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Auditor Report of Garware-Wall Ropes Ltd.

Mar 31, 2015

We have audited the accompanying Financial Statements of Garware-Wall Ropes Limited ('the Company1), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss and 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 and presentation of these Financial Statements to 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, 20I4. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Financial Statements that give a true and fair view and are free from material mis-statement, whether due to fraud or error.

Auditors' Responsibility

I. Our responsibility is to expressan opinion on these Financial Statements based on our audit.

II. 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.

III. We conducted our audit in accordance with the Standards on Auditing specified under Section 143CI0) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards and pronouncements require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether theFinancial Statements are free from material mis-statement.

IV An audit involves, performing procedures to obtain audit evidence about the amounts and the disclosures in the Financial Statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material mis-statement 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 whetherthe 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 the Accounting Policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the Financial Statements.

V 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;

1. In the case of the Balance Sheet, of the State of Affairs of the Company, as at 31 st March, 2015,

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

3. In the case of the Cash Flow Statement, of the Cash Flows for the year on that date

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 201 5 C"the Order"), issued by the Central Government of India in terms of sub-section CI I) of Section I43 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143 (3) of the Act, we report that:

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

b. In our opinion, proper books of account as required bylaw, have been kept by the Company so far as it appears from our examination of those books.

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

d. In our opinion, the 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 the written representations received from the Directors as on 31st March, 2015, taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March, 2015, from being appointed as a Director, in terms of Section 164 (2) of the Act; and

f. With respect to the other matters to be included in the Auditor's Report in accordance with Rule I I of the Companies (Audit and Auditors) Rules, 20I4, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations as on 3 Ist March, 20I 5, on its financial position in its Financial Statements.

ii. The Company has made provision, as at 31 st March, 20I5, as required under the applicable law or Accounting Standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.

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 31 st March, 20I5.

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

The Annexure referred to in our Independent Auditors' Report to the Members of the Company on the Financial Statements for the year ended 31 st March, 2015, we report that: i)

i) a) The Company has maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets.

b) The Company has a regular programme of physical verification of its Fixed Assets by which Fixed Assets are verified in a phased manner over a period of three yeax In accordance with this programme, certain Fixed Assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.

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

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

c) The Company is maintaining proper records of the inventory. The descripancies noticed on verification between the physical stocks and the book records were not material.

iii) a) The Company has not granted secured and unsecured loans to companies, firms & other parties covered in the register maintained under Section 189 of the Act.

b) There are no loans granted to the Bodies Corporate listed in the register maintained under Section 189 of the Act, hence this clause is not applicable.

c) There are no overdue amounts of more than rupees one lakh in respect of the loans granted to the Bodies Corporate listed in the register maintained under Section 189 of the Act as this clause is not applicable.

iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of Fixed Assets and sale of services. We have not observed any major weakness in the internal control system during the course of the audit.

v) In our opinion and according to the information and explaination given to us, the Company has not accepted any deposits from the public within the meaning of Sections 73 & 74 of the Act and the Rules framed thereunder to the extent notified.

vi) We have broadly reviewed the Cost Records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014 read with Companies (Cost Records and Audit) Amendment Rules,2014 prescribed by the Central Government under Section 148 of the Companies Act, 2013 for certain products of the Company and are of the opinion that, prima facie, the prescribed cost records have been made and maintained. We have not, however, made a detailed examination of the Cost Records with a view to determine whether they are accurate or complete.

vii) a) According to the information and explanations given to us and on the basis of our examination of the records of the

Company, amounts deducted / accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Duty of Customs, Value Added Tax, Cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. There are no arrears of outstanding statutory dues as at the last day of the Financial Year for the period of more than six months from the date those become payable.

b) According to the information and explanations given to us, there are no material dues of Wealth Tax, Duty of Customs and Cess which have not been deposited with the appropriate authorities on account of any dispute. However, according to information and explanations given to us, the following dues of Income Tax, Sales Tax and Value Added Tax have not been deposited by the Company on account of disputes:

Name of the Nature of Dues Forum where Dispute is Pending Statute

Sales Tax State and High Court, Delhi Laws Central Sales Tax

Deputy Commissioner of Sales Tax (Appeals)- Delhi

Deputy Commissioner of Commercial Tax (Appeals)- Chennai

Deputy Commissioner of Commercial Tax (Appeals)- Rajasthan

Central Excise Excise Duty CESTAT, Mumbai. Laws

Income Tax Income Supreme Court Laws Tax

Name of the Period to which Amount Statute Amount relates (Rs Lac)

Sales Tax 1995-96 11.00 Laws l996-97 2152

999-00 0.78

2000-01 3.43

2001- 02 1 .65

2002- 03 1 .29

2006-07 2.00

2006-07 to 155.00 20ll-12

Central Excise 2002-03 14.85 Laws 2002-03 12.72 Income Tax 2002-03 94.00 Laws 2002-03 114.00

Total 432.24

c) According to the information and explanations given to us the amounts which were required to be transferred to the Investor Education and Protection Fund has been transferred within the stipulated time in accordance with the provisions of the Companies Act, 1956 and the Rules made thereunder.

viii) The Company does not have any accumulated losses at the end of the Financial Year and has not incurred cash losses in the Financial Year and in the immediately preceding financial year.

ix) According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of the dues to Financial Institutions, Banks or Debenture Holders as at the Balance Sheet date.

x) In our opinion, the terms and conditions on which the Company has not given guarantees for loans taken by others from Banks, Financial Institutions. Hence, this clause is not applicable.

xi) In our opinion, and according to the information and explanations given to us, the term loans have been applied, for the purpose for which they were obtained.

xii) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted Auditing Practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by the Management.

For Patki & Soman Chartered Accountants

S. M. Patki Partner Pune, M. No. 037315 26th May, 2015 F R. No. 107830W


Mar 31, 2014

We have audited the accompanying Financial Statements of Garware-Wall Ropes Limited (''the Company''), which comprise the Balance Sheet as at 31 st March, 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant Accounting Policies,and other explanatory information. Management''s Responsibility for the Financial Statements

The 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 12th in, ^b:SceCtion <3C- of section 2I'' of the Companies Act, 1956 (''the Act'') read with the General Circular IV20) 3 dated 13th September, 20 i 3 of the Ministry of Corporate Affairs in respect of Section 133 of Companies Act 2013 This respons.biI.ty 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 mis-statement whether due to fraud or error.

Auditors'' Responsibility

Our responsibility is to express an opinion on these Financial Statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the-Financial Statements are free from material 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 mis-statement of the Financial Statements, whether due to fraud or error. In making those risk assessments the auditor considers internal control relevant to the Entity''s preparation and fair presentation of the Financial Statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity''s internal control. An audit also includes evaluating the appropriateness of the Accounting Polices used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the Financial Statements.

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

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Financial Statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the Accounting Principles generally accepted in India:

(a) in the case of the Balance Sheet, of the State of Affairs of the Company, as at 31st March 2014" b) in the case of the Statement of Profit and Loss, of the Profit of the Company for the year ended on that date- and (c) m the case of the Cash Flow Statement, of the Cash Flows of the Company for the year ended on that date. Report on Other Legal and Regulatory Requirements

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

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

(a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the 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 it appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from the branches or depots, not visited by us.

(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this report are in agreement with the books of account.

(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 21 i of the Companies Act, 1956 read with the Genera! Circular 15/2013 dated 13th September, 2013 in respect of Section 133 of the Companies Act, 2013; and

(e) On the basis of the written representations received from the Directors as on 3 1st March, 2014 and taken on record by the Board of Directors, none of the directors are disqualified as on 31st March, 2014 from being appointed as a Director, in terms of clause (g) of sub-section (I) of Section 274 of the Companies Act, 1956.

ANNEXURE REFERRED TO IN PARAGRAPH (3) OF THE INDEPENDENT AUDITORS'' REPORT OF EVEN DATE ON THE ACCOUNTS OF GARWARE-WALL ROPES LIMITED FOR THE YEAR ENDED 31 ST MARCH, 2014

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets.

(b) (I) As per the Company''s policy continuous verification of Fixed Assets is carried out covering the entire Fixed Assets within a period of three years. The same is followed during the year. * (2) Discrepancies noticed on such verification have been properly dealt with in the books of account.

(c) Fixed Assets disposed off during the year were not substantial and, therefore, it has not affected the going concern status of the Company.

(ii) (a) Physical verification of inventory has been conducted at reasonable intervals by the management.

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

(c) The Company maintains proper records of inventory. The discrepancies noticed on physical verification of inventory, as compared to the book records, were not material and have been dealt with in the books of account.

(iii) (a) The Company has not granted Secured/unsecured loans to Companies, firms or other parties covered in the register maintained under Section 301 of the Act.

(b) The Company has not taken any secured loans from the Companies, firms or other parties covered in the register maintained under section 301 of the Act. However, the Company has taken unsecured loans from such parties. The number of parties and the amount involved in the transactions is as under:

Number of Parties Amount of Unsecured Loans taken (Balance as at 31 March 2014 Rs. 1322 Lacs) (f.Lacs).

Sixteen 3462.83

(c) In our opinion, the rate of interest and other terms and conditions of the unsecured loans taken by the Company, are not, prima facie, prejudicial to the interest of the Company.

(d) In respect of the unsecured loans taken by the Company, where stipulations have been made, the repayments of the principal amount and interest have been regular.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. Further, on the basis of our examination of the books and records of the Company, carried out in accordance with the auditing standards generally accepted in India and according to the information and explanations given to us, we have neither come across nor have we been informed of any continuing failure to correct major weaknesses in the aforesaid internal controls.

(v) (a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in Section 30 i, of the Companies Act, 1956, have been recorded in the register required to be maintained under that Section. (b) In our opinion and according to the information and explanations given to us, the transactions referred to under sub clause (a) above 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 deposits from the public during the year and there were no unclaimed deposits matured and or laying unpaid during the year. We are informed that no order has been passed by the Company Law Board, National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal in respect of public deposit.

(vii) The Company has an Internal Audit System, which, in our opinion, is commensurate with its size and nature of its business.

(viii)We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Centra! Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 for certain products of the company and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.


(b) According to the information and explanations given to us and the records of the Company examined by us, the details of dues of Sales Tax and Excise Duty outstanding as at the last day of the financial year are as follows:-

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

Sales Tax State and High Court, Delhi 1995-96 11.00 Laws Central 1996-97 21.52 Sales Tax

Deputy Comm. of 1999-00 0.78 Sales Tax (Appeals) 2000-01 3.43 Delhi 2001-02 1.65

2002-03 1.29

Deputy Comm. of 2006-07 2.00 Commercial Tax (Appeals)- Chennai

Deputy Comm. of 2006-07 to 155.00 Commercial Tax (Appeals)-Rajasthan 2011-12

Central Excise Excise Duty CESTAT, Mumbai. 2002-03 14.85

2002-03 12.72

(c) According to the information and explanations given to us and the records of the Company examined by us, the details of dues have been excluded from the above table, have been decided in favour of the Company but the department has preferred appeals at higher levels are as follows:-

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

Income Tax Laws Income Tax Supreme Court 2002- 03 94.00

2003-04 114.00

(x) The Company has no accumulated losses at the end of the financial year and has not incurred any cash losses during the year and in the immediately preceding financial year.

(xi) The Company has not defaulted in repayment of dues to any financial institution or bank. The Company has no debenture holders.

(xii) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities and, therefore, the question of maintenance of documents and records in respect thereof does not arise.

(xiii) The provisions of any special statute applicable to Chit Fund, Nidhi, Mutual Benefit Fund or a Society are not applicable to the Company.

(xiv) The Company is dealing in shares, debentures and other investments and proper records of the transactions and contracts are maintained. All the investments are held in the name of the Company.

(xv) The Company has not given guarantee for loan taken by others from Bank or Financial Institutions during the year.

(xvi) During the year, the Company has obtained fresh term loan which is Used for the purpose for which it was obtained.

(xvii) On the basis of our examination of the Cash Flow Statement and the information and the explanations given to us, the funds raised on short term basis have not been used for long term investment and vice versa.

(xviii) According to the information and explanations given to us, the Company has not made any preferential allotment of shares during the year.

(xix) The Company has not issued any debentures.

(xx) The Company has not raised any money by public issue during the year.

(xxi) During the course of our examination of the books of the Company carried out by us in accordance with the Auditing Standards generally accepted in India, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year nor have been informed of such case by the management.

(xxii) During the period from 10th October, 2013 to 31st March, 2014, the Company had bought back 17,36,097 equity shares of Rs. 10 each under the buy-back scheme.

For Patki & Soman Chartered Accountants

S. M. Patki Partner Pune, M. No. 037315 29th May, 2014 F. R. No. I07830W


Mar 31, 2013

We have audited the accompanying Financial Statements of Garware-Wall Ropes Limited (''the Company'') which comprise the Balance Sheet as at 31st March, 2013, the Statement of Profit and Loss and 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 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 Flow of the Company in accordance with 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 preparation and presentation of the Financial Statements that give a true and fair view and are free from material mis-statements, 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 Standards on Auditing issued by Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free from material mis-statement.

An audit involves, performing procedures to obtain audit evidence about the amounts and disclosures in Financial Statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material mis-statement 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 presentation of the Financial Statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the Accounting Policies used and the reasonableness of accounting estimates made by the Management, as well as evaluating the overall presentation of the Financial Statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the Financial Statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the Accounting Principles generally accepted in India.

i. in the case of the Balance Sheet, of the State of Affairs of the Company, as at 31st March, 2013;

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

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

Report on Other Legal and Regulatory Requirements

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

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

a. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the 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 the books. Proper returns adequate for the purposes of our audit have been received from the branch at Tacoma, WA (USA), and the Depots, not visited by us;

c. The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this report are in agreement with the books of account;

d. In our opinion and according to the information and explanations given to us, the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Sub-Section (3C) of Section 211 of the Companies Act, 1956;

e. On the basis of written representations received from the Directors, as on 31st March, 2013 and taken on record by the Board of Directors, none of the Directors of the Company is disqualified as on 31st March, 2013, from being appointed as Director, in term of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE REFERRED TO IN PARAGRAPH (3) OF THE INDEPENDENT AUDITORS'' REPORT OF EVEN DATE ON THE ACCOUNTS OF GARWARE-WALL ROPES LIMITED FOR THE YEAR ENDED 31ST MARCH, 2013

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets.

(b) (1) As per the Company''s policy, continuous verification of Fixed Assets is carried out covering the entire Fixed Assets within a period of three years. The same is followed during the year.

(2) Discrepancies noticed on such verification have been properly dealt with in the books of account.

(c) Fixed Assets disposed off during the year were not substantial and, therefore, it has not affected the going concern status of the Company.

(ii) (a) Physical verification of inventory has been conducted at reasonable intervals by the management.

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

(c) The Company maintains proper records of inventory. The discrepancies noticed on physical verification of inventory, as compared to the book records, were not material and have been dealt with in the books of account.

(iii) (a) The Company has not granted secured/unsecured loans to Companies, firms or other parties covered in the register maintained under Section 301 of the Act.

(b) The Company has not taken any secured loans from the Companies, firms or other parties covered in the register maintained under Section 301 of the Act. However, the Company has taken unsecured loans from such parties. The number of parties and the amount involved in the transactions is as under:

Number of Parties Amount of Unsecured Loans taken

(Balance as at 31 March, 2013 Rs. Nil) ( Rs. Lacs)

Thirteen 3,799.35

(c) In our opinion, the rate of interest and other terms and conditions of the unsecured loans taken by the Company, are not, prima facie, prejudicial to the interest of the Company.

(d) In respect of the unsecured loans taken by the Company, where stipulations have been made, the repayments of the principal amount and interest have been regular.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. Further, on the basis of our examination of the books and records of the Company, carried out in accordance with the auditing standards generally accepted in India and according to the information and explanations given to us, we have neither come across nor have we been informed of any continuing failure to correct major weaknesses in the aforesaid internal controls.

(v) (a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in Section 301, of the Companies Act, 1956, have been recorded in the register required to be maintained under that Section.

(b) In our opinion and according to the information and explanations given to us, the transactions referred to under sub clause (a) above 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 deposits from the public during the year and there were no unclaimed deposits matured and or laying unpaid during the year. We are informed that no order has been passed by the Company Law Board, National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal in respect of public deposit.

(vii) The Company has an Internal Audit System, which, in our opinion, is commensurate with its size and nature of its business.

(viii) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956, for certain products of the Company and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.

(ix) (a) According to the information and explanations given to us and the records of the Company examined by us, the Company is regular in depositing undisputed statutory dues, including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities. There are no arrears of outstanding statutory dues as at the last day of the financial year for a period of more than six months from the date those became payable. (b) According to the information and explanations given to us and the records of the Company examined by us, the quantum of disputed amounts of Sales Tax and Excise Duty outstanding as at the last day of the financial year are as follows:-

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

State and Tax interest & penalty 1995-96 11.00 High Court, Delhi Central Sales for the classification of 1996-97 21.52 Tax Acts product & tax rates

Tax, interest & penalty 1999-00 0.78 Deputy Comm. of for the rates of tax Sales Tax (Appeals)- Delhi Tax, interest & penalty 2000-01 3.43 Deputy Comm. of for the rates of tax Sales Tax (Appeals)- Delhi

Tax, interest & penalty 2001-02 1.65 Deputy Comm. of for the rates of tax Sales Tax (Appeals)- Delhi

Tax, interest & penalty 2002-03 1.29 Deputy Comm. of for the rates of tax Sales Tax (Appeals)- Delhi

Central Sales Tax, interest & penalty 2006-07 2.00 Deputy Comm. of Tax Acts for the rates of tax Commercial Tax (Appeals) -Chennai

State Sales Tax & interest for 2006-07 to 155.00 Deputy Comm. of Tax Acts the rates of tax 2011-12 Commercial Tax (Appeals) -Rajasthan

TOTAL 196.67

Central Excise Excise Duty - 2002- 03 14.85 CESTAT, Mumbai. Act, 1944 Computation of duty for clearance from EOU to DTA.

Central Excise Excise Duty - 2002- 03 12.72 CESTAT, Mumbai. Act,1944 Computation of duty for clearance from EOU to DTA.

Central Excise Excise Duty - 2011- 12 4.55 Commissioner Act, 1944 Computation of duty for (Appeals) clearance from EOU to DTA.

TOTAL 32.12

(x) The Company has no accumulated losses at the end of the financial year and has not incurred any cash losses during the year and in the immediately preceding financial year.

(xi) The Company has not defaulted in repayment of dues to any financial institution or bank. The Company has no debenture holders.

(xii) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities and, therefore, the question of maintenance of documents and records in respect thereof does not arise.

(xiii) The provisions of any special statute applicable to Chit Fund, Nidhi, Mutual Benefit Fund or a Society are not applicable to the Company.

(xiv) The Company is dealing in shares, debentures and other investments and proper records of the transactions and contracts are maintained. All the investments are held in the name of the Company.

(xv) The Company has not given guarantee for loan taken by others from Bank or Financial Institutions during the year.

(xvi) During the year, the Company has obtained a fresh term loan which is used for the purpose for which it was obtained.

(xvii) On the basis of our examination of the Cash Flow Statement and the information and the explanations given to us, the funds raised on short term basis have not been used for long term investment and vice versa.

(xviii) According to the information and explanations given to us, the Company has not made any preferential allotment of shares during the year.

(xix) The Company has not issued any debentures.

(xx) The Company has not raised any money by public issue during the year.

(xxi) During the course of our examination of the books of the Company carried out by us in accordance with the Auditing Standards generally accepted in India, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year nor have been informed of such case by the management.

For Patki & Soman

Chartered Accountants

S. M. Patki

Partner

Mumbai, M. No. 037315

30th May, 2013 F. R. No. 107830W


Mar 31, 2012

1. We have audited the attached Balance Sheet of Garware-Wall Ropes Limited as at 31st March, 2012, the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date annexed thereto. We have to state that these Financial Statements are the responsibility of the Company's management and our responsibility is to express our opinion on these Financial Statements based on our audit.

2. As for the scope and basis for our opinion, we state that we have conducted the audit in accordance with the Auditing Standards generally accepted in India and obtained reasonable assurance about the Financial Statements being free of material misstatements. Our audit includes, wherever necessary, examining on a test basis, the evidence supporting the amounts and disclosures in the Financial Statements and also includes assessing adherence to the Accounting Principles 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, as amended by the Companies (Auditors' Report) (Amendment) Order 2004, issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, and on the basis of such checks of books and records of the Company considered appropriate and according to the information and explanations given to us during the course of the audit, we give in the annexure, a statement on matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the annexure referred to in paragraph (3) above, we report that:

(a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 the books. Proper returns adequate for the purposes of our audit have been received from the branch at Tacoma, WA (USA), and the Depots not visited by us;

(c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this report are in agreement with the books of account;

(d) In our opinion and according to the information and explanations given to us, the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Sub-Section (3C) of Section 211 of the Companies Act, 1956;

(e) On the basis of written representations received from the Directors, as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the Directors of the Company is disqualified as on 31st March, 2012 from being appointed as Director, in term of clause (g) of sub-section (I) of Section 274 of the Companies Act, 1956;

(f) In our opinion and to the best of our information and according to the explanations given to us, the said Financial Statements together with the notes thereon, 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:

i. in the case of the Balance Sheet, of the State of Affairs of the Company as at 31st March, 2012;

ii. in the case of the Statement of Profit and Loss, of the Profit for the year ended on that date; and

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

ANNEXURE REFERRED TO IN PARAGRAPH (3) OF THE AUDITORS' REPORT OF EVEN DATE ON THE ACCOUNTS OF GARWARE-WALL ROPES LIMITED FOR THE YEAR ENDED 3IST MARCH, 2012

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets.

(b) (I) As per the Company's policy, continuous verification of Fixed Assets is carried out covering the entire Fixed Assets within a period of three years. The same is followed during the year.

(2) Discrepancies noticed on such verification have been properly dealt with in the books of account.

(c) Fixed Assets disposed off during the year were not substantial and, therefore, it has not affected the going concern status of the Company.

(ii) (a) Physical verification of inventory has been conducted at reasonable intervals by the management.

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

(c) The Company maintains proper records of inventory. The discrepancies noticed on physical verification of inventory, as compared to the book records, were not material and have been dealt with in the books of account.

(iii) (a) The Company has not granted secured/unsecured loans to Companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

(b) The Company has not taken any secured loans from the Companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. However, the Company has taken unsecured loans from such parties. The number of parties and the amount involved in the transactions is as under:

Number of parties Amount of unsecured loans taken (Rs. Lacs) (Balance as at 31 March, 2012 Rs. Nil)

Twelve 2,551.00

(c) In our opinion, the rate of interest and other terms and conditions of the unsecured loans taken by the Company, are not, prima facie, prejudicial to the interest of the Company.

(d) In respect of the unsecured loans taken by the Company, where stipulations have been made, the repayments of the principal amount and interest have been regular.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. Further, on the basis of our examination of the books and records of the Company, carried out in accordance with the auditing standards generally accepted in India and according to the information and explanations given to us, we have neither come across nor have we been informed of any continuing failure to correct major weaknesses in the aforesaid internal controls.

(v) (a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956, have been recorded in the register required to be maintained under that Section.

(b) In our opinion and according to the information and explanations given to us, the transactions referred to under sub-clause (a) above 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 deposits from the public during the year and there were no unclaimed deposits matured and or laying unpaid during the year. We are informed that no order has been passed by the Company Law Board, National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal in respect of public deposit.

(vii) The Company has an Internal Audit System, which, in our opinion, is commensurate with its size and nature of its business.

(viii) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government under clause (d) of sub-section (I) of Section 209 of the Companies Act, 1956 and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.

(ix) (a) According to the information and explanations given to us and the records of the Company examined by us, the Company is regular in depositing undisputed statutory dues, including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities. There are no arrears of outstanding statutory dues as at the last day of the financial year for a period of more than six months from the date those became payable.

(b) According to the information and explanations given to us and the records of the Company examined by us, the quantum of disputed amounts of Sales Tax and Excise Duty outstanding as at the last day of the financial year are as follows:-

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

State and Tax interest & penalty 1995-96 11.00 High Court, Delhi Central Sales for the classif ication of 1996-97 21.52

Tax Acts product & tax rates

Tax,interest & penalty 1999-00 0.78 Deputy Comm.of for the rates of tax Sales Tax (Appeals)- Delhi

Tax, interest & penalty 2000-01 3.43 Deputy Comm.of for the rates of tax Sales Tax (Appeals)- Delhi

Tax, interest & penalty 2001-02 1.65 Deputy Comm, of for the rates of tax Sales Tax (Appeals)- Delhi

Tax, interest & penalty 2002-03 1.29 Deputy Comm, of for the rates of tax Sales Tax (Appeals)- Delhi

Central Sales Tax, interest & penalty 2006-07 2.00 Deputy Comm, of Tax Acts for the rates of tax 2007-08 0.48 Commercial Tax (Appeals) -Chennai

TOTAL 42.15

Sr. Name of the Statute Nature of Dues Amount Period to Forum where No. (Rs. Lacs) which dispute is pending amount relates

1 Central Excise Act,l944 Excise Duty- 14.85 2002-03 CESTAT,Mumbai. Computation of duty for clearance from EOU to DTA.

2 Central Excise Act,l944 Excise Duty- 12.72 2002-03 CESTAT,Mumbai. Computation of duty for clearance from EOU to DTA.

TOTAL 27.57

(x) The Company has no accumulated losses at the end of the financial year and has not incurred any cash losses during the year and in the immediately preceding financial year.

(xi) The Company has not defaulted in repayment of dues to any financial institution or bank. The Company has no debenture holders.

(xii) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities and, therefore, the question of maintenance of documents and records in respect thereof does not arise.

(xiii) The provisions of any special statute applicable to Chit Fund, Nidhi, Mutual Benefit Fund or a Society are not applicable to the Company.

(xiv) The Company is dealing in shares, debentures and other investments and proper records of the transactions and contracts are maintained. All the investments are held in the name of the Company.

(xv) The Company has not given guarantee for loan taken by others from Bank or Financial Institutions during the year.

(xvi) During the year, the Company has obtained fresh term loan which is used for the purpose for which it was obtained.

(xvii) On the basis of our examination of the Cash Flow Statement and the information and the explanations given to us, the funds raised on short term basis have not been used for long term investment and vice versa.

(xviii) According to the information and explanations given to us, the Company has not made any preferential allotment of shares during the year.

(xix) The Company has not issued any debentures.

(xx) The Company has not raised any money by public issue during the year.

(xxi) During the course of our examination of the books of the Company carried out by us in accordance with the auditing standards generally accepted in India, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year nor have been informed of such case by the management.

For Patki & Soman

Chartered Accountants

S. M. Patki

Partner

Mumbai, M.No.037315

28th May, 2012 F. R. No. I07830W


Mar 31, 2010

1. We have audited the attached Balance Sheet of Garware-Wall Ropes Limited as at 31 st March, 2010, the related Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. We have to state that these financial statements are the responsibility of the Companys management and our responsibility is to express our opinion on these financial statements which are complied with by this report based on our audit.

2. As for the scope and basis for our opinion, we state that we have conducted the audit in accordance with the auditing standards generally accepted in India and obtained reasonable assurance about the financial statements being free of material misstatements. Our audit includes, wherever necessary, examining on a test basis, the evidence supporting the amounts and disclosures in the financial statements and also includes assessing adherence to the accounting principles 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, as amended by the Companies (Auditors Report) (Amendment) Order 2004, issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, and on the basis of such checks of books and records of the Company considered appropriate and according to the information and explanations given to us during the course of the audit, we give in the annexure, a statement on matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the annexure referred to in paragraph (3) above, we report that:

(a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 the books. Proper returns adequate for the purposes of our audit have been received from the branch at Tacoma, WA (USA), and the Depots, not visited by us;

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

(d) In our opinion and according to the information and explanations given to us, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Sub-Section (3C) of Section 21 I of the Companies Act, 1956;

(e) On the basis of written representations received from the Directors, as on 31 st March, 2010 and taken on record by the Board of Directors, we report that none of the Directors of the Company is disqualified as on 31 st March, 2010 from being appointed as Director, in term of clause (g) of sub-section (I) of section 274 of the Companies Act, 1956;

(f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon, 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:

i. in the case of the Balance Sheet, of the state of affairs of the Company as at 31 st March, 2010; ii. in the case of the Profit and Loss Account, of the profit for the year ended on that date; and iii. in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH (3) OF THE AUDITORS REPORT OF EVEN DATE ON THE ACCOUNTS OF GARWARE WALL ROPES LIMITED FOR THE YEAR ENDED 31 ST MARCH, 2010

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and

situation of Fixed assets.

(b) (I) As per the Companys policy continuous verification of Fixed assets is carried out covering the entire

Fixed assets within a period of three years. The same is followed during the year. (2) Discrepancies noticed on such verification have been properly dealt with in the books of account.

(c) Fixed assets disposed off during the year were not substantial and, therefore, it has not affected the going concern status of the Company.

(ii) (a) Physical verification of inventory has been conducted at reasonable intervals by the management.

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

(c) The Company maintains proper records of inventory. The discrepancies noticed on physical verification of inventory, as compared to the book records, were not material and have been dealt with in the books of account.

(iii) (a) The Company has not granted secured/unsecured loans to Companies, firms or other parties covered in the register maintained under section 301 of the Act.

(b) The Company has not taken any secured loans from the Companies, firms or other parties covered in the register maintained under section 301 of the Act. However, the Company has taken unsecured loans from such parties. The number of parties and the amount involved in the transactions is as under:

Number of parties Amount of unsecured loans taken

(Balance as at 31.03.10 Rs. Nil) (Rs. Lacs)

Seven 1,704.42

(c) In our opinion, the rate of interest and other terms and conditions of the unsecured loans taken by the Company, are not, prima facie, prejudicial to the interest of the Company.

(d) In respect of the unsecured loans taken by the Company, where stipulations have been made, the repayments of the principal amount and interest have been regular.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase of inventory and Fixed assets and for the sale of goods and services. Further, on the basis of our examination of the books and records of the Company, carried out in accordance with the auditing standards generally accepted in India and according to the information and explanations given to us, we have neither come across nor have we been informed of any continuing failure to correct major weaknesses in the aforesaid internal controls.

(v) (a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in Section 301, of the Companies Act, 1956, have been recorded in the register required to be maintained under that Section.

(b) In our opinion and according to the information and explanations given to us, the transactions referred to under sub clause (a) above 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 deposits from the public during the year and there were no unclaimed deposits matured and or iying unpaid during the year. We are informed that no order has been passed by the Company Law Board, National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal in respect of public deposit. (vii) The Company has an internal audit system, which, in our opinion, is commensurate with its size and nature of its business.

(viii) Maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (I) of section 209 of the Companies Act, 1956.

(ix) (a) According to the information and explanations given to us and the records of the Company examined by us, the Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities. There are no arrears of outstanding statutory dues as at the last day of the financial year for a period of more than six months from the date those became payable. (b) According to the information and explanations given to us and the records of the Company examined by us, the quantum of disputed amounts of Sales tax and Excise duty outstanding as at the last day of the financial year are as follows:

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

State and Tax interest & penalty for the 1995-96 11.00 High Court, Delhi

Central Sales classification of product & 1995.97 21.52 Tax Acts tax rates

Tax, interest & penalty for the 2001-02 1.70 Deputy Comm. of Sales Tax rates of tax (Appeals)- Delhi

State and Tax, interest & penalty for the 1988-89 1.04 Deputy Comm. of Central Sales rates of tax 1989-90 1.38 Commerc ial Tax Tax Acts (Appeals) -Chennai

Entry Tax Acts Tax & penalty 2001 -02 10.45 Orissa Sa les Tax T ribunal 2002-03 10.40 - Cuttack

TOTAL 57.49

Sr. Name of the Statute Nature of Dues Amount Period to Forum where No. (Rs. Lacs) which dispute is pending. amount relates

I Central Exci se Act, 1944 Excise duty - Inclusion of 130.47 1994-95 Jurisdict ional Excise MODVAT credit in the Assistant Commissioner cost of raw material: SCN Pune forRs. 130.47 lacs

2 Central Excise Act, 1944 Excise Duty Co mputation 14.85 2002-03 CESTAT, Mumbai of duty for cl earance from EOU to DTA.

3 Central Excise Act, 1944 Excise Duty Com putation 07.73 2005-06 CESTAT, Mumbai of duty for cl earance from EOU to DTA.

4 Central Excise Act, 1944 Excise Duty Com putation 12.72 2002-03 CESTAT, Mumbai of duty for cle arance from EOU to DTA.

TOTAL 165.77

(x) The Company has no accumulated losses at the end of the financial year and has not incurred any cash losses during the year and in the immediately preceding financial year.

(xi) The Company has not defaulted in repayment of dues to any financial institution or bank. The Company has no debenture holders.

(xii) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities and, therefore, the question of maintenance of documents and records in respect thereof does not arise.

(xiii) The provisions of any special statute applicable to chit fund, nidhi, mutual benefit fund or a society are not applicable to the Company.

(xiv) The Company is dealing in shares, debentures and other investments and proper records of the transactions and contracts are maintained. All the investments are held in the name of the Company.

(xv) The Company has not given guarantee for loan taken by others from bank or financial institutions during the year.

(xvi) During the year, the Company has obtained fresh term loan which is used for the purpose for which it was obtained.

(xvii) On the basis of our examination of the Cash Flow Statement and the information and the explanations given to us, the funds raised on short term basis have not been used for long term investment and vice versa.

(xviii) According to the information and explanations given to us, the Company has not made any preferential allotment of shares during the year.

(xix) The Company has not issued any debentures.

(xx) The Company has not raised any money by public issue during the year.

(xxi) During the course of our examination of the books of the Company carried out by us in accordance with the auditing standards generally accepted in India, we have neither come across any instance of fraud on or by the Company noticed or reported during the year nor have been informed of such case by the management.



For Patki & Soman Chartered Accountants

S. M. Patki Partner Mumbai, Mem. No. 037315 21 st May, 2010 R R. No. 107830W

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