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Auditor Report of Mihika Industries Ltd.

Mar 31, 2015

We have audited the accompanying Financial Statements of MIHIKA INDUSTRIES LIMITED, which comprises of the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

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

Auditors Responsibility

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

We have taken into account the provisions of the Act, the Accounting and Auditing Standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under .

We conducted our audit in accordance with the Standards on Auditing specified under sub-section (10) of section 143 of Companies Act, 2013.

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 judgement, 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. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the 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, 2015;

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

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

Report on Other Legal and Regulatory Requirements

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

a. We have sought and 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 it appears from our examination of those books.

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

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

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

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

i. The Company does not have any pending litigations which would impact its financial position.

ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

The annexure referred to in our report of even date to the members of Mohika Industries Limited on the accounts of the company for the year ended 31st March, 2015 on the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that :-

1. In respect of its Fixed Assets:

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

(b) All the fixed assets have been physically verified by the management at reasonable intervals in a phased manner which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies have been noticed on such verification.

(c) According to information and explanations given to us, no substantial part of fixed assets has been disposed off by the company during the year.

2. In respect of its Inventories:

(a) As explained to us inventories have been physically verified by the management at reasonable intervals.

(b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) On the basis of our examination of inventory records, we are of the opinion that the company is maintaining proper records of inventory. As explained to us, no material discrepancies were noticed on physical verification of inventory.

3. As informed 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. Accordingly, the sub-clauses (a) and (b) of clause (iii) of the Order are not applicable to the company.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

5. According to the information and explanations given to us, the company has not accepted any deposits in terms of directives issued by Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under .

6. Maintenance of cost records as specified by Central Government under sub section (1) of section 148 of Companies Act, 2013 is not applicable to the company.

7. (i) The company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and any other statutory dues with the appropriate authorities and we have been informed that there are no arrears of outstanding statutory dues as at the last day of the financial year under audit for a period of more than six months from the date they became payable.

(ii) According to the information and explanations given to us, no undisputed amount is payable in respect of Income Tax or Sales Tax or Service Tax or Custom Duty or Excise Duty or Value Added Tax or Cess as on March 31, 2015.

(iii) In our opinion and according to the information and explanations given to us, no amounts were required to be transferred to Investor Education and Protection Fund in accordance with the relevant provisions of Companies Act, 1956 (1 of 1956) and rules made there under .

8. The Company has no accumulated losses at the end of the financial year under audit. The company has not incurred cash losses during the financial year covered by audit and in the immediately preceding financial year.

9. According to the information and explanations given to us, the company has not obtained any loans from Financial Institution or Banks.

10. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions, the terms and conditions whereof are prejudicial to the interest of the company.

11. According to the information and explanations given to us, no term loans were obtained during the year under audit.

12. Based upon the audit procedures performed and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year of our audit.

For J. GUPTA & CO.

Chartered Accountants

FirmReg.No.314010E

JAI NARAYAN GUPTA

Dated : 30th Day of May, 2015 Partner

Place : Kolkata Membership No.051428


Mar 31, 2014

Report on the Financial Statements

We have audited the accompanying financial statements of Mihika Industries Limited ("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 then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September , 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgement, 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 Company''s Internal Control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit 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;

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

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 sub- section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

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

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

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

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.

ANNEXURE TO INDEPENDENT AUDITORS'' REPORT

Referred to in Paragraph 1 of our report of even date on the other legal and regulatory requirements (Re: Mihika Industries Limited)

1. The company does not have any fixed assets during the year.

2. In respect of its inventories,

a) As explained to us inventories have been physically verified by the management at reasonable intervals.

b) In our opinion and according to the information and explanations given to us , the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) On the basis of our examination of inventory records, we are of the opinion that the company is maintaining proper records of inventory. As explained to us, no material discrepancies were noticed on physical verification of inventory.

3. On the basis of records examined by us and according to the information & explanations given to us , the company has neither granted nor taken any loans, secured or unsecured to / from companies, firms or other parties covered in theregistermaintainedunder301 of the CompaniesAct,1956.Accordingly,theprovisionsofClause4(iii)ofthe Order are not applicable.

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 Company and the nature of its business with regard to purchases of inventories and fixed assets and sale of shares & securities traded by it .During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control.

5. a) To the best of our knowledge and beliefs and according to the information and explanations given to us, we are of the opinion that the transactions that need to be entered in the register maintained in pursuance of Section 301 of the Act have been properly entered in the said register.

b) In our opinion and according to the information and explanations given to us, there are no transactions exceeding the value of five lakh rupees in respect of any of the parties mentioned in 5(a) above.

6. In our opinion and according to the information and explanations given to us, the company has not accepted deposits from the public during the year.

7. The company has an adequate internal audit system, which in our opinion, is commensurate with the size and the nature of its business.

8. The Central Government has not prescribed the maintenance of cost records under section 209(1)(d) of the Act.

9. a) According to the information and explanations given to us and according to books and records produced and examined by us, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other statutory dues applicable to it.

b) According to the information and explanations given to us, there are no undisputed amounts payable in respect of Income Tax, Wealth Tax, Service Tax, Sales Tax, Excise Duty and Cess which are outstanding as at 31st March, 2014 for a period of more than six months from the date they became payable.

c) According to the information and explanations given to us, there are no undisputed statutory dues, not deposited by the company .

10. The company does not have any accumulated losses at the end of the financial year and has not incurred cash losses during the current and immediately preceding financial year.

11. On the basis of the records examined by us and the information and explanations given to us, during the year, the company has not availed any borrowings from banks or financial institutions.

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 security by way of pledge of shares, debentures and other securities.

13. The company is not a chit fund/ nidhi / mutual benefit fund or society.

14. The Company is not in the business of dealing or trading in shares. The company is maintained proper records of transactions and contracts in respect of Shares, Securities, Debentures and other Investments and timely entries have been made therein.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. To the best of our knowledge and belief and according to the information and explanations given to us, the company has not aken any term loan during the financial year covered by our audit.

17. On the basis of an overall examination of the balance sheet of the company, in our opinion and according to the information and explanations given to us, we report that no funds raised on short term basis have been used for long-term investment.

18. According to the information and explanations given to us, the company has not made any preferential allotment of shares during the year.

19. The company has not issued any debentures during the year.

20. The company has not raised any money by way of public issues during the year.

21. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For J. GUPTA & CO. Chartered Accountants Firm Reg. No. No.314010E

JAI NARAYAN GUPTA Dated the 30th Day of May, 2014 Partner Place: Kolkata Membership No.051428


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Mihika Industries Limited ("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 then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

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

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

Opinion

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

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

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

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 sub- section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

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

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

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

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

Annexure referred to in Paragraph 1 of our report of even date on the other legal and regulatory requirements (Re: Mihika Industries Limited)

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

b) All the Fixed Assets have been physically verified by the management at reasonable intervals in a phased manner which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No serious discrepancies have been noticed on such verification.

c) According to the information and explanations given to us, a substantial part of the fixed assets has not been disposed off by the company during the year.

2. a) As explained to us inventories have been physically verified by the management at reasonable intervals.

b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) On the basis of our examination of inventory records, we are of the opinion that the company is maintaining proper records of inventory. As explained to us, no material discrepancies were noticed on physical verification of inventory.

3. On the basis of records examined by us and according to the information & explanations given to us, the company has neither granted nor taken any loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under 301 of the companies Act,1956. Accordingly, the provisions of Clause 4(iii) of the Order are not applicable

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 Company and the nature of its business with regard to purchases of inventories and fixed assets and sale of shares & securities traded by it. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control.

5. a) To the best of our knowledge and beliefs and according to the information and explanations given to us, we are of the opinion that the transactions that need to be entered in the register maintained in pursuance of Section 301 of the Act have been properly entered in the said register.

b) In our opinion and according to the information and explanations given to us, there are no transactions exceeding the value of five lakh rupees in respect of any of the parties mentioned in 5(a) above.

6. In our opinion and according to the information and explanations given to us, the company has not accepted deposits from the public during the year.

7. The company has an adequate internal audit system, which in our opinion, is commensurate with the size and the nature of its business.

8. The Central Government has not prescribed the maintenance of cost records under section 209(1)(d) of the Act.

9. a) According to the information and explanations given to us and according to books and records produced and examined by us, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income-tax, Wealth Tax, Sales Tax,Service Tax, Custom duty , Excise duty, cess and any other statutory dues applicable to it.

b) According to the information and explanations given to us, there are no undisputed amounts payable in respect of income tax, wealth tax, Service Tax, Sales Tax, excise duty and cess which are outstanding as at 31st March,2013 for a period of more than six months from the date they became payable.

c) According to the information and explanations given to us, there are no statutory dues, not deposited by the company on account of any dispute.

10. The company does not have any accumulated losses at the end of the financial year and has not incurred cash losses during the current and immediately preceding financial year.

11. On the basis of the records examined by us and the information and explanations given to us, during the year, the company has not availed any borrowings from banks or financial institutions.

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 security by way of pledge of shares, debentures and other securities.

13. The company is not a chit fund/ nidhi / mutual benefit fund or society.

14. The Company is not in the business of dealing or trading in shares. The Company is maintained proper records of transactions and contracts in respect of Shares, Securities, Debentures and other Investments and timely entries have been made therein.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. To the best of our knowledge and belief and according to the information and explanations given to us, the company has not taken any term loan during the financial year covered by our audit.

17. On the basis of an overall examination of the balance sheet of the company, in our opinion and according to the information and explanations given to us, we report that no funds raised on short term basis have been used for long-term investment.

18. According to the information and explanations given to us, the company has made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. In our opinion, the price at which shares have been issued is not prejudicial to the interest of the company.

19. The company has not issued any debentures during the year.

20. The company has not raised any money by way of public issues during the year.

21. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For J. GUPTA & CO. Chartered Accountants Firm Reg. No. No. 314010E JAI NARAYAN GUPTA Dated the 30th Day of May, 2013 Partner Place: Kolkata Membership No.051428


Mar 31, 2012

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

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.

As required by the Companies (Auditor''s Report) Order, 2003, issued by the Central Government of India in terms of Sub Section (4a) of Section 227 of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraph 4 and 5 of the said order.

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

1. 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.

2. In our opinion proper Books of Accounts as required by law have been kept by the company so far as it appears from our examination of those books.

3. The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement referred to in this report are in agreement with the books of accounts.

4. In our opinion, the Balance Sheet, Statement of Profit and Loss and the Cash Flow Statement dealt with by this report are in compliance with the applicable Accounting Standards referred to in Sub section (3C) of Section 211 of the Companies Act, 1956.

5. 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 director in terms of Clause (g) of the Sub section (1) of Section 274 of the Companies Act, 1956.

6. In our opinion and to the best of our information and according to the explanations given to us , the said accounts read together with the significant accounting policies and notes thereon, give the information required by the Companies Act, 1956 in the manner so required and give true and fair view in conformity with the accounting principles generally accepted in India:

a. In so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31st March, 2012;

b. In so far as it relates to Statement of Profit and Loss, of the Profit for the year ended on that date.

c. In so far as it relates to Cash Flow Statement, the cash flow of the Company for the year ended on that date.

ANNEXURE TO THE AUDITORS'' REPORT

(Referred to in paragraph 3 of the Auditors'' Report of even date to the members of Mihika Industries Ltd of the Financial Statements for the year ended 31 st March. 2012)

1. The Company did not have any fixed assets at the close of the year under report. Hence, any observations on fixed assets register and physical verification of fixed assets are not called for.

2. The company has maintained proper records of inventory. As informed to us, the management has carried out physical verification of inventory, wherever applicable, at reasonable intervals and no material discrepancies were noticed on such physical verification of inventory. In our opinion the procedures of physical verification of inventory followed by the management is reasonably adequate in relation to the size of the company and nature of its business.

3. The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956.

The company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956.

4. In our opinion the company has adequate internal control system commensurate with the size of the company and nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit we have not observed any major weaknesses in the internal control systems.

5. According to the information and explanations given to us , we are of the opinion that the company did not enter into any transactions during the year under report that needed to be entered into the register maintained under section 301 of the Companies Act, 1956

6. The company has not accepted any deposits from the public under Section 58A and/or 58AA.

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

8. The maintenance of cost records has not been prescribed by the Central Government under Clause (d) of Sub section (1) of Section 209 of the Companies Act, 1956.

9. There are no amounts outstanding and payable in respect of statutory dues i.e Income Tax. Sales Tax, Weath Tax, Custom Duty and Excise Duty for a period of more than six months.

10. The company has no accumulated losses at the end of the financial year. The company has not incurred any cash losses during the financial year covered by our audit.

11.The company has not obtained any loans from any bank or financial institutions during the financial year.

12. The company has not granted any loans and advances on the basis of the security by way of pledge of shares, debentures and other securities.

13. The provisions of any special statute applicable to Chit fund/ Nidhi/ Mutual Benefit Fund/ Societies are not applicable to the company.

14. The company has maintained proper records and made timely entries of the transactions and contracts in respect of shares, securities, debentures and other investments dealt in by the company. Further the shares, securities, debentures and other investments are held by the company in its own name.

15. The company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The company has not obtained any term loans during the financial year.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we are of the opinion that the company has not utilized anyshort term resources towards repayment of long term borrowings and/or acquisition of fixed assets.

18. The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. The company has not issued any debentures during the financial year.

20. The company has not raised money by public issue during the financial year.

21. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the financial year.

For J Gupta & Co. Chartered Accountants



(J.N .Gupta) Partner Membership No. 51428 Firm Registration No. 314010E

PLACE: KOLKATA DATE : 30th MAY, 2012


Mar 31, 2011

We have audited the attached Balance Sheet of Mihika Industries Limited, as at 31st March,2011 and the Profit & Loss Account of the Company for the year ended thereon annexed hereto. 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.

We report that:

1. 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.

2. 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 these books.

3. The Balance Sheet, Profit and Loss Account dealt with by this report are in agreement with the books of account.

4. In our opinion, the Balance Sheet Profit & 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.

5. On the basis of the 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 are prima facie disqualified from being appointed as a director in terms of clause (g) of sub-section(l) of section 274 of the Companies Act, 1956.

6. In our opinion, and to the best of our information and according to the explanations given to us, the accounts subject to and read together with 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:-

a) In the case of the Balance Sheet, of the State of Affairs of the Company as at 31st March, 2011.

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

As required by the Companies (Auditor''s Report) Order, 2003 (as amended ) issued by the Central Government of India in terms of section 227(4A) of the Companies Act 1956, and on the basis of such checks as were considered appropriate and as per the information & explanations given to us, we further comment hereto on the matters specified in paragraphs 4 and 5 of the said order as below:-

1.

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

b) All the Fixed Assets have been physically verified by the management at reasonable intervals in a phased manner which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No serious discrepancies have been noticed on such verification.

c) According to the information and explanations given to us, all the fixed assets of the company have been disposed off by the company during the year and there is no fixed assets as on 31.03.2011.

2. On the basis of records examined by us and according to the information & explanations given to us , the company has neither granted nor taken any loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under 301 of the companies Act,1956. Accordingly, the provisions of Clause 4(iii) of the Order is not applicable.

3. In our opinion and according to the information and explanations given to us, there are adequate internal control procedure commensurate with the size of Company and the nature of its business with regard to purchases of inventories and fixed assets and sale of shares & securities traded by it .During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

4. a) To the best of our knowledge and beliefs and according to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in Section 301 of The Companies Act, 1956 that needs to be entered in the register maintained under that section have been so entered.

b) In our opinion and according to the information and explanations given to us, there are no transactions exceeding the value of five lacs rupees in respect of any of the parties mentioned in 4(a) above.

5. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public during the year.

6. The company has an adequate internal audit system, which in our opinion is commensurate with the size and the nature of its business.

7. The Central Government has not prescribed the maintenance of cost records under section 209( l)(d) of the Act.

8. a) According to the information and explanations given to us and according to books and records produced and examined by us, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income-tax, Wealth Tax, Sales Tax, Service Tax, Custom duty, Excise duty, cess and any other statutory dues applicable to it.

b) According to the information and explanations given to us, there are no undisputed amounts payable in respect of income tax, wealth tax, Service Tax, Sales Tax , excise duty and cess which are outstanding as at 31st March,2011 for a period of more than six months from the date they became payable.

c) According to the information and explanations given to us, there are no statutory dues , not deposited by the company on account of any dispute.

9. The company does not have any accumulated losses at the end of the financial year. It has not incurred any cash losses during the current financial year. However, it had incurred cash losses of Rs.0.38 Lacs during the immediately preceding financial year.

10. On the basis of the records examined by us and the information and explanations given to us, the company has not defaulted in repayment of dues to banks or financial institutions.

11. 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 security by way of pledge of shares, debentures and other securities.

12. The company is not a chit fund/ nidhi / mutual benefit fund or society. Therefore, the provisions of clause 4(xiii) of the Order is not applicable to the company.

13. The company is not dealing & trading in shares, securities and other investments and hence clause 4(xiv) of the Order 2003 is not applicable to the company.

14. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

15. To the best of our knowledge and belief and according to the information and explanations given to us, the company has not obtained any term loans during the year.

16. On the basis of an overall examination of the balance sheet of the company, in our opinion and according to the information and explanations given to us, we report that no funds raised on short term basis have been used for long-term investment.

17. The company has not made any preferential allotment of shares; hence clause (xviii) of the order is not applicable.

18. The company has not issued any debentures during the year and hence Clause 4(xix) of the Order is not applicable to the company.

19. The company has not raised any money by way of public issues during the year.

20. To the best of our knowledge and belief and 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.

21. In view of the nature of company''s business / activities, the provisions of clause (ii) of the order is not applicable to the company.

For B. Kabra & Associates Chartered Accountants

Dated: 2nd day of August,2011

(B.K Kabra) Proprietor Membership No. 53174 Firm Regn No. 317071E

 
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