which loans have been taken from/ granted to companies, firms or other parties listed in the register maintained under section 301 of the Comapnies Act, 1956 are not prima facie, prejudicial to the intrest of the Company.

b) Parties to whom the advances in the nature of loans have been given by the company are not paying the samw as stipulated. The company is yet to take any concrete steps for the recocery of the same.

c) In our opinion and according to the information and explaination given to us, during the company had taken Unsecured Loan, from 2 parties listed in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 0.87 Lacs and year end balance from such parties was Rs.0.18. Lacs.

d) In our opinion, terms and conditions on which loan has been taken from parties listed in the register maintained u/s, 301 of the companies Act, 1956 are not prima facie prejudicial to the interet of the company.

e) As regards the loans taken as stated in Para Para (b) above, the terms of repayment have not been stipulated.

(iv) In our opinion and according to the information and explainations given to us there are adequate internal control procedures commensurate with the size of the company and the natuer of its business with regard to purchase 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) a) According to the information and explainations given to us, we are of the opinion that there is no transaction and explainations given to us, we are of the opinion that there is no transactions that need to be entered into the register maintained under section 301 of the Copmanies Act, 1956 have been so entered.

b) In our opinion and according to the information and explainations given to us, that there is no transactions made in pursuance of contract or arrangements entered in the register maintained under section 301 of the Companies 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 to prevailing market prices at the relevant time.

(vi) In our opinion and according to the information and explainations given to us, the company has not accepted any deposits from the public, thus the directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 are not applicable. The Copmany Law Board has not passed any order.

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

(viii) The Central Government has not prescribed maintenance of cost records under clayse (d) of subsection (1) of Section 209 of the Copmanies Act, 1956 for any of the products manufactured by the company.

(ix) According to the information and explaination given to us and on the basis of our examination of books of accounts, we are in the opinion that the Provident fund, Employees State Insurance, Investor Education Protection Fund and Wealth tax are not applicable to the copmany, however Company has been generally regular in depositing undisputed other statutory dues including Investor Education Protection Fund, Employees'' state insurance, Income tax, Sales tax, ss, Custom duty and Excise duty and other statutory dues with appropriate authorities, whereever applicable to it and there are no arrears of outstanding statutory dues, as at the last day of the financial year for a period of more than six month from the date they became payable.

(x) The company has accumulated losses as at the end of the year which is nor more that 50% of its net worth.

(xi) According to the information and explainatins given to us, the company does not have any loan from financial institution or bank.

(xii) According to the information and explainations given to us, we are of the opinion that the company has not granted loans and advances on the basis of security by way of pledge of shares, debentured and other securities.

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

(xiv) According 10 information and explanation given to us. we are in opinion that the company is not dealing in or trading in shares, securities, debenture and other investments during the year Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(xv) According to the information and explanation given to us. we are of the opinion that the company has not given any guarantee for loans taken by others from banks or financial institutions.

(xvi) According to the information and explanations given to us, we are of the opinion that the company has not obtained any term loans.

(xvii) According to the information and explanations given to us, we report that the funds raised on short-term basis have not been used for long-term investmeni and vice versa.

(xviii) According to the information and explanations given to us. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 during the year.

(xix) The company has not issue any debentures during the year.

(xx) During the year covered by our audit report the company has not raised any money by way of public issue.

(xxi) To the best of our knowledge and belief and accordingly to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit,

FOR, SUNIL JOHRI & ASSOCIATES

CHARTERED ACCOUNTANTS

FRN:005960C .



SUNIL JOHRI

(PARTNER)

M.NO. 074654



PLACE: RAIPUR

DATED: 08/07/2013


Mar 31, 2012

We have audited the attached balance sheet of M/s Ashoka Refineries Limited, as at 31st March'2012 and also the Cash flow statement and the Profit & Loss A/c for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

As required by the companies (Auditor's Report) order, 2003 issued by the Department of Company Affairs, Government of India in terms of Sub-section (4A) of section 227 of the companies Act, 1956, and on the basis of such checks of the Books of Records of the company as we considered appropriate and according to the information and explanations given to us, we enclose in the Annexure a Statement on the matters specified in paragraphs 4 & 5 of the said order.

Further to our comments in the Annexure referred to above, we report that:-

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

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

3. The Balance sheet and profit & loss account and also Cash flow statement dealt with by this report are in agreement with the books of account.

4. In our opinion, the Balance Sheet and Profit & Loss account and Cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 21 lof the companies Act, 1956, to the extent applicable.

5. On the basis of written representation received from the Directors, as on 31st March' 2012, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March' 2012 from being appointed as a Director in terms of Clause-(g) of sub-section (1) of section 274 of the companies Act, 1956.

6. 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 in the Schedule - "N" 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 on 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 cash flow for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE.

I. The Company has no fixed assets hence no comment required regarding this Para.

II. The Company is not engaged in Trading or Manufacturing activities hence no comment is called for this para.

III a. In our opinion and according to the information and explanation given to us , the company has not granted unsecured loans to companies & firms or other parties covered in the register maintained under section 301 of the company acts, 1956.

The Company has not taken loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the companies Act, 1956. Hence, other points of this clause are not applicable.

IV. In our opinion and according to the information and explanations there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of services & supply of services. Further, on the basis of our examination, and according to the information and explanations given to us, we have neither come across nor have been informed of any instance of major weaknesses in the aforesaid internal control procedures.

V. (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956 have not been occurred.

(b) In our opinion and having regard to our comments in para (v) above, no transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956, hence no comment called for in this regard.

VI. Based on our scrutiny of the company's records and according to the information and explanations provided by the management, in our opinion, the company has not accepted any public deposits. Hence the clause does not apply.

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

VIII. According to the information and explanations given to us and according to the books and records as produced and examined by us the Company is not engaged in production, manufacturing or mining activities. Hence, the provisions of section 209 (1) (d) do not apply to the company. Hence, no comment on maintenance of cost records under section 209 (1) (d) is required.

IX. (a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, undisputed statutory dues including provident fund, employee's state insurance, income tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues applicable to the Company have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess were in arrears, as at 31st March, 2012 for a period of more than six months from the date they became payable.

(b) As on 31st March 2012, according to the records of the Company, there are no dues of sales tax, income-tax, customs tax/wealth tax, excise duty, Service Tax/cess on account of any dispute.

X. The Company has not accumulated losses of more than 50% of its net worth as on 31st March. 2012 and however company has not incurred cash losses during the financial year ended on the date and immediately previous year.

XI. According to the books and records as produced and examined by us, in our opinion, this Para not applicable to company since no borrowing from Bank/Financial Institution has been made.

XII. According to the information and explanations given to us and based on the documents and records produced before us, the Company has not granted any loans and advances on the basis of pledge of shares, debentures and other securities.

XIII. In our opinion and to the best of our knowledge and according to the explanations provided by the management, that the company is neither a Chit Fund nor a nidhi/mutual benefit society. Hence, the requirements of para 4(xiii) of the Order do not apply to the Company.

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

XVII. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long- term investment by the Company.

XVIII. According to the records of the company and information and explanation provided by the management, the Company has not made preferential allotment of shares to parties covered in the Register maintained under Section 301 of the Companies Act, 1956 during the year.

XIX. The Company has not issued debentures; hence question of creation of securities or charge does not arise.

XX. The Company has not raised any money by public issue during the period covered by our audit report.

XXI. According to the information and explanations given to us, during the year no fraud on or by the Company has been noticed or reported.

FOR SUNIL JOHRI & ASSOCIATES CHARTERED ACCOUNTANTS FIRM REGN. NO. 005960C

(SUNIL JOHRI) PARTNER M. NO. 074654

PLACE : RAIPUR DATED : 01/09/2012


Mar 31, 2011

We have audited the attached balance sheet of M/s Ashoka Refineries Limited, as at 31st March' 2011 and also the Cash flow statement and the Profit & Loss A/c for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

As required by the companies (Auditor's Report) order, 2003 issued by the Department of Company Affairs, Government of India in terms of Sub-section (4 A) of section 227 of the companies Act, 1956, and on the basis of such checks of the Books of Records of the company as we considered appropriate and according to the information and explanations given to us, we enclose in the Annexure a Statement on the matters specified in paragraphs 4 & 5 of the said order.

Further to our comments in the Annexure referred to above, we report that :-

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

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

3. The Balance sheet and profit & loss account and also Cash flow statement dealt with by this report are in agreement with the books of account.

4. In our opinion, the Balance Sheet and Profit & Loss account and Cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 21 lof the companies Act, 1956, to the extent applicable.

5. 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 Directors in terms of Clause-(g) of sub- section (1) of section 274 of the companies Act, 1956.

6. 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 in the Schedule - "N" 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 on 31st March'2011.

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 cash flow for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE.

I. The Company has no fixed assets hence no comment required regarding this para.

II The Company is not engaged in Trading or Manufacturing activities hence no comment is called for this para.

III. a. In our opinion and according to the information and explanation a given to us , the company has not granted unsecured loans to companies & firms or other parties covered in the register maintained under section 301 of the company acts, 1956.

The Company has not taken loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the companies Act, 1956. Hence, other points of this clause are not applicable.

IV. In our opinion and according to the information and explanations there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of services & supply of services. Further, on the basis of our examination, and according to the information and explanations given to us, we have neither come across nor have been informed of any instance of major weaknesses in the aforesaid internal control procedures.

V. (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956 have not been occurred.

(b) In our opinion and having regard to our comments in para (v) above, no transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956, hence no comment called for in this regard.

VI Based on our scrutiny of the company's records and according to the information and explanations provided by the management, in our opinion, the company has not accepted any public deposits. Hence the clause does not apply.

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

VIII The Company is not engaged in production, manufacturing or mining activities. Hence, the provisions of section 209 (1) (d) do not apply to the company. Hence, no comment on maintenance of cost records under section 209 (1) (d) is required.

IX (a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, undisputed statutory dues including provident fund, employee's state insurance, income tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues applicable to the Company have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess were in arrears, as at 31st March 2011 for a period of more than six months from the date they became payable.

(b) As on 31st March 2011, according to the records of the Company, there are no dues of sales tax, income-tax, customs tax/wealth tax, excise duty, Service Tax/cess on account of any dispute.

X The Company has not accumulated losses of more than 50% of its net worth as on 31st March, 2011 and however company has not incurred cash losses during the financial year ended on the date and immediately previous year.

XI According to the books and records as produced and examined by us, in our opinion, this Para not applicable to company since no borrowing from Bank/ Financial Institution has been made.

XII According to the information and explanations given to us and based on the documents and records produced before us, the Company has not granted any loans and advances on the basis of pledge of shares, debentures and other securities.

XIII In our opinion and to the best of our knowledge and according to the explanations provided by the management, that the company is neither a Chit Fund nor a nidhi/mutual benefit society. Hence, the requirements of para 4(xiii) of the Order do not apply to the Company.

XIV Proper records have been maintained of the investment of shares and shares have been held by company in its own name.

XV The Company has not given guarantees for loans taken by others from bank or financial institutions.

XVI According to the records of the company, the company has not obtained any term loans, hence comment under the clause are not called for.

XVII According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long- term investment by the Company.

XVIII According to the records of the company and information and explanation provided by the management, the Company has not made preferential allotment of shares to parties covered in the Register maintained under Section 301 of the Companies Act, 1956 during the year.

XIX The Company has not issued debentures; hence question of creation of securities or charge does not arise.

XX The Company has not raised any money by public issue during the period covered by our audit report.

XXI According to the information and explanations given to us, during the year no fraud on or by the Company has been noticed or reported.

FOR, SUNIL JOHRI & ASSOCIATES CHARTERED ACCOUNTANTS FIRM REGN.NO.005960C



(SIDDHESH KUMAR SHARMA PARTNER M.NO.411002

PLACE : RAIPUR DATED : 05-08-2011


Mar 31, 2010

We have audited the attached balance sheet of M/s Ashoka Refineries Limited, as at 31st March 2010 and also the Cash flow statement and the Profit & Loss A/c for the year ended on that date annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

As required by the companies (Auditors Report) order, 2003 issued by the Central Government of India in terms of Sub-section (4 A) 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.

Further to our comments in the Annexure referred to above, we report that :-

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

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

3. The Balance sheet and profit & loss account and also Cash flow statement dealt with this report are in agreement with the books of account.

4. In our opinion, the Balance Sheet and Profit & Loss account and Cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the companies Act, 1956.

5. On the basis of written representation received from the Directors, as on 31st March 2010, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March 2010 from being appointed as a Directors in terms of Clause (g) of sub- section (1) of section 274 of the companies Act, 1956.

6. 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 in the schedule "P" 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 on 31st March2010.

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 cash flow for the year ended on that date.

We have examined the above Cash Flow statement of Ashoka Refineries Limited, for the year ended 31st March2010 and certify that this is based on and is in agreement with the corresponding Balance sheet and profit & loss account of the company covered by our report dt.22-08-2010 to the members of the company.

ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE.

I. The Company has no fixed assets hence no comment required regarding this para.

II The Company is not engaged in Trading or Manufacturing activities hence no comment is called for this para.

III a. In our opinion and according to the information and explanation a given to us , the company has not granted unsecured loans to companies & firms or other parties covered in the register maintained under section 301 of the company acts, 1956.

The Company has not taken loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301of the companies Act, 1956. Hence, other points of this clause are not applicable.

IV. In our opinion and according to the information and explanations there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of services & supply of services. Further, on the basis of our examination, and according to the information and explanations given to us, we have neither come across nor have been informed of any instance of major weaknesses in the aforesaid internal control procedures.

V. (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956 have not been occurred.

(b) In our opinion and having regard to our comments in para (v) above, no transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956, hence no comment called for in this regard

VI Based on our scrutiny of the companys records and according to the information and explanations provided by the management, in our opinion, the company has not accepted any public deposits. Hence the clause does not apply.

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

VIII The Company is not engaged in production, manufacturing or mining activities. Hence, the provisions of section 209 (1) (d) do not apply to the company. Hence, no comment on maintenance of cost records under section 209 (1) (d) is required.

IX (a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues applicable to the Company have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess were in arrears, as at 31st March 2009 for a period of more than six months from the date they became payable.

(b) As on 31st March 2010, according to the records of the Company, there are no dues of sales tax, income-tax, customs tax/wealth tax, excise duty, Service Tax/cess on account of any dispute.

X The Company has not accumulated losses of more than 50% of its net worth as on 31st March, 2010 and however company has not incurred cash losses during the financial year ended on the date and immediately previous year.

XI According to the books and records as produced and examined by us, in our opinion, this Para not applicable to company since no borrowing from Bank/ Financial Institution has been made.

XII According to the information and explanations given to us and based on the documents and records produced before us, the Company has not granted any loans and advances on the basis of pledge of shares, debentures and other securities.

XIII In our opinion and to the best of our knowledge and according to the explanations provided by the management, that the company is neither a Chit Fund nor a nidhi/mutual benefit society. Hence, the requirements of para 4(xiii) of the Order do not apply to the Company.

XIV Proper records have been maintained of the investment of shares and shares have been held by company in its own name.

XV The Company has not given guarantees for loans taken by others from bank or financial institutions.

XVI According to the records of the company, the company has not obtained any term loans, hence comment under the clause are not called for.

XVII According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long- term investment by the Company.

XVIII According to the records of the company and information and explanation provided by the management, the Company has not made preferential allotment of shares to parties covered in the Register maintained under Section 301 of the Companies Act, 1956 during the year.

XIX The Company has not issued debentures; hence question of creation of securities or charge does not arise.

XX The Company has not raised any money by public issue during the period covered by our audit report.

XXI According to the information and explanations given to us, during the year no fraud on or by the Company has been noticed or reported.

FOR, SUNIL JOHRI & ASSOCIATES CHARTERED ACCOUNTANTS

FIRM REGN. NO.005960G

PLACE : RAIPUR DATED : 22-08-2010

(SIDDHESH KUMAR SHARMA> PARTNER M.NO.411002

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