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Auditor Report of Shree Pushkar Chemicals & Fertilisers Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Shree Pushkar Chemicals & Fertilizers Limited, which comprise the Balance Sheet as at March 31,2015 and 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

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance 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") read with the general circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act 2013. This responsibility includes the design, implementation and maintenance of internal controls relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by 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 evidences about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risk of material misstatement of the financial statements, whether due to fraud and error. In making those risk assessments, the auditor considers internal controls 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 entity's internal control. An audit also includes evaluating appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015;

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India vide order dated 10.04.2015, we give in the Annexure a statement on the matters specified in above said 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 accounts, as required by law, have been kept by the Company, so far as it appears from our examination of those books.

(c) The Balance Sheet and the 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 and 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 Companies Act, 1956 read with the general circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act 2013.

(e) On the basis of written representations received from the directors as on March 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of clause (g) of subsection (1) of section 274 of the Companies Act, 1956.

Annexure referred to in Paragraph 1 under the head "Report on other legal and regulatory requirements" of the Independent Auditor's Report to the members of Shree Pushcart Chemicals & Fertilizers Limited for the year ended 31st March 2015. (Referred to in 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) As explained to us, all the assets, have been physically verified by the management in accordance with a phased programmed of verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies have been noticed on such physical verifications.

(ii) (a) The inventory, except goods in transit and stocks lying with third parties (if any), have been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable. However there is no stock lying with third parties at the year end.

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

(c) The company has maintained the proper records of inventory. The discrepancies noticed on verification between physical stock and book records were not material.

(iii) (a) During the year the Company has not granted unsecured loans to any Parties covered in the registered maintained under section 189 of the Companies Act, 2013.

(b) In view of our comments in para (iii) (a) above, clauses

(iii) (a) & (b) of the said order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, the Company has appropriate authorization system and other controls in place for the purchases of inventory and fixed assets and for the sale of goods and services. In our opinion and according to the information and explanation given to us there is no continuous failure to correct weaknesses in such internal control systems.

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

deposits from public. However, the Company has accepted loans from only Directors. Therefore the provision of clause (vi) of the paragraph 4 of the order are not applicable to the company.

(vi) We have broadly reviewed the books of accounts maintained by the company in pursuant to the rule prescribed by the Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 & are of the opinion that prima facie, the prescribed accounts and records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(vii) (a) According to the information and explanation provided to us and in our opinion, the Company has sometimes delayed in depositing undisputed statutory dues including Provident Fund, Income Tax, Sales Tax, Custom Duty, Excise Duty, Service Tax, Cess and other statutory dues applicable to it with appropriate authorities. None of statutory dues became payable as at the end of financial year for a period of more than six months from the date they became payable.

(b) As per the records of the Company and according to the information and explanation provided to us, there are no disputed dues of Sales Tax, Customs Duty, Wealth Tax, Service Tax and Excise Duty/Cess except described below:

Sr Nature No. Nature of of the Amount Period to which Forum Where Dispute is the Stature (In Rs.) amount Relates Pending

1 Income Tax Income 3,633,540 AY 2009-10 Commissioner of Income Tax Act, 1961 Tax (Appeal)

2 Income Tax Income 606,160 AY 2010-11 Commissioner of Income Tax Act, 1961 (Appea)

3 Income Tax Income 4,121,440 AY 2012-13 Assistant Tax Commissioner

4 Maharashtra VAT Refund 300, 000 AY 2007-08 Appellate Tribunal (Kolhapur) Value able added Tax 2002

5 Maharashtra VAT Refund 300 000 AY 2006-07 Appellate Tribunal (Kolhapur) Value added Tax Act, 2002 able

(c) According to the information and explanations given to us no amounts were required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules there under.

(viii) The Company does not have accumulated losses at the end of the financial year and has not incurred any cash loss during the financial year and in the immediately preceding financial year.

(ix) According to the information and explanations given to us, the company has not defaulted in repayment of dues to banks and financial institutions.

(x) 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 or other securities during the year.

(xi) The company has not raised any term loan during the year. The term loan outstanding at the beginning of the year and those raised during the year have been applied for the purpose for which they were raised.

(xii) In our opinion & to information and explanations to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.

For Jajodia & Company

Chartered Accountants

Firm Reg. No. 121911W

Sd/-

Dinesh Jajodia

Place: Mumbai Proprietor

Date: 04/05/2015 M. No.: 101008


Mar 31, 2013

We have audited the accompanying financial statements of Shree Pushkar Chemicals & Fertilizers Limited, which comprise the Balance Sheet as at March 31, 2013 and 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

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance 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 controls relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by 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 evidences about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risk of material misstatement of the financial statements, whether due to fraud and error. In making those risk assessments, the auditor considers internal controls 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 appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

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

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

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

Emphasis of matter

Without qualifying our opinion, we draw attention to:

- Note No. 28 regarding balances of Trade Receivables, Trade Payables, Advance from Customers and Loans & Advances, which are subject to confirmation and reconciliation. We have relied upon management confirmation in the absence of parties' confirmations at large.

- Note No. 11 regarding Capital Work-in-Progress - The Company is under the process of constructing building and Plant & Machinery for its expansion project of Single Super Phosphate (SSP) at its Unit II at Lote Parshuram, Dist Ratnagiri, Maharashtra. As informed to us, the entire plant is being fabricated at the plant site. We have relied upon management representations on the various expenses incurred and accounted for as Capital Work-in-progress.

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 the 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 accounts, as required by law, have been kept by the Company, so far as it appears from our examination of those books.

(c) The Balance Sheet and the 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 and 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 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 subsection (1) of section 274 of the Companies Act, 1956.

Annexure referred to in Paragraph 1 under the head "Report on other legal and regulatory requirements" of the Independent Auditor's Report to the members of Shree Pushkar Chemicals & Fertilizers Limited for the year ended 31st March 2013.

As required by the Companies (Auditor's Report) Order, 2003 and amendments thereto and according to the information and explanations given to us during the course of the audit and on the basis of such checks of the books and records as were considered appropriate we report that:

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

(b) As explained to us, all the assets, except furniture & fixtures and office equipment's, have been physically verified by the management in accordance with a phased program of verification. No material discrepancies have been noticed on such physical verification.

(c) The Company has not disposed off any of its fixed assets during the year.

(ii) (a) As explained to us, physical verification of inventories has been conducted by the management at reasonable intervals.

(b) As per information and explanation given to us, the procedures of physical verification of the inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. No material discrepancies have been notice on such verification.

(c) In our opinion, the Company is advised to maintain the records in a more detailed manner according to the size of the Company and the nature of its business.

(iii) (a) During the year the Company has not granted unsecured loans to any Parties covered in the registered maintained under section 301 of the Companies Act, 1956. (b) In view of our comments in para (iii) (a) above, clauses (iii) (b) (c) and (d) of the said order are not applicable to the Company.

(c) The Company has taken unsecured loans from three parties (payable on call and no stipulation for due date of repayment) covered in the registered maintained under section 301 of the Companies Act, 1956. The aggregate amount involved during the year was Rs, 1,171.91 Lacs. The year-end balance of such loans was Rs, 231.64 Lacs.

(d) The above loans are interest free, except in case of one party where interest is paid at bank rate, and other terms and conditions on which loans have been given are, prima facie, not prejudicial to the interest of the Company.

(e) In view of our comments above, clause (iii) (g) of the said order is not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, the Company has appropriate authorization system and other controls in place for the purchases of inventory and fixed assets and for the sale of goods and services. However, the Company needs to strengthen its system of internal control systems in order to commensurate with the size of the Company and the nature of its business.

(v) (a) According to the information and explanations given to us, the particular of contracts or arrangements as referred to in section 301 of the Act have been entered in to the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Act and exceeding the value of Rupees five lakhs in respect of any party during the year, have been made at prices, which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

(vi) According to the information and explanations given to us, the Company has not accepted any deposits from public. However, the Company has accepted loans from Directors and their relatives who are also shareholders of the Company and such loans may qualify as public deposits within the meaning of provisions of Section 58A of the Companies Act, 1956. The management of the Company is of the opinion that such loans do not partake characteristics of deposits within the meaning of section 58A of the Companies Act, 1956 and hence, directive of the Reserve Bank of India and provisions of Section 58A & rules framed thereunder would not be applicable.

(vii) In our opinion, the Company has an internal audit system in place. However, it needs to be strengthened to commensurate with its size and nature of its business.

(viii) Based on the information and explanation provided to us, the Company has maintained the cost records prescribed by the Central Government under Section 209 (1) (d) of the Companies Act, 1956. However, we have not made detailed examination of such cost records with a view to determine whether they are maintained adequately.

(ix) (a) According to the information and explanation provided to us and in our opinion, the Company has generally delayed in depositing undisputed statutory dues including Provident Fund, Income Tax, Sales Tax, Custom Duty, Excise Duty, Service Tax, Cess and other statutory dues applicable to it with appropriate authorities. Details of statutory dues as at the end of financial year for a period of more than six months from the date they became payable are as under:

Nature Amount

(Rs,)

Central Sales Tax 34,98,479 Tax Deducted at Source under Income Tax Act 8,57,431

(since repaid) Professional Tax (since repaid) 22,500

(b)

As per the records of the Company and according to the information and explanation provided to us, there are no disputed dues of Sales Tax, Customs Duty, Wealth Tax, Service Tax and Excise Duty/Cess except described below:

Period Sr. Nature of Nature of Amount which Forum No. the Stature the dues (In Rs,) amount Where Dispute Pending Relates

1 Income Tax Income 17,69,450 AY 2009-10 Assistant Act, 1961 Tax Commissioner

2 Income Tax Income 606,160 AY 2010-11 Commissioner of Act, 1961 Tax Income Tax

(Appeal)

(x) The Company does not have accumulated losses at the end of the financial year and has not incurred any cash loss during the financial year and in the immediately preceding financial year.

(xi) Based on our audit procedures and on the information and explanations given by the management, during the year, the Company has made certain delays in repayment of loans to Banks and Financial Institutions.

(xii) 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 or other securities during the year.

(xiii) The provisions of any Special Statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund/Societies are not applicable to the Company.

(xiv) As per the records of the Company and information and explanations given to us by the management, the Company is not dealing or trading in shares, securities, debentures and other investments.

(xv) As per information and explanations provided to us, the Company has given Corporate Guarantee aggregating to Rs, 511 Lacs for housing loans taken by relative of the promoter-directors of the company. We are unable to comment as to whether the terms and conditions of such loan are prejudicial to the interest of the Company.

(xvi) As per the records of the Company, the Company has applied the term loans for the purposes for which it was taken during the year.

(xvii) According to the information and explanations given to us and based on 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 by the Company.

(xviii) The Company has not made any preferential allotment of shares during the year.

(xix) The Company has not issued debentures during the year under consideration.

(xx) The Company has not raised any money by way of public issue during the year under consideration.

(xxi) Based upon the audit procedures performed and information and explanations given by the management, there were no fraud on or by the Company noticed or reported during the year.

For K C P L & Associates

Chartered Accountants

Firm Reg. No. 119223W

Sd/-

Saurabh Agarwal

Place: Mumbai Partner

Date: 28/09/2013 M. No. : 119139


Mar 31, 2012

We have audited the attached Balance Sheet of Shree Pushkar Chemicals & Fertilizers Limited as at 31st March, 2012 and also the annexed Statement of Profit and Loss and Cash Flow Statement for the year ended on that date. 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 disclosure 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 (Auditor's Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub-section (4A) of Section 227 of The Companies Act, 1956. We enclosed the annexure statement on the matters specified in paragraphs 4 and 5 of the Order.

2. Further to our comments in the Annexure referred to in paragraph 1 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, proper books of accounts 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 referred to in this report are in agreement with the books of accounts.

d) In our opinion and to the best of our information and according to the explanations given to us, they said Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956.

e) On the basis of written representation received from the Directors as on 31st March, 2012 and taken approval by the Board, we report that none of the Directors is disqualified as on 31st March, 2012 from being appointed as Directors in terms of Clause (g) of Subsection (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 financial statements give in the prescribed manner the information required by the Companies Act, 1956, in the manner as required and present a true and fair view in conformity with the accounting principles generally accepted in India:

i. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012 and ii. In the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date. iii. In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Annexure referred to in Paragraph 1 of the Auditors Report to the members of Shree Pushkar Chemicals & Fertilizers Limited for the year ended 31st March 2012.

As required by the Companies (Auditors Report) Order, 2003 and amendments thereto and according to the information and explanations given to us during the course of the audit and on the basis of such checks of the books and records as were considered appropriate we report that:

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

(b) As explained to us, all the assets have been physically verified by the management in accordance with a phased program of verification, which in our opinion is reasonable, considering the size and the nature of business. The frequency of verification is reasonable and no material discrepancies have been noticed on such physical verification.

(c) The Company has not disposed off any of its fixed assets during the year.

(ii) (a) As explained to us physical verification of inventories has been conducted during the year by the management at reasonable intervals.

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

(c) In our opinion and according to the information and explanation given to us, and from our verification of Inventory records, the Company is advised to maintain the records in a more detailed manner according to the size of the Company and the nature of its business.

(iii) (a) During the year the company has not granted unsecured loans to any Parties covered in the registered maintained under section 301 of the Companies Act, 1956.

(b) In view of our comments in para (iii) (a) above, clauses (iii) (b) (c) and (d) of the said order are not applicable to the company

(c) The company has taken interest free unsecured loans from three parties (payable on

call and no stipulation for due date of repayment) covered in the registered maintained under section 301 of the Companies Act, 1956. The aggregate maximum amount involved during the year was Rs. 184.74/- lacs. The year-end balance of such loans was Rs. 168.71/- lacs.

(d) The above loans are interest free and other terms and conditions on which loans have been given are prima facie, not prejudicial to the interest of the Company.

(e) In view of our comments above, clause (iii) (g) of the said order is not applicable to the company.

(iv) In our opinion and according to the information and explanations given to us, the

internal control system is adequate commensurate with the size of the Company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods and service. However the Company is advised to strengthen its Internal Control on documentation.

(v) (a) In our opinion and according to the information and explanations given to us, the particular of contracts or arrangements as referred to in section 301 of the Act have been entered in to the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Act and exceeding the value of Rupees five lakhs in respect of any party during the year, have been made at prices, which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

(vi) According to the information and explanations given to us, the Company has not accepted any deposits from public.

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

(viii) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion the prima facie the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(ix)(a) According to the records of the company produced before us, the Company was generally regular in depositing with appropriate authorities undisputed statutory dues, including Provident Fund, Income Tax, Sales Tax, Custom Duty, Excise Duty, Service Tax, Cess and other statutory dues applicable to it except following:-

Sr. Nature of the Amount Period to which No dues (In Rs.) amount Relates . 1 Tax Deducted at 1,06,000 FY 10-11 Sources

2 Professional Tax 7,500 FY 11-12

3 Central Sales 24,32,041 FY 11-12 Tax

4 Income Tax 16,75,348 AY 09-10

5 Income Tax 57,72,410 AY 11-12

Profession Tax Employees Contribution was not deducted & deposited by the company.

(b) According to the records of the company, there are no disputed dues of sales tax, customs duty, wealth tax, service tax and excise duty / cess except described below:

Sr. Nature of the Nature of the Amount No Stature dues (In Rs.)

1 Income Tax Act,1961 Income Tax 18,96,652

2 Maharashtra Value VAT Refundable 3,00,000 added Tax Act, 2002

3 Maharashtra Value VAT Refundable 63,54,754 added Tax Act, 2002

4 Maharashtra Value VAT Refundable 3,00,000 added Tax Act, 2002

Nature of the Period to Forum Where Stature which Dispute is amount Pending Relates

Income Tax Act, A.Y. 09-10 Assistant 1961 1961 Commissioner

Maharashtra Value A.Y. 07-08 Appellate Tribunal added Tax Act, 2002 (Kolhapur)

Maharashtra Value A.Y. 11-12 DC Level added Tax Act, 2002

Maharashtra Value A.Y. 06-07 Appellate Tribunal added Tax Act, 2002 (Kolhapur)

(x) The company has no accumulated losses at the end of the financial year and has not incurred any cash loss during the financial year and in the immediately preceding financial year.

(xi) Based on our audit procedures and on the information and explanations given by the management, during the year the Company has made delay in repayment of term loan to Banks and Financial Institutions certain times however no amount is overdue at the year end.

(xii) 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 or other securities

(xiii) The provisions of any Special Statute applicable to Chit Fund, Nidhi or Mutual Benefit

Fund/ Societies are not applicable to the company.

(xiv) As per records of the company and information and explanations given to us by the management, company is not dealing or trading in shares, securities, and debentures and other investments.

(xv) As per information's and explanations provided to us, the company has given Corporate Guarantee aggregating to Rs. 511 Lacs for housing loans taken by the Directors of the company.

(xvi) According to the records of the Company, the Company has applied the term loans for the purposes for which it was taken during the year.

(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 by the company.

(xviii) During the year, the Company has issued 4,70,632 Equity Shares of Face Value of Rs.10/- each at a premium of Rs.16.56/- each to one party covered in the register maintained under section 301 of the Companies Act 1956. The price at which these shares were issued is not prima facie prejudicial to the interest of the Company.

(xix) During the period covered by audit report the company has not issued any debentures.

(xx) During the year the company has not raised any money by way of public issue.

(xxi) Based upon the audit procedures performed and information and explanations given by the management, there were no fraud on or by the Company noticed or reported during the year.

For K C P L & Associates

Chartered Accountants

Firm Reg. No.119223W

Sd/-

Saurabh Agarwal

Place : Mumbai Partner

Date : September 24th, 2012 M.No. : 119139


Mar 31, 2011

We have audited the attached Balance Sheet of SHREE PUSHKAR PETRO PRODUCTS LIMITED as at 31st March 2011, the Profit & Loss Account and cash flow 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 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 misstatements. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditors' Report) order, 2003 as amended by the companies (Auditors Report) (Amendment) order, 2004 (together the order) issued by the Central Government of India in terms of section 227(4A) of the Companies Act, 1956, and on the basis of such checks of the books and records as we considered appropriate and the information and explanation given to us during the course of audit, we give in the annexure a statement on the matters specified in the paragraphs 4 & 5 of the said order.

2. Further to our comments in the Annexure referred to in paragraph one 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, 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, Profit & Loss Account and cash flow statement dealt with by this report are in agreement with the books of account.

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

e) Based on the representation received from the director and taken on record by the board of directors , the directors of the company do not prime facie, have any disqualification as referred to in Section 274 (1) (g) of the Companies Act, 1956.

f) In our opinion and to the best our information and according to the explanations given to us, the said accounts read together with Significant Accounting Policies and other 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 the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2011.

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

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

ANNEXURE REFERRED TO IN PARAGRAPH (1) OF AUDITOR'S REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2011 OF SHREE PUSHKAR PETRO PRODUCTS LIMITED ON THE BASIS OF SUCH CHECKS AS WE CONSIDERED APPROPRIATE AND IN TERMS OF THE INFORMATION AND EXPLANATION GIVEN TO US, WE STATE THAT

1. (a) The Company is in process of updating the records to show full particulars, including quantitative details and situation of its fixed assets.

(b) As explained to us the fixed assets have been physically verified by the Management at reasonable intervals during the year. We are informed that no material discrepancies have been noticed by the management on such verification as compared to the aforesaid records of fixed assets.

(c) There was no substantial disposal of fixed assets during the year.

2. (a) The management has conducted physical verification of inventory at reasonable intervals.

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

3. (a) The Company has not granted any loans to any party covered in the register maintained under section 301 of the Companies Act, 1956.

(d) The Company has taken unsecured loan from two parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the period was Rs. 90.62 Lacs and year end balance was Rs.6.95 Lacs

(e) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions for loans taken are prima facie not prejudicial to the interest of the Company.

(f) In our opinion and according to the information and explanations given to us, there was no stipulation regarding the repayment of principal amount and Interest,

4. 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, for the purchase of inventory and fixed assets and for the sale of goods & services. There is no continuing failure to correct major weaknesses in the internal control systems.

5. (a) According to the information and explanations given to us 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) According to the information and explanations given to us Where such transactions is in excess of Rs5 Lacs, the transactions has been made at prices which prima face reasonable having regards to prevailing market prices at the relevant time and they are not prejudicial in the interest of the company

6 As explained to us, the Company has not accepted any deposits from the public within the meaning of section 58A, 58AA or any other relevant provisions of the Act and the Companies (Acceptance of deposits) rules 1975.

7 In our opinion the company has an internal audit system commensurate with the size of the Company and the nature of its business

8 It was informed that the central government has not prescribed for maintenance of cost records as required under section 209(1) (d) of the Companies Act, 1956.

9 (a) According to the information and explanations given to us and the books and records examined by us, the Company has been generally regular in depositing undisputed 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 applicable to it with the appropriate authorities except as mentioned in clause 9(b) below.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of 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 were outstanding at the year end for a period of more than six months from the date they became payable except Value Added Tax of Rs.10.76 lacs for F.Y.2007-08, Rs. 63.98 lacs for F.Y.2008-09, Rs. 11.25 Lacs for F.Y.2010-11 and Income Tax of Rs.0.86 Lacs for A.Y.2006-07 which remained unpaid at the end of the year. ..

(c) According to the records of the Company, there are no dues outstanding of sales tax, income tax, custom duty, wealth tax, excise duty and cess on account of any dispute, except the dues of Income Tax as under:

Sr. No. Year Rupees Pending at Remark (In Lacs) forum

1. A.Y.2007-08 12.52 ACIT Range Company has filed 7(2),Mumbai rectification petition

2. A.Y.2008-09 51.89 ACIT Range Company has filed 7(2),Mumbai rectification petition

10 The Company has no accumulated losses at the end of the financial year and it has not incurred any cash losses in the current and in the immediately preceding financial year.

11 Based on our audit procedures and the information and explanations given by the management, the company has not defaulted in repayment of dues to any financial institution or bank.

12 According to the information and explanations given to us and based on the documents and records produced 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.

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

15 According to the information and explanations given to us, the Company has given the guarantees for loans taken by the directors to obtain housing loan of Rs. 511 Lacs. However, the loan outstanding is Rs. 371 lacs as of 31-3-11. As per the information available, the market value of the assets so financed is more than the value of the corporate guarantee, therefore, in our opinion the terms and conditions thereof are not prejudicial to the interest of the company.

16 Based on information and explanations given to us by the management, the term loans have been applied for the purpose for which they were obtained.

17 According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that funds raised on short-term basis have been used for long-term investment to the extent of Rs.612.41 Lacs

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

19 According to the information and explanations given to us the Company has not created any security or charge in respect of any secured debenture as no secured debenture were issued hence the provisions of clause 4 (xix) of Companies (Auditors Report) Order, 2003 are not applicable to the company.

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

21 Based upon the audit procedures performed and information and explanations 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 PARIHAR & ASSOCIATES

(CHARTERED ACCOUNTANTS)

(Firm Reg. no. 115701W)

Sd/-

(I.S.Parihar)

PROPREITOR

Place: Mumbai

Dated: 08/09/2011

 
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