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Auditor Report of Gujarat Containers Ltd.

Mar 31, 2015

1. We have audited the accompanying standalone financial statements of GUJARAT CONTAINERS LIMITED("the Company"), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, 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 Standalone Financial Statements

2. 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 standalone 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 of 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

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

4. 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.

5. 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.

6. 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.

7. 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

8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements, read together with the Notes there on, 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 31stMarch, 2015, and its Loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters Specified in paragraphs 3 and 4 of the order.

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

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

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

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

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

e. On the basis of the written representations received from the directors as on 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 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 as at 31st March, 2015, on its financial position in the financial statements.

II. The Company has made provision at 31st March, 2015 as required under the applicable law or accounting standards, for material foreseeable losses, if any. There are no long term contracts.

III. There are no funds required to be transferred to the Investor Education and Protection Fund, Hence the question of delay does not arise.

Referred to in paragraph 9 of the Independent Auditors' Report of even date to the members of GUJARAT CONTAINERS LIMITED on the standalone financial statement as of and for the year ended 31st March, 2015.

1. (a) The company is maintaining proper records showing full particulars Including quantitative details and situation of its fixed assets.

(b) The Fixed assets are physically verified by the management according in phased manner every year at reasonable intervals; no material discrepancies were noticed on such verification.

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

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

(c) On the basis of our examination of the inventory records, in our opinion, the company is generally maintaining proper record of inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material.

3. The company has not granted any loans secured or unsecured toany companies firms or other parties covered in the register maintained under Section 189 of the Act consequently there is no question of repayment of principle and interest or any overdoes.

4. 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 purchase of inventory and fixed assets and for the sale of goods and services. Further, on the basis of our examination of the books and records of the company, and according to the information and explanation given to us, we have neither come across, nor have been informed of, any continuing failure to correct major weaknesses in the aforesaid internal control system.

5. The Company has not accepted any deposits from the public during the year, within the meaning of Section 73 and 74 of the Act and the rules framed there under to the extent notified. The Unsecured Loans outstanding are since last year.

6. As per information & explanation given by the management, maintenance of cost records has been prescribed by the Central Government under- sub-section (1) of Section 148 of the Act, and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of the cost records.

7. (a) According to the information and explanations given to us and as per the records of the company examined by us, the Company is regular in depositing the undisputed statutory dues, including provident fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax and other material statutory dues, as applicable, with the appropriate authorities.

(b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of Sales Tax , Value Added Tax, Customs or Excise, Income-tax, wealth-tax and service tax which have not been deposited on account of any dispute.

(c) There are no amounts required to be transferred to investor Education and Protection Fund in accordance with the provision of the Companies Act, 1956 and rules made there under.

8. The Company has no accumulated losses as at the end of financial year March, 2015 nor has the company incurred any cash loss for the year ended on that date or in the immediately preceding financial year.

9. According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or bank as at the balance sheet date.

10. In our opinion, and according to the 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.

11. In our opinion, and according to the information and explanation given to us, there are no new term loans obtained by the Company. The existing term loan has been applied, on an overall basis, for the purposes for which it was obtained.

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

FOR V.K.SHASTRI & CO.

Chartered Accountants

FRN:113325W



CA.V.K.SHASTRI

(Sole- Proprietor)

Place: Vadodara Membership No. : 042774

Date:30/05/2015


Mar 31, 2014

We have audited the accompanying financialstatements of Gujarat Containers Limited ("the Company"), which comprise the Balance Sheet at March 31,2014, and the Statement of Profit and Loss and Cash Flow Statement for theyear 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 statementsthat give a true and fair view of the financial position, financial performance andcash flows of the Company in accordance with the Accounting Standards notified under 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 and in accordance with the accounting principles generally accepted in India. 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.

Auditors Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards onAuditing 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 financialstatements 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.ln making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements inorder to design audit procedures that are appropriate in the circumstances. Anaudit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, aswell 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 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 asat March 31, 2014;

b) in the case of the Profit and Loss Account, of the profit/ 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.

Emphasis of matter

We draw attention to Note No. J of Other Notes on Accounts to the financial statements which states company has not provided for accrued gratuity liability during the year as the same is covered by the LIC Group Gratuity scheme subscribed by the company and the premium for the same are paid by the company. This is for attention and our opinion is not qualified in respect of this matter.

Report on other legal and regulatory requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("theOrder") 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 ofour 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 keptby the Company so far as appears from our examination of those books.

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

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and CashFlow Statement comply with the Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September 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 ofthe directors is disqualified as on March 31, 2014, from being appointedas 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 Containers Limited, on the accounts of the company for the year ended 31st March, 2014.

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. Fixed Assets register has been maintained in computer.

(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 and the company has made proper entries to write off the unusable, defective and obsolete stocks

3. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company.

(b) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has taken unsecured loans from 1 parties covered under register maintained under Section 301 of the Companies Act, 1956 amounting to Rs. 20,00,000/- during the year and balance of unsecured loans taken from 6 parties covered under register maintained under Section 301 of the Companies Act, 1956 as on 31.03.2014 is Rs. 60,10,225/- the company has been regularly repaying the loan during current financial year, (STATEMENT IN LIEU OF ADVERTISEMENT) listed in the register maintained under Section 301 of the Companies Act, 1956.

(c) The rates of Interest and other terms and conditions of the unsecured loans from the Directors are not prejudicial to the interests of the Company. The repayment of the loans and interest payment schedule is not stipulated by the Company, in respect of loans from Directors, hence the question of overdue does not arise. However, in respect of Unsecured Deposits from Directors and related parties, aggregating to Rs. 60,10,225/- an interest amounting of Rs. 10,98,611/- is provided and accrued in books, to be paid on maturity date as per terms of Deposit.

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 we have not observed any major weakness or continuing failure to correct any major weaknesses in internal control system.

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) In our opinion and according to the information and explanations given to us by the management, the transaction made in pursuance of such contracts have been made at a prices which are reasonable having regard to the prevailing market prices 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. The internal audit of the Company has been conducted by company''s own staff. In our opinion, the internal audit system is commensurate with the size and nature of its business, but the system requires to be strengthened.

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 have been made and maintained.

9. (a) According to the records of the company, 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 to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory duesas on 31st of March, 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, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

10. The Company does not have any accumulated loss and has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

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, bank or debenture holders.

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. Proper records & 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 term loans availed by the company where prima facie applied for the purpose for which the loans were obtained.

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, 2014, 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 made preferential allotment of 4,00,000 (Four lacs) equity shares to two parties referred to in section 301 and in our opinion the price at which shares have been issued are not prejudicial to the interest of the company.

19. The Company has no outstanding debentures during the period under audit.

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 fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For V.K.SHASTRI & Co. Chartered Accountants Firm number: 113325W

Place: Vadodara (CA. V.K. Shastri) Date: 30/05/2014 Membership No. 042774


Mar 31, 2012

We have audited the attached Balance Sheet of GUJARAT CONTAINERS LIMITED as at 31st March, 2012, the Profit and Loss Account and also the Cash Flow Statement of the Company for the year ended on that date, annexed thereto, read with the notes thereto. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit also 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 and we report that:-

I. 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 accounts as required by law have been kept by the Company, so far as it appears from our examination of the books.

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

d. In our opinion, the Balance Sheet and Profit and Loss Account dealt with by Report, comply with the accounting standards referred to in Section 211 (3C) of the Companies Act, 1956 except as referred to in para (f) below and Notes to accounts.

e. On the basis of written representation received from the directors, as on 31s1 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.

f. In our opinion and to the best of our information and according to the explanations to us the said accounts, read together with Significant Accounting Policies and Notes thereon, and in particular the following mentioned notes

i) Note No.(J)in other notes on Accounts Regarding non provision of gratuity as The liability on this account as on 31st March, 2012 as evaluated by the company is Rs.38,49,350/- and liability up to previous Year was Rs. 35,96,489/-.

ii) Note No. (K) Regarding provision of Arrears depreciation of Rs. 52,59,816/- of past years has been provided in current year give the information ap 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 .

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

(2) In the case of Profit and Loss Account, of the "PROFIT" of the Company for the year ended on that date.

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

II. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956 and on the basis of such checks of and records of the as were considered appropriate and as per the information and explanations given to us during the course of our audit, we further report on the matters specified in Para 4 & 5 of the said order as under:-

1. In respect of its fixed assets:-

a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. Fixed assets Register has been maintained in computer.

b) The management has physically verified fixed assets of the Company during the year. No material discrepancies were noticed on such physical verification.

c) As a substantial part of fixed assets has not been disposed off during the year, the question of sale of substantial part of fixed assets affecting going concern does not arise.

2. In respect of its inventories:

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

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

c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventory and there were no material discrepancies noticed on physical verification having regard to the size of the operations of the Company and the company has made proper entries to write off the unusable, defective and Obsolete stocks.

3. In respect of 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, according to the information and explanations given to us:

a) The Company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the register maintained U/s 301 of the Companies Act, 1956. However, the company has taken unsecured loans from Four Directors amounting to Rs. 2,32,71,630 and repaid loan amounting Rs. 2,28,93,551 during current financial year, whose outstanding is aggregating to Rs. 2.68.72.818 /- (STATEMENT IN LIEU of ADVT.)

b) The rates of Interest and other terms and conditions of the unsecured loans from the Directors are not prejudicial to the interests of the Company. The repayment of the loans and interest payment schedule is not stipulated by the Company, in respect of loans from Directors, hence the question of overdue does not arise. However, in respect of Unsecured Deposits from Directors, aggregating to Rs. 8.37 lacs, an interest of Rs. 2.17 lacs is provided and accrued in books, to be paid on maturity date as per terms of Deposit.

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

5. In our opinion and according to the explanations given to us the Company has entered the transaction that needs to be entered in the register maintained U/s 301 of the Companies Act, 1956 and these transactions have been made at prices which are reasonable having regard to the prevailing market prices at time of the transaction.

6. The Company has accepted deposits from public within the meaning of Section 58A of the Companies Act, 1956 and rules framed there under. In our opinion and according to the explanations given to us, the company has complied with the directives issued by the Reserve Bank of India and the provisions of Section 58A of the Companies Act, 1956 and the rules made there under in respect of the Fixed Deposit accepted

7. The internal audit of the Company has been conducted by company's own staff. In our opinion, the internal audit system is commensurate with the size and nature of its business, but the system requires to be strengthened.

8. The Central Government has not prescribed maintenance of cost records, under section 209 (1) (d) of the Companies Act, 1956 in respect of the industry to which the company belongs. Hence, the Company has not maintained such records.

9. According to the information and explanations given to us in respect of statutory dues:

a) The Company has been depositing the undisputed statutory dues including provident fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other statutory dues (which are applicable) with the appropriate authorities during the year. However, there is no undisputed statutory dues outstanding for a period of more than six months as at 31s' March, 2012 from the date they became payable.In case of Investor Education and Protection Fund due, for which the company was liable in respect of depositing the Excess Share Application money of Rs. 3,16,149/- lying in separate bank account of the Company with the Banker who have not yet submitted the reconciled list of outstanding due to refund holders

b) There are no disputed dues that have not been deposited in respect of Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess or any other matters which is disputed and pending with the relevant forum:

10. In our opinion, the company has no accumulated loss as at the year-end; and that the company has not incurred Cash Loss in the current financial year as well in the immediately past financial year.

11. On the basis of the information and explanations given to us, by the management, the Company has not defaulted in repayment of dues to banks during the year. The Company has no dues to any financial institutions or debenture holders during the year.

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

13. The nature of the Company's activities during the year is such that clauses (xiii) and (xiv) of paragraph 4 of the Companies (Auditors Report) Order, 2003 are not applicable to the Company for the year.

14. According to information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

15. On the basis of examination of books of accounts, we would like to state that the Company has not availed any Term Loans during the year.

16. On the basis of information and explanations given to us and on an overall examination of the Balance Sheet and the Cash Flow Statement of the Company, we report that the Company has not prima facie, used the funds raised on short term basis during the year, for long term investment and as explained, Long term funds have been partly utilized to finance core working capital.

17. The Company has not made any preferential allotment of shares during the year.

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

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

20. To the best of our knowledge and belief an according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

For V. K. SHASTRI & CO. Place : VADODARA

Chartered Accountants Date : 22/05/2012

(V,K.Shastri)

Sole Proprietor


Mar 31, 2011

We have audited the attached Balance Sheet of GUJARAT CONTAINERS LIMITED as at 31st March, 2011, the Profit and Loss Account and also the Cash Flow Statement of the Company for the year ended on that date, annexed thereto, read with the notes thereto. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit also 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 and we report that:-

I.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 accounts as required by law have been kept by the Company, so far as it appears from our examination of the books.

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

d. In our opinion, the Balance Sheet and Profit and Loss Account dealt with by Report, comply with the accounting standards referred to in Section 211 (3C) of the Companies Act, 1956 except as referred to in para (f) below and Notes to accounts.

e. On the basis of written representation received from the directors, as on 31st March, 2011 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 terms of clause(g) of sub-section (1) of section 274 of the Companies Act.1956.

f. In our opinion and to the best of our information and according to the explanations to us the said accounts, read together with Significant Accounting Policies and Notes thereon, and in particular the following mentioned notes

i) Note No. (K) Regarding non provision of gratuity as The liability on this account as on 31st March, 2011 as evaluated by the company is Rs.35,96,489/- and liability up to previous Year was Rs. 31,67,956/-.

ii) Note No. (L) Regarding non provision of depreciation of Rs. 52,59,816/- of past years. It is the same as the previous year, as all depreciation after the previous year has been provided in the books. (Previous Year Rs. 52,59,816/-).

give the information as 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

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

(2) In the case of Profit and Loss Account, of the "PROFIT" of the Company for the year ended on that date.

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

II. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956 and on the basis of such checks of and records of the as were considered appropriate and as per the information and explanations given to us during the course of our audit, we further report on the matters specified in Para 4 & 5 of the said order as under:-

1. In respect of its fixed assets:-

a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. Fixed assets Register has been maintained in computer.

b) The management has physically verified fixed assets of the Company during the year. No material discrepancies were noticed on such physical verification.

c) As a substantial part of fixed assets has not been disposed off during the year, the question of sale of substantial part of fixed assets affecting going concern does not arise.

2. In respect of its inventories:

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

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

c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventory and there were no material discrepancies noticed on physical verification having regard to the size of the operations of the Company and the company has made proper entries to write off the unusable, defective and Obsolete stocks.

3. In respect of 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, according to the information and explanations given to us:

a) The Company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the register maintained U/s 301 of the Companies Act, 1956. However, the company has taken unsecured loans from Three Directors, whose outstanding is aggregating to Rs. 34.07.630/-. (STATEMENT IN LIEU of ADVT.)

b) The rates of Interest and other terms and conditions of the unsecured loans from the Directors are not prejudicial to the interests of the Company. The repayment of the loans and interest payment schedule is not stipulated by the Company, in respect of loans from Directors, hence the question of overdue does not arise. However, in respect of Unsecured Deposits from Directors, aggregating to Rs. 34.08 lacs, an interest of Rs. 4.85 lacs is provided and accrued in books, to be paid on maturity date as per terms of Deposit.

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

5. In our opinion and according to the explanations given to us the Company has entered the transaction that needs to be entered in the register maintained U/s 301 of the Companies Act, 1956 and these transactions have been made at prices which are reasonable having regard to the prevailing market prices at time of the transaction.

6. The Company has accepted deposits from public within the meaning of Section 58A of the Companies Act, 1956 and rules framed there under. In our opinion and according to the explanations given to us, the company has complied with the directives issued by the Reserve Bank of India and the provisions of Section 58A of the Companies Act, 1956 and the rules made there under in respect of the Fixed Deposit accepted

7. The internal audit of the Company has been conducted by company's own staff. In our opinion, the internal audit system is commensurate with the size and nature of its business, but the system requires to be strengthened.

8. The Central Government has not prescribed maintenance of cost records, under section 209 (1) (d) of the Companies Act, 1956 in respect of the industry to which the company belongs. Hence, the Company has not maintained such records.

9. According to the information and explanations given to us in respect of statutory dues:

a) The Company has been depositing the undisputed statutory dues including provident fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other statutory dues (which are applicable) with the appropriate authorities during the year. However, there is no undisputed statutory dues outstanding for a period of more than six months as at 31st March, 2011 from the date they became payable except in case of Investor Education and Protection Fund due, for which the company is liable in respect of depositing the Excess Share Application money of Rs. 3,16,149/ lying in separate bank account of the Company with the Banker who have not yet submitted the reconciled list of outstanding due to refund holders.

b) There are no disputed dues that have not been deposited in respect of Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess or any other matters which is disputed and pending with the relevant forum:

10. In our opinion, the company has an accumulated loss of Rs. 14,00,561/-, as at the year-end; and that the company has not incurred Cash Loss in the current financial year as well in the immediately past financial year.

11. On the basis of the information and explanations given to us, by the management, the Company has not defaulted in repayment of dues to banks during the year. The Company has no dues to any financial institutions or debenture holders during the year.

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

13. The nature of the Company's activities during the year is such that clauses (xiii) and (xiv) of paragraph 4 of the Companies (Auditors Report) Order, 2003 are not applicable to the Company for the year.

14. According to information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

15. On the basis of examination of books of accounts, we would like to state that the Company has not availed any Term Loans during the year.

16. On the basis of information and explanations given to us and on an overall examination of the Balance Sheet and the Cash Flow Statement of the Company, we report that the Company has not prima facie, used the funds raised on short term basis during the year, for long term investment and as explained, Long term funds have been partly utilized to finance core working capital.

17. The Company has not made any preferential allotment of shares during the year.

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

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

20. To the best of our knowledge and belief an according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

For V. K. SHASTRI & CO. Place : VADODARA

Chartered Accountants Date : 31-7-2011 (V.K.Shastri)

Sole Proprietor


Mar 31, 2010

We have audited the attached Balance Sheet of GUJARAT CONTAINERS LIMITED as at 31st March, 2010, the Profit and Loss Account and also the Cash Flow Statement of the Company for the year ended on that date, annexed thereto, read with the notes thereto. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit also 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 bur audit provides a reasonable basis for our opinion and we report that:-

I. 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 accounts as required by law have been kept by the Company, so far as it appears from our examination of the books.

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

d. In our opinion, the Balance Sheet and Profit and Loss Account dealt with by Report, comply with the accounting standards referred to in Section 211 (1C) of the Companies Act, 1956 except as referred to in para (f) below and Notes to accounts.

e. On the basis of written representation received from the directors, as on 31s" March, 2010 and taken on record by the Board of Directors, we report that jione 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.

f. In our opinion and to the best of our information and according to the explanations to us the said accounts, read together notes thereon, and in particular the following mentioned notes :-

i) Note No. (K) Regarding non provision of gratuity as The liability on this account as on 31st March, 2010 as evaluated by the company is Rs.31,67,956/- and liability up to previous Year was Rs.25,97,592/-.

ii) Note No. {L) Regarding non provision of depreciation of Rs. 52,59,816/- of past years. It is the same as the previous year, as all depreciation after the previous year has been provided in the books. (Previous Year Rs. 52,59,816/-) .

iii) Wore No.(I) Regarding provision of Deferred Tax Assets of Rs.929,457/- during the Current Year which includes Past years Deferred Tax Assets provisions of Rs. 4,80,903/- give the information as 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 :-

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

(2) In the case of Profit and Loss Account, of the "PROFIT" of the Company for the year ended on that date.

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

II. 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 and on the basis of such checks of and records of the as were considered appropriate and as per the information and explanations given to us during the course of our audit, we further report on the matters specified in Para 4 & 5 of the said order as under:-

1. In respect of its fixed assets:-

a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. Fixed assets Register has been maintained in computer.

b) The management has physically verified fixed assets of the Company during the year. No material discrepancies were noticed on such physical verification.

c) As a substantial part of fixed assets has not been disposed off during the year, the question of sale of substantial part of fixed assets affecting going concern does not arise.

2. In respect of its inventories:

a) The inventory of the Company has been physically verified by the management at the year end. In our opinion, the frequency of verification is "reasonable.

b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the si?e 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 inventory and there were no material discrepancies noticed on physical verification having regard to the size of the operations of the Company. However, as stated in Note No. (M) of Notes on Accounts the slow moving, obsolete and defective stock of Rs. 297.72 lacs have continued to report at its original value in the books and diminution in their value /S nor considered.

3. In respect of loans, secured or unsecured, granted or taken by the Company, to or from companies, firms or otber parties covered in the register maintained under section 301 of the Companies Act 1956, according to the information and explanations given to us:

a) The Company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the register maintained U/s 301 of the Companies Act, 1956. However, the company has taken unsecured loans from Three Directors, whose outstanding is aggregating to Rs. 46.08.197/-.

b) The rates of Interest and other terms and conditions of the unsecured loans from the Directors are hot prejudicial to the interests of the Company. The repayment of the loans and interest payment schedule is not stipulated by the Company, in respect of loans from Directors, hence the question of overdue does not arise. However, in respect of Unsecured Deposits from Directors aggregating to Rs. 46.08 lacs, an interest of Rs. 4.48 lacs is provided and accrued in books, to be paid on maturity date as per terms of Depsoit.

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

5. In our opinion and according to the explanations given to us the Company has entered the transaction that needs to be entered in the register maintained U/s 301 of the Companies Act, 1956 and these transactions have been made at prices which are reasonable having regard to the prevailing market prices at time of the transaction.

6. The Company has accepted deposits from public within the meaning of Section 58A of the Companies Act, 1956 and rules framed there under. In our opinion and according to the explanations given to us, the company has complied with the directives issued by the Reserve Bank of India and the provisions of Section 58A of the Companies Act, 1956 and the rules made there under in respect of the Fixed Deposit accepted except that the company has not yet filed the return of Fixed Deposit for last year.

7. The internal audit of the Company has been conducted by companys own staff. In our opinion, the internal audit system is commensurate with the size and nature of its business, but the system requires to be strengthened.

8. The Central Government has not prescribed maintenance of cost records, under section 209 (1) (d) of the Companies Act, 1956 in respect of the industry to which the company belongs. Hence, the Company has not maintained such records.

9. According to the information and explanations given to us in respect of statutory dues:

a) The Company has been depositing the undisputed statutory dues including provident fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other statutory dues (which are applicable) with the appropriate authorities during the year. However, there is no undisputed statutory dues outstanding for a period of more than six months as at 31st March, 2010 from the date they became payable except in case of Investor Education and Protection Fund due, for which the company is liable in respect of depositing the Excess Share Application money of Rs. 3,16,149/- lying in separate bank account of the Company with the Banker who have not yet submitted the reconciled list of outstanding due to refund holders.

b) There are no disputed dues that have not been deposited in respect of Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess or any other matters which is disputed and pending with the relevant forum:

10. In our opinion, the company has an accumulated loss of Rs. 27,04,389/-, as at the year-end; and that the company has not incurred Cash Loss in the current financial year as well in the immediately past financial year.

11. On the basis of the information and explanations given to us, by the management, the Company has not defaulted in repayment of dues to banks during the year. The Company has no dues to any financial institutions or debenture holders during the year.

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

13. The nature of the Companys activities during the year is such that clauses (xiii) and (xiv) of paragraph 4 of the Companies (Auditors Report) Order, 2003 are not applicable to the Company for the year.

14. According to information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

15. On the basis of examination of books of accounts, we would like to state that the Company has not availed any Term Loans during the year.

16. On the basis of information and explanations given to us and on an overall examination of the Balance Sheet and the Cash Flow Statement of the Company, we report that the Company has not prima facie, used the funds raised on short term basis during the year, for long term investment and as explained, Long term funds have been partly utilized to finance core working capital.

17. The Company has not made any preferential allotment of shares during the year.

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

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

20. To the best of our knowledge and belief an according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

For V. K. SHASTRI & CO.

Chartered Accountants

Place : VADODARA Date : 31-7-2010 (V.K.Shastri)

Sole Proprietor


Mar 31, 2009

We have audited the attached Balance Sheet of GUJARAT CONTAINERS LIMITED as at31st March, 2009, the Profit and Loss Account and also the Cash Flow Statement of the Company for the year ended on that date, annexed thereto, read with the notes thereto. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit also 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 and 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, prober books of accounts as required by law have been kept by the Company, so far as it appears from our examination of the books.

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

d. In our opinion, the Balance Sheet and Profit and Loss Account dealt with by Report, comply with the accounting standards referred to in Section 211 (1C) of the Companies Act, 1956 except as referred to in para (f) below and Notes to accounts.

e. On the basis of written representation received from the directors, as on 31st March, 2009 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 st March, 2009 from being appointed as a director in terms of clause(g) of sub-section (1) of section 274 of the Companies Act.1956.

f. In our opinion and to the best of our information and according to the explanations to us the said accounts, read together notes thereon, and in particular the following mentioned notes :-

i) Note No. (K) Regarding non provision of gratuity as The liability on this account ason31st March, 2009 as evaluated by the company is Rs. 25,97,592/- and liability upto previous Year was Rs. 18,37,645/-.

ii) Note No. (L) Regarding non provision of depreciation of Rs. 52,59,816/- of past years. It is the same as the previous year, as all depreciation after the previous year has been provided in the books. (Previous Year Rs. 52,59,816/-).

iii) Note No. (I) Regarding non-provision of Deferred Taxation in Profit and Loss Account. give the information as 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 :-

(1) In the case of Balance Sheet, of the state of affairs of the Company as at 31 st March, 2009.

(2) In the case of Profit and Loss Account, of the "PROFIT" of the Company for the year ended on that date.

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

II. 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 and on the basis of such checks of and records of the as were considered appropriate and as per the information and explanations given to us during the course of our audit, we further report on the matters specified in Para 4 & 5 of the said order as under: -

1. In respect of its fixed assets:-

a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. Fixed assets Register has been maintained in computer.

b) The management has physically verified fixed assets of the Company during the year. No material discrepancies were noticed on such physical verification.

c) As a substantial part of fixed assets has not been disposed off during the year, the question of sale of substantial part of fixed assets affecting going concern does not arise.

2. In respect of its inventories:

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

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

c) In our opinion andaccordingtotheinformationandexplanationsgiven to us, the Company has maintained proper records of its inventory and there were no material discrepancies noticed on physical verification having regard to the size of the operations of the Company. However, as stated in Note No. (M) of Notes on Accounts theslow moving, obsolete and defective stock of Rs. 297.72 lacs have continued to report at its original value in the books and diminution in their value is not considered.

3. In respect of loans, secured or unsecured, granted or taken by the Company, to or from companies, firms orotherpartiescoveredinthe register maintained under section 301 of the Companies Act 1956, according to the information and explanations given to us:

a) The Company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the register maintained U/S301 of the Companies Act, 1956. However, the company has taken unsecured loans from Three Directors, whose outstanding is aggregating to Rs. 42,35,043/-

b) The rates of Interest and other terms and conditions of the unsecured loans from the Directors and their relatives are not prejudicial to the interests of the Company. The repayment of the loans and interest payment schedule is not stipulated by the Company, in respect of loans from Directors, hence the question of overdue does notarise. However, in respect of Unsecured Deposits from Directors and their relatives aggregating to Rs. 42.35 lacs, an interest of Rs.4.30 lacs is provided and accrued in books, to be paid on maturity date as per terms of Depsoit,

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

5. In ouropinion and according to the explanations given to ustheCompany has entered the trans action that needs to be entered in the register maintained U/s 301 of the Companies Act, 1956 and these transactions have been made at prices which are reasonable having regard to the prevailing market prices at time of the transaction.

6. The Company has accepted deposits from public within the meaning of Section 58Aof the Companies Act, 1956 and rules framed there under. In our opinion and according to the explanations given to us, the company has complied with the directives issued by the Reserve Bank of India and the provisions of Section 58A of the Companies Act, 1956 and the rules made there under in respect of the Fixed Deposit accepted except that the company has not yet filed the return of Fixed Deposit for last year.

7. The Internal audit of the Company has been conducted by companys own staff. In our opinion, the internal audit system is commensurate with the size and nature of its business, but the system requires to be strengthened.

8. The Central Government has not prescribed maintenance of cost records, under section 209 (1) (d) ol the Companies Act, 1956 in respect of the industry to which the company belongs. Hence, the Company has not maintained such records.

9. According to the information and explanations given to us in respect of statutory dues:

a) The Company has been depositing the undisputed statutory dues including provident fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other statutory dues (which are applicable) with the appropriate authorities during the year. However, there has been a marginal delay in deposit of Income Tax deducted at source dues. However, there is no undisputed statutory dues outstanding for a period of more than six months as at 31 st March, 2009from the date they became payable except in case of Central Sales Tax, Rs. NIL, Gujarat Sales Tax Rs.2,52,984/-(however Central Sales Tax and Gujarat Sales Taxhave been paid afterthe Balance Sheet Date but before signing of this report) and Investor Education and Protection Fund due, for which the company is I iable in respect of depositing the Excess Share Application money of Rs. 3,16,149/- lying in separate bank account of the Company with the Banker who have not yet submitted the reconciled list of outstanding due to refund holders.

b) There are no disputed dues that have not been deposited in respect of Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess or any other matters which is disputed and pending with the relevant forum:

10. In our opinion, the company has no accumulated losses, as at the year-end; and that the company has not incurred Cash Loss in the current financial year as well in the immediately past financial year.

11. On the basis of the information and explanations given to us, by the management, the Company has not defaulted in repayment of dues to banks during the year. The Company has no dues to any financial institutions or debenture holders during the year.

12. On the basis of information and explanations g iven to us, the Company has not granted loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The nature of the Companys activities during the year is such that clauses (xiii) and (xiv) of paragraph 4 of the Companies (Auditors Report) Order, 2003 are not applicable to the Comaany for the year.

14. According to information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

15. Onthe basis of examination of books of accounts, we would like to state that the Company has not availed any Term Loans during the year.

16. On the basisof information and explanations given to us and on an overall examination of the Balance Sheet and the Cash Flow Statement of the Company, we report that the Company has not prima facie, used the funds raised on short term basis during the year, for long term investment and asexplained, Long term funds have been partly utilized to finance core working capital.

17. The Company has not made any preferential allotment of shares during the year.

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

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

20. To the best of our knowledge and belief an according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

ForV. K. SHASTRI&CO. Chartered Accountants

Place : VADODARA Date : 30/06/2009

(V.K.Shastri) Sole Proprietor

 
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