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Auditor Report of Glittek Granites Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of GLITTEK GRANITES LIMITED ("the company"),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 stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation 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 adequate 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 thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The 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, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and operating effectiveness of such controls . An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

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 of the state of affairs of the Company as at 31stMarch2015, its profit and its cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters Specified in paragraphs 3 and 4 of the Order, 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 by law 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 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) In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014 :

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements – Refer Note No. 25 to the financial statements ;

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 amounts which required to be transferred by the Company to the Investor Education and Protection Fund.

ANNEXURE TO THE AUDITORS' REPORT

(Referred to in Paragraph 1 under 'Report on Other Legal and Regulatory Requirements' of our Report of even date of our Report of even date) On the basis of such checks as we considered appropriate and according to the information and Explanations given to us during the course of our audit, we report that :

(i) (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) Fixed Assets have been physically verified by the management during the year based on a phased program of verifying all the assets over a period of three years, which in our opinion is reasonable having. As informed, no material discrepancies were noticed on such verification.

(c) There was no substantial disposal of fixed assets during the year.

(ii) (a) As explained to us, the inventories of finished goods, semi-finished goods, stores, spare parts and raw materials were physically verified at reasonable intervals during the year, the frequency of such verification is reasonable.

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

(c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification as compared to book records.

(iii) According to the information and explanations given to us, the Company has not granted any loans to companies, firms or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013; and therefore paragraph 3(iii ) of the Order is not applicable.

(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, fixed assets and for the sale of goods (and/services). During the course of our Audit, we have not observed any continuing failure to correct major weaknesses in internal control.

(v) In our opinion and according to information and explanations given to us the company has not accepted any deposit from public during the year.

(vi) As informed to us, the Central Government has not prescribed maintenance of cost records under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the Company.

(vii) (a) According to the records of the company, it has been regular in depositing undisputed dues in respect of Income Tax and other statutory dues as applicable to it. The company is not liable to pay any amount in respect of Wealth Tax, Service Tax, Custom Duty, Excise Duty, Sales Tax and Investor Education and Protection Fund.

(b) According to information and explanations given to us, there are no dues in respect of income tax. wealth tax, sales tax, custom duty, excise duty, service tax, cess and other statutory dues as applicable, which have not been deposited on account of any dispute except as set out below :

Name of statute Nature of dues Amount Forum where dispute (Rs. in lacs) is pending

The Income Tax Act, Fringe Benefit Tax 1.85 Commissioner of Income Tax 1961 A.Y. 2006-07 (Appeals)

The Income Tax Act, Income Tax _ Commissioner of Income Tax 1961 A.Y. 2010-11 (Appeals)

Show Cause Notices for Penalty u/s 271(1) © received for Asst. Year 2006-07 & 2010-11, proceedings pending.

(C) There were no amounts which required to be transferred by the Company to the Investor Education and Protection Fund.

(viii) The accumulated losses of the company are not more than 50% of the net worth of the company. The company has not incurred cash losses during the year and immediately preceding financial year.

(ix) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks.

(x) In our opinion, and according to the information and the explanation given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions during the year.

(xi) The Term loans taken by the company have been applied for the purpose for which they were raised.

(xii) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

for RUNGTA & RUNGTA

Chartered Accountants

(Regn. No 305134E)

CA S. K. ROONGTAA

Partner

Kolkata, the 30th day of May, 2015 Membership No.15234


Mar 31, 2014

We have audited the accompanying financial statements of GLITTEK GRANITES LIMITED, (the "Company") which comprises the Balance Sheet as at 31st March, 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The company management is responsible for 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 Accounting Standards referred to in Sec 211(3C) of the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal controls relevant to the preparation and presentation of financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with 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 misstatements.

An audit involves performing procedures to obtain audit evidence about the amount and disclosures in the financial statements. The procedure selected depends on auditor''s judgment, including the assessment of the risks of material misstatement of financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness ofthe Company''s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of 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 explanation given to us, the aforesaid financial statements 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 case of the Statement of Profit and Loss of the profit for the year ended on that date; and

c. In 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

As required by the Companies (Auditor''s Report) Order, 2003, issued by the Department of

Company Affairs, in terms of section 227(4A) of the Companies Act, 1956, we give in the

Annexure a statement on the matters specified in the paragraph 4 and 5 of the said order.

2. As required by Section 227(3) of the Companies Act, 1956, we report that :

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

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

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

d. In our opinion the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section 3(C) of Section 211 ofthe Companies Act, 1956 read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013; and

e. On the basis of the written representations received from the Directors as on 31 st March, 2014 and taken on record by the Board of Directors, We report that none of the directors is disqualified as on 31st March, 2014 from being appointed as a Director in terms clause (g) of the Section 274 of the Companies Act, 1956.

ANNEXURE TO INDEPENDENT AUDITORS'' REPORT

(Referred to in Paragraph 1 under "Report on other Legal and Regulatory Requirement" section of our report of even date)

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

(ii) Fixed assets have been physically verified by the management during the year based on a phased program of verifying all the assets over a period of three years, which in our opinion is reasonable having regard to the size of the Company and the nature of its fixed assets. As informed, no material discrepancies were noticed on such verification.

(iii) There was no substantial disposal of fixed assets during the year.

2. (i) As explained to us, the management has conducted Physical verification of inventory at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable.

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

(iii) In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of inventories and no material discrepancies were noticed on physical verification as compared to book records.

3. (i) During the year the Company has taken unsecured loan of Rs. 39.75 Lacs from two other parties covered in the register maintained u/s 301 of the Companies Act, 1956, apart from Rs.101.34 Lacs brought forward from previous year and have repaid Rs.73,48 Lacs during the year. The maximum amount involved during the year and the year end balance of such loans aggregated Rs. 120.79 Lacs and Rs.74.62 Lacs (including accrued interest of Rs.7.08 lacs respectively).

(ii) In our opinion and according to the information and explanations given to us, the terms and conditions of such unsecured loan taken are not prima-facia prejudicial to the interest of the Company.

(iii) In respect of the aforesaid loans there is no stipulation as to repayment of loan and/ or interest thereon. Further the loan are repayable by the party on demand/call loan policy framed by the Company,

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

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

5. (i) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 have been so entered,

(ii) In our opinion and according to information and explanations given to us, the transactions made in pursuance of such contract or arrangements exceeding Rupees Five Lacs have been made at prices which are reasonable having regard to the prevailing market prices at the relevant times

6. The Company has not accepted any deposits from the public.

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

8.On the basis of the records, we are of the opinion that prima facie cost records and accounts prescribed by the Central Government of India under section 209(1) (d) of the Companies Act, 1956, have been maintained . However, we are not required to and have not carried out any detailed examination of such account and records.

9. (i) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee''s State Insurance, Income Tax, Sales tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material Statutory Dues as applicable with the appropriate authorities in India.

(ii) At the end of financial year there were no undisputed dues of Provident Fund, Investor Education and Protection Fund, Employee''s State Insurance, Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty, cess and other material statutory dues which has remained outstanding for more than six months from the date they became payable.

(iii) Details of dues, Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty, and cess dues which has not been deposited as on 31st March 2014 on account of dispute are given below :

10. There are no accumulated losses at the end ofthe financial year and the Company has not incurred any cash losses in the current and immediately preceding financial year.

11. Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company during the year has not defaulted in repayment of dues to financial institutions, banks. The Company has not issued any debentures.

12. According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

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

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of Clause 4 (xiv) of the order are not applicable to the company.

15. According to the information & explanations given to us the Company has not given guarantee for loans taken by others from banks or financial institutions.

16. In our opinion and according to information and explanation given to us, the term loan obtained during the year has been utilized for the purpose for which it was obtained.

17. On the basis of review of utilisation of funds on overall basis, related information as made available to us and as represented to us by the management, funds raised on short-term basis have not been used for tong term investment.

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

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

20. The Company has not raised any money by way of public issue during the year.

21. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices in India, we have neither come across any instance of fraud on or by the Company nor have been informed of such case by the management.

For Rungta & Rungta Chartered Accountants (Firm Registration No. 305134E)

25, R.N. Mukherjee Road S.K.Roongtaa Kolkata the 29th day of May, 2014. Partner Membership No. : 15234


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of GLITTEK GRANITES LIMITED, (the "Company") which comprises the Balance Sheet as at 31st March, 2013, the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The company''s management is responsible for 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 Accounting Standards referred to in Sec 211(3C) of the Companies Act, 1956 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal controls relevant to the preparation and presentation of financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with 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 misstatements.

An audit involves performing procedures to obtain audit evidence about the amount and disclosures in the financial statements. The procedure selected depends on auditor''s judgment, including the assessment of the risks of material misstatement of financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of 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 explanation given to us, the aforesaid financial statements 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, 2013;

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

c. In 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, issued by the Department of Company Affairs, in terms of section 227(4A) of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in the paragraph 4 and 5 of the said order.

2. As required by Section 227(3) of the Companies Act, 1956, we report that :

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

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

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

d. In our opinion the Balance Sheet and the Statement of Profit and Loss and the Cash Flow Statement comply with the Accounting Standard referred to in sub-section 3 (C) of Sec. 211 of the Companies Act, 1956.

e. On the basis of the written representations received from the Directors as on 31st March, 2013 and taken on record by the Board of Directors , We report that none of the directors is disqualified as on 31st March, 2013 from being appointed as a Director in terms clause (g) of the Section 274 of the Companies Act, 1956.

ANNEXURE TO INDEPENDENT AUDITORS'' REPORT

(Referred to in Paragraph 1 under "Report on other Legal and Regulatory Requirement" section of our report of even date)

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

(ii) Fixed assets have been physically verified by the management during the year based on a phased program of verifying all the assets over a period of three years, which in our opinion is reasonable having regard to the size of the Company and the nature of its fixed assets. As informed, no material discrepancies were noticed on such verification.

(iii) There was no substantial disposal of fixed assets during the year.

2. (i) As explained to us, the management has conducted Physical verification of inventory at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable.

(ii) 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, in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business.

(iii) In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of inventories and no material discrepancies were noticed on physical verification as compared to book records.

3. (i) During the year the Company has taken unsecured loan amounting to Rs. 11.50 Lacs from a company and Rs.89.10 Lacs from other parties covered in the register maintained u/s 301 of the Companies Act, 1956, apart from Rs. 150.15 Lacs brought forward from previous year and have repaid Rs. 76.56 Lacs during the year. The maximum amount involved during the year and the year end balance of such loans aggregated Rs.148.97 lacs and Rs.101.34 lacs respectively.

(ii) In our opinion and according to the information and explanations given to us, the terms and conditions of such unsecured loan taken are not prima-facie prejudicial to the interest of the Company.

(iii) In respect of the aforesaid loans there is no stipulation as to repayment of loan and/ or interest thereon. Further the loan are repayable by the party on demand/call loan policy framed by the Company.

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

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

5. (i) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 have been so entered.

(ii) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contract or arrangements exceeding Rs. Five Lacs have been made at prices which are reasonable having regard to the prevailing market prices at the relevant times.

6. The Company has not accepted any deposits from the public.

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

8. On the basis of the records, we are of the opinion that prima facie cost records and accounts prescribed by the Central Government of India under section 209(1 )(d) of the Companies Act, 1956, have been maintained. However, we are not required to and have not carried out any detailed examination of such account and records.

9. (i) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee''s State Insurance, Income Tax, Sales tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material Statutory Dues as applicable with the appropriate authorities in India.

(ii) At the end of financial year there were no undisputed dues of Provident Fund, Investor Education and Protection Fund, Employee''s State Insurance, Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty, cess and other material statutory dues which has remained outstanding for more than six months from the date they became payable.

(iii) Details of dues, Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty, and cess dues which has not been deposited as on 31st March 2013 on account of dispute are given below :

SI. Name of the Statute Nature of Dues Amount No (Rs. in lacs)

1. The Karnataka Tax on Penalty on Entry Tax 3.30 Entry of Goods Act, 1979.

2. The Income Tax Act, Income Tax 7.70 1961. A.Y. 2006-07

3. The Income Tax Act, Fringe Benefit Tax 1.85 1961. A.Y. 2006-07

4. The Income Tax Act, Income Tax - 1961. A.Y. 2010-11



SI. Name of the Statute Forum where dispute is No. pending

1. The Karnataka Tax on The Karnataka Appellate Entry of Goods Act, Tribunal, Bangalore 1979

2. The Income Tax Act, Commissioner of Income 1961 Tax (Appeals)

3. The Income Tax Act, Commissioner of Income 1961 Tax (Appeals)

4. The Income Tax Act, Commissioner of Income 1961 Tax (Appeals)

Show cause notice for Penalty u/s 271(1) C received for Asst. Year 2006-07 & 2010-11, proceedings pending.

10. There are no accumulated losses at the end of the financial year and the company has not incurred any cash losses in the current and immediately preceding financial year.

11. Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company during the year has not defaulted in repayment of dues to financial institutions, banks. The Company has not issued any debentures.

12. According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

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

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of Clause 4 (xiv) of the order are not applicable to the company.

15. According to the information & explanations given to us the Company has not given guarantee for loans taken by others from banks or financial institutions.

16. In our opinion and according to information and explanation given to us, the term loan obtained during the year has been utilized for the purpose for which it was obtained.

17. On the basis of review of utilisation of funds on overall basis, related information as made available to us and as represented to us by the management, funds raised on short-term basis have not been used for long term investment.

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

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

20. The Company has not raised any money by way of public issue during the year.

21. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices in India, we have neither come across any instance of fraud on or by the Company nor have been informed of such case by the management.

For Rungta & Rungta

Chartered Accountants

(Firm Registration No. 305134E)

S.K.Roongtaa

25, R.N. Mukherjee Road Partner

Kolkata the 30th day of May, 2013. Membership No. : 15234


Mar 31, 2012

1. We have audited the attached Balance Sheet of Glittek Granites Limited as at 31st March, 2012 and the Profit and Loss Account and also the Cash Flow Statement for the year 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 auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accouniing principles used and significant estimates made by management, as well, as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 and as amended by the Companies (Auditor's Report) Amendment Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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 purposes of our audit;

ii) 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;

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

iv) In our opinion, the Balance Sheet, Profit and Loss Account and 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.

v) On the basis of the written representation received from the directors, as on March 31, 2012, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 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 to the best of our information and according to the explanations given to us, the said accounts 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 and Loss Account, of the profit for the year 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 REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF GLITTEK GRANITES LTD ON THE ACCOUNTS AS AT AND FOR THE YEAR ENDED 31st MARCH, 2012.

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

(ii) Fixed assets have been physically verified by the management during the year based on a phased program of verifying all the assets over a period of three years, which in our opinion is reasonable having regard to the size of the Company and the nature of its fixed assets. As informed, no material discrepancies were noticed on such verification.

(iii) There was no substantial disposal of fixed assets during the year.

2. (i) The management has conducted physical verification of inventory at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable.

(ii) The procedures of physical verification of inventory followed by the management are, in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business.

(iii) The Company is maintaining proper records of inventories and no material discrepancies were noticed on physical verification as compared to book records.

3. (i) During the year the Company has taken unsecured loan amounting to Rs.2.45 Lacs from a company covered in the register maintained u/s 301 of the Companies Act, 1956, apart from Fts.69.83 Lacs brought forward from previous year and repaid Rs. 16.52 Lacs. The year end balance Is Rs.61.05 Lacs. The company has taken unsecured loan of Rs.38.75 lacs from three parties covered in the register maintained u/s 301 of the Companies Act, 1956, apart from brought forward balance of Rs.13.16 Lacs and Rs.33.64 lacs have been repaid during the year to four parties. The year end balance of all such loans is Rs. 18.41 Lacs.

(ii) In our opinion and according to the information and explanations given to us, the terms and conditions of such unsecured loan taken are not prima-facie prejudicial to the interest of the Company.

(iii) There are no stipulations as to the payment of the principal amount in respect of unsecured loan.

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

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control in respect of these areas.

5. (i) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 have been so entered.

(ii) Transactions made in pursuance of such contract or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant times.

6. The Company has not accepted any deposits from the public.

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

8. We have broadly reviewed the books of accounts maintained by the company pursuant to the rules made by the Central Government for maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956 in respect of company's product to which the said rules are made applicable and are of the opinion that prima facie , the prescribed records have been made and maintained. We have, however not made a detailed examination of the said records with a view to determine whether they are accurate or complete.

9. (i) The Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee's State Insurance, Income Tax, Sales tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material Statutory Dues as applicable with the appropriate authorities in India.

(ii) At the end of financial year there were no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty and cess which have not been deposited on account of any dispute except as set out below:

SI. Name of the Statute Nature of Dues Amount Forum where dispute No (Rs . in lacs) is pending

1. The Kamataka Tax on Penalty on Entry Tax 3.30 The Karnataka Appellate Entry of Goods Act, Tribunal, Bangalore 1979

10. There are no accumulated losses at the end of the financial year anc it has not incurred any cash losses in the current and immediately preceding financial year.

11. Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company during the year has not defaulted in repayment of dues to financial institutions, banks. The Company has not issued any debentures.

12. According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

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

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of Clause 4 (xiv) of the order are not applicable to the company.

15. According to the information & explanations given to us the Company has not given guarantee for loans taken by others from banks or financial institutions.

16. The company has not obtained any fresh term loan during the year.

17. On the basis of review of utilisation of funds on overall basis, related information as made available to us and as represented to us by the management, funds raised on short-term basis have not been used for long term investment.

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

19. The Company has not issued any debentures during the period covered by our report.

20. The Company has not raised any money from the public during the year.

21. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices in India, we have neither come across any instance of fraud on or by the Company nor have been informed of such case by the management.

For Rungta & Rungta

Chartered Accountants

(Registration No. 0305134E)

C.A. S.K.Roongtaa

25, R.N. Mukherjee Road Partner

Kolkata the 30th day of May, 2012. Membership No. : 15234


Mar 31, 2011

1. We have audited the attached Balance Sheet of Glittek Granites Limited as at 31st March, 2311 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is lo express an opinion on these financial statements based on our audit.

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

3. As required by the Companies'(Auditor's Report) Order, 2003 and as amended by the Companies (Auditor's Report) Amendment Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Sdid 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 purposes of our audit,

ii) 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;

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

iv) In our opinion, the Balance Sheet, Profit and Loss Account and 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.

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

vi) In our opinion to the best of our information and according to the explanations given to us, the said accounts 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 and Loss Account, of the profit for the year 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 REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF GLITTEK GRANITES LTD ON THE ACCOUNTS AS AT AND FOR THE YEAR ENDED 31st MARCH, 2011.

1 [i) The Company have maintained proper records showing (ult particulars, including quantitative ; details and situation of fixed assets.

(ii) Fixed assets have been physically verified by the management during the year based on a phased program of verifying all the assets over a period of three yea's, which in our opinion is reasonable having regard to the size of the Company and the nature of its fixed assets. As informed, no material discrepancies were noticed on such verification.

iii There was no substantial! disposal of 'fixed assets during the year.

2. (i) The management has conducted physical verification of inventory at reasonable intervals § during the year, in our opinion, the frequency of such verification is reasonable.

(ii) The procedures of physical verification of inventory 'followed by the management are, in our opinion, reasonable and adequate in relation to the size of tire Company and the nature oi f. Its business.

(iii) The Company is maintaining proper records of inventories and if material discrepancies t were noticed on physical verification as compared to book records.

3. (i) During the year the Company has not taken any 'loan: secured to unsecured from any company covered in the register maintained u/s 301 of the Companies Act, 1956 except :- balance brought forward from previous year of Hs.75.64 lacs taken from one company out of which Rs. 11.75 lacs have been repaid during the year The company has taken unsecured ; ' loan of Ri 10.20 lacs furor three parties covered in ;he register maintained u/s 301 of the Companies Act, 1956 apart from brought toward balance of Hs.4.69 Lacs and Rs.2.20 lacs lave been repaid during the year lo two parties. The maximum amount involved during % the year is Rs 83.09 lacs and year and balance is Rs.83.10 Lacs

(ii) In our opinion and according to the information arid explanations given 10 us, the terms and conditions of such unsecured loan taken are not prima-facie prejudicial to the interest the Company.

(iii) There are no stipulations as to no payment committee principal amount in respect of unsecured loan.

(iv) Thy company has not grated any loans, secured or unsecured, to companies, firms or the other parties covered in the maintained under section 301 of the Companies Act, 1956.

4. In just opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the si2e of the Company arid the nature Of its t . business with regard to purchase of inventory and fixed assets and for the sale of goods and ; services During the course of our audit, no major weakness has been noticed in the internal control in respect of these areas.

5. According to the information and explanations given to us, wo are of the opinion that the transactions that need to be entered into the register maintained under Section 301 have i been so emerged.

i.) Transactions made in pursuance of such contract or arrangement have beer made St prices which are reasonable having regard to the prevailing market prices at the relevant ' times.

6. The Company has not accepted any deposits from the public. In our opinion, the Company has an internal audit system commensurate with the size and nature; of its business.

8, As explained to us, maintenance of cost records has not been prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956.

9. (i) The Company has teen regular in depositing undisputed statutory including Provident Fund, Investor Education nod Protection t-und, Employee's State Insurance, Income Tax, Sales tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material Statuary Dues cess applicable with the appreciate authorities in India.

(ii) At the end of financial year there were nu dues of Sales Tax. Income Tax, Custom Duty, Wealth Tax, Service Tax. Excise Duty and cess which have not been deposited an account o' ary dispute except as set out below:

Sl. Name of the Statute Nature of Dues Amount forum where dispute is No Rs in lacs pending

1 The Karrtatafca Tax on Penalty on Entry Tax 3,30 The Karnataka Appellate Entry of Goods Act, mutual, Bartgslorc

1979

10. There arc no accumulated tosses at Die end of the financial yea-and it has n-jl incurred any cash tosses in the current and immediately preceding financial year.

11. Based on cur audit procedures and as per the information and explanations given by the management, we are of the opinion that tire Company during the year has not defaulted in repayment of dues to filarial institutions, banks. The Company has not issued any debentures

12. According to the information and explanations given to is and based on the documents and records produced ;o us, the Company has no; granted loans and advances on the basis of security by" way ot pledge of shares, debentures and other securities.

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

14. In Our opinion, the Company is not dealing in or trading h snares, securities, debentures and other investments. Accordingly, the provisions of Clause 4 (xiv) of the order are not applicable 'o the company,

15. According to trie information & explanations given to us the Company has no given guarantee for loans taken by others from banks or financial institutions.

16. The company has net obtained any fresh term loan during the year.

17. On the basis of review of utilisation of funds on overall basis, related information as made available to us and as represented tc us by the management, funds raised on short-term basis have no*. been used for long term investment.

18. The Coronary has not Marie any preferential allotment ot shares to parties or Companies covered in the register maintained under Section 301 of (he Companies Act, 1956 during the year

19. The Company has not issued any debentures during the period covered by our report.

20. The Company has not raised any runny from the public during the year

21. During the course of our examination of time books of account carried out in accordance with tie generally accepted auditing practices in India, we have neither come across any instance of fraud on or by the Company nor have been informed of such case by the management.

For Rungta & Rungta

Chartered Accountants

(Registration No. 0305134E) 25, R.N. Mukherjee Road C-A- S.K.Roongta

Kolkata the 30th day of May, 2011 Partner

Membership No. : 15234


Mar 31, 2010

1. We have audited the attached Balance Sheet of Glittek Granites Limited as at 31st March, 2010 and also the Profit and Loss Account and the Cash Flow Statement for the year 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 auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 and as amended by the Companies (Auditors Report) Amendment Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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 purposes of our audit;

ii) 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;

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

iv) In our opinion, the Balance Sheet, Profit and Loss Account and 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;

v) On the basis of the written representation received from the directors, as on March 31,2010, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31,2010 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 to the best of our information and according to the explanations given to us, the said accounts 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 and Loss Account, of the profit for the year 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 REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF GLITTEK GRANITES LTD. ON THE ACCOUNTS AS AT AND FOR THE YEAR ENDED 31st MARCH, 2010.



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

(ii) Fixed assets have been physically verified by the management during the year based on a phased programme of verifying all the assets over a period of three years, which in our opinion is reasonable having regard to the size of the Company and the nature of its fixed assets. As informed, no material discrepancies were noticed on such verification.

(iii) There was no substantial disposal of fixed assets during the year.

2. (i) The management has conducted physical verification of inventory at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable.

(ii) The procedures of physical verification of inventory followed by the management are, in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business.

(iii) The Company is maintaining proper records of inventories and no material discrepancies were noticed on physical verification as compared to book records.

3. (i) During the year the Company has taken unsecured loan of Rs. 30.40 Lacs from one company covered in the register maintained u/s 301 of the Companies Act, 1956. The maximum amount involved during the year is Rs.82.57 lacs and year end balance is Rs.82.57 Lacs.

(ii) In our opinion and according to the information and explanations given to us, the terms and conditions of such unsecured loan taken are not prima-facie prejudicial to the interest of the Company.

(iii) There are no stipulations as to the payment of the principal amount in respect of unsecured loan.

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

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control in respect of these areas.

5. i) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 have been so entered.

ii) Transactions made in pursuance of such contract or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant times.

6. The Company has not accepted any deposits from the public.

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

8. As explained to us, maintenance of cost records has not been prescribed by the Central Government under Section 209(1 )(d) of the Companies Act, 1956.

9. (i) The Company has been 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, Custom Duty, Excise Duty, Cess and other material Statutory Dues as applicable with the appropriate authorities in India.

(ii) At the end of financial year there were no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty and cess which have not been deposited on account of any dispute except as set out below:

Sl. Name of the Statute Nature of Dues Amount Forum where dispute is

No (Rs in lacs) pending

1. The Kamataka Tax on Penalty on Entry Tax 3.30 The Karnataka Appellate

Entry of Goods Act, Tribunal, Bangalore

1979





10. There is no accumulated losses at the end of the financial year and it has not incurred any cash losses in the current and immediately preceding financial year.

11. Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company during the year has not defaulted in repayment of dues to financial institutions, banks. The Company has not issued any debentures.

12. According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

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

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of Clause 4 (xiv) of the order are not applicable to the company.

15. According to the information & explanations given to us the Company has not given guarantee for loans taken by others from banks or financial institutions.

16. Based on information and explanations given to us by the management, the Company has not taken any term loan.

17. On the basis of review of utilisation of funds on overall basis, related information as made available to us and as represented to us by the management, funds raised on short-term basis have not been used for long term investment.

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

19. The Company has not issued any debentures during the period covered by our report.

20. The Company has not raised any money from the public during the year.

21. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices in India, we have neither come across any instance of fraud on or by the Company nor have been informed of such case by the management.



For Rungta & Rungta

Chartered Accountants

(Registration No. 0305134E)

C.A. S.K.Roongta

25, R.N. Mukherjee Road Partner

Kolkata the 14th day of May, 2010 Membership No. : 15234