Auditor Report of Ridhi Synthetics Ltd.

Mar 31, 2014

We have audited the accompanying Financial Statements of Ridhi Synthetics 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 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 tin accordance with Accounting Standards referred to in Sec 211(3C) of the Companies Act 1956 (the "Act") 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 misstatements whether due to fraud or error

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have conducted our audit in accordance with Standards on Auditing issued by the Institute of Chartered Accountants of India. These 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 of 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 auditors judgement, including assessment of 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 companies internal control. An audit also includes evaluating the appropriateness of the 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 aforesaid financial statements give the information required by 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 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 Companies Act, 1956, we give 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.

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

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

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

c) The Balance Sheet, the Statement of Profit & 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 and the Statement of Profit & Loss comply with the accounting standards referred to in sub-section (3C) of section 211 of the Act/notified under the Companies Act, 1956 read with the General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and Accounting Standard 30, Financial Instruments: Recognition and Measurement issued by the Institute of Chartered Accountants of India to the extent it does not contradict any other accounting standard 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, 2014 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

Annexure To The Independent Auditors'' Report

(Referred to in Paragraph 1 under "Report on Other Legal & Regulatory Requirements" section of our report of even date)

In our opinion and according to the information and explanations given to us and on the basis of relevant records and documents produced for our verification, we report that:

1. In respect of company''s fixed assets:

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

(b) The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed on such verification.

(c) The fixed assets disposed off during the year, in our opinion, has not affected the going concern status of the Company.

2. The Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firm or other parties covered in the Register maintained under Section 301 of the Companies Act 1956.

3. There are adequate internal control system commensurate with the size of the Company and the nature of its business. During the course of our audit, we have not observed any major weakness in such internal control system.

(a) Transactions which need to be entered into a register maintained in pursuance of section 301 of the Companies Act, 1956 have been so entered.

(b) There are no transactions of purchase and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rupees Five Lacs or more in respect of each party.

4. The Company has not accepted any deposits from the public during the year.

5. The Company does not have formal internal audit.

6. In respect of statutory dues:

(a) The company has been regular in depositing undisputed dues in respect of income tax, sales tax, wealth tax, custom duty, excise duty and cess and other material statutory dues applicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of in respect of income tax, sales tax, wealth tax, custom duty, excise duty and cess and other material statutory dues in arrears as at March 31, 2014 for a period of more than six months from the date they became payable.

(c) There are no dues of income tax, sales tax, wealth tax, custom duty, excise duty and cess, which have not been deposited on account of any dispute.

7. The Company does not have any accumulated losses at the end of the year. The Company does not have cash losses during the current year and immediately preceding financial year.

8. The company has not taken any loan from a bank or financial institution or borrowed any sum against issue of debentures.

9. The Company has not granted any loans advances on the basis of security by way of pledge of shares, debentures and other securities.

10. The Company is not a chit fund, nidhi, or a mutual benefit society.

11. In respect of its dealings in shares, securities and other investments;

(a) The Company has maintained proper records of transactions and contracts in respect of its dealing in shares, securities, debentures and other investments.

(b) The aforesaid securities have been held by the Company in its own name.

12. The Company has not given any guarantee for loans taken by others from banks and financial institutions during the year.

13. The Company has not availed any term loans during the year.

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

15. The Company has not issued any debenture.

16. The Company has not raised any money by public issues during the year.

17. No fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

For H.H. Bandukwala & Co. Chartered Accountants FRN - 100965W

Mumbai. H.H. Bandukwala Dated: 30-05-2014 Partner M. No. 016940

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Mar 31, 2013

Report on Financial Statements

We have audited the accompanying Financial Statements of Ridhi Synthetics 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 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 tin accordance with Accounting Standards referred to in Sec 211(3C) of the Companies Act, 1956 (the "Act") 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 misstatements whether due to fraud or error

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have conducted our audit in accordance with Standards on Auditing issued by the Institute of Chartered Accountants of India. These 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 of 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 auditors'' judgement, including assessment of 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 companies internal control. An audit also includes evaluating the appropriateness of the 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 aforesaid financial statements give the information required by 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 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 loss of the company for the year ended on that date and

(c) in the case of the Cash Flow Statement, of the cash flows cf 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-se^ion (4A) of section 227 of the Companies Act, 1956, we give 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.

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

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

(b) in our opinion, proper books of accounts as required by law have been kept by the company so far as it appears from our examination of thotc books.

(c) The Balance Sheet, the Statement of Profit & 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, the Statement of Profit & Loss and the Cash Flow Statement comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

(e) On the basis of the written representations received from the Directors, as on 31st March, 2013 and 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 Companies Act, 1956.

Annexure To The Independent Auditors'' Report

(Referred to in Paragraph 1 under "Report on Other Legal & Regulatory Requirements" section of our report of even date)

In our opinion and according to the information and explanations given to us c.d on the basis of relevant records and documents produced for our verification, we report that:

1. In respect of company''s fixed assets :

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

(b) The fixed assets were physically verified during t! ,o year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information, and explanation given to us, no material discrepancies were noticed on such verification.

(c) The fixed assets disposed off during the year, in our opinion, not affected the going concern status of the Company.

2. The Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firm or other parties covered in the Register maintained under Section 301 of the Companies Act 1956.

3. There are adequate internal control system commensurate with the size of the Company and the nature of its business. During the course of our audit, we have not observed any major weakness in such internal control system.

4. (a) Transactions which need to be entered into a register maintained in pursuance of section 301 of the Companies Act, 1956 have been so entered.

(b) There are no transactions of purchase and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rupees Five Lacs or more in respect of each party.

5. The Company has not accepted any deposits from the public during the year.

6. The Company does not have formal internal audit.

7. In respect of statutory dues :

(a) The company has been regular in depositing undisputed dues in respect of income tax, sales tax, wealth tax, custom duty, excise duty and cess and other material statutory dues applicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of in respect of income tax, sales tax, wealth tax, custom duty, excise duty and cess and other material statutory dues in arrears as at March 31, 2013 for a period of more than six months from the date they became payable.

(c) There are no dues of income tax, sales tax, wealth tax, custom duty, excise duty and cess, which have not been deposited on account of any dispute.

8. The Company does not have any accumulated losses. The Company has not incurred cash losses during the current financial year and in the immediately preceding financial year.

9. The company has not taken any loan from a bank or financial institution or borrowed any sum against issue of debentures.

10. The Company has not granted any loans advances c.n the basis of security by way of pledge of shares, debentures and other securities.

11. The Company is not a chit fund, nidhi, or a mutual benefit society.

12. In respect of its dealings in shares, securities and other investments;

(a) The Company has maintained proper records of transactions and contracts in respect of its dealing in shares, securities, debentures and other investment.

(b) The aforesaid securities have been held by the Company in its own name.

13. The Company has not given any guarantee for loans taken by others from banks and financial institutions during the year.

14. The Company has not availed any term loans during the year.

15. The Company has neither raised any funds during the year nor made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956. it has also not issued any debenture or raised any money by public issues during the year.

16. No fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

For H.H. Bandukwala & Co.

Chartered Accountants

ERN-100965W

H.H. Bandukwala

Partner

M. No. 016940

---

Mar 31, 2012

1. We have audited the attached Balance Sheet of Ridhi Synthetics Limited as at 31st March 2012 and Profit and Loss Account of the Company for the year ended on that date which we have signed under reference to this report. 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.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also 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 (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order to the extent applicable to the Company.

4. Further to our comment in the Annexure referred to in Paragraph 3 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, the company has kept proper books of accounts as required by law so far as it appears from our examination of those books.

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

(iv) In our opinion, the Balance Sheet, 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 the written representations received from the Directors, as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the directors is 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 explanations given to us, they said accounts together with the notes thereon and attached thereto give the information required by the Companies Act, 1956 in the manner so required and give true and fair view in conformity with the accounting principles generally accepted in India:

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

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

In our opinion and according to the information and explanations given to us and on the basis of relevant records and documents produced for our verification, we report that:

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

(b) The management has, at reasonable intervals, physically verified fixed assets and no material discrepancies between physical inventories and book records were noticed.

(c) The Company has not sold / disposed off any significant portion of fixed assets during the year.

2. The company has neither granted nor taken any loans, secured or unsecured to / from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

3. There are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to fixed assets. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

4. (a) Transactions which needs to be entered into a register maintained in pursuance of section 301 of the Companies Act, 1956 are so entered.

(b) There are no transactions of purchase and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rupees Five Lacs or more in respect of each party.

5. The company has not accepted any deposits from the public during the year.

6. The Company does not have formal internal audit system.

7. (a) The Company has been generally regular in depositing undisputed statutory dues including income tax and other statutory dues applicable to it with the appropriate authorities during the year.

(b) No undisputed amounts payable in respect of income tax, wealth tax and cess were in arrears, as on 31st March, 2012 for a period of more than six months from the date they became payable.

(c) There are no dues of income tax, wealth tax and cess, which have not been deposited on account of any dispute.

8. The Company does not have any accumulated losses at the end of the year. It has neither incurred cash losses during the current nor in the immediately preceding financial year.

9. The Company has neither taken any loans from banks or financial institution nor issued any debentures.

10. No loans or advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

11 The Company is not a chit fund or a Nidhi I mutual benefit fund / society. The provisions of clause 4(xiii) of the Companies (Auditor's Report} Order, 2003 are therefore not applicable to the Company.

12. In respect of its dealings in shares, securities and other investments;

(a) The Company has maintained proper records of transactions and contracts in respect of its dealing in shares, securities, debentures and other investments.

(b) The aforesaid securities have been held by the Company in its own name.

13. The Company has not given any guarantee for loans taken by others from banks and financial institutions during the year.

14. The Company has not taken any term loan from the banks and financial institutions during the year.

15. On an overall examination of the Balance Sheet of the Company, funds raised on short term basis have not prima facie, been used during the year for long term investments and vice versa.

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

17. No fraud on or by the Company has been noticed or reported during the year.

For H.H.Bandukwala & Co.

Chartered Accountants

FRN- 10965W

Mumbai H.H.Bandukwala

Dated: 28-05-2012 Partner

M.No.016940

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Mar 31, 2010

1. We have audited the attached Balance Sheet of Ridhi Synthetics Limited as at 31st March 2010 and Profit and Loss Account of the Company for the year ended on that date which we have signed under reference to this report. 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 have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also 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 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 paragraph 4 and 5 of the said Order to the extent applicable to the Company.

4. Further to our comment in the Annexure referred to in Paragraph 3 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, the company has kept proper books of accounts as required by law so far as it appears from our examination of those books.

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

(iv) In our opinion, the Balance Sheet, 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 the written representations received from the Directors, as on 31st March, 2010 and taken on record by the Board of Directors, 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) In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with the notes thereon and attached thereto give the information required by the Companies Act, 1956 in the manner so required and give true and fair view in conformity with the accounting principles generally accepted in India:

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

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

Annexure To Auditors Report Annexure referred to in Paragraph 3 of our report of even date.

In our opinion and according to the information and explanations given to us and on the basis of relevant records and documents produced for our verification, we report that:

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

(b) The management has, at reasonable intervals, physically verified fixed assets and no material discrepancies between physical inventories and book records were noticed.

(c) The Company has not sold / disposed off any significant portion of fixed assets during the year.

2. The company has neither granted nor taken any loans, secured or unsecured to / from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

3. There are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to fixed assets. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

4. (a) Transactions which needs to be entered into a register maintained in pursuance of section 301 of the Companies Act, 1956 are so entered.

(b) There are no transactions of purchase and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rupees Five Lacs or more in respect of each party.

5. The company has not accepted any deposits from the public during the year.

6. The Company does not have formal internal audit system.

7. (a) The Company has been generally regular in depositing undisputed statutory dues including income tax and other statutory dues applicable to it with the appropriate authorities during the year.

(b) No undisputed amounts payable in respect of income tax, wealth tax and cess were in arrears, as on 31st March, 2010 for a period of more than six months from the date they became payable.

(c) There are no dues of income tax, wealth tax and cess, which have not been deposited on account of any dispute.

8. The Company does not have any accumulated losses at the end of the year. The Company has not incurred cash loss during the current year, but a cash loss of Rs. 9,73,551 was incurred in the immediately preceding financial year.

9. The Company has neither taken any loans from banks or financial institution nor issued any debentures.

10. No loans or advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

For H.H. Bandukwala & Co.

Chartered Accountants FRN-100965W

H.H. Bandukwala Partner

M. No.016940