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Auditor Report of Minaxi Textiles Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Minaxi Textiles Limited, which comprise 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.

2. Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in the section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone 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 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 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.

3. Auditor's Responsibility

Our responsibility is to express an opinion on these standalone 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 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 of the financial statements that give true and fair view in order to design audit procedure 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 control 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 presentations 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.

4. 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 Profit and Loss Account, of the profit for the year ended on that date; and

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

5. Report on Other Legal and Regulatory Requirements

i. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of section (11) of section 143 of the Companies Act,2013 we give in the Annexure a statement on the matters specified in the paragraphs 3 and 4 of the Order, to the extent applicable.

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

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

b. In our opinion proper books of account as 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 aforesaid financial statements comply with the Accounting Standards specified under section 133 of the Act, read with the 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 Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and accordance to the explanation given to us:

i. The company does not have pending litigations and hence company has not disclosed the impact on financial position in its financial statements - Refer note 27 to financial statements;

ii. The company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses - Refer note 32 to financial statements;

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

Annexure to Independent Auditors' Report

Referred to in Paragraph 5(i) under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date.

1. In respect of Fixed Assets:

a. As informed to us, the Company is in the process of updating of proper records showing full particulars including quantitative details and situation of its fixed assets.

b. All the Fixed Assets of the Company have been physically verified by the management at reasonable period during the year and no material discrepancies have been noticed on such verification.

2. In respect of Inventories:

a. As explained to us, stock has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b. As per information given to us, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c. On the basis of our examination of the inventory records, in our opinion, the company is maintaining proper records of inventory. No material discrepancies were noticed on verification between the physical stocks and the book records.

3. In respect of Loans and Advances granted during the year

a. 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, hence provision of clause (a) & (b) are not applicable to the company.

4. In our opinion, and according to the information and explanations given to us, there are adequate internal control procedures Commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and with regard to sale of goods. During the course of our audit, we have not observed any major weakness in internal control.

5. The company has not accepted the deposits from the public during the year..

6. We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013 and as required under Companies (Cost records and Audit) Rules, 2014 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have however not, made a detailed examination of the records with a view to determine whether they are accurate or complete.

7. In respect of Statutory Dues:

a. According to the information and explanations given to us and based on the records of the company, the company is by and large regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, ESI, income-tax, sales tax, wealth-tax, service tax, Custom duty, Excise duty, cess and any other statutory dues with the appropriate authorities applicable to it.

b. According to the information and explanations given to us, no undisputed amounts payable in respect of statutory dues were outstanding as at 31st March 2015 for a period of more than six months from the date they became payable.

c. According to the records of the company and on the basis of the information and explanation given to us, there were no dues of sales tax, custom duty, excise duty, wealth tax, service tax and cess etc, which have not been deposited on account of any dispute.

d. During the year, the amount required to be transferred to investor's education and protection fund has been so transferred.

8. The company has no accumulated losses and has not incurred cash losses during the financial year covered by our audit and immediately preceding financial year.

9. Based on our audit procedures and according to the information and explanation given to us, the Company has not defaulted in repayment of any dues to a financial institution, banks or debenture holders.

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

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

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

For RRS & Associates Chartered Accountants (Registration No. 118336W)

Rajesh R. Shah Partner Membership No.: 034549

Ahmedabad Date: 07th May, 2015


Mar 31, 2014

We have audited the accompanying financial statements of Minaxi Textiles Limited, which comprise the Balance Sheet as at March 31, 2014, 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 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 judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

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

(c) In the case of the Cash Flow Statement, of the Cash Flow 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 the 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 notified under 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.

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 under the heading of "Report on Other Legal and Regulatory Requirements" of our report of ever date.

1. a. As informed to us, the Company is in the process of updating of proper records showing full particulars including quantitative details and situation of its fixed assets.

b. All the Fixed Assets of the Company have been physically verified by the management at reasonable period during the year and no material discrepancies have been noticed on such verification.

c. In our opinion and according to the information and explanation given to us, substantial part of fixed assets has not been disposed off by the company during the year.

2. a. As explained to us, stock has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b. As per information given to us, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c. On the basis of our examination of the inventory records, in our opinion, the company is maintaining proper records of inventory. No material discrepancies were noticed on verification between the physical stocks and the book records.

3. a. The company has not granted any loans, secured or unsecured, to / from firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956, hence provision of clause (a) are not applicable to the company.

b. During the year the company has taken unsecured loan of Rs. 46.00 lacs from one party covered in the register maintained under section 301 of the Companies Act, 1956.The maximum amount outstanding during the year in respect of the all the parties were Rs. 46.00 lacs and the yearend . balance was Rs. 46.00 lacs.

c. In our opinion and according to the information and explanation given to us, the rate of interest of such loans taken, and other terms & conditions are not prima facie prejudicial to the interest of the Company.

d. In our opinion and according to the information and explanation given to us, the interest payments are regular and the principal amount is repayable on demand.

4. In our opinion, there are adequate internal control procedures Commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and with regard to sale of goods. During the course of our audit, we have not observed . any major weakness in internal control.

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

b. In our opinion and according to the information and explanation given to us the above transactions, wherever they exceed the threshold limit specified, are made at prices which are not prejudicial to the interest of the company

6. As per the explanations given to us, the company has not accepted deposits from the public.

7. The Company does not have any Internal Auditor or any special department/cell for Internal Audit, but looking towards the quantum & value of transactions and the Internal Control Procedures, we are of the opinion that the Company has enough control over the transactions of the business.

8. We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 209(1)(d) of the Company Act, 1956 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have however not, made a detailed examination of the records with a view to determine whether they are accurate or complete.

9. a. According to the information and explanations given to us, undisputed statutory dues including Provident Fund, ESI, Income-tax, Wealth-tax, Custom duty, Excise duty, cess and any other material statutory dues have been generally regularly deposited with the appropriate authorities and there are no undisputed dues outstanding as at the last day of the financial year for a period of more than six months from the date they become payable.

b. According to the records of the company and on the basis of the information and explanation given to us, there were no dues of sales tax, custom duty, excise duty, wealth tax, and cess, which have not been deposited on account of any dispute.

10. In our opinion and according to the records of the company, the company has not incurred cash losses during the financial year covered by our audit and immediate preceding financial year.

11. In our opinion and according to the information and explanation given to us, the Company has not defaulted in repayment of any dues to a financial institution, banks or debenture holders.

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

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

14. In our opinion , the company is not dealing /trading in units of mutual funds, Therefore clause 4(xiv) of the companies (Auditor''s Report ) Order, 2003 are not applicable to the company.

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

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

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

18. As the Company has not made any preferential allotment of share, hence the provision of clause 4(xviii) of the Companies (Auditor''s Report) Order, 2003 is not applicable to the company.

19. The Company has not issued any debenture during the year.

20. The Company has not raised any money by public issue during the year.

21. During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanation given to us, we have neither came across any instance of fraud on or by the Company, nor such type of the case been reported or informed to us by the management.

For RRS & Associates

Chartered Accountants (Registration No. 118336W)

Rajesh R. Shah Partner

Membership No.: 034549

Ahmedabad

Date: 30th May, 2014


Mar 31, 2013

Report On the Financial Statements

We have audited the accompanying financial statements of Minaxi Textiles Limited, which comprise the Balance Sheet as at March 31. 2013, 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 preparatior 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 rekrred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This respotsibility includes the design, implementation and maintenance of internal cntrol 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. Wc 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 mana as evaluating the overall presentation of the finnncial statements.

We believe that the audit evidence we have btained 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 the Profit and Loss Account, of the profit for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements J

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central i Government of India in terms of sub-section (4A) of section 227 of the Act, the said order is applicable to the company during the year under review and report on the same is annexed to our Audit Report.

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

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

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 I Report are in agreement with the books of account. I

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

ANNEXURETO INDEPENDENT AUDITORS'' REPORT

[Referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory] Requirements" of our report of ever date.

1. a. As informed to us, the Company is in the process of updating of proper records showing full particulars including quantitative details and situation of its fixed assets.

b. All the Fixed Assets of the Company have been physically verified by the management at reasonable period during the year and no material discrepancies have been noticed on such verification.

c. In our opinion and according to the information and explanation given to us, substantial part of fixed assets has not been disposed off by the company during the year.

2. a. As explained to us, stock has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b. As per information given to us, the procedures of physical verificationof stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c. On the basis of our examination of the inventory records, in our opinion, the company is maintaining proper records of inventory. No material discrepancies were noticed on verification between the physical stocks and the book records.

3. a. The company has not granted I taken any loans, secured or unsecured, to / from finns or other parties covered in the register maintained under section 301 of the Companies Act, 1956, hence provision of clause (a) and (b) are not applicable to the company.

4. In our opinion, there are adequate internal control procedures Commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and with regard to sale of goods. During the course of our audit, we have not observed any major weakness in internal control.

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

b. In our opinion and according to the information and explanation given to us the above transactions, wherever they exceed the threshold limit specified, are made at prices which are not prejudicial to the interest of the company

6. As per the explanations given to us, the company has not accepted deposits from the public.

7. The Company does not have any Internal Auditor or any special department/cell for Internal Audit, but looking to words the quantum & value of transactions and the Internal Control procecure we are of the opinion that the Company has enough control over the transactions of business.

ANNEXURE TO INDEPENDENT AUDITORS'' REPORT

[Referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory]

Requirements" of our report of ever date.

8. We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 209(1 )(d) of the Company Act, 1956 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have however not, made a detailed examination of the records with a view to determine whether they are accurate or complete.

9. a. According to the information and explanations given to us, undisputed statutory dues including

Provident Fund, ESI, Income-tax, Wealth-tax, Custom duty, Excise duty, cess and any other material statutory dues have been generally regularly deposited with the appropriate authorities and there are no undisputed dues outstanding as at the last day of the financial year for a period of more than six months from the date they become payable.

b. According to the records of the company and on the basis of the information and explanation given to us, there were no dues of sales tax, custom duty, excise duty, wealth tax, and cess, which have not been deposited on account of any dispute.

10. In our opinion and according to the records of the company, the company has not incurred cash losses during the financial year covered by our audit and immediate preceding financial year.

11. In our opinion and according to the information and explanation given to us, the Company has not defaulted in repayment of any dues to a financial institution, banks or debenture holders.

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

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

14. In our opinion , the company is not dealing /trading in units of mutual funds, Therefore clause 4(xiv) of the companies (Auditor''s Report) Order, 2003 are not applicable to the company.

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

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

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

[Referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory]

Requirements" of our report of ever date.

18. As the Company has not made any preferential allotment of share, hence the provision of clause 4(xviii) of the Companies (Auditor''s Report) Order, 2003 is not applicable to the company.

19. The Company has not issued any debenture during the year.

20. The Company has not raised any money by public issue during the year.

21. During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanation given to us, we have neither came across any instance of fraud on or by the Company, nor such type of the case been reported or informed to us by the management.

For RRS & Associates

Chartered Accountants

(Registration No. 118336W)

Rajesh R Shah

Partner

Membership No.: 034549

Ahmedabad

Date : 30 May, 2013


Mar 31, 2012

We have audited the attached Balance Sheet of Minaxi Textiles Ltd. as at 31st March, 2012 the Profit & Loss A/c and also the 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.

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

As require 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 paragraphs 4 and 5 of the said Order.

Further to our comment in Annexure referred to above, we report that:

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

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

(iii) The Balance Sheet, and Profit & Loss and cash flow statement dealt with by this report are in agreement with the books of Account;

AUDITOR S REPORT

(i) In our opinion Balance Sheet, Profit & Loss A/c and cash flow statement dealt with this report comply with the accounting standards referred to in sub section (3C) of section 211 of Companies Act, 1956.

(ii) 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 are disqualified as on 31/03/2012 from being appointed as Directors in terms of clauses (g) of sub sections (1) of section 274 of the Companies Act, 1956.

(iii) In our opinion and to the best of our information and according to the explanation given to us, the said accounts read together with the notes thereon and appearing in Schedule of Accounting Policies and Notes on Accounts gives the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) In the case of the Balance Sheet, of the State of affairs of the company as at 31st March, 2012 and

(ii) In the case of prof it and loss account, of the profit for the period ended on that date.

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

ANNEXURE TO THE AUDITORS REPORT

2011 2012

[Referred to in paragraph 1 of our report of even date]

1. a. As informed to us, the Company is in the process of updation of proper records showing full particulars including quantitative details and situation of its fixed assets.

b. All the Fixed Assets of the Company have been physically verified by the management at reasonable period during the year and no material discrepancies have been noticed on such verification.

c. In our opinion and according to the information and explanation given to us, substantial part of fixed assets has not been disposed off by the company during the year.

2. a. As explained to us, stock has been physically verified during the year by the management.

In our opinion, the frequency of verification is reasonable.

b. As per information given to us, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c. On the basis of our examination of the inventory records, in our opinion, the company is maintaining proper records of inventory. No material discrepancies were noticed on verification between the physical stocks and the book records.

3. a. The company has not granted / taken any loans, secured or unsecured, to / from firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956, hence provision of clause (a) and (b) are not applicable to the company.

4. In our opinion, there are adequate internal control procedures Commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and with regard to sale of goods. During the course of our audit, we have not observed any major weakness in internal control.

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

b. In our opinion and according to the information and explanation given to us the above transactions, wherever they exceed the threshold limit specified, are made at prices which are not prejudicial to the interest of the company

6. As per the explanations given to us, the company has not accepted deposits from the public.

7. The Company does not have any Internal Auditor or any special department/cell for Internal Audit, but looking towards the quantum & value of transactions and the Internal Control Procedures, we are of the opinion that the Company has enough control over the transactions of the business.

8. We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 209(l)(d) of the Company Act, 1956 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.

9. a. According to the information and explanations given to us, undisputed statutory dues including Provident Fund, ESI, Income tax, Wealth tax, Custom duty, Excise duty, cess and any other material statutory dues have been regularly deposited except slight delay in few cases with the appropriate authorities and there are no undisputed dues outstanding as at the last day of the financial year for a period of more than six months from the date they become payable. b. According to the records of the company and on the basis of the information and explanation given to us, there were no dues of sales tax, custom duty, excise duty wealth tax, and cess, which have not been deposited on account of any dispute.

10. In our opinion and according to the records of the company, the company has not incurred cash losses during the financial year covered by our audit and immediate preceding financial year.

11. In our opinion and according to the information and explanation given to us, the Company has not defaulted in repayment of any dues to a financial institution, banks or debenture holders.

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

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

14. In our opinion, the company is not dealing/trading in units of mutual funds, Therefore clause 4(xiv) of the companies (Auditor s Report) Order, 2003 are not applicable to the company.

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

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

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

18. As the Company has not made any preferential allotment of share, hence the provision of clause 4(xviii) of the Companies (Auditor s Report) Order, 2003 is not applicable to the company.

19. The Company has not issued any debenture during the year.

20. The Company has not raised any money by public issue during the year.

21. Duringthe course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanation given to us, we have neither came across any instance of fraud on or by the Company, nor such type of the case been reported or informed to us by the management.

FOR R R S & ASSOCIATES CHARTERED ACCOUNTANTS FRN NO. 118336W

Sd/

( RAJESH R. SHAH ) PLACE: AHMEDABAD PARTNER

DATE : 30th July, 2012 MEMBERSHIP NO. 34549


Mar 31, 2010

We have audited the attached Balance Sheet of Minaxi Textiles Ltd. as at 31st March, 2010 the Profit & Loss A/c and also the cash flow statement of the company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

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

Further to our comment in Annexure referred to above, we report that: ,

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

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

(iii) The Balance Sheet, and Profit & Loss and cash flow statement dealt with by this report are in agreement with the books of Account;

(iv) In our opinion Balance Sheet, Profit & Loss A/c and cash flow statement dealt with this report comply with the accounting standards referred to in sub-section (3C) of section 211 of Companies Act, 1956.

(v) On the basis of written representations received from the directors, as on 31* March, 2001 and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31/03/2010 from being appointed as Directors in terms of clauses (g) of sub sections (1) of section 274 of the Companies Act, 1956.

(vi) In our opinion and to the best of our information and according to the explanation given to us, the said accounts read together with the notes thereon and appearing in Schedule of Accounting Policies and Notes on Accounts gives the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) In the case of the Balance Sheet, of the State of affairs of the company as at 31st March, 2010 and

(ii) In the case of profit and loss account, of the profit for the period ended on that date.

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

ANNEXURE TO THE AUDITORS REPORT 2009-10 [Referred to in paragraph 1 of our report of even date]

1. a. As informed to us, the Company is in the process of updation of proper records showing full part culars including quantitative details and situation of its fixed assets.

b. All the Fixed Assets of the Company have been physically verified by the management at reasonable period during the year and no material discrepancies have been noticed on such verification.

c. in our opinion and according to the information and explanation given to us, a substantial part of fixed assets has not been disposed off by the company during the year.

2. a. As explained to us, Stock of Finished goods, stores, spare parts and raw materials have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b. As per information given to us, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c. On the basis of our examination of the inventory records, in our opinion, the company is maintaining proper records of inventory. No material discrepancies were noticed on verification between the physical stocks and the book records.

3. a. The Company has neither granted nor taken any loans to or from the firms, companies or the parties covered in the register maintained under Section 301 of the Companies Act, 1956, hence provision of clause (a) and (b) is not applicable to the Company.

b. The Company has taken loan from one party covered in the register maintained under section 301 to the companies Act, 1956, In respect of said loan, the maximum amount outstading at any time during the year is Rs. 10.00 lacs and the ended balance is 10.00 lacs.

4. In our opinion, there is adequate internal control procedures Commensurate with the size of the Company and the nature of its business with regard to purchase of stores, raw materials, including components, plant and machinery, equipment, other assets, and with regard to sale of goods. During the course of our audit, we have not observed any major weakness in internal control.

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

b. In our opinion and according to the information and explanations given to us the above transactions, Wherever they exceed the threshold limit speified, are made at prices which are not prejudicial to the interest of the Company.

6. As per the explanations given to us, the company has not accepted deposits form the public.

7. The company does not have any internal Auditor or any special department/cell for Internal Audit, but looking towards the quantum & value of transactions and the Internal Control Procedures, we are of the opinon that the Comapny has enough control over the transactions of the business.

8. We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 209(1)(d) of the Company Act, 1956 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

9. a. According to the information and explanations given to us, undisputed statutory dues including Provident Fund, ESI, Income-tax, Wealth-tax, Custom duty, Excise duty, cess and any other material statutory dues have been regularly deposited with the appropriate authorities and there are no undisputed dues outstanding as at the last day of the financial year for a period of more than six months from the date they become payable.

b. According to the records of the company and on the basis of the information and explanation given to us, there were no dues of sales tax, custom duty, excise duty, wealth tax, and cess, which have not been deposited on account of any dispute.

10. In our opinion and according to the records of the company, the company has not incurred cash losses during the financial year covered by our audit and immediate preceding financial year.

11. In our opinion and according to the information and explanation given to us, the Company has not defaulted in repayment of any dues to a financial institution, banks or debenture holders.

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

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

14. In respect of dealing / trading in units of mutual funds in our opinion and according to the information and explanation given to us, proper records have been maintained of the transactions and contracts and timely entries have been made therein.

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

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

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

18. As the Company has not made any preferential allotment of share, hence the provision of clause 4(xviii) of the Companies (Auditors Report) Order, 2003 is not applicable to the company.

19. The Company has not issued any debenture during the year.

20. The Company has not raised any money by public issue during the year.

21. During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanation given to us, we have neither came across any instance of "fraud on or by the Company, nor such type of the case been reported or informed to us by the management.

FOR R. R. S. & ASSOCIATES

CHARTERED ACCOUNTANTS

(RAJESH R. SHAH)

PLACE : AHMEDABAD PARTNER

DATE : 31st JULY, 2010. MEMBERSHIP NO. 34549

 
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