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Auditor Report of Khator Fibre & Fabrics Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of KHATOR FIBRE AND FABRICS LIMITED('the Company'), which comprise the Balance Sheet as at 31 March 2015, the statement of Profit and Loss & 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 Standalone Financial Statements

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

Auditor's Responsibility

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

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

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

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

Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 31 March 2015 and its profit for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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

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

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

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

(c) The balance sheet, the statement of profit and loss and Cash flow statement that dealt with by this Report are in agreement with the books of accounts;

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

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

Annexure to the Independent Auditors' Report

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

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

(b) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regards to the size of the company and nature of its Assets. No material discrepancies were noticed on such physical verification.

ii). (a) As explained to us, physical verification of inventory of finished goods, stores, spare parts and materials has been conducted at reasonable intervals by the management, which in our opinion is reasonable.

(b) 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) The Company is maintaining proper records of inventory and no material discrepancies were noticed on such physical verification.

iii). According to the information and explanation given to us, 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 Companies Act, 2013. Therefore, paragraph 3 (iii) of the order is not applicable.

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

v) . As informed to us, the Company has not accepted any deposit from the public during the year within the meaning of section 73 or 76 of the Companies Act 2013 and the rules framed there under. Therefore, the directives issued by the reserve bank of India or any other relevant provisions of the Companies Act and the rules framed there under, are not applicable.

vi). As per information and explanations given to us, the cost records as prescribed by the Central Government u/s 148(1) of the Companies Act 2013 in respect of process house are being made and maintained. We have, however not made a detailed examination of the said records with a view to determine whether they are accurate or complete.

vii) (a) The company is regular in depositing undisputed statutory dues with appropriate authorities applicable to it.

(b) According to the information and explanation given to us, there are no dues in respect of Income tax, wealth tax, service tax, custom duty, excise duty, cess that have not been deposited with the appropriate authorities on account of any dispute.

(c ) As per information and explanations given to us there is no such amount that is required to be transferred to investor education and protection fund in accordance with the relevant provision of the Companies Act,1956(1 of 1956) .

viii) The company does not have accumulated losses; therefore paragraph 3(viii) of the order is not applicable & the company has not incurred any cash losses during the year.

ix) . The company has not defaulted in repayment of dues to a financial institution or bank. The company has not issued any type of debenture during the year.

x) . According to the information and explanation given to us, the terms and conditions on which the company has given guarantees for loans taken by others from banks or financial institutions are not prima facie prejudicial to the interest of company.

xi) . The company has raised term loans during the year, and the same were applied for the purpose for which the loans were obtained.

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

FOR S.R. GOYAL & CO. CHARTERED ACCOUNTANTS FRNo-001537C

Sd/- Place: Mumbai (Anil Goyal) Dated: 30/05/2015 Partner M.No.71158


Mar 31, 2014

We have audited the accompanying financial statements of Khator Fibre & Fabrics Ltd. ("the Company"), which comprise the Balance Sheet as at March 31,2014, and the Statement of Profit and Loss and Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for 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 accounting principles generally accepted in India, including the Accounting Standards notified under the Companies Act, 1956 read with General Circular 15/2013 dated 13th September 2013, issued by the Ministry of Corporate Affairs, in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act, 1956 ("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;

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

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

Report on other Legal and Regulatory Requirements

1 .As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of section 227 (4A) 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, 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, comply with the Accounting Standards notified under the Companies Act, 1956 read with General Circular 15/2013 dated 13th September 2013, issued by the Ministry of Corporate Affairs, in respect of Section 133 of the Companies Act, 2013;

e) On the basis of 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 section 274 (1)(g) of the Act, 1956.

Referred to in paragraph 1 under the heading of "Report on other Legal and Regulatory Requirements" of our report of even date

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

b. AII the assets have been physically verified by the management during the year and no material discrepancies were noticed on such verification as compared with available record.

c. The company has not disposed off any substantial part of its fixed assets during the year.

ii) . a.The stock of finished goods, stores, spare parts

and materials have been physically verified during the year by the management.

b. The procedure of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c. The company is maintaining proper records of Inventory. The discrepancies noticed on verification between the physical stock and books records were not material.

iii) We have been informed that the Company has neither granted nor taken any loans, secured or unsecured, to or from companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act 1956. Accordingly, clause 4(iii) (b) to (d) of the order are not applicable.

iv) . According to the information and explanations given

to us and the records verified by us, there is adequate internal control procedure commensurate with the size of the company and nature of its business.

v) . There are no transaction during the year of purchase

of stores, raw materials or components and sale of goods and materials (there being no sale of services) made in pursuance of contracts or agreements entered in the register maintained u/s 301 of the Companies Act, 1956 as is evident from the said register.

vi) .As informed to us, the Company has not accepted

any deposit from the public during the year within the meaning of section 58A or 58AA of the Companies Act1956 and the rules framed there under. Therefore, the directives issued by the reserve bank of India are not applicable.

vii) In our opinion, the internal audit system is

commensurate with the size of the Company and the nature of its business ''

viii) . As per information and explanations given to us, the cost records as prescribed by the Central Government u/s 209(1 )(d) of the Companies Act, 1956 in respect of process house are being made and maintained. We have, however not made a detailed examination of the said records with a view to determine whether they are accurate or complete.

ix) a. According to the records of the Company, the company is generally regular in depositing undisputed statutory dues applicable to it.

b.According to the information and explanation given to us, there are no dues in respect of Income tax, wealth tax, excise duty, custom duty, service tax and cess that have not been deposited with the appropriate authorities on account of any dispute.

x) The company does not have accumulated losses, therefore clause 4(x) of the order is not applicable.

xi) The company has not defaulted in repayment of any dues to financial institution/ bank. The company has not issued any debentures.

xii) The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly clause 4(xii) of the order is not applicable.

xiii)The company is not a chit fund or a nidhi mutual benefit fund/society. Accordingly clause 4(xiii) of the order is not applicable.

xiv) The company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly clause 4(xiv) of the Order is not applicable.

xv) According to the information and explanation given to us, the terms and conditions on which the company has given guarantees for loans taken by others from banks or financial institutions are not prima facie prejudicial to the interest of the company.

xvi) In our opinion, on the basis of information and explanation given to us, the term loans were applied for the purpose for which the loans were obtained.

xvii) On the basis of an overall examination of the balance sheet of the company, no funds raised on short term basis have been used for long term investment or vice versa.

xviii) The company has not made any preferential allotment of shares, accordingly clause 4(xviii) of the order is not applicable.

xix) The company has not issued any debentures. Accordingly clause 4(xix) of the Order is not applicable.

xx) The company has not raised any money by public issue during the year. Accordingly clause 4(xx) of the Order is not applicable.

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

FORS.R. GOYAL&CO. CHARTERED ACCOUNTANTS FRNO-001537C

Sd/- A. K. Atolia Camp: Mumbai Partner Date: 30/05/2014 M. No. 77201


Mar 31, 2013

Report on the Financial Statements We have audited the accompanying financial statements of Khator Fibre & Fabrics Ltd. ("the Company"), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year than ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for 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 of the Company in accordance with the Accounting Principles generally accepted in India including accounting Standards referred to in section 211 (3C) of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

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

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

Opinion

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

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013;

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

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

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of section 227 (4A) 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 accounts as required by law have been kept by the Company, so far as appears from our examinations of those books;

c) The Balance Sheet & dealt with by the report are in agreement with the books of accounts of the Company;

d) In our opinion, the Statement of Profit & Loss and the Balance Sheet comply with the mandatory accounting Standards referred to in sub-section (3C) of section 211 of the companies act, 1956.

e) On the basis of confirmation received from directors concerned as on March 31, 2013 and taken on record by the Board of directors, none of the director are disqualified from being appointed as a director under clause (g) of Sub-section (1) of Section 274 of the Companies Act, 1956.

Referred to in paragraph 1 under the heading of "Report on other Legal and Regulatory Requirements" of our report of even date

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

b. All the assets have been physically verified by the management during the year and no material discrepancies were noticed on such verification as compared with available record.

c. The company has not disposed off any substantial part of its fixed assets during the year.

ii). a. The stock of finished goods, stores, spare parts and materials have been physically verified during the year by the management.

b. The procedure of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c. The company is maintaining proper records of Inventory. The discrepancies noticed on verification between the physical stock and books records were not material.

iii). We have been informed that the Company has neither granted nor taken any loans, secured or unsecured, to or from companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act 1956. Accordingly, clause 4(iii) (b) to (d) of the order are not applicable.

iv). According to the information and explanations given to us and the records verified by us, there is adequate internal control procedure commensurate with the size of the company and nature of its business.

v). There are no transaction during the year of purchase of stores, raw materials or components and sale of goods and materials (there being no sale of services) made in pursuance of contracts or agreements entered in the register maintained u/s 301 of the Companies Act, 1956 as is evident from the said register.

vi). As informed to us, the Company has not accepted any deposit from the public during the year within the meaning of section 58A or 58AA of the Companies Act 1956 and the rules framed there under. Therefore, the directives issued by the reserve bank of India are not applicable.

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

viii). As per information and explanations given to us, the cost records as prescribed by the Central Government u/s 209(1)(d) of the Companies Act, 1956 in respect of process house are being made and maintained. We have, however not made a detailed examination of the said records with a view to determine whether they are accurate or complete.

ix) a. According to the records of the Company, the company is generally regular in depositing undisputed statutory dues applicable to it.

b. According to the information and explanation given to us, there are no dues in respect of Income tax, wealth tax, excise duty, custom duty, service tax and cess that have not been deposited with the appropriate authorities on account of any dispute.

x). The company does not have accumulated losses, therefore clause 4(x) of the order is not applicable.

xi). The company has not defaulted in repayment of any dues to financial institution/ bank. The company has not issued any debentures.

xii). The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly clause 4(xii) of the order is not applicable.

xiii). The company is not a chit fund or a nidhi mutual benefit fund/society. Accordingly clause 4(xiii) of the order is not applicable.

xiv). The company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly clause 4(xiv) of the Order is not applicable.

xv). According to the information and explanation given to us, the terms and conditions on which the company has given guarantees for loans taken by others from banks or financial institutions are not prima facie prejudicial to the interest of the company.

xvi). In our opinion, on the basis of information and explanation given to us, the term loans were applied for the purpose for which the loans were obtained.

xvii). On the basis of an overall examination of the balance sheet of the company, no funds raised on short term basis have been used for long term investment or vice versa.

xviii). The company has not made any preferential allotment of shares, accordingly clause 4(xviii) of the order is not applicable.

xix). The company has not issued any debentures. Accordingly clause 4(xix) of the Order is not applicable.

xx). The company has not raised any money by public issue during the year. Accordingly clause 4(xx) of the Order is not applicable.

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

FOR S.R. GOYAL & CO.

CHARTERED ACCOUNTANTS

FRNo-001537C

Sd/-

Camp : Mumbai (Anil Goyal)

Dated: 30.05.2013 Partner

M.No.71158


Mar 31, 2012

We have audited the attached Balance Sheet of Khator Fibre & Fabrics Ltd., as at 31 st March 2012 also the Profit and Loss Account and Cash Flow Statement of the Company for the year ended on that date annexed thereto..

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial positio/i, financial statements of the company in accordance with the accounting standards referred to.in sub section (3C) of section 211 of the Companies Act, 1956. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 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 of 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 risk of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the compan/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.

As required by the Companies (Auditors report) order 2003,«as amended by the Companies (Auditor's Report) (Amendment) Order, 2004, (together the 'Order') issued by the Central Government in terms of section 227 (4A) of Companies Act. 1956' of India (the 'Act') and on the basis of such examinations of the books and records as we considered appropriate and as per the information and explanation given to us we further report that:

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

b. All the assets have been physically verified by the management during the year and no material discrepancies were noticed on such verification as compared with available record.

c. The com pany has not disposed off any substantial part of its fixed assets during the year.

ii). a.The stock of finished goods, stores, spare parts and materials have been physically verified during the year by the management.

b.The procedure of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c.The company is maintaining proper records of Inventory. The discrepancies noticed on verification between the physical stock and books records were not material.

iii).We have been informed that the Company has neither granted nor taken any loans, secured or unsecured, to or from companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act 1956. Accordingly, clause 4(iii) (b) to (d) of the order are not applicable.

iv) According to the information and explanations given to uts and the records verified by us, there is adequate internal control procedure commensurate with the size of the company and nature of its business.

v). There are no transaction during the year of purchase of stores, raw materials or components and sale of goods and materials (there being no sale of services) made in pursuance of contracts or agreements entered in the register maintained u/s 301 of the Companies Act, 1956 as is evident from the said register.

vi). As informed to us, the Company has not accepted any deposit from the public during the year within the meaning of section 58A or 58AA of the Companies Act 1956 and the rules framed there under. Therefore, the directives issued by the reserve bank of India are not applicable.

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

viii). As per information and explanations given to us, the cost records as prescribed by the Central Government u/s 209(1 )(d) of the Companies Act, 1956 in respect of process house are being made and maintained. We have, however not made a detailed examination of the said records with a view to determine whether they are accurate or complete.

ix) a. According to the records of the Company, the company is generally regular in depositing undisputed statutory dues applicable to it.

b. According to the information and explanation given to us, there are no dues in respect of Income tax, wealth tax, excise duty, custom duty, service tax and cess that have not been deposited with the appropriate authorities on account of any dispute.

x). The company does not have accumulated losses, therefore clause 4(x) of the order is noi applicable.

xi). The company has not defaulted in repayment of any dues to financial institution/ bank. The company has not issued any debentures.

xii). The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly clause 4(xii) of the order is not applicable.

xiii). The company is not a chit fund or a nidhi mutual benefit fund/society. Accordingly clause 4(xiii) of the order is not applicable.

xiv). The company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly clause 4(xiv) of the Order is not applicable.

xv). According to the information and explanation given to us, the terms and conditions on which the company has given guarantees for loans taken by others from banks or financial institutions are not prima facie prejudicial to the interest of the company.

xvi). In our opinion, on the basis of information and explanation given to us, the term loans were applied for the purpose for which the loans were obtained.

xvii). On the basis of an overall examination of the balance sheet tof the company, no funds raised on short term basis have been used for long term investment or vice versa.

xviii).The company has not made any preferential allotment of shares, accordingly clause 4(xviii) of the order is not applicable.

xix).The company has not issued any debentures. Accordingly clause 4(xix) of the Order is not applicable.

xx).The company has not raised any money by public issue during the year. Accordingly clause 4(xx) of the Order is not applicable.

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

Further to our comments 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 purpose of our audit;

b.ln our opinion, proper books of accounts as required by law have been kept by the Company, so far as appears from our examinations of those books;

c. The Balance Sheet & Profit & Loss A/c dealt with by the report are in agreement with the books of accounts of the Company;

d. In our opinion, the profit & loss account and the balance sheet comply with the mandatory accounting standards referred to in sub-section (3C) of section 211 of the companies act, 1956.

e. On the basis of confirmation received from directors concerned as on March 31,2012 and taken on record by the Board of directors, none of the director are disqualified from being appointed as a director under clause (g) of Sub-section (1) of Section 274 of the Companies Act, 1956.

f. In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and Profit and Loss Account read together with the other notes thereon, 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 case of the Balance Sheet of the state of affairs of the Company as at 31 st March, 2012;

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

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

FORS.R.GOYAL&CO.

CHARTERED ACCOUNTANTS FRNO-001537C

Camp: Mumbai (AnilGoyal)

Dated: 30.05.2012 Partner

M.No.71158


Mar 31, 2011

1) We have audited the attached Balance Sheet of Khator Fibre & Fabrics Ltd., as at 31st March 2011 also the Profit and Loss Account and Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2) We 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 disclosure 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 cur opinion.

3) As required by the Companies (Auditors report) order 2003, as amended by the Companies (Auditor's Report Amendment) Order, 2004, together by the Central Government in terms of section 227 {4A} of Companies Act. 1956' of India (the 'Act') and on the basis of such examinations of the books and records, as we considered appropriate and as per the information and explanation given to us we further report that:

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

b. All the assets have been physically verified by the management during the year and no material discrepancies were noticed on such verification as compared with available record.

c. The company has not disposed off any substantial part of its fixed assets during the year.

ii) a. The stock of finished goods, stores, spare parts and materials have been physically verified during the year by the management.

b. The procedure of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c. The company is maintaining proper records of Inventory, The discrepancies noticed on verification between the physical stock and books records were not material.

iii) We have been informed that the Company has neither granted nor taken any loans, secured unsecured, to or from companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act 1956. Accordingly, clause 4(iii) (b) to (d) of the order are not applicable.

iv). According to the information and explanations given to us and the records verified by us, there is adequate internal control procedure commensurate with the size of the company and nature of its business.

v) There are no transaction during the year of purchase of stores, raw materials or components and sale of goods and materials (there being no sale of services) made in pursuance of contracts or agreements entered in the register maintained u/s 301 of the Companies Act, 1956 as is evident From the said register.

vi) As informed to us, the Company has not accepted any deposit from the public during the year within the meaning of section 58A or 58AA of the Companies Act 1956 and the rules framed there under. Therefore, the directives issued by the reserve bank of India are not applicable.

vii) In our opinion, the internal audit system is commensurate with the size of the Unit and the nature of its business.

viii) As per information and explanations given to us, the cost records as prescribed by the Central Government u/s 209(1 )(d) of the Companies Act, 1956 in respect of process house are being made and maintained. We have, however not made a detailed examination of the said records with a view to determine whether they are accurate or complete.

ix) a. According So the records of the Company, the company is generally regular in depositing undisputed statutory dues applicable to it.

b. According to the information and explanation given to us , there are no dues in respect of Income tax, wealth tax, excise duty, custom duty, service tax and cess that have not been deposited with the appropriate authorities on account of any dispute.

x) The company does not have accumulated losses, therefore clause 4(x) of the order is not applicable.

xi) The company has not defaulted in repayment of any dues to financial institution/ bank. The company has not issued any debentures,

xii) The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly clause 4(xii) of the order is not applicable.

xiii) The company is not a chit fund or a nidhi mutual benefit fund/society. Accordingly clause 4(xiii) of the order is not applicable.

xiv) The company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly clause 4(xiv) of the Order is not applicable. xv) According to the information and explanation given to us, the terms and conditions on which the company has given guarantees for loans taken by others from banks or financial institutions are not prima facie prejudicial to the interest of the company.

xvi) In our opinion, on the basis of information and explanation given to us, the term loans were applied for the purpose for which the loans were obtained. xvii) On the basis of art overall examination of the balance sheet of the company, no funds raised on short term basis have been used for long term investment or vice versa.

xviii) The company has not made any preferential allotment of shares, accordingly clause 4{xviii) of the order is not applicable.

xix) The company has not issued any debentures. Accordingly clause 4(xix) of the Order is not applicable.

xx) The company has not raised any money by public issue during the year. Accordingly clause 4(xx) of the Order is not applicable.

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

4. Further to our comments 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 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 examinations of those books.

c. The Balance Sheet & Profit & Loss A/c dealt with by the report are in agreement with the books of accounts of the Company;

d. In our opinion, the profit & loss account and the balance sheet comply with the mandatory accounting standards referred to in sub-section (3C) of section 211 of the companies act, 1956.

e. On the basis of confirmation received from directors concerned as on March 31,2011 and taken on record by the Board of directors, none of the director are disqualified from being appointed as a director under clause (g) of Sub-section (1) of Section ?74 of the Companies Act, 1956.

f. In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and Profit and Loss Account read together with the other notes thereon, 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 case of the Balance Sheet of the state of affairs of the Company as at 31st March, 2011;

ii) In the case of Profit and Loss Account of the PROFIT for the year ended on that date and

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

FOR S.R. GOYAL & CO. CHARTERED ACCOUNTANTS FR No.- 001537C

(ANIL GOYAL) PARTNER M.No. 71158

Camp: Mumbai Date: 30.05.2011




Mar 31, 2010

1) We have audited the attached Balance Sheet of Khator Fibre & Fabrics Ltd., as at 31st March 2010 also the Profit and Loss Account and 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.

2) 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 disclosure in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3) As required by the Companies (Auditors report)order 2003, as amended by the Companies (Auditors Report) (Amendment) Order, 2004. (togetherthe Order) issued by the Central Government in terms of section 227 (4A) of Companies Act. 1956 of India (the Act) and on the basis of such examinations of the books and records, as we considered appropriate and as per the information and explanation given to us we further report that:

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

b. All the assets have been physically verified by the management during the year and no material discrepancies were noticed on such verification as compared with available record.

c. The company has not disposed off any substantial part of its fixed assets during the year.

ii) a. The stock of finished goods, stores, spare parts and materials have been physically verified during the year by the management.

b. The procedure of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c. The company is maintaining proper records of Inventory. The discrepancies noticed on verification between the physical stock and books records were not material.

iii) We have been informed that the Company has neither granted nor taken any loans secured or unsecured, to or from companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act 1956. Accordingly, clause 4(iii)(b) to (d) of the order are not applicable.

iv). According to the information and explanations given to us and the records verified by us, there is adequate internal control procedure commensurate with the size of the company and nature of its business.

v) There are no transaction during the year of purchase of stores, raw materials or components and sale of goods and materials (there being no sale of services) made in pursuance of contracts or agreements entered in the register maintained u/s 301 of the Companies Act, 1956 as is evident from the said register.

vi) As informed to us, the Company has not accepted any deposit from the public during the year within the meaning of section 58A or 58AA of the Companies Act 1956 and the rules framed there under. Therefore, the directives issued by the reserve bank of India are not applicable.

vii) In our opinion, the internal audit system is commensurate with the size of the Unit and the nature of its business.

viii) As per information and explanations given to us, the cost records as prescribed by the Central Government u/s 209(1 )(d) of the Companies Act, 1956 in respect of process house are being made and maintained. We have, however not made a detailed examination of the said records with a view to determine whether they are accurate or complete.

ix) a. According to the records of the Company, the company is generally regular in depositing undisputed statutory dues applicable to it.

b. According to the information and explanation given to

us , there are no dues in respect of Income tax, wealth tax, excise duty, custom duty, service tax and cess that have not been deposited with the appropriate authorities on account of any dispute.

x) The company does not have accumulated losses, therefore clause 4(x) of the order is not applicable.

xi) The company has not defaulted in repayment of any dues to financial institution/bank. The company has not issued any debentures,

xii) The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly clause 4(xii) of the order is not applicable.

xiii) The company is not a chit fund or a nrdhi mutual benefit fund/society. Accordingly clause 4{xiii) of the order is not applicable.

xiv) The company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly clause 4(xiv) of the Order is not applicable. xv) According to the information and explanation given to us, the terms and conditions on which the company has given guarantees for loans taken by others from banks or financial institutions are not prima facie prejudicial to the interest of the company.

xvi) In our opinion, on the basis of information and explanation given to us, the term loans were applied for the purpose for which the loans were obtained.

xvii) On the basis of an overall examination of the balance sheet of the company, no funds raised on short term basis have been used for long term investment or vice versa.

xviii) The company has not made any preferential allotment, of shares, accordingly clause 4{xviii) of the order is not applicable.

xix) The company has not issued any debentures.

Accordingly clause 4(xix) of the Order is not applicable.

xx) The company has not raised any money by public issue during the year. Accordingly clause 4
xxi) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.

4. Further to our comments 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 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 examinations jof those books;

c. The Balance Sheet & Profit & Loss A/c dealt with by the report are in agreement with the books of accounts of the Company;

d. In our opinion, the profit & loss account and the balance sheet comply with the mandatory accounting standards referred to in sub-section (3C) of section 211 of the companies act, 1956.

e. On the basis of confirmation received from directors concerned as on March 31,2010 and taken on record by the Board of directors, none of the director are disqualified from being appointed as a director under clause (g) of Sub-section (1) of Section 274 of the Companies Act, 1956.

f. In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and Profit and Loss Account read together with the other notes thereon, 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 case of the Balance Sheet of the state of affairs of the Company as at 31st March, 2010;

ii) In the case of Profit and Loss Account of the PROFIT for the year ended on that date and

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

FOR S. R. GOYAL& CO.

CHARTERED ACCOUNTANTS

FR No. 001537C

(AnilGoyal)

Camp : Mumbai Partner

Date : 31 May, 2010 M. No. 71158



 
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