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Auditor Report of Scope Industries (India) Ltd.

Mar 31, 2012

1. We have audited the attached Balance Sheet of SCOPE INDUSTRIES (INDIA) LIMITED, as at March 31, 2012, and the relating profit and loss account and 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.

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

3. As required by the Companies (Auditor's Report) Order, 2003, and amendment thereto by the Companies (Auditor's Report ) (Amendment) Order, 2004, issued by the Central Government of India in terms of sub-section (4A) of section 227 of The Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to 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 purposes of our audit;

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

(iii) The Balance Sheet and the 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 and the Profit and Loss Account and Cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the directors, as on March 31, 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) Since the central government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act,1956 nor has it issued any rules under the said section, prescribed the manner in which such cess is to be paid, no cess is due and payable by the Company

(vii) 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 give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

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

Annexure to the Auditors' Report to the Members of SCOPE INDUSTRIES (INDIA) LIMITED for the year ended March 31, 2012

(Referred to in paragraph 3 of our Report of even date)

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

(b) The Fixed assets have been physically verified by the management during the year in accordance with a phased program of verification which, in our opinion is reasonable having regard to the size of the company and the nature of its assets, According to the information furnished to us , no material discrepancies have been noticed on such verification.

(c) No substantial part fixed assets have been disposed off by the company during the year.

(ii) (a) The inventory has been physically verified by the management during the year. In our opinion,the frequency of such verification is responsible.

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

(c) The company has maintained proper records of inventory and there are no discrepancies noticed on verification between the physical stocks and the book of records.

(iii) (a) The company has not granted any loans to/ from parties covered in the register maintained under section 301 of the companies Act, 1956. In view of clause (iii) (a) above, the clauses (iii) (b), (iii) (c) (iii) (d) are not applicable.

(e) According to the information and explanations given to us, the company was taken loans from the two parties covered in the register maintained under section 301 of the Companies Act 1956. The maximum amount outstanding during the year was Rs 19, 05,000 and the yearend balance of such loan was Rs 19, 05,000.

(f) In our opinion, the rate of interest and other terms and conditions on which the loan has been taken from parties covered in the register maintained under section 301 of the Companies Act., 1956 are not, prima facie, prejudicial to the interest of the Company.

(g) Since, the periods of payment of interest and repayment of principle have not been stipulated in the agreement, we are unable to comment whether the payment of interest and repayment of principle are regular or not.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business, with regard to purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal controls system.

(v) According to the information and explanations given to us, we are of the opinion that there are no contracts or arrangements that need to be entered into the register maintained under section 301 of the Act.

(vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits within the meaning of Sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public.

(vii) In our opinion the company has an internal audit system commensurate with its size and the nature of its business.

(viii) According to the information and explanations given to us, maintenance of cost records has not been prescribed by the central government under the clause (d) of sub-section (1) of section 209 of the Act.

(ix) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including Income-tax and other material statutory dues have generally been regularly deposited during the year by the Company with the appropriate authorities, except for certain cases of tax deducted at source (amounting Rs.2436900) and Professional tax (Amounting Rs 32,320 ) where there have been delays for more than180 days.

(b) According to the information and explanation given to us, there are no due of income-tax, wealth- tax, sales-tax, and cess, which have not been deposited on account of any dispute.

(x) The company has been registered for a period of not less than five years and the accumulated losses of the company at the end of the financial year is more than fifty percent of its Net worth and the Company has not incurred any cash losses during the year and immediately preceding financial year.

(xi) Based on our audit procedures and on the information and explanation given to us, we are of the opinion the company has not defaulted in the payment of any dues.

(xii) According to the information explanation given to us, the company has not granted any loans and advances on the basis of security by way pledge of shares, debentures and other securities.

(xiii) The company is not a chit fund or nidhi/mutual benefit fund/society. Accordingly, the provisions of clause 4 (xiii) of the said order are not applicable to the company.

(xiv) The Company does not deal or trade in shares, securities, debentures and other investments.

(xv) According to the information and explanations given to us, the company has not given guarantees for loans taken by others from banks or financial institutions.

(xvi) The company has not raised any new term loans during the year hence the question of reporting on these clause is not required.

(xvii) According to the information and explanations given to us, and on overall examination of the Balance Sheet of the company, in our opinion, the funds raised on short-term basis have not been used for long-term investments.

(xviii) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. Accordingly, the question of reporting on whether the price at which such shares have been issued is prejudicial to the interest of the company does not arise.

(xix) The company has not issued any debentures. Accordingly, the question of creating security or charge for such debentures does not arise.

(xx) The company has not raised any money by public issues during the year. Accordingly, the question of disclosure of end use of such monies does not arise.

(xxi) Accordingly 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 Ramasamy Koteswara Rao & Co;

Chartered Accountants

FRN:010396S

Sd/-

(C V Koteswara Rao)

Place: Hyderabad Partner

Date: 27-08-2012 Membership No. 028353


Mar 31, 2010

We have audited the attached Balance Sheet of "Scope Industries (india) Limited" (Formerly known as : Jain Marble Udhyog Limited) as at 31st March 2010. The 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 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 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 finan- cial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order wherever applicable.

2. 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 purpose of our audit.

b) In our opinion, and to the best of our information and according to the explanations given to us, the said accounts read with the notes thereon give the information required by the Companies Act, 1956, in manner so required.

c) 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 such books.

d) The Companys Balance Sheet dealt with by this report is in agreement with the Books of Accounts.

e) In our opinion the Balance Sheet is in compliance with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 to the extent applicable.

f) On the basis of the written representation from the directors and taken on record by the Board of Directors, We report that none of the Director is disqualified as on 31st March, 2010 from the appointment as a Director in terms of Clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

g) In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and Profit and Loss Account together with the notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

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

ii) Since there are no commercial operations are carried out during the financial period under audit no Profit & Loss Account is prepared; and

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

ANNEXURE TO AUDITORS REPORT (REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE)

1. There are no fixed assets held by the Company and hence provisions of Clause 4(i) are not applicable.

2. The Clauses pertaining to physical verification, the adequacy of procedures involved and adjustment for material discrepancies with respect to inventories do not apply to the Company as there is no inventory of stocks of raw material, finished goods, work in progress.

3. The Company has neither granted nor taken any loans, secured or unsecured to or from the Companies, firms or other parties covered in the Register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanation provided to us, Clause on Internal Control procedures with regard to purchase of fixed assets is not applicable to the Company as the Company has not purchased any fixed during the period.

5. In our opinion and according to the information and explanations given to us there were no transactions that need to be entered into a register in pursuance of Section 301 of the Act during the year.

6. The company has not accepted any deposits from the public and consequently, directives issued by the Reserve Bank of India, the Provisions of Sections 58A, 58AA, or any other provisions of the Companies Act, 1956 and the rules made there under are not applicable.

7. The Company has no Internal Audit System.

8. As explained to us, the Central Government has not prescribed the maintenance of Cost Records Under Section 209(1) (d) of the Companies Act, 1956 for the this type of Company.

9. (a) According to the records of the company, undisputed statutory dues including

Provident fund, Income tax, Customs duty, cess and other statutory dues as applicable, have generally been regularly deposited with the appropriate authorities. Further, there are no statutory dues as at the last day of financial year for a period of more than six months from the date they became payable.

(b) According to the records of the Liaison Office there are no outstanding dues of Income tax / Sales tax / Wealth tax / Service tax / Customs duty / Excise duty / cess on account of any dispute.

10. The Accumulated losses at the end of the current financial year are more than 100% of its Net Worth of the Company and the Company has incurred cash losses of Rs. 1,73,055/- in the current financial year and cash losses in the financial year immediately preceding Current financial year were Rs. 1,30,138/-.

11. The Company has not borrowed any monies from financial institutions, banks or debenture holders. Therefore, the clause pertaining to default in repayment of dues does not apply.

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

13. The Company is not a Chit fund, Nidhi, mutual benefit fund or a society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4 (xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

15. In our opinion and based on the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions and consequently, the provisions of clause 4 (xv) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

16. In our opinion and based on the information and explanation given to us, no term loans were borrowed during the year and consequently, the provisions of clause 4 (xvi) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, the company has taken any loans and hence use of funds borrowed on short term basis for Long term investment and vice versa is not applicable to the Company.

18. The Company has not made any preferential allotment of shares to the parties covered in the Register maintained under Section 301 and hence the provisions of clause 4 (xviii) of the Companies (Auditors Report) Order, 2003 do not apply.

19. The Company has not issued any debentures and consequently the provisions of creating securities for the debentures do not apply.

20. The Company has not raised any monies by issue of securities to public. Consequently, no disclosure on the end use is required.

21. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanation given 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 S.S.SRAVAN & ASSOCIATES

CHARTERED ACCOUNTANTS

Sd/-

PLACE: HYDERABAD S. S. Sravan

DATE: 31.08.2010 Partner

Mem. No. 213488

Firm Regn. No. 010624S


Mar 31, 2009

We have audited the attached Balance Sheet of "JAIN MARBLE UDHYOG LIMITED" as at 31st March 2009. The 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 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 of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order wherever applicable.

2. 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 purpose of our audit.

b) In our opinion, and to the best of our information and according to the explanations given to us, the said accounts read with the notes thereon give the information required by the Companies Act, 1956, in manner so required.

c) 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 such books.

d) The Companys Balance Sheet dealt with by this report is in agreement with the Books of Accounts.

e) In our opinion the Balance Sheet is in compliance with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 to the extent applicable.

f) On the basis of the written representation from the directors and taken on record by the Board of Directors, We report that none of the Director is disqualified as on 31st March, 2009 from the appointment as a Director in terms of Clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

g) Attention is Invited to:

Clause 1 of the Schedule 9 Notes to Accounts specifies that the books of accounts have been prepared on Going Concern Assumption. However, we are of the opinion that the Company has disposed substantially all its fixed assets and paid off term liabilities and has no activity during the period. Further, the Company has suffered Cash Losses during the Current Financial Year and also the immediately preceding Financial Year and hence going concern assumption is not applicable to the Company. Hence, assets should be restated at realizable values on recovery and liabilities be restated at amounts as they crystallize. However, it is not possible for us to ascertain these amounts due to absence of necessary information.

Subject to the above, in our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and Profit and Loss Account together with the notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

i) In case of the Balance sheet, of the state of affairs of the Company as at 31st March, 2009

ii) Since there are no commercial operations are carried out during the financial period under audit no Profit & Loss Account is prepared; and

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

Annexure to Auditors Report (Referred to in our report of even date)

1. There are no fixed assets held by the Company and hence provisions of Clause 4(i) are not applicable.

2. The Clauses pertaining to physical verification, the adequacy of procedures involved and adjustment for material discrepancies with respect to inventories do not apply to the Company as there is no inventory of stocks of raw material, finished goods, work in progress.

3. The Company has neither granted nor taken any loans, secured or unsecured to or from the Companies, firms or other parties covered in the Register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanation provided to us, Clause on Internal Control procedures with regard to purchase of fixed assets is not applicable to the Company as the Company has not purchased any fixed during the period.

5. In our opinion and according to the information and explanations given to us there were no transactions that need to be entered into a register in pursuance of Section 301 of the Act during the year.

6. The company has not accepted any deposits from the public and consequently, directives issued by the Reserve Bank of India, the Provisions of Sections 58A, 58AA, or any other provisions of the Companies Act, 1956 and the rules made there under are not applicable.

7. The Company has no Internal Audit System.

8. As explained to us, the Central Government has not prescribed the maintenance of Cost Records Under Section 209(1) (d) of the Companies Act, 1956 for the this type of Company.

9. (a) According to the records of the Liaison Office, undisputed statutory dues including Provident fund, Income tax, Customs duty, cess and other statutory dues as applicable, have generally been regularly deposited with the appropriate authorities. Further, there are no statutory dues as at the last day of financial year for a period of more than six months from the date they became payable.

(b) According to the records of the Liaison Office there are no outstanding dues of Income tax / Sales tax / Wealth tax / Service tax / Customs duty / Excise duty / cess on account of any dispute.

10. The Accumulated losses at the end of the current financial year are more than 100% of its Net Worth of the Company and the Company has incurred cash losses of Rs. 1,05,138/- in the current financial year and cash losses in the financial year immediately preceding Current financial year were Rs. 1,32,951/-.

11. The Company has not borrowed any monies from financial institutions, banks or debenture holders. Therefore, the clause pertaining to default in repayment of dues does not apply.

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

13. The Company is not a Chit fund, Nidhi, mutual benefit fund or a society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4 (xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

15. In our opinion and based on the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions and consequently, the provisions of clause 4 (xv) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

16. In our opinion and based on the information and explanation given to us, no term loans were borrowed during the year and consequently, the provisions of clause 4 (xvi) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, the company has taken any loans and hence use of funds borrowed on short term basis for Long term investment and vice versa is not applicable to the Company.

18. The Company has not made any preferential allotment of shares to the parties covered in the Register maintained under Section 301 and hence the provisions of clause 4 (xviii) of the Companies (Auditors Report) Order, 2003 do not apply.

19. The Company has not issued any debentures and consequently the provisions of creating securities for the debentures do not apply.

20. The Company has not raised any monies by issue of securities to public. Consequently, no disclosure on the end use is required.

21. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanation given 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 S.S.Sravan & Associates Chartered Accountants

Sd/-

S. S. Sravan

Partner

Mem. No. 213488

Place : Hyderabad

Dated : 31.08.2009

 
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