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Auditor Report of Pithampur Poly Products Ltd.

Mar 31, 2015

1. We have audited the accompanying financial statements of PITHAMPUR POLY PRODUCTS LIMITED ("the Company"), which comprise the Balance Sheet as at March 31s1, 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

2. 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 and presentation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

4. 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.

5. 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 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 Company's Directors, as well as evaluating the overall presentation of the financial statements.

6. 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

7. 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 March 31st, 2015 and its Loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

8. 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, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

9. 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 beliefwere 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, 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 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 March 31s1,2015, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of Section 164 (2) of the Act;

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

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

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

(iii) There is no amount required to be transferred to the Investor Education and Protection Fund by the Company.

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

The Annexure referred to in our IndependentAuditors' Report to the members of the company on the financial Statements for the year ended 31st March 2015, we report that:

(i) In respect of its FixedAssets:

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

(b) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and the nature of its assets. As explained to us, no material discrepancies were noticed on such physical verification.

(ii) In respect of its Inventories:

(a) The inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

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

(c)The company has maintained proper records of inventories. As per the information and explanation given to us, no material discrepancies were noticed on physical verification.

(iii) The Company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013, Therefore, the provisions of clause (iii)(a) and (iii)(b) of paragraph 3 of the Order are not applicable to the Company.

(iv) ln our opinion and according to the information and explanations given to us, the Company has an adequate internal control system commensurate with its size 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 our audit, we have not observed any continuing failure to correct major weaknesses in such internal control system.

(v) According to the information and explanations given to us, the Company has not accepted any deposits from the public. Therefore, the provision of clause (v) of paragraph 3 of the Order is not applicable to the Company.

(i) As per information and explanations given to us, the Central Government of India has not prescribed the maintenance of cost records under sub-section (1) of section 148 of the Act, for the business of the Company.

(vii) In respect of Statutory Dues:

(a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is regular in depositing the undisputed statutory dues including provident fund, employees' state insurance, income tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, as applicable, with the appropriate authorities.

According to the information and explanations given to us, no undisputed amounts payable in respect of aforesaid dues were in arrears as at 31s1 March, 2015 for a period exceeding six months from the date they became payable.

(b) According to the information and explanations given to us, there are no material dues of wealth tax, service tax, duty of customs, duty of excise, value added tax and cess which have not been deposited with the appropriate authorities on account of any dispute. However, according to information and explanations given to us the following dues of income tax and entry tax have not been deposited as on 31st March, 2015 by the Company on account of disputes:

Sr. Name of Nature of Dues Amount No. the Statute (Rs. in Lakhs)

1 Income Tax Act, Penalty u/s. 271(1) (c) 55.56 1961.

2 MP Comm.Tax Demand 0.35

3 MP Comm.Tax Demand 0.18

4 MP Comm.Tax Demand 8.25 Act 1994 Penalty 6.36

5 MP Comm.Tax Demand 6.79 Act 1994 Penalty 5.10

6 MP Comm.Tax Demand 5.78 Act 1994 Penalty 4.16

7 MP Comm.Tax Demand 10.68 Act 1994

Sr. Name of Period for which Forum where dispute is No. the Statute the Amount pending Relates

1 Income Tax Act, AY 2007-08 CIT(A)-I, Indore 1961.

2 MP Comm.Tax 1996-1997 Dy.Comm. Appellate MP Commercial Tax Dept. Indore

3 MP Comm.Tax 1999-2000 Dy.Comm.Appellate MP Commercial Tax Dept. Indore

4 MP Comm.Tax 2000-2001 Dy.Comm.Appellate Act 1994 MP Commercial Tax Dept. Indore

5 MP Comm.Tax 2001-2002 Dy.Comm.Appellate Act 1994 MP Commercial Tax Dept. Indore

6 MP Comm.Tax 2002-2003 Dy.Comm.Appellate Act 1994 MP Commercial Tax Dept. Indore

7 MP Comm.Tax 2003-2004 Dy.Comm.Appellate Act 1994 MP Commercial Tax Dept. Indore

(c) According to the information and explanations given to us, no amount was required to be transferred to 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 has accumulated losses of Rs.665.49 Lakhs as at 31st March, 2015. The Company has also incurred cash loss of Rs.8.76 Lakhs in the financial year ended on that date.

(ix) According to the records of the Company examined by us' and the information and explanation given to us, the Company has not made repayment of dues to bank due to dispute and litigation pending before Debt Recovery Tribunal.

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

(xi) In our opinion, the Term Loans have been applied for the purpose for which they were raised.

(xii) According to information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.

FOR : ARIF JAIN & ASSOCIATES CHARTERED ACCOUNTANTS

PLACE: INDORE DATED: MAY 15th, 2015

(AMMAR ARIF) PARTNER M. NO. : 421064


Mar 31, 2014

We have audited the accompanying financial statements of M/s PITHAMPUR POLY PRODUCTS LTD, which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

* In the case of the Balance Sheet of the state of affairs of the Company as at March 31, 2014,

* In the case of the Statement of Profit and Loss, of the loss 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") of the Act issued by the Central Government of India in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

* As required by Section 227(3) of the Act, we report that;

* 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;

* 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.

* The Balance sheet, the Statement of Profit and Loss dealt with by this Report are in agreement with the books of account.

* In our opinion, the Balance sheet, the Statement of Profit and Loss comply with the Accounting Standards referred to in section 211(3C) of the Act,

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

ANNEXURE REFERRED TO IN THE AUDITORS'' REPORT ON THE ACCOUNTS OF M/s PITHAMPUR POLY PRODUCT LTD.

1. [a] According to the information and explanation given to us, the Company is in the process of compiling its fixed assets register.

[b] We are informed that all fixed assets have been physically verified by the management at reasonable intervals.

[c] The none of the fixed assets have been disposed during the year.

2. [a] The inventory has been physically verified during the year by the management at reasonable intervals.

[b] In our opinion, the procedures of physical verification of inventory followed by the management were adequate in relation to the size of the company and the nature of its business.

[c] The company is maintaining proper records of inventory. The discrepancies noticed on physical verification of stocks as compared to book records were not material and have been properly dealt with in the books of accounts.

3 [a] The Company has not granted inter-corporate deposits to parties listed in the register maintained under Section 301 of the Companies Act,1956.

[b] The company has not taken any loan from any party covered in Register maintained u/s 301 of the Companies Act, 1956

The maximum amount involved during the period was Rs. NIL and balance outstanding at the year end Rs. NIL.

4. In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods. Further, in our opinion, there is no continuing failure to correct major weaknesses in internal control.

5. [a] To the best of our Knowledge and belief and according the information and explanations given to us, we are of the opinion that the transaction that need to be entered into the register maintained under section 301 of companies act, 1956 have been so entered.

[b] In the opinion and having regard to our comments in paragraph (IV) above and accounting to the information and explanations given to us, the transaction made in purchase of contracts or arrangements entered in the register maintained under Section 301 of Companies Act 1956 and exceeding the value of Rs. Five Lakhs in respect of any party during the year have been made at Prices which are reasonable having regard to prevailing market prices at the relevant time where such market prices are available.

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

7. The company has an internal audit system commensurate with its size and nature of its business.

8. The Central Government has not prescribed the maintenance of cost records by the company under section 209[1][d] of the Companies Act,1956.

9. [a] The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee''s State Insurance, Income Tax, Sales - Tax, Custom Duty, Excise Duty, cess and any other statutory dues with appropriate authorities and there are no undisputed liabilities as on 31st March''14 outstanding for a period of more than six months from the date they became payable.

[b] As per the information and explanations given to us there is no case where sales tax / income tax/ wealth tax / custom duty/ excise duty/cess have not been deposited on account of dispute, except the following:-

Sr. Name Of the Nature Of Period To No Act Dues Amount Which Amount (In Rs.) related

MP 1) Comm.Tax Demand 34733/- 1996-1997 Act, 1994

MP 2) Comm.Tax Demand 18028/- 1999-2000 Act, 1994

MP 3) Comm.Tax Demand 825036/- 2000-2001 Act, 1994 Penalty 636400/- 2000-2001

MP 4) Comm.Tax Demand 679287/- 2001-2002 Act, 1994 Penalty 510400/- 2001-2002

MP 5) Comm.Tax Demand 578337/- 2002-2003 Act, 1994 Penalty 416500/- 2002-2003

MP 6) Comm.Tax Demand 1068417/- 2003-2004 Act, 1994

Sr. Name Of the No Act For on where dispute are pending

MP DY. Commissioner 1) Comm.Tax Appellate Act, 1994 MP Comm. Tax Dept. Indore

MP DY. Commissioner 2) Comm.Tax Appellate Act, 1994 MP Comm. Tax Dept. Indore

MP DY. Commissioner 3) Comm.Tax Appellate Act, 1994 MP Comm. Tax Dept. Indore

MP DY. Commissioner 4) Comm.Tax Appellate Act, 1994 MP Comm. Tax Dept. Indore

MP DY. Commissioner 5) Comm.Tax Appellate Act, 1994 MP Comm. Tax Dept. Indore

MP DY. Commissioner 6) Comm.Tax Appellate Act, 1994 MP Comm. Tax Dept. Indore

10. The company have accumulated losses at Rs.5,91,58,274/-, The Company has incurred Loss during the year at Rs.3,99,948/- Covered by our audit.

11. In our opinion and according to the information and explanation given to us and overall examination of the Balance Sheet, we have found that the company has defaulted in repayment of dues to Banks.

12. According to the information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares debentures and other securities.

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

14. In our opinion, the company is not dealing in or trading in Shares, Securities, Debentures and other Investment. Accordingly, the provision of clause 4[XIV] of the companies [Auditor''s Report] order 2003 are not applicable to the company.

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

16. According to the information and explanations given to us, and on overall examination of the Balance Sheet of the Company we report that company has not raised term loans from Bank and Financial Institution.

17. According to the information and explanations given to us, and on overall examination of the Balance Sheet of the Company the funds raised by the company on the short term basis have not used for long term investment.

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

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

20. The company has not made any public issue during the year.

21. According to the information and explanations given to us, any fraud on or by the company has not been noticed or reported during the year.

Place: INDORE For: C.P. Rawka & Co., Date:28-05-2014 Chartered Accountants

SD/-

C.P. Rawka [Proprietor] M.NO.70060 FRN000518C


Mar 31, 2013

We have audited the attached Balance Sheet of M/s PITHAMPUR POLY PRODUCT LTD. as at 31st March''2013 and also the profit & Loss Account for the period ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

1. As required by the Companies [Auditor''s Report]Order, 2003 issued by the Central Government, in terms of sub-section [4A] of section 227 of the Companies Act,1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

2. 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 those books.

III The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of accounts.

A] 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.

B] On the basis of written representations received from the directors, as on 31st March''2013, and taken on record by the Board of Directors, we report that 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.

3. 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 :- I. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March''2013, and

II. In the case of the Profit and Loss Account, of the Loss for the period ended on that date.

III. In the case o the Cash Flow Statement, of the Cash Flows of the company for the year on that date.

ANNEXURE REFERRED TO IN THE AUDITORS'' REPORT ON THE ACCOUNTS OF M/s PITHAMPUR POLY PRODUCT LTD.

1. [a] According to the information and explanation given to us, the Company is in the process of compiling its fixed assets register.

[b] We are informed that all fixed assets have been physically verified by the management at reasonable intervals.

[c] The none of the fixed assets have been disposed during the year.

2. [a] The inventory has been physically verified during the year by the management at reasonable intervals.

[b]In our opinion, the procedures of physical verification of inventory followed by the management were adequate in relation to the size of the company and the nature of its business.

[c]The company is maintaining proper records of inventory. The discrepancies noticed on physical verification of stocks as compared to book records were not material and have been properly dealt with in the books of accounts.

3 [a] The Company has not granted inter-corporate deposits to parties listed in the register maintained under Section 301 of the Companies Act,1956.

[b] The company has not taken any loan from any party covered in Register maintained u/s 301 of the Companies Act, 1956

The maximum amount involved during the period was Rs. NIL and balance outstanding at the year end Rs. NIL.

4. In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods. Further, in our opinion, there is no continuing failure to correct major weaknesses in internal control.

5. [a] To the best of our Knowledge and belief and according the information and explanations given to us, we are of the opinion that the transaction that need to be entered into the register maintained under section 301 of companies act, 1956 have been so entered.

b] In the opinion and having regard to our comments in paragraph (IV) above and accounting to the information and explanations given to us, the transaction made in purchase of contracts or arrangements entered in the register maintained under Section 301 of Companies Act 1956 and exceeding the value of Rs. Five Lakhs in respect of any party during the year have been made at Prices which are reasonable having regard to prevailing market prices at the relevant time where such market prices are available.

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

7. The company has an internal audit system commensurate with its size and nature of its business.

8. The Central Government has not prescribed the maintenance of cost records by the company under section 209[1][d] of the Companies Act,1956.

9. [a] The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee''s State Insurance, Income Tax, Sales – Tax, Custom Duty, Excise Duty, cess and any other statutory dues with appropriate authorities and there are no undisputed liabilities as on 31st March''2013 outstanding for a period of more than six months from the date they became payable.

[b] As per the information and explanations given to us there is no case where sales tax / income tax/ wealth tax / custom duty/ excise duty/cess have not been deposited on account of dispute, except the following:-

Sr. Name Of the Nature Of Period To Act Dues Amount Which For on where dispute Amount No (In Rs.) related are pending

MP DY. Commissioner 1) Comm.Tax Demand 34733/- 1996-1997 Appellate MP Comm. Tax Dept. Act, 1994 Indore

MP DY. Commissioner 2) Comm.Tax Demand 18028/- 1999-2000 Appellate MP Comm. Tax Dept. Act, 1994 Indore

MP DY. Commissioner 3) Comm.Tax Demand 825036/- 2000-2001 Appellate MP Comm. Tax Dept. Act, 1994 Penalty 636400/- 2000-2001 Indore

MP DY. Commissioner 4) Comm.Tax Demand 679287/- 2001-02 Appellate MP Comm. Tax Dept. Act, 1994 Penalty 510400/- 2001-02 Indore MP DY. Commissioner 5) Comm.Tax Demand 578337/- 2002-03 Appellate MP Comm. Tax Dept. Act, 1994 Penalty 416500/- 2002-03 Indore

MP 1068417/- DY. Commissioner 6) Comm.Tax Demand 2003-04 Appellate MP Comm. Tax Dept. Act, 1994 Indore

10. The company have accumulated losses at Rs. 55255820/-, The Company has incurred Loss during the year at Rs. 3502506/- Covered by our audit.

11. In our opinion and according to the information and explanation given to us and overall examination of the Balance Sheet, we have found that the company has defaulted in repayment of dues to Banks.

12. According to the information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares debentures and other securities.

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

14. In our opinion, the company is not dealing in or trading in Shares, Securities, Debentures and other Investment. Accordingly, the provision of clause 4[XIV] of the companies [Auditor''s Report] order 2003 are not applicable to the company.

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

16. According to the information and explanations given to us, and on overall examination of the Balance Sheet of the Company we report that company has not raised term loans from Bank and Financial Institution.

17. According to the information and explanations given to us, and on overall examination of the Balance Sheet of the Company the funds raised by the company on the short term basis have not used for long term investment.

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

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

20. The company has not made any public issue during the year.

21. According to the information and explanations given to us, any fraud on or by the company has not been noticed or reported during the year.

Place: INDORE For: C. P. RAWKA & CO.

Date: 02.09.2013 Chartered Accountants

Sd/-

C.P.RAWKA

[Proprietor]

FRM : 000518C

M. NO. : 070060


Mar 31, 2012

We have audited the attached Balance Sheet M/s PITHAMPUR POLY PRODUCT LTD. as at 31st March'2012 and also the profit & Loss Account for the period ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

1. As required by the Companies [Auditor's Report]Order, 2003 issued by the Central Government, in terms of sub-section [4A] of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

2. 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 those books.

Ill The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of accounts.

A] 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.

B] On the basis of written representations received from the directors, as on 31st March'2012, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31sL 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.

3. In our opinion and to the best of our information and according to the explanations given to us, they 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 :-

I. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March'2012, and

II. In the case of the Profit and Loss Account, of the loss for the period ended on that date.

III. In the case o the Cash Flow Statement, of the Cash Flows of the company for the year on that date.

ANNEXURE REFERRED TO IN THE AUDITORS' REPORT ON THE ACCOUNTS OF M/s PITHAMPUR POLY PRODUCT LTD.

1. [a] According to the information and explanation given to us, the Company is in the process of compiling its fixed assets register.

[b] We are informed that all fixed assets have been physically verified by the management at reasonable intervals.

[c] The none of the fixed assets have been disposed during the year.

2. [a] The inventory has been physically verified during the year by the management at reasonable intervals.

[b] In our opinion, the procedures of physical verification of inventory followed by the management were adequate in relation to the size of the company and the nature of its business.

[c] The company is maintaining proper records of inventory. The discrepancies noticed on physical verification of stocks as compared to book records were not material and have been properly dealt with in the books of accounts.

3 [a] The Company has not granted inter-corporate deposits to parties listed in the register maintained under Section 301 of the Companies Act, 1956.

[b] The company has not taken any loan from any party covered in Register maintained u/s 301 of the Companies Act, 1956

4. In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods. Further, in our opinion, there is no continuing failure to correct major weaknesses in internal control.

5. [a] To the best of our Knowledge and belief and according the information and explanations given to us, we arc of the opinion that the transaction that need to be entered into the register maintained under section 301 of companies act, 19 56 have been so entered.

[b] In the opinion and having regard to our comments in paragraph (IV) above and accounting to the information and explanations given to us, the transaction made in purchase of contracts or arrangements entered in the register maintained under Section 301 of Companies Act 1956 and exceeding the value of Rs. Five Lakhs in respect of any party during the year have been made at Prices which are reasonable having regard to prevailing market prices at the relevant time where such market prices are available.

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

7.The company has an internal audit system commensurate with its size and nature of its business.

8. The Central Government has not prescribed the maintenance of cost records by the company under section 209[l][d] of the Companies Act, 1956.

9. [a] The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee's State Insurance, Income Tax, Sales - Tax, Custom Duty, Excise Duty, cess and any other statutory dues with appropriate authorities and there are no undisputed liabilities as on 31st March'2012 outstanding for a period of more than six months from the date they became payable.

[b] As per the information and explanations given to us there is no case where sales tax / income fax/ wealth tax / custom duty/ excise duty/cess have not been deposited on accounts of dispute, except the following: -

Sr. Name Of the Nature Of Period To Act Dues Amount Which For on where dispute Amount No (In Rs.) related are pending

MP DY. Commissioner 1) Comm. Tax Demand 34733/- 1996-1997 Appelate MP Ccmm. Tax Dept. Act, 1994 Indore

MP DY. Commissioner 2) Comm. Tax Demand 18028/- 1999-2000 Appellate MP Ccmm. Tax Dept. Act, 1994 Indore

3) MP Demand 825036/- 2000-2001 DY. Commissioner Comm. Tax Appellate MP Comm. Tax Dept. Act, 1994 Penalty 636400/- 2000-2001 Indore

MP DY. Commissioner 4) Comm. Tax Demand 679287/- 2001-02 Appellate MP Comm. Tax Dept. Act, 1994 Penalty 510400/- 2001-02 Indore

MP DY. Commissioner 5) Comm.Tax Demand 578337/- 2002-03 Appellate MP Comm. Tax Dept. Act, 1994 Penalty 416500/- 2002-03 Indore

MP 1068417/- DY. Commissioner

6) Comm.Tax Demand - 2003-04 Appellate MP Comm. Tax Dept. Act, 1994 Indore

10. The company have accumulated losses at Rs. 55255821/-, The Company has incurred Loss during the year at Rs. 10363320/- Covered by our audit.

11. In our opinion and according to the information and explanation given to us and overall examination of the Balance Sheet, we have found that the company has defaulted in repayment of dues to Banks.

12. According to the information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares debentures and other securities.

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

14. In our opinion, the company is not dealing in or trading in Shares, Securities, Debentures and other Investment. Accordingly, the provision of clause 4[XIV] of the companies [Auditor',0 Report] order 2003 are not applicable to the company.

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

16. According to the information and explanations given to us, and on overall examination of the Balance Sheet of the Company we report that company has not raised term loans from Bank and Financial Institution.

17. According to the information and explanations given to us, and on overall examination of the Balance Sheet of the Company the funds raised by the company on the short term basis have not used for long term investment.

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

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

20. The company has not made any public issue during the year.

21. According to the information and explanations given to us, any fraud on or by the company has not been noticed or reported during the year.

Place: INDORE For: C. P. RAWKA 8b CO.

Date : 03.09.2012 Chartered Accountants

SD/- C.P.J; AVKA [Proprietor] FRM : 000518C M. NO. : 070060


Mar 31, 2009

Not Available

 
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