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Auditor Report of RNB Industries Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of RNB INDUSTRIES LIMITED (Formerly known as BIO WHITEGOLD INDUSTRIES LIMITED ) ("the company"), which comprise the 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 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 ("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 the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding the assets of the Company and for preventing and detecting the 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.

Auditors' Responsibility

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

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 in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion on the financial statements.

Basis for Qualified Opinion

1. We are unable to offer our comment in respect of the following:

a)An amount of Rs 3,79,37,544 (included in Advance from customers under Note 5) collected by Vibgyor Housing Limited (VHL) for sale of flats/ shops of King's Residency Project from 39 customers was assigned to the Company by VHL through a Deed of Assignment dated 30th March 2014. As informed to us, the project will now be looked after by the Company till completion vide Project Partnership Agreement dated 19.02.2014 entered into between the Company (co-developer) and Ria Enterprise (developer). The said amount is debited to VHL and credited to Liabilities in the financial statements of the company. Of the 39 customers whose balances were transferred in the books as indicated above, individual agreements were entered into by the Company with only 22 customers having balance aggregating Rs 2,14,67,935. We have neither received any confirmation of balances from the remaining 17 customers nor have any individual agreement with them by the Company made available to us which disables us from verifying the nature and purpose of these advances. In this context Notes 21A & 21B to the Financial Statements may please be referred to.

b)Note No. 20 regarding non-provision of SEBI demand of Rs 1,75,000.

Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified Opinion paragraph above, 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 its loss and its cash flows for the year ended on that date.

Emphasis of Matters

We draw attention to the following Notes in the Notes to the Financial Statements:

a)Note 19 regarding adjustment of Trade Receivables balance with the unpaid balance of Trade Payables

b)Note 22 regarding advances given in the nature of loans in excess of prescribed limits as laid down in Section 186 of the Act.

c)Note 30 regarding appointment of Chief Financial Officer.

Our opinion is not modified in respect of these matters.

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 paragraph 3 & 4 of the said 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 all the information and explanations and have obtained all information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit except for the matters described in the Basis for Qualified Opinion paragraph.

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

c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) Except for the effects of the matter described in the Basis for Qualified Opinion paragraph above, 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) The matters described in the Basis for Qualified Opinion paragraph above, in our opinion, may have an adverse effect on the functioning of the Company.

f) On the basis of written representations received from the directors as on 31 March, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2015, from being appointed as a director in terms of Section 164(2) of the Act.

g) With respect to the other matters included in the Auditor's Report in accordance with Rule 11 of the companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigation which would impact 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 Independent Auditors' Report

(Referred to in Paragraph 1 of 'Report on Other Legal and Regulatory Requirements' 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 fixed assets have not been physically verified by the management during the year but there is a regular programme of such verification in a phased manner to cover all the items, 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 during the period.

(ii) The Company does not have any inventory. Accordingly, provisions of Clauses (ii) (a), (b) and (c) of paragraph 3 of the aforesaid Order, are not applicable to the Company.

(iii) According to the information and explanation given to us, the company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Accordingly, provisions of clauses (iii)

(a) and (b) of paragraph 3 of the aforesaid Order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, there generally exists an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any major weakness or continuing failure to correct any major weakness in the internal control system of the Company in respect of these areas.

(v) According to the information and explanations given to us, the Company has not accepted any deposits during the year.

(vi) The maintenance of Cost records has not been specified by the Central Government under sub- section (1) of section 148 of the Companies Act, 2013.

(vii) (a) Undisputed statutory dues including provident fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues have generally been regularly deposited with the appropriate authorities.

On the basis of the records of the Company and the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax and cess which were outstanding as at 31st. March, 2015 for a period of more than six months from the date they became payable.

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

(c) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company

(viii)The Company has accumulated losses as at the end of the financial year which exceeds more than fifty percent of its net worth. Further, the Company has incurred cash losses during the financial year covered by our audit. The Company has not incurred cash losses in the immediately preceding financial year.

(ix) The Company has no borrowings from financial institution and bank and the Company has no debenture holders. Accordingly, clause (ix) of paragraph 3 of the aforesaid Order is not applicable to the Company.

(x) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xi) The Company has not raised any term loan during the year. Accordingly, Clause (xi) of paragraph 3 of the aforesaid Order is not applicable to the Company.

(xii) 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 RAY& RAY Chartered Accountants (Firm's Registration Number :301072E)

Asish Kumar Mukhopadhyay Partner Membership No. 056359

Place : Kolkata Date : 30th May, 2015


Mar 31, 2014

We have audited the accompanying financial statements of RNB Industries Limited (Formerly known as Bio Whitegold Industries 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

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 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 evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion.

Basis for Qualified Opinion

1. We are unable to offer our comment in respect of the following:

a)An amount of Rs 4,00,37,544 (included in Advance from customers under Note 5) was collected by Vibgyor Housing Limited (VHL) for sale of flats/ shops of King Residency Project from 48 customers. As informed to us, the project will now be handled by the company till completion vide Project Partnership Agreement dated 19.02.2014 between the Company (co-developer) and Ria Enterprise (developer). Hence, the said amount is debited to VHL and credited to Liabilities in the financial statements of the company. There has been no agreement between the company with the individual customers, in respect of the project. Also refer note No.21 of Notes to accounts.

b)Note No. 20 regarding non-provision of SEBI demand of Rs 1,75,000.

c)We are unable to comment on the extent of recovery of doubtful Trade Receivables amounting to Rs.79,29,926 on account of reasons indicated in note No. 19 of the Notes to Accounts.

The aggregate impact of our observations made in paragraphs herein above, on the profit for the year ended 31st March, 2014, on shareholders'' Funds and the net assets position as at the yearend, is not ascertainable.

Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the possible effects of the matters described in the Basis for Qualified Opinion paragraph, 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 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 for the year ended on that date; and

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

Emphasis of Matters

We draw attention to Note Nos. 22A and 22B in the Notes to Financial Statements in respect of remuneration paid to the managing director and loan given in excess of the prescribed limits as laid down in Section 372A(1) of the Act respectively. Our opinion is not qualified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1.As required by the Companies (Auditor''s Report) Order, 2003, as amended by the Companies (Auditor''s Report) (Amendment) Order, 2004 ("the Order"), 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 as we considered 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.

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

a.except for the possible effects of the matters described in the Basis for Qualified Opinion paragraph, 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 except for the matters described in the Basis for Qualified Opinion paragraph;

b.except for the possible effects of the matters described in the Basis for Qualified Opinion paragraph, in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

c.the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d.except for the possible effects of the matters described in the Basis for Qualified Opinion paragraph, in our opinion, the Balance Sheet, Statement of Profit and Loss and 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 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 31 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 Independent Auditors'' Report

(Referred to in paragraph 1 under the heading ''Report on Other Legal and Regulatory Requirements of our report of even date)

In our opinion, clauses ii), viii), xi), Xiv), xviii), xix) and xx) of Paragraph 4 of the aforesaid Order are not applicable to the Company.

(i) (a) The Company is yet to maintain proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The fixed assets have not been physically verified by the Management during the year.

(c) In our opinion and according to the information and explanations given to us, no substantial part of fixed assets has been disposed off during the year by the Company.

(ii) (a) The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of "the Act"

(b) In view of our comment in paragraph ii (a) above iii(b) iii© and iii(d) of paragraph 4 of the aforesaid Order are not applicable to the Company.

(c) The Company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under section 301 of "the Act"

(d) In view of our comment in paragraph ii© above, clauses iii(e), iii(f) and iii(g) of paragraph 4 of the aforesaid Order are not applicable to the Company.

(iii)In our opinion and according to the information and explanations given to us, there exists generally an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchases of fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in such internal control system.

(iv)(a) On the basis of our examination of the books of account and according to the information and explanations given to us, the Company has not entered into any transaction during the year that need to be entered into the register maintained under section 3001 of "the Act"

(b) In view of our comment in paragraph iv (a) above, clause v (b) of paragraph 4 of the aforesaid order in our opinion is not applicable to the Company.

(v) The Company has not accepted any deposits from the public within the meaning of section 58A and 58AA or any other relevant provisions of the Act and the rules framed there under. According to information and explanations given to us, no order has been passed by the Company Law Board or the National Company Law Tribunal or the Reserve bank of India or any Court or any other Tribunal.

(vi)The company does not have any internal audit system.

(vii) (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, value added tax / sales tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, there are no undisputed amount payable in respect of income tax, value added tax / sales tax, wealth tax, service tax, customs duty, excise duty, and cess were in arrears as at 31t March, 2014 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, there are no dues of income tax, sales tax, wealth tax, service tax, customs duty and excise duty which have not been deposited on account of any dispute.

(viii) The Company has accumulated losses as at the end of financial year which does not exceed more than fifty percent of its net worth. Further, the Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

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

(x) In our opinion and according to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investments.

(xi)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 RAY & RAY Asish Kumar Mukhopadhyay Partner

Chartered Accountants

(Firm Registration No. 301072E) Membership No. 056359 Kolkata Date : 31/05/14


Mar 31, 2013

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of RNB INDUSTRIES LIMITED (Formerly known as Bio Whitegold Industries Limited) which comprise the Balance Sheet as at 31st March 2013, the Statement of Profit & Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

MANAGEMENT''S RESPONSIBILITY FOR THE 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 of the Company in accordance with the Accounting Standards referred to the sub-section (3C) of section 211 of the Companies Act, 1956. 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 REPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2013,

b) In the case of the Statement of Profit & 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 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 purpose of our audit.

b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books.

c) The Balance Sheet, Statement of Profit & Loss and 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 & Loss and 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 written representations received from the directors as on March 31, 2013 and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE REFERRED TO IN PARAGRAPH ''REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS'' OF OUR REPORT TO THE MEMBERS THE COMPANY FOR THE YEAR ENDED 31ST MARCH 2013.

1. The Company has no fixed assets and hence provisions of Clause 4(I) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

2. During the period the Company does not deal in any kind of inventory. Hence, provisions of Clause 4(ii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

3. The Company has not granted nor taken any loan, secured or unsecured, to / from Companies, Firms or other parties listed in the register maintained U/s. 301 of the Companies Act, 1956. Accordingly, Sub-Clauses (b), (c) and (d) are not applicable.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and nature of its business. During the course of our audit, no major weakness has been noticed in the internal controls.

5. In respect of transactions entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956, based on audit procedures applied by us, to the best of our knowledge and belief and according to the information and explanations given to us, there were no transactions that needed to be entered into the register maintained under Section 301 of the Companies Act, 1956.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from public and therefore, the provisions of the Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and rules there under are not applicable to the Company.

7. The Company has no internal audit system commensurate with the size and nature of its business.

8. To the best of our knowledge and as explained, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 for the products of the Company.

9. According to the records of the Company and information and explanations given to us, the company has no statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities during the year. According to the information and explanations given to us, there are no disputed or undisputed amounts payable in respect of Income-tax, Wealth Tax Sales Tax, Custom Duty and Excise Duty which were outstanding, at the year end.

10.The Company has accumulated losses at the end of the financial year; but which does not exceed the 50% of the net worth of the company. The Company has not incurred cash losses during the financial year covered by our audit and in the immediate preceding financial year too.

11.According to the information and explanations given to us, the Company has not taken any loan from any financial institution, bank or debenture holders. Therefore, the provisions of Clause 4(xi) are not applicable to the Company.

12.According to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13.In our opinion and according to the information and explanations given to us, the nature of activities of the Company does not attract any special statute applicable to Chit Fund and Nidhi/Mutual benefit fund/societies.

14.The Company has not entered into transactions and contracts of dealing in shares, securities, debentures, and other investments during the year. 15.According to the information and explanations given to us, the company has not given any guarantee for loans taken by other from banks and financial institutions.

16.To the best of our knowledge and belief and according to the information and explanations given to us, there are no term loans outstanding as at the end of the year.

17.We have been informed by the management that no funds have been raised and used and hence clause (xvii) is not applicable.

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

19.The Company did not have any outstanding debentures during the year.

20.The Company has not raised any money through a public issue during the year.

21.Based on information and explanations furnished by the management, which have been relied upon by us, there were no frauds on or by the Company noticed or reported during the year.

For CHOPRA & COMPANY

Chartered Accountants

Firm Registration No. 308035E

M. K. DUGAR

(PARTNER)

(Memb. No. 053684)

Dated :the 30 day of May'' 2013


Mar 31, 2012

We have audited the attached Balance Sheet of BIO WHITE GOLD INDUSTRIES LIMITED as at 31st March, 2012, Profit and Loss Account 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.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

We report that:

i) We have obtained all the information and explanations, which to the best of our knowledge and beliefwere necessary forthepurposesof ouraudit;

ii) In our opinion, proper Books of Account as required by law have been kept by the Company so far as appears from ourexamination ofthose books.

iii) The Balance Sheet, Profit and Loss Account dealt with by this report are in agreement with the Books of Account.

iv) In our opinion, the Balance Sheet, Profit and Loss Account 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 representation 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 in 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 explanations given to us, the said accounts read together with Notes to 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 principlesgenerallyaccepted in India:

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

b) In the case of the Profit and Loss Account, of the Profit of the Company for the year ended on that date

c) In the case of Cash Flow Statement for the year ended on that date.

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, on the basis of such checks as we considered appropriate and according to information and explanations given to us during the course of audit, we state that:

i) The Company has no fixed assets and therefore Clause 4(1) of the order is not applicable.

ii) The Company has no inventory/stock during the year under credit and therefore the question of physical verification and maintenance of records for the same does not arise.

iii) The Company has not granted or taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under the provision of Section 301 of the Act andtherefore,theprovisionsofClause4(iii) of the order is not applicable to the company.

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 purchaseand sale of inventory. Duringthe course of ouraudit, we have not observed any continuing failure to correct major weakness in internal control.

v) 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 sections301 of the Companies Act, 1956 have been so entered.

vi) The company has not accepted deposits from the public. Hence the directives issued by the Reserve Bank of India and the provisions of Section 58A and 58AA of the Companies Act are not applicable to the company.

vii) As explained by the management, the PF and ESI Acts are not applicable to the company and also the company does not have any arrear in respect of statutory dues.

viii) In our opinion the Company has an adequate internal audit system commensurate with the size and nature of its business.

ix) The provisions of Section 209(l)(d) of the Companies Act, 1956 for maintenance of cost records are not applicable to the Company.

x) The accumulated losses of the company as on 31st March 2012 are less than 50% of the net worth of the Company. The Company has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year.

xi) The company has not taken any loans from Banks, Financial Institution or by way of debentures and therefore the question of repayment and the defaults on repayment does not arise.

xii) In our opinion and according to the information and explanation given to us, the Company has not granted any loans and advance on the basis of security by way of pledge of shares, debentures and othersecurities.

xiii) Clause (xiii) of the order is not applicable to the company as the company is not a Chit Fund Company or Nidhi / Mutual benefit Fund/Society.

xiv) The Company is not dealing in trading in shares, securities, debentures and other investments. According, the provisions of clause4(xiv) of the order are not applicable to the company.

xv) The Company has not given guarantee for loans taken by others from bank or financial institutions.

xvi) The company has not taken any term loan during the year under audit.

xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment and funds raised on long term raised on long-term basis have not been used for short-term investment.

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

xix) The Company has not issued any debentures during the year and therefore the question of creating security in respect thereof does notarise.

xx) During the period covered by our audit report, the Company has not raised any money by way of publicissue.

xxi) According to the explanation and information given to us, based upon the audit procedures performed and representation made by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our Audit.

For CHOPRA & COMPANY

Chartered Accountants

Firm Registration No. 308035E

M. K. DUGAR

Partner

(Memb. No. 053684)

Dated 30th Day of May 2012

Place: Kolkata


Mar 31, 2010

1. We have audited the attached Balance Sheet of Bio WhiteGold Industries Limited, Chennai as at 31st March2010, annexed Profit and loss account and cash flow of the company for the year ended on that date being submitted by the company in pursuant to the requirement of clause 41 of the Listing Agreement, except for the disclosures regarding Public Shareholding and Promoter and Promoter Group shareholding which have been traced from disclosures made by the management and have not been audited by us. These financial results have been prepared on the basis of financial statements which are the responsibility of the companys management. Our responsibility is to express an opinion on these financial results based on our audit of such financial statements, which have been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard (AS) 25, Interim Financial Reporting, issued pursuant to the Companies (Accounting Standards) Rules 2006 as per section 21i(3C) of the Companies Act 1956 and other accounting principles generally accepted in India.

2. We conducted our audit in accordance with the standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about, whether the financial results are free of material misstatement(s). An audit includes examining on a test basis, evidence supporting the amounts and disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by the management. We believe that our audit provides a reasonable basis for our opinion.

3. In our opinion and to the best of our Information and according to the explanations given to us these results are presented in accordance with the requirements of Clause 41 of the Listing Agreement in this regard and give a true and fair view of the net profit and other financial information for the period from 01.04.2009 to 31.03.2010.

Further, we also report that we have on the basis of books of account and other records and information and explanations given to us by the management, also verified the number of shares as well as percentage of shareholdings in respect of aggregate amount of public shareholdings, as furnished by the company in terms of clause 35 of the Listing Agreement and found the same to be correct.

Annexure referred to in paragraph no. (1) of our audit report of even date.

1. Fixed Assets ; The company did not have any fixed assets during the year under review.

2. Inventories ; The company did not carry any stocks / inventory during the year under report and therefore the question of physical verification and maintenance of records for the same does not arise,

3. Loans,; The company has not taken/granted any loan secured or unsecured from/ to companies, firms or other person covered in the register maintained under section 301 of the Act.

4. Internal Control : In our opinion and according to the information and explanations given to us by the Management the company has adequate Internal control procedure commensurate with the size of the company and the nature of its business for the sale of. assets and agricultural products and there is no failure to correct the major weakness in the internal control,

5. Contracts and arrangements : There are no transactions for purchases of goods and materials and sale of goods, materials and services rendered, that needed to be entered in the register in pursuance of section 301 of the Companies Act 1956.

6. Public deposits The company has not accepted any deposit within the meaning of section 58A of the companies Act 1956 and the rules framed there under during the year under report.

7. Internal Audit System : In our opinion the company has an adequate internal audit system commensurate with its size and the nature of its business.

8. Cost Records : The Central government has not prescribed maintenance of Cost records to this type of company.

9- Statutory dues ; As explained by the management, the PF & ESI Acts are not applicable to the company and also the company does not have any arrear in respect of statutory dues.

10. Accumulated losses : The accumulated loses at the end of the financial year are less than 50% of the net worth, The company has not incurred any cash losses for the year under report and also in the immediately preceding accounting period.

11. Liability To Banks & Financial Institution ! The company has not taken any loan from Banks, Financial institution or by way of debentures and therefore the question of repayment and the defaults on repayment does not arise.

12. Loans on pledging of shares : On the basis of examination of the records and according to the information and explanations given to us, the company has not granted any loan and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. Applicability of provisions special statute of chit fund etc: As per the information and explanation given to us the provision of the any special statue applicable to chit fund do not apply to this company.

14. Shares & Securities : As explained by the management, the Company does not deal in shares, securities, debentures, and other investments and therefore the question of maintenance of proper records the same does not arise.

15. Guarantees Given : The Company has not given any guarantee for loans taken by others.

16. Long Term Loans : The Company has not taken any term loan during the year under report.

17. Funds Utilization : The Company has not used funds raised on short-term basis used for long- term investment and vice versa.

18. Preferential Allotment of shares : The Company has not allotted any preferential shares during the year under report.

19. Debentures : The Company has not issued any debentures during the year under report.

20. Public issue : The Company has not raised any money from public during the year under report.

21. Frauds : As "explained by the management and on the basis of verification of records, no instances of fraud has been noticed or reported during the year.

Place: Chennai. L.NARAYANAN

Date: 24th May 2010 CHARTS-RED ACCOUNTANT


Mar 31, 2003

We have audited the attached Balance Sheet of BIO WHITEGOLD FARMS LIMITED, Salem as at 31st March 2003 and the annexed Profit and Loss Account and Cash Flow Statement 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.

We report as follows:

1. As required by the Manufacturing and Other companies (Auditors Report) Order 1988, issued by the Company Law Board in terms of Section 227 (4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraph 4 and 5 of the said order.

2. Further to our comments in the annexure to paragraph (1) above.

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 so far, as appears from their examination of those books.

c) The Balance Sheet and the Profit and Loss Account and Cash Flow Statement dealt with this report is in agreement with the books of accounts of the Company.

d) 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.

e) On the basis of written representations received fro directors, as at 31stMarch 2003 and taken on record by the Board of Directors, we report that none of the Directors of the Company are disqualified as on 31st March 2003 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us the said accounts together with the notes made thereon including account ting policies give 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 2003 and

II) In the case of Profit and Loss account, LOSS of the Company for the year ending on that date.

Annexure referred to in Paragraph No.(l) of our Report of even date.

1. The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. All these assets have been physically verified by the management at reasonable intervals and no material discrepancies have been noticed on such verification

2. None of the fixed assets have been revalued during the year.

3. The Management has carried out physical verification in respect of stocks during the year and in our opinion the frequency of such verification is reasonable.

4. In our opinion and according to the information and explanations given to us we are of the opinion that the procedures of verification of stocks followed by the management are reasonable and adequate having regard the size of the company and the nature of its business.

5. The discrepancies noticed on verification between the book stocks and physical stocks which were not material have been properly dealt with in the books of accounts of the Company.

6. On the basis of examination of the records and according to information and explanations given to us, we are of the opinion that the valuation of stock is fair and proper in accordance with the normally accepted accounting principles and the basis of valuation is same as in the proceeding year.

7. The Company has not taken any loans secured or unsecured from Companies, Firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956, and from the Companies under the same management as defined under Sub-section (1B) of Section 370 of the Companies Act, 156, which is prima facie prejudicial to the interests of the Company.

8. The Company has not granted any loans secured or unsecured from Companies, Firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956, and from the Companies under the same management as defined under Sub-section (IB) of Section 370 of the Companies Act, 1956, which is prima facie prejudicial to the interests of the Company.

9. The Company has not given any Loans or Advances in the nature of Loans to persons other than employees, which have been repaid as stipulated.

10. In our opinion and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the Company and the nature of its business.

11. There are no transactions of purchase and sale of goods and materials and services make in pursuance of the contracts or arrangements entered in the register maintained under the section 301 of the Companies Act, 1956, and aggregating during the year to Rs.50,000/- or more in respect of each.

12. As explained to us by the Management unserviceable and damaged goods have been determined by the Management at reasonable intervals and adequate provision have been in the accounts arising therefrom.

13. The Company has not accepted deposits from public within the meaning of section 58 A of the Companies Act, 1956, and the rules framed thereunder.

14. The Companys operation does not generate any by products and therefore the question of maintaining reasonable records for the sales and disposal of by products and scraps does not arise.

15. The company has got an adequate internal audit system commensurate with its size and nature of its business.

16. As explained to us by the management, the system of maintenance of cost records is not applicable to this company.

17. As explained to us by the Management, EPF and ESI Acts are not applicable to this Company.

18. There are no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty as at 31st March 2003 which were outstanding for a period of more than six months from the date it becomes payable.

19. As explained to us by the Management and on the basis of our test checks no personal expenses of Directors or Employees have been charged to Revenue Account other than those payable under Contractual Obligations.

20. The Company is not a Sick Industrial Company within the meaning of clause (O) of Subsection (I) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985.

For Narayanan & Ramesh, Chartered Accountants, Sd/-

(L.NARAYANAN) Partner

Place : Salem. Date : 6th June 2003

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