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Auditor Report of SRK Industries Ltd.

Mar 31, 2015

1. We have audited the accompanying standalone financial statements of S R K Industries Limited ("the Company"), which comprise the Balance sheet as at March 31, 2015, the Statement of profit and Loss, 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

2. The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ('the Act') with respect to the preparation of these financial statements to give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit.

4. We have taken into account the provisions of Act and the Rules made thereunder including the accounting standards and matters which are required to be included in the audit report.

5. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those standards and pronouncements 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.

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

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

Opinion

8. 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, of the state of affairs of the Company as at March 31, 2015, and its profit and its cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

9. As required by 'the Companies (Auditor's Report) Order, 2015 (''the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

10. As required by Section 143(3) of the Act, we report that:

a. We have sought & obtained all the information and explanations which to the best of our knowledge & 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, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Repot are in agreement with the books of account;

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

e. On the basis of the written representations received from the Directors as on March 31, 2015 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 Section 164 (2) of the Act;

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

i) The company does not have any pending litigations as at March 31, 2015;

ii) The Company did not have any long term contracts, including derivative contracts for which there were any material foreseeable losses;

iii) There has been no amount due as at March 31, 2015 which was required to be transferred to the Investor Education and Protection Fund by the Company.

Annexure to Independent Auditors Report: Referred to in Paragraph 9 of the Independent Auditors' Report of even date to the members of S R K Industries Limited on the standalone financial statements as of and for the year ended March 31, 2015

(i) a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. b) As explained to us, all the fixed assets have been physically verified by the management in accordance with a phased programme of verification, which in our opinion is reasonable, considering the size and the nature of business. The frequency of verification is reasonable and no discrepancies have been noticed on such physical verification.

(ii) a) The inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b) In our opinion, 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) On the basis of our examination of the inventory records, in our opinion, the Company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material.

(iii) The Company has not granted unsecured loans to companies covered in the register maintained under section 189 of the Act. The Company has not granted any secured/unsecured loans to firms or other parties covered in the register maintained under section 189 of the Act.

a) The company has not granted any loan, hence Clause (iii)(a) is not applicable.

(b) The company has not granted any loan, hence Clause (iii)(b) is not applicable.

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

(v) The Company has not accepted any deposits from the public within the meaning of sections 73 to 76 of the Act and the Rules framed there under to the extent notified.

(vi) As per information & explanations given to us, the Central Government has not prescribed for the maintenance of cost records as required under section 148 (1) of the Companies Act, 2013.

(vii)(a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is regular in depositing the undisputed statutory dues including Provident Fund, Employee State Insurance Fund, Income tax, Sales Tax, Service tax, Wealth Tax, Duty of Customs, Duty of Excise, Value Added Tax and other statutory dues with the appropriate authorities.

(b) According to the information and explanations given to us, there are no amounts payable in respect of Income Tax, Sales Tax, Wealth Tax, Service Tax, Duty of Custom, Duty of Excise, Value Added Tax and Cess.

(c) As explained to us and on the basis of examination of the records, there was no amount due as at March 31, 2015 which was required to be transferred to the Investor Education and Protection Fund by the Company.

(viii) The company has no accumulated losses as at the end of the financial year and it has not incurred any cash losses in the current financial year and in the immediately preceding financial year.

(ix) In our opinion and according to the information and explanations given to us, the Company has not taken any loans from banks and financial institutions during the year, and hence clause (ix) is not applicable.

(x) In our opinion and according to the information and explanations given to us, the company has not given any guarantees for loans taken by the other company during the year and hence clause (x) is not applicable.

(xi) In our opinion and according to the information and explanations given to us, the company has not taken any term loan during the year, and hence clause (xi) is not applicable.

(xii) During the course of our examination of the books and records of the Company carried out in accordance with the generally accepted Auditing practices in India and according to the information and explanations given to us, we have neither come across any instances of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such cases by the management.

For V. R. Renuka & Co.

Chartered Accountants

Firm Registration No. 108826W

sd/-

V. R. Renuka

Proprietor

M. No. 032263

Mumbai, May 29, 2015


Mar 31, 2014

We have audited the accompanying financial statements of S R K INDUSTRIES LIMITED (''The Company'') which comprise the Balance Sheet as at 31March,2014,the Statement of Profit and Loss for the year then ended and a summary of significant accounting policies and other explanatory information.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The 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 control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR''S RESPONSIBILITY

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

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

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

OPINION

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

1. In the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2014;

2. In the case of the Statement of Profit and Loss, of the Profit for the year ended on that date.

3. In the case of the 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, 2003 (''the Order''), as amended, by the Companies (Auditor''s Report) (Amendment) Order 2004, issued by the Central Government of India 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 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 appears from our examination of those books of the Company.

c. The Balance Sheet, Statement of Profit & Loss Account and Cash Flow Statement dealt with by the report are in agreement with the books of accounts of the Company.

d. In our opinion, the Balance Sheet, Statement of Profit & Loss Account and 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 representations received from the directors of the Company as on 31st March 2014, and taken on record by the Board of Directors, none of the directors are disqualified as on 31st March 2014, from being appointed as a Director in terms of Section 274(1) (g) of the Companies Act, 1956.

Annexure referred to in paragraph 1 under the heading "Report on other legal and regulatory requirements" of our report of even date

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

b) Some of the fixed assets were physically verified by the management during the year in accordance with a programme of verification, which in our opinion provides for physical verification of all the fixed assets at reasonable interval. We were informed that no discrepancies were noticed on such verification.

c) No Substantial Part of Fixed Assets has been disposed during the year.

2. The Company is not maintaining any inventory. Accordingly, the provisions of clause 4(ii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

3. a) According to the information and explanations given to us, the Company has not granted any unsecured loans to a director and other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

b) According to the information and explanations given to us, the Company has taken unsecured loans from companies the directors and other parties listed in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved and the year-end balances of such loans aggregates to Rs. 74.53 lacs & Rs 67.63 Lacs, respectively.

c) In our opinion, the rate of interest and other terms and conditions of such loans are not, prima facie, prejudicial to the interest of the company.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to the purchase of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control.

5. a) According to the information and explanations given to us, we are of the opinion that the register maintained under Section 301 of the Companies Act, 1956 includes records of all relevant transactions.

b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year have been at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. According to the information and explanations given to us, the company has not accepted any deposit from the public to which provisions of Section 58A of the Companies Act 1956 and the Companies (Acceptance of Deposits) Rules, 1975 apply.

7. The Company did not have a formal internal audit system during the year under review. However, the Company has explained that its internal control procedures involve reasonable internal checking which, in our opinion, is considered adequate under the circumstances.

8. To the best of our knowledge and according to the information given to us, the maintenance of cost records has not been prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956 is not applicable to the Company.

9. a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees'' state insurance, income tax, sales tax, wealth tax, customs duty, excise duty, cess and other material statutory dues applicable to it.

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

10. The company does not have any accumulated losses as on 31st March 2014 and has not incurred any cash losses during the financial year and in the immediately preceding financial year.

11. The Company has not taken any loans from financial institutions and banks during the year.

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. The Company is not a chit fund, nidhi or mutual benefit fund/society.

14. During the year, the Company does not have any transactions in respect of dealing and trading in shares, securities, debentures and other investments. All shares, debentures and other securities held as investments by the company have been held by the Company in its own name.

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

16. No term loans have been raised during the year.

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 the no funds raised on short-term basis have been used for long-term investment.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Act. However, the face value of each equity shares of Rs 10/- per share has been split to two equity shares of face value of Rs 5/- each. Necessary compliances in this regard have been obtained.

19. The company has not issued any debentures. Hence, the requirement of clause (xix) of paragraph 4 of the Order is not applicable to the Company.

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

21. During the checks carried out by us, any fraud on or by the Company has not been noticed or reported during the year under report.

VASU & CO. Chartered Accountants FRN No. 315042E

Jayanta Basu Partner Memb. No.52710

Place: Mumbai Dated : 29.5.2014


Mar 31, 2013

Report on the Financial Statements

We have audited the attached Balance Sheet of S R K Industries Limited as at 31st March, 2013 and also the Profit and Loss Account and Cash Flow Statement of the Company for the year ended on that date annexed thereto and a summary of significant accounting policies and other explanatory information.

Managements Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards issued by the Institute of Chartered Accountants of 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 involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedure selected depends on the auditor''s judgment, including the assessment of the risk of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us the said accounts together with 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, 2013;

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

iii. in so far as it relates to the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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

(2) As required by section 227(3) of the companies Acr, 1956, we report that :

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

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

(c) The Balance Sheet, Statement of Profit and 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, Statement of Profit and Loss Account 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 31st March, 2013, and taken on record by the Board of Directors, none ofthe Directors are disqualified as on 31st March, 2013, from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

Referred to in Paragraph 2 of my report of even date 1 In respect of its fixed assets:

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. As explained to me, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in my opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. In my opinion, the Company has not disposed of its fixed assets during the year, The Company''s going concern concept was not affected after such disposal.

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 my opinion and according to the information and explanations given to me, the procedures of physical verification of inventories followed by the management at reasonable and adequate in relation to the size of the Company and the nature of its business.

c. The Company has maintained proper records of inventories. As explained to me, there was no material discrepancies noticed on physical verification of inventory as compared to the book records.

3 In respect of loans, secured or unsecured, taken by the Company to / from Companies, or other parties covered in the register maintained under Section 301 of the Companies Act, 1956

a. The Company has not granted any loans to other companies during the year.

b. Since the Company has not granted loans to other Companies, the question of Prima facie prejudicial rate of interest, repayment of Principal and interest, and overdue of loan does not arise.

c. The Company has not taken any loans from other Companies during the year.

4 In my opinion and according to the information and explanations given to me, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods. During the course of my audit, I have not observed any major weaknesses in internal controls.

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

a. In my opinion and according to the information and explanations given to me, there are no transactions made in pursuance of contracts or arrangements that needed to be entered into in the register maintained under section 301 of the Companies Act, 1956.

b. In my opinion and according to the information and explanations given to me, there are no transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rs 5,00,000 (Rupees Five lakhs Only) or more.

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

7 The Company does not have a separate internal audit system. However, in my opinion, the existing internal Control procedures are adequate having regard to the size and nature of the business of the Company.

8 The Central Government has not prescribed maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956.

9 In respect of statutory dues, undisputed statutory dues with regard to Employees'' State Insurance, the Company has not deposited regularly with the appropriate authorities due to the severe financial crisis faced by the Company.

10 The Company has accumulated losses and has not incurred cash loss during the financial year covered by my audit and has not incurred cash loss in the immediately preceding financial year.

11 Since the Company has not availed any loans during the year, the question of repayment does not arise.

12 In my opinion and according to the information and explanation given to me, no loans and advances have been granted by the company on the basis of security by way of pledge of Shares and Securities.

13 In my opinion, the Company is not a chit fund or a nidhi /mutual benefit fund / society. Therefore, clause 4(xiii) ofthe Companies (Auditor''s Report) Order 2003 is not applicable to the Company.

14 In my opinion and according to the information and explanation given to me, the Company is not dealing or trading in shares, securities, debentures and other investments.

15 In my opinion and according to the information and explanation given to me, the Company has not given any guarantees for loans taken by others from banks or financial institutions.

16 The Company has not raised any new term loans during the year.

17 The Company has not used the short term loans for long term investments and vice versa.

18 During the year, the company has not made any preferential allotment of shares to parties and Companies.

19 The Company has not issued debentures; therefore the question of creation of securities does not arise.

20 The Company has not raised any money by way of public issue during the year.

21 In my opinion and according to the information and explanations given to me, no fraud on or by the Company has been noticed or reported during the year, that causes the financial statements to be materially misstated.

sd/-

S.GANESH,

B.COM, GRAD.C.W.A. F.C.A

CHARTERED ACCOUNTANT

Place: Coimbatore M. No. 210367

Date: 30.05.2013


Mar 31, 2012

We have audited the attached Balance sheet of S.R.K.INDUSTRIES LIMITED as on 31.03.2012 and the Profit and Loss account for the year ended on that date annexed there to and Cash Flow Statement for the year ended on that date. These Financial Statements are the responsibility of the Company's Management. My responsibility is to express opinions on these financial statements based on my audit.

1. I conducted my audit in accordance with Auditing Standards generally accepted in India. Those standards require that I 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 Disclosure in 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. I believe that my audit provides a reasonable basis for my opinion.

2. As required by the Companies (Auditor's Report) Order 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act,1956. I enclose in the annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.

3. Further to my comments in the Annexure referred to in paragraph 2 above,

I report that:

a) I have obtained all the information and explanations which to the best of my knowledge and belief were necessary for the purposes of my audit.

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

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

d) In my opinion the Balance Sheet, Profit and Loss account and Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred in sub-section (3C) of section 211 of the Companies Act, 1956.

e) In my opinion, and based on information and explanations given to me, none of the directors are disqualified as on 31s,March 2012 from being appointed as directors in terms of clause (g)of sub-section (1) of section 274 of the Companies Act 1956.

f) In my opinion and to the best of my information and according to the explanations given to me, 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 present a true and fair view, in conformity with the accounting principles generally accepted in India.

i) in so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31stMarch 2012

ii) in so far as it relates to the Profit and Loss Account, of the 'Profit' of the Company for the year ended on that date, and

iii) in so far as it relates to the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE TO AUDITORS REPORT

Referred to in Paragraph 2 of my report of even date

1 In respect of its fixed assets:

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. As explained to me, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in my opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. In my opinion, the Company has disposed of its fixed assets during the year, The Company's going concern concept was not affected after such disposal.

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 my opinion and according to the information and explanations given to me, the procedures of physical verification of inventories followed by the management at reasonable and adequate in relation to the size of the Company and the nature of its business.

c. The Company has maintained proper records of inventories. As explained to me, there was no material discrepancies noticed on physical verification of inventory as compared to the book records.

3 In respect of loans, secured or unsecured, granted or taken by the Company to / from Companies, or other parties covered in the register maintained under Section 301 of the Companies Act, 1956

a. The Company has not granted any loans to other companies during the year.

b. Since the Company has not granted loans to other Companies, the question of Prima facie prejudicial rate of interest, repayment of Principal and interest, and overdue of loan does not arise.

c. The Company has not taken any loans from other Companies during the year.

4 In my opinion and according to the information and explanations given to me, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods. During the course of my audit, I have not observed any major weaknesses in internal controls.

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

a. In my opinion and according to the information and explanations given to me, there are no transactions made in pursuance of contracts or arrangements that needed to be entered into in the register maintained under section 301 of the Companies Act, 1956.

b. In my opinion and according to the information and explanations given to me, there are no transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rs 5,00,000 (Rupees Five lakhs Only) or more.

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

7 The Company does not have a separate internal audit system. However, in my opinion, the existing internal Control procedures are adequate having regard to the size and nature of the business of the Company.

8 The Central Government has not prescribed maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956.

9 In respect of statutory dues, undisputed statutory dues with regard to Employees' State Insurance, the Company has not deposited regularly with the appropriate authorities due to the severe financial crisis faced by the Company.

10 The Company has accumulated losses and has not incurred cash loss during the financial year covered by my audit and has not incurred cash loss in the immediately preceding financial year.

11 Since the Company has not availed any loans during the year, the question of repayment does not arise.

12 In my opinion and according to the information and explanation given to me, no loans and advances have been granted by the company on the basis of security by way of pledge of Shares and Securities.

13 In my opinion, the Company is not a chit fund or a nidhi /mutual benefit fund / society. Therefore, clause 4(xiii) of the Companies (Auditor's Report) Order 2003 is not applicable to the Company.

14 In my opinion and according to the information and explanation given to me, the Company is not dealing or trading in shares, securities, debentures and other investments.

15 In my opinion and according to the information and explanation given to me, the Company has not given any guarantees for loans taken by others from banks or financial institutions.

16 The Company has not raised any new term loans during the year.

17 The Company has not used the short term loans for long term investments and vice versa.

18 During the year, the company has not made any preferential allotment of shares to parties and Companies.

19 The Company has not issued debentures; therefore the question of creation of securities does not arise.

20 The Company has not raised any money by way of public issue during the year.

21 In my opinion and according to the information and explanations given to me, no fraud on or by the Company has been noticed or reported during the year, that causes the financial statements to be materially misstated.

sd/-

S.GANESH,

B.COM, GRAD.C.W.A. F.C.A

CHARTERED ACCOUNTANT

Place: Coimbatore M. No. 210367

Date: 30.05.2012


Mar 31, 2011

I have audited the attached Balance sheet of S.R.K.INDUSTRIES LIMITED a s on 31.03.2011 and the Profit and Loss account for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that date. These Financial Statements are the responsibility of the Company's Management. My responsibility is to express an opinon on these financial statements based on my audit.

1. I conducted my audit in accordance with Auditing Standards generally accepted in India. Those standards require that I 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 finanical statements. An audit also includes assessing the accounting principles used and siginificant estimates made by the management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.

2. As required by the Companies (Auditor's Report) Order 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956. I enclose in the annexure hereto a statement on the matters sepecified in paragraphs 4 and 5 of the said Order.

3. Further to my comments in the Annexure referred to in paragraph 2 above, I report that :

a) I have obtained all the information and explantaions which to the best of my knowledge and belief were necessary for the purposes of my audit.

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

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

d) In my opinion the Balance Sheet, Profit and Loss account and Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred in sub-section (3C) of section 211 of the Companies Act, 1956.

e) In my opinion, and based on information and explanations given to me, none of the directors are disqualified as on 31st March 2011 from being appointed as directors in terms of clause g) of sub-section (1) of section 274 of the Companies Act 1956.

f) In my opinion and to the best of my information and according to the explanations given to me, the said accounts read together with the Siginificant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required, and present a true and fair view, in confirmity with the accounting priniciples generally accepted in India.

i) in so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31st March 2011

ii) in so far as it relates to the Profit and Loss Account, of the 'Profit' of the Company for the year ended on that date, and

iii) in so far as it relates to the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE TO AUDITOR'S REPORT Referred to in Paragraph 2 of my report of even date

1 In respect of its fixed assets :

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. As explained to me, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in my opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. In my opinion, the Company has not disposed off its fixed assets during the year.

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 my opinion and according to the information and explanations given to me, the proccedures of physical verificatiion of inventories followed by the management at reasonable and adequate in relation to the size of the Company and the nature of its business.

c. The Company has maintained proper records of inventories. As explained to me, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

3 In respect of loans, secured or unsecured, granted or taken by the Company to / from Companies, or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

a. The Company has not granted any loans to other companies during the year.

b. Since the Company has not granted loans to other Companies, the question of Prima facie prejudicial rate of interest, repayment of Principal and interest, and overdue of loan does not arise.

c. The Company has not taken any loans from other Companies during the year.

4 In my opinion and according to the information and explanations given to me, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods. During the course of my audit, I have not observed any major weaknesses in internal controls.

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

a. In my opinion and according to the information and explanations given to me, there are no transactions made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained under section 301 of the Companies Act, 1956.

b. In my opinion and according to the information and explanations given to me, there are no transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rs 5,00,000 (Rupees Five lakhs Only) or more.

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

7 The Company does not have a separate internal audit system. However , in my opinion, the existing internal Control proceedures are adequate having regard to the size and nature of the business of the Company.

8 The Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956.

9 In respect of Statutory dues, undisputed statutory dues with regard to Provident Fund dues and Employees' State Insurance, the Company has not deposited regularly with the appropriate authorities due to the severe financial crisis faced by the Company.

10 The Company has accumulated losses and has not incurred cash loss during the financial year covered by my audit and has not incurred cash loss in the immediately preceding financial year.

11 Since the Company has not availed any loans during the year, the question of repayment does not arise.

12 In my opinion and according to the information and explanation given to me, no loans and advances have been granted by the company on the basis of security by way of pledge of Shares and Securities.

13 In my opinion , the Company is not a chit fund or a nidhi /mutual benefit fund / society. Therefore, clause 4 (xiii) of the Companies ( Auditor's Report ) Order 2003 is not applicable to the Company.

14 In my opinion and according to the information and explanation given to me, the Company is not dealing or trading in shares, securities , debentures and other investments.

15 In my opinion and according to the information and explanation given to me, the Company has not given any guarantees for loans taken by others from banks or finanical institutions.

16 The Company has not raised any new term loans during the year.

17 The Company has not used the short term loans for long term investments and vice versa.

18 During the year, the company has not made any preferential allottemnt of shares to parties and Companies.

19 The Company has not issued debentures, therefore the question of creation of securities does not arise.

20 The Company has not raised any money by way of public issue during the year.

21 In my opinion and according to the information and explanations given to me, no fraud on or by the Company has been noticed or reported during the year, that causes the financial statements to be materially misstated.

sd/- S.GANESH, B.COM., GRAD.C.W.A., F.C.A CHARTERED ACCOUNTANT M.No. 210367 Place : Coimbatore 55, Rangai Gowder Street, Date : 30.07.2011 COIMBATORE 641 001


Mar 31, 2010

1. I have audited the attacked Balance sheet of ASSOCIATED TEXTILE RUBBER PRODUCTS LIMITED as on 31.03.2010 and the Profit and Loss account for the year ended on that dare annexed thereto and Cash Flow Statement for the year ended on that date. These Financial Statements are the responsibility of the Companys Management. My responsibility is to express in opinon on these financial statements based on my audit.

I conducted my audit an accordance with Auditing Standards generally accepted in India. Those standards require that 1 plan and perform the audit to obtain reasonable assurance about whether the financial statements are tree of material misstatements An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in finanical statements. .An audit also includes assessing the accounting principles used and significant estimates made by the management, as wen as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.

2 As required by the Companies (Auditors Report Order 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956. I enclose in the annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.

3 Further to my comments in the .Annexure referred to in paragraph 2 above, I report that :

a) I have obtained all the information and explanations which to the best of my knowledge and belief were necessary for the purposes of my audit.

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

c) The Balancesheet, Profit and Loss account and Cash Flow- Statement dealt with by this report are in agreement with the books of account.

d) In my opinion the Balance Sheet, Profit and Loss account and Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred in sub-section (3C) of section 211 of the Companies Act, 1956.

e) In my opinion, and based on information and explasations given to me none of the directors are disqualified as on 31st March 2010 from being appointed as directors in terms of cause (g) of sub-section (1) of section 274 of the Companies Act 1956.

f) In my opinion and to the best of my information and according to the explanations given to me. 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 present a true and fair view, in contirmity with the accounting priniciples generally accepted In India.

i) in so fax as it relates to BalanceSheet, of the state of affairs of the Company as at 31st March 2010

ii) in so far as it relates to the Profit and Loss Account, of the Profit of the Company for the year ended on that date, and

iii) in so far as it relates to the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE TO AUDI TORS REPORT Referred to in Paragraph 2 of my report of even date

1 In respect of its fixed assets :

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. As explained to me, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in my opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. In my opinion, the Company has not disposed off its fixed assets during the year,

2 In respect of its inventories:

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

b. in my opinion and according to the information and explanations given to us. the proccedures of physical verification of inventories followed by the management at reasonable and adequate in relation to die size of the Company and the nature of its business.

c. The Company has maintained proper records of inventories. As explained to me there were no material discrepancies noticed on physical verification of inventory as compared to the book records. ;

3 In respect of loans, secured or unsecured, granted or taken by the Company to from Companies, or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

a. The Company has not granted any loans to other companies during the year.

b. Since the Company has not granted loans to other Companies, the question of Prima facie prejudicial rate of interest, repayment of Principal and interest, and overdue of loan does not arise.

c. The Company has not taken any loans from other Companies during the year.

4 In my Opinion and according to the information and explanations given to me. there are adequate - internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods. During the course of my audit, i have not observed any major weaknesses in internal controls.

5 Inrespect of transactions covered under section 301 of the Companies Act, 1956.

a. In my opinion and according to the information and explanations given to me, there are no transactions made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained under section 301 of the Companies Act, 1956.

b. In my opinion and according to the information and explanations given to me, there are no transactions in pursuance of contracts or arrangements entered in the register maintained under section 391 of the Companies Act, 1956 aggregating during the year to Rs 5,00,000 ( Rupees Five lakhs Only) or more.

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

7 The Company does not have a separate internal audit system. However, in my opinion, the existing internal Control proceedures are adequate having regard to the size and nature of the business of

8 The Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act. 1956.

9 In respect of Statutory dues, undisputed statutory dues with regard to Provident Fund dues and Employees State Insurance, the Company has not deposited regularly with the appropriate authorities due to the severe financial crisis faced by the Company.

10 The Company has accumulated losses and has not incurred cash loss during the financial year covered by my audit and has not incurred cash loss in the immediately preceding financial year.

11 Since the Company has not availed any loans during the year the question of repayment does not arise.

12 In my opinion and according to the information and explanation given to me, no loans and advances have been granted by the company on the basis of security by way of pledge of Shares and Securities.

13 In my opinion , the Company is not a chit fund or a nidhi mutual benefit fund society. Therefore, clause 4 (xiii) of the Companies (Auditors Report) Order 2003 is not applicable to the Company.

14 In my opinion and according to the information and explanation given to me, the Company is not dealing or trading in shares, securities , debentures and other investments.

15 In my opinion and according to the information and explanation given to me. the Company has not given any guarantees for loans taken by others from banks or finanical institutions.

16 The Company has not raised any new term loans during the year.

17 The Company has not used the short term loans tor long term investments and vice versa.

18 During the year the company has not made any preferential allottemnt of shares to parties and Companies.

19 The Company has not issued debentures, therefore the question of creation of securities does not arise.

20 The Company has not raised any money by way of public issue during the year.

21 In my opinion and according to the information and explanations given to me. no fraud on or by the Company has been noticed or reported during the year, that causes the financial statements to be materially misstated.

PLACE : COIMBATORE S.GANESH, B.COM., GRAD.C.W.A., F.CA

DATE : 12.07.2010 CHARTERED ACCOUNTANT

55. Rangai Gowder Street.

COIMBATORE 641 037


Mar 31, 2009

The audited the attached Balance sheet of ASSOCIATED TEXTILE RUBBER PRODUCTS LIMITED as on 31.03.2009 and the Profit and Loss account for the year ended on that date annexed thereto and Cash flow Statement for the year ended on that date. These Financial Statements are the responsibility of the Companys Management. My responsibility is to express an opinion on these financial statements based on my audit

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

2 As required by the Companies (Auditors Report) Order 2003 issued by the Central Government of lndia in terms of sub-section (4 A) of Section 227 of the Companies Act, 1956. I enclose in the annexure hereto a statement on the matters sepecified ra paragraphs 4 and 5 of the said Order.

3 Further to my comments in the Annexure referred to in paragraph 2 above, I report that :

a) 1 have obtained all the information and explantaions which to the best of my knowledge and belief were necessary for the purposes of my audit.

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

c) The Balancesheet, Profit and Loss account and Cash Flow Statement dealt with by this report are in agreement with the boots of account.

d ) In my opinion the Balance Sheet, Profit and Loss account and Cash Bow Statement dealt with by this report comply wish the mandatory Accounting Standad referred in sub-section (3C) of section 211 of the Companies Act, 1956.

e) In my opinion, and based on information and explanations given to me, one of the directors are disqualified as on 31st March 2009 from being appointed as directors terms of clause (g) of sub-section (1) of section 274 of the Companies Act 1956.

f ) In my opinion and to the best of my information and according to the explanations given to me, 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 present a true and fair view, in confirrnity with the accounting principles generally accepted in India.

i) in so far as it relates to BalanceSheet, of the state of affairs of the Company as at 31 st March 2009 ii) in so far as it relates to the Profit and Loss Account, of the Loss of the Company

for the year ended on that date, and iii) in so far as it relates to the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE TO AUDITORS REPORT

Referred to in Paragraph 2 of my report of even date

1 In respect of its fixed assets:

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information

b. As explained to me, the fixed assets have been physically verified by the Management during the year in a phased periodical manner, which in my opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification

c. In my opinion, the Company has disposed off its fixed assets during the year and the going concern status of the Company is not affected even after such sate

2 In respect of its inventories;

a. As explained to us. inventorieshavebeen physically verified by the management at regular intervals during the year.

b. In my opinion and according to the information and explanations given to as, the proecedures of physical veriilcatiion of inventories followed by the management at reasonable and adequate in relation to the size of the Company and the nature of its business.

c. The Company has maintamed proper records of inventories. As explained to me, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

3 In respect of loans, secured or unsecured, granted or taken by the Company to/from. Companies, or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. a. The Company has not granted any loans to other companies during the year.

b Since the Company has not wanted loans toother Companies, the question of Prima facie prejudicial rale of interest, repayment of Principal and interest, and overdue of loan does not arise. c. The Company has not takenany loans from other Companies during the year.

4 In my opinion and according to the information and explanations given to me, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods. During the course of my audit, 1 have not observed asy major weaknesses in internal controls.

5 Inrcspectof transactions covered under section 301 of the Companies Act, 1956.

a. In my opinion and according to information and explanations gives to me, there are no transactions made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained under section 301 of the Companies Act, 1956.

b. In my opinion and according to the information and explanations given to me, there are no transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rs 5,00,000 (Rupees Five lakhs Only) or more.

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

7 The Company does not have a separate internal audit system. internal Control proceedures are adequate having regard to the size and nature of the business of the Company.

8 The Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956.

9 In respect of Statutory dues, undisputed statutory dues with regard to Provident Fund dues and i Employees State Insurance, the Company has not deposited regularly with me appropriate authorities due to the severe financial crisis faced by the Company.

10 The Company has accumulated losses and has not incurred cash loss during the financial year covered by my aud?t and has not incurred cash loss in the immediately preceding financial year.

11 Since the Company has not availed any loans during the year. The question of repayment does not arise.

12 In my opinion and according to the information and explanation given to me, no loans and advances have been granted by the company on me basis of security by way of pledge of . Shares and Securities.

13 In my opinion, the Company is not a chit fund or a nidhi /mutual benefit fund / society. Therefore, clause 4 (xiii) of the Companies ( Auditors Report) Order 2003 is not applicable to the Company.

14 In my opinion and according to the information, and explanation given to me, the Company is not dealing or trading in shares, securities, debentures and other investments.

15 In my opinion and according to die information and explanation given to me. the Company has not given -any guarantees for loans taken by others from banks or finanical institutions.

16 The Company has not raised any new term loans during die year.

17 The Company has not used me short term loans for long term investments and vice versa.

18 During the year, me company has not made any preferential allottemnt of shares to parties and Companies.

19 The Company has not issued debentures, therefore the question of creation of securities does not arise.

20 The Company has not raised any money by way of public issue during the year.

21 In my opinion and according to the information and explanations given to me, no fraud on or by the Company has been noticed or reported during the year, that causes the financial statements to be materially misstated.

PLACE : COIMBATORE S.GANESH,B.COM.,GRAD.C.W.A., F.CA

DATE ; 31.08.2009 CHARTERED ACCOUNTANT

55, Rangai Gowder Street,

COIMBATORE 641 037

 
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