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Auditor Report of Jauss Polymers Ltd.

Mar 31, 2015

1. We have audited the accompanying standalone financial statements of Jauss Polymers Limited ("the Company"), which comprise the Balance Sheet as at March 31,2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

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

Auditor's Responsibility

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

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

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

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

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

Opinion

8. 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, of the state of affairs of the Company as at March 31,2015, and its profit/loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

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

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

(f) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our knowledge and belief and according to the information and explanations given to us:

i The Company does not have any pending litigations as at March 31, 2015 which would impact its financial position.

ii. The Company did not have any long-term contracts including derivative contracts as at March 31,2015.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year ended March 31,2015.

ANNEXURE TO INDEPENDENT AUDITOR'S REPORT

Referred to in paragraph 9 of the Independent Auditors' Report of even date to the members of Jauss Polymers Limited on the financial statements for the year ended March 31, 2015

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

(b) The fixed assets are physically verified by the Management according to a phased programme designed to cover all the 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 have been noticed on such verification.

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

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

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

iii. The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 189 of the Act. Therefore, the provisions of Clause 3(iii), (iii)(a) and (iii)(b) of the said Order are not applicable to the Company.

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

v. The Company has not accepted any deposits from the public within the meaning of Sections 73, 74, 75 and 76 of the Act and the rules framed there under to the extent notified.

vi. We have broadly reviewed the books of account maintained by the Company in respect of products where, pursuant to the rules made by the Central Government of India, the maintenance of cost records has been specified under sub- section (1) of Section 148 of the Act, and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.

vii. (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, undisputed statutory dues including provident fund, employees' state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs ,duty of excise, value added tax and cess have not generally been regularly deposited with the appropriate authorities though the delays in deposit have not been serious.

(b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of income-tax, sales-tax, wealth-tax, service-tax, duty of customs, and duty of excise or value added tax or cess25 which have not been deposited on account of any dispute.

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

viii. The Company has no accumulated losses as at the end of the financial year and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

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

x. In our opinion, and according to the information and explanations given to us, the terms and conditions of the guarantees given by the Company for loans taken by others from banks or financial institutions during the year, are not prejudicial to the interest of the Company

xi. In our opinion, and according to the information and explanations given to us, the term loans have been applied for the purposes for which they were obtained.

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

For BGJC & Associates Firm Registration Number: 003304N Chartered Accountants

Sd/- Darshan Chhajer Place : New Delhi Partner Date :30th May 2015 Membership Number 088308






Mar 31, 2014

1. We have audited the accompanying financial statements of the Jauss Polymers Ltd. (''the Company''), which comprise the Balance Sheet as at 31st March, 2014, the Statement of Profit and Loss and the Cash Flow Statement for the period then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

2. 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 in section 133 of the Companies Act ''2013 (''the Act '') (which has superseded section 211 (3C) of Companies Act 1956). 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

3. 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.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

6. Subject to in our opinion and to the best of our information and according to the explanations given to us, the financial statement together with the notes thereon give the information required by 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, 2014;

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

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

7. As required by the Companies (Auditor''s Report) Order, 2003 (as amended) (herein after collectively referred to as the ''Order''), issued by the Central Government of India in terms of section 227 (4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraph 4 & 5 of the said Order.

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

i. 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;

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

iii. The Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with by this report are in agreement with the books of accounts of the Company;

iv. In our opinion, the Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with by this report comply with the Accounting Standard referred to in section 133 of the Companies Act, 2013 (which has superseded section 211 (3C) of Companies Act 1956);

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

ANNEXURE REFERRED TO IN PARAGRAPH 7 OF THE AUDITOR''S REPORT TO THE MEMBERS OF JAUSS POLYMERS LTD. ON THE ACCOUNTS FOR THE PERIOD ENDED 31ST MARCH 2014.

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

b) As per the explanation and information given to us, the Company has policy to physically verify all its fixed assets over a period in a phased manner which is in our opinion is reasonable having regard to the size of the Company and nature of its fixed assets. However, during the current period no verification has been done.

c) The Company has not disposed off substantial parts of its fixed assets during the period.

ii. a) The inventories have been physically verified by the management at the period end which is in our opinion is adequate. The frequency of such verification is reasonable.

b) In our opinion and according to the information and explanation given to us, the procedure of such physical verification of inventories followed by the management is appears to be reasonable and adequate in relation to the size and nature of its operations and inventory items involved.

c) In our opinion, the Company has maintained proper records of inventories. The discrepancies noticed on physical verification of inventories as compared to book records were not material and have been properly dealt with in the books of accounts.

iii. During the period under audit, the Company has neither granted nor taken any loan to / from any party covered in the register maintained under section 301 of the Companies Act, 1956. Hence reporting under this clause is not required.

iv. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with size of the Company and the nature of its business for the purchase of inventory, fixed assets and for the sale of goods & services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in the internal control system.

v. According to the information and explanation provided to us by the management, no contracts or arrangements were entered into during the period as referred to in section 301 of the Companies Act, 1956. Hence, this clause is not applicable.

vi. In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from public within the meaning of section 58A/58AA of the Companies Act, 1956 or any other relevant provisions of the Act and the rules framed there under.

vii. The Company is not having any internal audit system commensurate with the size of the Company and nature of its business.

viii. The maintenance of cost records u/s 209 (1) (d) of the Companies Act, 1956 is applicable to the company. The company has made & maintained such records, however we have not made detailed review of such records.

ix. a) According to the information and explanation given to us, the undisputed statutory dues including Provident Fund, Investors Educations Fund, income tax and sales tax, wealth tax, service tax etc have generally been regularly deposited with the appropriate authorities during the period except delay in few cases.

b) As per the information and explanation given to us as at 31st march 2014 there were no dues of income tax, sales tax, wealth tax, service tax, excise duty, customs duty and cess etc which have not been deposited on account of any dispute.

x. The Company has accumulated losses at the end of the period March 31st, 2014 which are less than 50% of net worth. The company has not incurred cash losses in the period covered by our audit and also in the immediately preceding financial year.

xi. As per the information and explanations given by the management, the Company has not taken any loan from bank / financial institution, hence this clause is not applicable.

xii. In our opinion and according to the information and explanations given to us, the Company has not granted any loans and advances during the period on the basis of security by way pledge of shares, debentures and other securities.

xiii. 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 Order are not applicable to the Company.

xiv. According to the information and explanations given to us, the Company is not dealing / trading in shares, securities and other investments.

xv. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from any Bank / financial institution.

xvi. According to the information and explanations given to us the, Company had no outstanding term loan during the except vehicle loans which have been applied for the purpose it was obtained.

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

xviii. The Company has not made any preferential allotment of shares during the period covered under audit.

xix. The Company had no outstanding debentures during the period.

xx. The Company has not raised any money by way of public issue during the period.

xxi. Based upon audit procedures performed and according to the information and explanations given to us by the management and to the best of our knowledge, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For BGJC & ASSOCIATES Chartered Accountants FRN.-003304N

Sd/- Darshan Chhajer Place : New Delhi Partner Date : 30.05.2014 Membership No. 088308


Jun 30, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of JAUSS POLYMERS LIMITED ("the company") which comprise the Balance Sheet as at 30th June 2013 and 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"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

a) in the case of the Balance Sheet, of the state of affairs of the Company as at June 30th,2013

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

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

Emphasis of Matter

We draw attention to:

1. Pending initiation of recovery proceedings towards advance of Rs. 3.60 crores for development of properties, we are unable to comment on the provision of Rs. 3.60 crores (refer note no.23).

2. Change in the basis of providing depreciation on plant and machinery and moulds from straight line method to written down value method, resulting into lower profits before tax for the year by Rs. 29.94 lacs and accumulated profits up to 30th June, 2012 by Rs. 92.25 lacs (refer note no.24).

3. Balance confirmation, reconciliation and consequential adjustments, if any (refer note no.35).

Our opinion is not qualified in respect of these matters.

Report On Other Legal And Regulatory Requirements:

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

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

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

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

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

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

e) on the basis of written representations received from the directors as on June 30,2013 and taken on record by the Board of Directors, none of the directors is disqualified as on June 30, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

REFERRED TO IN PARAGRAPH (1) OF OUR REPORT OF EVEN DATE ON OTHER LEGAL AND REGULATORY REQUIREMENTS ON THE ACCOUNTS OF JAUSS POLYMERS LIMITED FOR THE YEAR ENDED ON 30th JUNE, 2013

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

b) Major portion of the fixed assets have been physically verified by the management during the period as per the phased programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its business. No material discrepancies were noticed on such verification.

c) During the year ended 30 June, 2013, the Company has sold/ disposed off major part of fixed assets which may affect the going concern status of the company.

ii) a) The inventory has been physically verified during the period by the management. In our opinion, the frequency of verification is reasonable.

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

c) On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with in the books of accounts.

iii) a) The Company has not granted any loan-secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, the clauses 4(iii) (b) to (d) of the Order are not applicable.

b) The terms and conditions of unsecured interest free loans taken during the period from the parties covered in the register maintained under Section 301 of the Companies Act, 1956 are not prima facie, prejudicial to the interest of the Company.

c) There were no unsecured loans outstanding as on 30th June, 2013 in case of parties covered in the register maintained u/s 301 of the Companies Act,1956, the maximum amount involved, in case of one party, during the year was Rs. 41,59,000/-. The repayment of principal amount of those loans was regular wherever stipulated.

iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchases of inventory and fixed assets and with regard to the sale of goods and services. Further, on the basis of our examination of the books and records of the Company and according to the information and explanations given to us, we have not come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedures.

v) According to the information and explanations given to us, no contracts or arrangements were entered into during the period as referred to in Section 301 of the Companies Act, 1956. Therefore, the provisions of clause (v) of the said Order are not applicable to the Company under the circumstances.

vi) The Company has not accepted any deposits from the public during the period to which the directives issued by the Reserve Bank of India and the provisions of Sections 58 A and 58 AA of the Companies Act, 1956 and the rules framed there under are applicable.

vii) The company has an internal audit system, the scope and coverage of which, in our opinion requires to be enlarged to be commensurate with the size and nature of its business.

viii) The Central Government vide notification dated 3rd June, 2011 made mandatory for the Company to maintain cost record as prescribed from 1st April, 2011. The company has made and maintained such accounts and records.

ix) a) According to the records of the Company examined by us, the Company is generally regular during the period in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Wealth-tax, Sales Tax, Cess and other statutory dues applicable to it. There were no arrears of such dues as on 30th June, 2013 for a period of more than six months.

b) According to the information and explanation given to us and the records of the Company examined by us, there was no disputed amount payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance Fund, Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty and Cess as at 30th June, 2013.

x) The Company''s accumulated losses at the end of the period were not more than fifty percent of its net worth. The company has not incurred cash losses during the period covered by our audit and in the immediately preceding period.

xi) On an examination of the records of the Company and according to information and explanation given to us, the Company has not taken any loan from bank or financial institution, therefore clause xi of the order not applicable.

xii) Based on our examination of documents and records, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) In our opinion, the provisions of any special statute applicable to chit fund/nidhi/mutual benefit/societies are not applicable to the Company.

xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments.

xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the period.

xvi) According to the information and explanations given to us, the Company applied term loans and the same were utilized 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 the balance sheet of the Company, we report that funds raised on short term basis have not been used for long term investment.

xviii) According to the information and explanations given to us and on overall examination of the balance sheet of the Company, we report that the company has not made any preferential allotment of shares during the year.

xix) The Company has not issued any debentures during the period.

xx) The Company has not raised any money through public issue during the period.

xxi) 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 period, nor have we been informed of such case by the management.

For V. K. DHINGRA & CO.

CHARTERED ACCOUNTANTS

(FRN- 000250N)

Sd/-

V.K. DHINGRA

Place : New Delhi (PARTNER)

Date : 29.08.2013 M. No. 014467


Jun 30, 2011

1. We have audited the attached Balance Sheet of JAUSS POLYMERS LIMITED as at 30th June, 2011, the Profit & Loss Account and the Cash Flow Statement of the Company for the period from 1st April,2010 to 30th June,2011 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 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 the 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 (Auditor's Report) Order, 2003(as amended) issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 and on the basis of such checks of books and records of the Company as we consider appropriate and according to the information and explanations given to us during the course of audit, we enclose in the Annexure 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 in paragraph 3 above, we report that:

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

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

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

d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable to the Company under the circumstances;

e) On the basis of written representations received from directors, as on 30th June 2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 30th June 2011 from being appointed as a director in terms of clause (g) of subsection (1) of Section 274 of the Companies Act, 1956.

f) Without qualifying our report, attention is drawn to the following Notes of Schedule'M':

i) Note No.5 (b) - regarding increase in remuneration of Managing Director which is subject to the approval of members.

ii) Note No. 7- regarding unconfirmed/unreconciled balances in some of the parties accounts.

iii) Note No.18- regarding the accounts of the Company being prepared on going concern basis.

g) In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read with the significant accounting policies and other notes thereon as per Schedule 'M', 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 30th June, 2011;

ii) in the case of the Profit and Loss Account, of the Profit of the Company for the period ended on that date; and

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

ANNEXURE TO THE AUDITORS' REPORT

REFERRED TO IN PARAGRAPH (3) OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS OF JAUSS POLYMERS LIMITED FOR THE PERIOD ENDED ON 30th JUNE, 2011

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

b) Major portion of the fixed assets have been physically verified by the management during the period as per the phased programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its business. No material discrepancies were noticed on such verification.

c) There was no disposal of fixed assets during the period.

ii) a) The inventory has been physically verified during the period by the management. In our opinion, the frequency of verification is reasonable.

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

c) On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. No material discrepancies were noticed on verification between the physical stocks and the book records.

iii) a) The Company has not granted any loan-secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, the clauses 4(iii) (b) to (d) of the Order are not applicable.

b) The terms and conditions of unsecured interest free loans taken during the period from the parties covered in the register maintained under Section 301 of the Companies Act, 1956 are not prima facie, prejudicial to the interest of the Company.

There were unsecured loans of Rs.5.84 Lacs outstanding as on 30th June, 2011 in case of six parties covered in the register maintained u/s 301 of the Companies Act,1956, the maximum amount due during the period was Rs.84.79 Lacs. The repayment of principal amount of those loans was regular wherever stipulated.

iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchases of inventory and fixed assets and with regard to the sale of goods and services. Further, on the basis of our examination of the books and records of the Company and according to the information and explanations given to us, we have not come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedures.

v) According to the information and explanations given to us, no contracts or arrangements were entered into during the period as referred to in Section 301 of the Companies Act, 1956. Therefore, the provisions of clause (v) of the said Order are not applicable to the Company under the circumstances.

vi) The Company has not accepted any deposits from the public during the period to which the directives issued by the Reserve Bank of India and the provisions of Sections 58 A and 58 AA of the Companies Act, 1956 and the rules framed there under are applicable.

vii) The Company has an internal audit system which, in our opinion, is commensurate with the size of the Company and nature of its business.

viii) The Central Government has not prescribed maintenance of cost records under Section 209(1) (d) of the Companies Act, 1956 for any of the product of the Company.

ix) a) According to the records of the Company examined by us, the Company is generally regular during the period in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income tax, Wealth tax, Sales Tax, Cess and other statutory dues applicable to it. The extent of arrears of such dues as on 30th June, 2011 for a period of more than six months was Rs. 19.21Lacs which have been paid subsequently.

b) According to the information and explanation given to us and the records of the Company examined by us, there was no disputed amount payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance Fund, Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty and Cess as at 30th June, 2011.

x) The accumulated losses of the Company as at 30th June, 2011 were more than fifty percent of its net worth. The Company has not incurred cash losses during the period covered by our audit and in the immediately preceding financial year.

xi) On an examination of the records of the Company and according to information and explanation given to us, the Company has not defaulted in the repayment of dues to any bank or financial institutions during the period.

xii) Based on our examination of documents and records, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) In our opinion, the provisions of any special statute applicable to chit fund/nidhi/mutual benefit/societies are not applicable to the Company.

xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments.

xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the period.

xvi) According to the information and explanations given to us, the Company applied term loans and the same were utilised 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 the balance sheet of the Company, we report that funds raised on short term basis have not been used for long term investment.

xviii) In our opinion and according to the information and explanations give to us, the price at which the Company has made the preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956, during the period was not prima facie prejudicial to the interest of the Company.

xix) The Company has not issued any debentures during the period.

xx) The Company has not raised any money through public issue during the period.

xxi) 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 period, nor have we been informed of such case by the management.

For V. K. DHINGRA & CO.

CHARTERED ACCOUNTANTS

Firm Registration No. 000250N

PLACE: NEW DELHI (V.K.DHINGRA)

DATED: OCTOBER 21,2011 PARTNER

M. No. : 014467


Mar 31, 2010

We have audited the attached Balance Sheet of JAUSS POLYMERS LTD. as at 31 st March, 2010, the Profit & Loss Account and the Cash Flow Statement of the Company 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.

1. 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 the 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.

2 As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 and on the basis of such checks of books and records of the company as we consider appropriate and according to the information and explanations given to us during the course of audit, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said order, to the extent applicable to the Company.

3. Further to our comments in the Annexure referred to in paragraph 2 above, we report that:

a) Subject to our comments in paragraphs 3(f) (i) and (ii), we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

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

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

d) In ouropinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by th is report comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable to the company underthe circumstances;

e) On the basis of written representations received from directors, as on 31 st 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 terms of clause (g) of subsection (1) of Section 274 of the Companies Act, 1956.

f) Attention is invited to the following notes in Schedule-M.

I) Note No. (7): regarding non- confirmation/ reconciliation of balances of some of sundry creditors, loans and advances and other personal accounts, the effect of which on accounts upon confirmations and reconciliation of the same not ascertainable.

ii) Note no, (11): regarding non- provision of interest on accrual basis on unsecured loans from companies and others and its impact on accounts not ascertainable in the absence of details.

iii) Note No. (21): regarding the accounts of the company prepared on going concern basis.

Subjectto the foregoing, in our opinion and to the best of our information and according to the explanations given to us, the said accounts, read with the significant accounting policies and other notes thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true andtair view in conformity with the accounting principles generally accepted in India:

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

ii) in the case of the Profit and Loss Account, of the Profit of the company forthe yearended on that date; and

iii) in the case of the Cash Flow Statement, of the cash flows forthe yearended on that date.

ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH (2) OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS OF JAUSS POLYMERS LIMITED FOR THE YEAR ENDED ON 31 ST MARCH, 2010.

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

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

c) There was no substantial disposal off fixed assets during the period.

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

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

c) On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with in the books of accounts.

iii) a) The Company has not granted any loan-secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, the clauses 4(iii) (b) to (d) of the Order are not applicable.

b) The terms and conditions of unsecured interest free loans taken during the year from the parties covered in the register maintained under Section 301 of the Companies Act, 1956 are not prima facie, prejudicial to the interest of the Company.

There were unsecured loans of ^54.58 Lacs outstanding as on 31 st March, 2010 in case of six parties covered in the register maintained u/s 301 of the Companies Act, 1956, the maximum amount due during the year was ^63.64 Lacs. The repayment of principal amount of those loans was regular as stipulated.

iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods and services. Further, on the basis of our examination of the books and records of the Company and according to the information and explanations given to us, we have not come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedures.

v) a) On the basis of the audit procedures performed by us, and according to the information and explanations and representations given to us, we are of the opinion that the transactions that need to be.entered in pursuance of Section 301 of the Act have been so entered.

b) In our opinion and according to the information and explanations given to us the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Act have been made at prices which are reasonable having regard to the prevailing market prices at that relevant time.

vi) The Company has not accepted any deposits from the public during the year to which the directives issued by the Reserve Bank of India and the provisions of Sections 58 A and 58 AA of the Companies Act, 1956 and the rules framed there under are applicable.

vii) In our opinion, the company has an internal audit system which is commensurate with the size of the Company and nature of its business.

viii) The Central Government has not prescribed maintenance of cost records under Section 209(1) (d) of the Companies Act, 1956 for any of the product of the company.

ix) a) According to the records of the company examined by us, the company is generally regular during the period in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income- tax, Wealth-tax, Sales Tax, Cess and other statutory dues applicable to it. The extent of arrears of such dues as on 31 st March, 2010 for a period of more than six months was ?28.26Lacs.

b) According to the information and explanation given to us and the records of the Company examined by us, no disputed amount payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance Fund, Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty and Cess as at 31 st March, 2010 except the following:

Name of the statutory Due Nature of Dues Amount Forum where dispute (Rs.) Lacs is pending

Sales Tax Act Regular 36.91 Commissioner (Appeals)

x) The accumulated losses of the company as at 31 st March, 2010 were more than fifty percent of its net worth. The company has not incurred cash losses during the period covered by our audit and in the immediately preceding financial year.

xi) On an examination of the records of the company and according to information and explanation given to us, the company has not, during the year, defaulted in the repayment of dues to any financial institutions.

xii) Based on our examination of documents and records, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) In our opinion, the provisions of any special statute applicable to chit fund/nidhi/mutual benefit/societies are not applicable to the Company.

xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments.

xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year.

xvi) According to the information and explanations given to us, the Company applied term loans and the same were utilised 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 the balance sheet of the company, we report that funds raised or short term basis have not been used for long term investment.

xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act during the year.

xix) The Company has not issued any debentures during the year.

xx) The Company has not raised any money through public issue during the year.

xxi) 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 we been informed of such case by the management.

For V.K.DHINGRA&CO.

CHARTERED ACCOUNTANTS

Firm Registration No. 000250N

PLACE: NEW DELHI (V.K.DHINGRA)

DATED: September 3,2010 PARTNER

M. No.: 014467




Mar 31, 2009

We have audited the attached Balance Sheet of JAUSS POLYMERS LTD. as at 31th March, 2009, and also the Profit & Loss Account and the Cash Flow Statement of the Company 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.

1. 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 support- ing the amounts and disclosures in the 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.

2. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 and on the basis of such checks of books and records of the company as we consider appropriate and according to the information and explanations given to us during the course of audit, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said order, to the extent applicable to the Company.

3. Further to our comments in the Annexure referred to in paragraph 2 above, we report that:

a) Subject to our comments in paragraphs 3(f) (i) to (iii), we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

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

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

d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable to the company under the circumstances;

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

f) Attention is invited to the following notes in Schedule-M.

i) Note No. (6): regarding non- confirmation / reconciliation of balances of some of sundry creditors, loans and advances and other personal accounts, the effect of which on accounts upon confirmations and reconciliation of the same not ascertainable.

ii) Note no. (10): regarding non- provision of interest on accrual basis on unsecured loans from compa- nies and others and its impact on accounts not ascertainable in the absence of details.

iii) Note No. (11): regarding non- provision of overdue interest, liquidated damages, penalty etc. on loans from financial institutions and its impact on accounts not ascertainable in the absence of detail.

iv) Note No. (21) : regarding the accounts of the company prepared on going concern basis.

Subject to the foregoing, in our opinion and to the best of our information and according to the explanations given to us, the said accounts, read with the significant accounting policies and other notes thereon, give the informa- tion 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 31th March, 2009;

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

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

ANNEXURE TO THE AUDITORS REPORT

REFERRED TO IN PARAGRAPH (2) OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS OF JAUSS POLYMERS LIMITED FOR THE YEAR ENDED ON 31th MARCH, 2009.

i) a) The Company is maintaining proper records showing full particulars including quantitative details and situ- ation of fixed assets except in certain items of fixed assets where the reconciliation /reconstruction of record is in process.

b) Major portion of the fixed assets have been physically verified by the management during the year as per the regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its business. According to information and explanations given to us, no material discrepancies were noticed on such verification.

c) There was no substantial disposal of fixed assets during the period.

ii) a) The inventory has been physically verified during the year by the management. In our opinion, the fre- quency of verification is reasonable.

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

c) On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with in the books of accounts.

iii) a) The Company has not granted any loan-secured or unsecured, to companies, firms or other parties cov- ered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, the clauses 4(iii) (b) to (d) of the Order are not applicable.

b) The terms and conditions of unsecured interest free loans taken during the year from the parties covered in the register maintained under Section 301 of the Companies Act, 1956 are not prima facie, prejudicial to the interest of the Company.

There were unsecured loans of Rs.31.84 Lacs outstanding as on 31th March, 2009 in case of six parties covered in the register maintained u/s 301 of the Companies Act, 1956, the maximum amount due during the year was Rs.37.32 Lacs. The repayment of principal amount of those loans was regular as stipulated.

iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods and services. Further, on the basis of our examination of the books and records of the Company and according to the information and explanations given to us, we have not come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedures.

v) a) On the basis of the audit procedures performed by us, and according to the information and explanations and representations given to us, we are of the opinion that the transactions that need to be entered in pursuance of section 301 of the Act have been so entered.

b) In our opinion and according to the information and explanations given to us the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Act have been made at prices which are reasonable having regard to the prevailing market prices at that relevant time.

vi) The Company has not accepted any deposits from the public during the year to which the directives issued by the Reserve Bank of India and the provisions of Sections 58 A and 58 AA of the Companies Act, 1956 and the rules framed there under are applicable.

vii) In our opinion, the company has an internal audit system which is commensurate with the size of the Company and nature of its business.

viii) The Central Government has not prescribed maintenance of cost records under Section 209(1) (d) of the companies Act, 1956 for the product of the company.

ix) a) According to the records of the company examined by us, the company is generally regular during the period in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Em- ployees State Insurance, Income-tax, Sales Tax, Cess and other statutory dues applicable to it. The extent of arrears of such dues as on 31th March, 2009 for a period of more than six months was Rs.129.12 Lacs.

b) According to the information and explanation given to us and the records of the Company examined by us, the particulars of the dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty and Cess as at 31th March, 2009 which have not been deposited on account of a dispute, are as follows:

Name of the Nature of Amount Forum where dispute statutory Due Dues (Rs.) Lacs is pending

Sales Tax Act Regular 16.68 Commissioner (Appeals)

x) The accumulated losses of the company as at March 31th, 2009 were more than fifty percent of its net worth. The company has not incurred cash losses during the period covered by our audit and in the immediately preceding financial year.

xi) The company is a sick industrial company within the meaning of Sick Industrial Companies (Special Provisions) Act, 1985 and had defaulted in re-payment of dues to financial institutions. Detail of such outstanding dues including the period and amount of default is given as hereunder:

Name of F.I. Amount of default Period to which relate (Rs.) Lacs

PFC/PSIDC 167.27 Since 1998

xii) Based on our examination of documents and records, the company has not granted any loans and ad- vances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) In our opinion, the provisions of any special statute applicable to chit fund/nidhi/mutual benefit/societies are not applicable to the Company.

xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other invest- ments.

xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year.

xvi) According to the information and explanations given to us, the Company applied term loans and the same were utilised 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 the balance sheet of the company, we report that funds raised on short term basis have not been used for long term investment and vice versa, except for long term working capital.

xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act during the year.

xix) The Company has not issued any debentures during the year.

xx) The Company has not raised any money by public issues during the year.

xxi) 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 we been informed of such case by the management.

For V.K. DHINGRA & CO. CHARTERED ACCOUNTANTS

PLACE: NEW DELHI (V.K. DHINGRA) DATED: SEPTEMBER 2, 2009 PARTNER M. No. 014467

 
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