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Auditor Report of B&A Packaging India Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of B & A PACKAGING INDIA LIMITED ("the Company"), which comprises the Balance Sheet as at 31st March, 2014, the Statement of Profit & Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 ("the Act"). 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 statement. 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 evidences 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, 2014 ;

(b) in the case of the Statement of Profit and Loss, 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, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

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

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

(d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 ;

(e) On the basis of written representations received from the directors as on 31st March, 2014, and 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 INDEPENDENT AUDITORS'' REPORT To The members of B & A PACKAGING INDIA LIMITED Refer our report of even date

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

ii) During the year the fixed assets were physically verified by the management.

iii) No part of the fixed assets of the Company was disposed off during the year.

2. i) During the year, inventories were physically verified by the management at reasonable intervals.

ii) In our opinion, the procedure of physical verification of inventories followed by the management is adequate considering the size of the Company and the nature of its business.

iii) Based on examination of records, we are of opinion that, the Company is maintaining proper records of inventories. The discrepancies noticed on physical verification of inventories as compared to book records were not material and have been properly dealt with in the books of account.

3. According to the information and explanations given to us, the Company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. During the year the Company has repaid existing interest free loans to a Private Limited Company and a Director and also taken unsecured loan from its holding company. In our opinion the terms and conditions of these loans are prima facie not prejudicial to the interest of the Company and the repayments were not due during the year under audit.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for sale of goods. During the course of our audit, we have not come across any instance of major weakness in the internal controls.

5. a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

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

6. The Company has not accepted any deposits from the public within the meaning of Section 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

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

8. We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have however, not made a detailed examination of these records with a view to determine whether they are accurate or complete.

9. i) According to the records of Company, undisputed statutory dues including provident fund, employees'' state insurance, income tax, sales tax, wealth tax, customs duty and excise duty have generally been regularly deposited with the appropriate authorities. ii) According to the information and explanations given to us, the following are the particulars of disputed dues on account of sales tax and employees'' state insurance matters which have not been deposited by the Company

Name of the Nature of dues Amount Relevant Forum where Statute (Rs.) Period dispute is pending

Central Sales Sales 27,54,267 1998-1999 Sales Tax Tribunal Tax Act Tax Cuttack

Central Sales Sales 7,83,904 2002-2003 Sales Tax Tribunal Tax Act Tax Cuttack

Central Sales Sales 7,72,449 2003-2004 Sales Tax Tribunal Tax Act Tax Cuttack

Central Sales Sales 28,46,586 2006-2007 Commissioner of Tax Act Tax & Sales Tax (Appeal), Cuttack 2007-2008

Central Sales Sales 17,47,350 2008-2009 Commissioner of Tax Act Tax & Sales Tax (Appeal), Cuttack 2009-2010

Central Sales Sales 1,25,70,219 2010-2011 Commissioner of Tax Act Tax to Sales Tax (Appeal), Cuttack 2012-2013

Orissa Value VAT 1,38,204 2006-2007 Commissioner of Added Tax Act & Sales Tax (Appeal), Cuttack 2007-2008

Employees'' State E.S.I 61,398 2002-2003 Employees'' Insurance Insurance Act Court, Kolkata

Income Tax Act TDS 4,38,27,820 2008-2009 Commissionerof Income Tax (Appeals), Bhubaneswar

Income Tax Act Income 35,534 2009-2010 Commissioner of Tax Income Tax (Appeals), Bhubaneswar

10) The Company has no accumulated loss as on 31st March, 2014. Further, the Company has not incurred cash loss during the year ended 31st March, 2014 or in the immediately preceding financial year ended 31st March 2013.

11) According to the records of the Company and the information and explanations given to us, the Company has not defaulted in repayment of dues to its bankers.

12) According to the information given to us, the Company has not granted loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

13) In our opinion and according to the information and explanations given to us, the provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the Company.

14) In our opinion, the Company does not deal or trade in shares, securities, debentures or other investments.

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

16) The term loan obtained by the Company during the year from its banker has been utilised for the purpose for which the said loan was received.

17) 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 fund raised on short term basis were used for long term investment.

18) The Company has not made any preferential allotment of shares during the period.

19) The Company has not issued any debentures during the period.

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

21) In our opinion and according to the information and explanations given to us no fraud on or by the Company was reported during the period.

For APS ASSOCIATES CHARTERED ACCOUNTANTS

(Registration No. 306015E) A. Dutta

Place : Kolkata Partner

Dated : 23rd May, 2014 Membership No. 017693


Mar 31, 2013

1. We have audited the attached Balance Sheet of B & A PACKAGING INDIA LIMITED as at 31st March, 2013, the Statement of Profit & Loss for the year ended on that date and also the Cash Flow Statement for the said year annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

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

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

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

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

iii) 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.

iv) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report comply with the applicable accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

v) On the basis of written representations received from all the Directors as on 31st March, 2013 and taken on record by the Board of Directors, we report that 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 Companies Act, 1956.

vi) in our opinion and to the best of our information and according to the explanations given to us, the accounts read with Notes annexed thereto, give the information required by the Companies Act, 1956, in the manner so required and also 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 flow of the Company for the year ended on that date.

ANNEXURE TO AUDITORS'' REPORT

To

The members of B & A PACKAGING INDIA LIMITED

Refer Paragraph 3 of our report of even date

1. i) The Company has maintained proper records showing full particulars including quantitative

details and situation of its fixed assets.

ii) During the year the fixed assets were physically verified by the management. iii) No part of the fixed assets of the Company was disposed off during the year.

2. i) During the year, inventories were physically verified by the management at reasonable

intervals.

ii) In our opinion, the procedure of physical verification of inventories followed by the management is adequate considering the size of the Company and the nature of its business.

iii) Based on examination of records, we are of opinion that, the Company is maintaining proper records of inventories. The discrepancies noticed on physical verification of inventories as compared to book records were not material and have been properly dealt with in the books of account.

3. According to the information and explanations given to us, the Company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. However, the Company has interest free loans taken during earlier years, from a Private Limited Company and a Director, who are covered in the register maintained under Section 301 of the Companies Act, 1956. In our opinion the terms and conditions of these loans are prima facie not prejudicial to the interest of the Company and the repayments were not due during the year under audit.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for sale of goods. During the course of our audit, we have not come across any instance of major weakness in the internal controls.

5. a) According to the information and explanations given to us, we are of the opinion that the

transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

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

6. The Company has not accepted any deposits from the public within the meaning of Section 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

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

8. We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 and are of the opinion that prime facie, the prescribed acounts and records have been made and maintained. We have however, not made a detailed examination of these records with a view to determine whether they are accurage or complete.

9. i) According to the records of Company, undisputed statutory dues including provident fund, employees'' state insurance, income tax, sales tax, wealth tax, customs duty and excise duty have generally been regularly deposited with the appropriate authorities.

ii) According to the information and explanations given to us, the following are the particulars of disputed dues on account of sales tax and employees'' state insurance matters which have not been deposited by the Company :-

Name of the Nature of dues Amount Relevant Forum where Statute (Rs.) Period dispute is pending

Central Sales Sales 27,54,267 1998-1999 Sales Tax, Tribunal Tax Act. Tax Cuttack

Central Sales Sales 7,83,904 2002-2003 Sales Tax, Tribunal Tax Act Tax Cuttack

Central Sales Sales 7,72,449 2003-2004 Sales Tax, Tribunal Tax Act. Tax Cuttack

Central Sales Sales 22,72,291 2005-2006 Sales Tax, Tribunal Tax Act. Tax Cuttack

Central Sales Sales 28,46,586 2006-2007 Commissioner of Tax Act. Tax & Sales Tax (Appeal), Cuttack 2007-2008

Central Sales Sales 17,47,350 2008-2009 Commissioner of Tax Act. Tax & Sales Tax (Appeal), Cuttack 2009-2010

Orissa Value VAT 1,38,204 2006-2007 Commissioner of Added Tax Act & Sales Tax(Appeal), Cuttack 2007-2008

Employees'' State E.S.I 61,398 2002-2003 Employees'' Insurance Insurance Act Court, Kolkata



10) The Company has no accumulated loss as on 31st March, 2013. Further, the Company has not incurred cash loss during the year ended 31st March, 2013 or in the immediately preceding financial year ended 31st March 2012.

11) According to the records of the Company and the information and explanations given to us, the Company has not defaulted in repayment of dues to its bankers.

12) According to the information given to us, the Company has not granted loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

13) In our opinion and according to the information and explanations given to us, the provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the Company.

14) In our opinion, the Company does not deal or trade in shares, securities, debentures or other investments.

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

16) The term loan obtained by the Company during the year from its banker has been utilised for the purpose for which the said loan was received.

17) 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 fund raised on short term basis were used for long term investment.

18) The Company has not made any preferential allotment of shares during the period.

19) The Company has not issued any debentures during the period.

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

21) In our opinion and according to the information and explanations given to us no fraud on or by the Company was reported during the period.

For APS ASSOCIATES

Chartered Accountants

(Registration No. 306015E)

A. Dutta

Place : Kolkata Partner

Dated : 28th May, 2013 Membership No. 17693


Mar 31, 2012

1. We have audited the attached Balance Sheet of B & A PACKAGING INDIA LIMITED as at 31st March, 2012, the Statement of Profit & Loss for the year ended on that date and also the Cash Flow Statement for the said year annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

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

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

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

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

iii) 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.

iv) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report comply with the applicable accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

v) On the basis of written representations received from all 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.

vi) in our opinion and to the best of our information and according to the explanations given to us, the accounts read with Notes annexed thereto, give the information required by the Companies Act, 1956, in the manner so required and also 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, 2012 ;

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 flow of the Company for the year ended on that date.

ANNEXURE TO AUDITORS' REPORT

Refer Paragraph 3 of our report of even date

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

ii) During the year the fixed assets were physically verified by the management.

iii) No part of the fixed assets of the Company was disposed off during the year.

2. i) During the year, inventories were physically verified by the management at reasonable intervals.

ii) In our opinion, the procedure of physical verification of inventories followed by the management is adequate considering the size of the Company and the nature of its business.

iii) Based on examination of records, we are of opinion that, the Company is maintaining proper records of inventories. The discrepancies noticed on physical verification of inventories as compared to book records were not material and have been properly dealt with in the books of account.

3. According to the information and explanations given to us, the Company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. However, the Company has taken interest free loans from a Private Limited Company and a Director, who are covered in the register maintained under Section 301 of the Companies Act, 1956. In our opinion the terms and conditions of these loans are prima facie not prejudicial to the interest of the Company and the repayments were not due during the year under audit.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for sale of goods. During the course of our audit, we have not come across any instance of major weakness in the internal controls.

5. a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

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

6. The Company has not accepted any deposits from the public within the meaning of Section 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

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

8. We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 for manufacture of paper sacks and are of the opinion that prime facie, the prescribed accounts and records have been made and maintained.

9. i) According to the records of Company, undisputed statutory dues including provident fund, employees' state insurance, income tax, sales tax, wealth tax, customs duty and excise duty have generally been regularly deposited with the appropriate authorities.

ii) According to the information and explanations given to us, the following are the particulars of disputed dues on account of sales tax and employees' state insurance matters which have not been deposited by the Company :-

Name of the Nature of dues Amount Relevant Forum where Statute (Rs.) Period dispute is pending

Central Sales Sales 64,515 1995-1996 Asst. Commiss ioner of Tax Act. Tax Sales Tax, (Appeal) Balasore Range

Central Sales Sales 27,54,267 1998-1999 Sales Tax, Tribunal Tax Act. Tax Cuttack

Central Sales Sales 7,83,904 2002-2003 Sales Tax, Tribunal Tax Act Tax Cuttack

Central Sales Sales 7,72,449 2003-2004 Sales Tax, Tribunal Tax Act. Tax Cuttack

Central Sales Sales 22,72,291 2005-2006 Commissioner Tax Act Tax of Sales Tax, Cuttack

Central Sales Sales 28,46,586 2006-2007 Commissioner of Tax Act. Tax & Sales Tax, Cuttack 2007-2008

Central Sales Sales 17,47,350 2008-2009 Commissioner of Tax Act. Tax & Sales Tax, Cuttack 2009-2010

Orissa Value VAT 1,38,204 2006-2007 Commissioner of Added Tax Act & Sales Tax, Cuttack 2007-2008

Employees' State E.S.I 61,398 2002-2003 Employees' Insurance Insurance Act Court, Kolkata

10) The Company has no accumulated loss as on 31st March, 2012. Further, the Company has not incurred cash loss during the year ended 31st March, 2012 or in the immediately preceding financial year ended 31st December 2011.

11) According to the records of the Company and the information and explanations given to us, the Company has not defaulted in repayment of dues to its bankers.

12) According to the information given to us, the Company has not granted loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

13) In our opinion and according to the information and explanations given to us, the provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the Company.

14) In our opinion, the Company does not deal or trade in shares, securities, debentures or other investments.

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

16) The term loan obtained by the Company during the year from its banker is being utilised for the purpose for which the said loan was received.

17) 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 fund raised on short term basis were used for long term investment.

18) The Company has not made any preferential allotment of shares during the period.

19) The Company has not issued any debentures during the period.

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

21) In our opinion and according to the information and explanations given to us no fraud on or by the Company was reported during the period.

For APS ASSOCIATES

Chartered Accountants

(Registration No. 306015E)

A. Dutta

Place : Kolkata Partner

Dated : 23rd May, 2012 Membership No. 17693


Dec 31, 2009

1) We have audited the attached Balance Sheet of B & A MULTIWALL PACKAGING LIMITED as at 31st December, 2009, the Profit and Loss Account for the year ended on that date and also the Cash Flow Statement for the said year annexed thereto. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3) As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

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

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

iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the applicable accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

v) On the basis of written representations received from all the Directors as on 31 st December, 2009 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31 st December, 2009 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

vi) In our opinion and to the best of our information and according to the explanations given to us, the accounts read with Notes and Schedules annexed thereto, give the information required by the Companies Act, 1956, in the manner so required and also 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 31 st December, 2009;

b) In the case of the Profit and Loss Account, 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 flow of the Company for the year ended on that date.

ANNEXURE TO AUDITORS REPORT

To

The members of B & A MULTIWALL PACKAGING LIMITED

Refer Paragraph 3 of our report of even date

1) i) The Company has maintained proper records showing full particulars, including quantitativedetails and situation of its fixed asset.

ii) During the year the fixed assets were physically verified by the Management.

iii) No substantial part of the fixed assets of the Company were disposed off during the year.

2) i) During the year, the inventories were physically verified by the management at reasonabl intervals.

ii) In our opinion, the procedure of physical verification of inventories followed by the management is adequate considering the size of the Company and the nature of its business.

iii) Based on examination of records, we are of the opinion that, the Company is maintaining proper records of inventories. The discrepancies noticed on physical verification of inventories as compared to book records were not material and have been properly dealt with in the books of account.

3) According to the information and explanations given to us, the Company has neither granted nor taken any loan, secured or unsecured to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

4) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for sale of goods. During the course of our audit, we have not come across any instance of major weakness in the internal controls.

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

6) The Company has not accepted any deposits from the public within the meaning of Section 58A and 58AA of the Companies Act, 1956 and the rules framed thereunder.

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

8) According to the information given to us, the Central Government has not prescribed for maintenance of cost records under Section 209(1 )(d) of the Companies Act, 1956 for the products of the Company.

9) i) According to the records of Company, undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, wealth tax, customs duty and excise duty have generally been regularly deposited with the appropriate authorities.

ii) According to the information and explanations given to us, the following are the particulars of disputed dues on account of sales tax and employees State Insurance matters which have not been deposited by the Company:

Name of the Nature of dues Amount Relevant Forum where Statute (Rs.) Period dispute is pending

Central Sales Sales Tax 64,515 1995-1996 Asst.Commissioner of Tax Act. Sales Tax,Balasore

Central Sales Sales Tax 27,54,267 1998-1999 Commissioner of Tax Tax Act Sales Tax,Cuttack

Central Sales Sales Tax 7,83,904 2002-2003 Commissioner of Tax Tax Act _Sales Tax,Cuttack

Central Sales Sales Tax 7,72,449 2003-2004 Commissioner of Tax Act. Sales Tax,Cuttack

Central Sales Sales Tax 3,61,452 2004-2005 Asst.Commissioner of Tax Act. Sales Tax,Balasore

Central Sales Sales Tax 22,72,291 2005-2006 Commissioner of Tax Act. Sales Tax, Cuttack

Central Sales Sales Tax 28,46,586 2006-2007 Commissioner of Tax Act. & Sales Tax, Cuttack 2007-2008

Name of the Nature of dues Amount Relevant Forum where Statute (Rs.) Period dispute is pending

Orissa Value VAT 1,38,204 2006-2007 Commissioner of Added Tax Act. & Sales Tax, Cuttack 2007-2008

EmployeesState E.S.I. 61,398 2002-2003 Employees Insurance Insurance Act. Court, Kolkata

10) The Companys accumulated losses as on 31 st December, 2009 are not more than 50% of its net worth and the Company has not incurred cash loss during the year ended 31st December, 2009 or in the immediately preceding financial year ended 31st December 2008.

11) According to the records of the Company and the information and explanations given to us, the Company has not defaulted in repayment of dues to its bankers.

12) According to the information given to us, the Company has not granted loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

13) In our opinion and according to the information and explanations given to us, the provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the Company.

14) In our opinion, the Company does not deal or trade in shares, securities, debentures or other investments.

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

16) The Company has not obtained any term loan during the year.

17) 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 fund raised on short term basis were used for long term investment.

18) The Company has not made any preferential allotment of shares during the year.

19) The Company has not issued any debentures during the year.

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

21) In our opinion and according to the information and explanations given to us no fraud on or by the Company was reported during the year.



For APS ASSOCIATES Chartered Accountants A.Dutta Partner Place : Kolkata Membership No. 17693 Dated : 28th January, 2010

 
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