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Auditor Report of Planter's Polysacks Ltd.

Mar 31, 2015

We have audited the attached Balance sheet of PLANTER'S POLYSACKS LIMITED as on 31.03.2015 and Statement of Profit and Loss and Cash Flow Statement for the year ended as on that date and significant accounting policies and other explanatory information. These Financial Statements are the responsibility of the Company's Management. Our responsibility is to express opinions on these financial statements based on our audit.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company's Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India and the Accounting Standards as specified under Section 133 of the Companies Act, 2013 (the Act) read with Rule 7 of the Companies (Accounts) Rules, 2014. 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 have taken into account the provisions of the Companies Act, 2013, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material 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 financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's directors, as well as evaluating the overall presentation of the financial

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

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the said financial statements read together with the Significant Accounting Policies and other notes thereon give the information required by the Act, in the manner so required, and present a true and fair view, in conformity with the accounting principles generally accepted in India.

i) in so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31st March 2015;

ii) in so far as it relates to the Profit and Loss Account, of the 'Loss of the Company for the year ended on that date, and

iii) 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.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

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

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

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

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

c) The Balance sheet, Profit and Loss account and Cash Flow Statement are 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 31, 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) In our opinion, the Company has adequate internal financial controls systems in place and is effectively operating in the Company;

g) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us there are no such matters during the year:

PLANTER'S POLYSACKS LIMITED Annexure to the Auditors' Report

The Annexure referred to in our report to the members of PLANTER'S POLYSACKS LIMITED (the Company') for the year Ended on 31.03.2015. We report that:

S.No. Particulars Auditors Remark

(i) (a) whether the Company is maintaining proper records showing full NA particulars, including quantitative details and situation of fixed assets;

(b) whether these fixed assets have been physically verified by the management at reasonable intervals; whether any material discrepancies NA

were noticed on such verification and if so, whether the same have been properly dealt with in the books of account;

(ii) (a) whether physical verification of inventory has been conducted at reasonable intervals by the management; NA

(b) are the procedures of physical verification of inventory followed by the management reasonable and adequate in relation to the size of the company and the nature of its business. If not, the inadequacies in such procedures should be reported;

(c) whether the company is maintaining proper records of inventory and whether any material discrepancies were noticed on physical verification NA and if so, whether the same have been properly dealt with in the books NA of account;

(iii) whether the company has granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under No section 189 of the Companies Act. If so,

(a) whether receipt of the principal amount and interest NA are also regular; na and

(b) if overdue amount is more than rupees one lakh, whether reasonable steps have been taken by the company for recovery of the principal and NA interest;

iv) is there an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. Whether YeS there is a continuing failure to correct major weaknesses in internal control system.

(v) in case the company has accepted deposits, whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under, where applicable, have been complied with? if not, the nature of contraventions should be stated; If an order hasbeen passed NA by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal, whether the same has been complied with or not - Particulars Auditors Remark

(vi) where maintenance of cost records has been specified by the Central Government under sub-section (1) of section 148 of the Companies Act, NA whether such accounts and records have been made and maintained;

(vii) (a) is the company regular in depositing undisputed statutory dues including provident fund, employees' state insurance, income-tax, sales- tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities Yes and if not, the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable, shall be indicated by the auditor.

(b) in case dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of any dispute, then the amounts involved NA and the forum where dispute is pending shall be mentioned. (A mere representation to the concerned Department shall not constitute a dispute).

(c) whether the amount required to be transferred to investor education and protection fund in accordance with the relevant rovisions of the Companies Act and rules made thereunder has been transferred to such NA fund within time.

(viii) whether in case of a company which has been registered for a period not less than five years, its accumulated losses at the end of the financial YES year are not less than fifty per cent of its net worth and whether it has incurred cash losses in such financial year and in the immediately preceding financial year;

(ix) whether the company has defaulted in repayment of dues to a financial institution or bank or debenture holders- If yes, the period and amount NA of default to be reported;

(x) whether the company has given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are No prejudicial to the interest of the company; No

(xi) whether term loans were applied for the purpose for which the loans were obtained; NA

(xii) whether any fraud on or by the company has been noticed or reported during the year; If yes, the nature and the amount involved is to be No indicated.

For Bansilal Shah & Co. Chartered Accountants

Sd/- Mukesh Kumar Jain Partner M.No. 075906 / FRN 000384W

Place: Navi Mumbai Date: 27.05.2015


Mar 31, 2014

We have audited the attached Balance sheet of PLANTER''S POLYSACKS LIMITED as on 31.03.2014 and Statement of Profit and Loss and Cash Flow Statement for the year ended as on that date. These Financial Statements are the responsibility of the Company''s Management. Our responsibility is to express opinions on these financial statements based on our audit.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company ''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR''S RESPONSIBILITY

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

OPINION

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.

i) in so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31st March 2014;

ii) 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

iii) 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.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor''s Report) Order 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act,1956. We enclose in the annexure hereto 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 in paragraph 2 above, we report that:

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

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

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

d) In our opinion the Balance Sheet, Profit and Loss account and Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred in sub-section (3C) of section 211 of the Companies Act, 1956 as per the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

e) In our opinion, and based on information and explanations given to us, none of the Directors are disqualified as on 31st March, 2014 from being appointed as Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act 1956.

ANNEXURE TO AUDITOR''S REPORT

Referred to in Paragraph 2 of our report of even date

1. In respect of its fixed assets:

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, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion are 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 disposed of its fixed assets during the year, The Company''s going concern concept was not affected after such disposal.

2. In respect of its inventories:

a. As explained to us, there are no inventories during the year.

3. In respect of loans, secured or unsecured, granted or taken by the Company to / from Companies, or other parties covered in the register maintained under Section 301 of the Companies Act, 1956;

a. The Company has not granted any loans to other companies during the year.

b. Since the Company has not granted loans to other Companies, the question of Prima facie prejudicial rate of interest, repayment of Principal and interest, and overdue of loan does not arise.

c. The Company had taken loans from parties covered under Section 301 of the Act during the year.

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, 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. In respect of transactions covered under section 301 of the Companies Act, 1956.

a. In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements that needed to be entered into the register maintained under Section 301 of the Companies Act, 1956.

b. In our opinion and according to the information and explanations given to us, there are no transactions in pursuance of contracts or arrangements entered in the register maintained under Section 301of the Companies Act, 1956 aggregating during the year to Rs.5,00,000 (Rupees Five lakhs Only) or more.

6. No deposits within the meaning of Section 58A and Section 58AA of the Act and rules framed there under have been accepted by the Company.

7. The Company does not have a separate internal audit system. However, in our opinion, the existing internal Control procedures are adequate having regard to the size and nature of the business of the Company.

8. The Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956.

9. In respect of statutory dues, undisputed statutory dues with regard to Employees'' State Insurance, the Company has deposited regularly with the appropriate authorities as may be required.

10. The Company has accumulated losses and has not incurred any cash loss during the financial year covered by our audit and has incurred cash loss in the immediately preceding financial year.

11. Since the Company has not availed any loans from Banks, Financial Institution during the year, the question of repayment 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 and Securities.

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

14. In our opinion and according to the information and explanation given to us, the Company is not dealing or trading in shares, securities, debentures and other investments.

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

16. The Company has not raised any term loans during the year under review.

17. The Company has not used the short term loans for long term investments and vice versa.

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 debentures; therefore the question of creation of securities does not arise.

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 explanations given to us, no fraud on or by the Company has been noticed or reported during the year, that causes the financial statements to be materially misstated.

For Bansilal Shah & Co.

Chartered Accountants

Sd/-

Mukesh Kumar Jain

Partner

M. No. 075906 / FRN 000384W

Place: Navi Mumbai

Date: 30-05-2014


Mar 31, 2013

We have audited the attached Balance sheet of PLANTER''S POLYSACKS LIMITED as on 31.03.2013 and the Profit and Loss account for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that date. These Financial Statements are the responsibility of the Company''s Management. Our responsibility is to express opinions on these financial statements based on our audit.

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

2. As required by the Companies (Auditor''s Report) Order 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act,1956. We enclose in the annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

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

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

d) In our opinion the Balance Sheet, Profit and Loss account and Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred in sub-section (3C) of section 211 of the Companies Act, 1956.

e) In our opinion, and based on information and explanations given to us, none of the Directors are disqualified as on 31stMarch 2013 from being appointed as Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act 1956.

f) 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.

i) in so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31st March 2013;

ii) in so far as it relates to the Profit and Loss Account, of the ''Loss'' of the Company for the year ended on that date, and

iii) in so far as it relates to the Cash Flow Statement, of the cash flowsof the Company for the year ended on that date.

ANNEXURE TO AUDITOR''S REPORT

Referred to in Paragraph 2 of our report of even date

1 In respect of its fixed assets:

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, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion are 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 disposed of its fixed assets during the year, The Company''s going concern concept was not affected after such disposal.

2 In respect of its inventories:

a. As explained to us, there are no inventories during the year as there is no business activities.

3 In respect of loans, secured or unsecured, granted or taken by the Company to / from Companies, or other parties covered in the register maintained under Section 301 of the Companies Act, 1956;

a. The Company has not granted any loans to other companies during the year.

b. Since the Company has not granted loans to other Companies, the question of Prima facie prejudicial rate of interest, repayment of Principal and interest, and overdue of loan does not arise.

c. The Company had taken loans from parties covered under Section 301 of the Act during the year.

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, 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. In respect of transactions covered under section 301 of the Companies Act, 1956.

a. In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements that needed to be entered intoin the register maintained under Section 301 of the Companies Act, 1956.

b. In our opinion and according to the information and explanations given to us, there are no transactions in pursuance of contracts or arrangements entered in the register maintained under Section 301of the Companies Act, 1956 aggregating during the year to Rs.5,00,000 (Rupees Five lakhs Only) or more.

6 No deposits within the meaning of Section 58A and Section 58AA of the Act and rules framed there under have been accepted by the Company.

7 The Company does not have a separate internal audit system. However, in our opinion, the existing internal Control procedures are adequate having regard to the size and nature of the business of the Company.

8 The Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956.

9 In respect of statutory dues, undisputed statutory dues with regard to Employees'' State Insurance, the Company has deposited regularly with the appropriate authorities as may be required.

10 The Company has accumulated losses and has incurred cash loss during the financial year covered by our audit and has incurred cash loss in the immediately preceding financial year.

11 Since the Company has not availed any loans from Banks, Financial Institution during the year, the question of repayment 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 and Securities.

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

14 In our opinion and according to the information and explanation given to us, the Company is not dealing or trading in shares, securities, debentures and other investments.

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

16 The Company has not raised any term loans during the year under review.

17 The Company has not used the short term loans for long term investments and vice versa.

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 debentures; therefore the question of creation of securities does not arise.

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 explanations given to us, no fraud on or by the Company has been noticed or reported during the year, that causes the financial statements to be materially misstated.

For Bansilal Shah & Co.

Chartered Accountants

Sd/-

Mukesh Kumar Jain

Partner

M.No. 075906 / FRN 000384W

Place: Mumbai

Date: 09/05/2013


Mar 31, 2012

I have audited the attached Balance sheet of PLANTER'S POLYSACKS LIMITED as on 31.03.2012 and the Profit and Loss account for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that date. These Financial Statements are the responsibility of the Company's Management. My responsibility is to express opinions on these financial statements based on my audit.

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

2. As required by the Companies (Auditor's Report) Order 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act,1956. I enclose in the annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.

3. Further to my comments in the Annexure referred to in paragraph 2 above, I report that:

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

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

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

d) In my opinion the Balance Sheet, Profit and Loss account and Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred in sub-section (3C) of section 211 of the Companies Act, 1956.

e) In my opinion, and based on information and explanations given to me, none of the directors are disqualified as on 31st March 2012 from being appointed as directors in terms of clause (g) of sub-section (1) of section 274 of the Companies Act 1956.

f) In my opinion and to the best of my information and according to the explanations given to me, 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.

i) in so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31st March 2012

ii) in so far as it relates to the Profit and Loss Account, of the 'Loss' of the Company for the year ended on that date, and

iii) 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 TO THE AUDITORS REPORT

Referred to in Paragraph 2 of my report of even date

1 In respect of its fixed assets:

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 me, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in my 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 my opinion, the Company has disposed of its fixed assets during the year, The Company's going concern concept was not affected after such disposal .

2 In respect of its inventories:

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

b. In my opinion and according to the information and explanations given to me, the procedures of physical verification of inventories followed by the management at 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 explained to me, there was no material discrepancies noticed on physical verification of inventory as compared to the book records.

3 In respect of loans, secured or unsecured, granted or taken by the Company to / from Companies, or other parties covered in the register maintained under Section 301 of the Companies Act, 1956

a. The Company has not granted any loans to other companies during the year.

b. Since the Company has not granted loans to other Companies, the question of Prima facie prejudicial rate of interest, repayment of Principal and interest, and overdue of loan does not arise.

c. The Company has not taken any loans from other Companies during the year.

4 In my opinion and according to the information and explanations given to me, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods. During the course of my audit, I have not observed any major weaknesses in internal controls.

5 In respect of transactions covered under section 301 of the Companies Act, 1956.

a. In my opinion and according to the information and explanations given to me, there are no transactions made in pursuance of contracts or arrangements that needed to be entered into in the register maintained under section 301 of the Companies Act, 1956.

b. In my opinion and according to the information and explanations given to me, there are no transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rs. 5,00,000 (Rupees Five lakhs Only) or more.

6 The Company has not accepted any deposits from the public.

7 The Company does not have a separate internal audit system.However, in my opinion, the existing internal Control procedures are adequate having regard to the size and nature of the business of the Company.

8 The Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956.

9 In respect of statutory dues, undisputed statutory dues with regard to Employees' State Insurance, the Company has not deposited regularly with the appropriate authorities due to the severe financial crisis faced by the Company.

10 The Company has accumulated losses and has not incurred cash loss during the financial year covered by my audit and has not incurred cash loss in the immediately preceding financial year.

11 Since the Company has not availed any loans during the year, the question of repayment does not arise.

12 In my opinion and according to the information and explanation given to me, no loans and advances have been granted by the company on the basis of security by way of pledge of Shares and Securities.

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

14 In my opinion and according to the information and explanation given to me, the Company is not dealing or trading in shares, securities, debentures and other investments.

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

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

17 The Company has not used the short term loans for long term investments and vice versa.

18 During the year, the company has not made any preferential allotment of shares to parties and Companies.

19 The Company has not issued debentures; therefore the question of creation of securities does not arise.

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

21 In my opinion and according to the information and explanations given to me, no fraud on or by the Company has been noticed or reported during the year, that causes the financial statements to be materially misstated.

Sd/- MULRAJ D. GALA Chartered Accountants M. No. 041206 Proprietor

PLACE: Kolkata DATE : 14.8.2012


Mar 31, 2000

We have audited the Balance Sheet of M/S. PLANTERS POLYSACKS LIMITED.,as at 31-3-2000 and the Profit & Loss Account of the Company for the year ended on that date annexed thereto and report that :

1. As required by the Manufacturing and other Companies (Audi- tors Report) order 1988 issued by the Government of India under section 227/4A of the companies Act, 1956, we enclosed in the Annexure, a statement on the matters specified in paragraphs 4 & 5 of the said order.

2. Further to our comments in the Annexure referred to in paragraph I above :

a. We have obtained all the information and explanationn which to the best of our knowledge and belief were necessary for the purposes of our auidt :

b. In our opinion, proper Books of Account as required by law have been kept by the company so far as appears from our exa- mination of those books :

c. The said Balance Sheet and the Profit & Loss Account are agr- eement with the books of Account :

d. In our openion, the profit & loss account and balance sheet co- mply with the accouting standerd referred to in sub- section (3C) of Sec. 211 of the companies act. 1956.

e. In our opinion and to the best of our information and accord- ing to the explanations given to us, the said accounts give the information required by the companies Act, 1956 in the manner so required and read together with noted thereon, give a true and fair view.

i. in the case of Balance Sheet of the state of the Companies affairs as at 31st March, 2000 and ii. in the case of the Profit & Loss Account of the Profit of the company for the ended on that date.

THE SHAREHOLDERS OF M/S. PLANTERS POLYSACKS LIMITED ANNEXED TO THE AUDITORS REPORT AS REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE

As required by the Manufacturing and other Companies (Auditors Report) order 1988 issued by the Central Government it terms of sec- tion 227/4A of the Companies Act, 1956 we further report as under :

1. The Company has maintained proper records showing most of the particulars including quantitative details and situation of the fixed assets and depreciation on all the assets has been written off up to date. The fixed assets have been physically verified by management during the year. We are informed by the management that no serious discrepancies were notice on such verifications as compared with the aforesaid records of the fixed assets.

2. None of the fixed assets have been revalued during the year.

3. According to the information & explanations given to us, there were no unserviceable or damaged stores, raw materials or finished goods determined during the year.

4. As per the explanations given by the management the provisions of section 58A of the Companies Act 1956 and the rules framed there under are not applicable to the company.

5. In the opinion of the management the provisions for having an internal audit system are not applicable to the company.

6. The maintanance of cost records has not been prescribed by the Centra Government under section 209(1) (d) of the Companies Act, 1956.

7. Provident fund rules are not applicable to the company.

8. So far as it appears from our examination of the records and according to the explanations given to us there were no undisputed amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Cus- toms Duty & Excise Duty outstanding as at the last day of the finan- cial year concerned, for a period of more than 6 months from date they became payable.

9. As per the explanations given by the management no personal expenses were charged to the revenue account.

10. The discrepancies noticeed on verification between the physical stock and book stock arrived at on the basis of an annual reconci1ition of opening stock, purchases and consumption, were not material and have been properly dealt with in the Books of Account.

11. In our opinion and on the basis of our examination of of stock and record, the valuation of stock is fair and proper and in accordance with the normally accepted accounting principal and, is on the same basis as in the previous year.

12. The company has not taken any secured or unsecured loan from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and/or from the companies under thee same management as defined under sub-section (1B) of section 370 of the Companies Act 1956.

13. The company has not granted any loans or advances to compa- nies listed in the register maintained under section 301 of the compa- nies Act, 1956 and/or to the companies under the same management as defined under sub-section (1B) of section 370 of the companies Act, 1956.

14. The parties (including employees) to whom loans or advances in the nature of loans have been given by the company are repaying the principle amounts as stipulated and are also regular in payment of interest wherever applicable.

15. In our opinion and according to information and explanation given to us, there are generally adequate internal control procedures commensurate, with size, of the company and the nature of its business with regard to purchase of stores, raw materials including components, plant and machinery, equipments and other assets and also for sale of goods.

16. In our opinion, purchases of goods and material and sale of goods, Material and services, made in pursuance of contracts or ar- rangement entered in the registers maintained under Section 301 of the Companies Act, 1956 and aggregating during the period to Rs. 50,000/- or more in value, in respect of each party, except for items which are of special nature for which no alternative source of supply is availa- ble ro on comparison could be made of the prices in the absence of quotation/ similar transaction with other parties, have been made at prices which are reasonable having regard to the prevailing market prices for such goods, materials or services or the prices at which the transaction for similar goods, material or services have been made with other parties.

17. The Company has maintained reasonable record for the sale and disposal of scrap. There are no by-products.

18. During the course of our examination of the books of Account carried out in accordance with the generally accepted auditing practic- es, we have charged to Profit & Loss Account nor have we been informed of such a case by the Management.

19. In respect of trading activities there are no damaged goods in the possession of the company as at 31st March, 2000.

AS PER OUR REPORT OF EVEN DATE For. G. KHANDEKAR & CO. CHARTERED ACCOUNTANT

(PARAG KHANDEKAR) (PROPRIETOR)

Place : Mumbai Dated : 2/9/2000

 
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