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Auditor Report of Elegant Marbles & Grani Industries Ltd.

Mar 31, 2015

Report on the Financial Statements

We have audited the accompanying financial statements of Elegant Marbles and Grani Industries Limited, which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit & Loss, the 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 financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding the assets of the Company and for preventing and detecting the 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 financial statements based on our audit. We have taken into account the provisions of the Act and rules made thereunder including the accounting and auditing standards and matters which are required to be included in the audit report.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards & pronouncements 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 auditors'' judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company''s directors, as well as evaluating the overall presentation of the financial statements.

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, subject to no provision having been made in respect of accrued gratuity liability, give a true and fair view in conformity with the accounting principles generally accepted in India :

a) In the case of the balance sheet, of the state of affairs of the company as at March 31,2015;

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

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

Report on Other Legal and Regulatory Requirements

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 (here-in-after referred to as the ''Order'') and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

As required by the Companies (Auditor''s Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section143 of the Act, we give in the Annexure a statement on the matters Specified in paragraphs 3 and 4 of the Order.

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 the 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 & Loss and the Cash Flow Statement dealt with by this report are in agreement with the books of account;

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

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

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

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note No.11 of the Notes to Accounts.

ii. The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended 31st March, 2015.

ANNEXURE TO THE AUDITOR''S REPORT

(Referred to in our report of even date)

To The Members of Elegant Marbles And Grani Industries Limited, Abu Road.

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

b) As explained to us, the fixed assets have been physically verified by the management during the year in accordance with a regular programme for verification, which in our opinion is reasonable having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such physical verification.

ii. a) The inventories have been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable.

b) In our opinion and according to information and explanation given to us, the procedures of physical verification of the company are reasonable and adequate having regard to the size of the company and nature of its business.

c) In our opinion and according to the information and explanation given to us, the company is maintaining proper records of inventory. The discrepancies noticed on verification between physical stocks and book records were not material and have been properly dealt with in the books of accounts.

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

iv. In our opinion and according to the information and explanation give to us, there are adequate internal control systems commensurate with the size of the company and nature of its business with regard to purchase of inventory , fixed assets and also for the sale of goods & services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

v. In our opinion and according to the information and explanations given to us, the company has not accepted any deposit in contravention of section 73 to section 76 or any other relevant provision of the Companies Act, 2013 and Companies (Acceptance of Deposits) Rules, 2014. As informed to us, no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any other Court or tribunal.

vi. We have broadly reviewed the books of accounts maintained by the Company pursuant to the Rule made by the Central Government for maintenance of cost records under section 148(1) of the Companies Act, 2013 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we are not required to carry out and have not carried out a detailed examination of the records with a view to determine whether they are accurate or complete.

vii. a. The company is regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax,customs duty, excise duty, value added tax, other material statutory dues with appropriate authorities, wherever applicable to it.

b. In our opinion and in accordance with the information and explanation given to us, the following demands were not deposited on account of dispute:

Name of the Nature of Dues Period to which Forum where dispute Statute the Amount is pending relates

Income Tax Act, Income Tax A.Yr.2012-2013 CIT (Appeals ) 1961

Income Tax Act, Income Tax A.Yr.2011-2012 CIT (Appeals) 1961

MMC Act, 1888 Municipal Taxes F.Y. 2003-2004 Brihan Mumbai to Mahanagar Palika F.Y. 2014-2015

Name of the Statute Amount (Rs. )

Income Tax Act, Rs. 43,24,579/- 1961

Income Tax Act, Rs. 16,03,540/- 1961

MMC Act, 1888 Rs. 5,91,610/-

c. The company has deposited the amount required to be transferred to the Investor Education & Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder within time.

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

ix. In our opinion and according to the information and explanations given to us, the company has not borrowed any funds from financial institutions, banks or debenture holders.

x. According to the information and explanation given to us, the company has not given guarantees for loans taken by others from banks or financial institutions.

xi. In our opinion, the company has not taken any term loan.

xii. In our opinion, on the basis of audit conducted by us and in accordance with the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For Ravi & Dev Chartered Accountants FR. No. 108752W (Devendra A. Mehta)

Place : Mumbai, Partner Date : 9th May, 2015 M. No. 82325


Mar 31, 2014

We have audited the accompanying financial statements of Elegant Marbles and Grani Industries Limited, which comprise the Balance Sheet as at March 31, 2014 and the Statement of Profit & Loss Account 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 notified under the Companies Act, 1956 ("the Act") (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs) and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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 Institutes 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 wether 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 auditors judgement, 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 said accounts read with the notes thereon, give the information required by the Act in the manner so required and subject to no provision having been made in respect of accrued gratuity liability, give a true and fair view in conformity with the accounting principles generally accepted in India :

a) In the case of the balance sheet, of the state of affairs of the company as at March 31, 2014;

b) In the case of the Statement of Profit and Loss, 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

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 said order.

1.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 the law have been kept by the company so far as appears from our examination of those books.

(c) The balance sheet, Statement of profit & loss account and cash flow statement dealt with by this report are in agreement with the books of account;

(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards notified under the Act (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs)

(e) On 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 director 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 Act.

ANNEXURE TO THE AUDITOR''S REPORT

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

To the Members of

Elegant Marbles And Grani Industries Limited,

Abu Road.

i. a) As informed by the management, the proper records of fixed assets showing full particulars including quantitative details and location of fixed assets are under updation and compilation.

b) As explained to us, the fixed assets have been physically verified by the mangement during the year at regular intervals, which in our opinion is reasonable, having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such physical verification.

c) The company has not disposed of any substantial part of its fixed assets during the year. Accordingly, the going concern status of the company, on account of disposal of fixed assets, is not affected.

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

b) In our opinion and according to information and explanation given to us, the procedures of physical verification of the company are reasonable and adequate having regard to the size of the company and nature of its business.

c) In our opinion and according to the information and explanation given to us, the company is maintaining proper records of inventory. The discrepancies noticed on such verification between physical stocks and book records were not material and have been properly dealt with in the books of accounts.

iii. The company has neither granted nor taken any loans, secured or unsecured to/from any companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

iv. In our opinion and according to the information and explanation give to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business with regard to purchase of inventory , fixed assets and also for the sale of goods & services. During the course of our audit we have not observed any continuing failure to correct major weaknesses in internal controls.

v. a. According to the the information and explanations given to us, we are of the opinion that the particulars of Contracts or arrangements referred to in section 301of the Companies Act, 1956 which were required to be entered have been so entered. b. In our opinion and according to the information and explanations given to us, transactions made in pursuance of such contracts or arrangements exceeding Rs. 5 Lacs have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

vi. In our opinion and according to the information and explanations given to us, the company has not accepted any deposit in contravention of section 58A and 58AA or any other relevant provision of the Companies Act, 1956 and rules framed thereunder. As informed to us, no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any other Court or tribunal.

vii. The Company does not have an internal audit system. The management has informed us that steps are being taken to introduce internal audit system.

viii. We have broadly reviewed the books of accounts maintained by the Company pursuant to the Rule made by the Central Government for maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we are not required to carry out and have not carried out a detailed examination of the records with a view to determine whether they are accurate or complete.

ix. a. The company is regular in depositing undisputed statutory dues including provident fund, investor education protection fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues with appropriate authorities, wherever applicable to it.

b. According to the information and explanations given to us, as at 31st March, 2014 no undisputed amounts payable in respect of income tax, wealth tax, sales tax, Service tax, custom duty, excise duty and cess were in arrears for a period exceeding six months from the date they became payable.

c. In our opinion and in accordance with the information and explanation given to us, there are no dues of sales tax, income tax, custom duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute except the following :

Name of the Nature of Period to which Forum where Amount Rs. Statute Dues the amount dispute is relates pending

Income Tax Income Tax F.Y 2010-11 CIT 16,03,540 Act, 1961 (Appeals)

MMC Act, 1888 Municipal F.Y 2003-04 to Brihan 14,56,377 Taxes F.Y 2013-14 Mumbai Mahanagar Palika

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

xi. In our opinion and according to the information and explanations given to us, the company has not borrowed any funds from financial institution, bank or debenture holders.

xii. 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. In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

xiv. In our opinion and according to Information and explanations given to us, the Company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and other investments and timely entries have been made therein. All shares, Debentures and other investments have been held by the company in its own name.

xv. According to the information and explanation given to us, the company has not given guarantees for loans taken by others from banks or financial institutions.

xvi. In our opinion, the company has not taken any term loan.

xvii. 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 investments.

xviii. During the year, the company did not make any preferential allotment of shares to the parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

xix. During the year, the company has not issued any debentures.

xx. During the year, the company did not raise any money by way of public issue.

xxi. In our opinion, on the basis of audit conducted by us and in accordance with the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For Ravi & Dev Chartered Accountants FR. No. 108752W

(Devendra A. Mehta) Place : Mumbai, Partner Date : 29th May, 2014 M. No. 82325


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Elegant Marbles and Grani Industries Limited, which comprise the Balance Sheet as at March 31, 2013 and the Statement of Profit & Loss Account 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 responsibilty 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 Institutes 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 wether 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 auditors judgement, 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 said accounts read with the notes thereon, give the information required by the Act in the manner so required and subject to no provision having been made in respect of accrued gratuity liability, give a true and fair view in conformity with the accouting 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 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

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 said order. 1. 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 the law have been kept by the company so far as appears from our examination of those books.

(c) The balance sheet, Statement of profit & loss Account and cash flow statement dealt with by this report are in agreement with the books of account;

(d) In our opinion, the balance sheet, the 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 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 director is disqualifies 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;

i a. As informed by the management, the proper records of fixed assets showing full particulars including quantitative details and location of fixed assets are under updation and compilation.

b. As explained to us, the fixed assets have been physically verified by the management during the year at regular intervals, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. The company has not disposed of any substantial part of its fixed assets during the year. Accordingly, the going concern status of the company, on account of disposal of fixed assets, is not affected.

ii a. The inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b. in our opinion and according to information and explanation given to us, the procedures of physical verification of the Company are reasonable and adequate having regard to the size of the Company and nature of its business.

c. in our opinion and according to the information and explanation given to us, the Company is maintaining proper records of inventory. The discrepancies noticed on such verification between physical stocks and book records were not material and have been properly dealt with in the books of accounts.

iii. The company has neither granted nor taken any loans, secured or unsecured to/from any companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

iv. In our opinion and according to the information and explanation give to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to purchase of inventory , fixed assets and also for the sale of goods & services. During the course of our audit we have not observed any continuing failure to correct major weaknesses in internal controls.

v. a. According the the information and explanations given to us, we are of the opinion that the particulars of Contracts or arrangements referred to in section 301of the Companies Act, 1956 have been so entered. b. In our opinion and according to the information and explanations given to us, transactions made in pursuance of such contracts or arrangements exceeding Rs. 5 Lacs have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

vi. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposit in contravention of section 58A and 58AA or any other relevant provision of the Companies Act, 1956 and rules framed thereunder. As informed to us, no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any other Court or tribunal.

vii. The Company does not have an internal audit system. The management has informed us that steps are being taken to introduce internal audit system.

viii. We have broadly reviewd the books of account maintained by the Company pursuant to the Rule made by the Central Government for maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we are not required to carry out and have not carried out a detailed examination of the records with a view to determine whether they are accurate or complete.

ix. a. The Company is regular in depositing undisputed statutory dues including provident fund, investor education protection fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues with appropriate authorities, wherever applicable to it.

b. According to the information and explanations given to us, as at 31st March, 2013 no undisputed amounts payable in respect of income tax, wealth tax, sales tax, Service tax, custom duty, excise duty and cess were in arrears for a period exceeding six months from the date they became payable

c. In our opinion and in accordance with the information and explanation given to us, there are no dues of sales tax, income tax, custom duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute. However, with reference to Note No.12(ii) of ''Note 19 in Notes to Accounts'' the company has not paid municipal taxes amounting to Rs. 17,56,501/- pending disposal of its petition against levy of municipal taxes at a higher rate.

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

xi. In our opinion and according to the information and explanations given to us, the Company has not borrowed any funds from financial institution, bank or debenture holders.

xii. 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. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

xiv. In our opinion and according to Information and explanations given to us, the Company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and other investments and timely entries have been made therein. All shares, Debentures and other investments have been held by the Company in its own name.

xv. According to the information and explanation given to us, the Company has not given guarantees for loans taken by others from banks or financial institutions.

xvi. In our opinion, the Company has not taken any term loan.

xvii. 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 investments.

xviii. During the year, the Company did not make any preferential allotment of shares to the parties and Companies covered in the register maintained under section 301 of the Companies Act, 1956.

xix. During the year, the Company has not issued any debentures.

xx. During the year, the Company did not raise any money by way of public issue.

xxi. In our opinion, on the basis of audit conducted by us and in accordance with the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For Ravi & Dev

Chartered Accountants FR No. 108752W

(Devendra A. Mehta)

Place : Mumbai Partner

Date : 20th May, 2013 M. No. 82325


Mar 31, 2012

We have audited the attached balance sheet of Elegant Marbles And Grani Industries Limited as at 31st March, 2012 and also the Profit & Loss Account for the year ended on that date annexed thereto and the cash flow statement for the period 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 have conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan & 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.

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 Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

1. Further to our comments in the annexure referred to in the paragraph (1) above :

(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 the law have been maintained by the Company so far as appears from our examination of such books.

(c) The balance sheet, the profit & loss Account and cash flow statement dealt with by this report are in agreement with the books of account;

(d) in our opinion, the balance sheet, the profit & loss Account and cash flow statement dealt with by this report have been prepared in compliance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(e) based on representations made by all the Directors of the Company and the information and explanation as made available, Directors of the Company do not prima facie have any disqualification as referred to in clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

(f) in our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the notes thereon, give the information required by the Companies Act, 1956 in the manner so required and subject to no provision having been made in respect of accrued gratuity liability, give a true and fair view in conformity with the accounting principles generally accepted in India :

i. in the case of balance sheet, of the state of affairs as at 31st March, 2012; and

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

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

i a. As informed by the management, the proper records of fixed assets showing full particulars including quantitative details and location of fixed assets are under updating and compilation.

b. As explained to us, the fixed assets have been physically verified by the management during the year at regular intervals, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. The company has not disposed of any substantial part of its fixed assets during the year. Accordingly, the going concern status of the company, on account of disposal of fixed assets, is not affected.

ii a. The inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b. in our opinion and according to information and explanation given to us, the procedures of physical verification of the Company are reasonable and adequate having regard to the size of the Company and nature of its business.

c. in our opinion and according to the information and explanation given to us, the Company is maintaining proper records of inventory. The discrepancies noticed on such verification between physical stocks and book records were not material and have been properly dealt with in the books of accounts.

iii. a. According to information and explanations given to us, the Company has not granted any loans to Companies, firms or other parties listed in the register maintained u/s. 301 of the Companies Act, 1956. Accordingly, sub-clauses (b), (c) and (d) are not applicable.

b. The Company has not taken any unsecured loan, from the party covered in the register maintained u/s. 301 of the Companies Act, 1956. Accordingly, sub-clauses (f) & (g) are not applicable.

iv. In our opinion and according to the information and explanation give to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to purchase of inventory , fixed assets and also for the sale of goods & services. During the course of our audit we have not observed any continuing failure to correct major weaknesses in internal controls.

v. a. According the information and explanations given to us, we are of the opinion that the particulars of Contracts or arrangements referred to in section 301of the Companies Act, 1956 have been so entered. b. In our opinion and according to the information and explanations given to us, transactions made in pursuance of such contracts or arrangements exceeding Rs.5 Lacs have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

vi. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposit in contravention of section 58A and 58AA or any other relevant provision of the Companies Act, 1956 and rules framed there under. As informed to us, no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any other Court or tribunal.

vii. The Company does not have an internal audit system. The management has informed us that steps are being taken to introduce internal audit system.

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

ix. a. The Company is regular in depositing undisputed statutory dues including provident fund, investor education protection fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues with appropriate authorities, wherever applicable to it.

b. According to the information and explanations given to us, as at 31st March, 2012 no undisputed amounts payable in respect of income tax, wealth tax, sales tax, Service tax, custom duty, excise duty and cess were in arrears for a period exceeding six months from the date they became payable.

c. In our opinion and in accordance with the information and explanation given to us, there are no dues of sales tax, income tax, custom duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute. However, with reference to Note No.8(ii) of 'Note 21 in Notes to Accounts' the company has not paid municipal taxes amounting to Rs.12,01,856/- pending disposal of its petition against levy of municipal taxes at a higher rate.

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

xi. In our opinion and according to the information and explanations given to us, the Company has not borrowed any funds from financial institution, bank or debenture.

xii. 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. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

xiv. In our opinion and according to Information and explanations given to us, the Company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and other investments and timely entries have been made therein. All shares, Debentures and other investments have been held by the Company in its own name.

xv. According to the information and explanation given to us, the Company has not given guarantees for loans taken by others from banks or financial institutions.

xvi. In our opinion, the Company has not taken any term loan.

xvii. 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 investments.

xviii. During the year, the Company did not make any preferential allotment of shares to the parties and Companies covered in the register maintained under section 301 of the Companies Act, 1956.

xix. During the year, the Company has not issued any debentures.

xx. During the year, the Company did not raise any money by way of public issue.

xxi. In our opinion, on the basis of audit conducted by us and in accordance with the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For Ravi & Dev

Chartered Accountants

FR No. 108752W

(Devendra A. Mehta)

Place : Mumbai Partner

Date : 29th May, 2012 M.No. 82325


Mar 31, 2010

We have audited the attached balance sheet of Elegant Marbles And Grani Industries Limited as at 31 st March, 2010 and also the Profit & Loss Account for the year ended on that date annexed thereto and the cash flow statement for the period ended on that date."," These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We have conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan & 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.

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

1. Further to our comments in the annexure referred to in the paragraph (1) above:

(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 the law have been maintained by the Company so far as appears from our examination of such books.

(c) The balance sheet, the profit & loss Account and cash flow statement dealt with by this report are in agreement with the books of account;

(d) in our opinion, the balance sheet, the profit & loss Account and cash flow statement dealt with by this report have been prepared in compliance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(e) based on representations made by all the Directors of the Company and the information and explanation as made available, Directors of the Company do not prima facie have any disqualification as referred to in clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

(f) in our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the notes thereon, give the information required by the Companies Act, 1956 in the manner so required and subject to no provision having been made in respect of accrued gratuity liability, give a true and fair view in conformity with the accouting principles generally accepted in India:

i. inthecaseofbalancesheet,of thestateofaffairsasat31stMarch,2010;and

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

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

ANNEXURE TO THE AUDITORS REPORT

(Referred to in Paragraph 1 of our report of even date) To the Members Elegant Marbles And Grani Industries Limited, Abu Road.

i a) As informed by the management, the proper records of fixed assets showing full particulars including quantitative details and location of fixed assets are under updation and compilation.

b) As explained to us, the fixed assets have been physically verified by the management during the year at regular intervals, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c) The company has not disposed of any substantial part of its fixed assets during the year. Accordingly, the going concern status of the company, on account of disposal of fixed assets, is not affected.

ii a) The inventories have been physically verified during the year by the management. ln our opinion,thefrequencyofverificationisreasonable.

b) in our opinion and according to information and explanation given to us, the procedures of physical verification of the Company are reasonable and adequate having regard to the size of the Company and nature of its business.

c) in our opinion and according to the information and explanation given to us, the Company is maintaining proper records of inventory. The discrepancies noticed on such verification between physical stocks and book records were not material and have been properly dealt with in the books of accounts.

iii. a. According to information and explanations given to us, the Company has not granted any loans to Companies, firms or other parties listed in the register maintained u/s. 301 of the Companies Act, 1956. Accordingly, sub-clauses (b), (c) and (d) are not applicable.

b. The Company has not taken any unsecured loan, from the party covered in the register maintained u/s. 301 of the Companies Act, 1956. Accordingly, sub-clauses (f) & (g) are not applicable.

iv. In our opinion and according to the information and explanation give to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to purchase of inventory, fixed assets and also for the sale of goods & services. During the course of our audit we have not observed any continuing failure to correct major weaknesses in internal controls.

v. a. According the the information and explanations given to us, we are of the opinion that the particulars of Contracts or arrangements referred to in section 301 of the Companies Act, 1956 have been so entered. b. In our opinion and according to the information and explanations given to us, transactions made in pursuance of such contracts or arrangements exceeding Rs.5 Lacs have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

vi. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposit in contravention of section 58A and 58AA or any other relevant provision of the Companies Act, 1956 and rules framed thereunder. As informed to us, no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any other Court or tribunal.

vii. The Company does not have an internal audit system. The management has informed us that steps are being taken to introduce internal audit system.

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

ix. a. The Company is regular in depositing undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues with appropriate authorities, wherever applicable to it.

b. According to the information and explanations given to us, as at 31 st March, 2010 no undisputed amounts payable in respect of income tax, wealth tax, sales tax, Service tax, custom duty, excise duty and cess were in arrears for a period exceeding six months from the date they became payable.

c. In our opinion and in accordance with the information and explanation given to us, there are no dues of sales tax, income tax, custom duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute. However, with reference to Note No.7(ii) of Schedule M : Notes to Accounts the company has not paid municipal taxes amounting to Rs.9,88,450/- pending disposal of its petition against levy of municipal taxes at a higher rate.

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

xi. In our opinion and according to the information and explanations given to us, the Company has not borrowed any funds from financial institution, bank or debenture holders.

xii. 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. In our opinion, the Company is not a chit fund or a nidhi/ mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

xiv. In our opinion and according to Information and explanations given to us, the Company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and other investments and timely entries have been made therein. All shares, Debentures and other investments have been held by the Company in its own name.

xv. According to the information and explanation given to us, the Company has not given guarantees for loans taken by others from banks or financial institutions.

xvi. In our opinion. the Company has not taken any term loan.

xvii. 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 investments.

xviii. During the year, the Company did not make any preferential allotment of shares to the parties and Companies covered in the register maintained under section 301 of the Companies Act, 1956.

xix. During the year, the Company has not issued any debentures.

xx. During the year, the Company did not raise any money byway of public issue.

xxi. In our opinion, on the basis of audit conducted by us and in accordance with the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For Ravi & Dev

Chartered Accountants

FRNO.108752W

(Devendra A. Mehta)

Place : Mumbai, Partner

Date: August 2010 M No 82325



 
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