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Auditor Report of Chaman Lal Setia Exports Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of CHAMAN LAL SETIA EXPORTS LTD. (the Company), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary accounting policies and other explanatory information.

2. MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company's Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash fows of the Company in accordance with the Accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for the 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.

3. AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and 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 controls 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements, We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

4. OPINION

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 31,2015

(b) In the case of the Statement of Profit and loss, of the Profit for the year ended on that date. and

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

5. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order, 2015 issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act (hereinafter referred to the "Order"), 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 explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act, we report that:

a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 it appears from our examination of those books.

c. The Balance Sheet, 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 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 March 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 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), 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. In our opinion and as per the information and explanations provides to us, the Company has not entered into any long-term contracts including derivative contracts, requiring provision under applicable laws or accounting standards, for material foreseeable losses, and

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

To the Members of Chaman Lal Setia Exports Ltd. on the Accounts for the Year Ended 31st March 2015

(i) (a) The company has maintained proper records showing full particulars including quantitative details situation of its fixed assets. (b) All the fixed assets have not been physically verified by the management during the year but there is a regular programme of verifcation which, in our opinion, is reasonable, having regard to the size of the company and the nature of its assets and no serious discrepancies have been noticed in respect of those assets which have been physically verified.

(ii) (a) Inventory has been physically verified by the management at reasonable intervals during the year.

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

(c) The company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification.

(iii) According to the information and explanations given to us, the company during the year has not granted/ taken any loans, secured or unsecured to/from companies, forms or other parties as per the register maintained under Section 189 of the Companies Act. (iv) According to the information and explanations given to us, there are adequate internal control system commensurate with the size of the company and nature of its business for purchase of inventory and fixed assets and for the sale of goods and services. There is no continuing failure to correct major weaknesses in internal control system. v) In our opinion and according to the information and explanations given to us the Company is not required to maintain the cost records under sub-section (1) of Section 148 of the Companies Act, 2013. (vi) According to the information and explanations given to us, the Company has not accepted any deposits from the public during the year. (vii) (a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in accordance with the generally accepted auditing practices in India, the company is regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, excise duty, customs duty, cess and other statutory dues as applicable with the appropriate authorities and we have been informed that there are no arrears of outstanding statutory dues as at the last day of the financial year under audit for a period of more than six months from the date they became payable.

(b) As explained to us, as at 31st March 2015, there have been no undeposited disputed dues in respect of sales tax, income tax, custom duty, wealth tax, service tax and cess.

(c) In our opinion and according to the information and explanations given to us, amounts required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and Rules made there under have been transferred to such fund within time,

(viii) The company does not have any accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by our audit and in immediately preceding financial year.

(ix) In our opinion and according to the information and explanations given to us , the company during the year has not defaulted in repayment of dues to financial institution or bank.

(x) According to the information and explanations given to us, in our opinion, the company has not given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the company.

(xi) According to the information and explanations given to us, no term loans were obtained during the year under audit.

(xii) According to the information and explanations given to us, during the year no fraud on or by the company has been noticed or reported.

For Rajesh Kapoor & Co.

CHARTERED ACCOUNTANTS



(Rajesh Kapoor)

Place: Amritsar Prop.

Date: 28.08.2015 M.No.: 92692


Mar 31, 2014

1. REPORT ON THE FINANCIAL STATEMENTS :-

We have audited the accompanying financial statements of CHAMAN LAL SETIA EXPORTS LTD. (the Company), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary accounting policies and other explanatory information.

2. MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS :- The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956(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.

3. AUDITORS'' RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statement 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 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 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.

4. OPINION

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 Statement of profit and loss account, of the profit for the year ended on that date. and

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

5. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditors Report) order ,2003 issued by the Central Government of India in terms of Section 227 (4A) of the Act ,we give in the Annexure 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 explanation which to the best of our knowledge and belief were necessary for the purpose of our audit.

(b) In our opinion, proper books of accounts 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 account and cash flow statement dealt with by this report are in agreement with the books of accounts .

(d) In our opinion , Balance Sheet , the Statement of Profit and Loss Account , and Cash Flow Statement comply with the Accounting Standard 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 representation received from directors as on March, 31, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 31.03.2014 from being appointed as directors in terms of section 274(1)(g) of the Act.

ANNEXURE TO THE AUDITORS'' REPORT

To the Members of Chaman Lal Setia Exports Ltd. on the Accounts for the Year Ended 31st March 2014

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

(b) All the fixed assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable, having regard to the size of the company and the nature of its assets and no serious discrepancies have been noticed in respect of those assets which have been physically verified.

(c) There has been no disposal of substantial part of the fixed assets during the year and accordingly paragraph 4 (i) (c) of the said order relating to Going Concern is not affected .

(ii) (a) Inventory has been physically verified by the management at reasonable intervals during the year.

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

(c) The company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification.

(iii) According to the information and explanations given to us, the company during the year has not granted/ taken any loans, secured or unsecured to/from companies, firms or other parties as per the register maintained under Section 301 of the Companies Act, 1956.Hence clauses (a) to (g) are not applicable of CARO (Amendment) order, 2004.

(iv) According to the information and explanations given to us, there are adequate internal control system commensurate with the size of the company and nature of its business for purchase of inventory and fixed assets and for the sale of goods. There is no continuing failure to correct major weaknesses in internal control system.

(v) As explained to us, particulars of contracts or arrangements referred to in section 301 of Act, if any, have been so entered in register required to be maintained under that section and according to the information and explanations given to us, such transactions made in pursuance of such contracts and arrangements exceeding the value of five lacs rupees in respect of each party have been made at prices which are reasonable having regard to prevailing market prices.

(vi) The company has not accepted deposits from the public to which the provisions of section 58 (A) and 58 (AA) of the Companies Act, 1956 and the rules framed thereunder apply.

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

(viii) During the year the Company was required to maintain Cost Records as provide under Section 209 (1) (d) of the Companies Act, 1956 for Cost Audit Report to be issued by Cost Auditor.

(ix) (a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in accordance with the generally accepted auditing practices in India, the company is regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, excise duty, customs duty, cess and other statutory dues as applicable with the appropriate authorities.

(b) As explained to us, as at 31st March 2014, there have been no undeposited disputed dues in respect of sales tax, income tax, custom duty, wealth tax , service tax and cess except given in notes to accounts.

(x) The company does not have any accumulated losses at the end of the financial year.

(xi) The company during the year has not defaulted in repayment of dues to financial institution.

(xii) The company during the year has not granted any loan and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The company is not a nidhi/mutual benefit fund/ society to which the provisions of special statute relating to chit fund are applicable.

(xiv) In our opinion the company and according to explanation given to us the company is not dealing or trading in shares ,securities and debentures and other investments and accordingly para 4 (xiv) is not applicable .

(xv) According to the information and explanations given to us, in our opinion, the company has not given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the company.

(xvi) According to the information and explanations given to us, the loans have been applied for the purpose for which they were obtained.

(xvii) According to the information and explanations given to us, funds raised on short-term basis have not been used for long term investment.

(xviii) 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.

(xix) There are no debentures outstanding as at year-end.

(xx) The company has not raised money during the year from the public.

(xxi) According to the information and explanations given to us, during the year no fraud on or by the company has been noticed or reported.

Place:Amritsar For M/s Rajesh Kapoor & Co. Date:26-08-2014 Chartered Accountants

(Rajesh Kapoor) Prop. M. No.-92692


Mar 31, 2013

1. We have audited the attached Balance Sheet of Chaman Lal Setia Exports Ltd., the Profit and loss account and cash flow statement of the Company for the year ended on that date annexed there to. These financial statements are the responsibility of 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 Standard generally accepted in India. These Standards require that we planned & formed the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit include the examining on a test basis, evidence sporting the amount and disclosures in the financial statement. An audit also include assessing the accounting principles used and significant estimate by the management as well as evaluating the overall financial statements presentation .We believe that our Audit provide a reasonable basis for opinion.

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, we enclose in the annexure in paragraph 4 and 5 of the order.

(a) The balance sheet & Profit & Loss Account has been drawn up in accordance with the provisions of Revised Schedule VI of Companies Act 1956.

(b) We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of ouraudit.

(c) In our opinion, proper books of accounts as required by law have been kept by the Company so far, as appears from our examination of the books.

(d) The balance sheet, profit and loss account and cash flow statement dealt with by this report is in agreement with the books of accounts.

(e) In our opinion, the Profit & Loss Account, Balance Sheet and cash flow statement Comply with the Accounting Standards referred to in (Accounting Standard) Rules, 2006;

(f) On the basis of written representations, received from directors, and taken on record by the Board, we report that none of the said directors is disqualified as on March 31, 2013 from being appointed as director in terms of section 274(1) (g) of the Companies Act 1956 and;

(g) In our opinion and to the best of our information and according to the explanation given to us, the said balance sheet and profit and loss account read with Schedule'' 1'' to 29'' and subject to the notes, shows a true & fair view:-

(i) In the case of the balance sheet, of the state of affairs of the company as at 31.3.13 and

(ii) In the case of the profit and loss account, oftheprofitfortheyearended on that date.

(iii) In the case of cash flow statement, of the cash flows for the year ended on that date.

Company Overview

A) Your Company has been running successfully rice business since 1973. The long outstanding experience of the Directors has helped the Company to expand its global footprint. Your Company''s diverse product line covers product like Sella Rice, Bhatti Sella, Rice for Diabetic peoples ,Smoked rice, Pesticide Residue free rice. Company''s uses its strong relationship with Domestic and Global Business partners for market penetration and presence. Company has introduced newer policies and strategies to facilitate development further.

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

(b) All the fixed assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable, having regard to the size of the company and the nature of its assets and no serious discrepancies have been noticed in respect of those assets which have been physically verified.

(c) There has been no disposal of substantial part of the fixed assets during the year and accordingly paragraph 4 (i) (c) of the said order relating to Going Concern is not affected.

(ii) (a) Inventory has been physically verified by the management at reasonable intervals during the year.

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

(c) The company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification.

(iii) According to the information and explanations given to us, the company during the year has not granted/ taken any loans, secured or unsecured to/from companies, firms or other parties as per the register maintained under Section 301 of the Companies Act, 1956.Hence clauses (a) to (g) are not applicable of CARO (Amendment) order, 2004.

(iv) According to the information and explanations given to us, there are adequate internal control system commensurate with the size of the company and nature of its business for purchase of inventory and fixed assets and for the sale of goods. There is no continuing failure to correct major weaknesses in internal control system.

(v) As explained to us, particulars of contracts or arrangements referred to in section 301 of Act, if any, have been so entered in register required to be maintained under that section and according to the information and explanations given to us, such transactions made in pursuance of such contracts and arrangements exceeding the value of five lacs rupees in respect of each party have been made at prices which are reasonable having regard to prevailing market prices.

(vi) The company has not accepted deposits from the public to which the provisions of section 58 (A) and 58 (AA) of the Companies Act, 1956 and the rules framed thereunder apply.

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

* (viii) DuringtheyeartheCompanywasrequiredtomaintainCost Records as provide under Section 209 (1)(d) of the Companies Act, 1956 for Cost Audit Report to be issued by Cost Auditor.

(ix) (a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in accordance with the generally accepted auditing practices in India, the company is regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, excise duty, customs duty, cess and other statutory dues as applicable with the appropriate authorities.

(b) As explained to us, as at 31st March 2013 , there have been no undeposited disputed dues in respect of sales tax, income tax, custom duty, wealth tax, service tax and cess.

(x) The company does not have any accumulated losses at the end of the financial year.

(xi) The company during the year has not defaulted in repayment of dues to financial institution.

(xii) The company during the year has not granted any loan and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The company is not a nidhi/mutual benefit fund/ society to which the provisions of special statute relating to chit fund are applicable.

(xiv) In our opinion the company and according to explanation given to us the company is not dealing or trading in shares .securities and debentures and other investments and accordingly para 4 (xiv) is not applicable.

(xv) According to the information and explanations given to us, in our opinion, the company has not given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the company.

(xvi) According to the information and explanations given to us, the loans have been applied for the purpose for which they were obtained.

(xvii) According to the information and explanations given to us, funds raised on short-term basis have not been used for long term investment. During the year no funds have been raised on long term basis.

(xviii) 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.

(xix) There are no debentures outstanding as at year-end.

(xx) The company has not raised money during the year from the public.

(xxi) According to the information and explanations given to us, during the year no fraud on or by the company has been noticed or reported.

Place: - Amritsar For M/s Rajesh Kapoor & Co.

Date: - 24-08-2013 Chartered Accountants

(Rajesh Kapoor) Prop.


Mar 31, 2012

1. We have audited the attached Balance Sheet of Chaman Lai Setia Exports Ltd., the Profit and loss account and cash flow statement of the Company for the year ended on that date annexed there to. These financial statements are the responsibility of 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 Standard generally accepted in India. These Standards require that we planned & formed the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit include the examining on a test basis, evidence sporting the amount and disclosures in the financial statement. An audit also include assessing the accounting principles used and significant estimate by the management as well as evaluating the overall financial statements presentation .We believe that our Audit provide a reasonable basis for opinion.

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, we enclose in the annexure in paragraph 4 and 5 of the order.

(a) The balance sheet & Profit & Loss Account has been drawn up in accordance with the provisions of Revised Schedule VI of Companies Act 1956.

(b) We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit.

(c) In our opinion, proper books of accounts as required by law have been kept by the Company so far, as appears from our examination of the books.

(d) The balance sheet, profit and loss account and cash flow statement dealt with by this report is in agreement with the books of accounts.

(e) In our opinion, the Profit & Loss Account, Balance Sheet and cash flow statement Comply with the Accounting Standards referred to in (Accounting Standard) Rules, 2006;

(d) On the basis of written representations, received from directors, and taken on record by the Board, we report that none of the said directors is disqualified as on March 31, 2012 from being appointed as director in terms of section 274(1) (g) of the Companies Act 1956 and;

(e) In our opinion and to the best of our information and according to the explanation given to us, the said balance sheet and profit and loss account read with Schedule '1 ' to 29' and subject to the notes, shows a true & fair view:-

(i) In the case of the balance sheet, of the state of affairs of the company as at 31.3.12 and

(ii) In the case of the profit and loss account, of the profit for the year ended on that date.

(iii) In the case of cash flow statement, of the cash flows for the year ended on that date.

To the Members of Chaman Lai Setia Exports Ltd. on the Accounts for the Year Ended 31st March 2012

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

(b) All the fixed assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable, having regard to the size of the company and the nature of its assets and no serious discrepancies have been noticed in respect of those assets which have been physically verified.

(c) There has been no disposal of substantial part of the fixed assets during the year and accordingly paragraph 4 (i) (c) of the said order relating to Going Concern is not affected.

(ii) (a) Inventory has been physically verified by the management at reasonable intervals during the year.

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

(c) The company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification.

(iii) According to the information and explanations given to us, the company during the year has not granted/ taken any loans, secured or unsecured to/from companies, firms or other parties as per the register maintained under Section 301 of the Companies Act, 1956.Hence clauses (a) to (g) are not applicable of CARO (Amendment) order, 2004.

(iv) According to the information and explanations given to us, there are adequate internal control system commensurate with the size of the company and nature of its business for purchase of inventory and fixed assets and for the sale of goods. There is no continuing failure to correct major weaknesses in internal control system.

(v) As explained to us, particulars of contracts or arrangements referred to in section 301 of Act, if any, have been so entered in register required to be maintained under that section and according to the information and explanations given to us, such transactions made in pursuance of such contracts and arrangements exceeding the value of five lacs rupees in respect of each party have been made at prices which are reasonable having regard to prevailing market prices.

(vi) The company has not accepted deposits from the public to which the provisions of section 58 (A) and 58 (AA) of the Companies Act, 1956 and the rules framed thereunder apply.

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

(viii) During the year the Company was required to maintain Cost Records as provide under Section 209 (1) (d) of the Companies Act, 1956 for Cost Compliance Report to be issued by Cost Auditor.

(ix) (a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in accordance with the generally accepted auditing practices in India, the company is regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, excise duty, customs duty, cess and other statutory dues as applicable with the appropriate authorities.

(b) As explained to us, as at 31s' March 2011, there have been no undeposited disputed dues in respect of sales tax, income tax, custom duty, wealth tax, service tax and cess.

(x) The company does not have any accumulated losses at the end of the financial year.

(xi) The company during the year has not defaulted in repayment of dues to financial institution.

(xii) The company during the year has not granted any loan and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The company is not a nidhi/mutual benefit fund/ society to which the provisions of special statute relating to chit fund are applicable.

(xiv) In our opinion the company and according to explanation given to us the company is not dealing or trading in shares .securities and debentures and other investments and accordingly para 4 (xiv) is not applicable.

(xv) According to the information and explanations given to us, in our opinion, the company has not given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest ofthe company.

(xvi) According to the information and explanations given to us, the loans have been applied for the purpose for which they were obtained.

(xvii) According to the information and explanations given to us, funds raised on short-term basis have not been used for long term investment. During the year no funds have been raised on long term basis.

(xviii) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 ofthe CompaniesAct, 1956.

(xix) There are no debentures outstanding as atyear-end.

(xx) The company has not raised money during the yearfrom the public.

(xxi) According to the information and explanations given to us, during the year no fraud on or by the company has been noticed or reported.

FORRAJESH KAPOOR & CO. CHARTERED ACCOUNTANTS

(RAJESH KAPOOR)

Prop.

PLACE:AMRITSAR DATED: 24-08-12


Mar 31, 2010

1. We have audited the attached Balance Sheet of Chaman Lai Setia Exports Ltd., the Profit and loss account and cash flow statement of the Company for the year ended on that date annexed there to. These financial statements are the responsibility of 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 Standard generally accepted in India. These Standards require that we planned & formed the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit include the examining on a test basis, evidence sporting the amount and disclosures in the financial statement. An audit also include assessing the accounting principles used and significant estimate by the management as well as evaluating the overall financial statements presentation .We believe that our Audit provide a reasonable basis for opinion.

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, we enclose in the annexure in paragraph 4 and 5 of the order.

(a) The balance sheet & Profit & Loss Account has been drawn up in accordance with the provisions of schedule VI of Companies Act 1956.

(b) We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit.

(a) In our opinion, proper books of accounts as required by law have been kept by the Company so far, as appears from our examination of the books.

(b) The balance sheet, profit and loss account and cash flow statement dealt with by this report is in agreement with the books of accounts.

(c) In our opinion, the Profit & Loss Account, Balance Sheet and cash flow statement Comply with the Accounting Standards referred to in sub section (3c) of section 211 of Companies Act 1956;

(d) On the basis of written representations, received from directors, and taken on record by the Board, we report that none of the said directors is disqualified as on March 31, 2010 from being appointed as director in terms of section 274(1) (g) of the Companies Act 1956 and;

(e) In our opinion and to the best of our information and according to the explanation given to us, the said balance sheet and profit and loss account read with Schedule 1 to 20 and subject to the notes, shows a true Erfair view:-

(I) In the case of the balance sheet, of the state of affairs of the company asat31.3.10and

(ii) In the case of the profit and loss account, of the profit for the year ended on that date.

(iii) In the case of cash flow statement, of the cash flows for the year ended on that date.

Annexure to the Auditors Report To the Members of Chaman Lai Setia Exports Ltd. on the Accounts for the Year Ended 31st March 2010

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

(b) All the fixed assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable, having regard to the size of the company and the nature of its assets and no serious discrepancies have been noticed in respect of those assets which have been physically verified.

(c) There has been no disposal of substantial part of the fixed assets during the year.

(ii) (a) Inventory has been physically verified by the management at reasonable intervals during the year.

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

(c) The company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification..

(iii) According to the information and explanations given to us, the company during the year has not granted/ taken any loans, secured or unsecured to/from companies, firms or other parties as per the register maintained under Section 301 of the Companies Act, 1956.Hence clauses (a) to (g) are not applicable of CARO (Amendment) order, 2004.

(iv) According to the information and explanations given to us, there are adequate internal control system commensurate with the size of the company and nature of its business for purchase of inventory and fixed assets and for the sale of goods.There is no continuing failure to correct major weaknesses in internal control system.

(v) As explained to us, particulars of contracts or arrangements referred to in section 301 of Act, if any, have been so entered in register required to be maintained under that section and according to the information and explanations given to us, such transactions made in pursuance of such contracts and arrangements exceeding the value of five lacs rupees in respect of each party have been made at prices which are reasonable having regard to prevailing market prices.

(vi) The company has not accepted deposits from the public to which the provisions of section 58 (A) and 58 (AA) of the Companies Act, 1956 and the rules framed thereunder apply.

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

(viii) To the best of our knowledge and according to the information given to us, the Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 in respect of the Companys products.

(ix) (a) According to the information and explanations given to us and according to the books and records as produced and examined by us.in accordance with the generally accepted auditing practices in India, the company is regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, excise duty, customs duty, cess and other statutory dues as applicable with the appropriate authorities.

(b) As explained to us, as at 31st March 2010, there have been no undeposited disputed dues in respect of sales tax, income tax, custom duty, wealth tax, service tax and cess.

(x) The company does not have any accumulated losses at the end of the financial year.

(xi) The company during the year has not defaulted in repayment of dues to financial institution.

(xii) The company during the year has not granted any loan and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The company is not a nidhi/mutual benefit fund/ society to which the provisions of special statute relating to chit fund are applicable.

(xiv) In our opinion the company has maintained proper records of transactions and contracts relating to dealings in shares and other investments and timely entries have been made therein. Further, such securities have been held by the company in its own name.

(xv) According to the information and explanations given to us, in our opinion, the company has not given any guarantee for loans taken by others from bank orfinancial institutions, the terms and conditions whereof are prejudicial to the interest of the company.

(xvi) According to the information and explanations given to us, the loans have been applied for the purpose for which they were obtained.

(xvii) According to the information and explanations given to us, funds raised on short-term basis have not been used for long term investment. During the year no funds have been raised on long term basis.

(xviii) 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.

(xix) There are no debentures outstanding as at year-end.

(xx) The company has not raised money during the year from the public.

(xxi) According to the information and explanations given to us, during the year no fraud on or by the company has been noticed or reported.

For Rajesh Kapoor & Co.

Dated: - 20-08-2010 Chartered Accountants

Place: - Amritsar (Rajesh Kapoor)

Prop.

M.No. 92692



 
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