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Auditor Report of Gujarat Alkalies & Chemicals Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Gujarat Alkalies and Chemicals Limited ("the Company"), which comprise the Balance Sheet as at March 31,2015, 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 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 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 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 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 the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 31st March, 2015, and 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 in terms of Section 143(11) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

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

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

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

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

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

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

f) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, 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 on its financial position in its financial statements - Refer Note 32 to the financial statements;

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

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements' section of our report of even date)

(i) In respect of its fixed assets:

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

(b) The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(ii) In respect of its inventory:

(a) As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals.

(b) In our opinion and according to the information and explanations 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.

(iii) In our opinion and according to the information and explanations given to us, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under Section 189 of the Act.

(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 for the purchases of inventory and fixed assets and for the sale of goods and services and during the course of our audit, we have not observed any continuing failure to correct major weaknesses in such internal control system.

(v) According to the information and explanations given to us, the Company has not accepted any deposits during the year within the meaning of provisions of Sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under.

(vi) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended and prescribed by the Central Government under sub-section (1) of Section 148 of the Act, and are of the opinion that, prima facie, the prescribed cost records have been made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(vii) According to the information and explanations given to us in respect of statutory dues:

(a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Income-Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues applicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of including Provident Fund, Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues in arrears as at 31st March, 2015 for a period of more than six months from the date they became payable.

(c) Details of dues of Income Tax, Purchase Tax, Service Tax and Excise Duty which have not been deposited as on 31st March, 2015 on account of disputes are given below:

Name of the Nature of the Amount Involved statute dues (Rs. in Lakhs)

Income Tax Income Tax 9.50 Act, 1961 (excluding interest) 22.22

Gujarat Sales Purchase Tax, 20,431.56 Tax,1969 Interest & Penalty

The Finance Service Tax 242.04 Act, 1994 (excluding interest) 1.00

Central Excise Excise Duty 462.11 Act, 1944 96.18



Name of the Forum where Period to which statute dispute is pending the Amount relates

Income Tax Income Tax Appellate F.Y. 2010-11 Act, 1961 Tribunal, Ahmedabad Commissioner F.Y. 2011-12 (Appeals), Vadodara

Gujarat Sales Joint Commissioner of F.Y. 2000-01 to Tax,1969 Appeals, Vadodara. F.Y. 2005-06

The Finance CESTAT Ahmedabad F.Y. 2005-06 to Act, 1994 F.Y. 2013-14 Commissioner March, 2012 to (Appeals), Vadodara October, 2013

Central Excise Gujarat High Court, F.Y.1996-97 Act, 1944 Ahmedabad CESTAT, Ahmedabad F.Y. 1998-01 & F.Y. 2009-10

(d) The Company has been regular in transferring amounts to the Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and Rules made thereunder within time.

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

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

(x) In our opinion and according to the information and explanations given to us, the terms and conditions of the guarantees given by the Company for loans taken by others from banks and financial institutions are not, prima facie, prejudicial to the interests of the Company.

(xi) In our opinion and according to the information and explanations given to us, the term loans have been applied by the Company during the year for the purposes for which they were obtained.

(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 DELOITTE HASKINS & SELLS Chartered Accountants (Registration No. 117364W)

Gaurav J. Shah Place : Gandhinagar Partner Date : May 26, 2015 (Membership No.35701)


Mar 31, 2014

Report on the Financial Statements

We have audited the accompanying financial statements of Gujarat Alkalies and Chemicals Limited, which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

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

Auditor''s Responsibility

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

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

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

Opinion

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

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

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

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

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

d) in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards notified under the Companies Act, 1956 read with the General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013;

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

(Referred to in paragraph 1 of our report of even date on the accounts of Gujarat Alkalies and Chemicals Limited as at 31st March, 2014)

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

b) The Company has a programme of physical verification of all its fixed 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 assets. In accordance with this programme, certain fixed assets have been physically verified by the management during the year and according to the information and explanations given to us, no material discrepancies have been noticed on such verification.

c) During the year, the Company has not disposed off a substantial part of its fixed 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) On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

iii) a) According to the information and the explanations given to us, there are no loans, secured or unsecured, granted or taken by the Company to or from companies firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, paragraphs 4(iii) (b) (c) (d) (e) (f) and (g) of the order are 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 with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

v) a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 have been so entered.

b) According to the information and explanations given to us, there are no transactions of purchase of goods and materials and sale of goods, materials and services aggregating during the year to Rs.500000/- or more in respect of each party, as per the register maintained under Section 301 of the Companies Act, 1956.

vi) The Company has not renewed/accepted any deposit during the year from public and shareholders within the meaning of Sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

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

viii) We have broadly reviewed, without carrying out detailed examination of the books of account maintained by the Company pursuant to the order made by the Central Government of the maintenance of Costs records under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

ix) a) According to the information and explanations given to us and records of the Company examined by us, in our opinion, the Company is generally 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 appropriate authorities. According to the information and explanations given to us, there were no undisputed amounts payable in respect of 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 statutory dues outstanding as at 31.03.2014 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us and records of the Company examined by us there are no dues of Sales tax, Income tax, Custom tax / Wealth tax, Excise duty/cess which have not been deposited on account of any dispute pending except as under:-

Sr. Name of the Nature of the Amount Period to which Forum where No. statute dues (Rs. in Lakhs) the Amount relates dispute is pending

1. Gujarat Sales Tax, Interest & Interest & Penalty on Second Appeal cum Deputy Commissio ner, Tax, 1969 Penalty purchase tax Rs.453.04 Revision Application CTO, Bharuch. for the F.Y. 1998-1999

Tax, Interest Purchase tax / Additional Appeal preferred for Jt.Commiss ioner of

& Penalty tax of Rs.1,882.85 plus the F.Y. 2000-01. Appeals, Baroda. Interest and Penalty of Rs. 1,838.08

Tax, Interest Purchase tax of Appeal preferred for Jt.Commiss ioner of & Penalty Rs. 1,803.31 plus Interest the F.Y 2001-02 Appeals, Baroda. and Penalty of Rs. 4,038.61

Tax, Interest Purchase tax of Appeal preferred for Jt.Commiss ioner of & Penalty Rs. 1,638.95 plus Interest the F.Y. 2002-03 Appeals, Baroda. and Penalty of Rs. 3,456.31

Tax, Interest Sales Tax and Purchase Appeal preferred for Jt.Commiss ioner of & Penalty tax of Rs. 1,289.70 plus the F.Y. 2003-04 Appeals, Baroda. Interest and Penalty of Rs. 3,016.87

Tax, Interest Sales Tax and Purchase Appeal preferred for Jt.Commis sioner of & Penalty tax of Rs. 685.99 plus the F.Y. 2004-05 Appeals, Baroda. Interest and Penalty of Rs. 277.84

Tax, Interest & Purchase tax of Rs. 279.67 Appeal preferred for Jt.Commis sioner of Penalty plus Interest and Penalty the F.Y. 2005-06 Appeals, Baroda. of Rs. 223.38

2 Central Excise Penalty for Cenvat Rs. 34.78 July 2005 to Dec. 2005 CESTAT, Ahmedabad & Service Tax Credit Department

Cenvat credit on Rs. 5.97 Various years Commissi oner Appeal outward freight Central Excise, Baroda and penalty

Cenvat Credit on Rs. 24.24 Various years Commissi oner Appeal Rent-A- Cab services Central Excise, Baroda and penalty

Cenvat credit on Rs. 76.33 Various years Appeal to be filed Out- door catering before CESTAT services and penalty Ahmedabad

Penalty on Banking Rs. 37.31 F. Y. 2008-2009 CESTAT, Ahmedabad and Financial services in the matter of ECB of USD 40 MN

Penalty on Cenvat Rs. 61.16 F. Y. 2008-2009 CESTAT, Ahmedabad credit availed for Wind Mill Project

Penalty Rs. 462.11 Appeal preferred for Gujarat High Court, F. Y. 1996-1997 Ahmedabad.

Penalty demanded Rs. 0.10 F. Y. 1998-2001 CESTAT, Ahmedabad on sale of scrap

Excise duty Rs. 96.08 F. Y. 2009-2010 CESTAT, Ahmedabad and penalty

3 Income Tax Tax & Interest Rs. 123.00 F.Y. 2006-07 ITAT, High Court

Tax & Interest Rs. 117.79 F.Y. 2007-08 ITAT

Tax & Interest Rs. 471.39 F.Y. 2008-09 ITAT

Tax & Interest Rs. 1,519.09 F.Y. 2010-11 CIT (A)

x) The Company has no accumulated losses as at March 31, 2014 and has not incurred cash losses during the financial year ended on that date or in the immediately preceding Financial Year.

xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions or banks. Further, in our opinion and according to information and explanations given to us, the Company did not have any amount outstanding to debenture holders.

xii) The Company has not made any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, the provisions of clause 4 (xii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

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

xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly the provisions of clause 4 (xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

xv) In our opinion, the terms and conditions on which the Company has given guarantees for loans taken by employees of the Company from Bank(s) and financial institutions are not prejudicial to the interest of the Company.

xvi) In our opinion, the term loans availed by the Company have been applied for the purpose for which they were raised.

xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, funds raised on short term basis have, prima facie, not been used during the year for long term investment.

xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act.

xix) According to the information and explanations given to us the Company has not issued any debentures during the year and no debentures are outstanding and therefore, no securities are required to be created.

xx) The Company has not raised any money by way of Public / Rights / Preferential issue during the year.

xxi) Based upon audit procedures performed and information and explanation given by the Management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.



For Prakash Chandra Jain & Co. Chartered Accountants

Firm Reg. No. : 002438C



(P. C. Nalwaya)

Place :Gandhinagar Partner

Date : 14th May, 2014 Membership No. : 033710


Mar 31, 2013

Report on the Financial Statements

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

Management''s Responsibility for the Financial Statements

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

Auditor''s Responsibility

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

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

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

Opinion

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

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

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") 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 explana- tions which to the best of our knowledge and belief were necessary for the purpose of our audit;

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

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

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

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

(Referred to in paragraph 1 of our report of even date on the accounts of Gujarat Alkalies and Chemicals Limited as at 31st March, 2013)

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

b) The Company has a programme of physical verification of all its fixed 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 assets. In accordance with this programme, certain fixed assets have been physically verified by the management during the year and according to the information and explanations given to us, no material discrepancies have been noticed on such verification.

c) During the year, the Company has not disposed off a substantial part of its fixed 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) On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

iii) a) According to the information and the explanations given to us, there are no loans, secured or unsecured, granted or taken by the Company to or from companies firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, paragraphs 4(iii) (b), (c) and (d) of the order are 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 with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

v) a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered.

b) According to the information and explanations given to us, there are no transactions of purchase of goods and materials and sale of goods, materials and services aggregating during the year to Rs. 500000/- or more in respect of each party, as per the register maintained under section 301 of the Companies Act, 1956.

vi) The Company has not renewed/accepted any deposit during the year from public and shareholders within the meaning of Sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

vii) In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

viii) We have broadly reviewed, without carrying out detailed examination of the books of account maintained by the Company pursuant to the order made by the Central Government of the maintenance of Costs records under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

ix) a) According to the information and explanations given to us and records of the Company examined by us, in our opinion, the Company is generally 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 appropriate authorities. According to the information and explanations given to us, there were no undisputed amounts payable in respect of 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 statutory dues outstanding as at 31.03.2013 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us and records of the Company examined by us there are no dues of Sales tax, Income tax, Custom tax / Wealth tax, Excise duty/cess which have not been deposited on account of any dispute pending except as under:-

Sr. Name of the Nature of the Amount No. statute dues (Rs. in Lakhs)

1. Gujarat Sales Tax, Interest & Interest & Penalty on Tax, 1969 Penalty purchase tax Rs. 453.04

2. Gujarat Sales Tax, Interest & Purchase tax / Additional Tax, 1969 Penalty tax of Rs.1,905.53 plus Interest and Penalty of Rs.1,838.08

3. Gujarat Sales Tax, Interest Purchase tax of Rs. 1,803.31 Tax, 1969 & Penalty plus Interest and Penalty of Rs.4,038.61

4. Gujarat Sales Tax, Interest Purchase tax of Rs. 1,638.95 Tax, 1969 & Penalty plus Interest and Penalty of Rs.3,456.31

5. Gujarat Sales Tax, Interest Sales Tax and Purchase tax Tax, 1969 & Penalty of Rs.1,329.06 plus Interest and Penalty of Rs. 2,977.51

6. Gujarat Sales Tax, Interest Sales Tax and Purchase tax Tax, 1969 & Penalty of Rs.685.99 plus Interest and Penalty of Rs. 277.84

7. Gujarat Sales Tax, Interest & Purchase tax of Rs.279.67 Tax, 1969 Penalty plus Interest and Penalty of Rs. 223.38

8. Central Excise & Penalty for Rs. 34.78 Service Tax Cenvat Credit Department

9. Central Excise & Cenvat credit on Rs. 5.97 Service Tax outward freight Department and penalty

10. Central Excise & Cenvat Credit on Rs. 24.24 Service Tax Rent-A- Cab Department services and penalty

11. Central Excise & Cenvat credit on Rs. 76.33 Service Tax Out- door catering Department services and penalty

12. Central Excise & Penalty on Banking Rs. 42.31 Service Tax and Financial Department services in the matter of ECB of USD 40 MN

13. Central Excise & Penalty on Cenavt Rs. 61.16 Service Tax credit availed for Department Wind Mill Project

14. Central Excise & Interest Rs. 792.76 Service Tax Department

15. Income Tax Tax & Interest Rs. 36.47

16. Income Tax Tax & Interest Rs.123.00

17. Income Tax Tax & Interest Rs. 117.79

18. Income Tax Tax & Interest Rs. 625.63

19. Income Tax Tax & Interest Rs. 31.75

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

Gujarat Sales Tax 1969 Second Appeal cum Deputy Commissioner, Revision Application CTO, Bharuch. for the F.Y. 1998-1999

Gujarat Sales Tax 1969 Appeal preferred for Jt.Commissioner of the F.Y. 2000-01. Appeals, Baroda.

Gujarat Sales Tax 1969 Appeal preferred for Jt.Commissioner of the F.Y. 2001-02 Appeals, Baroda.

Gujarat Sales Tax 1969 Appeal preferred for Jt.Commissioner of the F.Y. 2002-03 Appeals, Baroda.

Gujarat Sales Tax 1969 Appeal preferred for Jt.Commissioner of the F.Y. 2003-04 Appeals, Baroda.

Gujarat Sales Tax 1969 Appeal preferred for Jt.Commissioner of the F.Y. 2004-05 Appeals, Baroda.

Gujarat Sales Tax 1969 Appeal preferred for Jt.Commissioner of the F.Y. 2005-06 Appeals, Baroda.

Central Excise & Service Tax Department July 2005 to CESTAT Ahmedabad Dec. 2005

Central Excise & Service Tax Department Various years Commissioner Appeal Central Excise, Baroda

Central Excise & Service Tax Department Various years Commissioner Appeal Central Excise, Baroda

Central Excise & Service Tax Department Various years Commissioner Appeal Central Excise, Baroda

Central Excise & Service Tax Department F. Y. 2008-2009 Appeal to be filed before CESTAT, Ahmedabad Central Excise & Service Tax Department F. Y. 2008-2009 CESTAT Ahmedabad

Central Excise & Service Tax Department Appeal preferred for Gujarat High Court, the F. Y 1996-1997 Ahmedabad.

Income Tax F.Y 2005-06 ITAT

Income Tax F.Y. 2006-07 ITAT, CIT (A)

Income Tax F.Y. 2007-08 CIT (A)

Income Tax F.Y. 2008-09 ITAT

Income Tax F.Y. 2009-10 CIT (A)

x) The Company has no accumulated losses as at March 31, 2013 and has not incurred cash losses during the financial year ended on that date or in the immediately preceding Financial Year.

xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

xii) The Company has not made any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, the provisions of clause 4 (xii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

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

xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly the provisions of clause 4 (xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

xv) In our opinion, the terms and conditions on which the Company has given guarantees for loans taken by employees of the Company from Bank(s) and financial institutions are not prejudicial to the interest of the Company.

xvi) In our opinion, the term loans availed by the Company have been applied for the purpose for which they were raised.

xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, funds raised on short term basis have, prima facie, not been used during the year for long term investment.

xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act.

xix) According to the information and explanations given to us the Company has not issued any debentures during the year and no debentures are outstanding and therefore, no securities are required to be created.

xx) The Company has not raised any money by way of Public / Rights / Preferential issue during the year.

xxi) Based upon audit procedures performed and information and explanation given by the Management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For Prakash Chandra Jain & Co.

Chartered Accountants

Firm Registration No. 002438C

P. C. Nalwaya

Place : Gandhinagar Partner

Date : 16.05.2013 Membership No. 033710


Mar 31, 2012

We have audited the attached Balance Sheet of Gujarat Alkalies and Chemicals Limited as at 31st March, 2012 and Statement of Profit and Loss for the year ended on that date, annexed thereto and the cash flow statement for the year ended on that date. These financial statements are the responsi- bility of the Company's management. Our respon- sibility is to express an opinion on these financial statements based on our audit.

1. We conducted our audit in accordance with auditing standards generally accepted in India. These 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Companies (Auditor's Report) Order, 2003 (CARO) issued by the Central Government in terms of sub section (4A) of Section 227 of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

3. Further to our comments in the Annexure referred 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 accounts as required by law have been kept by the Company so far as appears from our examination of these books.

c. The Balance Sheet and 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 and to the best of our information, Balance Sheet and Statement of Profit and Loss comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

e. On the basis of the written representations received from the Directors as at 31st March, 2012 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

Subject to the foregoing, in our opinion and 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 :

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 Statement of Profit and Loss, of the profit for the year ended on that date; and

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

(Referred to in paragraph 2 of our report of even date on the accounts of Gujarat Alkalies and Chemicals Limited as at 31st March, 2012)

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

b) The Company has a programme of physical verification of all its fixed 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 assets. In accordance with this programme, certain fixed assets have been physically verified by the management during the year and according to the information and explanations given to us, no material discrepancies have been noticed on such verification.

c) During the year, the Company has not disposed off a substantial part of its fixed 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) On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

iii) According to the information and the explanations given to us, there are no loans, secured or unsecured, granted or taken by the Company to or from companies firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, paragraphs 4(iii) (b), (c) and (d) of the order are 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 with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

v) a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered.

b) According to the information and explanations given to us, there are no transactions of purchase of goods and materials and sale of goods, materials and services aggregating during the year to Rs. 500000/- or more in respect of each party, as per the register maintained under section 301 of the Companies Act, 1956.

vi) The Company has not renewed/accepted any deposit during the year from public and shareholders within the meaning of Sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

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

viii) We have broadly reviewed, without carrying out detailed examination of the books of account maintained by the Company pursuant to the order made by the Central Government of the maintenance of Costs records under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

ix) a) According to the information and explanations given to us and records of the Company examined by us, in our opinion, the Company is generally 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 appropriate authorities. According to the information and explanations given to us, there were no undisputed amounts payable in respect of 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 statutory dues outstanding as at 31.03.2012 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us and records of the Company examined by us there are no dues of Sales tax, Income tax, Custom tax / Wealth tax, Excise duty/cess which have not been deposited on account of any dispute pending except as under:-

Sr. Name of the Nature of the Amount No. statute dues (Rs. in Lakhs)

1. Gujarat Sales Tax, Interest & Interest & Penalty on Tax, 1969 Penalty purchase tax Rs. 453.04

2. Gujarat Sales Tax, Interest & Rs. 20,472.48 Tax, 1969 Penalty

3. Central Excise CENVAT Duty CENVAT of Rs.462.12 plus Department & Penalty Penalty of Rs.464.11

4. Central Excise CENVAT Duty & Rs. 96.00 Department Penalty

5. Central Excise CENVAT Duty Rs. 132.42 Department (Service Tax) & Penalty

6. Income Tax Tax & Interest Rs. 2,410.66

7. Income Tax Tax & Interest Rs. 24.07

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

Gujarat Sales Tax,1969 Second Appeal cum Gujarat Sales Tax Revision Application Tribunal, Ahmedabad. for the F.Y. 1998-1999

Gujarat Sales Tax.1969 Various years Jt.Commissioner of Appeals, Baroda.

Central Excise Appeal preferred for the Gujarat High Court, Department F.Y. 1996-97 Ahmedabad.

Central Excise Various years Customs, Excise & Department Service Tax Appeallate Tribunal

Central Excise Various years Commissioner Department (Appeals), Baroda.

Income Tax Various years Commissioner of Income Tax (Appeals)

Income Tax Various years Income Tax Appeallate Tribunal.

x) The Company has no accumulated losses as at March 31, 2012 and has not incurred cash losses during the financial year ended on that date or in the immediately preceding financial year.

xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

xii) The Company has not made any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, the provisions of clause 4 (xii) of the Companies (Auditor's Report) order 2003 are not applicable to the Company.

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

xiv) In our opinion, the Company is not dealing in or trading in shares, securities debentures and other investments. Accordingly the provisions of clause 4 (xiv) of the Companies (Auditor's Report) order, 2003 are not applicable to the Company.

xv) In our opinion, the terms and conditions on which the Company has given guarantees for loans taken by employees of the Company from Bank(s) and financial institutions are not prejudicial to the interest of the Company.

xvi) In our opinion, the term loans availed by the Company have been applied for the purpose for which they were raised.

xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, funds raised on short term basis have, prima facie, not been used during the year for long term investment.

xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act.

xix) According to the information and explanations given to us the Company has not issued any debentures during the year and no debentures are outstanding and therefore, no securities are required to be created.

xx) The Company has not raised any money by way of Public / Rights / Preferential issue during the year.

xxi) Based upon audit procedures performed and information and explanation given by the Management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For Prakash Chandra Jain & Co. Chartered Accountants

Firm Registration No. 002438C

P. C. Nalwaya

Place : Gandhinagar Partner

Date : 24.05.2012 Membership No. 033710


Mar 31, 2010

We have audited the attached Balance Sheet of Gujarat Alkalies and Chemicals Limited as at 31st March, 2010 and the Profit and Loss Account for the year ended on that date, annexed thereto and the cash flow statement for the year ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We conducted our audit in accordance with auditing standards generally accepted in India. These 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

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

3. Further to our comments in the Annexure referred 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 accounts as required by law have been kept by the Company so far as appears from our examination of these books.

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

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

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

Subject to the foregoing, in our opinion and 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 :

i. in the case of the Balance Sheet, of the state of affairs of the Company as at 31st 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 Cash Flow Statement, of the Cash Flow for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 2 of our report of even date on the accounts of Gujarat Alkalies and Chemicals Limited as at 31st March, 2010)

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

b) The Company has a programme of physical verification of all its fixed 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 assets In accordance with this programme, certain fixed assets have been physically verified by the management during the year and according to the information and explanations given to us, no material discrepancies have been noticed on such verification.

c) During the year, the Company has not disposed oft a substantial part of its fixed 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) On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory The discrepancies noticed on verification between the physical stocks and the book records were not material

iii) According to the information and the explanations given to us, there are no loans secured or unsecured, granted or taken by the Company to or from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, paragraphs 4{iii) (b). (c) and (d) of the order are not applicable

iv) In our opinion and according to the information and explanations given to u3. there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods During the course of our audit, no major weakness has been noticed in the internal controls.

v) a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered.

b) According to the information and explanations given to us, there are no transactions of purchase of goods and materials and sale of goods, materials and services aggregating during the year to ? 500000/- or more in respect of each party, as per the register maintained under section 301 of the Companies Act, 1956.

vi) The Company has not renewed / accepted any deposit during the year from public and shareholders within the meaning of Sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under

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

viii) We have broadly reviewed, without carrying out detailed examination of the books of account maintained by the Company pursuant to the order made by the Central Government of the maintenance of Costs records under Section 209(1 )(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

ix) a) According to the information and explanations given to us and records of the Company examined by us, in our opinion, the Company is generally 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 appropriate authorities. According to the information and explanations given to us, there were no undisputed amounts payable in respect of 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 statutory dues outstanding as at 31.03.2010 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us and records of the Company examined by us there are no dues of Sales tax. Income tax. Custom tax / Wealth tax, Excise duty/Cess which have not been deposited on account of any dispute pending except as under-

Sr. Name of The Nature of the Amount

No. statute dues (Rs.In Lakhs)

1. Gujarat Sales Tax, Interest & Interest & Penalty on

Tax, 1969 Penalty purchase tax 7453.04

2. Gujarat Sales Tax, Interest & Purchase tax / Additional tax

Tax, 1969 Penalty of Rs. 2,060.89 plus Interest

and Penalty of Rs. 1,938 77

3. Gujarat Sales Tax, Interest & Purchase tax ofRs. 1.803.31

Tax, 1969 Penalty plus Interest and Penalty of

Rs.4,038 61

4. Gujaral Sales Tax,lnterest & Purchase tax of Rs. 163895 Tax, 1969 Penatty plus Interest and Penalty of

Rs.3,456.31

5. Gujarat Sales Tax, Interest & Sales Tax and Purchase tax Tax, 1969

Penalty of Rs. 1,343.74 plus Interest

and Penalty of Rs. 2,977.51

6. Gujarat Sales Tax,Interest& Sales Tax and Purchase tax Tax, 1969

Penalty of Rs.693.67 plus Interest

and Penalty of Rs. 277 84

7. Gujarat Sales Tax, Interest & Purchase tax of Rs.27967 Tax, 1969

Penalty plus Interest and Penalty of

Rs.22338

Name of the Period to which Forum where

the Amount relates dispute Is pending

Gujarat Sales Second Appeal cum Gujarat Sales Tax Tax, 1969 Revision Application Tribunal. Ahmedabad.

for the FY. 1998-1999

Gujarat Sales Appeal preferred for the Jt.Commissioner of Tax, 1969

FY 2000-01. Appeals. Baroda.

Gujarat Sales Appeal preferred for the Jt. Commissioner of Tax, 1969

F.Y. 2001 -02 Appeals. Baroda.

Gujarat Sales Appeal preferred for the Jl.Commissioner of Tax, 1969

F.Y. 2002-03 Appeals, Baroda.

Gujarat Seles Appeal preferred for the Jt.Commissioner of Tax, 1969

F.Y. 2003-04 Appeals, Baroda.

Gujarat Seles Appeal preferred for the Jt. Commissioner of Tax, 1969

F.Y. 2004-05 Appeals, Baroda.

Gujarat Sales Appealpreferredforthe Jt Commissioner of Tax, 1969

F.Y. 2005-06 Appeals,Baroda.

x) The Company has no accumutated losses as at March 31, 2010 and has not incurred cash losses during the financial year ended on that date or in the immediately preceding financial year.

xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders,

xii) The Company has not made any loans and advances on the basis of security by way of pledge of shares. debentures and other securities. Accordingly, the provisions of clause 4 (xii) of the Companies (Auditors Report) order, 2003 are not applicable to the Company.

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

xiv) In our opinion, the Company is not dealing in or trading in shares, securities debentures and other investments. Accordingly, the provisions of clause 4 (xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

xv) In our opinion, the terms and conditions on which the Company has given guarantees for loans taken by employees of the Company from bank(s) and financial institutions are not prejudicial to the interest of the Company.

xvi) In our opinion, the term loans availed by the Company have been applied for the purpose for which they were raised

xvii) According to the info,-nation and explanations given to us and on an overall examination of the Balance Sheet of the Company funds raised on short term basis have, prima facie not been used during the year for long term investment

xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act

xix) According to the information and explanations given to us the Company has not issued any debentures dunng the year and no debentures are outstanding and therefore, no securities are required to be created.

xx) The Company has not raised any money by way of Public / Rights / Preferential issue during the year.

xxi) Based upon audit procedures performed and information and explanation given by the Management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For Prakash Chandra Jain & Co.

Chartered Accountants

P. C. Nalwaya

Place : Gandhinagar Partner

Date : 26-05-2010 Membership No. 033710

 
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