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Auditor Report of Ganga Papers India Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of GANGA PAPERS (INDIA) LIMITED , which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and 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 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 of 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 internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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, 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 mis-statement.

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

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

Opinion

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

a) In the case of the Balance Sheet of the state of affairs of the Company as at 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 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 purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books

c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of 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 31 March, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2015, from being appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the other matters included in the Auditor's Report and to our best of our information and according to the explanations given to us:

i The Company does not have any pending litigations which would impact its financial position

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

iii. There were no amount which required to be, required to be transferred, to the Investor Education and Protection Fund by the Company

Place: Pune for RITESH BAJORIA & CO. Date: 30.05.2015 Chartered Accountants FRN NO. - 014059C Sd/- RITESH BAJORIA Proprietor Membership No. - 407339


Mar 31, 2014

1. We report that we have audited the attached Balance Sheet of Ganga Papers India Limited as at 31st March 2014 and the relative Profit & Loss Account of the Company for the period ended on that date annexed thereto. These financial statements are the responsibility of the Company''s Management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. 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 paragraph 4 & 5 of the said order.

4. Further to our comments in the Annexure referred to above , we report that:

(i) 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.

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

(iii) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts.

(iv) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the Accounting Standards referred to in sub section (3C) of section 211 of the Companies Act, 1956.

(v) On the basis of written representation received from the directors, as on 31st March 2014 and taken on record by Board of Director''s we report that none of the director''s is disqualified as on 31st March 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act,1956.

(vi) In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet and Profit and Loss Account read with the notes on accounts and the significant accounting policies, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the Accounting Principles generally accepted in India.

a. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2014

b. In the case of the Profit & Loss, of the Profit for the period ended on that date and

c. In the case of cash flow statement of the cash flows for the year ended on that date.

Annexure to Auditor''s Report

(Referred to in paragraph 3 of our Report of even date)

1. The Company has maintained proper record to show full particulars including quantitative details and situation of fixed assets. We are informed that the management has physically verified these fixed assets at reasonable intervals and no material discrepancies between the book records and physical verification have been noticed on such verification. There was no substantial disposal of fixed assets during the year.

2. The Stocks of finished goods, stores, spare-parts and raw materials and trading goods of the Company have been physically verified by the management. We are informed that the management has made the physical verification at reasonable intervals during the year. In our opinion, and according to the information and explanation given to us, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to size of the Company and the nature of its business.

3. (a) The Company has not granted loan to parties covered in the register maintained u/s 301 of the Companies Act. 1956.

(b) The Company has taken unsecured loan from the parties listed in the register maintained u/s 301 of the Company Act 1956. The maximum amount outstanding during the year was Rs. 9,15,82,941.00/- and the year end balance of loans taken from such parties was Rs. 800,000/-. No interest have been paid on such loans taken, however the other terms and conditions in which loans have been taken from the parties listed in the register maintained under section 301 of the Companies Act 1956 are not Prima facie prejudicial to the interest of the company.

4. In our opinion and according to the information and explanation given to us, there is an adequate internal control procedure commensurate with the size of the Company and nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services.

5. According to the information and explanation given to us, we are of the opinion that there are no contract & arrangements referred to in section 301 of the Companies Act, 1956.

6. The Company has not accepted any deposit during the year from the Public and hence compliance with directives issued by the Reserve Bank of India, the provision of the section 58A and section 58AA of the Companies Act, 1956 and the applicable rules framed there under does not arise.

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

8. We are informed that the Central Government has prescribed the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956 for the products of the Company. In our opinion, adequate accounts and records have been maintained by the Company.

9. The Company is normally regular in depositing undisputed statutory dues including provident fund, sales tax, excise duty and other statutory dues with the appropriate authorities. As informed to us the provision of E.S.I. Act are not applicable to the Company.

As per the information and explanation given to us there are no dues outstanding of sales tax, income tax and excise duty on account of any dispute except sales tax dues for the year 1995-96 Rs. 5,41,377/-.

10. The Company has accumulated losses of Rs.18,40,64,172.06/- at the end of the financial year and has not incurred any cash losses during the year ended 31.03.14. As per information given by the management, the case of the company is pending in the Hon''able BIFR for issues related to Coal Linkage and old dues of sales tax Department.

11. In our opinion and according to the information & explanation given to us, the company has not defaulted in repayment of dues to bank and /or financial institutions. The Company has not issued debentures during the year.

12. According to the information and explanation given to us the Company has not granted any loans and advances on the basis of security by the way of pledge of shares, debentures and other securities.

13. In our opinion and according to the information and explanation given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi/mutual fund /societies.

14. As informed and explained to us the Company has not dealt/traded in securities or debentures during the year. In our opinion and according to information and explanation given to us, proper records have been maintained of the transactions and contract relating to dealing /trading in share or other investment and timely entries have been made therein. The share and other investments have been held by the Company in its own name.

15. According to the information and explanation given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not obtained any fresh term loan. All previous term loans have been repaid by the company.

17. We have been informed by the Management that the funds raised for short term basis have not been used for long term investments and vice-versa.

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

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

20. The Company has not raised any money through a public issue during the year.

21. Based on the information and explanation furnished by the Management there were no frauds on or by the Company noticed or reported during the year.

For and on behalf of RITESH BAJORIA & CO. Chartered Accountants

Sd/- Ritesh Bajoria Proprietor Date: 15.05.2014 Membership No: 407339 Place : Pune


Mar 31, 2012

1. We report that we have audited the attached Balance Sheet of Ganga Papers India Limited as at 31st March 2012 and the relative Profit & Loss Account of the Company for the period ended on that date annexed thereto. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. 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 paragraph 4 & 5 of the said order.

4. Further to our comments in the Annexure referred to above , we report that:

(i) 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.

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

(iii) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts.

(iv) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the Accounting Standards referred to in sub section (3C) of section 211 of the Companies Act, 1956.

(v) On the basis of written representation received from the directors, as on 31sl March 2012 and taken on record by Board of Director's we report that none of the director's is disqualified as on 31st March 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

(vi) In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet and Profit and Loss Account read with the notes on accounts and the significant accounting policies, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the Accounting Principles generally accepted in India.

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

b. In the case of the Profit & Loss, of the Profit for the period ended on that date and

c. In the case of cash flow statement of the cash flows for the year ended on that date.

Annexure to Auditor's Report

(Referred to in paragraph 3 of our Report of even date)

1. The Company has maintained proper record to show full particulars including quantitative details and situation of fixed assets. We are informed that the management has physically verified these fixed assets at reasonable intervals and no material discrepancies between the book records and physical verification have been noticed on such verification. There was no substantial disposal of fixed assets during the year.

2. The Stocks of finished goods, stores, spare-parts and raw materials and trading goods of the Company have been physically verified by the management. We are informed that the management has made the physical verification at reasonable intervals during the year. In our opinion, and according to the information and explanation given to us, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to size of the Company and the nature of its business.

3. (a) The Company has granted loan to M/s Ganga Hitech Steels Ltd of Rs 81400000.00, a party covered in the register maintained u/s 301 of the Companies Act. 1956.

(b) The Company has taken unsecured loan from the parties listed in the register maintained u/s 301 of the Company Act 1956. The maximum amount outstanding during the year was Rs. 10,83,55,000.00/- and the year end balance of loans taken from such parties was Rs. 8,99,33,859.00/-. No interest have been paid on such loans taken, however the other terms and conditions in which loans have been taken from the parties listed in the register maintained under section 301 of the Companies Act 1956 are not Prima facie prejudicial to the interest of the company.

4. In our opinion and according to the information and explanation given to us, there is an adequate internal control procedure commensurate with the size of the Company and nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services.

5. According to the information and explanation given to us, we are of the opinion that there are no counter arrangements referred to in section 301 of the Companies Act, 1956.

6. The Company has not accepted any deposit during the year from the Public and hence compliance with directives issued by the Reserve Bank of India, the provision of the section 58A and section 58AA of the Companies Act, 1956and the applicable rules framed there under does not arise.

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

8. We are informed that the Central Government has prescribed the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956 for the products of the Company. In our opinion, adequate accounts and records have been maintained by the Company.

9. The Company is normally regular in depositing undisputed statutory dues including provident fund, sales tax, excise duty and other statutory dues with the appropriate authorities. As informed to us the provision of E.S.I. Act are not applicable to the Company.

As per the information and explanation given to us there are no dues outstanding of sales tax, income tax and excise duty on account of any dispute except sales tax dues for the year 1995-96 Rs. 5,41,377/-

10. The Company has accumulated losses of Rs.22,31,89,924.38/- at the end of the Financial year and has not incurred any cash losses during the year ended 31.03.12. As per information given by the management, the case of the company is pending in the Hon' able BIFR for issues related to Coal Linkage and old dues of sales tax Department.

11. In our opinion and according to the information & explanation given to us, the company has not defaulted in repayment of dues to bank and /or financial institutions. The Company has not issued debentures during the year.

12. According to the information and explanation given to us the Company has not granted any loans and advances on the basis of security by the way of pledge of shares, debentures and other securities.

13. In our opinion and according to the information and explanation given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi/mutual fund /societies.

14. As informed and explained to us the Company has not dealt/traded in securities or debentures during the year. In our opinion and according to information and explanation given to us, proper records have been maintained of the transactions and contract relating to dealing /trading in share or other investment and timely entries have been made therein. The share and other investments have been held by the Company in its own name.

15. According to the information and explanation given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not obtained any fresh term loan. All previous term loans have been repaid by the company.

17. We have been informed by the Management that the funds raised for short term basis have not been used for long term investments and vice-versa.

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

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

20. The Company has not raised any money through a public issue during the year.

21. Based on the information and explanation furnished by the Management there were no frauds on or by the Company noticed or reported during the year.

For and on behalf of

V.K.Jindal & Co.

Chartered Accountants

Sd/-

V.K.JINDAL

Partner

Date: 3.09.2012 Membership No: 70666

Place: Pune


Mar 31, 2011

1. We report that we have audited the attached Balance Sheet of Ganga Papers India Limited as at 31st March 2011 and the relative Profit & Loss Account of the Company for the period ended on that date annexed thereto. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. 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 paragraph 4 & 5 of the said order.

4. Further to our comments in the Annexure referred to above , we report that:

(i) 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.

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

(iii) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts.

(iv) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the Accounting Standards referred to in sub section (3C) of section 211 of the Companies Act, 1956.

(v) On the basis of written representation received from the directors, as on 31st March 2011 and taken on record by Board of Director's we report that none of the director's is disqualified as on 31st March 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act,1956.

(vi) In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet and Profit and Loss Account read with the notes on accounts and the significant accounting policies, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the Accounting Principles generally accepted in India.

a. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2011

b. In the case of the Profit & Loss, of the Profit for the period ended on that date and

c. In the case of cash flow statement of the cash flows for the year ended on that date.

Annexure to Auditor's Report (Referred to in paragraph 3 of our Report of even date)

1. The Company has maintained proper record to show full particulars including quantitative details and situation of fixed assets. We are informed that the management has physically verified these fixed assets at reasonable intervals and no material discrepancies between the book records and physical verification have been noticed on such verification. There was no substantial disposal of fixed assets during the year.

2. The Stocks of finished goods, stores, spare-parts and raw materials and trading goods of the Company have been physically verified by the management. We are informed that the management has made the physical verification at reasonable intervals during the year. In our opinion, and according to the information and explanation given to us, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to size of the Company and the nature of its business.

3. (a) The Company has not granted any loan to the parties covered in the register maintained u/s 301 of the Companies Act. 1956.

(b) The Company has taken unsecured loan from the parties listed in the register maintained u/s 301 of the Company Act 1956. The maximum amount outstanding during the year was Rs. 9,03,73,859.00/- and the year end balance of loans taken from such parties was Rs. 8,99,73,859.00/-. No interest have been paid on such loans taken, however the other terms and conditions in which loans have been taken from the parties listed in the register maintained under section 301 of the Companies Act 1956 are not Prima facie prejudicial to the interest of the company.

4. In our opinion and according to the information and explanation given to us, there is an adequate internal control procedure commensurate with the size of the Company and nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services.

5. According to the information and explanation given to us, we are of the opinion that there are no counter arrangements referred to in section 301 of the Companies Act, 1956.

6. The Company has not accepted any deposit during the year from the Public and hence compliance with directives issued by the Reserve Bank of India, the provision of the section 58A and section 58AA of the Companies Act, 1956 and the applicable rules framed there under does not arise.

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

8. We are informed that the Central Government has prescribed the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956 for the products of the Company. In our opinion, adequate accounts and records have been maintained by the Company.

9. The Company is normally regular in depositing undisputed statutory dues including provident fund, sales tax, excise duty and other statutory dues with the appropriate authorities. As informed to us the provision of E.S.I. Act are not applicable to the Company.

As per the information and explanation given to us there are no dues outstanding of sales tax, income tax and excise duty on account of any dispute except sales tax dues for the year 1995-96 Rs. 5,41,377/-

10. The Company has accumulated losses of Rs.24,99,08,225.38/- at the end of the financial year and has not incurred any cash losses during the year ended 31.03.11. And as per information given by the management Revised (Modified) fresh Revival Scheme have been submitted with B.I.F.R. in January 2010 . The case is pending to be taken up by the Hon' able court

11. In our opinion and according to the information & explanation given to us, the company has not defaulted in repayment of dues to bank and /or financial institutions. The Company has not issued debentures during the year.

12. According to the information and explanation given to us the Company has not granted any loans and advances on the basis of security by the way of pledge of shares. debentures and other securities.

13. In our opinion and according to the information and explanation given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi/mutual fund /societies.

14. As informed and explained to us the Company has not dealt/traded in securities or debentures during the year. In our opinion and according to information and explanation given to us, proper records have been maintained of the transactions and contract relating to dealing /trading in share or other investment and timely entries have been made therein. The share and other investments have been held by the Company in its own name.

15. According to the information and explanation given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not obtained any fresh term loan. All previous term loans have been repaid by the company.

17. We have been informed by the Management that the funds raised for short term basis have not been used for long term investments and vice-versa.

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

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

20. The Company has not raised any money through a public issue during the year.

21. Based on the information and explanation furnished by the Management there were no frauds on or by the Company noticed or reported during the year.

For V.K Jindal & Co. Chartered Accounted

SD/-

(V.K. Jindal) Partner

Date : 30.05.2011 Place : Pune


Mar 31, 2010

1. We report that we have audited the attached Balance Sheet of Ganga Papers India Limited as at 31st March 2010 and the relative Profit & Loss Account of the Company for the period ended on that date annexed thereto. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. 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 paragraph 4 & 5 of the said order.

4. Further to our comments in the Annexure referred to above, we report that:

(i) 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.

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

(iii) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts.

(iv) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the Accounting Standards referred to in sub section (3C) of section 211 of the Companies Act, 1956.

(v) On the basis of written representation received from the directors, as on 31st March 2010 and taken on record by Board of Directors we report that none of the directors is disqualified as on 31st March 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

(vi) In our opinion and to the best of our information and .according to the explanations given to us, the Balance Sheet and Profit and Loss Account read with the notes on accounts and the significant accounting policies, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the Accounting Principles generally accepted in India.

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

b. In the case of the Profit & Loss, of the Profit for the period ended on that date and

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





Annexurc to Auditors Report





(Referred to in paragraph 3 of our Report of even date)

1. The Company has maintained proper record to show full particulars including quantitative details and situation of fixed assets. We are informed that the management has physically verified these fixed assets at reasonable intervals and no material discrepancies between the book records and physical verification have been noticed on such verification. There was no substantial disposal of fixed assets during the year.

2. The Stocks of finished goods, stores, spare-parts and raw materials and trading goods of the Company have been physically verifiedby the management. We are informed that the management has made the physical verification at reasonable intervals during the year. In our opinion, and according to the information and explanation given to us, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to size of the Company and the nature of its business.

3. (a) The Company has not granted any loan to the parties covered in the register ,¦,. maintained u/s 301 of the Companies Act. 1956.

(b) The Company has taken unsecured loan from the partic listed in the register maintained u/s 301 of the Company Act 1956. The maximum amount outstanding during the year was Rs. 9,03,73,859.00/- and the year end balance of loans taken from such parties was Rs. 9,03,73,859.00/-. No interest have been paid on such loans taken, however the other terms and conditions in which loans have been taken from the parties listed in the register maintained under section 301 of the Companies Act 1956 are not Prima facie prejudicial to the interest of the company.

4. In our opinion and according to the information and explanation given to us, there is an adequate internal control procedure commensurate with the size of the Company and nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services.

5. According to the information and explanation given to us, we are of the opinion that there are no counter arrangements referred to in section 301 of the Companies Act, 1956.

6. The Company has not accepted any deposit during the year from the Public and hence compliance with directives issued by the Reserve Bank of India, the provision of the section 58A and section 58AA of the Companies Act, 1956and the applicable rules framed there under does not arise.

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

8. We are informed that the Central Government has prescribed the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956 for the products of the Company. In our opinion, adequate accounts and records have been maintained by the Company.

9. The Company is normally regular in depositing undisputed statutory dues including provident fund, sales tax, excise duty and other statutory dues with the appropriate authorities. As informed to us the provision of E.S.I. Act are not applicable to the Company.

As per the information and explanation given to us there are no dues outstanding of sales tax, income tax and excise duty on account of any dispute except sales tax dues for the year 1995-96 Rs. 5,41,377/-

10. The Company has accumulated losses of Rs.28,78,79,870.16/- at the end of the financial year and has not incurred any cash losses during the year ended 31.03.10. And as per information given by the management Revised (Modified) fresh Revival Scheme have been submitted with B.I.F.R. in January 2010 . The case is pending to be taken up by the Hon able court

11. In our opinion and according to the information & explanation given to us, the company has not defaulted in repayment of dues to bank and /or financial institutions. The Company has not issued debentures during the year.

12. According to the information and explanation given to us the Company has not granted any loans and advances on the basis of security by the way of pledge of shares, debentures and other securities.

13. In our opinion and according to the information and explanation given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi/mutual fund /societies.

14. As informed and explained to us the Company has not dealt/traded in securities or debentures during the year. In our opinion and according to information and explanation given to us, proper records have been maintained of the transactions and contract relating to dealing /trading in share or other investment and timely entries have been made therein. The share and other investments have been held by the Company in its own name.

15. According to the information and explanation given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not obtained any fresh term loan. All previous term loans have been repaid by the company.

17. We have been informed by the Management that the funds raised for short term basis have not been used for long term investments and vice-versa.

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

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

20. The Company has not raised any money through a public issue during the year.

21. Based on the information and explanation furnished by the Management there were no frauds on or by the Company noticed or reported during the year.

For and on behalf of

V.C Jindal & Co.

Chartered Accountants



SD/-

V.K.JINDAL

Partner

Date: 10.06.2010 Membership No: 706.66

Place: Pune


Mar 31, 2009

1.We report that we have audited the attached Balance Sheet of Ganga Papers India Limited as at 31st March 2009 and the relative Profit & Loss Account of the Company for the period ended on that date annexed there to 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.

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

3.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 paragraph4 &5 of the said order. 4.Further to our comments in the Annexure referred to above , we report that:

(i) 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.

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

(iii) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts.

(iv) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the Accounting Standards referred to in sub section (3C) of section 211 of the Companies Act, 1956.

(v) On the basis of written representation received from the directors, as on 31st March 2009 and taken on record by Board of Directors we report that none of the directors is disqualified as on 31st March 2009 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act,1956. (vi) In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet and Profit and Loss Account together with the notes on accounts and the significant accounting policies, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the Accounting Principles generally accepted in India.

a.In the case of the Balance Sheet, of the state of affairs of the Company as at 31st" March 2009

b.In the case of the Profit & Loss, of the Profit for the period ended on that date and

c.In the case of cash flow statement of the cash flows for the year ended on that date.

Annexure to Auditors Report (Referred to in paragraph 3 of our Report of even date) -

1.The Company has maintained proper record to show full particulars including quantitative details and situation of fixed assets. We are informed that the management has physically verified these fixed assets at reasonable intervals and no material discrepancies between the book records and physical verification have been noticed on such verification. There was no substantial disposal of fixed assets during the year.

2.The Stocks of finished goods, stores, spare-parts and raw materials and trading goods of the Company have been physically verified by the management. We are informed that the management has made the physical verification at reasonable intervals during the year. In our opinion, and according to die information and explanation given to ,us, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to size of the Company and the nature of its business.

3.(a) The Company has not granted any loan to die parties covered in the register maintained u/s 301 of die Companies Act. 19561 . (b) TheCompany has taken unsecured loan from the parties listed in the register maintained u/s 301 of the Company Act 1956. The maximum amount outstanding during me year was Rs. 9,86,95,859/- and the year end balance of loans taken from such parties was Rs. 9,07,83,859/-. No interest have been paid on such loans taken, however the other terms and conditions in which loans have been taken from the parties listed in the register maintained under section 301 of the Companies Act 1956 are not Prima facie prejudicial to the interest of the company.

4. In our opinion and according to the information and explanation given to us, there is an adequate internal control procedure commensurate with the size of the Company and nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services.

5.According to the information and explanation given to us, we are of the opinion that there are no counter arrangements referred to in section 301 of the Companies Act, 1956.

6.The Company has not accepted any deposit during the year from the Public and hence compliance with directivesissued by the Reserve Bank of India, the provision of the section 58A and section 58AA of the Companies Act, 1956and the applicable rules framed there under does not arise

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

8.We are informed that the Central Government has prescribed the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956 for the products of the Company. In our opinion, adequate accounts and records have been maintained by the Company.

9.The Company is normally regular in depositing undisputed statutory dues including provident fund, sales tax, excise duty and other statutory dues with the appropriate authorities. As informed to us the provision of E.S.I. Act are not applicable to the Company.

As per the information and explanation given to us there are no dues outstanding of sales tax, income tax and excise duty on account of any dispute except sales tax dues for the year 1995-96 Rs. 5,41,377/-

10.The Company has accumulated losses of Rs.30,45,77,607/- at the end of the financial year and has not incurred any cash losses during the year ended 31.03.09. The Company is registered as a sick Company with B.I.F.R as per the provision of SICA.

11.In our opinion and according to the information & explanation given to us, the company has not defaulted in repayment of dues to bank and /or financial institutions. The Company has not issued debentures during the year.

12.According to the information and explanation given to us the Company has not granted any loans and advances on the basis of security by the way of pledge of shares, debentures and other securities.

13.In our opinion and according to the information and explanation given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi/mutual fund /societies.

14.As informed and explained to us the Company has not dealt/traded in securities or debentures during the year. In our opinion and according to information and explanation given to us, proper records have been maintained of the transactions and contract relating to dealing /trading in share or other investment and timely entries have been made therein. The share and other investments have been held by the Company in its own name.

15According to the information and explanation given to us, the company has not given any guarantee for loans taken by others from bank or financial , institutions.

16.The Company has not obtained any fresh term Joan. All previous term loans have been repaid by the company.

17.We have been informed by the Management that the funds raised for short term basis have not been used for long term investments and vice-versa.

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

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

20.The Company has not raised any money through a public issue during the year.

21.Based on the information and explanation furnished by the Management there were no frauds on or by the Company noticed or reported during the year.



For V.K.jindal & Co. Chartered Accounted

Date; 25,05.2009 Place: Pune

Sd/- (V.K. Jindal) Partner

 
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