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Auditor Report of Inani Marbles & Industries Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of M/S Inani Marbles & Industries Limited, which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit & Loss and cash flow statement for the year ended and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements:

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the companies act 2013 with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flow of the company in accordance with the accounting principles generally accepted in India including Accounting Standard specified in section 133 of the Act, read with rule 7 of the companies (Accounts) Rules,2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting polices; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial controls, that are operating effectively foe 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 provision of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provision of the Act and Rules made there under. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India as 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 amount and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risk of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessment; the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedure 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 financial statements. We believe that the audit evidences we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statement

Opinion:

In our opinion and to the best of our information and according to 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 of the state of affairs of the Company as at 31st March, and its profit/loss and its cash flow for the year ended on that date.

(i) In the case of Balance Sheet of the state of affairs of the company as at March 31, 2015; and

(ii) In the case of the Profit & Loss AJc of the profit for the year ended on that date

(iii) In the case of the Cash Flow Statement, of the cash flow 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 section (ll)of section 143 of the Act we give in the annexure a statement on matters specified in of paragraph 3 and 4 of the order.

As required by section 143(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 requjred by Law have been kept by the company so far as appears from our examination of those books.

(c) The company do not have any branch hence Section 143(8) of the Act is not applicable to the company.

(d) The Balance sheet, the Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of Accounts.

(e) In our opinion, the financial statement comply with the Accounting Standards referred to in the section 133 of the Act, read with the rule 7 of the Companies (Accounts) Rules, 2014.

(f) On the basis of written representation received from the directors as on March 31, 2015 and taken on record by the Board of Director, none of the directors is disqualified as on March 31, 2015 from being appointed as a director in terms of section 162 (2) of the Act.

(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, in our opinion and to the best of our information and according to the explanation given to us:

(i) The Company has disclosed the impact of pending litigation on its financial position in its financial statements.

(ii) The did not have any long term contracts including derivatives contract for which there were any material foreseeable losses.

(iii) There were no amount which were required to be transferred, to the Investors Education and Protection Fund by the Company.

Annexure referred to in paragraph 1 under, the heading of "report on the legal and regulatory requirements” of our report of even date

1. (a) The Company has maintained proper records showing full particulars including quantitative details & situations of the fixed assets.

(b) The fixed Assets are physically verified by the management according to a phased programme cover all items over a period of three years which, in our opinion is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, a portion of the fixed assets has been physically verified by the management during the year and no material discrepancies were noticed on such physical verification.

2. (a) The inventory has been physically verified at reasonable intervals by the management during the year.

(b) In our opinion and according to the information given to us, the procedure of physical verification of such 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 given to us, the company has maintaining proper records of inventory. No material discrepancies noticed on physical verification between the physical stock and the book records.

3. (a) The Company has not granted loans, secured or unsecured to companies, firm or other parties covered in the register maintained under section 189 of the Act. Hence, the question of reporting under sub clause (a) & (b) of the clause 3(iii) of the order does not arise.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. Further, on the basis of our examination of, the books and record of the Company, and according to the information and explanation given to us, we have neither come across nor have been informed of, any continuing failure to correct major weakness in the aforesaid internal control system.

5. In our opinion and according to the information and explanations given to us, the Company has complied with the directives issued by the Reserve Bank of India . and the provisions of section 73 to 76 or any other .relevant provisions of the Act and the rules framed there under, to the extent applicable. We are informed by the Management that no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any Tribunal in this regard.

6. We have broadly reviewed the books of account maintained by the Company in respect of products where the maintenance of cost records has been specified by the Central Government under, sub section (1) of Section 148 of the Act and the rules framed there under and we are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

7. (a) According to the records, information and explanations provided to us, the Company is generally regular in depositing the undisputed statutory dues including Provident Fund, Employee's State Insurance Income tax, Sales tax, Wealth tax, Service tax, Value Added Tax, Customs duty, Excise duty, Cess and other material statutory dues applicable to it with appropriate authorities except following dues:

Particulars Financial Year Rs . In Lacs

Entry Tax 2013-14 4.22

Entry Tax 2014-15 1.28

(b) According to the information and explanations given to us and records of the Company examined by us there are no dues of Wealth Tax, Sales Tax, Service Tax and Value added Tax which have not been deposited by the Company on account of disputes.

(c) According to the information and explanations given to us, there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

8. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

9. The Company did not have any outstanding dues to financial institutions, banks or debenture holders during the year.

10. In our opinion and according to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

11. According to the information and explanations given to us, the term loans have been applied for the purpose for which the loans were obtained.

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

For: Nyati Mundra & CO. For: Mahesh C. Solanki & Co. Chartered Accountants Chartered Accountants (Reg.No. 008153C) (Reg.No. 06228C)

CA R. K. NYATI CA Jagdish Rathi (Partner) (Partner) M.N. 070692 M.N. 039303

Place: Chittorgarh Date: 30.05.2015


Mar 31, 2014

We have audited the accompanying financial statements of M/S Inani Marbles & Industries Limited, which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit & Loss and cash flow statement for the year the 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 and financial performance and cash flow of the company in accordance with the Accounting Standard referred to in of section 211 (3C) of the Companies Act, 1956 read with the General Circular 15/2003 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 amount and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risk of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessment; the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedure that are appropriate in the circumstances but not for the purpose of expressing an 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 evidences 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 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 Balance Sheet of the state of affairs of the company as at March 31, 2014; and

(ii) In the case of the Profit & Loss A/c of the profit for the year ended on that date.

(iii) In the case of the Cash Flow Statement, of the cash flow 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 issued by the Central Government of India in terms of section 227 (4A) of the Act, we give in the annexure a statement on matters specified in of paragraph 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 Cash Flow Statement dealt with by this report are in agreement with the books of Accounts.

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

(e) On the basis of written representation received from the directors as on March 31, 2014 and taken on record by the Board of Director, none of the directors is disqualified as on March 31, 2014 from being appointed as a director in terms of section 274 (1) (g) of companies Act, 1956.

ANNEXURE TO THE AUDITORS'' REPORT

Annexure referred to in paragraph 1 under the heading of "report on the legal and regulatory requirements" of our report of even date.

1. (a) The Company has maintained proper records showing full particulars including quantitative details & situations of the fixed assets. The situation of the moveable assets used in the mining activity keeps on changing from Mines sites depending upon requirements for a particular contract.

(b) A substantial portion of the Fixed Assets have been physically verified by the management during the year and in our opinion the frequency of verification is reasonable having regard to the size of the Company, the nature of its assets. According to the information given to us and to the best of our knowledge, no material discrepancies were noticed on such physical verification.

(c) The Company has not disposed off a substantial part of the fixed assets during the year.

2. (a) As explained to us the inventory has been physically verified during the year by the management.

(b) In our opinion 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) The Company is maintaining proper records of inventory. No material discrepancies noticed on physical verification between the physical stock and the book records.

3. (a) The Company has not granted nor taken any loans, secured or unsecured to/from companies, firm or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, sub clause (b), (c) and (d) are not applicable.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business with regard to purchase of inventory, Fixed Assets and with regards to the sale of goods. During the course of our audit we have not observed any continuing failure to correct major weaknesses in internal controls.

5. (a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered in to the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanation given to us such transactions made in pursuance of contracts or arrangements entered in registers maintained under section 301 of the Company Act, 1956 and exceeding value of Rs. 500000/- during the year in respect of each party, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public in terms of Section 58A and 58AA of the Act and the rules framed there under.

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

8. According to the information and explanations given to us, the Company is in the process of preparing cost records in respect of its products for which the maintenance of cost records has been prescribed under clause (d) of sub-section 1 of section 209 of the Act pursuant to The Companies (Cost Accounting Records) Rules, 2011 notified by the Central Government of India vide notification dated June 3 2011.

9. (a) According to the record of the company is 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, custom duty, excise duty, cess and other material, statutory dues applicable to it.

(b) According to the information & explanation given to us, no undisputed amounts payable in respect of income-tax, wealth tax, sales tax, custom duty, excise duty and cess were in arrears, as at the last day of the financial year for a period of more than six month from the date they became payable.

(c) As per records produced before us the dues of Income Tax, Sates Tax, Customs Duty, Wealth Tax, Excise Duty and Cess which have not been deposited on account of any dispute are stated hereunder:

Name of Period to which Forum Where dispute is Amount Statute amount relates pending (Rs. in Lacs)

Income Tax F.Y. 2002-03 Income Tax Appellate Tribunal, Mumbai 8.89

Entry Tax F.Y. 2002-03 Rajasthan High Court, Jodhpur 2.57

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

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

12. The Company has not granted loans and advances on the basis of securities by way of pledge of shares, debentures and other securities. There is no question of maintaining adequate records.

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

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

15. In our opinion the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has raised new term loans during the year. The terms loans outstanding at the beginning of the year and those raised during the year have been applied for the purpose for which they were raised.

17. According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company we report that the no funds raised on short-term basis have been used for long term investment. No long-term funds have been used to finance short-term assets except permanent working capital.

18. According to the information and explanation given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

19. According to the information and explanations given to us, during the period covered by our audit report, the Company has not created any security in respect of debentures issued.

20. The Company has not raised any money by way of public issues during the year; therefore there is no need for any disclosure required in clause 4(XX).

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: Nyati Mundra & CO. For: Mahesh C. Solanki & Co. Chartered Accountants Chartered Accountants (Reg.No. 008153C) (Reg.No. 06228C)

CA R. K. NYATI CA Jagdish Rathi (Partner) (Partner) M.N. 070692 M.N. 039303

Place: Chittorgarh Date: 30.05.2014


Mar 31, 2013

Report on the Financial Statements:

We have audited the accompanying financial statements of M/S Inani Marbles & Industries Limited, which comprise the Balance Sheet as at March 31, 2013, the Statement of Profit & Loss for the year the ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements:

The company Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the company in accordance with the Accounting Standard referred to in of section 211 (3C) of the Companies Act, 1956.and accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 amount and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risk of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessment; the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedure that are appropriate in the circumstances but not for the purpose of expressing an 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, aswell as evaluating the overall presentation of the financial statements.

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

Opinion:

In our opinion and to the best of our information and according to explanations given to us, the 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

(i) In the case of Balance Sheet of the state of affairs of the company as at March 31,2013; and (ii) In the case of the Profit & Loss A/c of the profit 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 issued by the Central Government of India in terms of section 227 (4A) of the Act, we give in the annexure a statement on matters specified in of paragraph 4 and 5 of the order.

2. Asrequiredbysection227{3)oftheAct,wereportthat:

(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 and Statement of Profit and Loss dealt with by this report are in agreement with the books of Accounts.

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

(e) On the basis of written representation received from the directors as on March 31, 2013 and taken on record by the Board of Director, none of the directors is disqualified as on March 31, 2013 from being appointed as a director in terms of section 274 (1) (g) of companies Act, 1956.

Referred to in paragraph 3 of our report of even date

1. (a) The Company has maintained proper records showing full particulars including quantitative details & situations of the fixed assets. The situation of the moveable assets used in the mining activity keeps on changing from Mines sites depending upon requirements for a particular contract.

(b) A substantial portion of the Fixed Assets have been physically verified by the management during the year and in our opinion the frequency of verification is reasonable having regard to the size of the Company, the nature of its assets. According to the information given to us and to the best of our knowledge, no material discrepancies were noticed on such physical verification.

(c) The Company has not disposed off a substantial part of the fixed assets during the year.

2. (a) As explained to us the inventory has been physically verified during the year by the management.

(b) In our opinion 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) The Company is maintaining proper records of inventory. No material discrepancies noticed on physical verification between the physical stock and the book records.

3. (a) The Company has not granted nor taken any loans, secured or unsecured to/from companies, firm or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, sub clause (b), (c) and (d) are not applicable.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business with regard to purchase of inventory, Fixed Assets and with regards to the sale of goods. During the course of our audit we have not observed any continuing failure to correct major weaknesses in internal controls.

5. (a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered. (b) In our opinion and according to the information and explanation given to us such transactions made in pursuance of contracts or arrangements entered in registers maintained under section 301 of the Company Act, 1956 and exceeding value of Rs. 500000/- during the year in respect of each party, have been made at prices which are reasonable having regard to the prevailing market prices attherelevanttime.

6. The Company has not accepted any deposits from the public in terms of Section 58A and 58AA of the Act and the rules framed there under.

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

8. According to the information and explanations given to us, the Company is in the process of preparing cost records in respect of its products for which the maintenance of cost records has been prescribed under clause (d) of sub-section 1 of section 209 of the Act pursuant to The Companies (Cost Accounting Records) Rules, 2011 notified by the Central Government of India vide notification dated June 3,2011.

9. According to the record of the company is 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, custom duty, excise duty, cess and other material, statutory dues applicable to it.

According to the informations explanation given to us, no undisputed amounts payable in respect of income-tax, wealth tax, sales tax, custom duty, excise duty and cess were in arrears, as at the last day of the financial year for a period of more than six month from the date they became payable.

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

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

12. The Company has not granted loans and advances on the basis of securities by way of pledge of shares, debentures and other securities. There is no question of maintaining adequate records.

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

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

15. In our opinion the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not taken any term loans and hence, our requirement of reporting regarding application of term loans in terms of Clause (xvi) of the order does not arise.

17. According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company we report that the no funds raised on short-term basis have been used for long term investment. No long-term funds have been used to finance short-term assets except permanent working capital.

18. According to the information and explanation given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

19. According to the information and explanations given to us, during the period covered by our audit report, the Company has not created any security in respect of debentures issued.

20. The Company has not raised any money by way of public issues during the year; therefore there is no need for any disclosure required in clause 4(XX).

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 : Nyati Mundra & CO. For: Jagdish Rathi & Associates

Chartered Accountants Chartered Accountants

(Reg.No. 008153C) (Reg.No. 004623C)

CA R. K. NYATI CA J. C. Rathi

(Partner) (Proprietor)

M.N. 070692 M.N. 039303

Place : Chittorgarh Date : 30.05.2013


Mar 31, 2011

1. We have Audited the attached Balance Sheet of INANI MARBLES & INDUSTRIES LTD as at 31st MARCH 2011 and also the annexed Profit & Loss Account and the Cash Flow Statement for the year ended on that date. 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 conducted our audit in accordance with the 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 misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order2003, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure here to a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

a) We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the 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 such books ;

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

d) In our opinion, the Balance Sheet and Profit & Loss account and cash flow statement dealt with by this report comply with the mandatory Accounting Standards referred in sub-section (3C) of section 211 of the Companies Act, 1956 ;

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

f) In our opinion and to the best of our information and according to explanation given to us, the said accounts together with the notes in schedule 19, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2011;

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

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

Referred to in paragraph 3 of our report of even date.

1. (a) The Company has maintained proper records showing full particulars including quantitative details & situations of the fixed assets. The situation of the moveable assets used in the mining activity keeps on changing from Mines sites depending upon requirements for a particular contract.

(b) A substantial portion of the Fixed Assets have been physically verified by the management during the year and in our opinion the frequency of verification is reasonable having regard to the size of the Company, the nature of its assets. According to the information given to us and to the best of our knowledge, no material discrepancies were noticed on such physical verification.

(c) The Company has not disposed off a substantial part of the fixed assets during the year.

2. (a) As explained to us the inventory has been physically verified during the year by the management.

(b) In our opinion 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) The Company is maintaining proper records of inventory. No material discrepancies noticed on physical verification between the physical stock and the book records.

3. (a) The Company has not granted nor taken any loans, secured or unsecured to/from companies, firm or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, sub clause (b), (c) and (d) are not applicable.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business with regard to purchase of inventory, Fixed Assets and with regards to the sale of goods. During the course of our audit we have not observed any continuing failure to correct major weaknesses in internal controls.

5. (a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered in to the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanation given to us such transactions made in pursuance of contracts or arrangements entered in registers maintained under section 301 of the Company Act, 1956 and exceeding value of Rs.500000/- during the year in respect of each party, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public in terms of Section 58A and 58AA of the Act and the rules framed there under.

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

8. No cost records have been prescribed by the Central Govt.

9. (a) According to the record of the company is 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, custom duty, excise duty, cess and other material, statutory dues applicable to it.

(b) According to the information & explanation given to us, no undisputed amounts payable in respect of income-tax, wealth tax, sales tax, custom duty, excise duty and cess were in arrears, as at the last day of the financial year for a period of more than six month from the date they became payable.

(c) As per records produced before us the dues of Income Tax, Sales Tax, Customs Duty, Wealth Tax, Excise Duty and Cess which have not been deposited on account of any dispute are stated hereunder:

Name of Statute Period to which Forum Where dispute Amount amount relates is pending (Rs. in Lacs)

Income Tax F.Y. 2002-03 Commissioner Of Income Tax (Appeal),Mumbai 8.89

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

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

12. The Company has not granted loans and advances on the basis of securities by way of pledge of shares, debentures and other securities. There is no question of maintaining adequate records.

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

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

15. In our opinion the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not taken any term loans and hence, our requirement of reporting regarding application of term loans in terms of Clause (xvi) of the order does not arise.

17. According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company we report that the no funds raised on short-term basis have been used for long term investment. No long-term funds have been used to finance short-term assets except permanent working capital.

18. According to the information and explanation given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

19. According to the information and explanations given to us, during the period covered by our audit report, the Company has not created any security in respect of debentures issued.

20. The Company has not raised any money by way of public issues during the year; therefore there is no need for any disclosure required in clause 4(XX).

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: Jagdish Rathi & Associates For: Nyati Mundra & CO.

Chartered Accountants Chartered Accountants

(Reg.No. 04623C ) (Reg.No. 008153C)

CA J. C. Rathi CA R. K. NYATI

Place : Chittorgarh (Proprietor) (Partner)

Date : 30th May, 2011 M.N. 39303 M.N. 070692


Mar 31, 2010

1. We have Audited the attached Balance Sheet of INANI MARBLES & INDUSTRIES LTD as at 31st MARCH 2010 and also the annexed Profit & Loss Account and the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the 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 misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order 2003, issued by the Central Gover- nment of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

a) We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the 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 such books ;

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

d) In our opinion, the Balance Sheet and Profit & Loss account and cash flow statement dealt with by this report comply with the mandatory Accounting Standards referred in sub section (3C) of section 211 of the Companies Act, 1956;

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

f) In our opinion and to the best of our information and according to explanation given to us, the said accounts together with the notes in schedule 19, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

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

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

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

ANNEXURE TO THE AUDITORS REPORT Referred to in paragraph 3 of our report of even date.

1. (a) The Company has maintained proper records showing full particulars including quantitative details & situations of the fixed assets. The situation of the moveable assets used in the mining activity keeps on changing from Mines sites depending upon requirements for a particular contract.

(b) A substantial portion of the Fixed Assets have been physically verified by the management during the year and in our opinion the frequency of verification is reasonable having regard to the size of the Company, the nature of its assets. According to the information given to us and to the best of our knowledge, no material discrepancies were noticed on such physical verification.

(c) The Company has not disposed off a substantial part of the fixed assets during the year.

2. (a) As explained to us the inventory has been physically verified during the year by the management.

(b) In our opinion 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) The Company is maintaining proper records of inventory. No material discrepancies noticed on physical verification between the physical stock and the book records.

3. (a) The Company has not granted nor taken any loans, secured or unsecured to / from companies, firm or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, sub clause (b), (c) and (d) are not applicable.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business with regard to purchase of inventory, Fixed Assets and with regards to the sale of goods. During the course of our audit we have not observed any continuing failure to correct major weaknesses in internal controls.

5. (a) According to the information and explanations given tous, we are of the opinion that the transactions that need to be entered in to the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanation given to us such trans- actions made in pursuance of contracts or arrangements entered in registers maintained under section 301 of the Company Act, 1956 and exceeding value of Rs. 500000/- during the year in respect of each party, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public in terms of Section 58A and 58AA of the Act and the rules framed there under.

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

8. No cost records have been prescribed by the Central Govt.

9. (a) According to the record of the company is regular in depositing with appropriate auth- orities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax, custom duty, excise duty, cess and other material, statutory dues applicable to it.

(b) According to the information & explanation given to us, no undisputed amounts payable in respect of income-tax, wealth tax, sates tax, custom duty, excise duty and cesa were in arrears, as at the last day of the financial year for a period of more than six month from the date they became payable.

(c) As per records produced before us the dues of Income Tax, Sales Tax, Customs Duty, Wealth Tax, Excise Duty and Cess which have not been deposited on account of any dispute are stated hereunder:_

Name of Statute Period to which Forum Where dispute Amount amount relates is pending (Rs. in Lacs)

Entry Tax F.Y. 2002-03 Rajasthan High Court, Jodhpur 2.25



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

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

12. The Company has not granted loans and advances on the basis of securities by way of pledge of shares, debentures and other securities. There is no question of maintaining adequate records.

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 investment, accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) order 2003 are not applicable to the company.

15. In our opinion the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not taken any term loans and hence, our requirement of reporting regarding application of term loans in terms of Clause (xvi) of the order does not arise.

17. According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company we report that the no funds raised on short-term basis have been used for long term investment. No long-term funds have been used to finance short-term assets except permanent working capital.

18. According to the information and explanation given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

19. According to the information and explanations given to us, during the period covered by our audit report, the Company has not created any security in respect of debentures issued.

20. The Company has not raised any money by way of public issues during the year; therefore there is no need for any disclosure required in clause 4(XX).

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: Nyati Mundra & CO. For: Jagdish Rathi & Associates

Chartered Accountants Chartered Accountants

(Reg.No. 008153C) (Reg.No. 04623C )

CA R. K. NYATI CA J. C. Rathi

Place: Chittorgarh (Partner) (Proprietor)

Date : 31.05.2010 M.N. 070692 M.N. 39303

 
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