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Auditor Report of Cheviot Company Ltd.

Mar 31, 2012

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

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

1. As required by the Companies (Auditor's Report) Order, 2003, as amended by the Companies (Auditor's Report) (Amendment) Order, 2004, issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order to the extent applicable.

2. Further to our comments in the Annexure referred to in Paragraph 1 above, we state 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 such books;

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

e) On the basis of representations received from the directors of the Company, we report that no director is disqualified from being appointed as a director of the Company under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; and

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read in conjunction with notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view :

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

ii. In the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date.

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

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

b) There is a regular program of physical verification, which in our opinion is reasonable, having regard to the size of the Company and the nature of fixed assets. No material discrepancies have been noticed in respect of the assets physically verified during the year.

c) The Company has not disposed off substantial part of fixed assets during the year.

2. a) Inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

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

c) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and book records were not material and have been properly dealt with in the books of account.

3. The Company has not accepted/granted any loans during the year from/to the parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly the provisions of clauses (iii) (b), (c), (d), (f) and (g) are not applicable to the Company.

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 and fixed assets and for the sale of goods. During the course of our audit, no major weakness was noticed in the internal control system.

5. a) According to the information and explanations given to us, contracts or arrangements that need to be entered into the register maintained in pursuance of section 301 of the Companies Act, 1956 have been so entered.

b) The transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public during the year.

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

8. On the basis of records produced, we are of the opinion that, prima facie, the cost records and accounts prescribed by the Central Government under Section 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.

9. a) According to the information and explanations given to us and the records examined by us, the Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Cess and other statutory dues with the appropriate authorities and there are no undisputed statutory dues outstanding as at 31st March, 2012, for a period of more than six months from the date they became payable.



b) According to the records of the Company, the following dues are not deposited on account of disputes pending at various forums :

Name of the Statute Nature of dues Amount Year to Forum where which amount dispute is relates pending

Sales Tax Act Sales Tax 1.05 1984-85 Reference Level

0.22 1993-94 Revision Level

1.12 1997-98 Revision Level

76.77 2005-06 Appeal Level

65.05 2006-07 Appeal Level

2.84 2008-09 Appeal Level

Income Tax Act Income Tax 115.68 2002-03 Assessing Officer

6.63 2007-08 Assessing Officer

24.88 2009-10 Assessing Officer

TOTAL 294.24



10. The Company has not incurred cash loss in the current year and in the immediately preceding financial year and there are no accumulated losses in the Balance Sheet as on 31st March, 2012.

11. Based on the information and explanations given to us, the Company has not defaulted during the year in repayment of dues to any financial institutions or banks.

12. Based on our examination of the records and 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. As the Company is not a chit fund, nidhi, mutual benefit fund or society the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

14. As the Company is not dealing or trading in shares, securities, debentures and other investments, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

15. According to the information and explanations received, the Company has not given any guarantees for loans taken by others from bank or financial institutions.

16. According to the information and explanations received, the term loan was applied for the purpose for which the loans were obtained.

17. Based on our examination of the records and according to the information and explanations received, the Company has not applied short term borrowings for long term use.

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

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

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

21. As per the information and explanation given to us, no fraud on or by the Company has been noticed during the year.

For Jain & Co.

Chartered Accountants

Registration No. 302023E

P-21/22, Radhabazar Street, CA P. K. JAIN

Kolkata - 700 001 Partner

Dated the 30th day of May, 2012 Membership No. 52018


Mar 31, 2011

We have audited the attached Balance Sheet of Cheviot Company Limited as at 31st March, 2011 and the related Profit & Loss Account and the Cash Flow Statement of the Company for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

1. As required by the Companies (Auditors Report) Order, 2003, as amended by the Companies (Auditors Report) (Amendment) Order, 2004, issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order to the extent applicable.

2. Further to our comments in the Annexure referred to in Paragraph 1 above, we state 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 such books;

c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement referred to in this report are in agreement with the books of account;

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

e) On the basis of representations received from the directors of the Company, we report that no director is disqualified from being appointed as a director of the Company under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; and

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read in conjunction with Schedules 1 to 19 give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view :

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 & Loss Account, of the profit of the Company for the year ended on that date.

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

ANNEXURE TO THE AUDITORS REPORT

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

b) There is a regular program of physical verification, which in our opinion is reasonable, having regard to the size of the Company and the nature of fixed assets. No material discrepancies have been noticed in respect of the assets physically verified during the year.

c) The Company has not disposed off substantial part of fixed assets during the year.

2. a) Inventories have been physically verified during the year by the management. In our opinion, the frequency of

verification is reasonable.

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

c) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and book records were not material and have been properly dealt with in the books of account.

3. The Company has not accepted/granted any loans during the year from/to the parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly the provisions of clauses (iii) (b), (c), (d), (f) and (g) are not applicable to the Company.

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 and fixed assets and for the sale of goods. During the course of our audit, no major weakness was noticed in the internal control system.

5. a) According to the information and explanations given to us, contracts or arrangements that need to be entered

into the register maintained in pursuance of Section 301 of the Companies Act, 1956 have been so entered.

b) The transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public during the year.

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

8. On the basis of records produced, we are of the opinion that, prima facie, the cost records and accounts prescribed by the Central Government under Section 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.

9. a) According to the information and explanations given to us and the records examined by us, the Company is

regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, EmployeesState Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Cess and other statutory dues with the appropriate authorities and there are no undisputed statutory dues outstanding as at 31 st March, 2011, for a period of more than six months from the date they became payable.

b) According to the records of the Company, the following dues are not deposited on account of disputes pending at various forums:

Name of the Nature of dues Amount Year/Period to which Forum where dispute Statute (in Lakhs) amount relates is pending

Sales Tax Act Sales tax 1.05 1984-85 Reference Level

0.22 1993-94 Revision Level

1.12 1997-98 Revision Level

3.39 1998-99 Revision Level

0.64 2003-04 Revision Level

76.77 2005-06 Appeal Level

219.07 2007-08 Appeal Level

Central Excise Act Excise duty 110.73 May, 2006 to Honble Supreme August, 2006 court

EmployeesState ESI 0.88 2006-07 ESI Corporation

Insurance Act 8.30 2009-10 ESI Corporation

Income Tax Act Income tax 145.82 2002-03 Appeal Level before

CIT (Appeals)

90.83 2003-04 Appeal Level before

CIT (Appeals)

6.63 2007-08 Assessing Officer

Total 665.45

10 The Company has not incurred cash loss in the current year and in the immediately preceding financial year and there are no accumulated losses in the Balance Sheet as on 31 st March, 2011.

11. Based on the information and explanations given to us, the Company has not defaulted during the year in repayment of dues to any financial institutions or banks.

12. Based on our examination of the records and 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. As the Company is not a chit fund, nidhi, mutual benefit fund or society the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

14. As the Company is not dealing or trading in shares, securities, debentures and other investments, the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

15. According to the information and explanations received, the Company has not given any guarantees for loans taken by others from bank or financial institutions.

16. According to the information and explanations received, the term loan was applied for the purpose for which the loan was obtained.

17. Based on our examination of the records and according to the information and explanations received, the Company has not applied short term borrowings for long term use.

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

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

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

21. As per the information and explanations given to us, no fraud on or by the Company has been noticed during the year.

For Jain & Co.

Chartered Accountants

Registration No. 302023E

P-21/22, Radhabazar Street, CA P.K.JAIN

Kolkata-700 001 Partner

Dated the 12th day of May, 2011 Membership No. 52018


Mar 31, 2010

We have audited the attached Balance Sheet of Cheviot Company Limited as at 31st March, 2010 and the related Profit & Loss Account and the Cash Flow Statement of the Company for the year ended on that date, annexed thereto.These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

1. As required by the Companies (Auditors Report) Order, 2003, as amended by the Companies (Auditors Report) (Amendment) Order, 2004, issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order to the extent applicable.

2. Further to our comments in the Annexure referred to in Paragraph 1 above, we state 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 such books;

c. The Balance Sheet, Profit & Loss Account and Cash Flow Statement referred to in this report are in agreement with the books of account;

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

e. On the basis of representations received from the directors of the Company, we report that no director is disqualified from being appointed as a director of the Company under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; and

f. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read in conjunction with Schedules 1 to 19 give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view:

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

ii. In the case of the Profit & Loss Account, of the profit of the Company for the year ended on that date.

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

ANNEXURE TO THE AUDITORS REPORT

1. a. The Company has maintained proper records showing full particulars including quantitative details and location

of the Fixed Assets.

b. There is a regular program of physical verification, which in our opinion is reasonable, having regard to the size of the Company and the nature of fixed assets. No material discrepancies have been noticed in respect of the assets physically verified during the year.

c. The Company has not disposed off substantial part of fixed assets during the year.

2. a. Inventories have been physically verified during the year by the management. In our opinion, the frequency of

verification is reasonable.

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

c. The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and book redords were not material and have been properly dealt with in the books of account.

3. The Company has not accepted/granted any loans during the year from/to the parties covered in the register maintained under Section 301 of the Companies Act, 1956.

4. In our opinion, and according t0 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 and fixed assets and for the sale of goods. During the course of our audit, no major weakness was noticed in the internal control system.

5. a. According to the information and explanations given to us, contracts or arrangements that need to be entered into

the register maintained in pMrsuance of Section 301 of the Companies Act, 1956 have been so entered.

b. The transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted! any deposits from the public during the year.

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

8. On the basis of records produced, we are of the opinion that, prima facie, the cost records and accounts prescribed by

the Central Government under section 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.

9. a. According to the information and explanations given to us and the records examined by us, the Company is regular

in depositing undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, cess and other statutory dues with the appropriate authorities and there are no undisputed statutory dues outstanding as at 31 st March, 2010, for a period of more than six nrionths from the date they became payable.

b. According to the records of the Company, the following dues are not deposited on account of disputes pending at various forums:

Name of the Nature of dues Amount Year/Period to which Forum where dispute Statute (Rs. in Lakhs) amount relates is pending Sales Tax Act Sales tax 1.05 1984-85 Reference Level 0.22 1993-94 Revision Level 1.12 1997-98 Revision Level 3.39 1998-99 Revision Level 0.98 2003-04 Revision Level 76.77 2005-06 Appeal Level Central Excise Act Excise duty 110.73 May,2006 to Appeal being filed with August,2006 Honble Supreme Court Employees State ESI 47.87 2002-03 ESI Corporation Insurance Act Income Tax Act Income tax 90.83 2003-04 Appeal Level before CIT (Appeals) Total 332.96

10. The Company has not incurred cash loss in the current year and in the immediately preceding financial year and there are no accumulated losses in the Balance Sheet as on 31st March, 2010.

11. Based on the information and explanations given to us, the Company has not defaulted during the year in repayment of dues to any financial institutions or banks.

12. Based on our examination of the records and 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. As the Company is not a chit fund, nidhi, mutual benefit fund or society the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

14. As the Company is not dealing or trading in shares, securities, debentures and other investments, the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

15. According to the information and explanations received, the Company has not given any guarantees for loans taken by others from bank or financial institutions.

16. According to the information and explanations received, the term loans were applied for the purpose for which the loans were obtained.

17. Based on our examination of the records and according to the information and explanations received, the Company has not applied short term borrowings for long term use.

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

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

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

21. As per the information and explanations given to us, no fraud on or by the Company has been noticed during the year.

For Jain & Co. Chartered Accountants Registration No. 302023E P-21/22, Radhabazar Street CA P. K. JAIN Kolkata - 700 001 Partner Dated the 7th day of May, 2010 Membership No. 52018

 
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