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Auditor Report of Rama Pulp & Papers Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of M/s. Rama Pulp & Papers Ltd, which comprise the Balance Sheet as at March 31, 2015, and the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.

2. Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance in accordance with the Accounting Standards referred to in section 129(1) of the Companies Act, 2013 read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

3. Auditor's Responsibility

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

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on 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, we have considered 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, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. 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.

5. We believe that the audit evidences obtained are sufficient and appropriate to provide a basis for our audit opinion.

6. Opinion

In our opinion and to the best of 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, 2015;

(b) in the case of the Statement of Profit and Loss, of the profit for the year & its cash Flow. ended on that date

Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor's Report) Order, 2015, issued by the Central Government of India in terms of sub- section (11) of section 143 of the Companies Act 2013 and on the basis of such checks of the books and records of the company as we consider appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

8. As required by section 143(3) of the Act, 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 audit;

(ii) In our opinion proper books of accounts as required by law have been kept by the Company so far as appears from examination of those books;

(iii) The Balance Sheet, Statement of Profit and Loss & cash Flow statement dealt with by this Report are in agreement with the books of accounts;

(iv) In our opinion, the Balance Sheet, Statement of Profit and Loss comply with the Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

(v) On the basis of written representations received from the directors as on March 31, 2015, and taken on record by the Board of Directors, We report that none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of sub-section (2) of section 164 of the Companies Act, 2013.

(vi) In our opinion & to the best of our information and according to explanation given to us, we report as under with respect to other matters to be included in Auditors Report in accordance with Rule 11 of the companies (Audit & Auditors) Rule 2014.

i. The company does not have any pending litigation which would impact its financial position except Service Tax liability as per note no. 29(iii)

ii) The company did not have any long term contracts including derivative contracts as such the question of commenting any material foreseeable losses there on does not arise

iii) There has been no delay in transferring amounts required to be transferred, to The Investors Education & Protection Fund by the company.

The Annexure referred to in paragraph 7 of our Report of even date to the members of M/S Rama Pulp & Papers Ltd. on the accounts of the company for the year ended 31st March, 2015

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

b) As informed to us, the fixed assets have been physically verified by the management during the year at reasonable intervals and we were informed that no material discrepancies have been noticed on such verification.

ii). a) Physical verification of the inventory has been conducted at reasonable intervals by the management,

b) Procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c) The company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification

iii). a) The clause for any loans granted, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act 2013 is not applicable to the company as no such loans are granted by the company.

b) Whether receipt of the principal amount and interest are regular. This sub clause is related to above and is therefore not applicable.

c) If overdue amount is more than 1 lakh, whether reasonable steps have been taken by the company for recovery of the principal and interest. This sub clause is not applicable to the company.

iv). In our opinion & according to information & explanation given to us , there are 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. There is no major weaknesses in the internal control system Hence questions of correcting internal control system do not arise

v). The company has not accepted deposits, Hence question of the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 companies Act 2013 or any other relevant provisions of the companies Act 2013 and the rules framed there under, are not applicable to the company,

vi). According to the information and explanations given to us, Central government has not specified maintenance of cost records under subsection (1) of section 148 of the Act of the Companies Act 2013.

vii). a) As per the records of the company and according to the information and explanations given to us, the company is regular in depositing with appropriate authorities, statutory dues including, Provident Fund, Employees State Insurance income tax, sales tax, wealth tax, custom duty, excise duty, cess, value added tax and other statutory dues, to the extent applicable to it, except Service tax Rs. 2,59,56,040/- for the period 16.5.2008 to 31.03.2010. Appeal by the company is pending before Customs excise & Service Tax Appellate Tribunal, Ahmadabad.

b). During the year company has transferred amounts, required to be transferred, to The Investors Education & Protection Fund & There is no delay in transferring funds.

viii). There are no accumulated losses at the end of the financial year of the company and neither any cash losses is incurred in such financial year or in the immediately preceding financial year.

ix). The company has not defaulted in repayment of dues for loans from Financial institution or bank or debenture holders

x) The company has not given any guarantee for loans taken by others from bank or financial institution, therefore whether the terms whereof are prejudicial to the interest of the company is not applicable.

xi) The company has not taken any term loans and thus the clause whether term loans were applied for the purpose for which they were obtained, is not applicable

xii) According to the information and explanations given to me, no frauds on or by the company have been noticed or reported during the year.

For N. R. AGRAWAL & CO.

Chartered Accountants

Place: Mumbai

Dated: 30th May 2015

N. R. Agrawal

(Partner)

Membership No. 030117

FRN Reg No. 100143W


Mar 31, 2014

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

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. 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 evidences we have obtained are 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 31st 2014;

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

(c) In the case of cash flow statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor''s Report) Order, 2003, as amended by the companies (Auditors Report) (Amendment) Order, 2004, issued by the Central Government of India in terms of sub-section (4A) of section 227 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 the information and explanations given to us, We give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

As required by section 227(3) of the Act, we report that:

(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 accounts as required by law have been kept by the Company so far as appears from my examination of those books;

(iii) The Balance Sheet, Statement of Profit and Loss dealt with by this Report are in agreement with the books of accounts;

(iv) In our opinion, the Balance Sheet, Statement of Profit and Loss comply with the Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

(v) On the basis of written representations received from the directors as on March 31st 2014, and taken on record by the Board of Directors,we report that none of the directors is disqualified as on March 31st 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

M/s. Rama Pulp & Papers Limited ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT

ANNEXURE REFFERED IN PARA UNDER THE HEADING ''REPORT ON OTHER LEGAL AND REGULATORY REQUIRMENT''S OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF M/s. RAMA PULP AND PAPERS LTD. ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2014.

1) (a) The Company has maintained proper records in respect of its fixed assets showing full particulars including quantitative details and situation of fixed assets.

(b) As informed to us, the fixed assets have been physically verified by the management during the year at reasonable intervals and we are informed that no material discrepancies have been noticed on such verification.

(c) No substantial part of the fixed assets has been disposed off during the year.

(d) None of the fixed assets were revalued during the year.

2) (a) The physical verification of goods, stores and spare parts have been conducted by the management during the year & in our opinion the frequency of verification was reasonable.

(b) Procedure of physical verification of stocks followed by the management is 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 have been noticed on physical verification of stock as compared to book records.

3) The Company has neither granted nor taken any loans, secured or unsecured to and from companies, firms or other parties covered in the register maintained under Section 301 of companies Act, 1956. Accordingly, the provision of other clauses of the order is not applicable to the Company.

4) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business with regards to purchase of stores, raw material and components plant and machinery and other assets, and also for the sale of goods.

5) The company has not entered into any transaction that need to be entered into the register maintained under section 301 of the Companies Act, 1956, accordingly, the provision of clauses of the order are not applicable to the Company.

6) The Company has not accepted any public deposits during the year within the meaning of section 58A and section 58AA of the Companies Act, 1956 and the rules framed there under.

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

8) The company has maintained the cost records as required under section 209(1) (d) of the Companies Act, 1956 that we have broadly reviewed. We have, however not made detailed examination of this record.

9) According to the records of the company, the company is regular in depositing undisputed statutory dues including Provident Fund, Income Tax, Excise Duty, Sales Tax, ESIC dues with the appropriate authorities.

10) The company has not incurred cash losses during the current financial year and in the immediately preceding financial year.

11) The Company did not have any outstanding dues to any financial institutes, banks or debenture holders during the year.

12) The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities and In our opinion the security, terms and conditions on which they are given & whether they are prejudicial to the interest of the company or not is not applicable.

13) The Company is not a chit/nidhi/mutual benefit funds / society.

14) According to the information given to us, the company is not dealing in or trading in Shares, Securities, Debentures or other investment.

15) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by its wholly owned subsidiary Company from a bank.

16) The Company has not raised any term loan during the year.

17) According to the information and explanations given to us and an overall examination of the Balance Sheet of the Company and the Fund Flow based on the Audited Accounts, 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 except permanent working capital.

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

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

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

21) 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 N.R AGRAWAL & Co. Chartered Accountants FRN: 100143W N.R. Agrawal (Partner) Membership No:30117

Place: Mumbai Date: 30th May 2014


Mar 31, 2012

We have audited the Balance Sheet of M/s. Rama Pulp & Papers Ltd., as at 31st March 2012, the Statement of Profit and Loss and also the Cash Flow statement 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.

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 misstatements. 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 financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Companies (Auditor's Report) Order, 2003 issued by the Company Law Board in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order, to the extent applicable to the Company.

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

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

b) In our opinion, the Company has kept proper books of accounts as required by law as far as it appears from our examination of those books;

c) The Balance Sheet, Statement of Profit & Loss and Cash Flow statement are in agreement with the books of account;

d) In our opinion, the Balance Sheet, Statement of Profit & Loss and Cash Flow statement dealt by this report comply with the Accounting Standards referred to in section 211 (3C) of the Companies Act, 1956;

e) On the basis of written representations received from the directors of the company and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31st March, 2012 from being appointed as a Director U/s 274(1)(g) 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 Significant Accounting Policies and Notes thereon and attached thereto, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view;

(i) In the case of Balance Sheet, of the state of affairs of the Company as at 31st March 2012;

(ii) In the case of Statement of Profit and Loss, of the Profit of the company for the year ended on that date; and

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

ANNEXURE TO THE AUDITORS' REPORT

ANNEXURE I IN TERMS OF PARA 2 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF M/s RAMA PULP & PAPERS LTD ON THE ACCOUNTS FOR THE YEAR ENDED ON 31ST MARCH 2012.

1) (a) The Company has maintained proper records in respect of its fixed assets showing full particulars including quantitative details and situation of fixed assets.

(b) As informed to us, the fixed assets have been physically verified by the management during the year at reasonable intervals and we are informed that no material discrepancies have been noticed on such verification.

(c) No substantial part of the fixed assets has been disposed off during the year.

(d) None of the fixed assets were revalued during the year.

2) (a) The physical verification of goods, stores and spare parts have been conducted by the management during the year & in our opinion the frequency of verification was reasonable.

(b) Procedure of physical verification of stocks followed by the management is 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 have been noticed on physical verification of stock as compared to book records.

3) The Company has neither granted nor taken any loans, secured or unsecured to and from companies, firms or other parties covered in the register maintained under Section 301 of companies Act, 1956. Accordingly, the provision of other clauses of the order is not applicable to the Company.

4) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business with regards to purchase of stores, raw material and components plant and machinery and other assets, and also for the sale of goods.

5) The Company has not entered into any transaction that need to be entered into the register maintained under section 301 of the Companies Act, 1956, accordingly, the provision of clauses of the order are not applicable to the Company.

6) The Company has not accepted any public deposits during the year within the meaning of section 58A and section 58AA of the Companies Act, 1956 and the rules framed there under.

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

8) The Company has maintained the cost records as required under section 209(1) (d) of the Companies Act, 1956 that we have broadly reviewed. We have, however not made detailed examination of this record.

9) According to the records of the company, the company is regular in depositing undisputed statutory dues including Provident Fund, Income Tax, Excise Duty, Sales Tax, ESIC dues with the appropriate authorities

10) The Company has not incurred cash losses during the current financial year and in the immediately preceding financial year.

11) The Company did not have any outstanding dues to any financial institutes, banks or debenture holders during the year.

12) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities and In our opinion the security, terms and conditions on which they are given & whether they are prejudicial to the interest of the company or not is not applicable.

13) The Company is not a chit/nidhi/mutual benefit funds/society.

14) According to the information given to us, the company is not dealing in or trading in Shares, Securities, Debentures or other investment.

15) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by its wholly owned subsidiary Company from a bank.

16) The Company has not raised any term loan during the year.

17) According to the information and explanations given to us and an overall examination of the Balance Sheet of the Company and the Fund Flow based on the Audited Accounts, 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 except permanent working capital.

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

19) The Company has not issued any debentures during the year.

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

21) 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 N. R. AGRAWAL & CO. Chartered Accountants

N. R. AGRAWAL Partner M. No. 30117

Place: Mumbai Date: 30th May, 2012


Mar 31, 2010

We have audited the Balance Sheet of M/s. Rama Pulp & Papers Ltd., as at 31st March 2010, the Profit and Loss Account and also the Cash Flow statement for the year ended on that date annexed there to. 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.

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 misstatements. 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 financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Companies (Auditor's Report) Order, 2003 issued by the Company Law Board in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order, to the extent applicable to the Company.

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

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

b) In our opinion, the Company has kept proper books of accounts as required by law as far as it appears from our examination of those books;

c) The Balance Sheet, Profit & Loss Account and Cash Flow statement are in agreement with the books of account;

d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow statement dealt by this report comply with the Accounting Standards referred to in section 211 (3C) of the Companies Act, 1956;

e) On the basis of written representations received from the directors of the company and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31st March, 2010 from being appointed as a Director U/s 274(1)(g) 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 Notes appearing thereon, and attached thereto, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view;

(i) In the case of Balance Sheet, of the state of affairs of the Company as at 31st March 2010;

(ii) In the case of Profit and Loss Account, of the Profit of the company for the year ended on that date; and

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

ANNEXURE TO THE AUDITORS' REPORT

ANNEXURE I IN TERMS OF PARA 2 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF M/s RAMA PULP & PAPERS LTD ON THE ACCOUNTS FOR THE YEAR ENDED ON 31ST MARCH 2010.

1) (a) The Company has maintained proper records in respect of its fixed assets showing full particulars including quantitative details and situation of fixed assets.

(b) As informed to us, the fixed assets have been physically verified by the management during the year at reasonable intervals and we are informed that no material discrepancies have been noticed on such verification.

(c) No substantial part of the fixed assets has been disposed off during the year.

(d) None of the fixed assets were revalued during the year.

2) (a) The physical verification of goods, stores and spare parts have been conducted by the management during the year & in our opinion the frequency of verification was reasonable.

(b) Procedure of physical verification of stocks followed by the management is 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 have been noticed on physical verification of stock as compared to book records.

3) The Company has neither granted nor taken any loans, secured or unsecured to and from companies, firms or other parties covered in the register maintained under Section 301 of companies Act, 1956. Accordingly, the provision of other clauses of the order is not applicable to the Company.

4) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business with regards to purchase of stores, raw material, components, plant and machinery and other assets, and also for the sale of goods.

5) The company has not entered into any transaction that need to be entered into the register maintained under section 301 of the Companies Act, 1956, accordingly, the provision of clauses of the order are not applicable to the Company.

6) The Company has not accepted any public deposits during the year within the meaning of section 58A and section 58AA of the Companies Act, 1956 and the rules framed there under.

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

8) The company has maintained the cost records as required under section 209(1) (d) of the Companies Act, 1956 that we have broadly reviewed. We have, however not made detailed examination of this record.

9) According to the records of the company, the company is regular in depositing undisputed statutory dues including Provident Fund, Income Tax, Excise Duty, Sales Tax, ESIC dues with the appropriate authorities.

10)The company has not incurred cash losses during the current financial year and in the immediately preceding financial year.

11) The Company did not have any outstanding dues to any financial institutes, banks or debenture holders during the year.

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

13) The Company is not a chit/nidhi/mutual benefit funds / society.

14) According to the information given to us, the company is not dealing in or trading in Shares, Securities, Debentures or other investment.

15) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by its wholly owned subsidiary Company from a bank.

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

17) According to the information and explanations given to us and an overall examination of the Balance Sheet of the Company and the Fund Flow based on the Audited Accounts, 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 except permanent working capital.

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

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

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

21) 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 N. R. AGRAWAL & CO. Chartered Accountants

N. R. AGRAWAL

Partner

M. No. 30117

Place : Mumbai

Date : 31st August,2010

 
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