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Auditor Report of R T Exports Ltd.

Mar 31, 2015

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

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (hereinafter referred to as "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 of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. While conducting the audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made 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 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 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 an adequate internal financial controls system over financial reporting in place 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 Board of Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence obtained by us 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 31st March, 2015, and their profit and their cash flows for the year ended on that date.

Emphasis of Matter

We draw attention to Note 12 to the financial statements :

a) In respect to Note 12 : Change in Depreciation rates as per Schedule II of the Companies Act, 2013 as compared to depreciation rates as prescribed in Schedule XIV to the Companies Act, 1956. This change has reduced depreciation amount by Rs. 11,86,660.98/- which has correspondingly increased net profit by Rs. 11,86,660.98/-.

Our opinion is not modified in respect of this matter.

Other Matters Not Applicable

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, to the extent applicable, 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 of the aforesaid financial statements.

(b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid financial statements have been kept 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 maintained.

(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 of the Company as on 31st March, 2015 taken on record by the Board of Directors of the Company, 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 Auditor's) 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 affect its financial position.

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

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

Annexure to the Auditors' Report

The Annexure referred to in our report to the members of R.T. Exports Limited ('referred to as the Company') for the year ended on 31.03.2015. We report that:

1. 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 Company has formulated a program of physical verification of all the fixed assets. The fixed assets have been physically verified by the management during the year, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

2. Inventories

a. The stock was physically verified at reasonable intervals by the management.

b. As explained to us, the Company has formulated a program of physical verification of all the inventories. Inventories have been physically verified by the management, wherever possible during the year, which in our opinion is reasonable and adequate in relation to the size of the company and nature of its nature of its business. No material inadequacies were noticed on such physical verification.

c. As explained to us, the Company maintains proper records of inventory and there were no material discrepancies on physical verification.

3. Loans & Advances

a. The Company has not granted any loans, secured or unsecured, to any party covered in the register maintained under section 189 of the Companies Act and hence, clause (iiia) and (iiib) of the Order is not applicable.

4. Internal Control System

a. The Company has adequate Internal Control Procedure commensurate with the size of the Company and the nature of business, for the purchase of fixed assets and for rendering of services.

5. Deposits

a. The Company has not accepted any deposits and hence provisions related to 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 are not applicable. No orders are passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal in this respect.

6. Cost Records

a. The Company is not covered under sub - section (1) of section 148 of the Companies Act and hence this para is not applicable.

7. Statutory Dues

a. According to the records of the Company, the Company is generally regular in depositing undisputed statutory dues to the extent applicable like Provident Fund, Service Tax and Income Tax.

b. There are no outstanding demands due by the assessee in respect of Sales Tax or VAT and hence the provision of this sub para is not applicable.

c. The Company is not required to transfer any amount to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder and hence this para is not applicable.

8. Accumulated Losses

a. There are no accumulated losses of the Company at the end of the financial year concerned. The Company has not incurred any cash losses during the financial year covered by our audit as also in the immediately preceding financial year.

9. Interest

a. The Company has obtained Term loan from financial institutions. The Company has not defaulted in repayment of overdraft facility obtained from banks.

10. Guarantee

a. The Company has not given any guarantees for loans taken by others from banks or financial institutions and hence this para of the Order is not applicable.

11. Utilization of loans

a. The Company has applied for term loans for the purpose for which the loan is obtained.

12. Fraud

a. 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.

For Ramesh M. Sheth & Associates Chartered Accountants (Firm's Registration No. 111883W)

(Ramesh M. Sheth) Place of Signature: Mumbai (Partner) Date: May 22, 2015 (Membership No. 8221)






Mar 31, 2014

We have audited the accompanying financial statements of R.T Exports Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

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 referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' 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 the 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 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 the 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 the 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 31st March, 2014;

(b) in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date, and

(c) in the case of 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 ("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 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, 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 Balance Sheet, Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act.

(e) On the basis of the written representations received from the directors as on 31 st March, 2013 taken on record by the Board of Directors, none of the directors is disqualified as on 31 st March, 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

Annexure referred to in Paragraph 2 of our report of even date to the members of R. T. Exports Limited (The Company)

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 Company has formulated a programme of physical verification of all the fixed assets. The fixed assets have been physically verified by the management during the year, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

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

2. In respect of its inventories:

a. As explained to us, stock of raw materials, finished goods and stores 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 stocks followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

c. The Company has maintained proper records of stocks. As explained to us, there was no material discrepancies noticed on physical verification of stocks 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 under Section 301 of the Companies Act, 1956:

a. The Company has not granted unsecured loans, to parties covered in the register maintained under Section 301 of the Companies Act, 1956.

b. In absence of any loan granted hereto whether the rate of interest and repayment of principal amount is prima facie prejudicial to the interest of the Company does not arise.

c. In absence of any loan granted whether the parties are regular in payment of principal amount and interest thereon does not arise.

d. In absence of any loan granted whether there is any overdue amount of principal and interest exceeding Rs. One lakh and whether the Company needs to take any steps for recovery of the same does not arise.

e. The Company has taken loans from two parties covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount outstanding during the year was Rs. 281.13 lacs and year-end balance of such loan wasRs. 281.13 lacs.

f. As per the documents produced before us for our verification, the rate of interest and repayment of principal amount is not prima facie prejudicial to the interest of the Company.

g. Since the repayment of loans is on demand and carries nil rate of interest, the same is not applicable.

4. The Company has adequate Internal Control Procedure commensurate with the size of the Company and the nature of business, for the purchase of inventory, fixed assets and for the sale of goods.

5. ln respect of transactions covered under Section 301 of the Companies Act, 1956:

a. In our opinion and according to the information and explanation given to us the Company has entered into transaction in pursuance to the arrangement 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 given to us the arrangement has been reasonably made at prices prevailing at that point of time.

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

7. The Company has internal audit system commensurate with the size and nature of its business.

8. The Company is not into production, processing, manufacturing or mining business and hence para 4(viii) of the said Order is not applicable.

9. In respect of statutory dues:

According to the records of the Company, the Company has deducted Provident Fund and Profession tax and the same has normally paid in time. Other statutory dues like Investor Education and Protection Fund and Employees'' State Insurance are not applicable. There are no undisputed dues pending in respect to Income-tax, Wealth tax, Customs Duty, Excise Duty, Cess and other statutory dues except Rs. 44.11 lacs of undisputed amount in respect to Service tax,Rs. 8,306/-in respect to VAT, 10.20 lacs in respect to Works Contract tax and labour cess of Rs. 3.28 Lacs.

Subject to foregoing as per the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2014 for a period of more than six months from the date of becoming payable.

10. The Company has not incurred any cash losses during the financial year covered by our audit and also in the immediately preceding financial year and there are no accumulated losses in the balance sheet as on 31 st March 2014.

11. The Company has obtained loans from banks and is regular in repayment of dues.

12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted during the year 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 4(xiii) of the Companies (Auditor''s Report) Order 2003 is not applicable to the Company.

14. The Company has not transacted in shares and securities and hence this para is not applicable.

15. The Company has not given any guarantees for loans taken by others from banks or financial institutions and hence para 4(xv) of the Order is not applicable.

16. The Company has raised term loan during the year from bank and financial institution. The Company has not defaulted in repayment of the term loan so obtained.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized any short term funds for long term and vice versa.

18. During the year, the Company has made preferential allotment of preference shares to companies covered in the Register maintained under Section 301 of the Companies Act, 1956. According to the information and records produced before us, the price at which the preference shares issued is not prejudicial to the interest of the Company.

19. The Company has not issued any debentures and hence para 4(xix) of the Order is not applicable.

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 RAMESH M SHETH & ASSOCOIATES

CHARTERED ACCOUNTANTS

FRN: 111883W

(RAMESH M SHETH)

Place: Mumbai PARTNER

Date: 19th May, 2014 M. NO. 008221


Mar 31, 2013

Report on the Financial Statements

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

Management''s Responsibility for the Financial Statements

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 referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' 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 the 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 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 the 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 the 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 31st March, 2013;

(b) in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date, and

(c) in the case of 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 ("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 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, 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 Balance Sheet, Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act.

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

ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF R. T. EXPORTS LIMITED (THE COMPANY)

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 Company has formulated a programme of physical verification of all the fixed assets. The fixed assets have been physically verified by the management during the year, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

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

2. In respect of its inventories:

a. The Company does not have any Inventories during the year and hence para 2 is not applicable.

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 under Section 301 of the Companies Act, 1956:

a. The Company has granted unsecured loan to one party covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount outstanding during the year was Rs. 2771.70 lakhs and year-end balance of such loan was Rs. 2659.95 lakhs.

b. In absence of any terms and conditions hereto we are unable to comment whether the rate of interest and repayment of principal amount is prima facie prejudicial to the interest of the Company.

c. The maturity of principal amount is of future date and hence regularity of repayment is not commented upon.

d. In absence of any terms and conditions we are unable to comment whether there is any overdue recovery amount of principal and interest exceeding Rs. one lakh.

e. The Company has taken loans from two parties covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount outstanding during the year was Rs. 1178.20 lakhs and year-end balance of such loan was Rs. 8581.97 lakhs.

f. In absence of any terms and conditions hereto we are unable to comment whether the rate of interest and repayment of principal amount is prima facie prejudicial to the interest of the Company.

g. In absence of any terms and conditions we are unable to comment whether the payment of principal amount and interest thereon is regular.

4. The Company has adequate Internal Control Procedure commensurate with the size of the Company and the nature of business, for the purchase of inventory, fixed assets and for the sale of goods.

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

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

b. Since there are no transactions made in pursuance to the contract or arrangement required to be entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding Rs. 5 lacs in respect of any party during the year, this para is not applicable.

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

7. There is no internal audit system commensurate with the size and nature of its business.

8. The Company is not into production, processing, manufacturing or mining business and hence para 4(viii) of the said Order is not applicable.

9. In respect of statutory dues:

According to the records of the Company, the Company has deducted Provident Fund and Profession tax and the same has normally paid in time. Other statutory dues like Investor Education and Protection Fund and Employees'' State Insurance are not applicable. There are no undisputed dues pending in respect to Income-tax, Wealth tax, Customs Duty, Excise Duty, Cess and other statutory dues except Rs. 77.44 lakhs of undisputed amount in respect to Service tax, Rs. 6,625/- in respect to VAT and Rs. 39,000/- in respect to Works Contract tax.

Subject to foregoing as per the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2013 for a period of more than six months from the date of becoming payable.

10. The Company has not incurred any cash losses during the financial year covered by our audit and also in the immediately preceding financial year and there are no accumulated losses in the balance sheet as on 31st March 2013.

11. The Company has obtained loans from banks and is regular in repayment of dues.

12. In our opinion and according to the information and explanation given to us, loans and advances have been granted during the year 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 4(xiii) of the Companies (Auditor''s Report) Order 2003 is not applicable to the Company.

14. The Company has not transacted in shares and securities and hence this para is not applicable.

15. The Company has not given any guarantees for loans taken by others from banks or financial institutions and hence para 4(xv) of the Order is not applicable.

16. The Company has raised term loan during the year from bank and financial institution. The Company has not defaulted in repayment of the term loan so obtained.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized any short term funds for long term 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 any debentures and hence this para is not applicable.

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 RAMESH M. SHETH & ASSOCIATES

CHARTERED ACCOUNTANTS

FRN 111883W

MEHUL R SHETH

Place: Mumbai PARTNER

Date : 30th May, 2013 M. NO. 101598


Mar 31, 2012

We have audited the attached Balance Sheet of R.T. Exports Limited, as at 31st March 2012, and also the Statement of Profit and Loss and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the 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 management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditor's Report) Order, 2003, as amended by the Companies (Auditors Report) (Amended Order), 2004 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 a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit,

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

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

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

(v) On the basis of written representations received from directors of the company and taken on record by the Board, we report that none of the Directors are disqualified as on 31st March

2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act 1956.

(vi) In our opinion and to the best of our information and according to the explanation given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the company as at 31st March 2012;

(b) in the case of the Statement of Profit and Loss, of the profit 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.

ANNEXURE REFERRED TO IN PARAGRAPH TO OUR REPORT OF EVEN DATE TO THE MEMBERS OF R.T. EXPORTS LIMITED ("THE COMPANY")

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

(b) All the assets have been physically verified by the management during the year as per their programmed of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such 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.

(ii) (a) The inventory has been physically verified by the management at reasonable intervals. In our

opinion, the frequency of verification is reasonable.

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

(c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

(iii) 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 under Section 301 of the Companies Act, 1956:

(a) The Company has granted secured loan, to one party covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount outstanding during the year was Rs. 100 lacs and year-end balance of such loan was NIL.

(b) In absence of any terms and conditions hereto we are unable to comment whether the rate of interest and repayment of principal amount is prima facie prejudicial to the interest of the Company.

(c) In absence of any terms and conditions we are unable to comment whether the parties are regular in payment of principal amount and interest thereon.

(d) The Company has taken loans from two parties covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount outstanding during the year was Rs. 107.77 lacs and year-end balance of such loan was Rs. 38.78 lacs.

(e) In absence of any terms and conditions hereto we are unable to comment whether the rate of interest and repayment of principal amount is prima facie prejudicial to the interest of the Company.

(f) In absence of any terms and conditions we are unable to comment whether the payment of principal amount and interest thereon is regular.

(iv) 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 purchase of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) (a) According to the information and explanations given to us, 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.

(b) In case of transactions exceeding the value of five lakhs rupees in the financial year in respect of any party; in our opinion, each of these transactions have been made at prices, which are reasonable, having regard to the prevailing market prices at the relevant time.

vi) In our opinion and according to information and explanations given to us, the company has not accepted any deposits from public & the provisions of sections 58A and 58AA and the Rules framed there under, where applicable, have been complied with. We are informed that the Company Law Board has passed no order in this regard.

(vii) In our opinion, the company has an internal audit system, which needs to be strengthened to make it commensurate with its size and nature of its business.

(viii) We are informed that the Central Government has not prescribed maintenance of any cost records under section 209(1) (d) of the Companies Act, 1956.

(ix) (a) The company is generally 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, custom duty, excise duty, cess and other material statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, custom duty, excise duty and cess were in arrears, as at 31st March 2012 for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us, there are no dues of Income tax, customs duty, wealth tax, excise duty and cess, which have not been deposited on account of any dispute.

(x) The company has no accumulated losses as at 31st March, 2012 and it has not incurred cash losses in the financial year ended on that date or in the immediately preceding financial year.

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

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

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

(xiv) In respect of dealing in shares, securities and other investments, in our opinion and according to the information and explanations given to us, proper records have been maintained of the transactions and contracts and timely entries are made therein. The shares, securities and other Investments have been held by the company in its own name.

(xv) The company has not given any guarantees for loans taken by others from banks or financial institutions.

(xvi) According to the Information and explanations received, on an overall basis the term loans have been applied for the purposes for which they were obtained.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized any short term funds for long term and vice versa.

(xviii)According to information and explanations given to us, the Company has not made any preferential allotment of shares.

(xix) The company has not issued any debentures during the period.

(xx) The company has not raised any money by public issue during the period.

(xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For RAMESH M. SHETH & ASSOCIATES CHARTERED ACCOUNTANTS FRN 111883W

MEHUL R SHETH

Place: Mumbai PARTNER

Date: 30th August, 2012 M. NO. 101598


Mar 31, 2010

1. We have audited the attached Balance Sheet of R.T.Exports Ltd., as at 31st March 2010, and also the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the 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 management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003, as amended by the Companies (Auditors Report) (Amended Order), 2004 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 a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to above, we report that:

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit,

(ii) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books and a proper return adequate for the purpose of audit has been received from branches not visited.

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

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

(v) On the basis of written representations received from directors of the company as at 30th April 2010 and taken on record by the Board, we report 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. (vi) Without qualifying our opinion, we draw attention to Note B (vii) and Note B (ix) in Schedule 21 (vi) In our opinion and to the best of our information and according to the explanation given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the company as at 31st March 2010;

(b) in the case of the Profit and Loss account, of the profit 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.

ANNEXURE Referred to in paragraph 3 of our report of even date,

(i) (a) The Company has maintained proper records showing full particulars including Quantitative details and situation of Fixed Assets.

(b) All the assets have been physically verified by the management during the year as per their programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

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

(ii) (a) The inventory has been physically verified by the management at reasonable intervals. In our opinion, the frequency of verification is reasonable.

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

(c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

(iii) (a) As informed to us, the company has taken unsecured loans from Parties covered in the register maintained under section 301 of the Companies Act, 1956. The number of Parties are 3 and the maximum amount Outstanding at any time during the year is Rs. 1216000/-. No such loans have been granted by the Company.

(b) No interest has been paid on the above loans and the other terms and conditions are not prima facie prejudicial to the interest of the company.

(c) The repayment of these loans have been regular and as per the terms of loan.

(iv) 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 purchase of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) (a) According to the information and explanations given to us, 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.

(b) In case of transactions exceeding the value of five lakhs rupees in the financial year in respect of any party; in our opinion, each of these transactions have been made at prices, which are reasonable, having regard to the prevailing market prices at the relevant time.

(vi) In our opinion & according to information & explanations given to us, the company has not accepted any deposits from public & the provisions of sections 58A & 58AA & the Rules framed there under, where applicable, have been complied with. We are informed that the Company Law Board has passed no order in this regard.

(vii) In our opinion, the company has an internal audit system, which needs to be strengthened to make it commensurate with its size and nature of its business.

(viii) We are informed that the Central Government has not prescribed maintenance of any cost records under section 209(1) (d) of the Companies Act, 1956.

(ix) (a) The company is generally 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, custom duty, excise duty, cess and other material statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, custom duty, excise duty and cess were in arrears, as at 31st March 2010 for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us, there are no dues of Income tax, customs duty, wealth tax, excise duty and cess, which have not been deposited on account of any dispute.

(x) The accumulated losses at the end of the financial year are less than fifty percent of the Net worth and the company has not incurred cash losses during the year and in the preceding financial year.

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

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

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

(xiv) In respect of dealing in shares, securities and other investments, in our opinion and according to the information and explanations given to us, proper records have been maintained of the transactions and contracts and timely entries are made therein. The shares, securities and other Investments have been held by the company in its own name.

(xv) The company has not given any guarantees for loans taken by others from banks or financial institutions.

(xvi) According to the Information and explanations received, the company has not raised any Term Loan during the year.

(xvii) According to the Information and explanations received, the company has not applied short-term borrowings for long-term use.

(xviii) According to information and explanations given to us, the Company has not made any preferential allotment of shares.

(xix) The company has not issued any debentures during the period.

(xx) The company has not raised any money by public issue during the period.

(xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.



For MEHTA & SANGHAVI

CHARTERED ACCOUNTANTS

(K. C. MEHTA)

Place: Mumbai PARTNER

Date: 25th August, 2010 MEMBERSHIP NO. 35814







 
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