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Auditor Report of Creative Castings Ltd.

Mar 31, 2015

We have audited the accompanying Financial Statements of CREATIVE CASTINGS Limited ("the company") which comprise the Balance Sheet as at 31st March -2015, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management's Responsibilities for the Financial Statements

The Company's Board of Directors 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 principles generally accepted in India including Accounting Standards specified under Section 133 of the Companies Act, 2013 ("the Act"), read with the Rule 7 of the Companies (Accounts) Rule, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the fraud 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 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.

Auditors' Responsibility

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

We have taken into account the provision of the Act, the accounting and auditing standard and Matters which are required to be included in the audit report under the provision 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) 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.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedure selected depends 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 true and fair view in order to design audit procedure that are appropriate in the circumstances. An audit also include 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.

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.

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 31 st March, 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 the Cash Flow Statement, of the Cash Flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("the order") issued by the Central Government of India 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.

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 appears from our examination of those books.

c. The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the Books of Accounts.

d. In our opinion, the aforesaid financial statements comply with the Accounting Standards specified u/s 133 of the Act, read with the Rule 7 of the Companies (Accounts) Rules 2014.

e. On the basis of written representations received from the directors, as on March 31, 2015, 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 other matters to be included in the Auditors' 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 does not have any pending litigations which would impact its financial position;

ii) The company did not have any long term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise;

iii) There has been an occasion in case of the company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of delay in transferring such sums does not arise.

ANNEXURE TO THE AUDITORS' REOPRT

(Referred to in paragraph 1 of our report of even date)

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

i) In respect of its fixed assets :

a) The Company has maintained proper records showing full particulars including quantitative details and situations of its Fixed Assets.

b) As explained to us, Fixed Assets have been physically verified by the Management at the reasonable intervals; no material discrepancies were notices on such verification. In our opinion and according to information and explanation given to us, no Fixed Assets has been disposed off during the year and therefore, does not affect the going concern assumption.

ii) In respect of its Inventories :

a) As explained to us, Inventories have been physically verified during the year by the Management at reasonable intervals.

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

c) in our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its Inventories. No material discrepancy was noticed on physical verifications of stocks by the management as compared to books records.

iii) According to the information and explanations given to us and on the basis of our examinations of the books of accounts, the Company has not granted any loans, secured or unsecured, to Companies, firm or other parties listed in the register maintained u/s 189 of the Companies Act.

iv) As informed to us, the central government has not prescribed maintenance of cost record under sub-section (1) of section 148 of the Act.

v) The Company has not accepted any deposit, from the public covered under section 73 to 76 of the Companies Act, 2013.

vi) We have broadly reviewed the books of accounts relating to materials, labour and other items of cost maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

vii) a) According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees' State Insurance, Income-Tax, Sales-Tax, Value Added Tax, Wealth-Tax, Custom Duty, Excise Duty, Service-Tax, Cess and other Statutory dues applicable to it.

According to the information and explanations given to us, no undisputed amount payable in respect of Income-Tax, Wealth-Tax, Sales-Tax, Value Added Tax, Service-Tax, Custom Duty, Excise Duty were outstanding, as at March 31, 2015 for a period of more than six months from the date they became payable.

b) According to records of the Company, there are no dues of Income-Tax, Wealth-Tax, Sales- Tax, Value Added Tax, Service-Tax, Custom Duty and Excise Duty which have not been deposited on account of any dispute.

c) There is no occasion in case of the company during the year under report to transfer any sums to the Investor Education & Protection Fund. The queation of reporting delay in transferring such sums does not arise.

viii) The Company does not have any accumulated losses and has not incurred any cash losses during the financial year covered by our Audit and in the immediately preceding financial year.

ix) Based on our audit procedure and on the information and explanations given by management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

x) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institution.

xi) In our opinion, and according to the information and explanation given to us, the company has not raised any term loan during the year.

xii) Based on the audit procedures carried in accordance with the auditing standards generally accepted in India and the information and explanation given to us, we report that no fraud on or by the Company has been noticed or reported during the course of audit nor we have been informed of such case by the management.

PLACE: JUNAGADH FOR SUBHASH AKBARI & CO. DATE : 30th May, 2015 Firm Registration No.124349W Chartered Accountants

SUBHASH K. AKBARI PROPRIETOR M. NO. 114659


Mar 31, 2014

We have audited the accompanying Financial Statements of CREATIVE CASTINGS Limited (the company") which comprise the Balance Sheet as at 31 st March 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management's Responsibilities for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair of the financial position, financial performance and cash flows of the Company in with accounting principles generally accepted in India including Accounting Standards referred to in Sectoin211 (3C) of 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 20. This responsibility includes the design, implementation and maintenance of internal control preparation and presentation of the financial statements that give a true and fair view and free from material misstatement, whether due to fraud or error.

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 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 procedure 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 preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate circumstances but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. An audit also include evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the 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 31st March, 2014;

(b) in the case of the Statement of Profit and Loss, of the Profit for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

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

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

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

b. In our opinion, proper Books of Account as required by law have been kept by the Company as far as 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 Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in Section 211 (3C) of the Act read with the General Circular 15/2013 dated 13 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 March 31,2014, taken on record by the board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of section 274(1 )(g) of the Act.

ANNEXURE TO THE AUDITORS' REPORT

(Referred to in paragraph 1 of our report of even date)

i) a) The Company has maintained proper records to show full particulars including quantitative details and situations of Fixed Assets (other than in respect of tools, dies, furniture & fixture).

b) As per the information and explanations given to us, the Fixed Assets of the Company have been physically verified by the Management at reasonable intervals and no serious discrepancies between the book records and physical verification were noticed.

c) During the year, the Company has not disposed off any substantial/major part of Fixed Assets.

ii) a) As per the information and explanations given to us, the Inventories have been physically verified by the Management at reasonable intervals during the year.

b) In our opinion and as per 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 nature of its business.

c) The Company has maintained proper records of Inventories. According to the information and explanations given to us, no material discrepancies were noticed on physical verification of inventories as compared to the book records.

iii) a) As per information furnished, 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, Accordingly, the provisions of clauses 4 (iii) (b) to (d) of the Order are not applicable.

b) As per information furnished, 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, Accordingly, the provisions of clauses 4 (iii) (f) to (g) of the Order are not applicable.

iv) 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 for the purchase of Inventory and Fixed Assets and for the Sale of Goods and services. We have not observed any continuing failure to correct major weaknesses in the internal control system.

v) In respect of transactions entered in the register maintained in pursuance of section 301 of the Companies Act, 1956 :

a) To the best of our knowledge and belief and according to the information and explanations given to us, particulars of contracts or arrangements that needed to be entered into the register 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 contracts or arrangements entered in the register maintained under Sec. 301 exceeding the value of Rs. 5.00 Lacs in respect of any party during the year.

vi) As the company has not accepted any deposits from the public, within the meaning of provisions of Sections 58A and 58AA and other relevant provisions of the Companies Act, 1956, and Rules made there under ,clause(vi) of the order is not applicable.

vii) In our opinion, the company has an Internal Audit system commensurate with the size of the Company and nature of its business.

viii) We have broadly reviewed the cost records maintained by the company relating to the manufacturing of castings, pursuant to the Companies (Cost Accounting Records) rules, 2011 prescribed by the Central Govt. Linder section 209 (1) (d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however not made a detailed examination of the records with a view to determine whether they are accurate or complete.

ix) a) According to information and explanations given to us and the records examined by us, the Company has generally been regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-Tax, Sales-Tax, Wealth- Tax, Service-Tax, Custom Duty, Excise Duty, Cess and other Statutory dues wherever applicable. According to information and explanations given to us, no undisputed arrears of Statutory dues were outstanding as at 31st March-2014, for a period of more than six months from the date they became payable

c) According to the information and explanations given to us, there are no dues of Sales Tax, Income Tax, Wealth Tax, Service Tax, Excise Duty and Cess which have not been deposited on account of any dispute.

x) There are no accumulated losses of the Company as on 31st March-2014. The Company has not incurred any Cash losses during the financial year covered by our Audit and the immediately preceding financial year.

xi) Based on our audit procedure and on the basis of information and explanation given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to Banks. The Company has no borrowings from financial institutions or by way of debentures.

xii) Based on our examination of the records and the information and explanations given to us, the Company has not granted any Loans and / or Advances on the basis of security by way of pledge of Shares, Debentures and other securities.

xiii) Clause (xiii) of the Order is not applicable to the Company as the Company is not a Chit fund Company or Nidhi / Mutual Benefit Fund / Society.

xiv) Clause (xiv) of the Order is not applicable to the Company as the Company is not dealing or trading in Shares, Securities, Debentures and other Investments.

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

xvi) The term loan obtained by the company were applied only for the purposes for which the loan were obtained.

xvii) According to the Cash Flow Statement and other records examined by us and the information and explanations given to us, on and over all basis, funds raised on short term basis have prima facie not been used during the year for long term investment.

xviii) The company has not made any preferential allotment of shares during the year.

xix) Clause (xix) of the Order is not applicable to the Company as the Company has not issued any Debentures.

xx) The Company has not raised any money by Public Issues during the year covered by our report.

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

PLACE: JUNAGADH FOR SUBHASH AKBARI & CO., DATE :29th May, 2014 Firm Registration No. 124349W Chartered Accountants

SUBHASH K. AKBARI PROPRIETOR M. NO. 114659


Mar 31, 2013

We have audited the accompanying Financial Statements of CREATIVE CASTINGS Limited (" the company") which comprise the Balance Sheet as at 31st March,2013, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management's Responsibilities for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards, referred to in Section 211(3C) of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and free from material misstatement, whether due to fraud or error.

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 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 procedure 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 include evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the 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 31 st March, 2013;

(b) in the case of the Statement of Profit and Loss, of the Profit for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

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

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

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

b. In our opinion, proper Books of Account as required by law have been kept by the Company as far as 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 Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in Section 211 (3C)oftheAct.

e. On the basis of written representations received from the directors, as on March 31,2013, taken on record by the board of Directors, none of the directors is disqualified as on March 31,2013, from being appointed as a director in terms of section 274(1 )(g) of the Act.

ANNEXURE TO THE AUDITORS' REOPRT

(Referred to in paragraph 1 of our report of even date)

i) a) The Company has maintained proper records to show full particulars including quantitative details and situations of Fixed Assets (other than in respect of tools, dies, furniture & fixture).

b) As per the information and explanations given to us, the Fixed Assets of the Company have been physically verified by the Management at reasonable intervals and no serious discrepancies between the book records and physical verification were noticed.

c) During the year, the Company has not disposed off any substantial / major part of Fixed Assets.

ii) a) As per the information and explanations given to us, the Inventories have been physically verified by the Management at reasonable intervals during the year.

b) In our opinion and as per 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 nature of its business.

c) The Company has maintained proper records of Inventories. According to the information and explanations given to us, no material discrepancies were noticed on physical verification of inventories as compared to the book records.

iii) a) As per information furnished, 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, Accordingly, the provisions of clauses 4 (iii) (b) to (d) of the Order are not applicable.

b) As per information furnished, 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, Accordingly, the provisions of clauses 4 (iii) (f) to (g) of the Order are not applicable.

iv) 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 for the purchase of Inventory and Fixed Assets and for the Sale of Goods and services. We have not observed any continuing failure to correct major weaknesses in the internal control system.

v) In respect of transactions entered in the register maintained in pursuance of section 301 of the Companies Act, 1956:

a) To the best of our knowledge and belief and according to the information and explanations given to us, particulars of contracts or arrangements that needed to be entered into the register have been so entered.

b) According to the information and explanations given to us the transactions in pursuance of such contracts or arrangements have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

vi) As the company has not accepted any deposits from the public, within the meaning of provisions of Sections 58A and 58AA and other relevant provisions of the Companies Act, 1956, and Rules made there under, clause(vi) of the order is not applicable.

vii) In our opinion, the company has an Internal Audit system commensurate with the size of the Company and nature of its business.

viii) We have broadly reviewed the cost records maintained by the company relating to the manufacturing of castings, pursuant to the Companies ( Cost Accounting Records ) rules, 2011 prescribed by the Central Govt. Under section 209 (1) (d) of the Companies Act,1956 and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however not made a detailed examination of the records with a view to determine whether they are accurate or complete.

ix) a) According to information and explanations given to us and the records examined by us, the Company has generally been regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-Tax, Sales" Tax, Wealth-Tax, Service-Tax, Custom Duty, Excise Duty, Cess and other Statutory dues wherever applicable. According to information and explanations given to us, no undisputed arrears of Statutory dues were outstanding as at 31st March-2013, for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us, there are no dues of Sales Tax, Income Tax, Wealth Tax, Service Tax, Excise Duty and Cess which have not been deposited on account of any dispute.

x) There are no accumulated losses of the Company as on 31st March-2013. The Company has not incurred any Cash losses during the financial year covered by our Audit and the immediately preceding financial year.

xi) Based on our audit procedure and on the basis of information and explanation given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to Banks. The Company has no borrowings from financial institutions or by way of debentures.

xii) Based on our examination of the records and the information and explanations given to us, the Company has not granted any Loans and/or Advances on the basis of security by way of pledge of Shares, Debentures and other securities.

xiii) Clause (xiii) of the Order is not applicable to the Company as the Company is not a Chit fund Company or Nidhi / Mutual Benefit Fund/Society.

xiv) Clause (xiv) of the Order is not applicable to the Company as the Company is not dealing or trading in Shares, Securities, Debentures and other Investments.

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

xvi) Clause (xiv) of the Order is not applicable to the Company as the Company, the company has not taken any term oan during the year.

xvii) According to the Cash Flow Statement and other records examined by us and the information and explanations given to us, on and over all basis, funds raised on short term basis have prima facie not been used during the year for long term investment.

xviii) The company has not made any preferential allotment of shares during the year.

xix) Clause (xix) of the Order is not applicable to the Company as the Company has not issued any Debentures.

xx) The Company has not raised any money by Public Issues during the year covered by our report.

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

PLACE : JUNAGADH FOR SUBHASH AKBARI & CO., DATE : 27th May, 2013 Firm Registration No. 124349W Chartered Accountants

SUBHASH K.AKBARI PROPRIETOR M. NO. 114659


Mar 31, 2012

We have audited the attached Balance Sheet of Creative Castings Limited as at 31st March,2012 and also the Statement of Profit & Loss for the year ended on that date annexed thereto and the Cash flow statement for the year ended on that date. These financial statements are the 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 a 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 management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

We report as follows:

1. As required y the Companies (Auditor's Report) Order, 2003 as amended by Companies (Auditor's Report) (Amendment) Order 2004 issued by the Central Government of India in terms of section 227 (4A) of the Companies Act, 1956, we enclosed in the annexure a statement on the matters specified in paragraphs 4 & 5 of the said Order..

2. Further to our comments in the Annexure referred in paragraph (1) 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 purpose of our audit.

b) In our opinion, proper Books of Account as required by law have been kept by the company as far as appears from our examination of the books.

c) The Balance Sheet, Statement of Profit & Loss & 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 & Loss & Cash Flow Statement comply with the accounting standards referred to in Sub. Section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of written representations received from the directors, as on 31.03.2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31.03.2012 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, the said financial statements read together with the significant accounting policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required, and present 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, 2012 ;

(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.

ANNEXURE TO THE AUDITORS' REOPRT

(Referred to in paragraph 1 of our report of even date)

i) a) The Company has maintained proper records to show full particulars including quantitative details and situations of Fixed Assets (other than in respect of tools, dies, furniture & fixture).

b) As per the information and explanations given to us, the Fixed Assets of the Company have been physically verified by the Management at reasonable intervals and no serious discrepancies between the book records and physical verification were noticed.

c) During the year, the Company has not disposed off any substantial / major part of Fixed Assets.

ii) a) As per the information and explanations given to us, the Inventories have been physically verified by the Management at reasonable intervals during the year.

b) In our opinion and as per 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 nature of its business.

c) The Company has maintained proper records of Inventories. According to the information and explanations given to us, no material discrepancies were noticed on physical verification.

iii) a) As per information furnished, the Company has not granted any Loans, secured or unsecured to companies, firms oc ther parties covered in the register maintained under section 301 of the Companies Act, 1956, Accordingly, the provisions of clauses 4 (iii) (b) to (d) of the Order are not applicable.

b) As per information furnished, 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, Accordingly, the provisions of clauses 4 (iii) (f) to (g) of the Order are not applicable.

iv) 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 for the purchase of Inventory and Fixed Assets and for the Sale of Goods and services. We have not observed any continuing failure to correct major weaknesses in the internal control system.

v) In respect of transactions entered in the register maintained in pursuance of section 301 of the Companies Act, 1956 :

a) To the best of our knowledge and belief and according to the information and explanations given to us, particulars of contracts or arrangements that needed to be entered into the register have been so entered.

b) According to the information and explanations given to us the transactions in pursuance of such contracts or arrangements have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

vi) As the company has not accepted any deposits from the public, within the meaning of provisions of Sections 58A and 58AA and other relevant provisions of the Companies Act, 1956, and Rules made there under ,clause(vi) of the order is not applicable.

vii) In our opinion, the company has an Internal Audit system commensurate with the size of the Company and nature of its business.

viii) We have broadly reviewed the cost records maintained by the company relating to the manufacturing of castings, pursuant to the Companies ( Cost Accounting Records ) rules, 2011 prescribed by the Central Govt. Under section 209 (1) (d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however not made a detailed examination of the records with a view to determine whether they are accurate or complete.

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

b) The details of disputed statutory dues are as under :

Name of the Statue Nature of Amount Amount Dues disputed Paid Rs. Rs.in thousand in thousand

Income Tax Income Tax 17779 6026 Act, 1961 Dues

Name of the Statue Forum where dispute is pending

Income Tax Commissioner Act, 1961 of Income Tax

x) There are no accumulated losses of the Company as on 31st March-2012. The Company has not incurred any Cash losses during the financial year covered by our Audit and the immediately preceding financial year.

xi) Based on our audit procedure and on the basis of information and explanation given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to Banks. The Company has no borrowings from financial institutions or by way of debentures.

xii) Based on our examination of the records and the information and explanations given to us, the Company has not granted any Loans and / or Advances on the basis of security by way of pledge of Shares, Debentures and other securities.

xiii) Clause (xiii) of the Order is not applicable to the Company as the Company is not a Chit fund Company or Nidhi / Mutual Benefit Fund / Society.

xiv) Clause (xiv) of the Order is not applicable to the Company as the Company is not dealing or trading in Shares, Securities, Debentures and other Investments.

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

xvi) Clause (xiv) of the Order is not applicable to the Company as the Company, the company has not taken any term loan during the year.

xvii) According to the Cash Flow Statement and other records examined by us and the information and explanations given to us, on and over all basis, funds raised on short term basis have prima facie not been used during the year for long term investment.

xvii) The company has not made any preferential allotment of shares during the year.

xix) Clause (xix) of the Order is not applicable to the Company as the Company has not issued any Debentures.

xx) The Company has not raised any money by Public Issues during the year covered by our report.

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

PLACE: JUNAGADH FOR SUBHASH AKBARI & CO. Date : 28/06/2012 Firm Registration No. 124349W Chartered Accountants

SUBHASH K. AKBARI PROPRIETOR M. NO. 114659


Mar 31, 2011

We have audited the attached Balance Sheet of Creative Castings Limited as at 31st March, 2011 and also Profit & Loss Account for the year ended on that date annexed thereto and Cash Flow Statement for the Year ended on that date.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 tree of material misstatement. An audit includes examining,on a 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 management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

We report as follows :

1. As required by the Companies (Auditor's Report) Order, 2003 as amended by companies (Auditor's report) (Amendment) order 2004 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 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 mailers specified in paragraphs 4 & 5 of the said order.

2. Further to our comments in the Annexure referred in paragraph (1) above, we report that:

(a) We have obtained all the information and explanation which to the best of our knowledge and belief were necesary for the purpose of our audit,

(b) In our opinion, proper Books of Account as required by law have been kept by the company so far as appears from examination of the books.

(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with Books of Account.

(d) In our opinion the Balance Sheet, Profit & Loss Account and Cash Flow Statement comply with the accounting standards referred to in Sub. Section (3C) of Section 211 of the Companies Act, 1956,

(e) On the basis of written representations received from the directors, as on 31.03.2011, and taken on record by the Board of Directors, We report that none of the directors is disqualified as on 31.03.2011 from being appointed as 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 explanation given to us, the said Financial Statements read together with the significant accounting policies and other notes thereon, give the information required by the Companies Act, 1956 in the manner so required, and present a true and fair view in confirmity with 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, 2011,

(if) In the case of the Profit & Loss Account, of the PROFIT lor the year ended on that date, and

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

ANNEXURE TO THE AUDITORS' REPORT

Referred to in paragraph (1) of our Report of even date

i (a). The Company has maintained proper records to show full particulars including quantitative details and silualions of Fixed Assets (other than in respect of tools, dies, furniture & fixture).

(b) As per the information and explanations given to us, the Fixed Assets of the Company have been physically verified by the Management at reasonable intervals and no serious discrepancies between the book records and phtsical verification were noticed-

(c) During the year, the Company has not disposed off any substaintial / major part of Fixed Assets.

ii) (a) As per the information and explanations given to us, the Inventories have been physically verified by the Management at reasonable Intervals during the year.

(b) In our opinion and as per the information and explanations given to us tire procedures of physical verification of inventory followed by the Management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintained proper records of Inventories. According to the information and explanations given to us, no material discrepancies were noticed on physical verification.

iii (a) As per infermation furnishod, 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.

(b) As per information furnished, the company has not taken any loans, secured or un secured from companies, firms or other parties covered in the register maintain u/s. 301 of companies Act. 1956.

iv in our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of Inventory and Fixed Assets and for the Sale of Goods and services. We have not observed any continuing failure to correct major weakness in the internal control system.

v In respect of transactions entered in the register maintained in pursuance of section 301 of the Companies Act. 1956.

(a) To the best of our knowledge and belief in according to the Information and explanations given to us, particulars of contracts or arrangements that needed to be entered in to the register have been so entered.

(b) According to the information and explanations given to us, the transactions in pursuance of such contracts or arrangements have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

vi) As the Company has not accepted any deposits from the public, within the meaning of provisions of Sections 56 A, 58 AA or any other relevant provisions of the Companies Act. 1956 and rules made thereunder, clause (vi) of the order is not applicable.

vii in our opinicn.the company has an Internal Audit system commensurate with the size of the Company and nature of its business

viii The Central Government has not prescribed for the maintenance of cost records u/s 209 (1) (d) of the Companies Act, 1956 for any of the products of the company.

ix According to information and explanations given to us and the records examined by us, the company has generally been regular in depositing with appropriate authorities undisputed dues including provident fund. Investor Eduction and Protection Fund, Employees1 State insurance, Income-Tax, Saias-Tax. Weaith-Tax, Service Tax, Custom Duty, Excise Duty, Cess and other Statutory dues wherever applicable. According to information and explanations given to us, no undisputed arrears of Statutory dues were outstanding as at 31st March - 2011 for a period of more than six months from the date they became payable,

x There are no accumulated losses of the Company as on 31st March-2011. The Company has not incurred any cash losses during the financial year covered by our Audit and the immediately preceding financial year.

xi Based on our audit procedure and on the basis of information and explanation given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to Banks. The Company has no borrowings from financial institutions or by way of debentures.

xii Based on our ion of t he records and the information and expianations given to s, the C om pany has not granted any loans and / or Advances on the basis of security by way of pledge of Shares, Debentures and other securities,

xiii Clause(xiii) of the Order is not applicable to the Ccmpany as the Company is not a Chit fundCompanyor Nidhidhi/Mutual Benefit Fund/ Society.

xiv Clause (xiv) of the Order is not applicable to the Company as the Company is not dealing or trading in Shares, Securities, Debentures and other Investments.

xv According to the information and explanations given to us, the Company has not given any guarantee for loans token by others from banks or financial institutions.

xvi Clause (xvi) of the Order is not appicable to the Company as the Company has not raken any term loan during the year.

xvii According to the Cash Flow Statement and other records examined by us and the information and explanations given to us. on and over all basis, funds raised on short form basis have prime facie not been used during the year for long term investment.

xviii The Company has not made any Preferential Allotment of Shares during the year.

xix Clause (xix) of the Order is not applicble to the Company as the Company has not issued any Debentures.

xx The Company has not raised any money by Public Issues during the year covered by our report.

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

(SUBHASH K.AKBARI) PROPRIETOR FOR & ON BEHALF OF

PLACE : JUNAGADH SUBHASH AKBARI & CO. DATE : 2B/06/2011 CHARTERED ACCOUNTANTS.

 
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