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Auditor Report of Shree Shaleen Textiles Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of SHREE SHALEEN TEXTILES LIMITED ('the Company') which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss and the Cash Flow Statement of the Company for the year ended, and a summary of the significant accounting policies and other explanatory information.

2. Management's Responsibility for the Financial Statements

The Company's Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company 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 13 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 control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

3. 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 the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

4. Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act 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 the Balance Sheet, of the state of the Company's affairs as at 31st March, 2015

ii) in the case of the Statement of Profit and Loss, of the loss of the Company for the year ended on that date; and

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

5. Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order, 2003 ("the Order") issued by the Central Government in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

a) We have obtained all the information and explanation 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 it appears from our examination of those books.

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

d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards notified under the Act (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs).

e) On the basis of written representations received from directors of the Company 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 274 (1 )(g) of the Act.

The Annexure referred to in our report to the members of SHREE SHALEEN TEXTILES LIMITED (the Company') for the year Ended on 31 st March. 2015. We report that:

SI. No. Particulars Auditors Remark

1. (a) Whether the company is maintaining proper records The Company has single units of each showing full particulars, including quantitative details and : asset class and hence quantitative details situation of fixed assets: is not applicable

(b) Whether these fixed assets have been physically verified by Yes me M ment ensurcs physical the management at reasonable intervals; whether any verification of Assets at regular intervals material discrepancies were noticed on such verification and : and no discrepanices has been found in if so, whether the same have been properly dealt with in the such verifications books of account;

2. (a) Whether physical verification of inventory has been Yes, the company conducts physical conducted at reasonable intervals by the management; verfication of stocks and also verifies the same with the stock in hand as per the books at reasonable intervals.

(b) Are the procedures of physical verification of inventory followed by the management reasonable and adequate in Yes, the verification process seems relation to the size of the company and the nature of its business. If not, the inadequacies in such procedures should be reported;

(c) Whether the company is maintaining proper records of Year for inventory and whether any material discrepancies were missing No material noticed on physical verification and if so, whether the same : noted on h ical have been properly dealt with in the books of account; verification

3. Whether the company has granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act. If so,

(a) Whether receipt of the principal amount and interest arc also No. There are no regular receipt of any regular; and amount. Majority of the loans from previous reporting period remains un received or substantially undeceived.

(b) If overdue amount is more than rupees one lakh, whether No Steps for recovery of the same has reasonable steps have been taken by the company for been initiated / taken recovery of the principal and interest;

4. Is there an adequate internal control system commensurate with The internal control system of the the size of the company and the nature of its business, for the company with respect to purchase of purchase of inventory and fixed assets and for the sale of goods ; inventory and fixed assets and sales of and services. Whether there is a continuing failure to correct goods are adequately commensurate with major weaknesses in internal control system. the size and nature of the company

5. In case the company has accepted deposits, whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Not Applicable as the Company has not Companies Act and the rules framed there under, where accepted any deposits which can be applicable, have been complied with- I I not, the nature of covered u/s 73 to 76 of the Companies contraventions should be stated; If an order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal, whether the same has been complied with or not.

6. Where maintenance of cost records has been specified by the Central Government under sub-section (1) of section 148 of the Companies Act, whether such accounts and records have been made and maintained;

7. 1(a) lis the company regular in depositing undisputed statutoryl No The company has been constantly at dues including provident fund, employees' state insurance, defauh towards payments of statutory income-tax, sales-tax, wealth tax, service tax, duty of dues such as Tax Deducted at Source, customs, duty of excise, value added tax, cess and any other Service Tax, Income Tax and VAT and statutory dues with the appropriate authorities and if not, the penalties and interest thereof. The extent of the arrears of outstanding statutory dues as at the defaults with respect of the statutory dues last day of the financial year concerned for a period of more remains majorly unpaid for more than six than six months from the difte they became payable, shall be months form the date thay bacme due to indicated by the auditor pavment Statutory payments due for more than six months can be listed as under:

1) Income Tax

Liability (AY 2011 - 12) - Rs. 50,66,856/12 ; Income Tax Liability (AY 2012 -13) - Rs. 1,52,854/-; Income Tax Liability (AY 2013 - 14) - Rs. 2,35,840/- 2) TDS-Rs. 1,10,372/-

(b) In case dues of income tax or sales tax or wealth tax or There was a purported change in service tax or duty of customs or duty of excise or value management on the conditions that the added tax or cess have not been deposited on account of any Income Tax liability of the previous to be dispute, then the amounts involved and the forum where : divided amongst the new and previous dispute is pending shall be mentioned. (A mere management. The outstanding Income representation to the concerned Department shall not Tax Liability for AY 2011 - 12 pertains constitute a dispute).

to such litigation

(c) Whether the amount required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) : Not Applicable and rules made there under has been transferred to such fund within time.

8. Whether in case of a company which has been registered for a period not less than five years, its accumulated losses at the end

The company does not have any of the financial year are not less than fifty per cent of its net worth accunilllgted losses It has a surplus Free and whether it has incurred cash losses in such financial year and Reserve of Rs. 1,66,34,741/- the immediately preceding financial year;

9. [Whether the company has defaulted in repayment of dues to all The companv does not have any financial institution or bank or debenture holders- If yes, the brrrowed funds from any Financial period and amount of default to be reported; Institution of any Banks or Debentures.

10. Whether the company has given any guarantee for loans taken by others from bank or financial institutions, the terms and No, The Company has not given any conditions whereof are prejudicial to the interest of the company; ' guarantees.

11. Whether term loans were applied for the purpose for which the Not Applicable as the company does not loans were obtained; ' have any loans taken

12. Whether any fraud on or by the company has been noticed or reported during the year, If yes, the nature and the amount : None involved is to be indicated.

for SVA & Company

Chartered Accountants

Firm Regn. No. 134179W

Place: Mumbai

Date: September 02,2015 Ankit Totla

Partner

M.No. 145657


Mar 31, 2014

1. We have audited the accompanying financial statements of SHREE SHALEEN TEXTILES LIMTED, which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit & Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.

2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with General Circular 15/2013 dated 13,h September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of Companies Act 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

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

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

6. In our opinion and to the best of our information and according to the explanations given to us the accounts the financial statements give the information required by the Act in the manner so required and give a true and fair view jn 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 31,2014;

b. in the case of the Statement of Profit and l.oss, of the profit for the year ended on that date.

7. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued bv the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

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

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

d) In our opinion, the Balance Sheet and the Statement of Profit and Loss comply with the Accounting Standards referred to in subsection (3Q of section 211 of the Companies Act, 1956 read with General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of Companies Act 2013.

e) On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE TO TIIL AUDITORS'' REPORT (Referred to in paragraph 7 of our report of even date)

As required by the Companies (Auditors Report)Order, 2003 as amended by Companies (Auditors 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 and on the basis of such checks as we considered appropriate, we further report that:

i) As regards fixed Assets:

a. The company does not have any fixed assets and hence, compliance related to comprehensive fixed assets register is Not Applicable.

b. The Company does not have any fixed assets, therefore, the question of physical verification of Fixed Assets docs not arise. Therefore discrepancies on account of physical verification cannot arise;

c. In our opinion, the company has not disposed off a substantial part of fixed assets, which affect the going concern status of the company.

ii) As regards Inventories:

a. The inventories have been physically verified by the management at reasonable intervals during the year and at the close of the year;

b. The procedures of physical verification of inventories followed by the management as explained to us are, in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business;

c. On the basis of our examination of the inventory records of the Company, we are of the opinion that the Company is generally maintaining proper records of its inventory. The discrepancies noticed on physical verification between physical stock and book records were not material in relation to operations of the company and the same have been properly dealt with in the books of accounts;

iii) According to the information and explanations given to us, the company has granted and taken unsecured loans to parties required to be mentioned in the register to be maintained i^s 301 of the Companies Act which are enlisted as unden

Name of Nature of Opening Addition Related Transaction Balance during the Party year

1) Ever Loan 5,90,000 1.0(1000 Comfort Received Travels (I) Ltd

2)Lwson Loan 1,68,42,444 0 Trading Co. Advanced Pvt. Ltd

3) Sarita Loan 0 1,00,000 Sharma Advanced

Name of related party Deduction during the year Closing Balance

Ever comfort Travels 3,28,876 8,18,876 (I) Ltd

Lawson Trading Co 1,06,00,000 62,42,444 Pvt. Ltd

Sarita Sharma 0 1,00,000

iv) In our opinion and according to the information and explanations given to us, there arc adequate internal control systems commensurate with the size of the Company and the nature of its business with regard to the purchase of inventory and fixed assets and for the sale of goods and services. As per the information given to us, no major weaknesses in the internal controls have been identified by the management or the Internal Audit Department of the Company during the year. During the course of our audit, nothing has come to our notice that may suggest major weaknesses in the internal control system.

v) There are no contracts or arrangements with the parties to be recorded in the register maintained under section 301 of the companies Act, 1956.

vi) The company has not accepted deposits from the public. Hence the directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under are not applicable to the Company.

vii) According to the information and explanations given to us, we are of the opinion that the Company has an adequate internal audit system, commensurate with the size and nature of its business.

viii) We are informed that the Central Government has not prescribed maintenance of cost records under section 209 (i) (d) of the Companies Act, 1956 for the industry to which the Company pertains.

ix) (a) According to the information and explanations given to us and according to the

books and the records of the company examined by us, in our opinion, the company is not 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, customs duty, excise duty, cess and other material statutory dues as applicable with the appropriate authorities.

(b) According to the information and explanations given to us and the records of the Company examined by us, following are the undisputed dues on account of Income Tax, Tax Deducted at Source and Professional Tax as at March 31, 2014, that has not been deposited :

Particulars Outstanding as on Paid During 31/03/2013 the Year

1) Professional Tax 4,575 -

2) Income Tax 82,50,000 -

3) Tax Deducted at 707094 26,103 Source

Patcular Payable Total but not Paid Outstanding Liability during the year

Professional Tax - 4,575

Income Tax 2,91,OOO 85,41,000

Tax Deducted at Source 21,128 65,119

* Income Tax Liability is on account of Minimum Alternative Tax as per the provisions of

Income Tax Act, 1961.

x) As on 31rt March 2014 the company has no accumulated losses and it has not incurred any cash losses in the financial year covered by the audit or in the immediately preceding financial year.

xi) The company has not borrowed any funds from financial institution and banks during the financial year under audit. Therefore, clause 4(xi) of the Companies (Auditor''s Report) Order 2003 is not applicable to the Company.

xii) According to the 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.

xiii) In our opinion, the Company is not a chit fund/nidhi/mutual benefit fun
(xiv) According to information and explanation given to us, the Company is not dealer or trader in shares, securities, debentures and other investment. Therefore, clause 4(xiv) of the Companies (Auditor''s Report) Order 2003 is not applicable to the Company.

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

(xvi) According to the information & explanations given to us, company has not taken any term loan during the year; hence clause 4(xvi) of the order is not applicable.

(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.

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

(xix) The Company has not issued any debentures during the period covered under audit; therefore, clause 4(xix) of the Companies (Auditor''s Report) Order 2003 is not applicable to the Company.

(xx) The Company has not raised any money by public issues during the year; therefore, clause 4(xx) of the Companies (Auditor''s Report) Order 2003 is not applicable to the Company.

(xxi) To the best of our knowledge and belief and according to the information and explanations given to us, we have neither come across any instances of fraud on or by the Company, noticed or reported during the year that causes the financial statements to be materially misstated.

for SVA & Company (Chartered Accountants) FR. No.; 134179W

Sd/- Ankit Naresh Totla (Partner) M. No. 145657

Place: Mumbai Date: 30th May, 2014


Mar 31, 2012

We have audited the attached Balance Sheet of SHREE SHALEEN TEXTILES LIMITED, as at 31st March, 2012 and aiso the Statement of 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.

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

As required by the Companies {Auditor's Report) Order 2003 issued by the Central Government of India In terms of sub-section (4A) of section 227 of the Companies Act 1953, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order on the basis of information and explanations received by us.

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 accounts as required by law have been kept by the company so far as appears from our examination of the books of accounts;

(c) The Balance Sheet dealt with by this report are in agreement with the books of accounts;

(d) In our opinion, the Balance Sheet of the company comply with the Accounting Standards as referred in Sub- Section (3C.) of Section 211 of the Companies Act, 1956, to the extent applicable;

(e) As per information and explanations given to us, none of the directors of the company are disqualified from being appointed as a director under clause (g) of Sub-Section (1) of Section 274 or the Companies Act, 1956;

(f) In our opinion and to the best of our information and according to explanations given to us, the said accounts, read together with Significant Accounting Policies and Notes forming part of Accounts, give the information required by the Companies Act, 1956 in the manner so required, and give a true and fair view in conformity with the accounting principles generally accepted in India,

(i) in case of Balance Sheet, of the state of the affairs of the company as at 31st March 2012 .

(ii) In case of Profit and Loss Account, of the Loss of the Company 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 AUDITORS' REPORT

Referred to in paragraph 1 of our report of even date:

1. in respect of Its fixed assets:

a. The Company has maintained proper records showing full particulars including quantitative details & situation of Fixed Assets

b. All the fixed assets have been physically verified by the management during the year & there is a regular programme of verification which in our opinion is reasonable having regard to the size of the Company and the nature of its business. No material discrepancies were noticed on such verification.

c. During the year, the Company has not disposed off any substantial fixed assets.

2. In respect of its inventories:

a. As explained to us, inventories have been physically verified by the management at regular intervals during the year

b. In our opinion and according to the information and explanations given to us. the procedures of verification of inventories followed by the management are reasonable in relation to the size of the Company and the nature of its business.

c. The Company has maintained proper records of Inventories As explained to us, no discrepancies have been noticed on physical verification of inventories with the book records.

3. a. As informed to us, the Company has granted interest-free unsecured loans to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1958 The maximum balance outstanding at any time during the year was Rs. 4,99,06,422/-

b. In the case of loan granted to companies, firms or other parties listed in the register maintained under Section 301, the terms of arrangement do not stipulate any repayment schedule and is repayable on demand Accordingly, paragraph 4(iii)(c) of the Order is not applicable to the Company in respect of repayment of the principal amount, ¦¦

c. There is no overdue amount of the loan granted to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

d. The Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under Section 301 of the Act, Accordingly, paragraphs 4{iii)(e) to 4(iii)(g) of the Order are not applicable.

4. In our opinion and according to the information & explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature,of its business with regards to the purchase of inventories, fixed assets and equipments & for sale of goods. During the course of our audit, we have not observed any major weakness in internal controls.

5. In respect of transactions covered under Section 301 of the Companies Act. 1956.

a. According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act. 1956 have been so entered, b In our opinion and according to the information and explanations given to us. the transactions of purchase & sale of goods and services, made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 as aggregating during the year to Rs, 5,00,000/- or more in respect of each party have been made at prices which are reasonable having regard to the prevailing market prices except certain transactions of sales of goods which are below the prevailing market price.

6. The Company has not accepted any deposits from the public,

7. The affairs of the Company are conducted by the directors themselves. The Company does not have a formai system of internal audit but there are adequate checks and controls at all levels, _

8. We have broadly reviewed the books of accounts maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956 and are of the opinion that prima-facie, the prescribed accounts and records have been made and maintained,

9. In respect of the statutory' dues:

a. According to the records of the Company, undisputed statutory dues Including Provident Fund, Employees' State Insurance. Income-tax, Sales-tax, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities.

b. According to the information and explanations given to us, there are no undisputed amount payabie in respect the aforesaid dues which have remained outstanding as at 31st March, 2012 for a period more than six months from the date they became payable.

c. On the basis of our examination of the documents and records of the Company and the information and explanations given to us upon our inquiries in this regard, no disputed amounts is payabie in respect of income tax, sales tax, wealth tax, service tax, custom duty, excise duty and cess which have not been deposited with the appropriate authorities are Nil.

10. The Company has neither accumulated losses nor it has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues io financial Institutions and banks. There are no debentures issued by the Company and as such the question of default in payment to debenture-holders does not arise.

12. in our opinion and according to the information & explanations given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company is not a chit fund, a nidhi, mutual benefit fund or a society. Accordingly clause (xiii) of paragraph 4 of the Order is not applicable to the Company.

14. In our opinion and according to the information and explanations given to us, the Company is not a dealer or trader in securities.

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

16. The Company has not taken any term loan. Accordingly clause 4(xvi) of the Order is 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, we report that no funds raised on short term basis have been used for long term investments. The Company has not raised any long-term funds during the year.

18. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures. Accordingly clause 4(xix) of the Order is not applicable to the Company

20. According to the information and explanations given to us, during the period covered by our audit, the Company has not raised any money by way of public issue during the year.

21. According to the information and explanations given to us, no fraud on or by the Company has Deen noticed at reported during the year.

for SATISH SON! AND CO,

Chartered Accountants

SATISH SONI

(Proprietor)

M.No: 044391

Date :31 Aug 2012

Place: Mumbai


Mar 31, 2011

We have audited the attached Balance Sheet of M/S. SHREE SHALEEN TEXTILE LIMITED, as at 31st March, 2011, and also the Profit & Loss A/c of he Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the companies' management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with accounting standards generally accepted in India. Those standards required that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are true from material misstatement.

An audit also includes examining, on a test basis, evidence supporting the amount and disclosure in the financial statements. An audit also includes assessing the accounting principle used and significant estimates made by the management, as well as evaluating the over all financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

I.As required by the Companies (Auditors Report) Order, 2003 issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956 we enclose in the Annexure a Statement on the matters specified in paragraph 4 & 5 of the said order

II. Further to our comments in the Annexure referred to in paragraph (1) above, we state that:-

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

(b) In our opinion, proper books of accounts as required by law have been kept by the Company as appears from our examination of books of the Company.

(c) The Balance Sheet and the Profit & Loss Account referred to in this report are in agreement with the books of accounts.

(d) In our opinion the Profit & Loss Account and the Balance Sheet comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

(e) Based on representations from the Directors of the Company and the information and explanations as made available, Directors of the Company do not prima-facie have any disqualification as referred to in clause (g) of sub section (1) of section 274 of the Act.

(f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information 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.

(ii) In the case of the Profit & Loss Account, of the profit of the Company for the year ended 31st March, 2011.

ANNEXURE TO THE AUDITORS' REPORT

M/S. SHREE SHALEEN TEXTILE LIMITED

As required by the Companies ( Auditor's Report ) Order 2003, issued by the Central Government of India in terms of section 227 (4 A) of the Companies Act, 1956 : -

1. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. As explained to us, the fixed assets have been physically verified by the management during the period and no material discrepancies were noticed on such verification.

2. The procedure of physical verification of the finished goods followed by the Management is in Our opinion reasonable and adequate. There is no discrepancy between the physical stock and stock records. The valuation of above-mentioned inventories is in our opinion fair and proper in accordance with the normally accepted accounting principles.

3. (a) According to the information and explanation given to us, the company has not granted unsecured or secured loans to firm and other parties as listed in the register maintained under section 301 of the Companies Act, 1956. There is no closing balance.

(b) According to the information and explanation given to us, the company has not taken any loans secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Act. Hence sub clause (e) , (f) , & (g) of clause 4 (iii) of the order not applicable.

4. 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 with regard to the purchases of finished goods and other assets, and for the sale of Goods and services. During the course of our audit, no major weakness has been noticed in the Internal control system of these areas.

5. According to the information and explanations given to us, we are of the opinion that there were no transactions that needs to be entered in the register maintained under section 301 of the companies Act, 1956. hence clause 4 (v) of the order is not applicable.

6. As the company has not accepted any deposits from the public, the directive issued by the Reserve bank Of India and the provisions of Section 58-A and 58AAor any other relevant provisions of the companies act, 1956, and the rules framed there under are not applicable.

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

8. According to the information and explanations given to us, the Central Government has not prescribed the maintenance of the cost records under section 209 (1) (d) of the Companies act, 1956 for any of the products manufactured by the company. Hence clause, 4 (viii) of the order is not applicable.

9. (a) According to the information and explanations given to us and according to the records of the company, 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 any other statutory dues applicable to the company have generally been regularly deposited by the company have generally been regularly deposited by the company with the appropriate authorities.

(b) At the last day of the financial year, there are no amount in respect of disputed income Tax, wealth tax, sales tax, custom duty and excise duty which were due for more than six months from the date they became payable under Income Tax Act, 1961.

10. The company has no accumulated losses and has not incurred any cash losses during the financial year or immediately preceding financial year.

11. Based on the audit procedures and according to the information and explanations given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions and banks

12. In our opinion and according to the information and explanations given to us and based on the information available, no loans and advances have been granted by the company on the basis of security by way of pledge of shares and securities.

13. The company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, this clause is not applicable.

14. The company is not dealing and trading in shares. Hence clause 4 (xiv) of the order is not applicable.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by other from bank or financial institutions.

16. The company has no term loans.

17. No fund raised on short term basis have been used for long term investments. No long term funds have been used to finance short term assets except permanent working capital.

18. The company has not made any preferential allotment of shares during the period.

19. The company has no secured debentures issued hence, clause 4 (xix) of the order is not applicable.

20. The company has not raised any monies by way of public issue during the year.

21. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.



For Sanjay B Sharma & Co.

Chartered Accountants

Sd/- Sanjay B Sharma

Proprietor

Place: Mumbai

Date: 17th August, 2011.


Mar 31, 2010

1.We have audited the attached Balance Sheet of SHREE SHALEEN TEXTILE LIMITED as at 31st March, 2010 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 Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in v 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.

3. As required by the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors Report) (Amendment) Order, 2004 (together the said 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 as we considered appropriate, and according to the information and explanations given to us, 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:-

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

c) The Balance Sheet and the Profit and Loss Account dealt with by this report are in ag^ejognt with the books of account;

d) In our opinion, the Balance Sheet and the Profit and Loss Account dealt with by this report comply with all Accounting Standards referred to in section 211 (3C) of the Companies Act, 1956.

e) According to the information and explanation given to us and on the basis of written representation received from the Directors of the Company, as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2010 from being appointed as a Director under 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 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 the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010 and,

ii) in the case of the Profit and Loss Account, of the Profits of the Company for the Year ended on that date.

ANNEXURE TO THE AUDITORS REPORT (Referred to in Paragraph 3 of our report of even date to the Members of on the accounts for the year ended March 31, 2010)

1. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. As explained to us, the fixed assets have been physically verified by the management during the period and no material discrepancies were noticed on such verification.

2. The Company is not having any inventories hence verification of inventories is not applicable to the company.

3. The company has neither granted nor taken any loan, secured or unsecured to/from a company, firm or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, clause (iii) (a), (b), (c) (d) (e) (f) and (g) of the Order are not applicable.

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

5.(a) In our opinion and according to the information and explanation given to us, there are no transactions made in pursuance of contracts or arrangements, that needed to be entered into the register maintained under section 301 of the Companies Act, 1956.

(b) In view of above, clause (v) b of the Order is not applicable.

6. The Company has not accepted any deposits from the public to which the directives issued by the Reserve Bank of India, the provision of Sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under apply.

7. Clause (vii) of the Order relating to internal audit system is not applicable to the company during the year under audit.

8. We have been informed that the Central Government has not prescribed for maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 in respect of goods or services of the company.

(b) According to the information and explanations given to us, there are no dues in respect of sales tax, income tax, service tax, customs duty, wealth tax, excise duty and cess that have not been deposited with the appropriate authorities on account of any dispute.

10. The Company does not have accumulated losses as at the end of the financial year The Company has incurred cash losses in the current financial year.

11. Based on our audit procedures and the information and explanations given by the management, the are no liabilities from banks financial institutions or debenture holders, and hence there is no default in repayment of the same.

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

13. In our opinion, the Company is not a Chit fund Company or nidhi/mutual benefit fund/society. Therefore the provisions of Clause (xiii) of the Order are not applicable to the Company.

14. In our opinion, the Company is trading in equity shares of listed companies. Accordingly, the provisions of clause (xiv) of the Order are not applicable to the Company.

15. 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.

16. The Company has not obtained any Term Loans.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we are of the opinion that fund raised on short term basis have not been used for long term investments.

20. During the period covered by our audit report, the Company has not raised any money by public issues.

21. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For,

San jay Sharma & Co, Chartered Accountants, Membership No. 042298

Place : Mumbai Date .06/09/2010




Mar 31, 2009

1. We have audited the attached Balance Sheet of Shree Shaleen Textiles Ltd. as at 31st March, 2009 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 Companys management. Our responsibility is to express an opinion on these financial statements 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 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.

3. As required by the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors Report) (Amendment) Order, 2004 (together the said Order) issued by the Central Government of India in terms of Section/ 227 (4A) of the Companies Act, 1956 and on the basisNpf such checks as we considered appropriate, and according to the information .and explanations given to us, 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:-

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

c) the Balance Sheet and the Profit and Loss Accoun^ealt^witrr ^this report are in agreement with the books of account;]

d) In our opinion, the Balance Sheet and the Profit and Loss Account dealt with by this report comply with all Accounting Standards referred to in section 211 (3C) of the Companies Act, 1956.

e) According to the information and explanation given to us and on the basis of written representation received from the Directors of the Company, as on 31st March, 2009 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2009 from being appointed as a Director under 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 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 the Balance Sheet, of the state of affairs of the Company as at 31st March, 2009 and,

ii) in the case of the Profit and Loss Account, of the Profits of the Company for the Year ended on that date.

ANNEXURE TO THE AUDITORS REPORT (Referred to in Paragraph 3 of our report of even date to the Members of on the accounts for the year ended March 31, 2009)

1.(a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) We have been informed that most of fixed assets have been physically verified by the management during the year. In our opinion the frequency of the verification is reasonable. No material discrepancies were noticed on such verification.

(c) During the year there was no disposal of substantial/major part of the fixed assets.

2.(a) As per the information furnished, the inventories have been physically verified during the period by the management except for inventories lying with third-parties from whom confirmations have been received. In our opinion, having regard to the nature and location of stocks, the frequency of the physical verification is reasonable.

(b) In our opinion, and according to the information and explanation given to us, the procedure of physical verification of the inventory 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 explanations given to us the company is maintaining proper records of the inventory and no material discrepancies were noticed on physical verification of such stocks as compared to book records.

3.(a) The company has neither granted nor taken any loan, secured or unsecured to/from a company, firm or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, clause (iii) (a), (b), (c) (d) (e) (f) and (g) of the Order are not applicable.

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

5.(a) In our opinion and according to the information and explanation given to us, there are no transactions made in pursuance of contracts or arrangements, that needed to be entered into the register maintained under section 301 of the Companies Act, 1956.

In view of above, clause (v) b of the Order is not applicable.

6. The Company has not accepted any deposits from the public to which the directives issued by the Reserve Bank of India, the provision of Sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under apply.

7. Clause (vii) of the Order relating to. internal audit system is not applicable to the company during the year under audit.

8. We have been informed that the Central Government has not prescribed for maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 in respect of goods or services of the company.

9.(a) According to the information and explanations given to us, and on the basis of our examination of the books of account, the Company is. generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, service tax, wealth tax, custom duty, excise duty, cess and other material statutory dues applicable to it. According to the information and explanations given to us, no undisputed dues payable in respect of Income tax, wealth tax, sales tax, service tax, custom duty, excise duty and cess are in arrears as at 31st March, 2009 for a period of more than six months from the date triey became payable.

(b) According to the information and explanations given to us, there are no dues in respect of sales tax, income tax, service tax, customs duty, wealth tax, excise duty and cess that have not been deposited with the appropriate authorities on account of any dispute.

10. The Company neither has accumulated losses as at the end of the financial year nor has incurred cash losses in the current financial year or in the immediately preceding financial year.

11. Based on our audit procedures and the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders as at the balance sheet date.

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

13. In our opinion, the Company is not a Chit fund Company or nidhi/mutual benefit fund/society. Therefore the provisions of Clause (xiii) of the Order 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 (xiv) of the Order are not applicable to the Company.

15. 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.

16. The Company has not obtained any Term Loans.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we are of the opinion that fund raised on short term basis have not been used for long term investments.

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

19. The Company has not issued any debentures during the year under review.

20. During the period covered by our audit report, the Company has not raised any money by public issues.

21. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company has beennoticed or reported during the course of our audit.

For, Sanjay Sharma & Co,

Chartered Accountants,

Membership No. 42298

Place: Mumbai

Date : 28th August, 2009.

 
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