Auditor Report of Hindustan Adhesives Ltd.

Mar 31, 2018

Report on the Standalone Ind AS Financial Statements

1) We have audited the accompanying standalone Ind AS financial statements of Hindustan Adhesives Limited (“the Company”), which comprise the Balance Sheet as at 31^stMarch, 2018, and the Statement of Profit and Loss (including Other Comprehensive Income), the Cash FlowStatement and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Ind AS 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 and presentation of these standalone Ind AS financial statements that give a true and fair view of the state of affairs(financial position), profit (financial performance including other comprehensive income),cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS 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 Ind AS 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 of the standalone Ind AS financial statements 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 standalone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the standalone Ind AS 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 standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the standalone Ind AS financial statements.

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

Opinion

4) In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS 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 including the Ind AS, of the financial position of the Company as at 31^st March, 2018, its financial performance including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Emphasis of matter

5) We draw the attention to Note no. 6 regarding investment in equity instruments in the company. The company has sold the shares of Bagla Wellness Private Limited due to which the said company is no more a subsidiary or an associate of the company.

Our opinion is not modified in respect of these matters.

Other Matters

6) The comparative financial information of the company for the year ended 31st March, 2017 and the transition date opening balance sheet as at 1st April, 2016 included in these Ind AS financial Statements are based on the statutory financial statements prepared in accordance with the Companies (Accounting Standards) Rules, 2006 audited by the predecessor auditor whose report for the year ended 31st March, 2017 and 31st March, 2016 dated 30-05-2017 and 30-05-2016 respectively expressed and unmodified opinion on those financial statements and have been restated to comply with Ind AS. Adjustments made to the previously issued said financial information prepared in accordance with the Companies (Accounting Standards) Rules, 2006 to comply with Ind AS have been audited by us.

Our opinion is not modified in respect of these other matters.

Report on Other Legal and Regulatory Requirements

7) As required by the Companies (Auditor’s Report) Order, 2016 (“the Order’) issued by the Central Government of India in terms of Section 143(11) of the Act, we givein the “Annexure A”, a statement on the matters specified in the paragraph 3 and 4 of the said order.

8) 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 including Other Comprehensive Loss, the Cash Flow Statement and Statement of Changes in Equity dealt with by this report are in agreement with the books of account.

d. In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards prescribed under Section 133 of the Act.

e. On the basis of the written representations received from the directors as at 31^st March, 2018, taken on record by the Board of Directors, none of the directors is disqualified as at 31^st March, 2018, from being appointed as a director in terms of Section 164(2) of the Act.

f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in “Annexure B”.

g. 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, as amended, in our opinion and to the best of our information and according to the explanations given to us:

i) The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind AS financial statements - Refer Note 33 to the standalone Ind AS financial statements.

ii) There was no amount which was required to be transferred to the Investor Education and protection fund by the Company.

ANNEXURE “A” TO THE INDEPENDENT AUDITORS’ REPORT

(Annexure referred to in paragraph 7 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date to the members of Hindustan Adhesives Limited on the Standalone Ind AS Financial Statements for the year ended 31^stMarch,2018)

i) In respect of fixed assets:

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

b) As explained to us, during the year, physical verification of major assets has been conducted by the management at reasonable intervals and the discrepancies observed are properly dealt with in the boos of accounts .

c) According to the information and explanation given by the management the title deeds of immovable properties are held in the name of the company except land admeasuring 0.0253 hectares part of the existing factory land located at Dadri (Ghaziabad).

ii) In respect of its inventories:

a) The inventory, except for goods-in-transit, has been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable. In respect of goods-in-transit, subsequent goods receipts have been verified or confirmations have been obtained from the parties. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt in the books of accounts.

b) As informed by the management, the proper records of inventory are being maintained and no material discrepancies were noticed during such physical verifications.

iii) In our opinion and according to the information and explanations given to us, the Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Act. Accordingly,paragraph 3(iii) of the Order is not applicable to the Company.

iv) In our opinion and according to the information and explanations given to us, the Company has not advanced loans to directors / to a Company in which the Director is interested to which provisions of Section 185 of the Companies Act, 2013.Further, Section 186 of the Companies Act 2013 is not applicable to the Company.

v) The Company has not accepted any deposit from public and therefore, the provisions of the clause 3 (v) of the order are not applicable to the company.

vi) We have broadly reviewed the books of account maintained by the Company as specified under Section 148(1) of the Act, for maintenance of cost records in respect of products manufactured by the Company, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

vii) 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, Service tax, Duty of Customs, Duty of Excise, Value added tax, Cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities and according to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Employees’ State Insurance, Income-tax, Sales-tax, Service tax, Duty of Customs, Duty of Excise, Value added tax, Cess and other material statutory dues were in arrears as at 31 March 2018.

b) According to the information and explanations given to us, there are no disputed statutory dues which have to be deposited with the appropriate authorities.

viii) According to the information and explanations given to us, The Company has not defaulted in the repayment of dues to any financial institution, banks, Government and debenture holders during the year.

ix) According to the information and explanations given to us, the term loans have been applied by the Company during the year for the purposes for which they were obtained. The Company did not raise money by way of initial public offer or further public offer (including debt instruments) during the year.

x) According to the information and explanations given by the management and to the best of our knowledge and belief, no fraud by the Company or on the Company by its officer or employees has been noticed or reported during the course of our audit.

xi) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.

xii) The Company is not a Nidhi Company and therefore the provisions of Clause 3 (xii) of the order is not applicable to the company.

xiii) According to the information and explanations given by the management, transactions with the related parties are in compliance with Sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the standalone Ind AS financial statements etc., as required by the applicable accounting standards.

xiv) The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year and hence reporting under Clause 3(xiv) of the order is not applicable to the company.

xv) According to information and explanations given to us by the management, the Company has not entered into any noncash transactions specified under Section 192 of the Companies Act 2013 with directors or persons connected with him.

xvi) The Company is not required to be registered with RBI under Section 45-IA of Reserve Bank of India Act, 1934.

ANNEXURE”B” TO THE INDEPENDENT AUDITORS’ REPORT

(Annexure referred to in paragraph 9(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date to the members of Hindustan Adhesives Limited on the Standalone Ind AS Financial Statements for the year ended March 31, 2018)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

1. We have audited the internal financial controls over financial reporting of “Hindustan Adhesives Limited” (“the Company”) as of 31^stMarch, 2018 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

2. The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (“ICAI”). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Company’s policies, the safe guarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act,2013.

Auditors’ Responsibility

3. Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (“the Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of Internal Financial Controls.

Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

6. A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

7. Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management, override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

8. In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31^st March, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For SPMR & Associates

Chartered Accountants

Firm Registration Number 007578N

Place: New Delhi (CA Pramod Maheshwari)

Date: 30^thMay, 2018 Partner (M No. 085362)

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Mar 31, 2015

We have audited the accompanying financial statements of Hindustan Adhesives Limited ('the Company'), which comprise the balance sheet as at 31 March 2015, the statement of profit and loss and the cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

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

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of 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 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 :

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

ii in the case of statement of Profit and Loss of the Profit of the company for the year ended on that date; and

iii in the case of 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, 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 it appears from our examination of those books;

c) the balance sheet, the statement of profit and loss and the cash flow statement dealt with by this Report are in agreement with the books of account;

d) in our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of 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 Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. the Company has disclosed the impact of pending litigations on its financial position in its financial statements – Refer Note Y (B) (1) and (2) to the financial statements;

ii. the Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.

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

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

The Annexure referred to in our Independent Auditors' Report to the members of the Company on the financial statements for the year ended 31 March 2015, we report that:

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

b) The Company has a regular programme of physical verification of its fixed assets. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.

(ii) a) The physical verification of inventory has been conducted by the management at the reasonable intervals.

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) In our opinion the company is maintaining proper records of inventory and the discrepancies noticed on physical verification were not material and have been properly dealt with in the books of accounts.

(iii) In respect of loans, secured or unsecured, granted or taken by the company to or from companies, firms or other parties covered under the register maintained U/s. 301 of the Companies Act, 1956, according to the information and explanations given to us:

(a) The Company has given interest free temporary loan/advance to one such party covered in the register maintained under Section 189 of the Companies Act, 2013 and received back during the year. Therefore clauses (iii)(a), (iii)(b) and (iii)(c) are not applicable.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets, sale of services, purchase of inventory and the sale of goods. We have not observed any major weakness in the internal control system during the course of the audit.

(v) The Company has not accepted any deposits from the public.

(vi) Prima-facie it appears that the company has maintained the cost records as prescribed for maintenance of cost records by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014 prescribed by the Central Government under Section 148(1)(d) of the Companies Act, 2013, however, we have not examined the same in details.

(vii) (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, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities.

According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31 March 2015 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 are no material dues of wealth tax, duty of customs and cess which have not been deposited with the appropriate authorities on account of any dispute.

(c) Following disputed dues of Sales Tax and Excise Duty/cess have not been deposited: -

Sl. Name of the Statue/ Amount Period to which Authority where No. Nature of Dues (Rs.) Amount Relates dispute is pending

1. The Central Excise Act, 1944 1.95 Lacs March, 1998 High Court. (Penalty for wrong MODVAT Credit)

2. The Central Excise Act, 1944 15.54 Lacs 2008 to 2013 CESTAT

(c) According to the information and explanations given to us the there are no such amounts which are 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.

(viii) The Company has been registered for a period of more than five years, the company does not have any accumulated losses during the year under report. The company has not incurred any cash losses during the financial year covered by the audit and the immediately preceding financial year.

(ix) According to the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institution and Banks.

(x) According to the information and explanations given to us, the company had given a corporate guarantee of Rs. 14.63 Crore in earlier years and continuing, to bank against loan taken by M/s Bagla Polifilms Limited, for which approval from Central government under section 295 of companies act, 1956 dated 19-03-2010 had been obtained by the company.

(xi) In our opinion and according to the information and explanations given to us, the term loans obtained in earlier years and continued to remain outstanding during the financial year under report are applied for the purpose for which the loans were obtained.

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

For SALARPURIA & PARTNERS

Firm Registration No. 302113E

Chartered Accountants

(KAMAL KUMAR GUPTA)

Place: New Delhi Partner

Date:29.05.2015 M . No. 89190

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Mar 31, 2014

We have audited the accompanying financial statements of HINDUSTAN ADHESIVES LIMITED ("the company") which com- prise the Balance Sheet as at 31 March 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. ("the act") read with the General Circular 15/ 2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This respon- sibility 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 state- ments. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstate- ment of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reason- ableness 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.

Matter of Emphasis

Attention is drawn to the Note No. Y(B)(3) regarding the inclusion of inter unit transfer in Sales and purchases.

Opinion

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

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

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

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

Report on Other Legal and Regulatory Requirements

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

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

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

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

c. the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agree- ment with the books of account;

d. in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Account- ing Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 read with the General Circular 15/ 2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013; and

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

ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT (Ref. to point 1 of paragraph "Report on Other Legal and Regulatory Requirements" of our Report of even date)

(i) (a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. (b) The management at reasonable intervals has physically verified the fixed assets, no material discrepancies were noticed on such verification.

(ii) (a) The physical verification of inventory has been conducted by the management at reasonable intervals.

(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) In our opinion the Company is maintaining proper records of inventory and the discrepancies noticed on physical verification were not material and have been properly dealt with in the books of accounts;

(iii) In respect of loans, secured or unsecured, granted or taken by the company to or from companies, firms or other parties covered under the register maintained U/s. 301 of the Companies Act, 1956, according to the information and explana- tions given to us:

(a) The Company has taken unsecured loans from 5 (Five) parties covered under the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved in such loans during the year aggregates to Rs.214.01 Lacs and the closing balance outstanding as on 31st March 2014 is Rs. NIL

(b) In our opinion the terms and conditions of such loans taken by the company are prima facie not prejudicial to the interests of the company

(c) There is no pre-determined schedule for repayment of unsecured loans.

(d) As there is no schedule for repayment of unsecured loans taken by the company, therefore, we are not in a position to comment on steps, if any, taken by the company for repayment of the same.

(e) The company has not granted any loans to companies, firms or other parties covered under the register maintained U/s. 301 of the Companies Act, 1956, except temporary advances given to 4 (four) such parties which has been recovered in stipulated time. The maximum amount involved in such loans during the year aggregates to Rs.89.44 Lacs and the closing balance outstanding as on 31st March 2014 is Rs.0.06 Lacs.

(iv) In our opinion and according to the information and explanations given to us the company has an adequate internal control procedure commensurate with the size of the Company and the nature of its business, for the purchases of inventory and fixed assets and for the sale of goods. There is no continuing failure or weakness in internal control system.

(v) According to the information and explanation given to us, the transactions that need to be entered into the register in pursuance of section 301 of the Companies Act, 1956 has been so entered.

In our opinion and according to the information & explanation given to us, there were no transactions made in pursuance of contracts or arrangements entered in the register mentioned under section 301 of the Companies Act exceeding the value of Rs. Five lacs in respect of any party during the year.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any public deposits for which the provisions for compliance U/s.58 and 58AA or any other relevant provisions of the Companies Act, 1956 applies.

(vii) The Company has an internal audit system commensurate with its size and nature of its business.

(viii) Prima-facie it appears that the company has maintained the cost records as prescribed for maintenance of cost records for the company U/s.209 (1)(d) of the Companies Act, 1956, however we have not examined the same in detail.

(ix) (a) The Company is generally regular in depositing undisputed applicable statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess and any other statutory dues with the appropriate authorities. Except for certain cases of delays in deposits.

(b) Following disputed dues of Sales Tax and Excise Duty/cess have not been deposited:-

Sl. Name of the Statue/ Amount Period to which Authority where No. Nature of Dues (Rs.) Amount Relates dispute is pending

1. The Central Sales Tax 4,62,997/- 2007-08 Deputy Commissioner, Trade Tax Noida. Act, 1956 (Central Sales Tax) 1,32,163/- 2007-08 Dy Com.Trade Tax, Noida

5,000/- 2010-11 Dy.Com.Trade Tax, Noida

480/- 1999-00 (Sales Tax) VTO-Delhi

2. Sales Tax Officer- Delhi 3,373/- 2003-04 Sales Tax Officer, VAT Delhi

3. The Central Excise Act, 1944 1,95,000/- March,1998 High Court (Penalty for wrong MODVAT Credit)

(x) The Company has been registered for a period of more than five years, and the Company does not have any accumu- lated losses during the year under report.

(xi) According to the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institutions and banks during.

(xii) The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The provisions of any special statute applicable to Chit Fund, Nidhi /Mutual Benefit Fund/Societies are not applicable to this company.

(xiv) The company is not dealing or trading in business of securities, debentures and other investments.

(xv) According to the information and explanations given to us, the company has given a corporate guarantee of Rs.14.63 Crore to bank against loan taken by M/s Bagla Polifilms Ltd., for which approval from Central Government under section 295 of Companies Act,1956 dated 19-03-2010 has been obtained by the Company.

(xvi) In our opinion and according to the information and explanations given to us, the term loans obtained in earlier years and continued to remain outstanding during the financial year under report are applied for the purpose for which the loans were obtained.

(xvii) According to the information and explanations given to us and on an overall examination of financial statements of the company and after placing reliance on the reasonable assumption made by the company for the classification of long term and short term use of funds we are of the opinion that, prima-facie, long term funds have not been utilised for short term purposes and vice-versa.

(xviii) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained U/s.301 of the Companies Act, 1956.

(xix) The Company has not issued any debentures since inception.

(xx) The company has not raised any money by public issue during the year.

(xxi) According to the information and explanations given to us no fraud on or by the company has been noticed or reported during the year under report.

For SALARPURIA & PARTNERS

Firm Registration No. 302113E Chartered Accountants

Place : 1008, Chiranjiv Tower, (KAMAL KUMAR GUPTA)

43, Nehru Place, New Delhi-110 019 Partner

Date:31.05.2014 M. No. 89190

---

Mar 31, 2012

1. We have audited the attached Balance Sheet of M/s Hindustan Adhesives Limited as on 31st March, 2012, the Profit and Loss Account for the year ended on that date and Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

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

4. Further to our comments in Annexure referred to above, we report that:

(i) We have obtained all the information and explanation, which to the best of our knowledge and belief were necessary for the purpose of our audit; ~

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

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

(iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the directors, as on 31st March, 2012, and taken on record by the Board of Directors, we report that none of the director is disqualified as on 31 st 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;

(vi) Subject to our comments above, in our opinion and to the best of our information and according to the explanations given to us, the said statements of accounts read together with the Notes on Financial statements give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

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

ANNEXURE TO THE AUDITOR''S REPORT (Referred to in paragraph 3 of our Report of even date)

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

(b) The management at reasonable intervals has physically verified the fixed assets, no material discrepancies were noticed on such verification.

(ii) (a) The physical verification of inventory has been conducted by the management at reasonable intervals.

(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) In our opinion the Company is maintaining proper records of inventory and the discrepancies noticed on physical verification were not material and have been properly dealt with in the books of accounts;

(iii) In respect of loans, secured or unsecured, granted or taken by the company to or from companies, firms or other parties covered under the register maintained U/s. 301 of the Companies Act, 1956, according to the information and explanations given to us:

(a) The Company has taken unsecured loans from 5 (Five) parties covered under the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved in such loans during the year aggregates to Rs.300.17 Lacs and the closing balance outstanding as on 31st March 2012 is Rs.186.17 Lacs.

(b) In our opinion the terms and conditions of such loans taken by the company are prima facie not prejudicial to the interests of the company

(c) There is no pre-determined schedule for repayment of unsecured loans.

(d) As there is no schedule for repayment of unsecured loans taken by the company, therefore, we are not in a position to comment on steps, if any, taken by the company for repayment of the same.

(e) The company has not granted any loans to companies, firms or other parties covered under the register maintained U/s. 301 of the Companies Act, 1956, except temporary advances given 4 (Four) such parties which has been recovered as stipulated The maximum amount involved in such loans during the year aggregates to Rs. 140.63 Lacs and the closing balance outstanding as on 31st March 2012 is Rs. Nil.

(iv) In our opinion and according to the information and explanations given to us the company has an adequate internal control procedure commensurate with the size of the Company and the nature of its business, for the purchases of inventory and fixed assets and for the sale of goods. There is no continuing failure or weakness in internal control system.

(v) According to the information and explanation given to us, the transactions that need to be entered into the register in pursuance of section 301 of the Companies Act, 1956 has been so entered.

In our opinion and according to the information & explanation given to us, there were no transactions made in pursuance of contracts or arrangements entered in the register mentioned under section 301 of the Companies Act exceeding the value of Rs. Five lacs in respect of any party during the year.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any public deposits for which the provisions for compliance U/s.58 and 58AA or any other relevant provisions of the Companies Act, 1956 applies.

(vii) The Company has an internal audit system commensurate with its size and nature of its business.

(viii) The Central Government has not prescribed maintenance of cost records for the company U/s.209 (1 )(d) of the Companies Act, 1956.

(ix) (a) The Company is generally regular in depositing undisputed applicable statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess and any other statutory dues with the appropriate authorities. Except for certain cases of delays in deposits.

(b) Following disputed dues of Sales Tax and Excise Duty/cess have not been deposited: -

SI. Name of the Statue/ Amount Period to which Authority where No. Nature of Dues (Rs.) Amount Relates dispute is pending

1. The Central Sales Tax 15,000/- 2006-07 Deputy Commissioner, Trade Tax Noida Dy. Act, 1956 (Central Sales Tax) 4,62,997/- 2007-08 Com. trade Tax, Noida Dy. 1,32,163/- 2007-08 Com. trade Tax, Noida Dy.

480/- 1999-00 (Sales Tax Assessment) V T O - Delhi

2. Sales Tax Officer- Delhi 3,337/- 2003-04 Sales Tax Officer, VAT Delhi

3. The Central Excise Act, 1944 1,95,000/- March, 1998 High Court (Penalty for wrong MODVAT Credit)

(x) The Company has been registered for a period of more than five years, and the Company does not have any accumulated losses during the year under report.

(xi) According to the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institutions and banks during.

(xii) The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The provisions of any special statute applicable to Chit Fund, Nidhi /Mutual Benefit Fund/Societies are not applicable to this company.

(xiv) The company is not dealing or trading in business of securities, debentures and other investments.

(xv) According to the information and explanations given to us, the company has given a corporate guarantee of Rs. 14.63 crore to bank against loan taken by M/s Bagla Polifilms Ltd., for which approval from Central Government under section 295 of Companies Act, 1956 dated 19-03-2010 has been obtained by the Company.

(xvi) In our opinion and according to the information and explanations given to us, the term loans obtained in earlier years and continued to remain outstanding during the financial year under report are applied for the purpose for which the loans were obtained.

(xvii) According to the information and explanations given to us and on an overall examination of financial statements of the company and after placing reliance on the reasonable assumption made by the company for the classification of long term and short term use of funds we are of the opinion that, prima-facie, long term funds have not been utilised for short term purposes and vice-versa.

(xviii) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained U/s.301 of the Companies Act, 1956.

(xix) The Company has not issued any debentures since inception.

(xx) The company has not raised any money by public issue during the year.

(xxi) According to the information and explanations given to us no fraud on or by the company has been noticed or reported during the year under report.

For SALARPURIA & PARTNERS

Firm Registration No. 302113E

Chartered Accountants

Place : 1008, Chiranjiv Tower, (KAMAL KUMAR GUPTA)

43, Nehru Place, New Delhi-110 019 Partner

Date : 04.09.2012 M. No. 89190

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of M/s Hindustan Adhesives Limited as on 31st March, 2010, the Profit and Loss Account for the year ended on that date and Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have 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 the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

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

Attention of members is drawn on following:

(a) Note No B-2 of Notes on Accounts appearing in Schedule U) regarding the change in accounting policy for providing depreciation on the assets of the Company. During the year, the Company has changed its deprecia- tion policy on all of its assets except plant & machinery and electric installation, which were hitherto, depreci- ated on straight line basis are now depreciated at written down value method.

(b) Non identification of dues to Micro/Small Scale Industrial Undertakings (Refer Note No.8 of Notes on Accounts appearing in Schedule U)

4. Further to our comments in Annexure referred to above, we report that:

(i) We have obtained all the information and explanation, which to the best of our knowledge and belief were necessary

(ii) for our the purose of our audit; our bo au ks of account as required by law, have been kept by the Company so far as appears from

(iii) The ™ce 0S n he o e f t th and e P b rofit s; and Loss Account dealt with by this report are in agreement with the books of

(iv) In cco ur opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the directors, as on 31st March, 2010, and taken on record by the Board of Directors we report that none of the director 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;

(vi) Subject to our comments above, in our opinion and to the best of our information and according to the explanations given to us, the said statements of accounts read together with the Notes appearing in Schedule v give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

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

5. We further report that had there been no change in the accounting policy as mentioned by us in paragraph 3 above the profit for the have been Rs.331.99 Lac (As against the reported figure of Rs.229.60 Lac) and the accumulated balance of profit & Loss account would have been Rs. 198.33 Lac (As against the reported figure of Rs.95.95 Lac).



ANNEXURE TO THE AUDITORS REPORT



(Referred to in paragraph 3 of our Report of even date)

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

(b) The management at reasonable intervals has physically verified the fixed assets, no material discrepancies were noticed on such verification.

(ii) (a) The physical verification of inventory has been conducted by the management at reasonable intervals.

(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) In our opinion the Company is maintaining proper records of inventory and the discrepancies noticed on physical verification were not material and have been properly dealt with in the books of accounts;

(iii) In respect of loans, secured or unsecured, granted or taken by the company to or from companies, firms or other parties covered under the register maintained U/s. 301 of the Companies Act, 1956, according to the information and explanations given to us:

(a) The Company has taken unsecured loans from 3 (Three) parties covered under the register maintained under section 301 of the Companies Act, 1956.The maximum amount involved in such loans during the year aggregates to Rs.112.96 Lacs and the closing balance outstanding as on 31st March 2010 is Rs. 14.52 Lacs.

(b) In our opinion the terms and conditions of such loans taken by the company are prima facie not prejudicial to the interests of the company

(c) There is no pre-determined schedule for repayment of unsecured loans.

(d) As there is no schedule for repayment of unsecured loans taken by the company, therefore, we are not in a position to comment on steps, if any, taken by the company for repayment of the same.

(e) The company has not granted any loans to companies, firms or other parties covered under the register maintained U/s. 301 of the Companies Act, 1956, except temporary advances which are recovered as stipulated.

(iv) In our opinion and according to the information and explanations given to us the company has an adequate internal control procedure commensurate with the size of the Company and the nature of its business, for the purchases of inventory and fixed assets and for the sale of goods. There is no continuing failure or weakness in internal control system.

(v) According to the information and explanation given to us, the transactions that need to be entered into the register in pursuance of section 301 of the Companies Act, 1956 has been so entered.

In our opinion and according to the information & explanation given to us, there were no transactions made in pursuance of contracts or arrangements entered in the register mentioned under section 301 of the Companies Act exceeding the value of Rs. Five lacs in respect of any party during the year.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any public deposits for which the provisions for compliance U/s.58 and 58AA or any other relevant provisions of the Companies Act, 1956 applies.

(vii) The Company has an internal audit system commensurate with its size and nature of its business.

(viii) The Central Government has not prescribed maintenance of cost records for the company U/s.209 (1)(d) of the Companies Act, 1956.

(ix) (a) The Company is generally regular in depositing undisputed applicable statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess and any other statutory dues with the appropriate authorities.

(b) Following disputed dues of Sales Tax and Excise Duty/cess have not been deposited:-

SI. Name of the Statue/ Amount Period to Authority which where No. Nature of Dues (Rs.) Amount dispute Relates is pending

1. The Central Sales Tax 2,14,012/- 2003-04 High Court at Allahabad Act, 1956 (Central Sales Tax) 14,885/- 2005-06 Officer Deputy Commissioner, Trade Tax Noida

15,000/- 2006-07 -do-

31,58,649/- 2007-08 -do-

480/- 1999-00 (Sales Tax Asse ssment) V T 0 - Delhi

2. Sales Tax Officer - Delhi 3.337/- 2003-04 Sales Tax Officer, VAT Delhi

3. The Central Excise Act, 1944 1,95,000/- March, 1998 High Court. (Penalty for wrong MODVAT Credit)

(x) The Company has been registered for a period of more than five years, however, its accumulated losses at the end of the financial year are not more than fifty percent of its net worth and the Company has not incurred cash loss during the year under report and also in the financial year immediately preceding the financial year under report.

(xi) According to the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institutions and banks during.

(xii) The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The provisions of any special statute applicable to Chit Fund, Nidhi /Mutual Benefit Fund/Societies are not applicable to this company.

(xiv) The company is not dealing or trading in business of securities, debentures and other investments.

(xv) According to the information and explanations given to us, the company has given a corporate guarantee of Rs. 14.63 crore given to Bank against loan taken by Bagla Polifilms Pvt. Ltd., for which approval from Central Government under section 295 of Companies Act,1956 dated 19-03-2010 has been obtained by the Company.

(xvi) In our opinion and according to the information and explanations given to us, the term loans obtained in earlier years and continued to remain outstanding during the financial year under report are applied for the purpose for which the loans were obtained.

(xvii) According to the information and explanations given to us and on an overall examination of financial statements of the company and after placing reliance on the reasonable assumption made by the company for the classification of long term and short term use of funds we are of the opinion that, prima-facie, long term funds have not been utilised for short term purposes and vice-versa.

(xviii) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained U/s.301 of the Companies Act, 1956.

(xix) The Company has not issued any debentures since inception.

(xx) The company has not raised any money by public issue during the year.

(xxi) According to the information and explanations given to us no fraud on or by the company has been noticed or reported during the year under report.

For SALARPURIA& PARTNERS

Firm Registration No,302113E

Chartered Accountants

Place: 1008, Chiranjiv Tower, (KAMAL KUMAR GUPTA)

43, Nehru Place, New Delhi-110 019 Partner

Date : 03.09.2010 M. No. 89190