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Auditor Report of Priyadarsini Ltd.

Mar 31, 2011

We have audited the attached Balance Sheet of M/s. Priyadarshini Spinning Mills Limited, as at 31st March, 2011 and also the Profit and Loss Account and also the Cash Flow Statement for the year ended on that date .annexed thereto. These finan- cial statements are the responsibility of the Company's management. Our responsibil- ity is to express an opinion on these finan- cial 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 perfonii the audit to obtain reasonable assurance about whether the financial statements are flee of material misstate- ments. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the ac- counting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation, We believe that our audit pro- vides a reasonable basis for our opinion.

1. As required by the Companies (Auditor's Report) Ordcr,2003 issued by the Central Government in terms of Section 227 (4,) of the Companies Act, I 956, We annex hereto a statement on the matters specified in paragraph 4 and 5 of the said order.

2. Further to our Comments in the annex- ure referred to in paragraph I above We report that:

a) We have obtained all the information and ex- planations which tn the best of our knowledge and belief are necessary for t4e purpose of our audit.

b) In our opinion, proper books of account as re- quired by law have been kept by the Company so far as appears from our examination of such books

c) The Balance Sheet. Profit and Loss account and ('ash Flow Statement 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 by this report comply with the accounting stan- dards referred to in Section 21 l(3C) of the Com- panies Act, 1956.

e) On the basis of written representations received from directors and taken on record by the Board of Directors, we report that none of the directors of the Company are disqualified from being appointed as directors of the Company under clause (g) of subsection(l)ofseetion 274 ofthe 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 give the information required by the Companies Actl956 in the maimer so required and give a true and fair view in confor- mity with the accounting principles generally accepted in India:

i. In the case of the Balance Sheet of the StaLe of Affairs of the Company as at 3lt March.201 I;

ii. In the vase of The Profit and Loss Account., of the Profit of the Company for the year ended on that date: and

iii. In the case of Cash Flew Statement, of the Cash Flows for the year ended on that date.

ANNEXURE TO AUDITORS' REPORT Annexure referred to, in paragraph 1 of our report:

1. The Company has maintained proper records showing full particulars including quantitative" details and situation of fixed assets.

2. The management has physically verified most of the fixed assets of the company. The discrepancies noticed on comparison between book records and physical inventory were not material and have been properly dealt with in the books of account.

3. As per information and explanations given by the management during the year the company has riot disposed off a substantial part of its fixed assets arid the going concern assumption of the company is not affected.

4. The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

5. The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the site olthe company and the nature of its business.

6. The company has maintained proper records of inventory and the discrepancies noticed on physical verification as compared to hook records were not material and have been appropriately dealt with in the books of account.

7. The Company has not, during the year, granted or taken any loans, secured or unsecured to/ from companies, firms or other parties covered in the Register maintained tinder Section 301 ci the Companies Act,1956.

8. As the Company has not granted or taken loans to/from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act,1956,thc clause relating to rate of interest aqd other terms mid conditions of loans given or taken by the company, secured or unsecured, which are prima facie prejudicial to the interest of the company is nut applicable to the company.

9. As the company has not taken loans from/ granted to companies, firms or other parties listed in the register maintained under Section 301 of the companies Act,1956, the clause relating to the regular payment of principal amount and interest is not applicable to the company,

10. As the company has not taken loans from or granted to companies, firms or other parties listed I the register maintained under section 301 of the Companies Act, 1956, the clause relating to steps taken for recovery/payment of the principal and interest on overdue amount olmore than one lakh, is not applicable to the company.

11. In our opinion and according to the inforrjwtion and explanations given to us, there are adequate internal control procedures corntnensurate with the site of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

12. Fased on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act,l956, have been so entered.

13. In our opirnon and according to the information and explanations given to us. the company has not entered into contracts or arrangements exceeding Rs. 5 lakhs in value with companies in which directors are interested as listed in the register maintained under Section 301 of the Companies Act, 1956.

14. In our opinion and according to the information and explanations given to us. the company has complied with the provisions of Sections 58A and 5SAA of the Companies Act.l956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from ihe public. No order has been passed by the National Company Law Tribunal.

15. In our opinion, the Company has an internal audit system commensurate with the size and nature ot'its business.

16. In our opinion and according to the information and explanations given to us. the company has made and maintained accounts and records prescribed by thy Central Government under secron 209(l)(d) of the companies Act, 1956.

17. According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income-tax, sales-tax, wealth- tax, customs duty, excise duty, cess and other statutory dues applicable to it.

18. The Company has no accumulated losses and it has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

19. In our opinion and according to the infbrmation ani explanations given to us. the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

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

21. The company is not a chit fund or nidhi or mutual benefit fund /society and hence the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

22. The Company is not dealing in or trading in shares, securities, debentures and other investments and hence the provisions of clause 4(xiv) of the Companies (Auditor's Report Order, 2003 are not applicable to the company.

23. In our opinion, as the Company has not given any guarantee for loans taken by others from banks or financial institutes the provisions of clause 4(xv) of th Companies (Auditor's Report) Order, 2003 are not applicable to the company.

24. In our opinion, the he term loans taken by the Company have been applied for the purpose for which they were raised.

25. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment, No long- term funds have been used to finance short- term basis.

26. According to the information and explanations given to us 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.

27. According to the information and explanations given to us, during the period covered by our audit report the Company has riot issued any debentures.

28. According to the inlormation and explanations given to us, during the period covered by our audit report, the Company has not raised any monies by public issue.

29. According to the information and explanations given to us and the books arid records examined by us, no fraud on or by the Company has been noticed or reported during the year.

For P.SRINIVASAN & Co.,

Chartered Accountants FR No. 004055S

Hyderabad K.RANGANATHAN

July 8, 2011 Partner

M.No. 10842


Mar 31, 2010

We have audited the attached Balance Sheet of M/s. Priyadarshini Spinning Mills Limited, as at 31st March,2010 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibil- ity is to express an opinion on these finan- cial statements based on our audit.

We conducted our audit in accordance with auditing standards generally ac- cepted in India. Those standards require that we plan and perform the audit to ob- tain reasonable assurance about whether the financial statements are free of mate- rial misstatements. An audit includes ex- amining, on a test basis, evidence sup- porting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by man- agement, as well as evaluating the overall financial statement presentation. We be- lieve that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditors Report) Order,2003 issued by the Central Government in terms of Section 227 (4A) of the Companies Act,1956,We annex hereto a statement on the matters specified in paragraph 4 and 5 of the said order.

2. Further to our Comments in the annex- ure referred to in paragraph 1 above We report that:

a) We have obtained all the information and explanations which to the best of our knowl- edge and belief are necessary for the pur- pose of our audit.

b) In our opinion, proper books of account as required by law have been kept by the Com- pany so far as appears from our examina- tion of such books.

c) The Balance Sheet, Profit and Loss ac- count and Cash Flow Statement 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 State- ment dealt by this report comply with the accounting standards referred to in Sec- tion 211(3C) of the Companies Act, 1956.

On the basis of written representations received from directors and taken on record by the Board of Directors, we report that none of the directors of the Company are disqualified from being appointed as directors of the Company under clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

a) In our opinion and to the best of our infor- mation and according to the explanations given to us, the said accounts give the in- formation 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 ac- cepted in India:

i. In the case of the Balance Sheet of the State of Affairs of the Company as at 31st March,2010;

ii. In the case of The Profit and Loss Account, of the Loss of the Company for the year ended on that date; and

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

ANNEXURE TO AUDITORS REPORT Annexure referred to, in paragraph 1 of our report:

1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

2. The management has physically verified most of the fixed assets of the company. The discrepancies noticed on comparison between book records and physical inventory were not material and have been properly dealt with in the books of account.

3. As per information and explanations given by the management during the year the company has not disposed off a substantial part of its fixed assets and the going concern assumption of the company is not affected.

4. The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

5. 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.

6. The company has maintained proper records of inventory and the discrepancies noticed on physical verification as compared to book records were not material and have been appropriately dealt with in the books of account.

7. The Company has not, during the year, granted or taken any loans, secured or unsecured to/from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956.

8. As the Company has not granted or taken loans to/from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act,1956,the clause relating to rate of interest and other terms and conditions of loans given or taken by the company, secured or unsecured, which are prima facie prejudicial to the interest of the company is not applicable to the company.

9. As the company has not taken loans from/ granted to companies, firms or other parties listed in the register maintained under Section 301 of the companies Act,1956,the clause relating to the regular payment of principal amount and interest is not applicable to the company.

10. As the company has not taken loans from or granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956, the clause relating to steps taken for recovery/payment of the principal and interest on overdue amount of more than one lakh, is not applicable to the company.

11. 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 with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

12. Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956, have been so entered.

13. In our opinion and according to the information and explanations given to us, the company has not entered into contracts or arrangements exceeding Rs.5 lakhs in value with companies in which directors are interested as listed in the register maintained under Section 301 of the Companies Act,1956.

14. In our opinion and according to the information and explanations given to us, the company has complied with the provisions of Sections 58A and 58AA of the Companies Act,1956 and the Companies (Acceptance of Deposits) Rules,1975 with regard to the deposits accepted from the public. No order has been passed by the National Company Law Tribunal.

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

16. In our opinion and according to the information and explanations given to us, the company has made and maintained accounts and records prescribed by the Central Government under section 209(1 )(d) of the companies Act, 1956.

17. According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income-tax, sales-tax, wealth-tax, customs duty, excise duty, cess and other statutory dues applicable to it.

18. The Company has no accumulated losses and it has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

19. 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, banks or debenture holders.

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

21. In our opinion, the company is not a chit fund or nidhi or mutual benefit fund /society and hence the provisions of clause 4(xiii) of the Companies (Auditors Report) Order,2003 are not applicable to the Company.

22 In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments and hence the

provisions of clause 4(xiv) of the Companies (Auditors Report ) Order,2003 are not applicable to the company.

23. In our opinion, the Company has not given any guarantee for loans taken by others from banks or financial institutes the provisions of clause 4(xv) of the Companies (Auditors Report) Order,2003 are not applicable to the company.

24. In our opinion, the term loans taken by the Company have been applied for the purpose for which they were raised.

25. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment. No long- term funds have been used to finance short- term assets.

26. According to the information and explanations given to us 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.

27. According to the information and explanations given to us, during the period covered by our audit report, the Company has not issued any debentures.

28. According to the information and explanations given to us, during the period covered by our audit report, the Company has not raised any money by public issue.

29. According to the information and explanations given to us and the books and records examined by us, no fraud on or by the Company has been noticed or reported during the course of our audit.

Hyderabad August 14, 2010

For P.SRINIVASAN & Co.,

Chartered Accountants

K.RANGANATHAN

Partner M.No.10842

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