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Auditor Report of Gujarat Borosil Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of GUJARAT BOROSIL LIMITED, which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The company's Board of Directors is responsible for the matters stated in section 134 of sub section 5 of the companies Act, 2013 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 Companies Act, 2013 , read with Rule 7 of the Companies (Account) Rules,2014. This responsibility also includes maintenance of adequate accounting records in accordance with 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material 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 financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by the company's Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2015;

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

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

Emphasis of Matters

We draw attention to the following matters in the notes to the financial statements:

a) Note no. 33 regarding provision for depreciation as per Company's Act 2013, as prescribed in schedule II,

has been accounted for resulted in higher depreciation amounting to Rs. 72 lacs for the year as referred therein.

Our opinion is not modified in respect of this matter.

Report on other Legal and Regulatory Requirements

1. 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 it appears from our examination of those books.

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

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

e. On the basis of written representations received from the directors as on March 31, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of sub-section (2) of section 164 of the Companies Act, 2013.

2. 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 29A contingent liability ,and 32 VETRAD matter, to the financial statements;

ii. The company has made provision as required under the applicable law for accounting standard , for material foreseeable losses, if any , on long term contracts including derivative contracts,

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

3. As required by the Companies (Auditor's Report) Order, 2015 ("the Order"), as amended, issued by the Central Government of India in terms of sub-section (1) of section 143 of the Act, we give in the Annexure statement on the matters specified in paragraphs 3 and 4 of the Order.

ANNEXURE REFERRED TO IN OUR INDEPENDENT AUDITOR'S REPORT OF EVEN DATE TO THE MEMBERS OF GUJARAT BOROSIL LIMITED ('THE COMPANY') ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2015

On the basis of the information and explanation furnished to us and the books and record examined by us in the normal course of audit and to the best of our knowledge and belief we report that,

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

b) According to the information and explanation given to us the fixed assets have been physically verified by the management at the end of the year and the discrepancies noticed on such verification have been properly dealt with in the books of accounts.

2. a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals.

b) According to the information and explanation given to us 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) In our opinion and according to the information and explanation given to us the Company is maintaining proper records of Inventory. The discrepancies noticed on verification between the physical stocks and the book records were stands adjusted in the books of accounts.

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

4. In our opinion and according to the information and explanations given to us, there are generally 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 sale of goods and services. During the course of our audit, no major instances of continuing failure to correct any weaknesses in internal controls have been noticed.

5. The Company has not accepted any deposit and directive issued by the Reserve bank of India and provisions of sections 73 to 76 or any other provisions of companies act 2013 and rules frames there under will not applicable on company.

6. As per information and explanation given by the management, maintenance of cost records have been prescribed by the Central Government sub section 1 of section 148 of the Companies Act, 2013 and we are of the opinion that prima-facie the prescribed accounts and records are being maintained.

7. a) According to the information and explanations given to us and on the basis of our examination of the books of accounts, the company is generally regular in depositing with the appropriate authorities undisputed statutory dues including Provident Fund, Employee's State Insurance, Income Tax, Wealth Tax, Custom Duty, Excise Duty, Service tax, Sales Tax, Value added tax, Cess and other statutory dues applicable to it. We are informed that Employees State Insurance Act does not apply to the company and According to the information & explanations given to us, there is no arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable as at 31st March 2015.

b) According to the information & explanations given to us, the amount dues payable in respect of Income Tax, Wealth Tax, Service tax, VAT, Customs Duty, Sales tax, Excise Duty that have not been deposited with the appropriate authorities on account of dispute and the form where the dispute are pending are as given below -

Name of the status Nature of Dues Amount (Rs. In 'Lacs')

Income Tax Disallowance made Rs 217.03 Act 1961 for Rs 638.51 Lacs

Penalty U/S 271(1)(c) Rs 41.38

Disallowance made Rs. 5.36 for Rs. 15.76 Lacs

Reduction in Unabsorbed Rs 83.88 Depreciation Rs. 246.78 Lacs

Gujarat Sales Tax Act Sales Tax (Including Rs 550.84 Interest & Penalty)

Central Excise Excise Duty Rs 1252.14 Act, 1944 (Including Interest & (Paid Under Penalty) Protest Rs 589.33)

Service tax Denial of Cenvat Credit Rs 1.47 Under Finance on Construction Act 1994 Services of colony/GH (Including Penalty Rs. 0.74 Lacs)

Name of the status Period to which Forum where Amount Relates dispute is pending

Income Tax Assessment CIT(A)Baroda Act 1961 Year 12-13

Assessment Year 11-12

Assessment Year CIT(A)Baroda 97-98

Assessment Year ITAT , 10-11 Ahmedabad

Assessment Year Gujarat High 03-04 Court

Gujarat Sales Tax F.Y.00-01 Joint Commissioner Act F.Y 02-03 of Commercial F.Y 04-05 Tax, Vadodara

Central Excise Feb.99 to SUPREME Act, 1944 June.2005 COURT OF INDIA

Service Tax April 2007 CESTAT Under Finance to March 2011 Ahmedabad Act 1994

c) According to the information & explanations given to us and on the basis of our examination of the books of accounts, the amount required to be transferred to investor education and protection fund is accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder has been transferred to such within time.

8. The Company has accumulated losses at the end of the financial year which is not more than fifty percent of its Net Worth. The company has not incurred cash losses during the financial year covered by our audit or in the immediately preceding financial year.

9. In our opinion and according to the information and explanations given by management, the Company has not defaulted in repayment of dues to any financial institution or bank.

10. According to the information and explanations given to us, the company has not given any guarantees for loan taken by others from bank or financial institution.

11. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

12. During the course of our examination of books and records of the Company, carried out in accordance with the auditing standards generally accepted in India, we have neither come across any instance of fraud by the Company, noticed or reported during the year, nor have we been informed of such case by the Management.

For SINGHI & CO. 9th FLOOR, TWIN TOWER, Chartered Accountants LOKHANDWALA COMPLEX FRN -110283W ANDHERI (W), MUMBAI-400053 MAHARASHTRA,INDIA PRAVEEN KUMAR SINGHI Partner Dated- 18th DAY OF MAY, 2015 Membership No -051471


Mar 31, 2013

Report on the financial statement

We have audited the accompanying financial statements of GUJRAT BOROSIL 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 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 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. 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 loss 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”), as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

THE ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE OUR REPORT OF EVEN DATE TO THE MEMBERS OF GUJARAT BOROSIL LIMITED (''THE COMPANY'') ON THE ACCOUNTS OF THE COMPANY FOR THE YEAR ENDED 31ST MARCH, 2013

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

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

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, no fixed asset has been disposed during the year and therefore does not affect the going concern assumption.

2. (a) As explained to us, inventories have been 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 are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

3. (a) The company has granted unsecured loans to one company in earlier year covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 10263 (In thousands) [P.Y. Rs. 9167(In thousands)] and the year ended Balance of Loan granted to such Companies was Rs. 3328 (In thousands) [P.Y. Rs. 9167(In thousands)].

(b) In our opinion, the rate of interest and other terms and condition on which loans are given by the Company are not, prima facie, prejudicial to the interest of the company.

(c) The terms of repayment of this loan/ICD has been extended by three years, in previous year and no loan other than aforesaid has been granted to company covered in register maintained under section 301 of the Companies Act, 1956.

(d) The company has taken loan from one party listed in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year in such transaction is Rs.137784 (In thousands). [P.Y. Rs. 955296 (In thousands)] and the year end balance of loan taken from such companies was Rs.116082(In thousands) [P.Y. Rs. 58705(In thousands)]

(e) In our opinion and according to the information & explanation given to us, the rate of interest and other terms and conditions on which loans have been taken from companies listed in the register maintained under Section 301 of the Companies Act, 1956 are not prima facie prejudicial to the interest of the company.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that Section.

(b) As per information & explanations given to us and in our opinion, the transactions, contract & arrangement entered into by the company with parties covered u/s 301 of the Companies Act, 1956 exceeds five lacs rupees in respect of any party, in a financial year have been made at prices/rate which are reasonable having regard to prevailing market price/rate at the relevant time.

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. As per information & explanation given by the management, maintenance of cost records has been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act and we are of the opinion that prima facie the prescribed accounts and records are being maintained.

9. (a) According to the information and explanation given to us and on the basis of our examination of the books of accounts of the company, the Company is generally regular in depositing with appropriate authorities undisputed statutory including Provident Fund, Investor Education and Protection Fund, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other material statutory dues applicable to it. We are informed that Employees State Insurance Act does not apply to the company.

(b) According to the information and explanations given to us, no undisputed amount payable in respect of income tax, wealth tax, service tax, sales tax, customs duty, excise duty and cess were outstanding for the period of more than 6 month from the date they become payable as at 31st March 2013.

(c) According to the information and explanations given to us, the dues in respect of Income Tax, Wealth Tax, Custom Duty, Excise Duty, Sales Tax and Service Tax that have not been deposited with the appropriate authorities on account of dispute and the forum where the dispute are pending are as given below:-

10. The Company has accumulated losses at the end of financial year which is not more than fifty percent of its Net Worth and has not incurred cash loss during the financial year covered by our audit. In the immediately preceding financial year the company has suffered cash loss.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution or bank.

12. According to the information and explanations given 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. The Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable to the Company.

14. According to information and explanations given to us, the Company is not trading in Shares, Mutual funds & other Investments. However the company has made investment in mutual fund during the year of the surplus funds for short duration. Proper records and timely entries have been maintained in this regard & further investments specified are held in their own name.

15 According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution

16 Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17 Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2013, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. The Company has not issued any debentures.

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

21. Based on the audit procedures performed and the information and explanations given to us, we report that no material fraud on or by the Company has been noticed or reported during the course of our audit year, nor have we been informed of such case by the management.

For SINGHI & CO

9TH FLOOR, TWIN TOWER, Chartered Accountants

LOKHANDWALA COMPLEX FRN: 110283W

ANDHERI(W), MUMBAI-400053

MAHARASHTRA, INDIA PRAVEEN KUMAR SINGHI

Partner

Dated: 9th May, 2013 Membership No. : 051471


Mar 31, 2012

We have audited the attached Balance Sheet of GUJARAT BOROSIL LIMITED as at 31st March, 2012, the statement of Profit & Loss Account and the Cash Flow statement for the year ended on that date, annexed thereto, which we have signed under reference to this report. These financial statements are the responsibility of the Company's Management. Our responsibility is to express our opinion on these financial statements based on our audit.

We conducted our audit in accordance with the 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 Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors' Report) Order, 2003 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 as Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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 account as required by the Companies Act, 1956 (as amended) have been kept by the Company so far as appears from our examination of such books.

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

d) In our opinion, the Balance Sheet, statement of Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards issued by the Institute of Chartered Accountants of India, to the extent applicable to the company, as referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of the written representation received from directors and taken on records by the Board of Directors, we report that none of the director is disqualified, as on 31st March, 2012 from being appointed as a Director in term of clause (g) of the Sub section (1) of Section 274 of the Companies Act, 1956; and

f) In our opinion and to the best of our information and according to the explanations given to us, the said Accounts read together with the notes thereon and attached thereto, give the information required by the Companies Act, 1956 (as amended) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

I) In the case of the Balance Sheet of the state of affairs of the Company as at 31st March, 2012;

ii) In the case of the statement of Profit & Loss Account, of the Loss of the Company for the year ended on that date; and .

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

On the basis of the information and explanations furnished to us and the books & records examined by us in the normal course of audit and to the best of our knowledge and belief, we report that:

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

b) According to the information and explanations given to us, the management during the year has physically verified the Fixed Assets, and no material discrepancies were noticed on such verifications with book records.

c) During the year, the Company has not disposed off any major part of the Fixed Assets, so as to affect its going concern.

2. a) The stock of raw material, stores & spare parts and finished goods have been physically verified by the management at reasonable intervals during the year.

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

c) The Company is maintaining proper records of inventory & the discrepancies, not material, between the physical verification of stock as compared to book stock have been properly dealt with in books of account. -

3. a) The Company has granted unsecured loans to one Company in early year covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved ' during the year was Rs 9167 (In thousands) [P.Y. Rs 56627 (In Thousand)] and the year-end balance of loan granted to such Companies was f 9167 (In thousands) [P.Y Rs 8273 (In thousands)].

b) In our opinion, the rate of interest and other terms and condition on which-loans are given by the Company are not, prima facie, prejudicial to the interest of the Company.

c) The terms of repayment of this loan/ICD has been extended by three years. No loan other than aforesaid loan has been granted to Companies, firms or other parties covered in the register « maintained under Section 301 of the Companies Act, 1956.

d) The Company has taken loan from one party listed in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year in such transaction is Rs 955296 (In thousands) [P.Y. Rs 658473 (In thousands)] and the year-end balance of loan taken from such Companies was Rs 58705 (In thousands) [P.Y. Rs 658473 (In thousands)].

e) In our opinion and according to the information & explanations given to us, the rate of interest and , other terms and conditions on which loans have been taken from companies, Firms or Other Parties listed in the register maintained under section 301 of the Companies Act, 1956 are not, prime facie, prejudicial to the interest of the company.

4. In our opinion and according to the information and explanations given to us, there exists an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to the Purchases of raw material, stores & spare parts, components, plant and machinery, equipment, other assets and with regard to the sale of goods and services.

5. a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements that need to be entered into the register, maintained under section 3Q1 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information & explanations given to us, the transactions made in pursuance of contracts or arrangement entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing . market prices at the relevant time.

6. The Company has not accepted any deposits from the public; accordingly clause 6 of the Order is not applicable.

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

8. We have broadly reviewed the books of accounts maintained by the Company in respect of products where, pursuant to the Rules made by the Central Government of India, the maintenance of cost records has been prescribed under clause (d) of sub - section (1) of Section 209 of the Act, and are of - the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.

9. a) According to the information & explanations given to us and on the basis of our examination of the books of accounts of the Company, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess and other material statutory dues applicable to it. We are informed that Employees State Insurance Act does not apply to the Company.

b) According to the information and explanations given to us, no undisputed amount payable in respect of Income Tax, Sales tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax and Cess were outstanding for a period of more than six months from the date they become payable as at 31st March, 2012.

c) According to the information and explanations given to us, the dues in respect of Income-Tax, Wealth Tax, Custom duty, Excise duty, Sales Tax and Service Tax that have not been deposited with the appropriate authorities on account of dispute and the forum where the disputes are pending are as given below Statement of disputed dues as on 31.03.2012:

Name of the Nature of Dues Amount (Rs In Period to which Forum where

statute Thousands) Amount Relates dispute is pending

Central Excise Excise Duty Against demand of Feb. 99 to SUPREME COURT Act, 1944 (Including Rs 125214. June.2005 OF INDIA Interest & Penalty) Paid Rs 58933

Central Excise Excise Duty Against demand of July 2005 to Commiss ioner

Act, 1944 (Including Interest & Rs 65087 June, 2006 Central Excise &

Penalty) (L.Y.Rs 65087) Custom Surat-ll

Rs 10000 (matter Remand

(L.Y. Rs 10000) back by CESTAT)

Gujarat Sales Sales Tax Rs 55084 2000-01, Joint Commiss ioner

Tax Act (Including Interest & 2002-03 and of Commerc ial Tax,

Penalty) 2004-2005 Vadodara.

Income Tax Income Tax Against the 2008-2009 CIT (Appeal),

Act, 1961 demand of Rs 17831 Vadodara.

(Paid Rs 5209)

The Service Tax Service Tax Against the demand 2008-2009 Commiss ioner

under The (Including Interest & of Rs 660 (Appeals)

Finance Act, Penalty) Paid Rs 365 Surat-II

1994 .

The Service Tax Service Tax Against the demand Aug. 2008 to Commiss ioner

under The (Including Interest & of Rs 1683 Dec. 2010 (Appeals)

Finance Act, Penalty) Surat-ll

1994

10. The Company has accumulated losses at the end of the financial year which is not more than fifty percent of its Net Worth. The Company has incurred cash losses, both during the financial year covered by our audit report and in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. According to the information and explanation given 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. Company has investment in Limited Liability Partnership.

15. In our opinion and according to the information and explanation given to us, the Company has not given guarantees for loans taken by others from banks or financial institutions; accordingly clause 4(xv) of the Companies (Auditor's Report) Order, 2003 is not applicable.

16. In our opinion, the Term loans have been applied for the purpose for which they were raised.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, in our opinion no funds raised on short-term basis have been used for long- term purposes.

18. According to the information and explanations given to us, the Company has made allotment of 9% Cumulative Non - Convertible Redeemable Preference Shares to Company covered in the register maintained under Section 301 of the Act. In our opinion, the price at which Shares have been Issued is not prejudicial to the interest of the Company.

19. According to the information and explanations given to us during the year of audit report, the Company has not issued debentures.

20. The Company has not raised any money by public issues during the year; accordingly clause 4(XX) of the Companies (Auditor's Report) Order, 2003 is not applicable

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

FOR SINGHI&COMPANY

CHARTERED ACCOUNTANTS

9TH FLOOR, TWIN TOWERS, FRN. 110283W

LOKHANDWALA COMPLEX,

ANDHERI (W), MUMBAI - 400 053. (PRAVEEN KUMAR SINGHI)

MAHARASHTRA, INDIA PARTNER

DATED: 24th DAY, OF MAY, 2012 (M. No. 051471)


Mar 31, 2011

We have audited the attached Balance Sheet of GUJARAT BOROSIL LIMITED as at 31st March 2011, the Profit & Loss Account and the Cash Flow Statement for the year ended on that date, annexed thereto, which we have signed under reference to this report. These financial statements are the responsibility of the Company's Management. Our responsibility is to express our opinion on these financial statements based on our audit.

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 Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor's Report) Order, 2003 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 as Annexure, a statement on the matters specified in paragraphs 4 & 5 of the said Order.

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 account as required by the Companies Act, 1956 (as amended) have been kept by the Company so far as appears from our examination of such books;

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

d) In our opinion, the Balance Sheet, the Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards issued by the Institute of Chartered Accountants of India, to the extent applicable to the company, as referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of the written representation received from directors and taken on record by the Board of Directors, we report that none of the Directors is disqualified, as on 31st March, 2011 from being appointed as a Director in term of clause (g) of Sub Section (1) of Section, 274 of the Companies Act, 1956; and

f) In our opinion and to the best of our information and according to the explanations given to us, the said Accounts read together with the notes thereon in particular note no. B- 2(c) in Schedule 19, give the information required by the Companies Act, 1956 (as amended) 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, 2011;

II) In the case of the Profit & Loss Account, of the Loss of the Company for the year ended on that date; and

III) 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 ON THE ACCOUNTS FOR THE YEAR ENDED 31 ST MARCH, 2011 OF GUJARAT BOROSIL LIMITED.

On the basis of the information and explanations furnished to us and the books & records examined by us in the normal course of audit and to the best of our knowledge and belief, we report that:

1. a) The Company has maintained proper records showing full particulars including quantitative

details and situation of its Fixed Assets.

b) According to the information and explanations given to us, the management during the year has physically verified the Fixed Assets, and no material discrepancies were noticed on such verifications with book records.

c) During the year, the Company has not disposed off any major part of the Fixed Assets, so as to affect its going concern.

2. a) The stock of raw material, stores & spare parts and finished goods have been physically verified

by the management at reasonable intervals during the year.

b) In our opinion and according to the information, and explanation given to us, the procedure, followed by the management for physical verification of stock are reasonable and adequate in relation to the size of the Company and nature of its business.

c) The Company is.maintaining proper records of inventory & the discrepancies, not material, between the physical verification of stock as compared to book stock have been properly dealt with in books of account.

3. a) The Company has granted unsecured loans to two Companies covered in the register maintained

under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs.56627 (In thousand) (P.Y. Rs. 122310) (In thousand) and the year-end balance of loan granted to such Companies was Rs.8273 (In thousand) (P.Y. Rs.56457) (In thousand).

b) In our opinion, the rate of interest and other terms and condition on which loans are given by the Company are not, prima facie, prejudicial to the interest of the Company.

c) The terms of repayment of this loan is on demand and as explained by the Company it has exercised the option and to that extent have recovered from these companies. No loan other than aforesaid loans has been granted to Companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

d) The company has taken loan from one party listed in register maintained u/s 301 of Companies Act, 1956 the maximum amount involved during the year in such transactions is Rs.658473 (In thousand) (P.Y. Rs.Nil) and the year end balance of loan taken from such party was Rs.658473 (In thousand) (P.Y. Rs.Nil).

e) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions on which loans have been taken from companies, Firm or Other Parties listed in the register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company.

f) The loan and interest repayment is not due up to 31-3-2011.

4. In our opinion and according to the information and explanations given to us, there exists an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to the purchases of raw material, stores & spare parts, components, plant and machinery, equipment, other assets and with regard to the sale of goods and services.

5. a) According to the all information and explanations given to us, we are of the opinion that the

particulars of contracts or arrangements that need to be entered into the register, maintained under section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information & explanations given to us, the transactions"hnade in pursuance of contracts or arrangement entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public; accordingly clause 6 of the Order'"' is not applicable.

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

8. As informed to us by the Company's management the maintenance of cost records has hot been prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956.-"

9. a) According to the information & explanations given to us and on the basis of our examination of the

books of accounts of the Company, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident fund, Income Tax, Sales Tax.Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess and other material statutory dues applicable to it. We are informed that Employees State Insurance Act does not apply to the Company.'

b) According to the information and explanations given to us, no undisputed amount payable in respect of Income Tax, Sales tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax and Cess were outstanding for a period of more than six months from the date they become payable as at 31st March, 2011.

¦ c) According to the information and explanations given to us, the dues in respect of Income -Tax, Wealth Tax, Custom duty, Excise duty, Sales Tax and Service Tax that have not been "deposited with the appropriate authorities on account of dispute and the forum where the disputes are pending are as given below: ' .

Statement of disputed dues as on 31.03.2011:

Name of the Nature of Dues Amount (Rs. In Period to which Forum Where statute Thousands) Amount Relates dispute is pending

Central Excise Excise Duty Against demand of Feb.99 to SUPREME Act, 1944 (Including Interest & Rs.125214. June.2005 COURT OF Penalty) Paid Rs.58933 INDIA

Central Excise Excise Duty Against demand of July 2005 to Commissioner Act, 1944 (Including Interest & Rs.65087 June.2006 (L.Y. Central Excise & Penalty) (L.Y.135128) July 2005 to Custom Surat -II Paid Rs.10000 June 2007) (matter refers (LY.21129) back by CESTAT)

Gujarat Sales Sales Tax 55084 2000-01, Joint Tax Act (Including Interest & 2002-03 and Commissioner of Penalty) 2004-2005 Commercial Tax, Vadodra

Income Tax Penalty u/s 271(1) Against demand of A.Y. 2005-06 CIT(Appeal) Act,1961 (c) Rs.2555 Vadodara. (L.Y.2555) Paid Rs.2555 (LY.Nil)

10. The company does not have accumulated losses neither at the end of the financial year nor in the immediately preceding* financial year. The Company has incurred cash losses, during the financial year covered by our audit report. The Company has not incurred cash losses in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. According to the information and explanation given 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 respect of shares, securities, or other investments dealt in or traded by the Company, proper records are the maintained in respect of the transactions and contracts, and timely entries have been made therein. All the investments are held by the company in its own name.

15. In our opinion and according to the information and explanation given to us, the Cpmpany has not given guarantees for loans taken by others from banks or financial institutions; accordingly clause 4(XV) of the Companies (Auditor's Report) Order, 2003 is not applicable.

16. In our opinion, the term loans have been applied for the purpose for which they were raised.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company in our opinion no funds raised on short-term basis have been used for long term purpose.

18. According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under Section 301 of theAct.

19. According to the information and explanations given to us during the year of audit report, the Company has not issued debentures.

20. The Company has not raised any money by public issues during the year; accordingly clause 4(XX) of the Companies (Auditor's Report) Order,. 2003 is not applicable.

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

FOR SINGHI & COMPANY

CHARTERED ACCOUNTANTS 9TH FLOOR, TWIN TOWERS, FRN. 110283W

LOKHANDWALA COMPLEX, ANDHERI (W), MUMBAI - 400 053. (PRAVEEN KUMAR SINGHI) MAHARASHTRA, INDIA PARTNER DATED: 27th DAY OF MAY, 2011 (M. No. 051471)




Mar 31, 2010

We have audited the attached Balance Sheet of GUJARAT BOROSIL LIMITED as at 31s1 March 2010 and the Profit & Loss Account for the year ended on that date annexed hereto and the Cash Flow statement for the year ended on that date which we have signed under reference to this report. These financial statements are the responsibility of the Companys Management. Our responsibility is to express our opinion on these financial statements based on our audit.

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 Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

We report that:

As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of Section 227 (4A) 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.

Further to our comments in the Annexure referred to in paragraph above:

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

b) In our opinion, proper books of account as required by the Companies Act, 1956 (as amended) have been kept by the Company so far as appears from our examination of such books.

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

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

e) On the basis of our examination of the books and records of the Company an: the information furnished to us we state that no director of the Company is disqualified from being appointed as a director under clause (g) of the Sub - section (1) of Section 274 of the Companies Act, 1956 with reference to the matter relating to the Company.

f) In our opinion and to the best of our information and according to the explanations given to us, the said Accounts read with the notes thereon in particular note no. B-2(c) in Schedule 19, 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 31s1 March, 2010;

II) In the case of the Profit & Loss Account, of the Loss for the year ended on that day ; and

III) 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 ON THE ACCOUNTS FOR THE YEAR ENDED 31 ST MARCH, 2010 OF GUJARAT BOROSIL LIMITED.

On the basis of the information and explanations furnished to us and the books & records examined by us in the normal course of audit and to the best of our knowledge and belief, we report that:

1. a) The Company has maintained proper records showing full particulars including quantitative details

and situation of its Fixed Assets and also, in view of the new project commissioned during MarchIO, the Fixed Assets register is being updated.

b) According to the information and explanations given to us, the management during the year has physically verified the Fixed Assets, and no material discrepancies were noticed on such verifications with book records.

c) During the year, the Company has not disposed off any major part of the Fixed Assets, so as to affect its going concern.

2. a) The stock of raw material, stores & spare parts and finished goods havebeen physically verified

by the management at reasonable intervals during the year.

b) The procedure followed by the management for physical verification of stock is reasonable and adequate in relation to the size of the Company and nature of its business.

c) The Company is maintaining proper records of inventory & the discrepancies, not material, between the physical verification of stock as compared to book stock have been properly dealt with in books of account.

3. a) The Company has granted unsecured loans to three Companies covered in the Register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 122310 (P.Y. Rs.176350) (In thousand) and the year-end balance of loan granted to such Companies was Rs. 56457 (P.Y. Rs.70162) (In thousand)

b) In our opinion, the rate of interest and other terms and condition on which loans given by the Company are not prima facie prejudicial to the interest of the Company.

c) The terms of repayment of this loan is, on demand and as explained by the Company it has exercised the option and to that extent have recovered from these companies. No loan other than aforesaid loans has been granted to Companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

d) According to the information and explanations given to us, the Company has not taken any loan, secured or unsecured, from companies, firms or other parties listed 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 the Purchases of raw material, stores & spare parts, components, plant and.machinery, equipment, other assets and for sale of goods and services.

5. a) According to the information and explanations given to us, we are of the opinion that the particulars

of contracts or arrangements that need to be entered into the register, pursuance of section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information & explanations given to us, the transactions made in pursuance of contracts or arrangement entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

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

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

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

9. a) According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, Income Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess and other material statutory dues applicable to it. We are informed that employees state Insurance Act, do not apply to the Company.

b) According to the information and explanations given to us, no undisputed amount payable in respect of Income Tax, Sales tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax and Cess were outstanding at the year end for a period of more than six months from the date they become payable.

c) According to the information and explanations given to us, the dues in respect of Income -Tax, Wealth Tax, Custom duty, Excise duty, Sales Tax and Service Tax that have not been deposited with the appropriate authorities on account of dispute and the forum where the disputes are pending are as given below:

Statement of disputed dues as on 31.03.2010: -

Name of the statute Nature of Dues Amount (Rs. In thousands) Central Excise Act, 1944 Excise Duty Against demand (Including Interest of Rs.125213. & Penalty) Paid Rs.58932 Central Excise Act, 1944 Excise Duty. Against demand (Including Interest of Rs.135128. & Penalty) Paid Rs.21129. Gujarat Sales Tax Act Sales Tax 55084 (Including Interest & Penalty) Income Tax Act 1961 Penalty U/S. 271(1) C 2555

Name of the statute Period to which Forum where Amount Relates dispute is pending Central Excise Act, 1944 Feb, 99 to June,2005 SUPRFME COURT OF INDIA Central Excise Act, 1944 July,2005 to June,2007 CEST AT, Ahmedabad Gujarat Sales Tax Act 2000-01,2002-03 Joint Commissioner and 2004-2005 of Commercial Tax, Vadodara Income Tax Act 1961 Asst. yr 2005-06 OT (App<3), Vadodara

10. The Company neither has accumulated losses at the end of the financial year nor has incurred cash losses, both in the financial year under report and in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. According to the information and explanation given 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 respect of shares, securities, or other investments dealt in or traded by the Company, proper records are maintained in respect of the transactions and contracts, and timely entries have been made

. therein. All the investments are held by the company in its own name.

16. The Company has obtained the term loans during the year and applied for the new low iron glass project.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that the company has used funds raised on short-term basis for longr term purposes amounting to Rs.2.80 Crore for its new low iron glass project. The company has taken further long term loan in subsequent period to meet the shortfall.

18. According to the information and explanations given to us, the Company has not made preferential allotment of shares to parties and Companies covered in the register maintained under Section 301 of theAct.

19. According to the information and explanations given to us, during the year of audit report, the Company has not issued debentures.

20. The Company has not raised any money by, public issues during the year.

21. During the course of our examination of the books and records of the Company, carried out in accordance wjth the auditing standards generally accepted in India, we have neither come across any instance of fraud by the Company, noticed or reported during the year, nor have we been informed of such case by the management.



FOR SINGHI & COMPANY CHARTERED ACCOUNTANTS 9TH FLOOR. TWIN TOWERS, (PRAVEEN KUMAR SINGHI) LOKHANDWALA COMPLEX, PARTNER ANDHERI (W), MUMBAI - 400 053 (M. No. 051471) DATED: 29th DAY OF MAY 2010. FRN 110283W

 
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