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Auditor Report of Himalaya Granites Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of M/s. Himalaya Granites Limited ("the Company"), which com- prise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles gen- erally 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 accord- ance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor con- siders internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial state- ments 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 31 March 2015 and its loss and its cash flows for the year ended on that date.

Report On Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

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

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

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

(c) The Balance Sheet, the Statement of Profit and Loss and 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 31 March 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2015 from being appointed as a director in terms of Section 164 (2) of the Act; and

(f) with respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Com- panies (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 were no pending litigations which would impact the financial position in its financial statements.

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

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

ANNEXURE TO INDEPENDENT AUDITORS' REPORT

Referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements"

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.

(b) A substantial portion of the fixed assets have been physically verified by the management during the year and there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

2. In respect of its Inventories :

(a) As explained to us, the inventory has 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 veri- fication 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 explanations given to us, the Company has maintained prop- er records of its inventory and no material discrepancies were noticed on physical verification of inventories as compared to the book records.

3. The Company has not granted loans to a body corporate covered in the register maintained under section 189 of the Companies Act, 2013 ('the Act').

4. In our opinion and according to the information and explanations given to us, there is 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. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system;

5. The Company has not accepted any deposits from the public during the year.

6. The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for any of the services rendered by the Company.

7. According to the information and explanation given to us in respect of statutory and other dues:

(a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, duty of cus- toms, duty of excise, value added tax, cess and other material statutory dues have been regularly deposited dur- ing the year by the Company with the appropriate authorities. Athough there has been delay in few cases, there are no undisputed statutory dues outstanding for a period of more than six months from the date they become payable.

(b) According to information and explanation given to us, there was no disputed amount to be deposited by the Company.

(c) According to the information and explanations given to us the amounts which were required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules there under has been transferred to such fund within time.

8. The Company's accumulated losses at the end of financial year are not more than fifty percent of its net worth. The Company has incurred cash losses aggregating to ' 4.86 Lacs during the financial year covered by our audit and has not incurred cash losses during the immediately preceding financial year.

9. Based on our audit procedures and on the information and explanations given by the management, the Company has not issued any debentures and has not taken any loans from the financial institutions or Banks.

10. According to information and explanations given to us, the Company has not given guarantees for loans taken by others from banks or financial institutions.

11. The Company has not raised any term loan, accordingly the provisions of Clause 3 (xi) are not applicable.

12. According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For D. DHANDARIA & COMPANY Chartered Accountants ICAI Firm Reg. No. 306147E

(Naveen Kumar Dhandaria) Place of Signature : Kolkata Partner Dated : 30th May, 2015 Membership No. 061127


Mar 31, 2014

We have audited the accompanying financial statements of M/s. Himalaya Granites Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s Management is responsible for 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 Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 ("the Act") read with the General Circular number 15/2013 dated 13th September, 2013, issued by the Ministry of Corporate Affairs, in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

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

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

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

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

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

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

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

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") 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, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

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

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

ANNEXURE TO INDEPENDENT AUDITORS'' REPORT

Referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements"

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.

(b) A substantial portion of the fixed assets have been physically verified by the management during the year and there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) As the company has not disposed off any major part of the fixed assets, the going concern status of the company is not affected.

2. In respect of its Inventories :

(a) As explained to us, the inventory has 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 according to the information and explanations given to us, the Company has maintained proper records of its inventory and no material discrepancies were noticed on physical verification of inventories as compared to the book records.

3. (a) As informed to us, the Company has not granted any loans, secured and unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956 and as such clauses 4

(iii)(a) to (iii)(d) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

(b) As informed to us, the Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Act and as such clauses 4 (iii)(e) to (iii)(g) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

4. In our opinion and according to the information and explanations given to us, there is 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. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system;

5. In respect of the contracts or arrangements referred to in section 301 of the Companies Act, 1956 :

(a) According to the information and explanations given to us, we are of the opinion that 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; and

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements 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 during the year. Therefore, the provisions of clause (vi) of paragraph 4 of the order are not applicable to the company.

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

8. In respect of the Company, no cost records have been prescribed by the Central Government under section 209 (1) (d) of the Companies Act, 1956.

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

(a) The Company has generally been regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, VAT, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and Other Material Statutory Dues applicable to it with the appropriate authorities though there has been a slight delay in few cases.

Further, since the Central Government has till date not prescribed the amount of cess payable under section 441A of the Companies Act, 1956, we are not in a position to comment upon the regularity or otherwise of the Company in depositing the same.

(b) According to information and explanations given to us, no undisputed amount payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Wealth Tax, Service Tax, VAT, Sales Tax, Custom Duty, Excise Duty, Cess and Other Undisputed Statutory Dues were outstanding at the year end, for a period of more than six months from the date they become payable.

(c) According to information and explanation given to us, there was no disputed amount to be deposited by the Company.

10. The Company has accumulated losses at the year-end but has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

11. As the Company has not borrowed any funds from the Financial Institutions or Banks or Debenture Holders, the provision of the clause 4 (xi) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

12. 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 (as amended) are not applicable to the Company.

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

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

16. According to information and explanations given to us, no term loans were taken by the Company during the year.

17. According to the information and explanations given to us and on overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long term investment.

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 the Act during the year and hence the question of disclosure and verification of end use of such money does not arise.

19. According to the information and explanations given to us, the Company has not issued any debentures.

20. The Company has not raised money by public issue during the year and hence the question of disclosure and verification of end use of such money does not arise.

21. According to the information an d explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For D. DHANDARIA & COMPANY Chartered Accountants ICAI Firm Reg. No. 306147E

(Dindayal Dhandaria) Place of Signature : Kolkata Partner Dated : 30th May, 2014 Membership No. 010928


Mar 31, 2013

We have audited the accompanying financial statements of M/s. HIMALAYA GRANITES LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flow of the Company in accordance with the accounting principles generally accepted in India including 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 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 March 31, 2013;

b) in the case of Statement of Profit and Loss, of the profit of the Company 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 (Auditors'' Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

(b) In our opinion, proper books of account, as required by law have been kept by the Company so far as appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from branches not visited by us.

(c) The Balance Sheet and the Statement of Profit and Loss, and the Cash Flow Statement dealt with in this Report are in agreement with the books of account and with the returns received from branches not visited by us.

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

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

ANNEXURE TO INDEPENDENT AUDITORS'' REPORT

Referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements"

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 on the basis of available information.

(b) A substantial portion of the fixed assets have been physically verified by the management during the year and there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) As the company has not disposed off any major part of the fixed assets, the going concern status of the company is not affected.

2. In respect of its Inventories :

(a) As explained to us, the inventory has 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 according to the information and explanations given to us, the Company has maintained proper records of its inventory and no material discrepancies were noticed on physical verification of inventories as compared to the book records.

3. (a) As informed to us, the Company has not granted any loans, secured and unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956 and as such clauses 4 (iii)(a) to (iii)(d) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

(b) As informed to us, the Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the registered maintained under section 301 of the Act and as such clauses 4 (iii)(e) to (iii)(g) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems 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. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system;

5. In respect of the contracts or arrangements referred to in section 301 of the Companies Act, 1956 :

(a) According to the information and explanations given to us, we are of the opinion that 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; and

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements 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 during the year. Therefore, the provisions of clause (vi) of paragraph 4 of the order are not applicable to the company.

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

8. In respect of the Company, no cost records have been prescribed by the Central Government under section 209 (1) (d) of the Companies Act, 1956.

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

(a) The Company has generally been regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and Other Material Statutory Dues applicable to it.

Further, since the Central Government has till date not prescribed the amount of cess payable under section 441A of the Companies Act, 1956, we are not in a position to comment upon the regularity or otherwise of the Company in depositing the same.

(b) According to information and explanations given to us, no undisputed amount payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Wealth Tax, Service Tax, Sales Tax, Custom Duty, Excise Duty, Cess and Other Undisputed Statutory Dues were outstanding at the year end, for a period of more than six months from the date they become payable.

(c) According to information and explanations given to us, the following disputed amounts have not been deposited by the Company:



Statement of Disputed Dues

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

Income Tax Act 1961 Income Tax, Surcharge, 22,46,480 2001-2002 Commissioner Education Cess and (Appeals) C-III, Interest Kolkata

Income Tax Act 1961 Income Tax, Surcharge, 21,47,537 2002-2003 Commissioner Education Cess and (Appeals) C-III, Interest Kolkata

Income Tax Act 1961 Income Tax, Surcharge, 32,43,128 2005-2006 Commissioner Education Cess and (Appeals) C-III, Interest Kolkata



10. The Company has accumulated losses at the year-end but has not incurred cash losses during the financial year covered by our audit, however, the Company has incurred cash losses during the immediately preceding financial year.

11. As the Company has not borrowed any funds from the Financial Institutions or Banks or Debenture Holders, the provision of the clause 4 (xi) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

12. 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 (as amended) are not applicable to the Company.

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

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

16. According to information and explanations given to us, no term loans were taken by the Company during the year.

17. According to the information and explanations given to us and on overall examination of the balance sheet of the Company, we report that no funds have been raised on short-term basis.

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 the Act during the year and hence the question of disclosure and verification of end use of such money does not arise.

19. According to the information and explanations given to us, the Company has not issued any debentures.

20. The Company has not raised money by public issue during the year and hence the question of disclosure and verification of end use of such money does not arise.

21. According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.



For D. DHANDARIA & COMPANY

Chartered Accountants

ICAI Firm Reg. No. 306147E



(Naveen Kumar Dhandaria)

Place:Kolkata Partner

Dated:30th May, 2013 Membership No. 061127


Mar 31, 2012

We have audited the attached Balance Sheet of M/s. HIMALAYA GRANITES LIMITED as at 31st March, 2012, the Statement of Profit and Loss and also the Cash Flow Statement for the year ended on that date annexed hereto. 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 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.

(1) As required by the Companies (Auditors' Report) Order, 2003 (as amended) 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.

(2) Further to our comments in the Annexure referred to in paragraph (1) 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 have been kept by the Company so far as appears from our examination of those books and proper returns, certified by the Branch Managers, adequate for the purpose of our audit have been received from some of the branches which have not been visited by us ;

(c) The Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with in this report are in agreement with the books of account and returns made available to us ;

(d) In our opinion, the Balance Sheet, Statement of Profit & Loss and Cash Flow Statement, together with notes thereon, comply with the Accounting Standards referred to in Sub-section (3C) of Section 211 of the Companies Act, 1956.

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

(f) The Financial Statements have been prepared on the basis that the Company is a going concern, which assumes continuity of normal business activities and the realization of assets and the settlement of liabilities in the ordinary course of business. The production facilities of the Company continue to remain close since 27-02-2008 and to the best of our information and belief, the Management has not yet drawn any future plan for revival of the closed business. These events indicate a material uncertainty and cast significant doubt on the Company's ability to continue as a going concern. However, the Company has since paid the entire dues of its workers, repaid its borrowings from banks and/or financial institutions in full and also discharged a significant portion of its other liabilities. In the opinion of the Management, the Company would be able to realize its assets and discharge the remaining liabilities also in full in the normal course of business. Accordingly, the accounts have been prepared on the assumption that it is a going concern and as such, no adjustments have been made to the financial statements relating to the recoverability and classification of recorded asset amounts, or to the amounts and classification of liabilities.

Subject to above, in our opinion, the financial statements give the information required by the Companies Act, 1956, in the manner so required and also give a true and fair view:

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012; and

(ii) in the case of the Statement of Profit & Loss, of the Loss of the Company for the year ended on that date.

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

ANNEXURE TO AUDIT REPORT

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.

(b) A substantial portion of the fixed assets have been physically verified by the management during the year and there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) As the Company has disposed off part of its fixed assets and so the going concern status of the Company is affected.

2. In respect of its Inventories :

(a) As explained to us, the inventory has 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 according to the information and explanations given to us, the Company has maintained proper records of its inventory and no material discrepancies were noticed on physical verification.

3. (a) As informed to us, the Company has not granted any loans, secured and unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956 and as such clauses 4 (iii)(a) to (iii)(d) of the Companies (Auditor's Report) Order, 2003 (as amended) are not applicable to the Company.

(b) As informed to us, the Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Act and as such clauses 4 (iii)(e) to (iii)(g) of the Companies (Auditor's Report) Order, 2003 (as amended) are not applicable to the Company.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems 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. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system;

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

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements 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 during the year.

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

8. In respect of the Company, no cost records have been prescribed by the Central Government under section 209 (1) (d) of the Companies Act, 1956.

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

(a) The Company has been regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and Other Material Statutory Dues applicable to it.

Further, since the Central Government has till date not prescribed the amount of cess payable under section 441A of the Companies Act, 1956, we are not in a position to comment upon the regularity or otherwise of the Company in depositing the same.

(b) According to information and explanations given to us, no undisputed amount payable in respect of Provident Fund, Investor Education And Protection Fund, Employees State Insurance, Income Tax, Wealth Tax, Service Tax, Sales Tax, Custom Duty, Excise Duty, Cess and Other Undisputed Statutory Dues were outstanding at the year end, for a period of more than six months from the date they become payable.

(c) According to information and explanations given to us, the following disputed amounts have not been deposited by the Company:

Statement of Disputed Dues

Name of the Statute Nature of the Dues Amount Period to (Rs.) which the amount relates (Financial Year)

Income Tax Act 1961 Income Tax, 22,46,480 2001-2002 Surcharge, Education Cess and Interest

Income Tax Act 1961 Income Tax, 21,47,537 2002-2003 Surcharge, Education Cess and Interest

Income Tax Act 1961 Income Tax, 32,43,128 2005-2006 Surcharge, Education Cess and Interest

Name of the Statute Forum where dispute is pending

Income Tax Act 1961 Commissioner (Appeals) C-III Kolkata

Income Tax Act 1961 Commissioner (Appeals) C-III Kolkata

Income Tax Act 1961 Commissioner (Appeals) C-III Kolkata

10. The Company does not have accumulated losses at the year-end and has incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

11. As the Company has not borrowed any funds from the Financial Institutions or Banks or Debenture Holders, the provision of the clause 4 (xi) of the Companies (Auditor's Report) Order, 2003 (as amended) are not applicable to the Company.

12. 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 (as amended) are not applicable to the Company.

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

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

16. According to information and explanations given to us, no term loans were taken by the Company during the year.

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 no funds raised on short-term basis have been used for long- term investment.

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 the Act during the year and hence the question of disclosure and verification of end use of such money does not arise.

19. According to the information and explanations given to us, the Company has not issued any debentures.

20. The Company has not raised money by public issue during the year and hence the question of disclosure and verification of end use of such money does not arise.

21. According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.



For D. DHANDARIA & COMPANY Chartered Accountants ICAI Firm Reg. No. 306147E

(Naveen Kumar Dhandaria) Partner Membership No. 061127

Place : Kolkata Date : 30th May, 2012


Mar 31, 2010

We have audited the attached Balance Sheet of M/s. HIMALAYA GRANITES LIMITED as at 31st March, 2010, the Profit and Loss Account and also the Cash Flow Statement for the year ended on that date annexed hereto.

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 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.

(1) 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.

(2) Further to our comments in the Annexure referred to in paragraph (1) 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 have been kept by the Company so far as appears from our examination of those books and proper returns, certified by the Branch Managers, adequate for the purpose of our audit have been received from some of the branches which have not been visited by us ;

(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with in this report are in agreement with the books of account and returns made available to us;

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

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

(f) The Financial Statements have been prepared on the basis that the Company is a going concern, which assumes continuity of normal business activities and the realization of assets and the settlement of liabilities in the ordinary course of business. The production facilities of the Company continue to remain close since 27-02-2008 and to the best of our information and belief, the Management has not yet drawn any future plan for revival of the closed business. These events indicate a material uncertainty and cast significant doubt on the Companys ability to continue as a going concern. However, the Company has since paid the entire dues of its workers, repaid its borrowings from banks and / or financial institutions in full and also discharged a significant portion of its other liabilities. In the opinion of the Management, the Company would be able to realize its assets and discharge the remaining liabilities also in full in the normal course of business. Accordingly, the accounts have been prepared on the assumption that it is a going concern and as such, no adjustments have been made to the financial statements relating to the recoverability and classification of recorded asset amounts, or to the amounts and classification of liabilities, except that a sum of Rs 28,935/- has been written off on account of damage / deterioration of inventory.

Subject to above, in our opinion, the financial statements give the information required by the Companies Act, 1956, in the manner so required and also give a true and fair view:

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010; and

(ii) in the case of the Profit & Loss Account, of the Loss of the Company for the year ended on that date.

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

ANNEXURE TO AUDIT REPORT

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

(b) A substantial portion of the fixed assets have been physically verified by the management during the year and there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) As the company has disposed off part of its fixed assets and so the going concern status of the company is affected.

2. (a) As explained to us, the inventory has 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 according to the information and explanations given to us, the company has maintained proper records of its inventory and no material discrepancies were noticed on physical verification.

3. (a) As informed to us, the Company has not granted any loans, secured and unsecured, to companies,

firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956 and as such clauses (iii)(a) to (iii)(d) are not applicable.

(b) As informed to us, the company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the registered maintained under section 301 of the Act and as such clauses (iii)(e) to (iii)(g) are not applicable.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems 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. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system;

5. (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the registered required to be maintained under that section; and

(b) In our opinion and according to the information and explanations given to us, no transactions have been made in pursuance of such contracts or arrangements.

6. The company has not accepted any deposits from the public during the year.

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

8. In respect of the company, no cost records have been prescribed by the Central Government under section 209 (1) (d) of the Companies Act, 1956.

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

(a) The company has been regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues applicable to it.

(b) According to information and explanations given to us, the following disputed amounts have not been deposited by the company:

Statement of Disputed Dues

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

the amount relates dispute is

(Financial Year) pending

Income Tax Act 1961 Income Tax, 22,46,480 2001-2002 Commissioner

Surcharge, Education (Appeals) C-lll,

Cess and Interest Kolkata

Income Tax Act 1961 Income Tax, Surcharge, 21,47,537 2002-2003 Commissioner

Education Cess and (Appeals) C-lll,

Interest Kolkata

Income Tax Act 1961 Income Tax, Surcharge, 32,43,128 2005-2006 Commissioner

Education Cess and (Appeals) C-lll,

Interest Kolkata

(c) According to information and explanations given to us, apart from above, there are no other dues of income tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess which have not been deposited on account of any dispute.

10. The company does not have accumulated losses at the year-end and has incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has issued no debentures. According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution or bank as at the Balance Sheet date.

12. The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

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

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

15. According to information and explanations given to us, the company has not given guarantees for loans taken by others from banks or financial institutions.

16. According to information and explanations given to us, no term loans were taken by the Company during the year. Balance brought forward from earlier year was repaid in full.

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 no funds raised on short-term basis have been used for long- term investment.

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 the Act during the year and hence the question of disclosure and verification of end use of such money does not arise.

19. According to the information and explanations given to us, the company has not issued any debentures.

20. The company has not raised money by public issue during the year and hence the question of disclosure and verification of end use of such money does not arise.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For D. DHANDARIA& COMPANY

Chartered Accountants

ICAI Firm Reg. No. 306147E

Place : Kolkata

(Dindayal Dhandaria)

Date : 30th May, 2010 Partner

Membership No. 10928



 
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