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Auditor Report of Bhansali Engineering Polymers Ltd.

Mar 31, 2015

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

Management's Responsibility for the Standalone Financial Statements

2. The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act 2013 ("the Act") with respect to the preparation of these 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 & detecting fraud & 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 control, 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

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

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. 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 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 operative effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company's directors, as well as evaluating the overall presentation of the financial statements.

5. 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 accompanying 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 31st March, 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal & regulatory Requirements

6. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

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

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

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements.

ii. The Company does not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.

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

(Referred to in paragraph 6 under the heading of "Report on Other Legal and Regulatory Requirements" section of our report of even date)

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

b) As explained to us, all the fixed assets have been physically verified by the management during the year in a phased periodical manner which, in our opinion, is reasonable having regards to the size of the company and the nature of its assets. As informed to us no material discrepancies were noticed on such verification.

2 a) The inventories were physically verified by the management during the year.

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

c) The Company is maintaining proper records of inventory. As explained to us, the discrepancies between the physical stocks and the book stocks were not material and have been properly dealt with in the books of account.

3. As informed to us, the company has not granted any loans secured or unsecured to Companies, firms and other parties covered in the register maintained under Section 189 of the Act.

4. In our opinion and according to the information and explanations given to us, having regard to the explanations that some of the items purchased are of special nature and suitable alternative sources are not readily available for obtaining comparable quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and for the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control systems.

5. In our opinion and according to the information and explanations given to us, the Company has not accepted deposits during the year and does not have any unclaimed deposits. Therefore, the provisions of clause 3 (v) of the Order are not applicable to the company.

6. We have broadly reviewed the books of account maintained by the company in respect of products, pursuant to the Companies (Cost Records and Audit ) Rules, 2014 as amended and prescribed by the Central Government under sub section (1) of Section 148 of the Act, we are of the opinion that, prima facie, the cost records and accounts have been maintained by the Company. However, we are not required to carry out and have not carried out any detailed examination of such accounts and records.

7. a) In our opinion and according to the information and explanations given to us, undisputed statutory dues including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess, Service Tax and any other statutory dues have been generally regularly deposited in time with the appropriate authorities and there are no undisputed statutory dues payable at the year end for a period of more than six months from the date they became payable.

b) In our opinion and according to the information and explanations given to us, there are no dues outstanding in respect of Income Tax, Wealth Tax , Sales Tax, Custom Duty, Excise Duty, Service Tax and any other statutory dues on account of any dispute other than the following:-

Name of the Statute Nature of the Amount Dues (Rs. in lacs)

The Central Excise Act, Service Tax 120.00 1944

The Customs Act, 1962 Custom Duty 295.78

The Income Tax Act,1961 Income Tax 291.76

Name of the Statute Year to which the Forum where amount relates Dispute is Pending

The Central Excise Act, 2006-2007 CESTAT , Delhi 1944

The Customs Act, 1962 2005 Supreme Court

The Income Tax Act,1961 2010-11 ITAT, Mumbai

c) The company has been regular in transferring amounts to the Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 and Rules made thereunder within time.

8. The Company does not have accumulated losses as at the end of the financial year and has not incurred cash losses in the current financial year and in the immediately preceding financial year.

9. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions or banks during the year and does not have any amount outstanding to debenture holders.

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

11. In our opinion and according to the information and explanations given to us, the company has not availed any term loans during the year.

12. During the course of our examination of books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

For and on behalf of B. L. Dasharda & Associates Chartered Accountants F.R. No.: 112615W

Sushant Mehta Partner Place: Mumbai M.No.: 112489 Date : 30th May, 2015


Mar 31, 2014

1. We have audited the accompanying financial statements of Bhansali Engineering Polymers Limited ("the Company") which comprise the Balance Sheet as at 31st March, 2014, the Statement of Profit and Loss Account and the 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

2. The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211of the Companies Act, 1956 of India ( the "Act") read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. 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

3. 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 misstatements.

4. 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 but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of accounting polices used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

6. In our opinion and to the best of our information and according to the explanations given to us, the accompanying financial statements give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

i. in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2014; ii. in the case of the Statement of Profit and Loss, of the profit 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.

Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956 and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanation given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the order.

8. 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, 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 notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

e) On the basis of written representations received from the Directors as on 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 Section 274(1) (g) of the Act.

ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT Referred to in paragraph 7 under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date

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

b) As explained to us, all the fixed assets have been physically verified by the management during the year in a phased periodical manner which, in our opinion, is reasonable having regards to the size of the company and the nature of its assets. As informed to us no material discrepancies were noticed on such verification.

c) No substantial part of fixed assets has been disposed off during the year, which has bearing on the going concern assumption.

2 a) The stocks of finished goods, raw materials, stock-in-process and stores and spares of the Company have been physically verified by the management during the year.

b) The procedures of physical verification of the above stocks followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

c) The Company is maintaining proper records of inventory. As explained to us, the discrepancies between the physical stocks and the book stocks were not material and have been properly dealt with in the books of account.

3. As informed to us, the company has neither granted nor taken any loans secured or unsecured to Companies, firms and other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Consequently requirements of clause (iii) (a) to (iii) (g) of paragraph 4 of the Order are not applicable and hence not commented upon.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and for the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control systems.

5 a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements that needs 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 the information and explanations given to us, there are no transactions made in pursuance of such contracts or arrangements and exceeding the value of Rupees Five Lacs in respect of any party during the year, which have been made at prices which are not reasonable having regard to the prevailing market prices at the relevant date. .

6. In our opinion and according to the information and explanations given to us, the Company has complied with the directives issued by the Reserve Bank of India and the provisions of sections 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under to the extent applicable with regards to the deposits accepted from the public.

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

8. We have broadly reviewed the books of account maintained by the Company in respect of products, pursuant to the rules made by the Central Government of India for the maintenance of cost records under section 209 (1) (d) of the Companies Act,1956 and we are of the opinion that, prima facie, the cost records and accounts have been maintained by the Company. However, we are not required to carry out and have not carried out any detailed examination of such accounts and records.

9 a) In our opinion and according to the information and explanations given to us, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess, Service Tax and any other statutory dues have been generally regularly deposited in time with the appropriate authorities and there are no undisputed statutory dues payable at the year end for a period of more than six months from the date they became payable.

b) In our opinion and according to the information and explanations given to us, there are no dues outstanding in respect of Income Tax, Wealth Tax , Sales Tax, Custom Duty, Excise Duty, Service Tax and any other statutory dues on account of any dispute other than the following:-

Name of the Statute Nature of the Amount Year to which Forum where Dispute Dues the amount is Pending (Rs. in lacs) relates

The Central Excise Act, 1944 Service Tax 120.00 2006-2007 CESTAT , Delhi

Customs Act, 1962 Custom Duty 295.78 2005 Supreme Court

The Income Tax Act,1961 Income Tax 291.76 2010-11 Commissioner of Income Tax, Appeals

10. The Company does not have accumulated losses as at the end of the financial year and has not incurred cash losses in the current financial year and in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of any dues to financial institutions or banks.

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

13. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society, therefore, the clause 4 (xiii) of the Order is not applicable to the Company.

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments.

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

16. In our opinion and according to the information and explanations given to us, the Company has not raised any term loans 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 are of the opinion that no funds raised on short term basis have been used for long term investment.

18. The Company has not made any preferential allotment of shares during the year to any parties or companies covered in the register maintained under Section 301 of the Companies Act, 1956.

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

20. The Company has not raised any money through a public issue during the year. Accordingly, the provisions of clause 4 (xx) of the order are not applicable to the company.

21. During the course of our examination of books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us , we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year , nor have we been informed of such case by the management.

For and on behalf of

B. L. Dasharda & Associates

Chartered Accountants

F.R. No.: 112615W

Sushant Mehta Partner

Place : Mumbai M.No. : 112489

Dated : 29th May, 2014


Mar 31, 2013

Report on the Financial Statements

1. We have audited the accompanying financial statements of Bhansali Engineering Polymers Limited ("the Company") which comprise the Balance Sheet as at 31st March'' 2013'' the Statement of Profit and Loss Account and the 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

2. The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position'' financial performance and cash flows of the company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211of the Companies Act'' 1956 of India ( 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

3. 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 misstatements.

4. 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.

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

Opinion

6. In our opinion and to the best of our information and according to the explanations given to us'' the accompanying financial statements give the information required by the Companies Act'' 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

i. in the case of the Balance Sheet'' of the state of affairs of the Company as at 31st March'' 2013; ii. in the case of the Profit and Loss Account'' of the profit 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. Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor’s Report) Order'' 2003 ("the Order”) issued by the Central Government of India in terms of Section 227(4A) of the Companies Act'' 1956 and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanation given to us'' we give in the Annexure'' a statement on the matters specified in paragraphs 4 and 5 of the order.

8. 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'' Profit and Loss Account and Cash Flow statement dealt with by this report are in agreement with the books of account;

d) In our opinion'' the Balance Sheet'' Profit and Loss Account and Cash Flow statement comply with the Accounting Standards referred to in Section 211(3C) of the Companies Act'' 1956.

e) On the basis of written representations received from the Directors as on 31st March'' 2013 and taken on record by the Board of Directors'' none of the Directors is disqualified as on 31st March'' 2013 from being appointed as a Director in terms of Section 274(1) (g) of the Act.

ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT

Referred to in paragraph 7 under the heading of "Report on Other Legal and Regulatory Requirements” of our report of even date

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

b) As explained to us'' all the fixed assets have been physically verified by the management during the year in a phased periodical manner which'' in our opinion'' is reasonable having regards to the size of the company and the nature of its assets. As informed to us no material discrepancies were noticed on such verification.

c) No substantial part of fixed assets has been disposed off during the year'' which has bearing on the going concern assumption.

2 a) The stocks of finished goods'' raw materials'' work-in-process and stores and spares of the Company have been physically verified by the management during the year.

b) The procedures of physical verification of the above stocks followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

c) The Company is maintaining proper records of inventory. As explained to us'' the discrepancies between the physical stocks and the book stocks were not material and have been properly dealt with in the books of account.

3. As informed to us'' the company has neither granted nor taken any loans'' secured or unsecured to or from Companies'' firms or other parties covered in the register maintained under Section 301 of the Companies Act'' 1956. Consequently'' requirements of clauses (iii.a) to (iii.g) of paragraph 4 of the Order are not applicable and hence not commented upon.

4. In our opinion and according to the information and explanations given to us'' there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory'' fixed assets and for the sale of goods. During the course of our audit'' we have not observed any continuing failure to correct major weaknesses in internal control systems.

5 a) According to the information and explanations given to us'' we are of the opinion that the particulars of contracts or arrangements that needs 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 the information and explanations given to us'' there are no transactions made in pursuance of such contracts or arrangements and exceeding the value of Rupees Five Lacs in respect of any party during the year'' which have been made at prices which are not reasonable having regard to the prevailing market prices at the relevant date. .

6. In our opinion and according to the information and explanations given to us'' the Company has complied with the directives issued by the Reserve Bank of India and the provisions of sections 58A'' 58AA or any other relevant provisions of the Companies Act'' 1956 and the rules framed there under to the extent applicable with regards to the deposit accepted from the public.

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

8. We have broadly reviewed the books of account maintained by the company in respect of products'' pursuant to the rules made by the Central Government of India for the maintenance of cost records under section 209 (1) (d) of the Companies Act''1956 and we are of the opinion that'' prima facie'' the cost records and accounts have been maintained by the Company. However'' we are not required to carry out and have not carried out any detailed examination of such accounts and records.

9 a) In our opinion and according to the information and explanations given to us'' undisputed statutory dues including Provident Fund'' Investor Education and Protection Fund'' Employees’ State Insurance'' Income Tax'' Sales Tax'' Wealth Tax'' Custom Duty'' Excise Duty'' Cess'' Service Tax and any other statutory dues have been generally regularly deposited in time with the appropriate authorities and there are no undisputed statutory dues payable at the year end for a period of more than six months from the date they became payable.

b) In our opinion and according to the information and explanations given to us'' there are no dues outstanding in respect of Income Tax'' Wealth Tax '' Sales Tax'' Custom Duty'' Excise Duty'' Service Tax and any other statutory dues on account of any dispute other than the following:-

Name of the Statute Nature of the Dues Amount Year to which the Forum where Dispute is (Rs in lacs)amount relates Pending

The Central Excise Act'' Service Tax 120.00 2006-2007 Assistant Commissioner of 1944 Central Excise'' Bhopal

The Income Tax Income Tax 240.51 2006-2007 and Commissioner of Income Act''1961 2007-2008 Tax'' Appeals

Customs Act'' 1962 Custom Duty 295.78 2005 Supreme Court

10. The Company does not have accumulated losses as at the end of the financial year and has not incurred cash losses in the current financial year and in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanations given to us'' we are of the opinion that the Company has not defaulted in repayment of any dues to financial institutions or banks.

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

13. In our opinion'' the Company is not a chit fund or a nidhi/mutual benefit fund/society'' therefore'' the clause 4 (xiii) of the Order is not applicable to the Company.

14. In our opinion'' the Company is not dealing in or trading in shares'' securities'' debentures and other investments.

15. In our opinion and according to the information and explanations given to us'' the Company has not given any guarantees for loans taken by others from banks or financial institutions.

16. In our opinion and according to the information and explanations given to us'' the company has not raised any term loans 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 are of the opinion that no funds raised on short term basis have been used for long term investment.

18. The Company has not made any preferential allotment of shares during the year to any parties or companies covered in the register maintained under Section 301 of the Companies Act'' 1956.

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

20. The Company has not raised any money through a public issue during the year. Accordingly'' the provisions of clause 4 (xx) of the order are not applicable to the company.

21. During the course of our examination of books and records of the Company'' carried out in accordance with the generally accepted auditing practices in India'' and according to the information and explanations given to us '' we have neither come across any instance of material fraud on or by the Company'' noticed or reported during the year '' nor have we been informed of such case by the management.

For and on behalf of

B. L. Dasharda & Associates

Chartered Accountants

F.R. No: 112615W

Sushant Mehta

Partner

Place : Mumbai M.No - 112489

Dated : 26th May'' 2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of Bhansali Engineering Polymers Limited as at 31 st March, 2012, the Profit and Loss Account and the Cash Flow Statement for the year ended on that date, both 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 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 Section 227(4A) of the Companies Act, 1956 (hereinafter referred to as the Act), we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said Order.

4 Further to our comments in the Annexure referred to in paragraph 3 above, 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, Profit and Loss Account and Cash Flow statement dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956.

e) On the basis of written representations received from the Directors as on 31 st March, 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 st 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;

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

i. in the case of the Balance Sheet, of the state of affairs of the Company as at 31 st March, 2012;

ii. in the case of the Profit and Loss Account, of the profit 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.

For and on behalf of B. L. Dasharda & Associates Chartered Accountants F.R. No. 112615W Sushant Mehta Partner Membership No. : 112489 Place : Mumbai Dated : 29th May, 2012

Statement referred to in paragraph 3 of our report of even date on the accounts for the year ended 31st March, 2012 of Bhansali Engineering Polymers Limited.

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

b) As explained to us, all the fixed assets have been physically verified by the management during the year in a phased periodical manner which, in our opinion, is reasonable having regards to the size of the company and the nature of its assets. As informed to us no material discrepancies were noticed on such verification.

c) No substantial part of fixed assets has been disposed off during the year, which has bearing on the going concern assumption.

2. a) The stocks of finished goods, raw materials, work-in-process and stores and spares of the Company have been physically verified by the management during the year.

b) The procedures of physical verification of the above stocks followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

c) The Company is maintaining proper records of inventory. As explained to us, the discrepancies between the physical stocks and the book stocks were not material and have been properly dealt with in the books of account.

3. As informed to us, the company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Consequently, requirements of clauses (iii.b) to (iii.d) of paragraph 4 of the Order are not applicable and hence not commented upon.

4. As informed to us , the company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Consequently, requirements of clauses 4(iii.e) to (iii.g) of paragraph 4 of the Order are not applicable and hence not commented upon.

5. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and for the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control systems.

6 a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements that needs 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 the information and explanations given to us, the transactions made in pursuance of contract or arrangement and exceeding the value of Rupees Five Lacs have been made at prices, which are reasonable having regard to the prevailing market prices at the relevant time.

7. In our opinion and according to the information and explanations given to us, the Company has complied with the directives issued by the Reserve Bank of India and the provisions of sections 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under to the extent applicable with regards to the deposit accepted from the public.

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

9. On the basis of the records produced, we are of the opinion that, prima facie, the cost records and accounts prescribed by the Central Government u/s 209(1) (d) of the Companies Act,1956 have been maintained by the Company. However, we are not required to carry out and have not carried out any detailed examination of such accounts and records.

10. a) In our opinion and according to the information and explanations given to us, undisputed statutory dues

including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess, Service Tax and any other statutory dues have been generally regularly deposited in time with the appropriate authorities and there are no undisputed statutory dues payable at the year end for a period of more than six months from the date they became payable.

b) In our opinion and according to the information and explanations given to us, there are no dues outstanding in respect of Income Tax, Wealth Tax , Sales Tax, Custom Duty, Excise Duty and Service Tax on account of any dispute other than the following:-

Nature of the Amount Year to which the Forum where Dispute Name of the Statute Dues (Rs.in lacs) amount relates is Pending

The Central Excise Act, 1944 Service Tax 2006-2007 Assistant Commissioner 120 0 (Chhindwara)

The Income Tax Act,1961 Income Tax 240.51 2006-2007 and Income Tax Appellate 2007-2008 Tribunal

Customs Act Custom Duty 295.78 2005 Deputy Commissioner of Customs

11. The Company does not have accumulated losses as at the end of the financial year and has not incurred cash losses in the current financial year and in the immediately preceding financial year.

12. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of any dues to financial institutions or banks.

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

14. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society, therefore, the clause 4

(xiii) of the Order is not applicable to the Company.

15. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments.

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

17. In our opinion and according to the information and explanations given to us, the company has not raised any term loans during the year.

18. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that no funds raised on short term basis have been used for long term investment.

19. The Company has not made any preferential allotment of shares during the year to any parties or companies covered in the register maintained under Section 301 of the Companies Act, 1956.

20. The Company has not issued any debentures during the year.

21. The Company has not raised any money through a public issue during the year. Accordingly, the provisions of clause 4 (xx) of the order are not applicable to the company.

22. According to the information and explanation given to us, During the year one of the employee of company has committed fraud of Rs. 464.02 lacs by way of embezzlement of goods . The company has initiated legal action against the employee and terminated the services of the employee. The company has been able to recover Rs. 251.03 lacs till date. The management has taken adequate steps to improve the internal control procedures to prevent such instances of fraud in future by formulating centralized policies and by periodic audits. We have not come across any other such instances of fraud on or by the company.

For and on behalf of

B. L. Dasharda & Associates

Chartered Accountants

F.R. No. 112615W

Sushant Mehta

Place : Mumbai Partner

Dated : 29th May, 2012 Membership No. : 112489


Mar 31, 2011

1. We have audited the attached Balance Sheet of Bhansali Engineering Polymers Limited as at 31st March, 2011 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date, both 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 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 Section 227(4A) of the Companies Act, 1956 (hereinafter referred to as the Act), we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said Order.

4. Further to our comments in the Annexure referred to in paragraph 3 above, 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, Profit and Loss Account and Cash Flow statement dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956.

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

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

i. in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011;

ii. in the case of the Profit and Loss Account, of the profit 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

Statement referred to in paragraph 3 of our report of even date on the accounts for the year ended 31st March, 2011 of Bhansali Engineering Polymers Limited.

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

b) All fixed assets have not been physically verified by the management during the year but there is a regular programme of periodical verification in a phased manner which, in our opinion, is reasonable having regards to the size of the Company and the nature of its assets. As informed to us no material discrepancies were noticed on such verification.

c) No substantial part of fixed assets has been disposed off during the year, which has bearing on the going concern assumption.

2. a) The stocks of finished goods, raw materials, work-in-process and stores and spares of the Company have been physically verified by the management during the year.

b) The procedures of physical verification of the above stocks followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

c) The Company is maintaining proper records of inventory. As explained to us, the discrepancies between the physical stocks and the book stocks were not material and have been properly dealt with in the books of account.

3. a) According to the information and explanations given to us, the Company has obtained unsecured loan from one director covered in the register maintained under Section 301 of the Companies Act, 1956.The maximum amount involved during the year is Rs. 54.12 lacs ( P.Y. Rs. 192 lacs) and the year end outstanding is Rs Nil.

b) The loans were at call and no stipulations had been made regarding payment of the principal and interest.

c) In our opinion and according to the information and explanations given to us , the rate of interest, if any, and other terms and conditions on which above loan was taken is prima facie not prejudicial to the interest of the Company.

4. As informed to us, the Company has not granted any loans secured or unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Consequently, requirements of clauses (iii.b) to (iii.d) of paragraph 4 of the Order are not applicable.

5. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and for the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control systems.

6. a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements that needs 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 the information and explanations given to us, the transactions made in pursuance of contract or arrangement entered in the register maintained under section 301 of the Companies Act, 1956 have been made at prices, which are reasonable having regard to the prevailing market prices at the relevant time.

7. In our opinion and according to the information and explanations given to us, the Company has complied with the directives issued by the Reserve Bank of India and the provisions of sections 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under to the extent applicable with regards to the deposit accepted from the public.

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

9. On the basis of the records produced, we are of the opinion that, prima facie, the cost records and accounts prescribed by the Central Government u/s 209(1) (d) of the Companies Act,1956 have been maintained by the Company. However, we are not required to carry out and have not carried out any detailed examination of such accounts and records.

10. a) In our opinion and according to the information and explanations given to us, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess, Service Tax and any other statutory dues have been generally regularly deposited in time with the appropriate authorities and there are no undisputed statutory dues payable at the year end for a period of more than six months from the date they became payable.

b) In our opinion and according to the information and explanations given to us, there are no dues outstanding in respect of Income Tax, Wealth Tax , Sales Tax, Custom Duty, Excise Duty and Service Tax on account of any dispute other than the following:-

Name of the Statute Nature of the Dues Amount Year to which Forum where Dispute (Rs. in lacs) the amount is Pending relates

The Central Excise Service Tax 120.00 2006-2007 Assistant Commissioner Act, 1944 (Chhindwara)

The Income Tax Income Tax 240.50 2006-2007 and Income Tax Act,1961 2007-2008 Appellate Tribunal

11. The Company does not have accumulated losses as at the end of the financial year and has not incurred cash losses in the current financial year and in the immediately preceding financial year.

12. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of any dues to financial institutions or banks.

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

14. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society, therefore, the clause 4 (xiii) of the Order is not applicable to the Company.

15. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments.

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

17. In our opinion and according to the information and explanations given to us, the company has not raised any term loans during the year.

18. According to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, we are of the opinion that no funds raised on short term basis have been used for long term investment.

19. The Company has not made any preferential allotment of shares during the year to any parties or companies covered in the register maintained under Section 301 of the Companies Act, 1956.

20. The Company has not issued any debentures during the year.

21. The Company has not raised any money through a public issue during the year. Accordingly, the provisions of clause 4 (xx) of the order are not applicable to the company.

22. Based upon the audit procedures performed and on the basis of information and explanations provided by the Management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For and on behalf of

B. L. Dasharda & Associates

Chartered Accountants

F.R. No. 112615W

Sushant Mehta

Place : Mumbai Partner

Dated : 26th May, 2011 Membership No. : 112489


Mar 31, 2010

1. We have audited the attached Balance Sheet of Bhansali Engineering Polymers Limited as at 31st March, 2010 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date, both 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 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 Section 227(4A) of the Companies Act, 1956 (hereinafter referred to as the Act), we endose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said Order.

4 Further to our comments in the Annexure referred to in paragraph 3 above, 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, Profit and Loss Account and Cash Flow statement dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956.

e) On the basis of written representations received from the Directors as on 31" March, 2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31s March, 2010 from being appointed as a Director in terms of clause (g) of sub section (1) of Section 274 of the Companies Act, 1956;

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

i. in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010;

ii. in the case of the Profit and Loss Account, of the profit 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

Statement referred to in paragraph 3 of our report of even date on the accounts for the year ended 31st March, 2010 of Bhansali Engineering Polymers Limited.

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

b) All fixed assets have not been physically verified by the management during the year but that there is a regular programme of periodical verification in a phased manner which, in our opinion, is reasonable having regards to the size of the company and the nature of its assets. As informed to us no material discrepancies were noticed on such verification.

c) No substantial part of fixed assets has been disposed off during the year, which has bearing on the going concern assumption.

2.a) The stocks of finished goods, raw materials, work-in-process, stores and spare parts of the Company have been physically verified by the management during the year.

b) The procedures of physical verification of the above stocks followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

c) The Company is maintaining proper records of inventory. As explained to us, the discrepancies between the physical stocks and the book stocks were not material and have been properly dealt with in the books of account.

3. a) According to the information and explanations given to us, the Company has obtained unsecured loan from one director covered in the register maintained under Section 301 of the Companies Act, 1956.The maximum amount involved during the year is Rs 192 lacs and the year end outstanding is Rs Nil.

b) The loans were at call and no stipulations had been made regarding payment of the principal and interest.

c) In our opinion and according to the information and explanations given to us , the rate of interest and other terms and conditions on which above loan was taken is prima facienot prejudicial to the interest of the company.

4. As informed to us, the company has not granted any loans secured or unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Consequently, requirements of clauses (iii.b) to (iii.d) of paragraph 4 of the Order are not applicable.

5. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and for the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control systems.

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

contracts or arrangements that needs 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 the information and explanations given to us, having regard to the explanation that many of the items are of a special nature and their prices cannot be compared with alternative quotations , the transactions made in pursuance of contract or arrangement entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of five lakh rupees in respect of any party during the year have been reasonable having regard to the prevailing market prices at the relevant time.

7. In our opinion and according to the information and explanations given to us, the Company has complied with the directives issued by the Reserve Bank of India and the provisions of sections 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under to the extent applicable with regards to the deposit accepted from the public.

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

9. On the basis of the records produced, we are of the opinion that, prima facie, the cost records and accounts prescribed by the Central Government u/s 209(1) (d) of the Companies Act,1956 have been maintained by the Company. However, we are not required to carry out and have not carried out any detailed examination of such accounts and records.

10. a) In our opinion and according to the information and explanations given to us, undisputed statutory dues

including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess, Service Tax and any other statutory dues have been generally regularly deposited in time with the appropriate authorities and there are no undisputed statutory dues payable at the year end for a period of more than six months from the date they became payable other than the following:-

Name of the Statute Nature of the Dues Amount Year to which the (Rs in lacs) amount relates

The Income Tax Act, 1961 Income Tax along with Interest 260.01 2006-2007 and 2007-2008

b) In our opinion and according to the information and explanations given to us, there are no dues * outstanding in respect of Income Tax, Wealth Tax , Sales Tax, Custom Duty, Excise Duty and Service Tax

on account of any dispute other than the following:-

Name of the Statute Nature of the Dues Amount Year to which Forum where Dispute (Rs in lacs) the amount is Pending relates

The Central Excise Service Tax 120.00 2006-2007 Assistant Commissioner Act, 1944 (Chhindwara)

The Income Tax Income Tax 53.02 2005-2006 C.I.T. Appeals (Mumbai) Act,1961

The Income Tax Income Tax 240.50 2006-2007 and Income Tax Appellate Act,1961 2007-2008 Tribunal

11. The Company does not have accumulated losses as at the end of the financial year and has not incurred cash losses in the current financial year. However it had incurred cash losses in the immediately preceding financial year.

12. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of any dues to financial institutions or banks.

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

14. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society, therefore, the clause 4 (xiii) of the Order is not applicable to the Company.

15. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments.

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

17. In our opinion and according to the information and explanations given to us, the company has not raised any term loans during the year.

18. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that there are no funds raised on short term basis that have been used for long term investment.

19. The Company has not made any preferential allotment of shares during the year to any parties or companies covered in the register maintained under Section 301 of the Companies Act, 1956.

20. The Company has not issued any debentures during the year.

21. The Company has not raised any money through a public issue during the year. Accordingly, the provisions of clause 4 (xx) of the order are not applicable to the company.

22. Based upon the audit procedures performed and on the basis of information and explanations provided by the Management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For and on behalf of B. L. Dasharda & Associates Chartered Accountants

B.L. Dasharda

Partner

Place : Mumbai Membership No. : 13708

Dated :30th April, 2010 F.R. No. : 112615W

 
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