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Auditor Report of Pet Plastics Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of Pet Plastics Limited which comprise the balance sheet as at 31 March 2014, the Statement of Profit And Loss and the Cash Flow Statement for the year ended and a summary of Significant Accounting Policies and other explanatory information.

Management''s Responsibility for the Financial Statements

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

Auditor''s Responsibility

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

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

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

Opinion

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

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

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

(iii) in the case of the Cash Flow Statement, of ths^sh 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, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

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

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

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

e. on the basis of written representations received from the directors as on 31 March 2014, 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 REFERRED TO IN PARAGRAPH 2 OF OUR AUDITOR''S REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2014 OF M/s. PET PLASTICS LIMITED.

1. 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 during the year and this revealed no material discrepancies.

c) No fixed assets have been disposed off during the year.

2. In respect of shares held as stock in trade:

a) As explained to us, the shares were physically verified by the management at reasonable intervals during the year.

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

c) In our opinion and according to the information and explanation given to us, the Company has maintained proper records of its shares and the discrepancies noticed on such physical verification between the physical stock and book records are not material and have been adequately dealt within the books of accounts.

3. In our opinion and according to the information and explanations given to us ,the company has not taken any loans secured or unsecured from companies, firms or other parties covered in the register maintained under section 321 of the Companies Act, 1956.Accordingly paragraphs 4(iii) (c) ,(f) and (g) of the order are not applicable.

4. In our opinion, and according Jo the information and explanation given to us, we are of the. opinion that there is adequate internal control commensurate with the size of the company and nature of its business.

We have not noted any continuing failure to correct major weaknesses in the internal control.

5. a) In our opinion1 and according to the information and explanations given to us, the transactions that need to be entered in the register on pursuance of section 321 of the Act have been so entered.

b) The transactions have been made at prices which are reasonable with regard to the prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits within the meaning of section 58A and 58AA of the Companies Act, 1956, and rules framed there under are not applicable. No order has been passed by the Company Law Board. The provisions of RBI Act, 1934 regarding registration of non- banking financial Company are stated yet to be complied with.

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

8. According to the information and explanation given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956.

9. a) According to the records of the company examined by us and the information and explanations given to us, no undisputed amounts payable in respect of income tax, and other statutory dues applicable to it were outstanding, as at 31st March. 2014 for a period of more than six months from the date they became payable.

b) According to the records of the company examined by us and the information and explanations given to us, there are no dues of income tax and other statutory liabilities, which have not been deposited on account of any dispute.

10. The Company has accumulated losses at the end of the financial year. The Company has incurred cash losses in the current financial year as well as in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

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

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

14 In our opinion, proper records have been maintained in respect of transactions and contracts in shares, and timely entries have been made therein. The shares and other investment have been held by the company in its own name.

15. In our opinion, the company has not given any guarantee for loans taken by others from banks of financial institutions

16. The company has not obtained any term loans.

17. According to the information and explanations given to us and on the basis of an overall examination of the balance sheet of the Company, in our opinion, generally, there are no funds raised by the Company on short-term basis, which have been used for long-term investment.

18. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

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

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

21. During the course of examination of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

FOR MULRAJ D. GALA Chartered Accountants

MULRAJ DEVCHAND GALA (Proprietor) Membership No: 041206

Place: Mumbai Date: 14th August, 2014


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Pet Plastics Limited which comprise the balance sheet as at 31 March 2013, the Statement of Profit And Loss and the Cash Flow Statement for the year ended and a summary of Significant Accounting ''Oheies and other explanatory information.

Management''s Responsibility for the Financial Statements

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

Auditor''s Responsibility

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

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

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information requited 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 31 March 2013;

(ii) in the case of the Statement of Profit And Loss, of the Loss 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

As required by the Companies (Auditor''s Report) Order. 2003 ("the Order"), as amended, issued by the Central Government of Indh in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

a. we have obtained all the information and explanations which to the Test 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 sc fai as appears from our examination of those books;

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

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

e. on the basis of written representations received from the directors as on 31 March 2013, 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.

ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR .AUDITOR''S REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH,, 2013 OF M/s. PET PLASTICS LIMITED.

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

The fixed assets of the Company have been physically verified by the management at reasonable intervals during the year and this revealed no material discrepancies.

No fixed assets have been disposed off during the year.

hi respect of shares held as stock in trade:

a) As explained to us, the shares were physically verified by the management at reasonable intervals during the year.

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

c) In our opinion and according to the information and explanation given to us, the Comp
In our opinion and according to the inforrr.ation and explanations given tc us .the company has not taken any loans secured or unsecured from companies, firms or other panics covered in the register maintained under section 321 of the Companies Act, 1956.Accordingly paragraphs 4(iii) (c) ,(f) and (g) of the order are not applicable.

4, In our opinion, and according to the information and explanation given to us, we are of the opinion that there is adequate internal control commensurate with the size of the company and nature of its business.

We have not noted any continuing failure to correct major weaknesses in the internal control.

a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered in the register on pursuance of section 321 of the Act have been so entered.

b) The transactions have been made at prices which are reasonable with regard to the prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits within the meaning of section 58A and 58AA of the Companies Act, 1956, and rules framed there under are not applicable. No order has been passed by the Company Law Board. The provisions of RBI Act, 1934 regarding registration of non- banking financial Company are stated yet to be complied with.

In our opinion, the company has an internal audit system Commensurate with its size and nature of its business.

According to the information and explanation given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956.

9. a) According to the records of the company examined by us and the information and explanations given to us, no undisputed amounts payable in respect of income tax, and other statutory dues applicable to it were outstanding, as at March, 2013 for a period of more than six months from the date they became payable,

b) According to the records of the company examined by us and the information and explanations given to us, there are no dues of income tax and other statutory liabilities. which have not been deposited on account of any dispute.

10 The Company has accumulated losses at the end of the financial year. The Company has incurred cash losses in the current financial year as well as in the immediately preceding financial year. in our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

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

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

14 In our opinion, proper records have been maintained in respect of transactions and contracts in shares, and timely entries have been made therein. The shares and other investment have been held by the comnany in its own name.

15. In our opinion, the company has not given any guarantee for loans taken by others from banks of financial institutions

16. The company has not obtained any term loans.

17. According to the information and explanations given to us and on the basis of an overall examination of the balance sheet of the Company, in our opinion, generally, there are no funds raised by the Company on short-term basis, which have been used for long-term investment.

18. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

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

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

During the course of examination of the books and records of the Company carried o accordance with the generally accepted auditing practices in India, we have neither ( across any instance of fraud on or by the Company, noticed or reported during the year have we been informed o; such case by the management.

FOR MULRAJ D. GA

Chartered Account

DEVCHAND GA

Proprie

Membership No: 041

Place: Mumbai

Date. 14th August, 2013


Mar 31, 2011

We have audited the attached Balance Sheet of Pet Plastics Limited on 31st March, 2011, and also the profit & Loss Account annexed there to for the year ended on that date. 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.

1. We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan & 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 & disclosures in the financial statements. An audit also includes assessing the accounting principle used & 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.

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

3. Further to our Comments in the Annexure referred to in paragraph (2) above, we report that:

i) We have obtained all the information and explanations which to the best of our knowledge and belief which 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 these books;

iii) The Balance sheet, Profit and Loss Account & Cash Flow Statement dealt with by this report are in agreement with the books of account;

iv) In our opinion, the Balance sheet, Profit and Loss account & the Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred to in sub-section (3-C) of section 211 of the companies Act, 1956;

v) In our opinion, and based on information and explanations given to us, none of the directors are disqualified as on 31st March, 2011 from being appointed as a directors 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 accounts read together with the Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956 in the manner so required, and present a true and fair view, in conformity with the accounting principles generally accepted in India.

a) In so far as it relates to Balance Sheet, of the state of affairs of the company as at 31st March, 2011.

b) In so far as it relates to the Profit and loss Account, of the profit of the Company for the year ended on that date; and

c) In so far as it relates to the Cash Flow Statement, of the Cash flows of the company for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITOR'S REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2011 OF M/s. PET PLASTICS LIMITED.

1. IN RESPECT OF ITS FIXED ASSETS:

a. The company is compiling records showing full particulars including quantitative details and situation of fixed assets.

b. As explained to us, the fixed assets have been physically verified by the Management during the year, which in our opinion is reasonable, having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. In our opinion, the company has not disposed off substantial part of fixed assets during the year and the going concern status of the company is not affected.

2. IN RESPECT OF INVENTORIES:

a. As explained to us, inventories have been physically verified by the management at regular intervals during the year.

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

c. The discrepancies noticed on physical verification of stock as compared to the book records were not material and have been properly dealt with in the books of accounts.

3. The company has not granted, The Company has taken loan from one party covered. In our opinion, terms and conditions of said Loan are not, prima facie, prejudicial to the interests of the Company in the registered maintain under section 301 of the Act.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to the purchase of Inventory, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls.

5. There are no transaction made in pursuance of contracts or arrangements that need to be entered into the registered maintained under section 301 of the Companies Act, 1956. Hence, clause (v) of Para 4 of the said order is not applicable.

6. The company has not accepted any deposit from the public.

7. In our opinion, the arrangement made by the company to have an internal audit done by a firm of Chartered Accountants is commensurate with the size of the Company and the nature of its business.

8. The Central Government under 209 (1) (d) of the companies Act, 1956, has prescribed the maintenance of cost accounts and record in respect of "Plastics" manufactured by the company. As explained to us, the company is in the process of completing necessary records in respect of the same. Pending completion of the same, we are unable to offer any comment.

9. In respect of statutory dues:

a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Sales tax, Customs Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities. According the information and explanations given to us, no undisputed amount payable in respect of the aforesaid dues were outstanding as a 31st March, 2011 for period of more than six months from the date of becoming payable.

b) According to the information and explanation give to us, there are no disputed statutory dues pending as on 31st March, 2011 except Income Tax. (Applied pending before (I.T.A.T.) Income Tax Appellate Tribunal)

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

11. Since there are no borrowings from the Financial Institutions, Banks or by way of debentures, the question of default in repayment of dues does not arise.

12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, company is not chit fund or nidhi/mutual benefit fund/society. Therefore, Clause 4 (xiii) of the companies (Auditor Report) Order 2003 is not applicable to the company.

14. Since the company is not dealing or trading in Shares, Securities, debentures and other Investments, the Clause is not applicable.

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

16. The company has not raised any new term loans during the year.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we are of the opinion that the company has not used funds raised on short-term basis for long-term investment and vice-versa.

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

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

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

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

FOR P. G. RANADE & CO.

CHARTERED ACCOUNTANTS

(Firm Regd No: 108612W)

SUDHIR C. OLTIKAR

(Partner)

Membership No: 38255

Place: Mumbai

Date : 16th August, 2011


Mar 31, 2010

We have audited the attached Balance Sheet of Pet Plastics Limited on 31st March, 2010, and also the profit & Loss Account annexed there to for the year ended on that date. 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.

1. We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan & 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 & disclosures in the financial statements. An audit also includes assessing the accounting principle used & 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.

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

3. Further to our Comments in the Annexure referred to in paragraph (2) above, we report that:

i) We have obtained all the information and explanations which to the best of our knowledge and belief which 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 these books;

iii) The Balance sheet, Profit and Loss Account & Cash Flow Statement dealt with by this report are in agreement with the books of account;

iv) In our opinion, the Balance sheet, Profit and Loss account & the Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred to in subsection (3C) of section 211 of the companies Act, 1956;

v) In our opinion, and based on information and explanations given to us, none of the directors are disqualified as on 31st March, 2010, from being appointed as a directors in terms of clause (g) of Subsection (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 accounts read together with the Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956 in the manner so required, and present a true and fair view, in conformity with the accounting principles generally accepted in India.

a) In so far as it relates to Balance Sheet, of the state of affairs of the company as at 31st March, 2010.

b) In so far as it relates to the Profit and loss Account, of the profit of the Company for the year ended on that date; and

c) In so far as it relates to the Cash Flow Statement, of the Cash flows of the company for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITORS REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2010 OF M/s. PET PLASTICS LIMITED.

1. IN RESPECT OF ITS FIXED ASSETS:

a. The company is compiling records showing full particulars including quantitative details and situation of fixed assets.

b. As explained to us, the fixed assets have been physically verified by the Management during the year, which in our opinion is reasonable, having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. In our opinion, the company has not disposed off substantial part of fixed assets during the year and the going concern status of the company is not affected.

2. IN RESPECT OF INVENTORnCS:

a. As explained to us, inventories have been physically verified by the management at regular intervals during the year.

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

c. The discrepancies noticed on physical verification of stock as compared to the book records were not material and have been properly dealt with in the books of accounts.

3. The company has not granted or taken any loans, secured or unsecured to/from companies, firms or any other parties covered in the register maintain under section 301 of the Act. Hence, clause (Hi) of para 4 of the aforesaid order is not applicable.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to the purchase of Inventory, fixed assests and also for the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls.

5. There are no transaction made in pursuance of contracts or arrangements that need to be entered into the registered maintained under section 301 of the Companies Act, 1956. Hence, clause (v) of para 4 of the said order is not applicable.

6. The company has not accepted any deposit from the public.

7. In our opinion, the arrangement made by the company to have an internal audit done by a firm of Chartered Accountants is commensurate with the size of the Company and the nature of its business

8. The Central Government under 209 (1) (d) of the companies Act, 1956, has prescribed the maintenance of cost accounts and record in respect of "Plastics" manufactured by the company. As explained to us, the company is in the process of completing necessary records in respect of the same. Pending completion of the same, we are unable to offer any comment.

9. In respect of statutory dues:

a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Sales tax, Customs Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities. According the information and explanations given to us, no undisputed amount payable in respect of the aforesaid dues were outstanding as a 31st March, 2010 for period of more than six months from the date of becoming payable.

b) According to the information and explanation give to us, there are no disputed statutory dues pending as on 31st March, 2010 except Income Tax. (Applied pending before (I.T.A.T.) Income Tax Appellate Tribunal)

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

11. Since there are no borrowings from the Financial Institutions, Banks or by way of debentures, the question of default in repayment of dues does not arise.

12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, company is not chit fund or nidhi/mutual benefit fund/society. Therefore, Clause 4 (xiii) of the companies (Auditor Report) Order 2003 is not applicable to the company.

14. Since the company is not dealing or trading in Shares, Securities, debentures and other Investments, the Clause is not applicable.

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

16. The company has not raised any new term loans during the year.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we are of the opinion that the company hat not used funds raised on shortterm basis for longterm investment and viceversa.

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

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

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

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

For & on behalf of SUDHIR OLTIKAR & CO

CHARTERED ACCOUNTANTS

(Firm Resd No: 110500W)

Place : Mumbai

Date : 2nd August, 2010

PROPRIETOR

M. No. 38255




Mar 31, 2003

1. We have audited the attached Balance Sheet of Pet Plastics Limited on 31st March 2003, and also the profit &. Loss Account annexed there to for the year ended on that date. These financial statements are the responsibility of the companys management. Our responsibility is to express on opinion on these financial statement based on are audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan & 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 & disclosures in the financial statements. An audit also includes assessing the accounting principle used & 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 Manufacturing & other Companies (Auditors Report) Order, 1988 issued by the Central Government of India in terms of Sub-section (4A) of section 227 of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraphs 4 & 5 of said order.

4. Further to our Comments in the Annexure referred to in paragraph (3) above, we report that:

i) We have obtained all the information and explanations which to the best of our knowledge and belief which 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 these books.

iii) The Balance sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account.

iv) In our opinion, the Balance sheet and Profit and Loss account dealt with by this report comply with the Accounting Standards referred to in sub-section (3-C) of section 211 of the companies Act, 1956 to the extent applicable, and

v) On.the basis of written representations received from Directors, as on 31st March 2003, and taken on record by the Board of Directors we report that none of the directors arc disqualified as on 31st March 2003, from being appointed as a directors 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 Balance Sheet and Profit and Loss Account read together with the notes hereon give the information required by the Companies Act, 1956 in the manner so required subject to note no 7 to 13 of the notes to the accounts and give a true and fair view:

a) In the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2003 and

b) In the case of the Profit and loss Account of the profit for the year ended 31st March, 2003.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR AUDITORS REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2003 OF PET PLASTICS LIMITED.

On the basis of such checks as we considered appropriate and in terms of the information explanations given to us, we state that:

i) The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. As explained to us all the assets have been physically verified by the management at reasonable intervals. According to the information and explanations given to us no material discrepancies have been noticed on such verification as compared to book records.

ii) None of the fixed assets have been revalued during the year.

iii) As explained to us, the stock of finished goods (including goods for trade) store, spare parts and raw materials have been physically verified during the year at reasonable intervals by the management.

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

v) No material discrepancies have been noticed on physical verification of stocks as compared to the book records.

vi) On the basis of our examination of the stock records we are of the opinion that the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in preceding year.

vii) According to the information and explanations given to us, the Company has not taken loan from Companies listed in the register maintained under Section 301 of the Companies Act, 1956 as explained to us, there are no companies under the same managements within the meaning of section 370(1B) of the Companies Act, 1956.

viii) According to the information and explanations given to us, the company has not granted loans to Companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. As explained to us there are no companies under the same managements within the meaning of section 370 (1B) of the Companies Act, 1956.

ix) As informed to us the company has not given advances in the nature of the loans to the employee of the company.

x) In our opinion and according to the information and explanations given to us there are generally, adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of stores, raw-materials including components plants and machinery equipments and assets.

xi) In our opinion and according to the explanations given to us the transactions of services made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the companies Act, 1956 and aggregating during the year to Rs.50,000/- or more in respects of each party have been made at prices for such services or the prices at which transactions for similar services have been made with other parties.

xii) The Company does not have any unserviceable or damaged stores and raw materials.

xiii) The Company has not accepted any deposits from the public within the meaning of section 58 A of the Companies Act, 1956 and the rules framed there under and hence the question of compliance with these rule does not arise.

xiv) The company does not have an Internal audit system during the year under review.

xv) As explained to us, there was no sale or disposal of scrap. The company does not have any by-products.

xvi) The Central Government has not prescribed maintainence of cost records under section 209 (I)(d) of the Companies Act, 1956.

xvii) As informed to us the company is not required to deduct Provident Fund and Employee State Insurance dues during the year under review. Hence, the question of its deposit regularly with appropriate authorities does not arise.

xviii) According to the information and explanations given to us there were no undisputed amounts payable in respect of Income Tax, Sales Tax, Custom Duty and Excise Duty which have remained outstanding as at 31st March, 2003 for more than six months.

xix) In our opinion and on the basis of our examination of the books no personal expenses have been charged to revenue accounts other than those payable under contractual obligation or in accordance with generally accepted business practice.

xx) The company is not a Sick Industrial Company within the meaning of section 3 (1) (0) of the Sick Industrial Companies (Special Provisions) Act, 1985.

xxi) With regard to the service activities carried on by the company, the nature of the Companys operation is such that the question of allocation of materials and man-hours consumed on the various jobs is not required.

For DEDHIA TALAK DEVJI Chartered Accountants

(T.D.Dedhia) Proprietor

Place: Mumbai. Date : 30th July, 2003.


Mar 31, 2002

1. We have audited the attached Balance Sheet of Pet Plastics Limited on 31st March 2002. and also the profit & Loss Account annexed there to for the year ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express on opinion on these financial statement based on are audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan & 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 & disclosures in the financial statements. An audit also includes assessing the accounting principle used & 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 Manufacturing & other Companies (Auditors Report) Order, 1988 issued by the Central Government of India in terms of Sub-section (4A) of section 227 of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraphs 4 & 5 of said order.

4. Further to our Comments in the Annexure referred to in paragraph (3) above, we report that:

i) We have obtained all the information and explanations which to the best of our knowledge and belief which 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 these books.

iii) The Balance sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account.

iv) In our opinion, the Balance sheet and Profit and Loss account dealt with by this report comply with the Accounting Standards referred to in sub-section (3-C) of section 211 of the companies Act, 1956 to the extent applicable, and

v) On the basis of written representations received from Directors, as on 31st March 2002. and taken on record by the Board of Directors we report that none of the directors are disqualified as on 31st March 2002. from being appointed as a directors in terms of clause (g) of Sub-section (1) of section 274 of the Companies Act, 3956.

vis In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet and Profit and Loss Account read together with the notes thereon give the information required by the Companies Act. 1956 in the manner so required subject to note no 7 to 13 of the notes to the accounts and give a true and fair view:

a) In the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2002 and

b) In the case of the Profit and loss Account of the profit for the year ended 31st March, 2002.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR AUDITORS REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2002 OF PET PLASTICS LIMITED.

On the basis of such checks as we considered appropriate and in terms of the information explanations given to us, we state that:

i) The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. As explained to us all the assets have been physically verified by the management at reasonable intervals. According to the information and explanations given to us no material discrepancies have been noticed on such verification as compared to book records.

ii) None of the fixed assets have been revalued during the year.

iii) As explained to us, the stock of finished goods (including goods for trade) store, spare parts and raw materials have been physically verified during the year at reasonable intervals by the management.

iv) The procedures of physical verification of stocks followed fay the management are reasonable and adequate in relation to the size of the company and nature of its business.

v) No material discrepancies have been noticed on physical verification of stocks as compared to the book records.

vi) On the basis of our examination of the stock records we are of the opinion that the vaiuatior of stocks is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in preceding year.

vii) According to the information and explanations given to us the Company has not taken loan from Companies listed in the register maintained under Section 301 of the Companies Act, 1956 as explained to us, there are no companies under the same managements within the meaning of section 370(1B) of the Companies Act, 1956.

viii) According to the information and explanations given to us, the company has not granted loans to Companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. As explained to us there are no companies under the same managements within the meaning of section 370 (1B) of the Companies Act, 1956.

ix) As informed to us the company has not gives advances in the nature of the loans to the employee of the company.

x) In our opinion and according to the information and explanations given to us there are generally, adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of stores, raw-materials including components plants and machinery equipments and assets.

xi) In our opinion and according to the explanations given to us the transactions of services made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the companies Act, 1956 and aggregating during the year to Rs. 50, 000/- or more in respects of each party have been made at prices for such services or the prices at which transactions for similar services have been made with other parties.

xii) The Company does not have any unserviceable or damaged stores and raw materials.

xiii) The Company has not accepted any deposits from the public within the meaning of section 58 A of the Companies Act, 1956 and the rules framed there under and hence the question of compliance with these rule does not arise.

xiv) The company does not have an Internal audit system during the year under review.

xv) As explained to us, there was no sale or disposal of scrap. The company does not have any by-products.

xvi) The Central Government has not prescribed maintainence of cost records under section 209 (I)(d) of the Companies Act. 1956.

xvii) As informed to us the company is not required to deduct Provident Fund and Employee State Insurance dues during the year under review. Hence, the question of its deposit regularly with appropriate authorities does not arise.

xviii) According to the information and explanations given to us there were no undisputed amounts payable in respect of Income Tax, Sales Tax, Custom Duty and Excise Duty which have remained outstanding as at 31st March, 2002 for more than six months.

xix) In our opinion and on the basis of our examination of the books no personal expenses have been charged to revenue accounts other than those payable under contractual obligation or in accordance with generally accepted business practice.

xx) The company is not a Sick Industrial Company within the meaning of section 3 (1) (0) of the Sick Industrial Companies (Special Provisions) Act, 1985.

xxi) With regard to the service activities carried on by the company, the nature of the Companys operation is such that the question of allocation of materials and man-hours consumed on the various jobs is not required.

For DEDHIA TALAK DEVJI

Chartered Accountants

(T. D. Dedhia) Proprietor

Place: Mumbai. Date: 31st May, 2002.

 
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