Auditor Report of Santowin Corporation Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of SANTOWIN CORPORATION LTD which comprise the Balance Sheet as at 31st March, 2015 , the Statement of Profit and 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

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 standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstptgS5B&$^hether 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 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 the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and 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.. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by 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 audit opinion on the standalone financial statement.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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,ofthe state of affairs of the Company as at 31st March, 2015, and its profit/loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

l. As required by the Companies (Auditor's Report) Order, 2015("the order") issued by the Central Government in terms of Sub-Section (11) of section 143 of the Act, we give in annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.

As required by section 143(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; (and proper returns adequate for the purpose s of our audit have been received from the branches not visited by us)

(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) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,2014.

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

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

For JAIN ANIL & ASSOCIATES CHARTERED ACCOUNTANTS.

PLACE : MUMBAI (ANIL JAIN) DATED :24/08/2015 Proprietor F. R. N. 115987W

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Mar 31, 2013

1. We have audited the attached Balance Sheet of SANTOWIN CORPORATION UivHTED. as at 31 march, 2013 and also the Profit and Loss Account and also the cash ilow statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statement based on our audit.

2. 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 basts, evidence supporting the amount and disclosures in the financial statements. An audit also iricJudes assessliig 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 ouf opinion.

3. As required by the Companies (Auditor''s Report) Order, 2003, issued by the Company Law Board in terms of Sub-Section (4A) of Section 227 of tin Companies Act, 1956 and on the basis of such checks of the books and records as we considered appropriate and according to the information and explanations given to us during the course of audit, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent applicable to the Company.

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

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

b) In our opinion, proper books of account and records as have been kept by the company so far as appears from our examination of such books,

c) The Balance Sheet and Profft and Loss Account dealt with by the report are in agreement with the books of account.

d) In our opinion, the Profit and Loss account and the Balance Sheet comply with the mandatory accounting standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956. Except

e} On the basts of written representations received from the directors, as on 31st March 2013, and taken on record by the Board of Directors, we report that none of the Directors s disqualified as on 31st March 2013 from being appointed as a director in term 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 read together with the notes thereon give the information as required by the Companies Act, 1956 in the manner so required and give a true and fair view :-

i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2013 and

ii) in the case of the Profit and Loss Account, of the profit for the year ended on that date.

iii) In the case of Cash Flow Statement, of the cash flows for the year ended on thai date.

ANNEXURE TO THE AUDITORS'' REPORT i. In respect of its fixed assets:

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

(b) As per the information and explanations given to us, the Company has carried out physical verification of fixed assets during the year, in our opinion, the frequency of such verification is reasonable.

(c) No substantia! part of fixed assets have been disposed off during the year, and it has not affected the going concern.

2. in respect of its inventories:

{a} Inventory has been physically verified by the management at reasonable intervals during the year.

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

c) Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification,

3. In respect of loans granted and taken to /from parties covered In the register maintained u/s 301 of the Companies Act, 1956.

a) As per Anoexure

4. in respect of internal control

in our opinion and according to the information and explanations 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. During the course of audit, We have not observed continuing failure to correct major weaknesses in internal control system.

5. In respect of contracts or arrangements need to be entered Into a register maintained u/s 301 of the Companies Act, 1SS6

(a) According to the information and explanation given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the companies Act 1956 have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the companies Act 1956 are made at price which are reasonable having regard to prevailing market prices at the relevant time.

6. In respect of deposits from public

The Company has not accepted any deposit from the public within the meaning of Section 58A & 58M or any other relevant provision of the Companies Act, 1956.

7. in respect of Internal audK system

The company has no internal audit system. However, in our opinion. The Company has an internal check system commensurate wfth its size and nature of its business.

8. In respect of maintenance of cost records

The Company b not required to maintain cost records pursuant to the Rules made by the Central Government for the maintenance of cost

9. In respect of statutory dues

(a) . The company is not regular in depositing the undisputed statutory dues which tocktde income tax, Education Cess and Secondary & Higher Education Cess wfth the Income tax authorities.

(b) According to the information and explanation^given to us there trt no disputes pending before the authorities in the respect of Sales Tax, income Tax, Custom Duty and CESS.

10. in respect of accumulated losses and cash losses

The company does not have any accumulated losses at the end of the financial year and has not incurred cash losses In the financial year and in the immediately preceding financial year.

11. In respect of dues to financial Institution /banks /debentures

The company has not defaulted In repayment of dues to financial institution, or a bank.

12. In respect of loans and advances granted on the basis of security

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

13. in respect of provisions applicable to Chit fund in our opinion, tire company is not a chit fund or a nidht / mutual benefltiuad/society. Therefore, the provisions of clause 4 of the Companies (Auditor''s Report) Order, 2005 (as amended) are not applicable to the company.

(a) HA

(b) HA

(c) N.A

(d) N.A

14. In respect of dealing or trading In shares, securities, debentures and other Investment

According to information and explanations given to us the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of dause 4{xtv) of the Order are not applicable to die company.

15. In respect of guarantee given for loans taken by others

According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or finandaHnstitutions.

16. in respect of application of term loans

The Company has not obtained any term loam during the year.

17. In respect of fund used

According to the information and expalnations given to us and overall examination of the balance sheet of the Company. In our opinion, the funds raised on short-term basis have been used for long- term investment.

18. in respect of preferential allotment of shares

The company has not made any preferentraf affotment of shares to parties and companies covered in the register maintained «/s 301 of the Act, during the year.

19. in respect of securities created for debentures

The company has not issued any debentures during the year. Therefore provisions of dause 4(xix) of the Order are not applicable to the company.

For and on behalf of the Board

For SANTOWIN CORPORATION LIMITED

Place: Mumbai Ashok Gupta

Date: September 5, 2013 Chairman

Registered Office:

702 7th Floor Concord CHS Ltd.,

N.S. Road No. 10, J VPD Scheme Juhu, Mumbai - 400 049

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Mar 31, 2011

1. We have audited the attached Balance Sheet of SANTOWIN CORPORATION LIMITED (FORMERLY KNOWN AS SANTOWIN POLYSTER LIMITED) as at 31st March, 2011 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statement based on our audit.

2. 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 amount 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 Company Law Board in terms of Sub-Section (4A) of Section 227 of the Companies Act, 1956 and on the basis of such checks of the books and records as we considered appropriate and according to the information and explanations given to us during the course of audit. we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent applicable to the Company.

4. Further to our comments in the annexure referred to 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, proper books of account and records as have been kept by the company so far as appears from our examination of such books.

c) The Balance Sheet and Profit and Loss Account dealt with by the report are in agreement with the books of account.

d) In our opinion, the Profit and Loss account and the Balance Sheet comply with the mandatory accounting standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956. Except

e) On the basis of 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 2011 from being appointed as a director in term 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 read together with the notes thereon give the information as required by the Companies Act, 1956 in the manner so required and give a true and fair view :-

i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011 and

ii) In the case of the Profit and Loss Account, of the profit for the year ended on that date.

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

ANNEXURE TO THE AUDITOR''S REPORT

Referred to in paragraph 3 of the Auditors'' Report of even date to the members of SANTOWIN CORPORATION LIMITED (FORMERLY KNOWN AS SANTONIN POLYSTER LIMITED). on the financial statements for the year ended 31st March, 2011

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

b) As per the information and explanations given to us, the Company has carried out physical verification of fixed assets during the year. In our opinion, the frequency of such verification is reasonable.

c) None of the fixed Assets have been revalued during the year.

2. a) As per the information and explanations given to us. the Company has earned out physical verification of Inventories during the year. In our opinion, the frequency of such verification is reasonable.

b) In our opinion, an according to the information and explanation given to us. the procedure of physical verification of stock followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

c) As per information and expiation given to us, no material discrepancies have been noticed on physical verification of stock as compared to the records.

d) In our opinion and on the basis of our examination, the valuation of the stock is fair and proper in accordance with the normally accepted accounting principles.

3. According of the information and explanation given to us:

a) The Company has not granted any loans, secured & unsecured to companies, firm or other parties proved in the register maintained under section 301 of the Act.

b) The company has taken unsecured loan from companies, firm or other parties covered in the register maintained under section 301 of the Act. The maximum amount involved during the year was Rs. 45,81,769/- from parties.

4. 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 regretted to purchase and sales. During the course of audit. we have not observed any continuing failure to correct major weakness of internal audit.

5. In our opinion and according to the information and explanations given to us, the particular of contract or arrangement that were required to be entered in the register maintained under section 301 of the Act 1956 have been so entered in the said register.

6. In respect of transaction entered exceeding the value of five lacs in the register maintained in pursuant of U/s. 301 of the companies Act 1956, according to information and explanation given to us, the transactions made pursuance of such contracts or arrangements have been made at prices which are prima-facie reasonable having regard to prevailing market prices at the relevant time.

7. The Company has not accepted any deposit from the public within the meaning of Section 58A of the Companies Act, 1956.

8. The Company has no internal audit system. However, in our opinion. The Company has an internal check system commensurate with its size and nature of its business.

9. In our opinion and according to the information and explanations given to us, the company is not required to maintained cost record Under Section 209(1)(d) of the Companies Act, 1956 as prescribed by the Central Government.

10. a) In our opinion and according to the information and explanations given to us, undisputed statutory dues including provident fund, Investors Educations & Protection Fund Employees, State Insurance scheme, Sales Tax, Income Tax, Custom Tax, Wealth Tax and Excise Duty and other dues have regularly deposited in time during the year with appropriate authorities and there are no undisputed statutory dues payable for a period of six months from the date they became payable as at 31st March 2011.

b) According to the Information and explanation given to us there are no disputes pending before the authorities in the respect of Sales Tax, Income Tax, Custom Duty and CESS.

11. On the basis of our examination of the books and records, the company''s accumulated losses at the end of the financial year are Rs. Nil.

12. According to the information and explanation given to us by the management the company has no over dues from the bank.

13. In our opinion and according to information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

14. The Company is not a chit fund or nidhi/mutual benefit fund/Society. Therefore the provisions of this clause of the Companies (Auditors'' Report) Order 2003 are not applicable to the Company.

15. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly the provisions of this clause of the Companies (Auditor''s Report) Order 2003 are not applicable to the Company.

16. 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 bank or financial institutions. 17. The Company has not obtained any term loans during the year.

18. According to the information and explanation given to us and on the basis of and overall examination of the Balance Sheet of the Company, in our opinion and according to the information and explanations given to us, there are no funds raised on a short-term basis which have been used for long-term investment, and vice-versa.

19. During the period, the Company has not issued any debenture. Accordingly clause 4 (xix) of Companies Order. 2003 is not applicable.

20. The Company has not issued any debentures during the year and no debentures are outstanding at the year-end.

21. The Company has not raised any money by public issues during the year. however during the year the company has made preferential issue of shares.

22. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us. we have neither come across any instance of fraud on or by the company, noticed or reported during the year, nor have been informed of such case by the management.

For MNRD & ASSOCIATES

Chartered Accountants

Firm Reg. No. - 126991W

Place : Mumbai Narayan B.Toshniwal

Date : 28th May 2011 Partner

Mem. No. - 048334