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Auditor Report of Belapur Industries Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of Belapur Industries 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.

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 statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2014;

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

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

Report on Other Legal and Regulatory Requirements

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

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

a. we have obtained all the information and explanations which to the best of our knowledge and beliefwerenecessaryforthepurposeof ouraudit;

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

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

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

e. on the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

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.

ANNEXURE TO THE AUDITORS REPORT

On the basis of such checks as we considered appropriate and in terms of the information and explanations given we state that:-

I) a) The Company has generally maintained records showing particulars, including quantitative details and situation of fixed assets; as stated by management but no records available for verification.

b) None of the fixed assets have been revalued during the year.

ii) a) There is no Physical verification in respect of finished goods, stores, spare parts and raw materials as there was no stock of the same with the Company during the year.

b) Inventory records is not maintained as there was no physical stocks during the year.

c) It is explained that General Insurance Companies are reluctant to insure crops/agricultural trees.

iii) a) According to information and explanations given to us the Company has taken loans from parties listed in the Register maintained under Section 301 of the Companies Act, 1956.The terms and conditions of these loans are not prima facie prejudicial to the interest of the Company.

b) The company has not granted any loans, secured or unsecured to Companies, Firms or other Parties listed in the Register maintained under Section 301 of the Companies Act,1956 or to the Companies under the same management as defined under section 370 1-B of the Companies Act, 1956.

c) The Other Loans and Advances in the nature of loans have not been recovered as stipulated. The Company has filed suits and has taken steps for recovery as stated in Note 4.

iv) No internal control procedures is necessary as the Company is not doing any business of manufacturing or trading, thus the purchase of stores, machinery equipment and other assets and sale of goods is not affected by the Company during the year.

v) a) On the basis of audit procedures performed by us, and according to the information, explanations and the representations given to us we are of the opinion that, the transactions in which Directors were interested and which were required to be entered in the Register maintained under Section 301 of the Companies Act,1956 have been so entered, b) In our opinion and according to information and explanati -ons given to us no transaction is made in pursuance of contracts or arrangements entered in the Register maintained under Section 301 of the Companies Act,1956 exceeding the value of rupees five lacs.

vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public during the year, nor has accepted any such deposits in the past.

vii) In our opinion and according to the information given to us the Company has not an internal audit system commensurate with the size and nature of business.

viii) According to the information and explanations given to us the Central Government has not prescribed the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 fortheproductsoftheCompany. .

ix) The Company has not deposited Provided Fund, dues, with the appropriate authorities during the year, as the staff of the company is less than the required number.

x) On the basis of records examined by us and the information and explanations given to us, the Company has no of dues payable to financial institutionsor Banks.

xi) As explained to us the Company has not granted any Loan or Advances on basis of security byway of pledge of shares, debentures, or any other securities.

xii) The requirement of this clause is not applicable, as the Company is not a Chit Fund Company.

xiii) The requirement of this clause is not applicable as the Company is not dealing or trading in shares, securities debentures and other investment.

xiv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from Banks of Financial Institutions.

xv) The term loans have not been raised by the Company and thus application for the purpose for which they were raised is immaterial.

xvi) According to 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 longterm investment or vice versa.

xvii) 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 underSection301oftheCompaniedAct, 1956.

xviii) According to the information and explanations given to us, the Company has not raised any money by way of public issue during the year.

xix) According 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 N.S Naik & Co. CA M.P Naik Chartered Accountants M.No.144531 F.No. 106815W Partner Shrirampur

Date:-29/05/2014 Place:- Shrirampur


Mar 31, 2012

We have audited the attached Balance Sheet of BELAPUR INDUSTRIES LIMITED as at 31st March, 2012 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto and the Cash Flow Statement for the year ended on that date. These financial statements are the responssibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on that date :

1) We conducted our audit in accordance with auditiing 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 from material misstatement. An audit includes examining the accounting principles used and significant, estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit pro- vides a reasonable basis for our opinion.

2) As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government in terms of section 227{4A) of the Companies Act, 1956 and on the basis of such checks as we considered approriate and according to the information and explanations given to us, we set our in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

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

a) We have obtained al! the information & 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 the books.

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

d) In our opinion the Balance Sheet and Profit and Loss Account dealt with by this report comply with the Accounting standards as referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

e) 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 from being appointed as a Director in terms of Section 274(1) (g) of the Com- panies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, subject to accounts give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting prin- ciples generally accepted in India:

i) In the case of Balance Sheet of the state of affairs of the Company as at 31st March 2012;

ii) In the case of Profit and Loss Account of the Loss for the year ended on that date and

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

ANNEXURE TO THE AUDITORS REPORT

On the basis of such checks as we considered appropriate and in terms of the information and explanations given we state that :-

i) (a) The Company has generally maintained records showing particulars, including quanti- tative details and situation of fixed assets; as stated by Management but no records available for verification.

(b) None of the fixed assets have been revalued during the year.

ii) (a) There is no Physical verification in respect of finished goods, stores, spare parts and raw materials as there was no stock of the same with the Company during the year.

(b) Inventory records is not maintained as there was no physical stocks during the year.

(c) It is explained that General Insurance Company are reluctant to insure crops/agricul- tural trees.

(iii) (a) According to information and explanations given to us the Company has taken loansfrom parties listed in the Register maintained under Section 301 of the Companies Act, 1956. The terms and conditions of these loans are not prima facie prejudical to the interest of the Company.

(b) The Company has not granted any loans, secured or unsecured to Companies, Firms or other Parties listed in the Register maintained under Section 301 of the Companies Act, 1956 or to the Companies under the same management as defined under section 370 1-B of the Companies Act, 1S56.

(c) The other Loans and Advances in the nature of loans have not been recovered as stipulated. The Company has filed suits and has taken steps for recovery as stated in Note 4

iv) No internal control procedures is necessary as the Company is not doing any business of

manufacturing of trading, thus the purchase of stores, machinery equipment and other assets and sale of goods is not effected by the Company during the year. v) (a) On the basis of audit procedures performed by us, and according to the information,

explanations and the representations given to us we are of the opinion that, the trans- actions in which Directors were interested and which were required to be entered in 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 no transaction is made in pursuance of contracts or arrangements entered in the Register maintained under Section 301 of the Companies Act, 1956 exceeding the value of rupees five lacs.

vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public during the year, nor has accepted any such deposits in the past.

vii) in our opinion and according to the information given to us the Company has an internal audit system commensurate with the size and nature of business.

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

ix) The Company has not deposited Provided Fund, dues, with the appropriate authorities during the year, as the staff of the company is less than the required number.

x) On the basis of records examined be us and the information and explanations given to us, theCompany has no of dues payable to financial institutions or Banks.

xi) As explained to us the Company has not granted any Loan or Advances on the basis of security by way of pledge of shares, debentures, or any other securities.

xii) The requirement of this clause is not applicable, as the Company is not a Chit Fund Company.

xiii) The requirement of this clause is not applicable as the Company is not dealing or trading in shares, securities debentures, and other investment.

xiv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from Bank or Financial Institutions.

xv) The term loans have not been raised by the Company and thus application for the purpose for which they were raised is immaterial.

xvi) According to 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 or vice versa.

xvii)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.

xviii) According to the information and explanations given to us, the Company has not raised any money by public issue during the year. xix) According 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.

PLACE : SHRIRAMPUR C.A. N. S. NAIK Co.

DATE : 27th August, 2012 Chartered Accountants

(M. No. 17292)


Mar 31, 2010

We have audited the attached Balance Sheet of BELAPUR INDUSTRIES LIMITED as at 31st March, 2010 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto and the Cash Flow Statement for the year ended on that date. These financial statements are the responssibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on that date :

1). We conducted our audit in accordance with auditiing 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 from material misstatement. An audit includes examining 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.

2. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Govern- ment in terms of section 227(4A) of the Companies Act, 1956 and on the basis of such checks as we considered approriate and according to the information and explanations given to us, we set out in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

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

a) We have obtained all the information & 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 the books.

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

d) In our opinion the Balance Sheet and Profit and Loss Account dealt with by this report comply with the Accounting standards as referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

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

f) In our opinion and to the best of our information and according to the explanations given to us, subject to accounts give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i) In the case of Balance Sheet of the state of affairs of the Company as at 31st March 2010;

ii) In the case of Profit and Loss Account of the Loss for the year ended on that date and

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

ANNEXURE TO THE AUDITORS REPORT

On the basis of such checks as we considered appropriate and in terms of the information and explanations given we state that :-

i) (a) The Company has generally maintained records showing particulars, including quan- titative details and situation of fixed assets; as stated by Management but no records available for verification.

(b) None of the fixed assets have been revalued during the year.

ii) (a) There is no Physical verification in respect of finished goods, stores, spare parts and raw materials as there was no stock of the same with the Company during the year.

(b) Inventory records is not maintained as there was no physical stocks during the year. c) It is explained that General Insurance Company are reluctant to insure crops/agricultural trees. (iii) (a) According to information and explanations given to us the Company has taken loans from parties listed in the Register maintained under Section 301 of the Companies Act, 1956. The terms and conditions of these loans are not prima facie prejudical to the interest of the Company.

(b) The Company has not granted any loans, secured or unsecured to Companies, Firms or other Parties listed in the Register maintained under Section 301 of the Companies Act, 1956 or to the Companies under the same management as defined under section 370 1-B of the Companies Act, 1956.

(c) The other Loans and Advances in the nature of loans have not been recovered as stipulated. The Company has filed suits and is taking steps tor recovery as stated in Note 4

iv) No internal control procedures is necessary as the Company is not doing any business of manufacturing of trading, thus the purchase of stores, machinery equipment and other assets and sale of goods is not effected by the Company during the year.

v) (a) On the basis of audit procedures performed by us, and according to the information, explanations and the representations given to us we are of the opinion that, the transactions in which Directors were interested and which were required to be entered in 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 no trans- action is made in pursuance of contracts or arrangements entered in the Register maintained under Section 301 of the Companies Act, 1956 exceeding the value of rupees five lacs.

vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public during the year, nor has accepted any such deposits in the past.

vii) In our opinion and according to the information given to us the Company has an internal audit system commensurate with the size and nature of business.

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

ix) The Company has in general regularly deposited Providend Fund, dues, with the appropriate authorities during the year.

x) On the basis of records examined by us and the information and explanations given to us, the Company has not defaulted in repayment of dues payable to financial institutions or Banks.

xi) As explained to us the Company has not granted any Loan or Advances on the basis of security by way of pledge of shares, debentures, or any other securities.

xii) The requirement of this clause is not applicable, as the Company is not a Chit Fund Company.

xiii) The requirement of this clause is not applicable as the Company is not dealing or trading in shares, securities debentures, and other investment.

xiv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from Bank or Financial Institutions.

xv) The term loans have not been raised by the Company and thus application for the purpose for which they were raised is immaterial.

xvi) According to information and explanations given to us, and on 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 or vice versa.

xvii) 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.

xviii) According to the information and explanations given to us, the Company has not raised any money by public issue during the year.

xix) According 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.



PLACE : SHRIRAMPUR N. S. NAIK Co.

DATE : 26th August, 2010 Chartered Accountants

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