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Auditor Report of Sumuka Agro Industries Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Superb Papers Limited (the Company), comprising the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Managements' Responsibility

The Company's Board of Directors is responsible for matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting 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 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.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. 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 and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act.

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 any material misstatement.

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 system over financial reporting and the operating effectiveness of such controls. An audit also includes 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.

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

Emphasis of Matter

Without qualifying our opinion, we draw attention to the following matters in the Notes to the financial statements:

(a) Point "J(a)" of Note 13 to the financial statements, indicates that the Company has accumulated losses and its net worth has been significantly eroded. These conditions, indicate the existence of a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern. However, the financial statements of the Company have been prepared on a going concern basis for the reasons stated in the said Note.

(b) Point "J (b)" of Note 13 to the financial statements, indicates that certain companies, to whom the Company had given significant loans/advances, have been statutorily declared defunct by the Registrar of Companies, Gujarat, under the Ministry of Corporate Affairs.

Report on other legal and regulatory requirements

(1) As required by the Companies (Auditor's Report) Order, 2015 (CARO) issued by the Central Government of India in terms of section 143(11) of the Act, we give in the Appendix a statement on the matters specified in paragraphs 3 and 4 of CARO, to the extent applicable.

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

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

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

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

(e) The matter under the Emphasis of Matters paragraph above, in our opinion depending on the potential outcome, may have an adverse effect on the functioning of the Company.

(f) On the basis of the written representations received from the directors and taken on record by the Board of Directors, none of the directors except Mr. R. C. Dedhia, is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act.

(g) 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 has disclosed (to the extent quantifiable) the impact of pending litigations (see point 'J (c)' of Note 13), on its financial position in its financial statements; (ii) The Company has made provision, as required under any law or accounting standards, for material foreseeable losses, if any, on long term contracts including derivative contracts; (iii) There were no amounts, in the opinion of the management of the Company, which were required to be transferred to the Investor Education and Protection Fund by the Company.

In our opinion and according to the information and explanations given to us or as explained to us, we report that:

(i) The company did not have any fixed assets as on 31st March, 2015, consequently sub- clauses (a) and (b) of this clause, are not applicable.

(ii) The company did not have any inventories as on 31st March, 2015, consequently sub- clauses (a) to (c) of this clause, are not applicable.

(iii) The company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register specified under section 189 of the Act, consequently sub-clauses (a) and (b) of this clause, are not applicable.

(iv) The Company has an adequate system of internal checks on its day to day affairs, which acts as a internal control system commensurate with its size and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services and no major weaknesses has been noticed in such internal control system.

(v) The Company has not accepted any deposits in terms of directives issued by Reserve Bank of India and the provisions of sections 73 to 76 of the Act and the rules framed there under.

(vi) We are informed that the central government has not prescribed maintenance of cost records under section 148(1) of the Act, which has been relied upon.

(vii) We are informed that the Company is generally regular in depositing undisputed statutory dues including provident fund, employees' state insurance, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues (as applicable), with the appropriate authorities during the year, except outstanding income tax dues (net of TDS) for financial years 2009-10 Rs, 29191/-, 2010-11 Rs, 38716/- and 2013- 14 Rs, 140527/-.

(viii) There are no dues of income tax, sales tax, wealth tax, service tax, customs duty, excise duty, value added tax or cess, that have not been deposited on account of any dispute.

(ix) We are informed that there are no amounts required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 and Rules made there under, which has been relied upon.

(x) The Company has accumulated losses of Rs, 39468901/- at the end of the financial year, which are not less than fifty percent of its net worth. The Company has incurred cash loss of Rs, Nil in the financial year and Rs, 814206/- in the immediately preceding financial year.

(xi) We are informed that the Company has no dues payable to financial institution or bank or debenture holders.

(xii) We are informed that the Company has not given any guarantee for loans taken by others from bank or financial institution.

(xiii) We are informed that the Company has not availed any term loans during the year under audit.

(xiv) We are informed that there have been no cases of fraud on or by the Company noticed or reported during the year, which has been relied upon.



For Manoj Mehta & Co

Chartered Accountants

(FRN: 116681W)



Sd/-

(M. M. Mehta)

Proprietor

(M. No. 44355)

Mumbai, 28th May, 2015


Mar 31, 2014

We have audited the accompanying financial statements of Superb Papers Limited (the Company), which comprise the Balance Sheet as at 31st March, 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.

Managements'' Responsibility

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 of 13th September, 2013 of the Ministry of Corporate Affairs (MCA) in respect of section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to preparation & 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 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 management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is appropriate and sufficient to provide a basis for our audit opinion.

Auditors'' 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:

* in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2014;

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

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

Other Regulatory Requirements

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

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

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

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

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

d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards notified under the Act read with the General Circular 15/2013 of 13th September, 2013 of the MCA in respect of section 133 of the Companies Act, 2013;

e) On the basis of written representations received from the directors, and taken on record by the board of directors, none of the directors except Mr. R. C. Dedhia, is disqualified as on 31st March, 2014, from being appointed as a director in terms of section 274(1)(g) of the Act.

Appendix referred to under heading ''Other Regulatory Requirements'', in our report dated 27th May, 2014

To the best of our knowledge and belief and to the extent of information and explanations provided to us, and based on the books of account and other record produced before us, we report that-

i. Regarding fixed assets:

The company does not own any fixed assets, consequently clauses (i)(a) to (i)(c) of paragraph 4 of CARO, are not applicable.

ii. Regarding inventories:

The company does not own any inventories, consequently clauses (ii)(a) to (ii)(c) of paragraph 4 of CARO, are not applicable.

iii. Regarding loans:

(a) The Company has not granted any loans, secured or unsecured to companies, firms and other parties listed in the register referred under section 301 of the Act. Hence provisions of clauses 4(iii) (a), (b), (c) and (d) of the said Order are not applicable;

(b) The Company has taken unsecured loans from six parties covered in the register specified under section 301 of the Act which are interest free except one party (refer ''Note 14 (R)'' for details);

(c) The rate of interest and other terms of such loans taken, are prima facie, not prejudicial to the interests of the Company;

(d) There are no specific time bound stipulations as regards the repayment of principal or interest;

iv. The Company has an adequate system of internal checks on its day to day affairs, which also acts as a internal control system commensurate with its size and the nature of its business, for purchase of inventory and fixed assets and for sale of goods and services and no major weaknesses were noticed in such system.

v. The register of contracts and arrangements referred to in section 301 of the Act, is being rationalised by the management of the Company.

vi. The Company has not accepted any deposits from public, in terms of section 58A and 58AA of the Act and rules framed there under.

vii. We have not observed any formal internal audit system, but as mentioned above, the Company has an adequate system of internal checks on its day to day affairs, which also acts as an informal internal audit system, commensurate with its size and nature of its business.

viii. The central government has not prescribed maintenance of cost records under section 209(1)(d) of the Act.

ix. Regarding statutory dues:

(a) The provisions of Provident Fund and Employees'' State Insurance Acts are not applicable to the Company. The Company is generally regular in depositing undisputed statutory dues (as applicable) including income tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess and other dues with the appropriate authorities during the year, except outstanding income tax dues (net of TDS) for financial years 2009-10 Rs. 29,191/-, 2010-11 Rs. 38,716/- and 2012-13 Rs. 2,647/-;

(b) There are no dues of income tax, sales tax, wealth tax, service tax, customs duty, excise duty or cess, that have not been deposited on account of any dispute.

x. The Company has accumulated losses of Rs. 3,95,29,180/- during the financial year, which are not less than 50% of its net worth. The Company has incurred cash loss of Rs. 8,14,206/- during the financial year and Rs. 33,31,698/- in the immediately preceding financial year.

xi. The Company has not availed any funds from any financial institution or bank or from debenture holders during the year.

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

xiii. The Company is not a chit fund or a nidhi/mutual fund/society, hence provisions of clause 4 (xiii) of CARO are not applicable to the Company.

xiv. The Company has maintained proper record of the transactions and contracts and made timely entries in respect of its investment/trading in shares, securities and other investments and these are held by the Company in its own name at the year end.

xv. The Company has not given any third party guarantees to banks or financial institutions.

xvi. The Company has not availed any term loans from banks or financial institutions.

xvii. On an overall basis, the Company has not prima facie, used the funds borrowed on short term basis for long term investments during the year.

xviii. The Company has not made any preferential allotment of shares to parties and companies listed in the register specified under section 301 of the Act.

xix. The Company has not issued any debentures during the year.

xx. The Company has not raised any money by way of public issue of its shares or securities during the year.

xxi. There have been no cases of fraud on or by the Company noticed or reported during the year.

For Manoj Mehta & Co Chartered Accountants (FRN.: 116681W)

(M. M. Mehta) Proprietor (M. No.: 44355)

Mumbai, 27th May, 2014


Mar 31, 2013

We have audited the accompanying financial statements of Superb Papers Limited (the Company), which comprise the Balance Sheet as at 31st March, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Managements'' Responsibility

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in section 211(3C) of the Companies Act, 1956 (the Act). This responsibility includes the design, imple- mentation and maintenance of internal control relevant to the preparation and presen- tation 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 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 assess- ments, 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 appropriate- ness 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.

Auditors'' 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 -

* in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2013;

* in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

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

Other Regulatory Requirements

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

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 ouraudit;

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, 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, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Act;

e) On the basis of written representations received from the directors, and taken on record by the board of directors, none of the directors is disqualified as on 31st March, 2013, from being appointed as a director in terms of section 274(1 )(g) of the Act.

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Act, nor has it issued any Rules thereunder, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

APPENDIX REFERRED TO UNDER THE HEADING ''OTHER REGULATORY REQUIREMENTS''. IN OUR REPORT DATED 2ND SEPTEMBER. 2013

To the best of our knowledge and belief and to the extent of information and explana- tions provided to us, and based on the books of account and other record produced before us, we report that -

i. Regarding fixed assets -

(a) The company does not own any fixed assets, consequently clauses (i)(a) to (i)(c) of paragraph 4 of CARO, are not applicable.

ii. Regarding inventories -

(a) The company does not own any inventories, consequently clauses (ii)(a) to (ii)(c) of paragraph 4 of CARO, are not applicable.

iii. Regarding loans -

(a) The Company has not granted any loans, secured or unsecured to companies, firms and other parties listed in the register referred under section 301 of the Act. Hence provisions of clauses 4(iii) (a), (b), (c) and (d) of the said Order are not applicable.;

(b) The Company has taken unsecured, interest free loans from parties listed in register specified undersection 301 of the Act (refer point M of Note 12);

(c) These advances are interest free and other terms are prima facie not prejudicial to the interests of the Company;

(d) There are no specific time bound stipulations as regards the repayment of principal or interest;

iv. The Company has an adequate system of internal checks on its day to day affairs, which also acts as a internal control system commensurate with its size and the nature of its business, for purchase of inventory and fixed assets and for sale of goods and services and no major weaknesses were noticed in such system.

v. The register of contracts and arrangements referred to in section 301 of the Act, is under rationalisation.

vi. The Company has not accepted any deposits from public, in terms of section 58A and 58AA of the Act and rules framed there under.

vii. We have not observed any formal internal audit system, but as mentioned above, the Company has an adequate system of internal checks on its day to day affairs, which also acts as an informal internal audit system, commensurate with its size and nature of its business.

viii. The central government has not prescribed maintenance of cost records under section 209(1 )(d) of the Act.

ix. Regarding statutory dues -

(a) The provisions of Provident Fund and Employees'' State Insurance Acts are not applicable to the Company. The Company is generally regular in depositing undisputed statutory dues (as applicable) including income tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess and other dues with the appropri- ate authorities during the year, except income tax/-(net of TDS) for Financial Years 2009-10 Rs. 29191/-, 2010-11 Rs. 38716/-, 2011-12 Rs. 6285/- and 2012- 13Rs. 2647;

(b) There are no dues of income tax, sales tax, wealth tax, service tax, customs duty, excise duty or cess, that have not been deposited on account of any dispute.

x. The Company has accumulated losses of Rs. 38714974/- during the financial year. The Company however has not incurred any cash losses during the financial yearor immediately preceding financial year.

xi. The Company has not availed any funds from any financial institution or bank or from debenture holders during the year.

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

xiii. The Company is not a chit fund ora nidhi/mutual fund/society, hence provisions of clause 4 (xiii) of CARO are not applicable to the Company.

xiv. The Company has maintained proper record of the transactions and contracts and made timely entries in respect of its trading in shares, securities and other investments and these are held by the Company in its own name at the year end.

xv. The Company has not given any third party guarantees to banks or financial institutions.

xvi. The Company has not availed any term loans from banks or financial institutions.

xvii. On an overall basis, the Company has not prima facie, used the funds borrowed on short term basis for long term investments during the year.

xviii. The Company has not made any preferential allotment of shares to parties and companies listed in the register specified undersection 301 of the Act.

xix. The Company has not issued any debentures during the year.

xx. The Company has not raised any money by way of public issue of its shares or securities during the year.

xxi. There have been no cases of fraud on or by the Company noticed or reported during the year.

For Manoj Mehta & Co Chartered Accountants FRN: 116681W

(M. M. Mehta) Proprietor M. No.: 44355

Mumbai, 2nd September, 2013


Mar 31, 2010

We have audited the attached balance sheet of Superb Papers Limited as at 31st March, 2010andtheprofltandloss account for theyear ended on that date (all together referred to as ''financial statements''). These financial statements are the responsibility of the manage- ment of the Company. Our responsibility is to express an opinion on these financial statementsbasedonouraudit.

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 aboutwhetherthe financial statements are free ofmaterial misstatements. An audit includes examining, on test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing fhe accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. Webelieve that our audit provides are as on ablebasis forour opinion.

1. As required by the Companies (Auditors'' Report) Order, 2003 (here after referred to as CARO) issued by the Central Government in terns of Section 227 (4 A) of the Companies Act,1956 (here after referred toas the Act)and on the basis of suchveri ficationof the books and recordsas weconsidere dappropriate and according to the information and explanations giventous,we give in the annexure,as tatementon the matters specifiedinparagraphs4 and the said Order.

2. Further to our comments in the annexure referred to in paragraph (2) above, we report that

a. we have obtained all the information and explanations which to the best of our knowledgeandbeliefwerenecessaryforthepurposesofour 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 such books maintained at the registeredoffice at Sural Besides the registered office, there are no branches;

c. the balance sheet and profit and loss account referred to in this report are in agree- ment with the books of account;

d. in our opinion, the balance sheet and the profit and loss account comply with the accountingstandardsreferredtoinsection211(3C)oftheAct;

e. Based on the written representation and information available on record, all the directors are disqualified from being a director of the Company as on 31st March, 2010 intermsofsection274(l)(g)oftheAct;

3. In our opinion and to the best of our in formation and according to the explanations given tous, the said financial statementsreadtoge ther with the notes thereon,give the in formation required undertheAct in the manner so required and give a true and fair view in conformity with the accountingprinciplesgenerallyacceptedin India

- in the case of the balance sheet,of the state of affairsof the Company as at 31st March, 2010;

-in the case of the profit and loss account,of the profit for the year ended on that date.

i. The company does not own any fixed assets consequently clauses (i) (a) to (i) (c) of paragraph 4 of CARO, are not applicable

ii. There were no inventories in the company during or at the end of the year consequently clauses (ii) (a) to (ii) (c) of paragraph4ofCARO,arenotapplicable. ut According to the explanations provided and books of account produced beforeus

a. The Company has granted unsecured loans, to company listed in the register maintained under sectionSOl oftheAct (refer point "K" of Schedule J for details);and

b. The rate of interest and other terms and conditions are prima facie not prejudicial to the interest of the company; and

c. No receipt towards the principal amount and interest is received during the year except mentioned point "P" of Schedule "J"; and

d. The management has stated that there arenooverdue amounts;

e. The Company has taken unsecured loans from parties listed in the register maintained under section 301 oftheAct (refer point "K" of Schedule J for details);and

f The rate of interest and other terms and conditions are prima facie not prejudicial to the interest of the company; and

g. Refer point "P" of schedule "J" for Paymentsmadeduringtheyear towards theprincipalamountandinterest. iv In our opinion, there are adequate internal control procedures commensurate with the size ofthe Company and the nature of its business for purchase of inventory andfixedassetsandforsaleofgoods.

v. To the best of our knowledge and based on the information and records provided to us, the transactions (if any) which are needed to be recorded in the register specified under section 301 ofthe Act,areunderupdation.

vi. As per the information made available to us and as per the explanations given to us, the Company has not accepted any deposits frompublic, in terms of section 58AoftheActandralesframedthere under.

vii. In our opinion, the Company has an adequate system of internal checks on its day to day affairs, which acts as an internal auditsystem.

viii. We are informed that, the central government has not prescribed mainte- nance of cost records under section 209(1) (d) ofthe Act.

ix. On the basis ofthe information and explanations made available to us, the Company is generally regular in depositing undisputed statutory dues including provident fund, Investor Education and Protection Fund, Employees'' State Insurance, Income tax, Sales tax, Wealth tax, Service tax, Customs duty, Excise duty, cess and other dues with the appropriate authorities during the year. Consequently clauses (ix) (b) of paragraph 4 ofthe order i.e. CARO,inapplicable.

x. As it appears from the books and record produced before us, the Company has an accumulated loss (after appropria- tions) ofRs. 35521437/- during the financial year & Rs. 35625062/- during the immedi- ately preceding financial year. The Company however has not incurred any cashlosses during the financial yearbut has incurred cash loss ofRs. 22500/- in immedi- ately preceding financial year.

xi. In our opinion and based on the information and explanations made available to us, the Company has not taken any loan from any financial institution, banksordebentureholders.

xii. Based on our examinations of the books and record and according the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or other securities.

xiii. As explained to us, the provisions of any special statute applicable to a chit fund, mdhi or mutual benefit fund / societies, are not applicable to the Company.

xiv According to the explanations provided and books of account produced before us, the Company has not dealt or traded in shares, securities, debentures or overinvestments duringtheyear.

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

xvi. Aspertheexplanationsgiventous and on the basis of our examination of the books of account, the Company has not availed any term loans from banks or financial institutions.

xvii. According to the cash flow statement and other record examined by us and the information and explanations given to us, the Company has not raised any short termfundsduringtheyear.

xviii. The Company has not made any preferential allotment of any shares during theyear.

xix. The Company has not issued any debenturesduringtheyear.

xx. The Company has not raised any money by way of public issue of its shares orsecuritiesduringtheyear.

xxi. To the best of our knowledge and belief and according to the information and explanations made available to us, there have been no cases of fraud on or by the Company noticed or reported during the year

Manoj M.Mehta Proprietor

Forandon behalf of MANOJMEHTA & CO

Chartered Accountants

Mumbai,30th June, 2010


Mar 31, 2009

1. We have audited the attached Balance Sheet of Superb Papers Limited, as on 31st March,2009 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditor''s Report), Order, 2003, 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.

Further to our comments in the Annexure referred to above, we report that:

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

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

(iii) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the directors as on 31st March, 2009 and taken on record by the Board of Directors and on the basis of information and explanation provided to us, we report that all the directors on the board of the company are disqualified as on 31st March, 2009 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956

(vi) In our opinion and to the best of our information and according to the explanations given to us, they said accounts give the information required by the Companies Act, 1956.In the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2009; and

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

(Referred to in our Report of even date an annexure on the matters specified in paragraphs 4 and 5 of the CARO on the Statements of Accounts of SUPERB PAPERS LIMITED as at and for the Year ended March 31, 2009)

1. Fixed Assets:

Since the company does not own fixed assets this clause is not applicable.

2. Inventory:

The Company has not carried out any manufacturing activity during the year and there being no inventory, the subject clause is not applicable.

3. Loan taken / granted by the company:

According to information and explanations given to us, the company has not granted loans to companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. The company has taken loans from parties covered in register prescribed under section 301 of the Companies Act, 1956 details of which is as follow:

Sr. Name of party Relationship Amount Amount Closing No. with Company accepted repaid balance

1. Dhansukhbhai V. Panchal Director Nil Nil 18,000

2. Dipakbhai B. Brother of Panchal Director Nil Nil 518,000

3. Babubhai Brother Panchal of Director Nil Nil 943,000

4. Krishna D. Daughter of Panchal Director Nil Nil 48,981

5. Hasuben B. Panchal Shareholder Nil Nil 975,570

Total Nil Nil 2,503,551

According to the information and explanation provided to us, the rate of interest and other terms and conditions on which loans have been taken by the company from parties covered in register section 301 are not, prima facie, prejudicial to the interest of the company.

According to the records of the company, there are no dues of sales tax, income tax, customs duty / wealth tax, excise duty which have not been deposited on account of any dispute.

10. Accumulated Losses:

On the basis of examination of books of accounts and records, we are of the opinion that the company have accumulated losses to the extents of Rs.3,56,25,062/- at the end of financial year. Cash loss during the current financial year is Rs.22,500/-. The company has incurred cash loss of Rs. 22,000/- in immediate preceding financial year.

11. Repayment of financial dues:

As per the information and explanation provided to us, the Company has not carried on business, nor availed any loans and hence not defaulted in repayment of loan.

12. Documentation in respect of loans granted:

Based on our examination of documents and records, we are of the opinion that the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. Guarantee for loans:

As per the information and explanation provided to us, the company has not given corporate guarantee to any banks or financial institutions to secure loan taken by others.

14. End use of funds:

As per the information and explanations provided to us, the Company has not carried on business, nor availed any loans hence this clause is not applicable.

15. Preferential allotment:

The company has not made preferential allotment of equity shares to parties covered in the register maintained under section 301 of the Act.

16. Issue of debentures & Shares:

During the period covered by our report the company has not issued any debentures.

During the period covered by our report the company has not raised any money by public issue.

17. Frauds:

On the basis of the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

R.G. PARWAL

Chartered Accountant

M.no.- 403546

Place : Surat

Date : September 11, 2009


Mar 31, 2008

1. We have audited the attached Balance Sheet of Superb Papers Limited, as on 31st March,2008 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditor''s Report), Order, 2003, 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.

Further to our comments in the Annexure referred to above, we report that:

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

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

(iii) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the directors as on 31st March, 2008 and taken on record by the Board of Directors and on the basis of information and explanation provided to us, we report that all the directors on the board of the company are disqualified as on 31st March, 2008 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956

(vi) In our opinion and to the best of our information and according to the explanations given to us, they said accounts give the information required by the Companies Act, 1956.In the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2008; and

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

(Referred to in our Report of even date an annexure on the matters specified in paragraphs 4 and 5 of the CARO on the Statements of Accounts of SUPERB PAPERS LIMITED as at and for the Year ended March 31, 2008)

1. Fixed Assets:

Since the company does not own fixed assets this clause is not applicable.

2. Inventory:

The Company has not carried out any manufacturing activity during the year and there being no inventory, the subject clause is not applicable.

3. Loan taken / granted by the company:

According to information and explanations given to us, the company has not granted loans to companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. The company has taken loans from parties covered in register prescribed under section 301 of the Companies Act, 1956 details of which is as follow:

Sr. Name of party Relationship Amount Amount Closing No. with Company accepted repaid balance

1. Dhansukhbhai V. Panchal Director Nil Nil 18,000

2. Dipakbhai B. Brother of Panchal Director Nil Nil 518,000

3. Babubhai Brother Panchal of Director Nil Nil 943,000

4. Krishna D. Daughter of Panchal Director Nil Nil 48,981

5. Hasuben B. Panchal Shareholder Nil Nil 975,570

Total Nil Nil 2,503,551

According to the information and explanation provided to us, the rate of interest and other terms and conditions on which loans have been taken by the company from parties covered in register section 301 are not, prima facie, prejudicial to the interest of the company.

As per the information and explanation offered to us, there are no specific terms of repayment of principal or interest thereon between the company and these lenders.

4. Internal Control:

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 regards to purchase of inventory, fixed assets and with regards to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

5. Transactions with parties listed u/s. 301 of the Companies Act

In our opinion and according to the information and explanations given to us, transactions required to be entered into the Register in pursuance of section 301 of the Companies Act, 1956 have been so entered.

In our opinion and according to the information and explanations given to us, no transactions exceeding rupees five lakh are made with parties covered under section 301 of the Companies Act, 1956.

6. Deposits from public

In our opinion and according to the information and explanations given to us, during the year under consideration the company has not accepted deposits from the public.

7. Internal Audit System

In our opinion and according to the information and explanations given to us, the company has an internal audit system commensurate with the size and nature of its business.

8. Cost Records:

According to information and explanations given to us the Central Government has not prescribed for the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956.

9. Statutory Dues:

According to information and explanations given to us and on the basis of our examination of the books of accounts, generally the company has been regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employee''s state insurance, excise duty, sales tax and other statutory dues.

According to the information and explanation given to us, no undisputed amounts payable in respect of income tax, customs duty and exercise duty were outstanding, as at March 31, 2008.

According to the records of the company, there are no dues of sales tax, income tax, customs duty / wealth tax, excise duty which have not been deposited on account of any dispute.

10. Accumulated Losses:

On the basis of examination of books of accounts and records, we are of the opinion that the company have accumulated losses to the extents of Rs.3,53,81,995/- at the end of financial year. Cash loss during the current financial year is Rs.22,000/-. The company has incurred cash loss of Rs. 22,040/- in immediate preceding financial year.

11. Repayment of financial dues:

As per the information and explanation provided to us, the Company has not carried on business, nor availed any loans and hence not defaulted in repayment of loan.

12. Documentation in respect of loans granted:

Based on our examination of documents and records, we are of the opinion that the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. Guarantee for loans:

As per the information and explanation provided to us, the company has not given corporate guarantee to any banks or financial institutions to secure loan taken by others.

14. End use of funds:

As per the information and explanations provided to us, the Company has not carried on business, nor availed any loans hence this clause is not applicable.

15. Preferential allotment:

The company has not made preferential allotment of equity shares to parties covered in the register maintained under section 301 of the Act.

16. Issue of debentures & Shares:

During the period covered by our report the company has not issued any debentures.

During the period covered by our report the company has not raised any money by public issue.

17. Frauds:

On the basis of the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

R.G. PARWAL

Chartered Accountant

M.no.- 403546

Place : Surat

Date : September 1, 2008


Mar 31, 2007

1. We have audited the attached Balance Sheet of Superb Papers Limited, as on 31st March,2007 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditor''s Report), Order, 2003, 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.

Further to our comments in the Annexure referred to above, we report that:

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

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

(iii) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the directors as on 31st March, 2007 and taken on record by the Board of Directors and on the basis of information and explanation provided to us, we report that all the directors on the board of the company are disqualified as on 31st March, 2007 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956

(vi) In our opinion and to the best of our information and according to the explanations Given to us, the said accounts give the information required by the Companies Act, 1956.In the manner so required and give a true and fair view 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 31st March, 2007; and

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

ANNEXURE TO THE AUDITOR''S REPORT

(Referred to in our Report of even date an annexure on the matters specified in paragraphs 4 and 5 of the CARO on the Statements of Accounts of SUPERB PAPERS LIMITED as at and for the Year ended March 31, 2007)

1. Fixed Assets:

Since the company does not own fixed assets this clause is not applicable.

2. Inventory:

The Company has not carried out any manufacturing activity during the year and there being no inventory, the subject clause is not applicable.

3. Loan taken / granted by the company:

According to information and explanations given to us, the company has not granted loans to companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. The company has taken loans from parties covered in register prescribed under section 301 of the Companies Act, 1956 details of which is as follow:

Sr. Name of party Relationship Amount Amount Closing No. with Company accepted repaid balance

1. Dhansukhbhai V. Panchal Director Nil Nil 18,000

2. Dipakbhai B. Brother of Panchal Director Nil Nil 518,000

3. Babubhai Brother panchal of Director Nil Nil 943,000

4. Krishna D. Daughter of panchal Director Nil Nil 48,981

5. Hasuben B. Panchal Shareholder Nil Nil 975,570

Total Nil Nil 2,503,551



According to the information and explanation provided to us, the rate of interest and other terms and conditions on which loans have been taken by the company from parties covered in register section 301 are not, prima facie, prejudicial to the interest of the company. As per the information and explanation offered to us, there are no specific terms of repayment of principal or interest thereon between the company and these lenders.

4. Internal Control:

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 regards to purchase of inventory, fixed assets and with regards to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

5. Transactions with parties listed u/s. 301 of the Companies Act

In our opinion and according to the information and explanations given to us, transactions required to be entered into the Register in pursuance of section 301 of the Companies Act, 1956 have been so entered.

In our opinion and according to the information and explanations given to us, no transactions exceeding rupees five lakh are made with parties covered under section 301 of the Companies Act, 1956.

6. Deposits from public

In our opinion and according to the information and explanations given to us, during the year under consideration the company has not accepted deposits from the public.

7. Internal Audit System

In our opinion and according to the information and explanations given to us, the company has an internal audit system commensurate with the size and nature of its business.

8. Cost Records:

According to information and explanations given to us the Central Government has not prescribed for the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956.

9. Statutory Dues:

According to information and explanations given to us and on the basis of our examination of the books of accounts, generally the company has been regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employee''s state insurance, excise duty, sales tax and other statutory dues.

According to the information and explanation given to us, no undisputed amounts payable in respect of income tax, customs duty and exercise duty were outstanding, as at March 31, 2007.

According to the records of the company, there are no dues of sales tax, income tax, customs duty / wealth tax, excise duty which have not been deposited on account of any dispute.

10. Accumulated Losses:

On the basis of examination of books of accounts and records, we are of the opinion that the company have accumulated losses to the extents of Rs. 3,51,39.428/- at the end of financial year. Cash loss during the current financial year is Rs.22,040/-. The company has incurred cash loss of Rs. 2,48,719/- in immediate preceding financial year.

11. Repayment of financial dues:

As per the information and explanation provided to us, the Company has not carried on business, nor availed any loans and hence not defaulted in repayment of loan.

12. Documentation in respect of loans granted:

Based on our examination of documents and records, we are of the opinion that the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. Guarantee for loans:

As per the information and explanation provided to us, the company has not given corporate guarantee to any banks or financial institutions to secure loan taken by others.

14. End use of funds:

As per the information and explanations provided to us, the Company has not carried on business, nor availed any loans hence this clause is not applicable.

15. Preferential allotment:

The company has not made preferential allotment of equity shares to parties covered in the register maintained under section 301 of the Act.

16. Issue of debentures & Shares:

During the period covered by our report the company has not issued any debentures.

During the period covered by our report the company has not raised any money by public issue.

17. Frauds:

On the basis of the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit. R.G. PARWAL

Chartered Accountant

M.no.- 403546

Place : Surat

Date : September 1, 2007


Mar 31, 2006

1. We have audited the attached Balance Sheet of Superb Papers Limited, as on 31st March,2006 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditor''s Report), Order, 2003, 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.

Further to our comments in the Annexure referred to above, we report that:

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

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

(iii) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the directors as on 31st March, 2006 and taken on record by the Board of Directors and on the basis of information and explanation provided to us, we report that all the directors on the board of the company are qualified as on 31st March, 2006 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956.In the manner so required and give a true and fair view 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 31st March, 2006; and

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

ANNEXURE TO THE AUDITOR''S REPORT

(Referred to in our Report of even date an annexure on the matters specified in paragraphs 4 and 5 of the CARO on the Statements of Accounts of SUPERB PAPERS LIMITED as at and for the Year ended March 31, 2006)

1. Fixed Assets:

Since the company does not own fixed assets this clause is not applicable.

2. Inventory:

The Company has not carried out any manufacturing activity during the year and there being no inventory, the subject clause is not applicable.

3. Loan taken / granted by the company:

According to information and explanations given to us, the company has not granted loans to companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. The company has taken loans from parties covered in register prescribed under section 301 of the Companies Act, 1956 details of which is as follow:

Sr. Name of party Relationship Amount Amount Closing No. with Company accepted repaid balance

1. Dhansukhbhai V. Pancha Director Nil Nil 18,000

2. Dipakbhai B. Brother of Panchal Director Nil Nil 518,000

3. Babubhai Brother Panchal of Director Nil Nil 943,000

4. Krishna D. Daughter of Panchal Director Nil Nil 48,981

5. Hasuben B. Panchal Shareholder Nil Nil 975,570

Total Nil Nil 2,503,551

According to the information and explanation provided to us, the rate of interest and other terms and conditions on which loans have been taken by the company from parties covered in register section 301 are not, prima facie, prejudicial to the interest of the company. As per the information and explanation offered to us, there are no specific

terms of repayment of principal or interest thereon between the company and these lenders.

4. Internal Control:

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 regards to purchase of inventory, fixed assets and with regards to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

5. Transactions with parties listed u/s. 301 of the Companies Act

In our opinion and according to the information and explanations given to us, transactions required to be entered into the Register in pursuance of section 301 of the Companies Act, 1956 have been so entered.

In our opinion and according to the information and explanations given to us, no transactions exceeding rupees five lakh are made with parties covered under section 301 of the Companies Act, 1956.

6. Deposits from public

In our opinion and according to the information and explanations given to us, during the year under consideration the company has not accepted deposits from the public.

7. Internal Audit System

In our opinion and according to the information and explanations given to us, the company has an internal audit system commensurate with the size and nature of its business.

8. Cost Records:

According to information and explanations given to us the Central Government has not prescribed for the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956.

9. Statutory Dues:

According to information and explanations given to us and on the basis of our examination of the books of accounts, generally the company has been regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employee''s state insurance, excise duty, sales tax and other statutory dues.

According to the information and explanation given to us, no undisputed amounts payable in respect of income tax, customs duty and exercise duty were outstanding, as at March 31, 2006.

According to the records of the company, there are no dues of sales tax, income tax, customs duty / wealth tax, excise duty which have not been deposited on account of any dispute.

10. Accumulated Losses:

On the basis of examination of books of accounts and records, we are of the opinion that the company have accumulated losses to the extents of Rs. 3,48,96,821/- at the end of financial year. Cash loss during the current financial year is Rs.2,48,791/-. The company has incurred cash loss of Rs. 50,56,172/- in immediate preceding financial year.

11. Repayment of financial dues:

As per the information and explanation provided to us, the Company has not carried on business, nor availed any loans and hence not defaulted in repayment of loan.

12. Documentation in respect of loans granted:

Based on our examination of documents and records, we are of the opinion that the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. Guarantee for loans:

As per the information and explanation provided to us, the company has not given corporate guarantee to any banks or financial institutions to secure loan taken by others.

14. End use of funds:

As per the information and explanations provided to us, the Company has not carried on business, nor availed any loans hence this clause is not applicable.

15. Preferential allotment:

The company has not made preferential allotment of equity shares to parties covered in the register maintained under section 301 of the Act.

16. Issue of debentures & Shares:

During the period covered by our report the company has not issued any debentures.

During the period covered by our report the company has not raised any money by public issue.

17. Frauds:

On the basis of the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

R.G. PARWAL

Chartered Accountant

M.no.- 403546

Place : Surat

Date : August 12, 2006

 
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