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Auditor Report of Jay Energy and S. Energies Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of Jay Energy And S. Energies Ltd ("the Company"), which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statement

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 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 March 31, 2014; and

b) in the case of the Profit and Loss Account, of the loss for the year ended on that date; Report on the Legal & 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 and Statement of Profit and Loss dealt with by this Report are in agreement with the books of account.

d) in our opinion, the Balance Sheet and Statement of Profit and Loss comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 in respect of accounting for employee benefits as required by AS 15 (Revised) issued by The Institute of Chartered Accountants of India.

e) On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is 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.

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

For Praful N.Shah & Co. Chartered, Accountants FRN: 108057W

(Praful M Shah) (Proprietor) M.No.015591 Place: Ahmedabad Date : 20/05/2014


Mar 31, 2012

We have audited the attached Balance Sheet of JAY ENERGY AND S. ENERGIES LIMITED, as at 31st March, 2012 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

As required by the Companies (Auditor''s Report) Order, 2003, as amended by the Companies (Auditor''s Report) Order, (Amendment) 2004, issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, 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 purposes of our audit;

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

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

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

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

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

(b) In the case of the Profit and Loss Account, of the LOSS for the year ended on that date.

(C) In the case of the cash flow statement, of the cash flow for the year ended on that date.

ANNEXURE TO THE AUDITORS'' REPORT FOR THE YEAR ENDED ON 31ST MARCH, 2012 Statement on the Companies (Auditor''s Report) Order 2004. Re: JAY ENERGY AND S. ENERGIES LIMITED

Referred to in Paragraph 3 of our report of even date:

1 In our opinion and according to the information and explanations given to us, the company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. The fixed assets have been physically verified by the management at reasonable intervals during the year and no material discrepancies were noticed on such verification as compared with the the available records. The company has disposed off Land which was part of its fixed assets during the year.

2 As explained to us, the inventory has been physically verified during the period by the management. In our opinion, the frequency and procedure of physical verification are reasonable and adequate with relation to the size of the company and the nature of its business The company has maintained proper records of inventory. As explained to us that no material discrepancies were noticed on physical verification of the inventories.

3 In our opinion and according to the information and explanation given, the Company has not granted and / or taken any secured or unsecured loan to and / or from companies, firms or other parties listed in the register maintained u/s. 301 of the Companies Act, 1956. Interest free loans and advances in the nature of loans have been given to employees and other parties, of which no repayment schedule has been stipulated. Therefore, we are unable to comment on the reasonableness of the steps taken by the management for recovery of such loans.

4 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 purchase of inventory and fixed assets or sale of goods during the period covered under this audit report. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

5 According to the information and explantions 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. The value of none of such transaction is for more than Rs. five lacs during the year under audit.

6 The compnay has not accepted any deposits from the public and consequently, the directives of the Reserve Bank of India, the provisions of Section 58A, 58AA and any other provisions of the Companies Act, 1956 and the rules framed thereunder are not applicable.

7 In our opinion, the Company does not have any formal internal Audit system but instead is having proper internal check system commensurate with the size of the Company and nature of its business.

8 We have been informed by the management that no cost records have been prescribed by the Central government under clause (d) of sub Section (1) of section 209 of the Companies Act, 1956 in respect of the services rendered by the Company. Therefore, clause 8 of the order is not applicable.

9 The company is regular in depositing with appropriate authorities undisputed statutory dues applicable to it. No such undisputed amounts were in arrears, as at the close of financial year for a period of more than six months from the date they became payable. Further, there are no dues which have not been deposited on account of any dispute.

10 The Company does not have accumulated losses more than 50% of its net worth at the end of the financial year and the company has not incurred cash losses during the current and immediately preceding such 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 financial institution, bank or debenture holders.

12 In our opinion and according to the information and explanations given to us the company has not granted loans and advances on the basis of securtiy by way of pledge of shares, debentures and other securities. Therefore, the provisons of clause 12 of the order are not applicable.

13 According to the information and explanations given to us and to the best of our knowledge and belief, the company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisons of clause 13 of the order are not applicable.

14 According to the information and explanations given to us and to the best of our knowledge and belief, the company is dealing in or trading in shares, securities, debentures and other investments, held by the company in its own name. Records thereof needs to be updated and regularized.

15 According to the information and explanations given us, the company has given counter guarantee for loans taken by M/s. Plastic Hollowers and Containers, Ahmedabad a party entered in the register maintained u/s. 301 of the Companies Act, 1956. During the year one of the guarantee was revoked.

16 According to the information and explanations given to us, no fresh term loans were obtained by the company during the year.

17 According to the informatin and explanations 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 We are informed that the company has not made any preferential allotment of sharse to companies, firms or other parties listed in the register maintained u/s. 301 of the Companies Act, 1956. The company has not raised any money by public issue.

19 The company has not raised any money by issuing secured debentures during the year.

20 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.

PRAFUL N SHAH & Co., CHARTERED ACCOUNTANTS

Place: Ahmedabad SD/- Date: September 2, 2012 (PRAFUL N SHAH) Proprietor M. NO. 15591


Mar 31, 2011

We have audited the attached Balance Sheet of JAY ENERGY AND S. ENERGIES LIMITED, as at 31st March, 2011 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

As required by the Companies (Auditor''s Report) Order, 2003, as amended by the Companies (Auditor''s Report) Order, (Amendment) 2004, issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, 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 purposes of our audit;

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

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

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

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

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

(c) In the case of the cash flow statement, of the cash flow for the year ended on that date.

Referred to in Paragraph 3 of our report of even date:

1. In our opinion and according to the information and explanations given to us, the company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. The fixed assets have been physically verified by the management at reasonable intervals during the year and no material discrepancies were noticed on such verification as compared with the available records. The company has not disposed off any substantial part of its fixed assets during the year.

2. As explained to us, the inventory has been physically verified during the period by the management. In our opinion, the frequency and procedure of physical verification are reasonable and adequate with relation to the size of the company and the nature of its business. The company has maintained proper records of inventory. As explained to us that no material discrepancies were noticed on physical verification of the inventories.

3. In our opinion and according to the information and explanation given, the Company has not granted and / or taken any secured or unsecured loan to and / or from companies, firms or other parties listed in the register maintained u/s. 301 of the Companies Act, 1956. Interest free loans and advances in the nature of loans have been given to employees and other parties, of which no repayment schedule has been stipulated. Therefore, we are unable to comment on the reasonableness of the steps taken by the management for recovery of such loans.

4. 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 purchase of inventory and fixed assets or sale of goods during the period covered under this audit report. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

5. According to the information and explantions 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. The value of none of such transaction is for more than Rs. five lacs during the year under audit.

6. The compnay has not accepted any deposits from the public and consequently, the directives of the Reserve Bank of India, the provisions of Section 58A, 58AA and any other provisions of the Companies Act, 1956 and the rules framed thereunder are not applicable.

7. In our opinion, the Company does not have any formal internal Audit system but instead is having proper internal check system commensurate with the size of the Company and nature of its business.

8. We have been informed by the management that no cost records have been prescribed by the Central government under clause (d) of sub Section (1) of section 209 of the Companies Act, 1956 in respect of the services rendered by the Company. Therefore, clause 8 of the order is not applicable.

9. The company is regular in depositing with appropriate authorities undisputed statutory dues applicable to it. No such undisputed amounts were in arrears, as at the close of financial year for a period of more than six months from the date they became payable. Further, there are no dues which have not been deposited on account of any dispute.

10. The Company does not have accumulated losses more than 50% of its net worth at the end of the financial year and the company has not incurred cash losses during the current and immediately preceding such 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 financial institution, bank or debenture holders.

12. In our opinion and according to the information and explanations given to us the company has not granted loans and advances on the basis of securtiy by way of pledge of shares, debentures and other securities. Therefore, the provisons of clause 12 of the order are not applicable.

13. According to the information and explanations given to us and to the best of our knowledge and belief, the company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisons of clause 13 of the order are not applicable.

14. According to the information and explanations given to us and to the best of our knowledge and belief, the company is dealing in or trading in shares, securities, debentures and other investments, held by the company in its own name. Records thereof needs to be updated and regularized.

15. According to the information and explanations given us, the company has given counter guarantee for loans taken by M/s. Plastic Hollowers and Containers, Ahmedabad a party entered in the register maintained u/s. 301 of the Companies Act, 1956. During the year one of the guarantee was revoked.

16. According to the information and explanations given to us, no fresh term loans were obtained by the company during the year.

17. According to the informatin and explanations 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. We are informed that the company has not made any preferential allotment of sharse to companies, firms or other parties listed in the register maintained u/s. 301 of the Companies Act, 1956. The company has not raised any money by public issue.

19. The company has not raised any money by issuing secured debentures during the year.

20. 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.

Manish Kailash Agarwal & Co., CHARTERED ACCOUNTANTS Firm Reg. No. 126950W

Sd/- (MANISH AGARWAL) PROPRIETOR M. NO. 100410

Place: Ahmedabad Date: September 2, 2011


Mar 31, 2010

We have audited the attached Balance Sheet of M/s. JAY ENERGY AND S. ENERGIES LTD., as at 31st March, 2010 and the annexed Profit and Loss Account and 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 bases on our audit.

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

As required by the Companies (Auditors Report) Order 2003 issued by the central Government of India in terms of section 227 (4A) of the Companies Act, 1956 we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

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 accounts 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 the Profit & Loss Account referred to in this report are in agreement with the books of account.

(d) In our opinion and to the best of our information the said Balance Sheet and Profit &. Loss Account and cash flow statement comply with the Accounting standard referred to in section 211(3c) of the companies act, 1956.

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

(f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and gives a true and fair view in conformity with the accounting principles generally accepted in India :-

i. In so far as it relates to the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010.

ii. In so far as it relates to the Profit & Loss Account, of the Profit of the company for the year ended on that date.

iii. In the case of the cash flow statement, of the cash flow for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT FOR THE YEAR ENDED ON 31st MARCH, 2010.

i) The Company has maintained proper records to show full particulars including quantitative details and situation of fixed assets.

ii) The fixed assets have been physically verified by the management at reasonable intervals during the year & no material discrepancies were noticed on such verification as compared with the available records.

iii) The stock of finished goods, and raw materials have been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable.

iv) The procedure followed by the management for physical verification of stocks is reasonable and adequate in relation to the size of the company and the nature of its business.

v) On our basis of examination of stock records, we are of the opinion that the record of stocks is fair and proper in accordance with the normally accepted accounting principle and no material discrepancies were noticed on physical verification.

vi) There is no loans, secured and unsecured, taken by the company to/from companies, firm or other parties covered in the register maintained u/s. 301 of the Co. Act, 1956.

vii) Interest free Loans and Advances in the nature of loans have been given to employees and other parties who were generally regular in repaying the principal as stipulated. Where there is delay in repayment, the company has taken reasonable steps to recover the same.

viii) In our opinion and according to 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 for financial activities.

Ix) According to the information & explanations provided by the management, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act that need to be entered into the register maintained under section 301 have been so entered.

x) In our opinion and according to the information and explanations given to us, the provisions of section 58-A of the Companies Act, 1956 and Companies (acceptance of deposits) Rules, 1957 are not applicable as the company has not accepted and deposits from the public.

xi) The company does not have any formal system of internal audit. However in our opinion and according to information and explanations given to us, the internal control procedures are adequate. Considering the size and nature of business of the Company.

xii) The Provisions of section 209(l)(d) of the Companies Act, 1956 regarding the maintenance of cost records are not applicable to the company.

xiii) As informed to us the provision of Provident Fund Act, Employees State Insurance Act provisions of investor education and protection fund, customs duty, excise duty and cess are not applicable to the Company during the year under review.

xiv) The Company is regular in depositing with appropriate authorities undisputed statutory dues including Income-Tax, Wealth Tax, Service Tax and other material statutory dues applicable to it.

xv) According to the information and explanations given to us no disputed amounts in respect of Income-Tax, Wealth-tax, Sales-Tax, Customs-Duty and Excise-Duty were outstanding as at 31st March, 2010 for a period of more than six months from the date they become payable.

xvi) According to the information and explanations given to us and based on the generally accepted audit procedures carried out by us no personal expenses of employees or directors have been charged to Revenue Account, other than those payable under contractual obligations or in accordance with generally accepted business practice.

xvii) The Company has accumulated losses at the end of the financial year and it has not incurred any losses in the current and immediately preceding financial year.

xviii) Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to financial institution, banks or debenture holders.

xix) According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xx) The provisions of any special statute applicable to Chit Funds, Nidhi or Mutual Benefit Society/fund do not apply to the Company. Therefore, the provisions of Clause 4(xiii) of the Companies (Auditors Report) Order, 2003 (as amended) are not applicable to the Company.

xxi) The Shares and other securities have been held by the Company, in its own name as explained to us and proper records in respect thereof have been maintained.

xxii) According to the information and explanation given to us, the Company has given counter guarantee for loans taken by M/s Plastic Hollowers and Containers, Ahmedabad, a party entered in the Register maintained u/s 301 of the Co. Act., 1956.

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

xxiv) The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained u/s 301 of the Co. Act, 1956.

xxv) The Company did not have any outstanding secured debentures during the year.

xxvi) The Company has not raised any money through a public issue during the year under review.

xxvii) Based upon audit procedures performed for the purpose of reporting the true &. fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

xxviii)The Company is not a sick Company as per the provisions of SICA, 1985.

Praful N.Shah &Co..

Chartered Accountants

Sd/

(P.N.SHAH)

PROPRIETOR

M.No.15591

Date: 03/09/2010

Place: AHMEDABAD


Mar 31, 2009

We have audited the attached Balance Sheet of M/s. JAY ENERGY AND S. ENERGIES LTD., as at 31st March, 2009 and the annexed Profit and Loss Account and 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 bases on our audit.

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

As required by the Companies (Auditors Report) Order 2003 issued by the central Government of India in terms of section 227 (4A) of the Companies Act, 1956 we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

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 accounts 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 the Profit & Loss Account referred to in this report are in agreement with the books of account.

(d) In our opinion and to the best of our information the said Balance Sheet and Profit 8s Loss Account and cash flow statement comply with the Accounting standard referred to in section 211(3c) of the companies act, 1956.

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

(f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and gives a true and fair view in conformity with the accounting principles generally accepted in India: -

i. In so far as it relates to the Balance Sheet, of the state of affairs of the Company as at 31st March, 2009 and

ii. In so far as it relates to the Profit & Loss Account, of the Loss of the company for die year ended on that date.

iii. In the case of the cash flow statement, of the cash flow for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT FOR THE YEAR ENDED ON 31st MARCH, 2009

i) The Company has maintained proper records to show full particulars including quantitative details and situation of fixed assets.

ii) The fixed assets have been physically verified by the management at reasonable intervals during the year and no material discrepancies were noticed on such verification as compared with the available records.

iii) Work in Progress has been disposed off during the year under contractual obligation and except this none of the Fixed Assets of the company have been disposed off during the year .

iv) The stock of finished goods, and raw materials have been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable.

v) The procedure followed by the management for physical verification of stocks is reasonable and adequate in relation to the size of the company and the nature of its business.

vi) On our basis of examination of stock records, we are of the opinion that the record of stocks is fair and proper in accordance with the normally accepted accounting principle and no material discrepancies were noticed on physical verification.

vii) There is no loans, secured and unsecured, taken by the company to/from companies, firm or other parties covered in the register maintained u/s. 301 of the Co. Act, 1956.

viii) Interest free Loans and Advances in the nature of loans have been given to employees and other parties who were generally regular in repaying the principal as stipulated. Where there is delay in

repayment, the company has taken reasonable steps to recover the same.

ix) In our opinion and according to 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 for financial activities.

x) According to the information and explanations provided by the management, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act that need to be entered into the register maintained under section 301 have been so entered.

xi) In our opinion and according to the information and explanations given to us, the provisions of section 58-A of the Companies Act, 1956 and Companies (acceptance of deposits) Rules, 1957 are not applicable as the company has not accepted and deposits from the public.

xii) The company does not have any formal system of internal audit. However in our opinion and according to information and explanations given to us, the internal control procedures are adequate. Considering the size and nature of business of the Company.

xiii) The Provisions of section 209(l)(d) of the Companies Act, 1956 regarding the maintenance of cost records are not applicable to the company.

xiv) As informed to us the provision of Provident Fund Act, Employees State Insurance Act provisions of investor education and protection fund, customs duty, excise duty and cess are not applicable to the Company during the year under review.

xv) The Company is regular in depositing with appropriate authorities undisputed statutory dues including Income-Tax, Wealth Tax, Service Tax and other material statutory dues applicable to it.

xvi) According to the information and explanations given to us no disputed amounts in respect of Income-Tax, Wealth-tax, Sales-Tax, Customs-Duty and Excise-Duty were outstanding as at 31st, March, 2009 for a period of more than six months from the date they become payable.

(xvii) According to the information and explanations given to us and based on the generally accepted audit procedures carried out by us no personal expenses of employees or directors have been charged to Revenue Account, other than those payable under contractual obligations or in accordance with generally accepted business practice.

xvii) The Company has accumulated losses at the end of the financial year and it has not incurred any losses in the current and immediately preceding financial year.

xviii) Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to financial institution, banks or debenture holders.

xix) According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xx) The provisions of any special statute applicable to Chit Funds, Nidhi, or Mutual Benefit Society/fund do not apply to the Company. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 (as amended) are not applicable to the Company.

xxi) The Shares and other securities have been held by the Company, in its own name as explained to us and proper records in respect thereof have been maintained.

xxii) According to the information and explanation given to us, the Company has given counter guarantee for loans taken by M/s Plastic Hollowers and Containers, Ahmedabad, a party entered in the Register maintained u/s 301 of the Co.Act.,1956.

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

xxiv) The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained u/s 301 of the Co. Act, 1956.

xxv) The Company did not have any outstanding secured debentures during the year.

xxvi) The Company has not raised any money through a public issue during the year under review.

(xxviii) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

(xxix) The Company is not a sick Company as per the provisions of SICA, 1985.



Praful N.Shah & Co..

Chartered Accountants

Sd/ Date : 20/08/2009 (P.N.SHAH) Place : AHMEDABAD PROPRIETOR M.No. 15591

 
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