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Auditor Report of Sujala Trading & Holdings Ltd.

Mar 31, 2015

We have audited the accompanying financial state mens of SUJALA TRADING & HOLDINGS LIMITED ("the Company"), which comprise the Balance Sheet as at 31 st March, 2015, the Statement of Profit and Loss, the Cash F£ow Statement for the year then ended, and a summary of Lne significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company's Board of Directors is responsib e for the matters stated in Section 134(5} of the Companies Art, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the fnancial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibi ity also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 operalng 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 tofraud or error.

AUDITOR'S RESPONSIBILITY

Our respansibtlity is to expressan opinion on thesefinancial statements based on ouraudit.

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

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act- Those Standards require that we complv with ethical re q u ire me nts and plan and perform the audit to obtain reasonable assurance about whether the financial statements are tree from material misstaleinerl.

An audit involves performing procecures to obtain audit evidence about the amounts and I he 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 tinanc al 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, b.il nut for the purpose of expressing an opinion an whether the Company has in place an adequate internal financial controls system over financial reporting and the ope rat ng effectiveness of such controls. An audit also ine'udes evaluating the appropriateness of the accounting policies 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.

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

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,

(a) In the case of the Balance Sheet, of the state of affsirsaf the Company as al March, 2015; (bj In the case of the Statement of Profit and Loss, of the Profit for the year ended on that date; and

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

EMPHASIS OF MATTERS

We draw attention to the following matte's in the Motes to the financial statements

a) As certified by the management and relied upon by us in the matter that no lawsuits filed ? gainst the company.

h} That the Company has accumulated tosses at the end of the financial year however its net worth has net been eroded. The Company has not incurred a net cash loss during the current financial year and in the immediately previous financial year. However, the Company's current liabilities do not exceed its current assets as at the balance sheet date, Our op.non is not modified in respect of these matters,

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

J. We have not reported on internal financial control system as the same has been deferred by Ministry of Corporate affairs, Government of India Notification No. G.S.R. 722(E) dated 14th October, 2014.

2. As required by the Companies {Auditor's Report) Order, 2015 issued hy the Central Government of India in terms of sub-section (IL) of section 143 of the Act, we qive In the annex urc a statement on the matters specified in paragraph 3 and 4 of the order.

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

(a) We have sought and obtained all the information and expianations which to the best of otrr 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 it appears from our examination of these books.

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

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

(c) On the ba sis of the wr i tten represe n ta tio n s rece ived "from t he d i rectors a s o n 315t Ma r ch, 2015 taken on record by the Boarc ol Directors, none of the directors is disqualified as an 31st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act.

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

I. The Company does nol have any pending litigations which would impact Its financial position.

I. The Company did not have any long-term contracts including derivative contracts fur which there were any material foreseeable losses.

II, There were no amounts which wore required to be transferred, to the Investor Education and Protection Fund by the Company.

Referred to in paragraph 2 under the 'Report on Other Legal and Regulatory Requirements' of our Report of even date on the Accounts for the year ended on 31.03.2015.

1, a) The Company has1 maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b) All the fixed assets have been physically verifiers by she management during the year which, in our opinion, is reasonable having regard to the size of the company and the nature of its business. As informed no material discrepancies were noticed or such verification.

2. a) During the year, the inventories have been physically verified by the management Tn our opinion, the frequency of verification is reasonable.

b) In our opinion and according to the information given to usr the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its Business.

c) Cn the basis of our examination of the record of Inventories, we are of the opinion that the Company 1$ maintaining proper records of inventories. No material discrepancies have been noticed on physical verification of inventories with book records and the same have been properly dealt with in the books of accounts.

3. The Company has not granted any sscurcrf/unsecured I nans to parties cove red in the Register maintained under section LS9 of the Companies Act. Accordingly, this clause is not app; cable.

4, In our opinion and according to the information and explanations given to ts, there is an adequate internal contra system commensurate with the size of the Company and the nature of :ts business,

Further on rhe basis of our examinations and according to the information and explanations given to us we have neither come across nor have we been informed of any instance of major weakness in the aforesaid internal control systems.

5- The Company has nut accepted ary deposits from the public. In our opinion and according to the information and explanations given to us the, directives issued by the Reserve Sank of India and the pravisrons of sections 73 to 76 or any other relevant provisions of the companies Act end the rules framed there under, to the extent appl cable have been complied with.

6 According to the information and explanations given to us, the company is not required for the maintenance of cost records which has been prescribed by the Central Government under suo-section (l) of Section 14B of the Companies Act, 2D13. Hence this deuse s not app cable ta it.

7. a According to the records examined by us, the company =s regular m depositing und'sputed statutory Uues with appropriate authorises including Income Tax, Wealth Tax, Service Tax, Cess and any other statutory dues applicable to it.

As informed to os provisions relating to Provident Fund, Employees State Insurance, Sales Tax, Custom Duty, Value added Tax and Excise Duty are not applicable to it.

Further there were no outstanding dues at. the year end for a period of mure tian Six Months from the date they became payable.

h) According to the information and explanations given to as, no disputed amount is pending before any forum of tie above mentioned statutory dues.

c) According to the information and explanations given to us, the company is not required to transfer any amount to the investor education and protection fund in accordance with the relevant provisions of Companies Act, and rules made thereunder has been transferred to such fund within time.

8. The Company lias accumulated loss at the end of the tinarcigl year which 15 not more than fifty percent of its net worth and it has not incurred- net cash luss during the current financial year and in the immediately preceding financial year.

9. Based on our audit procedures and as per the information and explanations given by the management, the company has not defaulted in repayment of dues to financial institutions or bank or debenture holders.

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

11 The Company has not obtained any term loans. Accordingly this clause of tie Order Is not applicable.

12. Based upon audit procedures performed for the purposes of reporting the true and fair view of the financial statements and as per the information and explanation given by the management, we report that no fraud on or by the company has been noticed or reported by the management during the year under audit

For MAROTI & ASSOCIATES Chartered Accountants

(KOMAL SURANA) Partner M, No, 303583 Place : Kolkata Firm Reg, No: 322770E Date : 29th Day of May, 2015


Mar 31, 2014

We have audited the accompanying financial statements of SU1ALA TRADING & HOLDINGS LIMITED, which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory Information.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

Management Is responsible for the preparation of these financial statements that give a true and far view of the financial position, financial performance and cash flows of the Company In accordance with the Accounting Standards referred to In sub-section (3Q) of section 211 of the Companies Act, 1956. 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 end fair view end are free from moterial misstatement, whether due to fraud ur error.

AUDITOR'S RESPONSIBILITY

Our responsibility Is to express an opinion on these financial statements based on our audit. We conducted our audit In accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements anc 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 judgement, 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 lo the Company's preparation arid fair presentation or trie finance 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 basis for our audit opinion.

OPINION

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

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

(b) in the case of the statement of Profit and Loss, of the PitdFIT for the year ended on that date; and

(c) In the case of the Cosh Flow Statement, of the cash flows fui 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 uf the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

a. We have obtained all the information and explanations which to the best of our xnowledge 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 at Profit and LOSS, arid 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, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3c) of section 211 of the Companies Art, 1956;

e. On the basis of written representations received from the directors as on March si, 2013, 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 sue- section (1) of section 274 of the Companies Act, 1956,

ANNEXURE5 TO THE AUDITORS' REPORT

(Referred to in paragraph 1 under 'Report on Other legal and Regulatory Requirements' section of our Report of even date).

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

b) All the fixed assets have been physicslly verified by the management during the year which, In our opinion , is reasonable having regard to the size of the company and the nature rf its business , Ac informed , no material discrepancies Were noticed un sui.li verification

c) There was No disposal of fixed assets during the year

2) a) During the year, the inventories have beer phys tally verified by the management, in our opinion, the frequency of verification is reasonable.

b) In our opinion and according to the Information and explanation given to us, the procedure of physical verification of inventories followed by the management are reasonable and adequate In nefatign to the size Of the Company and the nature Of Its business,

c) On The basis Of our examination of the record of inventories, we are of the opinion that the Company is maintaning proper records ot inventories. No material discrepancies have been noticed on physical verification of inventories wrtn book records and the seme have been properly dealt with in the books of accounts

3) a) The Company has not granted secured / unsecured loans to parties covered in the Register maintained under Sec 301 of the Companies Act hence clause 4( III ) ( b ) (C ) and ( d ) are not applicable ,

e) The Company has not taken secured / unsecured Loan from Party covered In the Register maintained under Sec 301 of the Act Hence clause 4( III ) ( f) and ( g ) are not applicable.

4) In our opinion and according to the Information and explanations given to us, there are adequate internol centre precedures commensurate with the size of the Company and the nature of its business with regard to purchase and sale of shares and mutual funds. Further on the basis of our examinations and iccordlng to the information and explanations given to us we have neither come across nor have we been informed of any instance of major weakness in the aforesaid Internal control systems.

5) a) In our opinion and according to the information and explanations given to us we are of the opinon that the transactions in which Diretors are Interested as contemplated under Sec 299 of the Companies Act, 1956 and which required to he so entered In the register maintained under SEC 301 of the said Act, have been so entered bj In our opinion and according to the Information and explanations given to us the transactions made in pursuance of such contracts or arrangements exceeding value of Rupees five lakhs have been so entered Into during the financial year at prices which are reasonable having regard to the prevailing market prices at the relevant time

6) The Company has not accepted any deposits From the public. In our opinion and according to the Information and explanations given to us the directives Issued by the Reserve Bank of India and the provisions of sections S8A. 58AA or any other njlevynt provisions ot the Act and the rules framed there under, to the extent applicable have been compiled with.

7) In our opinion, the company has an Internal audit system commensurate with the size and nature of Its business,

8) According to the information gnd explanations given to us, the Central Government has not prescribed the maintenance of cost records under Clause (d) of sub-sectign (1) gf Section 209 ot the Companies Act, 1956 In respect of services carried out by the Company

9) a).Based on test check carried out by us and as per the Information furnished to us , the company Is regular in depositing with appropriate authorities undisputed statutory duei including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and Other statutory dues applicable to ft,

9) According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and Other statutory dues were outstanding at the year end for a period of more than Six Months from the date they became payable

10)ine company nas accumulated loss at the end of the financial year, which Is less than fifty percent of Its net worth. Further, It has not incurred cash losses In tne current yea-- and in the immediately preceding financial year.

11) Based on our audit procedures and as per the information and explanations giver by the management, we are of the opinion that the company has not defaulted in repayment of dues to financial Institutions or bank. There were no outstanding debentures during the year

12) Aeeordlng to the information and explanation given to us and based on the documents end records produced to us , the company has uoi ytcuiLud luduy drid advances on the basis of security by way of pledge of shares , debentures and other securities 1h;Tn our opinion, the company is nor a chit fund or a nrdhl / mutual benefit fund/socicty. Therefore, the provisions of clause 4(xlll) of the Companies (Auditor's Report) Order,2003 are not applicable to the Company

14) ln respect of dealing / trading in shares in our opinion and according to the information and explanations given to us proper records have been maintained of the transactions and contracts and timely entries nave been made therein in . The shares have been bald by the Company in its own name

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. Accordingly clause 4(xvi) of tlie Order Is not applicable.

17)According to the information and explanations given to us and on the basis of an overall examination of the balance sheet of the Company, we report that the Company has net utilized any funds raised on short term bas s for long term Investments.

18'The Company has not made any preferential allotment of shares to oarties and companies covered in the register maintained under section 301 of the Act. Accordingly, clause 4(xviii) of the order is not applicable.

19)The Company did not have any outstanding debentures during the year Accordingly,clause 4(xlx) of the order Is not applicable,

20)The Company has not raised any money by public Issues during the year. Accordingly, clause 4(xx) of the order Is not applicable

21) Based upon audit procedures performed for the purposes of reporting the true and fair view of the financial statements end os per the Information and explanation given by the management, we report that no fraud on or by the company has been noticed or reported by the management during the year under audit.

For MAROTI & ASSOCIATES (CHARTERED ACCOUNTANTS)

Place : Kolkara Date : 30th Day of May. 2014

M.K. MAROTI (PROPRIETOR) ( M.NO =057073) ( FIRM REG NO : 322770E )


Mar 31, 2012

We have audited the attached Balance Sheet of SUJALA TRADING & HOLDINGS LIMITED, as at 31st March 2012 and also the Statement of Profit & Loss 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 as amended, 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 paragraph 4 and 5 of the said order to the extent it is applicable to the Company.

Further to our comments in the Annexure referred to in paragraph above, we state that

1. 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;

2. 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;

3. The Balance Sheet, Statement of Profit & Loss and Cash flow statement dealt with by this report are in agreement with the books of account;

4. In our opinion, the Balance Sheet, Statement of Profit & Loss and Cash flow statement dealt with by this report comply with the accounting standards referred to in sub Section (3C) of Section 211 of the Companies Act, 1956;

5. On the basis of written representations received from the Directors, as on 31st March, 2012, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2012 from being appointed as Director in terms of clause (g) of subsection (1) of section 274 of the Companies Act, 1956 ;

6. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with Significant Accounting Policies, and 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, 2012; and

II. In the case of the Statement of Profit & Loss, of the PROFIT for the Year ended on that date.

III. In the Case of Cash Flow Statement, of the Cash Flows for the year ended on that date.

ANNEXURES TO THE AUDITORS'' REPORT

Referred to in paragraph 3 of our Report of even date on the Accounts for the year ended on 31st March 2012.

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

b) All the fixed assets have been physically verified by the management during the year which , in our opinion , is reasonable having regard to the size of the company and the nature of its business . As informed , no material discrepancies were noticed on such verification .

c) There was No disposal of fixed assets during the year

2) a) During the year, the inventories have been physically verified by the management. In our opinion, the frequency of verification is reasonable.

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

c ) On the basis of our examination of the record of inventories, we are of the opinion that the Company is maintaining proper records of inventories. No material discrepancies have been noticed on physical verification of inventories with book records and the same have been properly dealt with in the books of accounts

3) a ) The Company has not granted secured / unsecured loans to parties covered in the Register maintained under Sec 301 of the Companies Act. Hence clause 4( III) (b) (c) and (d) are not applicable . e) The Company has not taken secured / unsecured Loan from Party covered in the Register maintained under Sec 301 of the Act Hence clause 4( III) (f) and (g) are not applicable .

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 purchase and sale of shares and mutual funds. Further on the basis of our examinations and according to the information and explanations given to us we have neither come across nor have we been informed of any instance of major weakness in the aforesaid internal control systems.

5) a) In our opinion and according to the information and explanations given to us we are of the opinion that the transactions in which Directors are interested as contemplated under Sec 299 of the Companies Act, 1956 and which required to be so entered in the register maintained under SEC 301 of the said Act, have been so entered

b) In our opinion and according to the information and explanations given to us the transactions made in pursuance of such contracts or arrangements exceeding value of Rupees five lakhs have been so entered into during the financial year at prices which are reasonable having regard to the prevailing market prices at the relevant time

6) The Company has not accepted any deposits from the public. In our opinion and according to the information and explanations given to us the directives issued by the Reserve Bank of India and the provisions of sections 58A. 58AA or any other relevant provisions of the Act and the rules framed there under, to the extent applicable have been complied with.

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

8) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act,1956 in respect of services carried out by the Company

9) a).Based on test check carried out by us and as per the information furnished to us , 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, Service Tax, Custom Duty, Excise Duty, Cess and Other statutory dues applicable to it.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty,. Cess and Other statutory dues were outstanding at the year end for a period of more than Six Months from the date they became payable

10) The Company has accumulated loss at the end of the financial year and it has not incurred cash losses in the current year and in the immediately preceding financial year

11) Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions or bank. There were no outstanding debentures during the year

12) According to the information and explanations given to us and based on the documents and records produced to us , the company has not granted loans and advances on the basis of security by way of pledge of shares debentures and other securities

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

14) In respect of dealing / trading in shares in our opinion and according to the information and explanations given to us proper records have been maintained of the transactions and contracts and timely entries have been made therein in . The shares have been held by the Company in its own name

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. Accordingly clause 4(xvi) of the Order is not applicable

17) .According to the information and explanations given to us and on the basis of an overall examination of the balance sheet of the Company , we report that the Company has not utilized any funds raised on short term basis for long term investments.

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. Accordingly, clause 4(xviii) of the order is not applicable.

19) The Company did not have any outstanding debentures during the year. Accordingly, clause 4(xix) of the order is not applicable.

20) The Company has not raised any money by public issues during the year. Accordingly, clause 4(xx) of the order is not applicable

21) Based upon audit procedures performed for the purposes of reporting the true and fair view of the financial statements and as per the information and explanation given by the management, we report that no fraud on or by the company has been noticed or reported by the management during the year under audit.

For MAROTI& ASSOCIATES (CHARTERED ACCOUNTANTS)

M.K. MAROTI (PROPRIETOR) (M.NO :057073) ( FIRM REG NO : 322770E )

Place: Kolkata Date : 16/08/2012


Mar 31, 2011

We have audited the attached Balance Sheet Of SUJALA TRADING & HOLDINGS LIMITED, as at 31st March 2011 and also the Profit & 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 hat 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 as amended, 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 specifed in paragraph 4 and 5 of the said order to the extent it is applicable to the Company.

Further to our comments in the Annexure referred to in paragraph above, we state that :-

1, 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;

2. In cur 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;

3 The Balance Sheet. Profit Loss Account and Cash flow statement dealt with by this report are in agreement with the books of account;

4. In our opinion, the Balance Sheet, Profit & Loss Account and Cash flow statement dealt with by this report comply with the accounting standards referred to in sub Section (3C) of Sector 211 of the Companies Act, 1956;

5. On the basis of written representations received from the Directors, as cm 31st March, 2011, and taken on record by the Board of Directors, we report that none of (he Directors is disqualified as on 31st March. 2011 from being appointed as D rector in terms off clause (g) of subsection (1) of section 274 of the Companies Act, 1956:

6. in our opinion and to the best of our information and according to the explanatios given to us, the said accounts read together with Significant Accounting Policies, and Notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India

I. In the case of Balance Sheet, of the state of affairs of the company as at 31st March, 2011; and

II. In the case of the Profit & Loss Account, of the PROFIT for the Year ended on that date.

III. In the Case of Cash Flow Statement, of the Cash Flows for the year ended on that date

ANNEXURES TO THE AUDITORS' REPORT

Referred to in paragraph 3 of our Report of even date on the Accounts for the year ended on 31st March 2011.

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

b) All the fixed assets have been physically verified by the management during the year which, in our opinion , is reasonable having regard to the size of the company and the nature of its business . As informed . no material discrepances were noticed on such verification.

c) There was No disposal of fixed assets during the year

2) a) During the year, the inventories have been physically verified by :he management. In our opinion, the frequency of verification is reasonable.

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

c ) On the basis of our examination of the record of inventories, we are of the opinion that the Company is maintaining proper records of inventories. No material discrepancies have been noticed on physical verification of inventories with book records and the same have been property dealt with in the books of accounts

3) a) The Company has not granted secured / unsecured loans to parties covered in the Register maintained under sec 301 Of the Companies Act,

b) In our opinion the rate of interest and other terms and conditions of such loan given by the

company are not prima facie prejudicial to the interest of the company

c ) The principal amount and interest have been received regularly, wherever stipulated

d) No loan amounting to more than RS 1 Lac was overdue for recovery / payment

e) The Company has not taken unsecured Loan from Party covered in the Register maintained

under Sec 301 of the Act

f) in our opinion the rate of interest and other terms and conditions of such loans are taken given by the company are not prima facie prejudicial to the interest of the company g )The principal amount and interest nave been paid regularly , whenever stipulated

4) In our opinion and according 10 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 purchase and sale of shares and mutual funds. Further on the basis of our examinations and according to the information and explanations given to us we have neither come across nor have we beer, informed of any instance of major weakness in the aforesaid internal control systems .

5) a) In our opinion and according to the information and explanations given to us we are of the opinion that the transactions in which Directors are interested as contemplated unde Sec 299 of the Companies Act. 1956 and which required to be so entered in the register maintained under SEC 301 of the said Act, have been so entered

b) in our opinion and according to the information and explanations given to us the transactions made in pursuance of such contracts or arrangements exceeding value of Rupees live lakhs have been so entered into during the financial year at prices which are reasonable having regard to the prevailing market prices at the relevant time

6) The Company has not accepted any deposits from the public. In our opinion and according to the information and explanations given to us the directives issued by the Reserve Bank of India and the provisions of sections 5BA. 58AA or any other relevant provisions of the Act and the rules framed there under, to the extent applicable have been complied with.

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

8) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub- section (1 ) of Section 209 of the Companies Act, 1956 in respect of services carried out by the Company

9) a).Based on test check carried out by us and as per the information furnished to us, 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. Service Tax, Custom Duty, Excise Duty, Cess and Other statutory dues applicable to it.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax. Custom Duty, Excise Duty, Cess and Other statutory dues were outstanding at the year end for a period of more than Six Months from the date they became payable

10) The Company has accumulated loss at the end of the financial year and it has not incurred cash losses in the current year and in the immediately preceding financial year

11) Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions or bank, There we no outstanding debentures during the year

12) According to the information and explanations given to us and based on the documents and records produced to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities

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

14) .In respect of dealing / trading in shares In our opinion and according to the information and explanations given to us proper records have been maintained of the transactions and contracts and timely entries have been made therein in The shares have been held by the Company in its own name

15) According to the informalion and explanations given to us , the company has not given any guarantee far loans taken by others from bank or financial institutions.

16) The Company has not obtained any term loans. Accordingly clause 4(xvi) of the Order is not applicable

17) .According to the information and explanations given to us and on the bass of an overall examination of the balance sheet of the Company , we report that the Company has not utilized any funds raised on short form basis for long term investments.

18) The Company has not made any preferential al lotment of Shares to parties and companies covered in the register maintained under section 301 of the Act. Accordingly, clause 4(xviii) of the order is not applicable.

19) The Company did not have any outstanding debentures during the year. Accordingly, clause 4(xix) of the order is not applicable.

For MAROTI & ASSOCIATES (CHARTERED ACCOUNTANTS)

Place. Kolkata

Date: 01/ 08/2011

M.K. MAROTI (PR0PRETOR) ( M. NO :057673) ( FIRM REG NO:322770E)

 
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