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Auditor Report of Dollex Industries Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Dollex Industries Limited, 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 of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, and financial performance 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 of 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 ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone 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) 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 the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the 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 standalone financial statements.

Opinion

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

(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 Profit and Loss Account, of the loss for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 issued by the Central Government of India in terms of sub- section (11) of section 143 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 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 and Statement of Profit and Loss dealt with by this Report are in agreement with the books of account;

d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

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

ANNEXURE REFERRED TO IN POINT 1 OF REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS OF THE REPORT OF THE AUDITORS ON THE ACCOUNTS OF DOLLEX INDUSTRIES LIMITED FOR THE YEAR ENDED 31st MARCH, 2015

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

(b) A major portion of the assets has been physically verified by the management in accordance with the phased programme of verification adopted by the company. In our opinion, the frequency of verification is reasonable. To the best of our knowledge, no material discrepancies have been noticed on such verification.

2. (a) The inventory has been physically verified by the management during the year at reasonable intervals. In our opinion, the frequency of verification is reasonable.

(b) The procedure followed by the management for physical verification of stocks is reasonable and adequate in relation to the size of the company and nature of its business.

(c) On the basis of our examination of stock records, we are of the opinion that the record of stocks is fair and proper in accordance with the normally accepted accounting principles and no material discrepancies were noticed on physical verification.

3. (a) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013.

(b) We do not find any terms of repayment of principal amount and interest thereon.

(c) There is no overdue amount excess to one lakh rupees of loans taken from companies, firms or other parties listed in the registers maintained under section 189 of the Companies Act, 2013.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures 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. During the course of our random checking, no major weaknesses have been noticed in the internal controls.

5. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public within the meaning of section 73 to 76 of the Companies Act, 2013 or any other relevant provisions of the Act and the rules framed there under.

6. The company is not covered under the clause regarding maintenance of cost records as prescribed by the Central Government under section 148 (1) of the Companies Act, 2013.

7. (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, wealth tax, service tax, custom duty, excise duty, cess and other statutory dues applicable to it.

(b) According to the records of the company, it has not deposited the following dues on account of any dispute:

Dues Year (Rs. In Lacs) Pending Before

Income Tax FY 2006-07 248.17 CIT (A) - 19, Mumbai

Income Tax FY 2007-08 203.57 CIT (A) - 19, Mumbai

Income Tax FY 2008-09 74.32 CIT (a) - 19, Mumbai

(c) The company is not required to transfer any amount to Investor Education and Protection fund in accordance with the relevant provision of The Companies Act, 1956 (1 of 1956) and rules made thereunder.

8. The company does not have accumulated losses at the end of the year. However, it has incurred cash losses of Rs. 17.61 Lacs during the current financial year and Rs. 3.41 Lacs in the immediately preceding financial year.

9. According to information and explanation given to us the company has not defaulted in repayment of dues to any financial institution or bank.

10 The company has not given any guarantee to any bank or financial institution for loan taken by others.

11. The term loans have been applied for the purpose for which they were raised.

12. No fraud on or by the company has been noticed or reported during the year.

For P.K. Shishodiya & Co. Chartered Accountants Sd/- Abhilasha Bhagat Partner M.No 418027 Indore: 30th May, 2015 FR No.03233C


Mar 31, 2014

We have audited the accompanying financial statements of Dollex Industries Limited, 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 of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

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

Auditor''s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments; the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

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

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

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

Report on Other Legal and Regulatory Requirements

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

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

a. we have obtained all the information and explanations which to the best of our knowledge and 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, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

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

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

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE REFERRED TO IN POINT 1 OF THE REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS OF THE REPORT OF THE AUDITORS ON THE ACCOUNTS OF DOLLEX INDUSTRIES LIMITED FOR THE YEAR ENDED 31ST MARCH, 2014

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

(b) A major portion of the fixed assets has been physically verified by the management in accordance with the phased programme of verification adopted by the company. In our opinion, the frequency of verification is reasonable. To the best of our knowledge, no material discrepancies have been noticed on such verification.

(c) Based on our scrutiny of records of the company and the information and explanations received by us, we report that during the year the going concern concept of the company does not get affected although manufacturing activity continues to remain closed.

2 (a) The inventory has been physically verified by the management during the year at reasonable intervals. In our opinion, the frequency of verification is reasonable.

(b) The procedure followed by the management for physical verification of stocks is reasonable and adequate in relation to the size of the company and the nature of its business.

(c) On the basis of our examination of stock records, we are of the opinion that the record of stocks is fair and proper in accordance with the normally accepted accounting principles and we have been informed that no material discrepancies were noticed on physical verification.

3 The company has not taken/granted unsecured loan from/to a company listed in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures 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. During the course of our random checking, no major weaknesses have been noticed in the internal controls.

5. There are no contracts or arrangements referred to in section 301 of the Act that need to be entered into the register required to be maintained under that section.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 or any other relevant provisions of the Act and the rules framed there under.

7. In our opinion, the company is in the process of establishing internal audit system commensurate with the size and nature of its business.

8. The company is covered under the clause regarding maintenance of cost records as prescribed by the Central Government under section 209 (1) (d) of the Companies Act, 1956 and according to the cost auditor''s report the company has maintained proper accounts and records for the same.

9. (a) According to the records of the company, the company is irregular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other statutory dues applicable to it. The overdue amount of statutory dues as on F.Y. 2009-10 stand as under:

Rs in Lacs

Provident Fund 55.72

Income Tax & FBT 33.37

C.S.T. 6.91

(b) According to the records of the company, there are no dues of sales tax, service tax, custom duty/wealth tax, excise duty, cess which have not been deposited on account of any dispute except income tax to the tune of Rs. 250 Lacs (for F.Y. 2006-07), 203 Lacs (for F.Y. 2007-08), and 74 Lacs (for F.Y. 2008-09) which has not been deposited since the matter is in appeal.

10. The company is not a sick industrial company within the meaning of Sick Industrial Companies (Special Provisions) Act, 1985.

11. The company has not taken any loan from any bank or financial institution. The company has not issued any debentures.

12. 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. The provision of any special statute applicable to nidhi/mutual benefit fund/societies is not applicable to the company.

14. There were no dealing or trading in shares, securities, debentures and other investments held by the company.

15. The company has not given any guarantee to any bank or financial institution for loan taken by others.

16. The term loans have been applied for the purpose for which they were raised.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment.

18. The company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. There was no debenture issue during the year.

20. The Company has not raised money through public issue of equity shares during the year under audit.

21 No fraud on or by the company has been noticed or reported during the year under audit.

For P.K. Shishodiya & Co. Chartered Accountants

Sd/- P.K. Shishodiya Proprietor M. No 036015 FR No.03233C

Place : Mumbai Date : 28th May, 2014


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Dollex Industries Limited, which comprise the Balance Sheet as at 31st March, 2013, the Statement of Profit and Loss and Cash Flow Statement for the year ended, and a summary qf significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

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

Auditor''s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments; the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2013;

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

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

Report on Other Legal and Regulatory Requirements

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

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

a. we have obtained all the information and explanations which to the best of our knowledge and 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, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

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

e. on the basis of written representations received from the directors as on March 31, 2013, and 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 clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE REFERRED TO IN POINT 1 OF THE REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS OF THE REPORT OF THE AUDITORS ON THE ACCOUNTS OF DOLLEX INDUSTRIES LIMITED FORTHE YEAR ENDED 31 ST MARCH'' 2013

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

(b) A major portion of the fixed assets has been physically verified by the management in accordance with the phased programme of verification adopted by the company. In our opinion, the frequency of verification is reasonable. To the best of our knowledge, no material discrepancies have been noticed on such verification.

(c) Based on our scrutiny of records of the company and the information and explanations received by us, we report that during the year the going concern concept of the company does not get affected although manufacturing activity continues to remain closed.

2 (a) The inventory has been physically verified by the management during the year at reasonable intervals. In our opinion, the frequency of verification is reasonable.

(b) The procedure followed by the management for physical verification of stocks is reasonable and adequate in relation to the size of the company and the nature of its business.

(c) On the basis of our examination of stock records, we are of the opinion that the record of stocks is fair and proper in accordance with the normally accepted accounting principles and we have been informed that no material discrepancies were noticed on physical verification.

3 (a) The company has granted unsecured loan to a company listed in the register maintained under section 301 of the Companies Act, 1956 amounting to Rs. 6,52,33,594.

(b) In our opinion and according to the information and explanations given to us, the terms and conditions of the unsecured loans taken by the company are not prima facie prejudicial to the interest of the company.

(c) According to the information and explanations given to us, we do not find any terms and conditions as far as repayment is concerned.

(d) There is no overdue amount of loans taken from companies, firms or other parties listed in the registers maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures 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. During the course of our random checking, no major weaknesses have been noticed in the internal controls.

5. There are no contracts or arrangements referred to in section 301 of the Act that need to be entered into the register required to be maintained under that section.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 or any other relevant provisions of the Act and the rules framed there under.

7. In our opinion, the company is in the process of establishing internal audit system commensurate with the size and nature of its business.

8. The company is covered under the clause regarding maintenance of cost records as prescribed by the Central Government under section 209 (1) (d) of the Companies Act, 1956 and according to the cost auditor''s report the company has maintained proper accounts and records for the same.

9. (a) According to the records of the company, the company is irregular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees'' state Insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other statutory dues applicable to it. The overdue amount of statutory dues as on 31st March''2013 stand as under:

Provident Fund 55.72

Income Tax & FBT 34.27

TDS 1.03

Professional Tax 0.50

C.S.T. 6.91

(b) According to the records of the company, there are no dues of sales tax, service tax, custom duty/wealth tax, excise duty, cess which have not been deposited on account of any dispute except income tax to the tune of Rs. 250 Lacs (for F.Y. 2006-07), 203 Lacs (for F.Y. 2007-08), and 74 Lacs (for F.Y. 2008-09) which has not been deposited since the matter is in appeal. .

10 The company is not a sick industrial company within the meaning of Sick Industrial Companies (Special Provisions) Act, 1985.

11. The company has not taken any loan from any bank or financial institution. The company has not issued any debentures.

12. 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. The provision of any special statute applicable to nidhi/mutual benefit fund/societies is not applicable to the company.

14. There were no dealing or trading in shares, securities, debentures and other investments held by the company.

15. The company has not given any guarantee to any bank or financial institution for loan taken by others.

16. The term loans have been applied for the purpose for which they were raised.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment.

18. The company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. There was no debenture issue during the year.

20. The Company has not raised money through public issue of equity shares during the year under audit.

21. No fraud on or by the company has been noticed or reported during the year under audit.

For P.K. Shishodiya & Co.

Chartered Accountants

Sd/-

P.K. Shishodiya

Place: Mumbai

Date : 30th May'' 2013 FRNO.03233C


Mar 31, 2012

1. We have audited the attached Balance Sheet of Dollex Industries Limited as at 31st march, 2012 and also the Profit and Loss A/c for the period ended on that date annexed thereto. These financial statements are the responsibility of the company management. Our responsibility is to express an opinion on these financial statements based on our Audit.

2. We conduct 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 mis-statements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 as amended in 2004 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956. We give in the Annexure a statement on the matters specified in paragraph 4 & 5 of the said order.

4. Further to our comments in the annexure referred to 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 the Audit;

b) In our opinion, proper books of account as required by Law have been kept by the Company so far as appears from our examination of the Books of Account;

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

d) In our opinion, the Profit and Loss Account and Balance Sheet comply with the Accounting Standards referred to in sub section(3C)ofSection211 of the Companies Act, 1956.

e) On the basis of written representation received from the directors as on 31st march, 2012 and taken on record by the Board of Directors, we report that none of the Director is disqualified as on 31st march, 2012 from being appointed as Director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956.

f) Except otherwise stated in accounting policies and Notes on Accounts, in our opinion and to the best of our information and according to the explanations given to us, they said account read with the notes thereon give the information required by the Companies Act, 1956 in the manner so required subject to:

- Debtors and creditors are subject to confirmation.

- No provision has been made for debtors outstanding over six months as well as towards doubtful seed advances which needs to be identified and provided for.

- Obsolete inventory of store, spares and packing material has not been identified and provided for.

Give a true and fair view

- In the case of the Balance Sheet of the state of affairs of the Company as at 31 st march, 2012 and

- In the case of Profit & Loss Account of the loss for the period ended on that date.

- I n the case of Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE REFERREDTO IN PARAGRAPH 3 OFTHE REPORT OFTHE AUDITORS ON THE ACCOUNTS OF DOLLEX INDUSTRIES LIMITED FORTHE PERIOD ENDED 31 ST MARCH' 2012

1 (a) The company has maintained proper records showing full particulars including quantitative details and

situation of fixed assets.

(b) A major portion of the fixed assets has been physically verified by the management in accordance with the phased programme of verification adopted by the company. In our opinion, the frequency of verification is reasonable. To the best of our knowledge, no material discrepancies have been noticed on such verification.

(c) Based on our scrutiny of records of the company and the information and explanations received by us, we report that during the period the going concern concept of the company does not get affected although manufacturing activity continues to remain closed.

2 (a) The inventory has been physically verified by the management during the period at reasonable intervals. In our opinion, the frequency of verification is reasonable.

(b) The procedure followed by the management for physical verification of stocks is reasonable and adequate in relation to the size of the company and the nature of its business.

(c) On the basis of our examination of stock records, we are of the opinion that the record of stocks is fair and proper in accordance with the normally accepted accounting principles and we have been informed that no material discrepancies were noticed on physical verification.

3 The company has not granted/taken any loans secured or unsecured to/from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures 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. During the course of our random checking, no major weaknesses have been noticed in the internal controls.

5. (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act have been entered into the register required to be maintained under that section.

(b) In our opinion and according to the information available 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. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 or any other relevant provisions of the Act and the rules framed there under.

7. In our opinion, the company is in the process of establishing internal audit system commensurate with the size and nature of its business.

8. The company is covered under the clause regarding maintenance of cost records as prescribed by the Central Government under section 209 (1) (d) of the Companies Act, 1956 and according to the cost auditor's report the company has maintained proper accounts and records for the same.

9. (a) According to the records of the company, the company is irregular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other statutory dues applicable to it. The overdue amount of statutory dues as on 31st March, 2012 stand as under:

Rs in Lacs

Provident Fund 55.72

Income Tax & FBT 34.53

CST 6.91

TDS 1.75

Professional Tax 0.50

(b) According to the records of the company, there are no dues of sales tax, service tax, custom duty/wealth tax, excise duty, cess which have not been deposited on account of any dispute except income tax to the tune of Rs. 250 Lacs (for F.Y. 2006-07), 68 Lacs (for F.Y. 2008-09), which has not been deposited since the matter is in appeal.

10. The company is not a sick industrial company within the meaning of Sick Industrial Companies (Special Provisions) Act, 1985.

11. The company has not taken any loan from any bank or financial institution. The company has not issued any debentures.

12. 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. The provision of any special statute applicable to nidhi/mutual benefit fund/societies is not applicable to the company.

14. There were no dealing or trading in shares, securities, debentures and other investments held by the company.

15. The company has not given any guarantee to any bank or financial institution for loan taken by others.

16. The term loans have been applied for the purpose for which they were raised.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment.

18. The company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. There was no debenture issue during the period.

20. The Company has not raised money through public issue of equity shares during the period under audit.

21 No fraud on or by the company has been noticed or reported during the period under audit.

For P.K. Shishodiya & Co.

Chartered Accountants

Sd/-

P.K. Shishodiya

Place: Mumbai

Proprietor

M.No 036015

Date :30th May 2012 FR No.03233C


Sep 30, 2011

1. We have audited the attached Balance Sheet of Dollex Industries Limited as at 30th September, 2011 and also the Profit and Loss A/c for the year ended on that date annexed thereto. These financial statements are the responsibility of the company management. Our responsibility is to express an opinion on these financial statements based on our Audit.

2. We conduct 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 mis-statements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 as amended in 2004 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956. We give in the Annexure a statement on the matters specified in paragraph 4 & 5 of the said order.

4. Further to our comments in the annexure referred to 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 the Audit;

b) In our opinion, proper books of account as required by Law have been kept by the Company so far as appears from our examination of the Books of Account;

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

d) In our opinion, the Profit and Loss Account and Balance Sheet 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 representation received from the directors as on 30th September, 2011 and taken on record by the Board of Directors, we report that none of the Director is disqualified as on 30th September, 2011 from being appointed as Director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956.

f) Except otherwise stated in accounting policies and Notes on Accounts, in our opinion and to the best of our information and according to the explanations given to us, the said account read with the notes thereon give the information required by the Companies Act, 1956 in the manner so required subject to:

- Debtors and creditors are subject to confirmation.

- No provision has been made for debtors outstanding over six months as well as towards doubtful seed advances which needs to be identified and provided for.

- Obsolete inventory of store, spares and packing material has not been identified and provided for Give a true and fair view

- In the case of the Balance Sheet of the state of affairs of the Company as at 30th September, 2011 and

- In the case of Profit & Loss Account of the loss for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE REPORT OF THE AUDITORS ON THE ACCOUNTS OF DOLLEX INDUSTRIES LIMITED FOR THE YEAR ENDED 30th SEPTEMBER, 2011

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

(b) A major portion of the fixed assets has been physically verified by the management in accordance with the phased programme of verification adopted by the company. In our opinion, the frequency of verification is reasonable. To the best of our knowledge, no material discrepancies have been noticed on such verification.

(c) Based on our scrutiny of records of the company and the information and explanations received by us, we report that during the year the going concern concept of the company does not get affected although manufacturing activity continues to remain closed.

2 (a) The inventory has been physically verified by the management during the year at reasonable intervals. In our opinion, the frequency of verification is reasonable.

(b) The procedure followed by the management for physical verification of stocks is reasonable and adequate in relation to the size of the company and the nature of its business.

(c) On the basis of our examination of stock records, we are of the opinion that the record of stocks is fair and proper in accordance with the normally accepted accounting principles and we have been informed that no material discrepancies were noticed on physical verification.

3 (a) There are no inter corporate deposits during the year under audit.

(b) The company has not granted/taken any loans secured or unsecured to/from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures 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. During the course of our random checking, no major weaknesses have been noticed in the internal controls.

5. (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act have been entered into the register required to be maintained under that section.

(b) In our opinion and according to the information available the transactions made in pursuance of such contracts or arrangements have been made at prices, which are reasonable, having regard to the prevailing market prizes at the relevant time.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 or any other relevant provisions of the Act and the rules framed there under.

7. In our opinion, the company is in the process of establishing internal audit system commensurate with the size and nature of its business.

8. The company is not covered under the clause regarding maintenance of cost records as prescribed by the Central Government under section 209 (1) (d) of the Companies Act, 1956.

9. (a) According to the records of the company, the company is irregular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other statutory dues applicable to it. The overdue amount of statutory dues as on 30th September, 2011 stand as under:

Rs in Lacs

Provident Fund 55.72

Income Tax & FBT 34.27

CST 6.91

TDS 1.93

Professional Tax 0.50

(b) According to the records of the company, there are no dues of sales tax, service tax, custom duty/wealth tax, excise duty/cess on account of any dispute except income tax to the tune of Rs. 250 Lacs (for F.Y. 2006- 07), 68 Lacs (for F.Y. 2008-09), which has not been deposited since the matter is in appeal.

10. The company is not a sick industrial company within the meaning of Sick Industrial Companies (Special Provisions) Act, 1985.

11. The company has not taken any loan from any bank or financial institution. The company has not issued any debentures.

12. 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. (a) The Company has generally complied with prudential norms on income recognition and provisioning for doubtful assets.'

(b) Being Manufacturing company the provision of any special statute applicable to nidhi/mutual benefit fund/ societies is not applicable to the company.

14. There were no dealing or trading in shares, securities, debentures and other investments held by the company.

15. The company has not given any guarantee to any bank or financial institution for loan taken by others.

16. The term loans have been applied for the purpose for which they were raised.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment.

18. The company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. There was no debenture issue during the year.

20. The Company has not raised money through public issue of equity shares during the year under audit. 21 No fraud on or by the company has been noticed or reported during the year under audit.

For P.K. Shishodiya & Co.

Chartered Accountants

P.K. Shishodiya

Sd/-

Proprietor

Mumbai M.No 036015

Date : 3rd March, 2012 FR No.03233C


Sep 30, 2009

1. We have audited the attached Balance Sheet of Dollex Industries Limited as at 30th September, 2009 and also the Profit and Loss A/c for the year ended on that date annexed thereto. These financial statements are the responsibility of the company management. Our responsibility is to express an opinion on these financial statements based on our Audit.

2. We conduct 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 mis- statements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 as amended in 2004 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956. We give in theAnnexure a statement on the matters specified in paragraph 4 & 5 of the said order. >

4. Further to our comments in the annexure referred to 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 theAudit;

b) In our opinion, proper books of account as required by Law have been kept by the Company so far as appears from our examination of the Books of Account;

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

d) In our opinion, the Profit and Loss Account and Balance Sheet comply with the Accounting Standards referred to in sub section (3C) of Section 211 oftheCompaniesAct, 1956.

e) On the basis of written representation received from the directors as on 30" September, 2009 and taken on record by the Board of Directors, we report that none of the Director is disqualified as on 30th September, 2009 from being appointed as Director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956.

f) Except otherwise stated in accounting policies and Notes on Accounts, in our opinion and to the best of our information and according to the explanations given to us, the said account read with the notes thereon give the information required by the Companies Act, 1956 in the manner so required subject to;

- Debtors, Creditors and loans and advances confirmation have not been obtained.

- No provision has been made for debtors outstanding over six months as well as towards doubtful seed advances which needs to be identified and provided for.

Give a true and fair view

- In the case of the Balance Sheet of the state of affairs of the Company as at 30m September, 2009 and

- In the case of Profit & Loss Account of the Profit for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE REPORT OF THE AUDITORS ON THE ACCOUNTS OF DOLLEX INDUSTRIES LIMITED FOR THE YEAR ENDED 30* SEPTEMBER, 2009

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

(b) A major portion of the assets has been physically verified by the management in accordance with the phased programme of verification adopted by the company. In our opinion, the frequency of verification is reasonable. To the best of our knowledge, no material discrepancies have been noticed on such verification.

(c) Based on our scrutiny of records of the company and the information and explanations received by us, we report that there was no substantial sale of fixed assets during the year ended 30.09.09. Hence the going concern concept of the company does not get affected.

2 (a) The inventory has been physically verified by the management during the year at reasonable intervals. In our opinion, the frequency of verification is reasonable.

(b) The procedure followed by the management for physical verification of stocks is reasonable and adequate in relation to the size of the company and the nature of its business.

(c) On the basis of our examination of stock records, we are of the opinion that the record of stocks is fair and proper in accordance with the normally accepted accounting principles and we have been informed that no material discrepancies were noticed on physical verification.

3 (a) The company has accepted inter corporate deposits (ICD) during the year under audit.

(b) In our opinion and according to the information and explanations given to us, the terms and conditions of the ICD taken by the company are not prima facie prejudicial to the interest of the company.

(c) The company has not granted any loan secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(d) According to the information and explanations given to us, the company is regular in repaying the principal amounts as stipulated.

(e) There is no overdue amount of loans taken from companies, firms or other parties listed in the registers maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures 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. During the course of our random checking, no major weaknesses have been noticed in the internal controls.

5. (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act have been entered into the register required to be maintained under that section. (b) In our opinion and according to the information available the transactions made in pursuance of such contracts or arrangements have been made at prices, which are reasonable, having regard to the prevailing market prizes at the relevant time.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 or any other relevant provisions of the Act and the rules framed there under.

7. In our opinion, the company is in the process of establishing internal audit system commensurate with the size and nature of its business.

The company is not covered under the clause regarding maintenance of cost records as prescribed by the Central Government under section 209 (1) (d) of the Companies Act, 1956.

9. (a) According to the records of the company, the company is irregular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other statutory dues applicable to it. The overdue amount of statutory dues as on 30* September, 2009 stand as under:

Rs in Lacs

Provident Fund 55.72

Income Tax & FBT 55.14

CST 6.91

TDS 3.57

Professional Tax 0.60

(b) According to the records of the company, there are no dues of sales tax, service tax, custom duty/wealth tax, excise duty/cess except income tax to the tune of Rs. 248.00 Lacs which have not been deposited on account of any dispute.

10. The company is not a sick industrial company within the meaning of Sick Industrial Companies (Special Provisions) Act, 1985.

11. According to information and explanation given to us the company has defaulted in repayment of dues to any financial institution or bank of Rs. 12.55 Lacs. The company has not issued any debentures.

12. 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. (a) The Company has generally complied with prudential norms on income recognition and provisioning for doubtful assets. (b) Being Manufacturing company the provision of any special statute applicable to nidhi/mutual benefit fund/societies is not applicable to the company.

14. There were no dealing or trading in shares, securities, debentures and other investments held by the company.

15. The company has not given any guarantee to any bank or financial institution for loan taken by others.

16. The term loans have been applied for the purpose for which they were raised.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment

18. The company has made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act 1956 during the year under audit after due compliance of applicable provisions.

19. There was no debenture issue during the year.

20. The Company has raised certain funds by way of Preferential allotment of equity shares. The end use of funds is pending for BSE approval.

21 No fraud on or by the company has been noticed or reported during the year under audit.

For P.K. Shishodiya & Co. Chartered Accountants

Mumbai: March 4, 2010 P.K.Shishodiya

Proprietor

 
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