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Auditor Report of Nirlon Ltd.

Mar 31, 2015

We have audited the accompanying Financial Statements of Nirlon Limited ('the Company') which comprise the Balance Sheet as at 31st March 2015, the Statement of Profit and Loss, and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in sub-section (5) of Section 134 of the Companies Act, 2013 ('the Act') with respect to the preparation of these Financial Statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including 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 judgements and estimates that are reasonable, and prudent and design, implementation and maintenance of 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 mis-statements, 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 sub-section (10) of Section 143 of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether the Financial Statements are free from material mis-statement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements. The procedures selected depend on the Auditor's judgement, including the assessment of the risks of material mis-statement 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 effectiveness of such controls. An audit also includes evaluating the appropriateness of Accounting Policies used and the reasonableness of the accounting estimates made by the Company's directors, as well as evaluating the overall presentation of the Financial Statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the 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, of the state of affairs of the Company as at 31st March, 2015, of 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 of India in terms of sub-section (11) of Section 143 of the Act, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us during the course of the audit, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

2 As required by sub-section (3) of Section 143 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 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 Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of written representations received from the directors, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2015 from being appointed as a director in terms of sub-section (2) of Section 164 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 no. 2.26 forming part of 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 were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE

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

i) a) The Company is maintaining proper records

showing full particulars including quantitative details and situation of fixed assets; b) The fixed assets of the Company have been physically verified by the Management at reasonable intervals. No material discrepancies were noticed on such verification;

ii) The Company does not have any inventory. Accordingly, sub-clauses (a), (b) and (c) are not applicable;

iii) The Company has not granted any loans, secured or unsecured, to any companies, firms or other parties covered in the register maintained under Section 189 of the Act. Accordingly, sub-clauses (a) and (b), are not applicable;

iv) There is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of fixed assets and for the sale of goods and services. No major weaknesses were observed in the aforesaid internal control system;

v) The Company has not accepted any deposits from the public;

vi) In relation to maintenance of cost records, the Company is in the process of making accounts and records as specified under sub-section (1) of Section 148 of the Act;

vii) a) The Company is generally regular in depositing undisputed statutory dues including provident fund, employee's state insurance, income tax, sales tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authority except for property tax. Amount of property tax outstanding as at the date of Balance Sheet for a period of more than six months from the date they became payable is Rs. 14.83 lac;

b) Particulars of disputed dues on account of statutory matters that have not been deposited are disclosed in the Annexure A;

c) There are no amounts which are required to be transferred by the Company, to the Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under;

viii) The Company does not have any accumulated losses at the end of the Financial Year and has not incurred any cash losses in such Financial Year and in the immediately preceding financial year;

ix) The Company has not defaulted in repayment of dues to any financial institutions, banks, or debenture holders;

x) The Company has not given any guarantees for loans taken by others from banks or financial institutions;

xi) The term loans availed by the Company during the year, were applied for the purpose for which they were obtained;

xii) During the year, no fraud on or by the Company has been noticed or reported during the course of our audit.

for N. M. RAIJI & CO. Chartered Accountants Firm Regn. No:108296W

CA. Y. N. THAKKAR Partner Mumbai, May 7, 2015 Membership No:33329




Mar 31, 2014

We have audited the accompanying Financial Statements of Nirlon Limited (''the Company'') which comprise the Balance Sheet as at 31st March 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

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

Auditor''s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements. The procedures selected depend on the Auditor''s judgement, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error. In making those risk assessments, the Auditor considers internal control relevant to the Company''s preparation and fair presentation of the Financial Statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of 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 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:

(i) in the case of the Balance Sheet, of the State of Affairs of the Company as at 31st March 2014;

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

(iii) in the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order"), as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us during the course of the audit, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

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

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

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

e. on the basis of written representations received from the directors, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 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 THE AUDITOR''S REPORT OF EVEN DATE

i) a) The Company is maintaining proper records showing full particulars including quantitative details and situation offixed assets;

b) The fixed assets of the Company have been physically verified by the Management at reasonable intervals. No material discrepancies were noticed on such verification;

c) During the year, the Company has not disposed of a substantial part of its fixed assets;

ii) The Company does not have any inventory. Accordingly sub-clauses (a), (b) & (c) are not applicable;

iii) a) The Company has not granted any loans, secured or unsecured, to any companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, sub-clauses

(b), (c) and (d), are not applicable; b) The Company has not taken any loans, secured or unsecured, from any companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, sub-clauses (f) and (g), are not applicable;

iv) There is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of fixed assets and for the sale of goods and services. No major weaknesses were observed in the aforesaid internal control system;

v) The particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register maintained under that section. Further transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable.

vi) The Company has not accepted any deposits from the public during the year;

vii) The Company has an internal audit system conducted by an independent firm of Chartered Accountants, which in our opinion is commensurate with the size and nature of its business;

viii) The provision of clause (d) of sub-section (1) of section 209 of the Companies Act for the maintenance of cost records prescribed by the Central Government is not applicable to the Company.

ix) a) The Company is generally regular in depositing undisputed statutory dues of the Provident Fund, Investor Education and Protection Fund, Employee''s State Insurance, Income tax, Sales tax, Service tax, Custom duty, Cess and any other statutory dues with the appropriate authority except for Property Tax. The amount of Property Tax outstanding as at the date of Balance Sheet for more than six months from the date it became payable is Rs. 88.72 Lac.

b) Particulars of disputed dues on account of statutory matters that have not been deposited are disclosed in Annexure A;

x) The Company does not have any accumulated losses at the end of the financial year and has not incurred any cash losses during the year covered by our audit and in the immediately preceding financial year.

xi) The Company has not defaulted in repayment of dues to any banks, financial institutions or debenture holders;

xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities;

xiii) The Company is not a chit fund or a nidhi/mutual benefit fund/society;

xiv) The Company is not a dealer or trader in shares, securities, debentures and other investments;

xv) The Company has not given any guarantees for loans taken by others from banks or financial institutions;

xvi) The term loans availed by the Company during the year, were applied for the purpose for which they were obtained;

xvii) No funds raised on a short term basis have been used for long term investments.

xviii) During the year, the Company has made a preferential allotment of shares to parties covered in the Register maintained under section 301 of the Act. The price at which the shares have been issued is not prejudicial to the interest of the Company

xix) The Company has not issued any secured debentures during the period covered by our report;

xx) The Company has not raised any money by public issue during the year;

xxi) During the year, no fraud on or by the Company has been noticed or reported during the course of our audit.

Annexure - A

Statement forming part of Audit Report - clause ix (b) (Details of Statutory dues that have not been deposited on account of disputes)

Name of the Statue Nature of Dues Rs. in lac

Central Excise Act, 1944 Excise Duty and Penalty thereon 689.43

Excise Duty and Penalty thereon 321.00

Excise Duty and Penalty thereon 23.05

Total ~ 1,033.48

Finance Act,1994 Service Tax and Penalty thereon 2,012.19

Income Tax Act ,1961 Penalty 55.33

Maharashtra Value Vat, Interest and Penalty thereon 35.45 Added Tax Act,2002

Name of the Statue Forum where dispute is pending

Central Excise Act, 1944 Supreme Court of India

CESTAT

Commissioner of Central Excise (Appeals)

Finance Act,1994 CESTAT

Income Tax Act ,1961 Commissioner of Income Tax (Appeals)

Maharashtra Value Asst. Commissioner of Sales Tax Added Tax Act,2002

for N. M. RAIJI & CO. Chartered Accountants Firm Regn. No:108296W

CA. Y. N. THAKKAR Partner Mumbai, May 27, 2014 Membership No:33329


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying Financial Statements of Nirlon Limited (''the Company'') which comprise the Balance Sheet as at 31st March 2013, the Statement of Profit and Loss, and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

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

Auditor''s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements. The procedures selected depend on the Auditor''s judgement, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error. In making those risk assessments, the Auditor considers internal controls 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 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 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:

(i) in the case of the Balance Sheet, of the State of Affairs of the Company as at 31st March 2013;

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

(iii) in the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order"), as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us during the course of the audit, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

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

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

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

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

i) a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets;

b) the fixed assets of the Company have been physically verified by the Management at reasonable intervals. No material discrepancies were noticed on such verification;

c) During the year, the Company has not disposed of a substantial part of its fixed assets;

ii) The Company does not have any inventory. Accordingly, sub- clauses (a), (b) and (c) are not applicable;

iii) a) The Company has not granted any loans, secured or unsecured, to any companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, sub-clauses (b), (c) and (d) are not applicable;

b) The Company has not taken any loans, secured or unsecured, from any companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, sub clauses (f) and (g), are not applicable;

iv) There is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of fixed assets and for the sale of goods and services. No major weaknesses were observed in the aforesaid internal control system;

v) There are no transactions that need to be entered in the register maintained under Section 301 of the Companies Act, 1956;

vi) The Company has not accepted any deposits from the public during the year;

vii) The Company has an internal audit system conducted by an independent firm of Chartered Accountants, which in our opinion is commensurate with the size and nature of its business;

viii) The provision of clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 for the maintenance of cost records prescribed by the Central Government is not applicable to the Company;

ix) a) The Company is generally regular in depositing undisputed statutory dues of the Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income tax, Sales tax, Service tax, Custom duty, Cess and any other statutory dues with the appropriate authority except for Property Tax. The amount of Property Tax outstanding as at the date of Balance Sheet for more than six months from the date it became payable is Rs. 99.73 lacs;

b) Particulars of disputed dues on account of statutory matters that have not been deposited are disclosed in the Annexure A;

x) The accumulated losses at the end of the Financial Year are less than fifty percent of its net worth. The Company has not incurred cash losses in the Financial Year ended on 31st March 2013, and in the immediately preceding Financial Year;

xi) The Company has not defaulted in repayment of dues to any banks, financial institutions or debenture holders;

xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities;

xiii) The Company is not a chit fund or a nidhi / mutual benefit fund / society;

xiv) The Company is not a dealer or trader in shares, securities, debentures and other investments;

xv) The Company has not given any guarantees for loans taken by others from banks or financial institutions;

xvi) The term loans availed by the Company during the year, were applied for the purpose for which they were obtained;

xvii) No funds raised on a short term basis have been used for long term investments;

xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956;

xix) The Company has not issued any secured debentures during the period covered by our Report;

xx) The Company has not raised any money by public issue during the year;

xxi) During the year, no fraud on or by the Company has been noticed or reported during the course of our audit.

for N.M. RAIJI & CO.

Chartered Accountants

Firm Registration No.108296W

Mumbai, May 30, 2013 CA.Y.N. THAKKAR

Partner

Membership No.33329


Mar 31, 2012

1) We have audited the attached Balance Sheet of NIRLON LIMITED ("the Company") as at 31st March, 2012, the Profit and Loss Account and also Cash Flow Statement for the year ended on that date annexed thereto. These Financial Statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these Financial Statements based on our audit.

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

3) As required by the Companies (Auditors' Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956 as amended from time to time and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us during the course of the audit, 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 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 account as required by law have been kept by the Company so far as appears from our examination of such books;

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

IV In our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement comply with the Accounting Standards referred to in Sub-Section (3C) of Section 211 of the Companies Act, 1956 to the extent applicable,

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

VI. In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and the Profit and Loss Account read together with notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the Accounting Principles generally accepted in India:

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

(2) in the case of the Profit and Loss Account, of the loss for the year ended on that date; and

(3) in the case of Cash Flow Statement, of the Cash Flows for the year ended on that date.

Referred to in paragraph (3) of our Report of even date.

i) a) The Company is in the process of updating the records

showing full particulars including quantitative details and situation of fixed assets;

b) All the fixed assets of the Company have not been physically verified by the Management during the year. The Company has a phased program for verification of fixed assets designed to cover all the assets over a period of time, which in our opinion is reasonable having regard to the size of the Company and nature of its assets. In view of what is stated in (a) above, we are unable to comment on the discrepancies, if any;

c) During the year, the Company has not disposed of a substantial part of its fixed assets;

ii) a) The inventories in possession of the Company during

the year have been physically verified by the Management during the year. In our opinion, the frequency of verification is reasonable;

b) In our opinion, the procedures of physical verification of inventory followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business;

c) In our opinion, on the basis of our examination of records of inventory, the Company has maintained proper records of inventory and no material discrepancies were noticed on physical verification;

iii) a) The Company has not granted any loans, secured or

unsecured, to any companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, sub clauses (b), (c) and (d), are not applicable;

e) The Company has not taken any loans, secured or unsecured, from any companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, sub clauses (f) and (g), are not applicable;

iv) There is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventories, fixed assets and for the sale of goods and services. No major weaknesses were observed in the aforesaid internal control system;

v) There are no transactions that need to be entered in the register maintained under Section 301 of the Companies Act, 1956;

vi) The Company has not accepted any deposits from the public during the year;

vii) The Company has an internal audit system conducted by an independent firm of Chartered Accountants, which in our opinion is commensurate with the size and nature of its business;

viii) The provision of clause (d) of sub-section (1) of section 209 of the Companies Act for the maintenance of cost records prescribed by the Central Government is not applicable to the Company.

ix) a) The Company is generally regular in depositing

undisputed statutory dues of the Provident Fund, Investor Education and Protection Fund, Employee's State Insurance, Income tax, Sales tax, Excise duty, Service tax, Custom duty, Cess and any other statutory dues with the appropriate authority except for property tax. Amount of property tax outstanding as at the date of Balance Sheet for more than six months from the date it became payable is Rs. 80.55 Lacs.

b) Particulars of disputed dues on account of statutory matters that have not been deposited are disclosed in the annexure A;

x) The accumulated losses at the end of the Financial Year are less than fifty percent of its net worth. The Company has not incurred cash losses in the Financial Year ended on 31st March 2012, and in the immediately preceding financial year;

xi) The Company has not defaulted in repayment of dues to any banks, financial institutions or debenture holders;

xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities;

xiii) The Company is not a chit fund or a nidhi/mutual benefit fund/society;

xiv) The Company is not a dealer or trader in shares, securities, debentures and other investments. The Company did not hold any shares, securities, debentures and other investments during the year;

xv) The Company has not given any guarantees for loans taken by others from banks or financial institutions;

xvi) The term loans availed by the Company during the year, were applied for the purposes for which they were obtained;

xvii) There are no funds raised on a short term basis which have been used for long term investment;

xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956;

xix) The Company has not issued any secured debentures during the period covered by our report;

xx) The Company has not raised any money by public issue during the year;

xxi) During the year, no fraud on or by the Company has been noticed or reported during the course of our audit.

forN.M. RAIJI & CO.

Chartered Accountants Firm Registration No.108296W

Mumbai. May 30, 2012 CA.Y.N. THAKKAR

Partner

Membership No.33329

 
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