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Auditor Report of Navin Fluorine International Ltd.

Mar 31, 2016

We have audited the accompanying standalone financial statements of NAVIN FLUORINE INTERNATIONAL LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Standalone Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements 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 prescribed under section 133 of the Act, as applicable.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these 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 and the Order under section 143 (11) of the Act.

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

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

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2016, and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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

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

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

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

(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards prescribed under section 133 of the Act, as applicable.

(e) On the basis of the written representations received from the directors as on 31st March, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.

(g) 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 according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements in accordance with the generally accepted accounting practice – also refer Note 38 to the financial statements.

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

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

2. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order.

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

(b) The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and the records examined by us, we report that, the title deeds, comprising all the immovable properties of land and buildings which are freehold, are held in the name of the Company as at the balance sheet date. In respect of immovable properties of land and buildings that have been taken on lease and disclosed as fixed asset in the financial statements, the lease agreements are in the name of the Company, where the Company is the lessee in the agreement.

(ii) As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals and no material discrepancies were noticed on physical verification.

(iii) The Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013.

(iv) The Company has not granted any loans, made investments or provide guarantees and hence reporting under clause (iv) of the CARO 2016 is not applicable.

(v) According to the information and explanations given to us, the Company does not accept deposits and hence reporting under clause (v) of the CARO is not applicable.

(vi) The maintenance of cost records has been specified by the Central Government under section 148(1) of the Companies Act, 2013. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended prescribed by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013, and are of the opinion that, prima facie, the prescribed cost records have been made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(vii) According to the information and explanations given to us, in respect of statutory dues:

(a) The Company has been regular in depositing undisputed statutory dues, including Provident Fund, Employees'' State Insurance, Income-tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, cess and other material statutory dues applicable to it to the appropriate authorities.

Name of Statute Nature of Dues Forum where Dispute is Pending

Income Tax Act, 1961 Income Tax CIT, Appeals, VII, Mumbai Income Tax Act, 1961 Income Tax CIT, Appeals, VII, Mumbai

Income Tax Act, 1961 Income Tax ITAT, Mumbai

Income Tax Act, 1961 Income Tax ITAT, Mumbai

Income Tax Act, 1961 Income Tax ITAT, Mumbai

Income Tax Act, 1961 Income Tax CIT(Appeals)- 13, Mumbai

Central Excise Act Excise Duty High Court

Central Excise Act Excise Duty Assistant Commissioner of Central Excise Ujjain

Central Excise Act Excise Duty Assistant Commissioner of Central Excise

Central Excise Act Excise Duty Commissioner of Central Excise

Central Excise Act Excise Duty Commissioner (Appeals) - Bhopal



Amount Name of Statute Period to which the Unpaid Amount Relates (K in lacs)

Income Tax Act,1961 2005-06 36.13 Income Tax Act,1961 2006-07 226.33

Income tax Act,1961 2007-08 70.42

Income tax Act,1961 2008-09 97.40

Income Tax Act,1961 2009-10 131.07

Income Tax Act,1961 2011-12 121.31

Central Excise Act 1993-94 to 2005-06 90.33

Central Excise Act 2005-06 & 2006-07 0.17

Central Excise Act 1994-95 0.76

Central Excise Act 2007-08 36.25

Central Excise act 2011-12 86.56

(b) Details of dues of Income-tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, and Value Added Tax which have not been deposited as on 31st March, 2016 on account of disputes are given below:

Name of Statute Nature of Dues Forum where Dispute is Pending

Central Excise Act Excise Duty Commissioner (Appeals) - Bhopal Refund (Central Excise & Customs & Service Tax)

Central Excise Act Excise Duty Excise Appeal Branch - New Delhi (Customs & Excise & Service Tax Appellate Tribunal)

The West Bengal Value Value Added Tax Deputy Commissioner Appeals Added Tax Act

The West Bengal Value Value Added Tax Deputy Commissioner Appeals Added Tax Act

The West Bengal Value Value Added Tax Appellate Revisional Board Added Tax Act

M.P. Commercial Tax Act 1994 Entry Tax Assistant Commissioner of Commercial Taxes -Dewas

M.P. Commercial Tax Act 1994 Entry Tax Deputy Commissioner of Commercial Taxes - Ujjain

M.P. Commercial Tax Act 1994 Entry Tax, Central Appellate Board Sales Tax, Value Added Tax

M.P. Commercial Tax Act 1994 Central Sales Tax Madhya Pradesh High Court

U.P VAT Act Value Added Tax Allahabad High Court



Amount Name of Statute Period to which the Unpaid Amount Relates (K in lacs)

Central Excise Act 2014-15 18.20

Central Excise Act 2006-07 35.84

The west Bengal valu Add Tax act 2005-06 2.70

The West Bengal Valu added tax Act 2001-02 to 2004-05 8.38

The west Bengal Valu Added tax A 1994-95 1.08

M.P.Commercial tax Act 1944 2005-06 8.38

M.P.Commercial tax Act 1994 1992-93 & 1993-94 1.21

M.P.Commercial tax Act 1994 1995-96, 1996-97 & 23.02 2006-07

M.P.Commercial tax tax Act 1994 1990-91 to 1994-95 22.73

U.P VAT Act 1998-99 to 2000-01 69.14

(viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of loans or borrowings to financial institutions, banks and government. The Company has not issued any debentures.

(ix) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) or term loans and hence reporting under clause (ix) of the CARO 2016 Order is not applicable.

(x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no fraud on the Company by its officers or employees has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanations given to us, the Company has paid / provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013.

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of the CARO 2016 Order is not applicable.

(xiii) In our opinion and according to the information and explanations given to us the Company is in compliance with Section 188 and 177 of the Companies Act, 2013, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the financial statements etc. as required by the applicable accounting standards.

(xiv) During the year the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reporting under clause (xiv) of CARO 2016 is not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its directors or persons connected with him and hence provisions of section 192 of the Companies Act, 2013 are not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

For Deloitte Haskins and Sells

Chartered Accountants

(Firm''s Registration No.117364W)



Ketan Vora

(Partner)

Mumbai, 30th April, 2016 (Membership No. 100459)


Mar 31, 2015

Report on the Financial Statements

We have audited the accompanying standalone financial statements of NAVIN FLUORINE INTERNATIONAL LIMITED ("the Company"), which comprise the Balance Sheet as at 31 March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the 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 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 accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

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

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

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

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March, 2015, and its profit and its 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 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

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

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

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

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

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

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

(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 according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 38 to the Financial Statements:

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

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 THE INDEPENDENT AUDITORS'' REPORT

(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)

Having regard to the nature of the company''s business / activities / result, clauses (v) and (viii) of the Order are not applicable to the Company for the year.

(i) In respect of its fixed assets:

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

(b) The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed on such verification.

(ii) In respect of its inventories:

(a) As explained to us, the inventories were physically verified during the year 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 were reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

(iii) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013.

(iv) In our opinion and according to the information and explanations given to us, having regard to the explanations that some of the items purchased are of special nature and suitable alternative sources are not readily available for obtaining comparable quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory and fixed assets and the sale of goods and services. During the course of our audit, we have not observed any major weakness in such internal control system.

(v) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended and prescribed by the Central Government under sub- section (1) of Section 148 of the Companies Act, 2013, and are of the opinion that, prima facie, the prescribed cost records have been made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(vi) According to the information and explanations given to us, in respect of statutory dues:

(a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues applicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Provident Fund, Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues in arrears as at 31 March, 2015 for a period of more than six months from the date they became payable.

(c) Details of dues of Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty , Value Added Tax and Cess which have not been deposited as on 31 March, 2015 on account of disputes are given below:

Period to Amount which the involved Statute Nature of Dues Forum where is pending (Rs. In Dispute amount lakhs) relates

Income Income Tax CIT, Appeals, 2005-06 36.13 Tax Act, VII, Mumbai 1961

Income Income Tax CIT, Appeals, 2006-07 226.33 Tax Act, VII, Mumbai 1961

Income Income Tax ITAT, Mumbai 2007-08 70.42 Tax Act, 1961

Income Income Tax CIT(Appeals)- 2010-11 0.35 Tax Act, 13, Mumbai 1961

Income Income Tax CIT(Appeals)- 2011-12 121.31 Tax Act, 13, Mumbai 1961

Central Excise Duty High Court 1993-94 90.33 Excise to 2005-06 Act

Central Excise Duty Commissioner 2005-06 & 0.17 Excise of Central 2006-07 Act Excise

Assistant Commissioner of Central Excise Duty Central Excise 1994-95 0.76 Excise Act

Central Excise Duty Commissioner of 2007-08 36.25 Excise Act Central Excise

The West Value Deputy 2000-01 11.87 Bengal Added Commissioner to 2004-05 Value Tax Appeals Added Tax Act

The West Value Deputy 2005-06 2.70 Bengal Added Commissioner Value Tax Appeals Added Tax Act

The West Value Appellate 1994-95 1.08 Bengal Added Revisional Value Tax Board Added Tax Act

M.P. Commercial Assistant of 1992-93, 8.30 Commercial Tax Commissioner 1994-95 to Tax Act Commercial 1996-97 1994 Taxes

M.P Commercial Madhya Pradesh 1990-91 to 28.51 Commercial Tax High Court 1995-96 Tax

M.P. Sales C.S.T. & Appellate Board 1996-97 & 18.52 Tax Act Entry Tax 2005-06

U.P. Value Sales Tax 2001-02 1.68 VAT Act Added Tax Appellate Tribunal

U.P Value Allahabad 1998-99 to 69.14 VAT Act Added Tax High Court 2000-01

(d) The Company has been generally regular in transferring amounts to the Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and Rules made thereunder within time.

(vii) According to the information and explanations given to us, the Company has not given guarantees for loans taken by others from banks and financial institutions.

(viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to financial institutions and banks. The Company has not issued any debentures.

(ix) In our opinion and according to the information and explanations given to us, the term loans have been applied by the Company during the year for the purposes for which they were obtained, other than temporary deployment pending application.

(x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

For DELOITTE HASKINS & SELLS

Chartered Accountants (Firm Registration No. 117364W)

(R. Salivati) (Partner) Mumbai, 28 April, 2015 (Membership No. 34004)


Mar 31, 2014

We have audited the accompanying financial statements of NAVIN FLUORINE INTERNATIONAL LIMITED ("the Company"), which comprise the Balance Sheet as at 31 March, 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the 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") (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13September, 2013 of the Ministry of Corporate Affairs) 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.

Auditors'' 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 the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal 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 the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

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

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

(c) in the case of the Cash Flow Statement, of the cash flows of the Company 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 in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

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

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

(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards notified under the Act (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs).

(e) On the basis of the written representations received from the directors as on 31 March, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2014 from being appointed as a director in terms of Section 274(1)(g) of the Act.

ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT

(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)

(i) Having regard to the nature of the Company''s business / activities / result, clauses (vi), (x), (xii), (xiii), (xiv), (xv), (xvi), (xviii), (xix) and (xx) of CARO are not applicable to the Company for the year.

(ii) In respect of its fixed assets:

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

(b) The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed on such verification.

(c) The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company.

(iii) In respect of its inventories:

(a) As explained to us, the inventories were physically verified during the year 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 were reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

(iv) The Company has neither granted nor taken any loans, secured or unsecured, to / from companies, forms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956.

(v) In our opinion and according to the information and explanations given to us, having regard to the explanations that some of the items purchased are of special nature and suitable alternative sources are not readily available for obtaining comparable quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory and fixed assets and the sale of goods and services. During the course of our audit, we have not observed any major weakness in such internal control system.

(vi) In respect of contracts or arrangements entered in the Register maintained in pursuance of Section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanations given to us:

(a) The particulars of contracts or arrangements referred to in Section 301 that needed to be entered in the Register maintained under the said Section have been so entered.

(b) Where each of such transaction is in excess of Rs 5.00 lacs in respect of any party, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

(vii) In our opinion, the internal audit functions carried out during the year by firm of Chartered Accountants appointed by the Management have been commensurate with the size of the Company and the nature of its business.

(viii) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion that, prima facie, the prescribed cost records have been maintained and are being made up. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(ix) According to the information and explanations given to us, in respect of statutory dues:

(a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues applicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues in arrears as at 31 March, 2014 for a period of more than six months from the date they became payable.

(c) Details of dues of Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty and Cess which have not been deposited as on 31 March , 2014 on account of disputes are given below:

Statute Nature of Dues Forum where Dispute is pending

Income Tax Act, 1961 Income Tax CIT, Appeals, VII, Mumbai

Income Tax Act, 1961 Income Tax CIT, Appeals, VII, Mumbai

Income Tax Act, 1961 Income Tax ITAT, Mumbai

Income Tax Act, 1961 Income Tax CIT(Appeals)- 13, Mumbai

Income Tax Act, 1961 Income Tax CIT(Appeals)- 13, Mumbai

Central Excise Act Excise Duty High Court

Central Excise Act Excise Duty Commissioner of Central Excise

Central Excise Act Excise Duty Assistant Commissioner of Central Excise

Central Excise Act Excise Duty Commissioner of Central Excise

M.P. Sales Tax Act Sales Tax Deputy Commissioner

The West Bengal Value Value Added Tax Deputy Commissioner Added Tax Act Appeals

The West Bengal Value Value Added Tax Deputy Commissioner Added Tax Act Appeals

M.P. Commercial Tax Act Commercial Tax Assistant Commissioner of 1994 Commercial Taxes

U.P. VAT Act Value Added Tax Sales Tax Appellate Tribunal

M.P. Sales Tax Act C.S.T. & Entry Appellate Board Tax

M.P. Sales Tax Act C.S.T. & Department of Industries Commercial Tax M.P. Government

M.P. Commercial Tax Act Commercial Tax Madhya Pradesh High Court

U.P VAT Act Value Added Tax Allahabad High Court

The West Bengal Value Value Added Tax Appellate Revisional Board Added Tax Act

Statute Period to which the Amount involved amount relates (Rs. In lacs)

Income Tax Act, 1961 2005-06 36.13

Income Tax Act, 1961 2006-07 226.33

Income Tax Act, 1961 2007-08 70.42

Income Tax Act 1961 2010-11 0.35

Income Tax Act 1961 2011-12 121.31

Central Excise Act 1993-94 to 2005-06 90.33

Central Excise Act 2005-06 & 2006-07 0.17

Central Excise Act 1994-95 0.76

Central Excise Act 2007-08 36.25

M.P. Sales Tax Act 2006-07 47.97

The West Bengal Value Added Tax Act 2000-01 to 2004-05 11.87

The West Bengal Value Added Tax Act 2005-06 2.7

M.P. Commercial Tax Act 1994 1992-93, 1994-95 to 8.3 1996-97

U.p. VAT Act 2001-02 1.68

M.P.Sales Tax Act 1996-97 & 2005-06 18.52

M.P. Sales Act 1997-98 12.42

M.P. Commercial Tax Act 1990-91 to 1995-96 28.51

U.P. VAT Act 1998-99 to 2000-01 69.14

The West Bengal Value Added tax Act 1994-95 1.08

(x) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to financial institutions and banks. The Company has not issued any debentures.

(xi) In our opinion and according to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, we report that funds raised on short-term basis have, prima facie, not been used during the year for long-term investment.

(xii) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

For DELOITTE HASKINS & SELLS

Chartered Accountants (Firm Registration No. 117364W)

(R. Salivati)

(Partner)

(Membership No. 34004)

Mumbai, 28 April, 2014


Mar 31, 2013

We have audited the accompanying financial statements of NAVIN FLUORINE INTERNATIONAL LIMITED ("the Company"), which comprise the Balance Sheet as at 31 March , 2013, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information

Management''s Responsibility for the 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 referred to in Section 211(3C) of the Companies Act, 1956 ("the Act") 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

Auditors'' 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 the disclosures in the financia statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of materia 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 the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements,

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financia 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 31 March, 2013;

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

(c) in the case of the Cash Flow Statement, of the cash flows of the Company 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 in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order

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

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

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

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

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

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

ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT

(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)

(i) Having regard to the nature of the Company''s business / activities / result, clauses (vi), (x), (xii), (xiii), (xiv), (xv), (xvi), (xviii), (xix) and (xx) of CARO are not applicable to the Company for the year.

(ii) In respect of its fixed assets:

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

(b) The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed on such verification.

(c) The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company.

(iii) In respect of its inventories:

(a) As explained to us, the inventories were physically verified during the year 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 were reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

(iv) 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 Section 301 of the Companies Act, 1956.

(v) In our opinion and according to the information and explanations given to us, having regard to the explanations that some of the items purchased are of special nature and suitable alternative sources are not readily available for obtaining comparable quotations, there is an adequate

internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory and fixed assets and the sale of goods and services. During the course of our audit, we have not observed any major weakness in such internal control system.

(vi) In respect of contracts or arrangements entered in the Register maintained in pursuance of Section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanations given to us:

(a) The particulars of contracts or arrangements referred to in Section 301 that needed to be entered in the Register maintained under the said Section have been so entered.

(b) Where each of such transaction is in excess of Rs. 5 lakhs in respect of any party, the transactions have been made at prices which are prima-facie reasonable having regard to the prevailing market prices at the relevant time.

(vii) In our opinion, the internal audit functions carried out during the year by firm of Chartered Accountants appointed by the Management have been commensurate with the size of the Company and the nature of its business.

(viii)We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion that, prima-facie, the prescribed cost records have been maintained and are being made up. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(ix) According to the information and explanations given to us, in respect of statutory dues:

(a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues applicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales

Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues in arrears as at 31 March, 2013 for a period of more than six months from the date they became payable

(c) Details of dues of Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty and Cess which have not been deposited as on 31 March , 2013 on account of disputes are given below:

Statute Nature of Dues Forum where Dispute is pending

Income Tax Act, 1961 Income Tax ITAT, Mumbai

Income Tax Act, 1961 Income Tax CIT, Appeals, VII, Mumbai

Income Tax Act, 1961 Income Tax CIT, Appeals, VII, Mumbai

Income Tax Act, 1961 Income Tax ITAT, Mumbai

Central Excise Act Excise Duty High Court

Central Excise Act Excise Duty Commissioner of Central Excise

Assistant Commissioner of Centra

Central Excise Act Excise Duty Excise

Central Excise Act Excise Duty Commissioner of Central Excise

Central Excise Act Excise Duty Commissioner of Central Excise

M.P. Sales Tax Act Sales Tax Deputy Commissioner

The West Bengal Value Value Added Tax Deputy Commissioner Appeals Added Tax Act

M.P. Commercial Tax Commercial Tax Assistant Commissioner of Act 1994 Commercial Taxes

U.P. VAT Act Value Added Tax Sales Tax Appellate Tribunal

M.P. Sales Tax Act C.S.T. & Entry Tax Appellate Board Department of Industries M.P, M.P. Sales Tax Act C.S.T. & Commercial Tax Government

M.P. Commercial Tax Commercial Tax Madhya Pradesh High Court Act

U.P VAT Act Value Added Tax Allahabad High Court

The West Bengal Value Value Added Tax Appellate Revisional Board Added Tax Act

Statue Period to which the Amount involved amount relates (Rs. In lakhs)

Income Tax Act, 1961 2005-06 0.37

Income Tax Act, 1961 2005-06 36.13

Income Tax Act, 1961 2006-07 226.33

Income Tax Act, 1961 2007-08 70.42

Central Excise Act 1993-94 to 2005-06 90.33

Central Excise Act 2005-06 & 2006-07 0.17

Central Excise Act 1994-95 0.76

Central Excise Act 2007-08 36.25

Central Excise Ac 2008-09 30.68

U.P. VAT Act 2006-07 47.97

M.P. Sales Tax Act 2000-01 to 2004-05 11.87

M.P. Sales Tax Act 1992-93, 1994-95 to 18.52

M.P. Sales Tax Act 8.30 1996-97

M.P. Sales Tax Act 2001-02 1.68

M.P. Sales Tax Act 1996-97 & 2005-06 18.52

M.P. Sales Tax Act 1997-98 12.42

M.P. Sales Tax Act 1990-91 to 1995-96 28.51

U.P VAT Act 1998-99 to 2000-01 69.14

The West Bengal Value 1994-95 1.08

(x) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to financial institutions and banks. The Company has not issued any debentures.

(xi) In our opinion and according to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, we report that funds raised on short-term basis have, prima facie, not been used during the year for long-term investment.

(xii)To the best of our knowledge and according to the information and explanations given to us, no fraud by the

Company and no material fraud on the Company has been noticed or reported during the year

For DELOITTE HASKINS & SELLS

Chartered Accountants

(Firm Registration No. 117364W)

Signature

(R. Salivati)

(Partner)

Mumbai, 30 April, 2013 (Membership No. 34004)


Mar 31, 2012

1. We have audited the attached Balance Sheet of Navin Fluorine International Limited as at 31st March, 2012, the Statement of Profit and Loss and the Cash-Flow Statement for the year ended on that date, both annexed thereto. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material 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 the significant estimates made by Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

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

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report as follows:

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

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

iii. the Balance Sheet, Statement of Profit and Loss and Cash-Flow Statement dealt with by this report are in agreement with the books of account;

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

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

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

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 of the Company for the year ended on that date.

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, none of the directors is disqualified as on 31st March, 2012 from being appointed as a director in terms of Section 274 (1) (g) of the Companies Act, 1956.

Annexure to the Auditors' report (referred to in paragraph 3 of our report of even date)

1. Having regard to the nature of the Company's business / activities / result, clauses (vi), (x), (xii), (xiii), (xiv), (xv), (xviii) and (xx) of CARO are not applicable to the Company for the year.

2. In respect of its fixed assets :

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

(b) The fixed assets were physically verified during the year by the management in accordance with a regular programme of verification, which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company.

3. In respect of its Inventory :

(a) As explained to us, the inventories were physically verified during the year 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 were reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of inventories and no material discrepancies were noticed on physical verification.

4. The Company has neither granted nor taken any loans, secured or unsecured to / from companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956.

5. In our opinion and according to the information and explanations given to us, having regard to the explanations that some of the items purchased are of special nature and suitable alternative sources are not readily available for obtaining comparable quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory and fixed assets and the sale of goods and services. During the course of our audit, we have not observed any major weakness in such internal control system

6. In respect of contracts or arrangements entered in the Register maintained in pursuance of Section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanations given to us:

(a) The particulars of contracts or arrangements referred to Section 301 that needed to be entered in the Register maintained under the said Section have been so entered.

(b) Where each of such transaction is in excess of Rs.5 lakhs in respect of any party, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

7. In our opinion, the internal audit function carried out during the year by firm of Chartered Accountants appointed by the Management have been commensurate with the size of the Company and the nature of its business.

8. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained are being reconciled with the financial statements for the year. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

9. According to the information and explanations given to us in respect of Statutory dues ;

(a) The Company has generally been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Income-tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory dues in arrears as at 31st March, 2012 for a period of more than six months from the date they became payable.

(c) Details of dues in respect of Income-tax, Excise Duty, Customs Duty, Wealth Tax, Sales-tax, Service Tax and Cess which have not been deposited as on 31st March, 2012 on account of disputes are given below :

Statute Nature of Dues Forum where Dispute

is pending

Income Tax Act, 1961 Income Tax ITAT, Mumbai

Income Tax Act, 1961 Income Tax CIT, Appeals, VII, Mumbai

Income Tax Act, 1961 Income Tax CIT, Appeals, VII, Mumbai

Income Tax Act, 1961 Income Tax CIT, Appeals, VII, Mumbai

Income Tax Act, 1961 Income Tax CIT, Appeals, VII, Mumbai Central Excise Act Excise Duty High Court

Central Excise Act Excise Duty Commissioner of Central Excise

Central Excise Act Excise Duty Assistant Commissioner of Central Excise

Central Excise Act Excise Duty Commissioner of Central Excise

Central Excise Act Excise Duty Commissioner of Central Excise

M.P. Sales Tax Act Sales Tax Deputy Commissioner

The West Bengal Value Added Tax Deputy Commissioner Appeals

Value Added Tax Act

M.P. Commercial Commercial Tax Assistant Commissioner of

Tax Act 1994 Commercial Taxes

U.P. VAT Act Value Added Tax Sales Tax Appellate Tribunal

The West Bengal Value Added Tax Appellate Board Value Added Tax Act

M.P. Sales Tax Act C.S.T. & Entry Tax Appellate Board

M.P. Sales Tax Act C.S.T. & Department of Industries

Commercial Tax M.P. Govenrment

M.P. Commercial Tax Act Commercial Tax Madhya Pradesh High Court

U.P VAT Act Value Added Tax Allahabad High Court

The West Bengal Value Added Tax Senior Joint Commis sioner Value Added Tax Act

The West Bengal Value Added Tax Appellate Revisional Board Value Added Tax Act

Statute Period to which the Amount involved amount relates (Rs. In lacs)

Income Tax Act,1961 2005-06 0.37

Income Tax Act,1961 2005-06 98.74

Income Tax Act,1961 2006-07 226.33

Income Tax Act,1961 2007-08 78.47

Income Tax Act, 1961 2008-09 15.96

Central Excise Act 1993-94 to 2005-06 90.33

Central Excise Act 2005-06 & 2006-07 0.17

Central Excise Act 1994-95 0.76

Central Excise Act 2007-08 36.25

Central Excise Act 2008-09 30.68

M.P Sales Tax Act 2006-07 47.97

The west Bengal 2000-01 to 2004-05 13.96 Value Added Tax Act

M.P.Commercial 1992-93, 1994- 8.30 Tax Act 1994 95 to 1996-97

U.P.VAT Act 2001-02 1.68 The West Bengal 1999-00 2.06 Valuve Added Tax Act

M.P.Sales Tax Act 1996-97 & 2005-06 18.52

M.P.Sales Tax Act 1997-98 12.42 M.P.Commercial Tax Act 1990-91 to 1995-96 28.51

U.P.VAT Act 1998-99 to 2000-01 69.14

The West Bengal 2005-06 2.69 Valuve Added Tax Act

The West Bengal 1994-95 1.08 Value Added Tax Act

10. In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks, financial institutions and debenture holders.

11. In our opinion and according to the information and explanations given to us, the term loans have been applied for the purposes for which they were obtained other than temporary deployment pending application.

12. In our opinion and according to the information and explanations given to us, and on an overall examination of the Balance sheet of the Company, we report that funds raised on short-term basis have not been used during the year for long-term investment.

13. According to the information and explanations given to us and the records examined by us, securities/ charges have been created in respect of the debentures issued.

14. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud by the Company and no fraud on the Company was noticed or reported during the year.

For Deloitte Haskins & Sells,

Chartered Accountants

Registration No. 117364W



R. Salivati

Partner

Mumbai, dated, 30th April, 2012 Membership No. 34004


Mar 31, 2010

1. We have audited the attached Balance sheet of Navin Fluorine International Limited as at 31st March, 2010, the Profit and Loss account and also the Cash-flow statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with 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 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 financia statement presentation. We believe that our audit provides a reasonable basis for our opinion.

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

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report as follows:

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

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

iii. the Balance sheet, Profit and Loss account and Cash-flow statement dealt with by this report are in agreement with the books of account;

iv. attention is invited to note no. 24 of schedule 17 regarding the companys view on disclosure under AS 24 (Discontinuing Operations) in respect of its plant at Dewas owing to which no disclosures in terms of AS 24 have been made. Subject to the aforesaid, in our opinion, the Balance sheet, Profit and Loss account and Cash-flow statement dealt with by this report are in compliance with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1 956;

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

a) in the case of the Balance sheet, of the state of affairs of the Company as at 31st March, 2010;

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-flows for the year ended on that date.

vi.On the basis of written representations received from the directors, as on 31st March, 2010 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2010 from being appointed as a director in terms of Section 274 (1) (g) of the Companies Act, 1956.

Annexure to the Auditors report Re: Navin Fluorine International Limited (referred to in paragraph 3 of our report of even date)

1. Having regard to the nature of the Companys business / activities / results, clauses (vi), (x), (xii), (xiii), (xiv), (xv), (xviii) and (xx) of paragraph 4 of CARO are not applicable to the Company for the year.

2. In respect of its fixed assets :

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

(b) The fixed assets were physically verified during the year by the management in accordance with a regular program of verification, which in our opinion provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company.

3. In respect of its Inventory :

(a) As explained to us, the inventories were physically verified during the year 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 were reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of inventories and no material discrepancies were noticed on physical verification.

4. The Company has neither granted nor taken any loans, secured or unsecured to / from companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956.

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

6. In respect of contracts or arrangements entered in the Register maintained in pursuance of Section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanations given to us:

(a) The particulars of contracts or arrangements referred to in Section 301 that needed to be entered in the Register maintained under the said Section have been so entered.

(b) Where each of such transaction is in excess of Rs.5 lacs in respect of any party, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

7. In our opinion, the Company has an adequate internal audit system commensurate with the size and nature of its business.

8. We have broadly reviewed the books of accounts 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 Companies Act, 1956 for Sulphuric Acid, and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained except that the prescribed cost statements are in the process of being compiled for the year. We have, however, not made a detailed examination of the records with a view to determining whether they are accurate or complete. To the best of our knowledge and according to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records for any other product of the Company.

9. According to the information and explanations given to us in respect of Statutory dues ;

(a) The Company has generally been regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income-tax, sales-tax, wealth-tax, service-tax, customs duty, excise duty, cess and other material statutory dues applicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Income- tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory dues in arrears as at 31 ^ March, 2010 for a period of more than six months from the date they became payable.

(c) Details of dues in respect of income-tax, excise duty, customs duty, wealth-tax, sales-tax, service tax and cess which have not been deposited as on 31 ** March, 2010 on account of disputes are given below :

Statute Nature of Dues Forum where Dispute is pending

Income Tax Act, 1961 Income Tax ITAT, Mumbai

Income Tax Act, 1961 Income Tax CIT, Appeals, VII,Mumbai

Income Tax Act, 1961 Income Tax CIT, Appeals, VII,Mumbai

Income Tax Act, 1961 Income Tax CIT, Appeals, VII,Mumbai

Central Excise Act Excise Duty High Court

Central Excise Act Excise Duty Assistant Commissioner of Central Excise

M.P. Sales Tax Act Sales Tax Deputy Commissioner

The West Bengal Value Added Tax Deputy Commissioner Appeals Value Added Tax Act

M.P. Commercial Commercial Tax Assistant Commissioner Tax Act 1994 of Commercial Taxes

U.P. VAT Act Value Added Tax Sales Tax Appellate Tribunal

The West Bengal Value Added Tax Senior Joint Commissioner Value Added Tax Act

The West Bengal Value Added Tax Additional Commissioner

Value Added Tax Act of Commercial Taxes

The West Bengal Value Added Tax Appellate Board Value Added Tax Act

M.P. Sales Tax Act C.S.T & Entry Tax Appellate Board

M.P. Sales Tax Act C.S.T & VAT Department of Industries M.P. Government

M.P. Commercial Tax Act Commercial Tax Madhya Pradesh High Court

U.P. VAT Act Value Added Tax Allahabad High Court

The West Bengal Value Added Tax Assessing Officer Value Added Tax Act



Statue Period to which the Amount involved amount relates (Rs. In lacs)

Income Tax Act, 1961 2005-06 0.37

Income Tax Act, 1961 2005-06 (Penalty) 98.74

Income Tax Act, 1961 2006-07 226.33

Income Tax Act, 1961 2007 - 08 78.47

Central Excise Act 1993-94 to 2006-07 90.50

Central Excise Act 1994-95 & 1997-1998 0.98

M.P. Sales Tax Act 2006-07 47.97

The West Bengal Value Added Tax Act 2000-01 to 2004-05 12.79

M.P. Commercial Tax Act 1994 1996-1997 8.30

U.P. VAT Act 2001 -02 1.68

The West Bengal Value Added Tax Act 2006-07 0.43

The West Bengal Value Added Tax Act 2002-03 1.91

The West Bengal Value Added Tax Act 1999-2000 2.06

M.P. Sales Tax Act 1996-97 & 2005-06 18.52

M.P. Sales Tax Act 1997-1998 12.42

M.P. Commercial Tax Act 1990-91 to 1995-1996 28.51

U.P. VAT Act 1998-99 to 2001 -02 72.02

The West Bengal Value Added Tax Act 1992-1993 0.33

10. In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks, financial institutions and debentureholders.

11. In our opinion and according to the information and explanations given to us, the term loans have been applied for the purposes for which they were obtained other than temporary deployment pending application.

12. In our opinion and according to the information and explanations given to us, and on an overall examination of the Balance sheet of the Company, we report that funds raised on short-term basis have not been used during the year for long-term investment.

13. According to the information and explanations given to us and the records examined by us, securities/ charges have been created in respect of the debentures issued.

14. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company was noticed or reported during the year.

For Deloitte Haskins & Sells,

Chartered Accountants (Registration No. 117364W)

(R. Salivati)

Partner Mumbai, dated, 28th April, 2010 (Membership No. 34004)

 
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