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Auditor Report of Premco Global Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of PREMCO GLOBAL LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement, and a summary of the significant accounting policies and other explanatory information for the year then ended,

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's' Responsibility

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

We nave taken into account the provisions of the Act, and the rules made there under including the accounting and auditing standards and the matters which are required to be included in the audit report.

We conducted our audit in accordance with the Standards on Auditing specified u nder 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 standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant for 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 interna! financial control system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 st March, 2015, and its profit/loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of Section 143(11) of the Act, and on the basis of such checks of the books and records of the company as we consider appropriate and according to information & explanations' given to us, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

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

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

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those 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 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of 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 in its financial statements.

ii. The Company, has long-term contracts including derivative contracts as at March 31 2015 for which there were no material foreseeable losses;

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

ANNEXURE TO AUDITORS' REPORT

Referred to in Paragraph 1 under the heading "Report on other legal and regulatory requirements" of our Independent Auditor's Report of even date to the members of Premco Global Limited on the financial statements as of and for the year ended March 31,2015;

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

(b) The fixed assets have been physically verified by the management at regular intervals and no material discrepancies were noticed on such verification. In our opinion, the frequency of verification of the fixed assets is reasonable having regard to the size of the Company and the nature of its assets.

(ii) (a) The management has conducted physical verification of inventory, excluding stocks with third parties, at reasonable intervals during the year. In respect of inventory lying with Third parties, these have substantially been confirmed by them. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of inventory and no material discrepancies between physical inventory and book records 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 Act. Accordingly, the provisions of clauses 3(iii) (a) and 3(iii) (b) of the Order are not applicable,

(iv) In our opinion, and according to information's & explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed nor reported in the internal control system in respect of these areas.

(v) During the year, the company has accepted deposit from relatives of director & Associate Enterprise amounting to Rs, 487,00 Lacs in contravention with the provisions of Sections 73 to 76 of the Companies act, 2013. The same has been fully repaid within the current year and the outstanding balance as on March 31, 2015 is Rs. NIL. The Company has neither complied with the provisions of Sections 73 to 76 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014 nor with the directives issued by the Reserve Bank of India with regard to such deposits. As informed to us, there is no order passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other tribunal in respect of the said matter.

(vi) We have broadly reviewed the accounts and records maintained by the Company in respect of products where, pursuant to the rules made by the Central Government of India, the maintenance of cost records has been prescribed under sub-section (1) of section 148 of the Act, and are of the Opinion, that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the same.

(vii (a) The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees' State Insurance, Income Tax, Wealth Tax, Sales Tax, Service Tax, Duty of Custom, Duty of Excise, Value added tax, Cess and other material statutory dues, as applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of outstanding statutory dues were in arrears as at March 31, 2015 for a period of more than six months from the date they became payable.

STATUTES MATURE OF AMOUNT PERIOD DUE DATE DATE OF DUES (Rs.) PAYMEMT

Income TDS 5.24 Lacs 2007-08 to Various --- Tax 2014-15 as per Default notice

We are being informed that the company is in the process of compiling data / information in respect of default notices from Tax database (TRACES) and accordingly the demands would be either paid or necessary rectification applications would Defiled.

(b) There are no dues in respect of wealth-tax, duty of excise, duty of customs, sales tax, service tax, value added tax and cess that have not been deposited with the appropriate authority on account of any dispute. The particular of dues outstanding in respect of income tax, on account of any dispute are as follows:

NAME NATURE AMOUNT PERIOD DATE OF THE OF OF TO WHICH OF STATUTE DUES DEMAND THE AMOUNT DEMAND RELATES

The INCOME 7.98 2009-10 30.01.2015 Income TAX Lacs Tax Act 1961 1.03 2011-12 30.01.2015 Lacs

NAME OF THE STATUTE FORUM AGAINST WHICH PENDING

The Income Tax Assessing Officer for Rectification. Act 1961 pending for rectification u/s 154

(c) The Company has transferred the amount required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under within the specified time.

(viii) The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and the immediately preceding financial year.

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

(x) In our opinion, and according to explanation given to us , the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year.

(xi) To the best of our knowledge and belief and according to the information and explanations given to us, in our opinion, the term loans obtained during the year were, applied by the Company for the purpose for which they were obtained.

(xii) During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the company, noticed or reported during the year, nor have we been informed of any such case by the Management.

For S. P. JAIN & ASSOCIATES, CHARTERED ACCOUNTANTS Firm Reg. No. 103969W

KAPIL K. JAIN (PARTNER) Membership No. 108521

Place : Mumbai. Date : 28-05-2015


Mar 31, 2013

Report on Financial Statements

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

Management''s Responsibility for the Consolidated 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 CompaniesAct, 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:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2013;

(b) in the case of the statement of Profit and Loss, of the profit/ loss for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government 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, Balance Sheet, Statement of Profit and Loss and Cash flow statement dealt with by this report comply with the mandatory Accounting Standard referred to in sub-section '' (3C) of Section 211 of the CompaniesAct, 1956.

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

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441 Aof the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

1. In respect of Fixed Assets:

a) As per the information and explanations given to us, the Company is maintaining proper 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 in a phased periodical manner, having regard to the size of the Company and nature of its assets. As Informed no material discrepancies were noticed on such physical verification.

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

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 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) In our opinion and according to the information and explanation given to us, the Company has maintained proper records of inventories. As explained to us, there were 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 I from companies, firms or other parties covered in the Register maintained U/s. 301 of the Companies Act, 1956;

a) The company has taken Loan from four parties (P.Y. four parties) referred above of Rs. 531.96 Lacs (P. Y. Rs. 285.00 Lacs) during the year and the Closing Balance as at the end is Rs. NIL Lacs (P. Y. Rs.NIL Lacs). The company has given loan to one party (P.Y. two parties) aggregating to Rs. 1.21 Lacs (P.Y. 16.95Lacs)and the Closing year end balance is Rs. NIL (P. Y. Rs. NIL).

b) In our opinion and according to the information and explanations given to us, the rate of interests, wherever applicable and other Terms and Conditions are not prima facie prejudicial to the interest of the Company.

c) The Company is regular in repaying the principal amount, which are repayable on demand.

d) There is no overdue amount in respect of loans taken and given by the Company.

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 U/s. 301 of the Companies Act, 1956:

a) In our opinion and according to the information and explanations given to us, the 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 have been so entered.

b) In our opinion and according to the information and explanations given to us, the transactions in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding Rs. 5.00 Lacs (Rupees Five Lacs only) in respect of any party during the year have been made at price, which are reasonable having regard to prevailing market price at the relevant time.

6. In our opinion and according to information and explanations given to us, the Company has not accepted any deposits from the public during the period covered by our report.

7. According to information and explanation given to us, in our opinion, the Company has an internal audit system, which in our opinion, is commensurate with the size of the company and nature of business.

8. We have broadly reviewed the accounts and records maintained by the Company in respect of products where, pursuant to the rules made by the Central Government of India, the maintenance of cost records has been prescribed under clause (d) of sub-section (1) of section 209 of the Act, and are of the Opinion, that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the same.

9. In respect of the statutory dues:

a) According to the records of the Company, undisputed statutory dues including Provident Fund, Investor, Education and Protection Fund, Employees'' State Insurance, Income Tax,

SaleTax, Wealth Tax, Customs Duty, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanation given to us, no undisputed amounts payable in respect of the aforesaid due were outstanding as at 31 st March 2013.

b) To the best of our knowledge and information provided to us there are no disputed statutory dues is out standing as 31st March 2013.

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. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the Company has generally not defaulted in repayment of dues to banks.

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, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, clause 49 (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 has maintained proper records of transactions and contracts in respect in the trading in securities, debentures and other investments and timely entries have been made therein. All shares, debentures and other investments have been held by company in its own name.

15. According to information and explanation given to us and to the best of knowledge, the Company has not given guarantees for loans taken by others from banks orfinancial institutions.

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

17. According to information and explanation given to us, and on an overall explanation of the Balance Sheet of the Company, we are of the opinion that the company has not utilized any fund from Short Term Sources towards Long Term Purposes.

18. During the year, the Company has made preferential allotment of shares to one party covered in the register maintained U/s. 301 of the Companies Act, 1956 and the price at which the shares have been issued is not prejudicial to the interest of the company.

19. In our opinion and according to the information and explanation given to us the Company has not issued any debentures.

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

21. To the best of our knowledge and belief 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, that causes the financial statements to be materially misstated.

For S. P. JAIN & ASSOCIATES,

CHARTERED ACCOUNTANTS

Firm Reg. No. 103969W

KAPIL K. JAIN (PARTNER)

Membership No. 108521

Place : Mumbai.

Date : 30-05-2013


Mar 31, 2012

We have audited the attached Balance Sheet of PREMCO GLOBAL LIMITED, Mumbai as at 31 st March 2012, the Statement Profit and Loss and Cash Flow Statement 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 the financial statements based on our audit.

1. We conducted our audit in accordance with Auditing Standards gen- really 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 in- cludes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Companies (Auditor's Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub- section (4A) of section 227 of the Companies Act, 1956, we enclose in Annexure here to a statement on the matters specified in paragraph 4 and 5 of the said Order.

I) 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 purpose of our audit;

b) In our opinion, proper books of accounts, 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 Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of accounts;

d) In our opinion, Balance Sheet, Statement of Profit and Loss Account and Cash Flow Statement dealt with by this report comply with mandatory accounting standards referred to in sub section (3C) of section 211 of the Companies Act, 1956;

e) Based of written representations received and taken on record, we are of the opinion that 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 our opinion and to the best of our information and according to the explanations given to us, they 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 of Profit & Loss Account, of the profit of Company for the year ended on that date.

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

(Referred to in paragraph 2 of our report of even date)

1. In respect of Fixed Assets:

a) The Company is in the process of updating & maintaining proper 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 in a phased periodical manner, which in our opinion is not very reasonable, having regard to the size of the company and nature of its assets and considering the process of updating and maintenance of Fixed Assets Register. As informed no material discrepancies were noticed on such physical verification.

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

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 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 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 inventories. As explained to us, there were 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, firms or other parties covered in the Register maintained U/s. 301 of the Companies Act, 1956;

a) The company has taken Loan from four parties (PY. one party) referred above of Rs. 285.00 Lacs (P.Y. Rs. 50.50 Lacs) during the year and the Closing Balance as at the end is Rs. Nil Lacs (P.Y. Rs. Nil Lacs). The company has given loan to two parties (P.Y. one party) aggregating to Rs. 16.95 Lacs (P.Y. Rs. 3.27 Lacs) and the Closing yearend balance is Rs. NIL Lacs (P.Y. Rs. NIL).

b) In our opinion and according to the information and explanations given to us, the rate of interests, wherever applicable and other Terms and Conditions are not prima facie prejudicial to the interest of the Company.

c) The Company is regular in repaying the principal amount.

d) There is no overdue amount in respect of loans taken and given by the Company.

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, the transactions made in pursuance of contracts or arrangements, that needed to be entered in to register maintained under section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us, the transactions in pursuance of the contracts or arrangements entered in the register maintained Under Section 301 of the Companies Act 1956 and exceeding Rs. 5.00 (Rupees Five Lacs Only) in respect of any party during the year have been made at price, which are reasonable having regard to prevailing market price at the relevant time

6. In our opinion and according to information and explanations given to us, the company has not accepted any deposits from public during the period covered by our report.

7. The Company has an internal audit system, which in our opinion, is commensurate with the size of the company and nature of business.

8. We have broadly reviewed the accounts and records maintained by the Company in respect of products where, pursuant to the rules made by the Central Government of India, the maintenance of cost records has been prescribed under clause (d) of sub- section (1) of section 209 of the Act, and are of the Opinion, that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the same.

9. In respect of the statutory dues:

a) According to the records of the Company, undisputed statutory dues including Provident Fund, Investor, Education and Protection Fund, Employees' State Insurance, Income Tax, Sale-Tax, Wealth Tax, Customs Duty, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanation given to us, no undisputed amounts payable in respect of the aforesaid due were outstanding as at 31st March, 2012.

b) To the best of our knowledge and information provided to us no disputed statutory dues is remained outstanding as 31 st March 2012.

Status Nature Amount Period Forum of Dues (Rs. in Lacs) A.Y.

Income Income tax 2.03 2007-08 Rectification tax (Net of Payment) Pending

FBT FBT 0.39 2008-09 Rectification Pending

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

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that company has generally not defaulted in repayment of dues to banks.

12. In our opinion and according to the information and the 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, the Company is not a Chit Fund or Nidhi / Mutual Benefit Fund / Society. Therefore, Clause 49 (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 has maintained proper records of transactions and contracts in respect in the trading in securities, debentures and other investments and timely entries have been made therein. All shares, debentures and other in- vestments have been held by company in its own name.

15. According to information and explanation given to us and to the best of knowledge, the Company has not given guarantees for loans taken by others from banks or financial institutions.

16. The company has received new term loans during the year and the same has been disbursed to the company after actual application and utilization for the purpose for which they were obtained.

17. According to information and explanation given to us, and on an overall explanation of the Balance Sheet of the Company, we are of the opinion that the company has not utilized any fund from Short Term Sources towards Long Term Purposes.

18. During the year, the Company had not made any preferential allot- ment of shares to parties and companies covered in the register maintained U/s. 301 of the Companies Act, 1956.

19. In our opinion and according to the information and explanation given to us the Company has not issued any debentures.

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

21. To the best of our knowledge and belief 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, that causes the financial statements to be materially misstated.

For S. P. JAIN & ASSOCIATES,

CHARTERED ACCOUNTANTS

FRN 103969W



KAPIL K. JAIN

(PARTNER)

Place: Mumbai Membership No. 108521.

Date: 19th May 2012.


Mar 31, 2010

We have audited the attached Balance Sheet of PREMCO GLOBAL LIMITED, as at 31 st March 2010 and also the Profit and Loss Account and Cash Flow Statement for the period ended on that date annexed thereto. Cash Flow Statement for the period ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on the financial statements based on our audit.

1. 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, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall finan- cial statement presentation. We believe that our audit pro- vides a reasonable basis for our opinion.

2. As required by the Companies (Auditors Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in Annexure here to 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 para- graph 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 purpose of our audit;

b) In our opinion, proper books of accounts, as 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 dealt with by this report are in agreement with the books of accounts;

d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with mandatory accounting standards referred to in sub section (3C) of section 211 of the Companies Act, 1956;

e) Based of written representations received and taken on record, we are of the opinion that none of the directors is disqualified as on 31st March, 2010 from being appointed as a 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 give 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, 2010. {

(ii) In so far as it relates to of Profit & Loss Account, of the profit of Company for the year ended on that date.

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

ANNEXURE TO THE AUDITORS REPORTS

Referred to in paragraph 2 of our report of even date 1. In respect of its Fixed Assets:

a) The Company is in the process of updating & maintaining proper 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 in a phased periodical manner, which in our opinion in reasonable, having regard to the size of the company and the nature of assets. No material discrepancies were noticed on such

physical verification. c) In our opinion, the company has not disposed of substan- tial part of fixed assets during the year and the going concern status of company is not affected.

2. In respect of its inventories:

a) As explained to us, inventories have been physically ver- ified by the management at regular intervals during the year.

b) In our opinion and according to information and explana- tions 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 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 inventories. As explained to us, there were 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, firms or other parties covered in the Register maintained U/s. 301 of the Companies Act, 1956;

a) The company has taken Loan from one party (P.Y. two parties) referred above of Rs. 41 Lacs (P.Y. Rs. 52.45Lacs) during the year and the Closing Balance as at the end is Rs. 28 Lacs (RY. Rs. NIL Lacs). The company has given loan to one party (P.Y. two parties) aggregating to Rs. 0.50 Lacs (P.Y. Rs. 50.50 Lacs) and the Closing year end balance is Rs. NIL Lacs ( P.Y. Rs. NIL ).

b) In our opinion and according to the information and explanations given to us, the rate of interests, wherever applicable and other Terms and Conditions are not prima- facie prejudicial to the interest of the Company.

c) The Company is regular in repaying the principal amount.

d) There is no overdue amount in respect of loans taken and given by the Company.

J 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 oi transactions covered under Section 301 of the Companies Act, 1956:

a) In our opinion and according to the information and explanations given to us, the transactions made in pursu ance of contracts or arrangements, that needed to be entered in to register maintained under section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and expla- nations given to us, the transactions in pursuance of the contracts or arrangements entered in the register main- tained Under Section 301 of the Companies Act 1956 and exceeding Rs. 5,00,000/- (Rupees Five Lacs Only) in respect of any party during the year have boen made at price, which are reasonable having regarc to prevail- ing market price at the relevant time

6. In our opinion and according to information & explanations given to us, the company has not accepted any deposits from public during the period covered by our report.

7. The Company has an internal audit system, which in our

opinion, is commensurate with the size of the company and nature of business.

8. To the best of our knowledge and according to the explanation given to us the central Government has not prescribed maintenance of the Cost Records under Section 209 (1) (d) of the Companies Act for any products of the company. We have broadly reviewed the accounts and records of the Company in this connection and are of the Opinion, that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the same.

9. In respect of the statutory dues:

a) According to the records of the Company, undisputed statutory dues including Provident Fund, Investor, Education and Protection Fund, Employees State Insurance, Income Tax, Sale-Tax, Wealth Tax, Customs Duty, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanation given to us, no undisputed amounts payable in respect of the afore- said due were outstanding as at 31st March, 2010.

Status Nature Amount Period Due Date of of Dues AsstYr. Date Payment

FBT FBT 78,490 2007-O8 30.09.07 10.07.10

b) To the best of our knowledge and information provided to us no disputed statutory dues is remained outstanding as 31st March 2010.

Status Nature Amount Period Forum

of Dues

Incometax Income tax 312379 2007-08 Rectification Pending

FBT FET 39.130 2008O9 Rectification Pending

10. The company has no accumulated losses and has not incurred any cash losses during the financial year cov- ered by our audit or in the immediately preceeding Finan- cial Year.

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that company has generally not defaulted in repayment of dues to bank.

12. In our opinion and according to the information and the 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, the Company is not a Chit Fund or Nidhi / Mutual Benefit Fund / Society. Therefore, Clause 49 (xiii) of the companies (Auditors 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 has maintained proper records of transactions and contracts in respect in the trading in securities, debentures and other

investments and timely entries have been made therein. All shares, debentures and other investments have been held by company in its own name.

15. According to information and explanation given to us and to the best of knowledge, the Company has not given guar- antees for loans taken by others from banks or financial institutions.

16. The company has received new term loan during the year and the same has been utilized and applied for the pur- pose for which they were obtained other than the amounts temporarily invested pending utilization of the same for intended use.

17. According to information and explanation given to us, and on an overall explanation of the Balance Sheet of the Com- pany, we are of the opinion that the company has not uti- lized any fund from Short Term Sources towards Long Term Purposes.

18. During the year, the Company had not made any preferen- tial allotment of shares to parties and companies covered in the register maintained U/s. 301 of the Companies Act, 1956.

19. In our opinion and according to the information and expla- nation given to us the Company has not issued any de- bentures.

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

21. To the best of our knowledge and belief 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, that causes the financial statements to be materially misstated.



For S. P. JAIN & ASSOCIATES,

CHARTERED ACCOUNTANTS

FRN 103969W



KAPILK.JAIN

(PARTNER)

Membership No. 108521.

Place: Mumbai

Date : 16th August 2010.



 
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