Auditor Report of Swasti Vinayaka Synthetics Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of SWASTI VINAYAKA SYNTHETICS LIMITED, (the "Company"), which comprises of the Balance Sheet as of March 31,2015, 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

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone 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 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 position, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

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 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 controls 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.

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 at31st March, 2015and its profit and its cash flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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

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 bylaw have been kept by the Company so far as it appears from our examination of those books.

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

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

(e) On the basis of the written representations received from the directors as on 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 st 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 has disclosed the impact of pending litigations on its financial position in its financial statements (Refer Note Y to the financial statements).

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

iii. There were no amounts that were required to be transferred to the Investor Education and Protection Fund by the Company during the year.

ANNEXURE TO THE AUDITOR'S REPORT

Referred to in paragraph 1 on Report on Other Legal and Regulatory Requirements in our report of even date to the members of SWASTIVINAYAKA SYNTHETICS LIMITED on the financial statement for the year ended on March 31,2015, we report that:

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

(b) The Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a phased manner over a period of one year. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.

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

(b) In our opinion and according to the information and explanations given to us, the procedures for physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion, the Company has maintained proper records of inventory. The discrepancies between the physical stocks and the book stocks were not material and have been properly dealt with in the books of account.

(iii) The company has not granted any secured or unsecured loans to any party covered in the register maintained under section 189 of the Companies Act, 2013. Therefore the requirements of sub-clause (a) and (b) of clause (iii) of Paragraph 3 are not applicable to the Company.

(iv) There is an adequate internal control system commensurate with the size of the company and the nature of its business for the sale of services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

(v) The Company has not accepted any Deposits from public in terms of section 73 of the Companies Act, 2013. We are informed that no order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or Court or any other tribunal. Accordingly, the Company has complied with the provisions of section 73 to 76 of the Companies Act, 2013.

(vi) Central Government has not prescribed/specified the maintenance of cost records under sub-section (I) of section 148 of the Companies Act, 2013, hence clause (vi) of Paragraph 3 is not applicable to the company.

(vii) (a) According to the information and explanations given to us, the Company is generally regular in depositing undisputed statutory dues including provident fund, employees' state insurance, income-tax, service tax and any other statutory dues with the appropriate authorities.

(b) According to the information and explanations given to us, there are no dues of sales tax, income-tax, custom duty, service tax, wealth tax, excise duty, which have not been deposited on account of any dispute other than matters in Appeal (Refer Note Yon Contingent Liabilities).

(c) There is no amount required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under.

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

(ix) Based on our audit procedures and on the information and explanation give to us by the management, we are of the opinion that the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

(x) In our opinion and according to the information and explanation give to us, the company has given guarantee for loans taken by others from banks or financial institutes. In our opinion, the terms & condition of the guarantees given are not prejudicial to the interest of the company.

xi) In our opinion and according to the information and explanation give to us, the company has not obtained any term loans except working capital loan hence clause (xi) of Paragraph 3 is not applicable to the company.

(xii) To the best of our knowledge and belief, and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the course of our audit.

For SANJAY RAJA JAIN & CO.

Chartered Accountants

FRN No. 120132W

SANJAY RAJA JAIN

Place: Mumbai Partner

Dated: 30th May 2015 M. No. 108513

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Mar 31, 2014

We have audited the accompanying financial statements of Swasti Vinayaka Synthetics Limited ("the Company"), 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 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 circular15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We 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 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 profit/ loss for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

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

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

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

b. in our opinion proper books of 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 circular15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013.

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

ANNEXURE TO INDEPENDENT AUDITORS'' REPORT

(Referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" 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 on the

basis of available information.

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

c) In our opinion, the Company has not disposed of substantial part of fixed assets during the year and asset sold do not affect its going concern.

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

b) In our opinion and according to the information and explanations given to us, the procedures of 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) In our opinion and according to the information and explanation given to us, the Company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records

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

a. The Company has taken loans from 1 (One) (P. Y. Two) parties covered in the register maintained U/s. 301 of the Companies Act, 1956 aggregating to Rs. 1,21,550/- (P. Y. Rs. 32,41,327/-) during the year and year End balance is Rs. 94,620/- (Previous Year23,720/-) and maximum amount involved during the year is Rs. 94,620/- (P.Y. Rs.1,17,82,494/-)

b. The Company has granted loan to 1 (One) (P.Y. Nil) parties covered in the register maintained U/s. 301 of the Companies Act, 1956 aggregating to Rs. 1,27,00,000/- (P. Y. Rs. Nil) during the year and year End balance is Rs. Nil (Previous Year Nil) and maximum amount involved during the year is Rs.1,20,00,000/- (P.Y. Rs.Nil)

c. In our opinion and according to the information and explanations given to us, the rate of interest, wherever applicable and other Terms and Conditions are not prima facie prejudicial to the interest of the Company.

d. There is no overdue amount in respect of loans given/ taken by the Company and as same is repayable on demand.

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 for the purchase of inventory, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls.

5. a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us, the transactions in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding Rs. 5,00,000/- (Rupees Five Lakhs only) in respect of any party during the year have been made at price, which are reasonable having regard to prevailing market price at the relevant time.

6. As explained to us the Company has not accepted any deposits from the public within the meaning of Section 58A and 58AA of the Companies Act, 1956 and the Rules framed there under.

7. In our opinion, the internal audit system of the Company is commensurate with its size and nature of its business.

8. According to information and explanations provided to us, the company is not required to maintain cost record U/s. 209(1)(d) of the Companies Act, 1956.

9. a) According to the information and explanation given to us, and records being made available to us, the undisputed statutory dues except for income tax for the assessment year 2006-2007 for which appeal has been filed with appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2014 for a period of more than six months from the date of becoming payable.

b) In our opinion and according to the information and explanations given to us, there are no any other disputed statutory dues pending before any Authority.

10. The Company has no accumulated losses and has not incurred cash loss during the financial year covered by our audit

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to banks.

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

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

14. The Company has maintained proper records of transaction and contracts in respect of trading in securities, debentures and other investments and timely entries have been made therein. All shares, debentures and other investments have been held by the company in its own name.

15. According to information and explanation given to us and to the best of knowledge, the Company has given guarantees for loans taken by others from banks or financial institutions. We are of the opinion that the term and conditions thereof are not prima facie prejudicial to the interest of the Company.

16. In our opinion and according to information and explanation given to us, a company has not received any Term Loan during the year.

17. According to the information and explanation given to us, and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not raised funds from Short Term sources and utilized the same towards Long Term investments.

18. During the year, the Company had not made any preferential allotment of shares to parties and companies covered in the register maintained U/s. 301 of the Companies Act, 1956.

19. According to information and explanation given to us, the Company has not issued any secured debentures during the year.

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

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

For SANJAY RAJA JAIN & CO. CHARTERED ACCOUNTANTS Firm Reg. No. 120132W

SANJAY RAJA JAIN

Place : Mumbai. (PARTNER) Date : 30th May 2014 Membership No. 108513

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Mar 31, 2013

Report on Financial Statements

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

Management''s Responsibility for the Financial Statements

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

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We 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 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 to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

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

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

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

Report on Other Legal and Regulatory Requirements

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

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

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

b. In our opinion proper books of 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 sub-section (3C) of section 211 of the Companies Act, 1956;

e. On the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

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 Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO INDEPENDENT AUDITOR''S REPORT

(Referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" 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 on the basis of available information.

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

c) In our opinion, the Company has not disposed of substantial part of fixed assets during the year and asset sold do not affect its going concern.

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

b) In our opinion and according to the information and explanations given to us, the procedures of 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) In our opinion and according to the information and explanation given to us, the Company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

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

a. The Company has taken loans from 2 (Two) (P.Y. Two) parties covered in the register maintained U/s. 301 of the Companies Act, 1956 aggregating to Rs. 32,41,327/- (P.Y. Rs. 4,03,88,119/-) during the year and year end balance is Rs. 23,720/- ( Previous Year 1,17,42,494/-) and maximum amount involved during the year is Rs.1,17,82,494/- (P.Y. Rs.2,40,19,211/-)

b. The company has not granted loan to parties covered in the register maintained U/s. 301 of the Companies Act, 1956.

c. In our opinion and according to the information and explanations given to us, the rate of interest, wherever applicable and other Terms and Conditions are not prima facie prejudicial to the interest of the Company.

d. There is no overdue amount in respect of loans given/ taken by the Company and as same is repayable on demand.

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 for the purchase of inventory, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls.

5. a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us, the transactions in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding Rs. 5,00,000/- (Rupees Five Lakhs only) in respect of any party during the year have been made at price, which are reasonable having regard to prevailing market price at the relevant time.

6. As explain to us the Company has not accepted any deposits from the public within the meaning of Section 58A and 58AA of the Companies Act, 1956 and the Rules framed there under.

7. In our opinion, the internal audit system of the Company is commensurate with its size and nature of its business.

8. According to information and explanations provided to us, the company is not required to maintain cost record U/s. 209(1)(d) of the Companies Act, 1956.

9. a) According to the information and explanation given to us, and records being made available to us, there are no undisputed statutory dues except for income tax for the assessment year 2006-2007 for which appeal has been filed with appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2013 for a period of more than six months from the date of becoming payable.

b) In our opinion and according to the information and explanations given to us, there are no any other disputed statutory dues pending before any Authority.

10. The Company has accumulated losses and has not incurred cash loss during the financial year covered by our audit

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to banks.

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

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

14. The Company has maintained proper records of transaction and contracts in respect of trading in securities, debentures and other investments and timely entries have been made therein. All shares, debentures and other investments have been held by the company in its own name.

15. According to information and explanation given to us and to the best of knowledge, the Company has given guarantees for loans taken by others from banks or financial institutions. We are of the opinion that the terms and conditions thereof are not prima facie prejudicial to the interest of the Company.

16. In our opinion and according to information and explanation given to us, the Company has not received any Term Loan during the year.

17. According to the information and explanation given to us, and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not raised funds from Short Term sources and utilized the same towards Long Term investments.

18. During the year, the Company had not made any preferential allotment of shares to parties and companies covered in the register maintained U/s. 301 of the Companies Act, 1956.

19. According to information and explanation given to us, the Company has not issued any secured debentures during the year.

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

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

For SANJAY RAJA JAIN & CO.

CHARTERED ACCOUNTANTS

Firm Reg. No. 120132W

SANJAY RAJA JAIN

Place : Mumbai. (PARTNER)

Date : 30th May, 2013 Membership No. 108513

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Mar 31, 2012

1. We have audited the attached Balance Sheet of Swasti Vinayaka Synthetics Limited as at 31st March 2012, Profit & Loss Account and Cash Flow Statements of the company for the year ended on that date. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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 disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, and on the basis of such checks of the books and records as we considered necessary and appropriate and according to the information and explanations given to us during the course of the audit, we enclose in the Annexure, a statement on matters specified in paragraphs 4 and 5 of the said order.

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

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

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

c) The Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the books.

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

e) On basis of the written representation received by the company from its directors and taken on record by the board of directors, we state that none of the directors of the company is disqualified as on 31st March 2012 from being appointed as director in terms of Section 274(1)(g) of the Companies Act, 1956.

f) in our opinion, and to the best of our information and according to the explanations given to us, the said accounts read with the Notes thereon specified in Schedule Z give the information required by the Companies Act, 1956, in the manner so required and give true and fair view.

i. In the case of the Balance Sheet of the state of affairs of the Company as at 31st March 2012, and

ii. In the case of Profit and Loss Account of the Profit for the year ended on that date.

iii. In the case of Cash Flow Statements of the company Cash Flow for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

(Referred to in paragraph 3 of our report of even date to the members of Swasti Vinayaka Synthetics Limited for the year ended 31st March 2012)

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

b. According to the information and explanations given to us, the fixed assets have been physically verified by the management at the year end. In our opinion, such frequency is reasonable having regard to the size of the company and the nature of its business. As explained to us, the discrepancies noticed on physical verification as compared to available records maintained by the company, were not material and have been properly dealt with in the books of accounts.

c. In our opinion no major portion of fixed assets of the company has been disposed off during the year.

ii) a. As explained to us, the management has conducted physical verification of stocks of raw materials, finished goods, semi finished goods and other stocks at the year end.

b. In our opinion, and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c. On the basis of our examination of inventory records, in our opinion, the company has maintained reasonable records of inventory. Discrepancies noticed on physical verification of inventory as compared to the book records were not material and these have been properly dealt with in the books of account.

iii). a. During the year, the company has availed/granted unsecured loans from companies/other parties listed in the register maintained under section 301 of the Companies Act 1956.The maximum amount involved during the year and the year end balance of such loan was Rs. 207.00 lacs and Rs. 144.23 lacs respectively.

The company has granted unsecured loan to company listed in the register maintained under section 301 of the Act. The maximum amount involve during the year and the year end balance of such loan was Rs. 39.70 lacs and Rs. 37.31 lacs respectively.

b. In our opinion, and according to the information and explanations given to us, the rate of interest and other terms and conditions wherever stipulated, on which the loans were availed/granted are prima facie, not prejudicial to the interest of the company.

c. According to the information and explanations given to us, the loans availed/granted by the company, referred to in paragraph (a) above, are repayable at call. In our opinion the company is regular in payment of interest and repayment of principal wherever stipulated.

iv) In our opinion and according to 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 for the purchase of inventory, fixed assets and for the sale of goods. Further, on the basis of our examination of books and records of the company, and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedures.

v) a. According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register in pursuance of section 301 of the Companies Act 1956, have been so entered.

b. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act 1956, and exceeding the value of Rupees Five hundred thousand in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices, or with regard to the similar transactions conducted with other parties.

vi) As per the information and explanations given to us, the company has not accepted any deposits from the public to which the directives issued by the Reserve Bank of India and the provisions of section 58A and 58AA of the Companies Act 1956 and the rules framed there under are applicable.

vii) The company has an internal audit system, the scope and coverage of which needs to be strengthened to commensurate with the size of the company and nature of its business.

viii) According to the information and explanations given to us the central government has not prescribed maintenance of cost records under section 209 (i)(d) of the Companies Act 1956.

ix) a. According to the information and explanations given to us, the company is regular during the year in depositing undisputed statutory dues including provident fund, wealth tax, sales tax, customs duty and excise duty with the appropriate authorities, and no amounts were outstanding as at 31st March 2012, for more than six months from the date they become payable.

b. According to the information and explanations given to us at the balance sheet date, the company has no amount outstanding in respect of disputed wealth tax, sales tax, customs duty, excise duty.

x) As at the balance sheet date, the company has accumulated losses and the company has not incurred cash loss in the current financial year and has not incurred cash loss in the immediately preceding financial Period.

xi) According to the information and explanations given to us, the company has not committed default in repayment of dues to banks and financial institutions.

xii) As the Company has not granted any loans or advances against security by way of pledge of shares and securities, clause (xii) of paragraph 4 of the order is not applicable to Company.

xiii) In our opinion, the company is not a chit fund/nidhi/mutual benefit fund/society, clause (xiii) of paragraph 4 of the order is not applicable to the Company.

xiv) According to the information and explanations given to us, the company is not dealing or trading in shares, securities and other investments clause (xiv) of paragraph 4 of the order is not applicable to the company.

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

xvi) In our opinion and according to information and explanations given to us, during the year, the company has not obtained the term loan.

xvii) In our opinion, and according to the information and explanations given to us, and on an overall examination of the balance sheet of the company, we state that during the financial year the company has not raised funds on a short term basis which have been used for long term investment and vice versa.

xviii) The company has not made any preferential allotment of shares, debenture or public issue during the year to the parties and companies covered in the register maintained under section 301 of the Companies Act. Hence clause xix and xx of the Order does not applied

xix) To the best of our knowledge and according to the information and explanations given to us, there have been no cases of fraud on or by the company noticed or reported during the year.



FOR RV. DALAL & CO. CHARTERED ACCOUNTANTS (Firm Registration No. 102049W)

(PARESH V. DALAL) PROPRIETOR Mem. No. 033355.

Mumbai, Dated: 26th May, 2012

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Mar 31, 2011

1. We have audited the attached Balance Sheet of Swasti Vinayaka Synthetics Limited as at 31st March, 2011, Profit & Loss Account and Cash Flow Statements of the company for the year ended on that date. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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 disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, and on the basis of such checks of the books and records as we considered necessary and appropriate and according to the information and explanations given to us during the course of the audit, we enclose in the Annexure, a statement on matters specified in paragraphs 4 and 5 of the said order.

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

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

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

c) The Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the books.

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

e) On basis of the written representation received by the company from its directors and taken on record by the board of directors, we state that none of the directors of the company is disqualified as on 31s' March, 2011 from being appointed as director in terms of Section 274(1 )(g) of the Companies Act, 1956.

f) In our opinion, and to the best of our information and according to the explanations given to us, the said accounts read with the Notes thereon specified in Schedule 15 give the information required by the Companies Act, 1956, in the manner so required'and give true and fair view.

i. In the case of the Balance Sheet of the state of affairs of the Company as at 31st March, 2011, and

ii. In the case of Profit and Loss Account of the Profit for the year ended on that date.

iii. In the case of Cash Flow Statements of the company Cash Flow for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

(Referred to in paragraph 3 of our report of even date to the members of Swasti Vinayaka Synthetics Limited for the year ended 31st March, 2011)

i) a. The Company records in respect of fixed assets including quantity details & situation of fixed assets is under compilation.

b According to the information and explanations given to us, the fixed assets have been physically verified by the management at the year end. In our opinion, such frequency is reasonable having regard to the size of the company and the nature of its business. As explained to us, the discrepancies noticed on physical verification as compared to available records maintained by the company, were not material and have been properly dealt with in the books of accounts.

c. In our opinion no portion offixed assets of the company has been disposed off during the year.

ii) a. As explained to us, the management has conducted physical verification of stocks of raw materials, finished goods, semi finished goods and other stocks at the year end.

b. In our opinion, and according td the information and explanations given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c. On the basis of our examination of inventory records, in our opinion, the company has maintained reasonable records of inventory. Discrepancies noticed on physical verification of inventory as compared to the book records were not material and these have been properly dealt with in the books of account.

iii) a. During the year, the company has availed/ obtained unsecured loans from companies/other parties listed in the register maintained under section 301 of the Companies Act 1956. The maximum amount involved during the year and the year end balance of such loan was Rs. 385.47 lacs and 101.29 lacs respectively. The company has granted unsecured loan to company listed in the registered maintained under section 301 of the Companies Act 1956. The maximum amount involve during the year and the year end balance of such loan was Rs. 42.43 lacs and 38.23 lacs respectively.

b. In our opinion, and according to the information and explanations given to us, the rate of interest and other terms and conditions wherever stipulated, on which the loans were availed/granted are prima facie, not prejudicial to the interest of the company.

c. According to the information and explanations given to us, the loans availed/granted by the company, referred to in paragraph (a) above, are repayable at call. In our opinion the company is regular in payment of interest and repayment ol principal wherever stipulated.

iv) In our opinion and according to 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 for the purchase of inventory, fixed assets and for the sale of goods. Further, on the basis of our examination of books and records of the company, and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedures.

v) a. According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register in pursuance of Section 301 of the Companies Act 1956, have been so entered. b. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act 1956, and exceeding the value of Rupees Five hundred thousand in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices, or with regard to the similar transactions conducted with other parties.

vi) As per the information and explanations given to us, the company has not accepted any deposits from the public to which the directives issued by the Reserve Bank of India and the provisions of section 58A and 58AA of the Companies Act 1956 and the rules framed there under are applicable.

vii) The company has an internal audit system, the scope and coverage of which needs to be strengthened to commensurate with the size of the company and nature of its business.

viii) According to the information and explanations given to us the central government has not prescribed maintenance of cost records under section 209 (i)(d) of the Companies Act 1956.

ix)a. According to the information and explanations given to us, the company is regular during the year in depositing undisputed statutory dues including provident fund, wealth tax, sales tax, customs duty and excise duty with the appropriate authorities, and no amounts were outstanding as at 31st March 2011, for more than six months from the date they become payable. b. According to the information and explanations given to us at the balance sheet date, the company has no amount outstanding in respect of disputed income tax, wealth tax, sales tax, customs duty, excise duty.

x) As at the balance sheet date, the company has accumulated losses and the company has not incurred cash loss in the current financial year and in the immediately preceding financial year.

xi) According to the information and explanations given to us, the company has not committed default in repayment of dues to banks and financial institutions.

xii) As the Company has not granted any loans or advances against security by way of pledge of shares and securities, clause (xii) of paragraph 4 of the order is not applicable to Company.

xiii) In our opinion, the company is not a chit fund / nidhi / mutual benefit fund / society, clause (xiii) of paragraph 4 the order is not applicable to the Company.

xiv) According to the information and explanations given to us, the company is not dealing or trading in shares, securities and other investments clause (xiv) of paragraph 4 of the order is not applicable to the company.

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

xvi) In our opinion and according to information and explanations given to us, during the year, the company has obtained the term loan and utilized for the purpose for which it was obtained.

xvii) In our opinion, and according to the information and explanations given to us, and on an overall examination of the balance sheet of the company, we state that during the financial year the company has not raised funds on a short term basis which have been used for long term investment and vice versa.

xviii) The company has not made any preferential allotment of shares, debenture or public issue during the year to the parties and companies covered in the register maintained under Section 301 of the Companies Act 1956. Hence clause xviii and xix of the Order does not applied

xix) To the best of our knowledge and according to the information and explanations given to us, there have been no cases of fraud on or by the company noticed or reported during the year.

FOR P.V. DALAL&CO. CHARTERED ACCOUNTANTS (Firm Registration No. 102049W)

PARESHV.DALAL PROPRIETOR Mem. No. 33355.

Place : MUMBAI, Dated : 30th May, 2011

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Mar 31, 2010

1. We have audited the attached Balance Sheet of Swasti Vinayaka Synthetics Limited as at 31sl March, 2010, Profit & Loss Account and Cash Flow Statements of the company for the fifteen month period ended on that date. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, and on the basis of such checks of the books and records as we considered necessary and appropriate and according to the information and explanations given to us during the course of the audit, we enclose in the Annexure, a statement on matters specified in paragraphs 4 and 5 of the said order.

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

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

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

c) The Balance Sheet and the Profitand Loss Account dealt with by this report are in agreement with the books.

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

e) On basis of the written representation received by the company from its directors and taken on record by the board of directors, we state that none of the directors of the company is disqualified as on 31st March, 2010 from being appointed as director in terms of Section 274(1 )(g) of the Companies Act ,1956.

f) In our opinion, and to the best of our information and according to the explanations given to us, the said accounts read with the Notes thereon specified in

Schedule 15 give the information required by the Companies Act, 1956, in the manner so required and give true and fair view.

i. In the case of the Balance Sheet of the state of affairs of the Company as at 31sMarch, 2010, and

ii. In the case of Profit and Loss Account of the Profit for the period ended on that date.

iii. In the case of Cash Flow Statements of the company Cash Flow for the period ended on that date.

ANNEXURE TO THEAUDITORS REPORT (Referred to in paragraph 3 of our report of even date to the members of Swasti Vinayaka Synthetics Limited for the period ended 31st March, 2010)

i) a. The Company records in respect of fixed assets including quantity details & situation of fixed assets is under compilation. b According to the information and explanations given to us, the fixed assets have been physically verified by the management at the year end. In our opinion, such frequency is reasonable having regard to the size of the company and the nature of its business. As explained to us, the discrepancies noticed on physical verification as compared to available records maintained by the company, were not material and have been properly dealt with in the books of accounts.

c. In our opinion no portion of fixed assets of the company has been disposed off during the period.

ii) a. As explained to us, the management has conducted physical verification of stocks of raw materials, finished goods, semi finished goods and other stocks at the year end.

b. In our opinion, and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c. On the basis of our examination of inventory records, in our opinion, the company has maintained reasonable records of inventory. Discrepancies noticed on physical verification of inventory as compared to the book records were not material and these have been properly dealt with in the books of account.

iii) a. During the period, the company has availed/ obtained unsecured loans from companies/other parties listed in the register maintained under section 301 of the Companies Act 1956.The maximum amount involve during the period and the year end balance of such loan was Rs100.24 lacs and 100.24 lacs respectively. The company has granted unsecured loan to company listed in the registered maintained under section 301 of the Companies Act 1956. The maximum amount involve during the year and the year end balance of such loan was Rs 42.43 lacs and 42.43 lacs respectively.

b. In our opinion, and according to the information and explanations given to us, the rate of interest and other terms and conditions wherever stipulated, on which the loans were availed/granted are prima facie, not prejudicial to the interest of the company.

c. According to the information and explanations given to us, the loans availed/granted by the company, referred to in paragraph (a) above, are repayable at call. In our opinion the company is regular in payment of interest and repayment of principal wherever stipulated.

iv) In our opinion and according to 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 for the purchase of inventory, fixed assets and for the sale of goods. Further, on the basis of our examination of books and records of the company, and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedures.

v) a. According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register in pursuance of section 301 of the Companies Act 1956, have been so entered. b. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act 1956, and exceeding the value of Rupees Five hundred thousand in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices, or with regard to the similar transactions conducted with other parties.

vi) As per the information and explanations given to us, the company has not accepted any deposits from the public to which the directives issued by the Reserve Bank of India and the provisions of section 58A and 58AA of the Companies Act 1956 and the rules framed there under are applicable.

vii) The company has an internal audit system, the scope and coverage of which needs to be strengthened to commensurate with the sire of the company and nature of its business.

viii) According to the information and explanations given to us the central government has not prescribed maintenance of cost records under section 209 (i)(d) of the Companies Act 1956.

ix)a. According to the information and explanations given to us, the company is regular during the year in depositing undisputed statutory dues including provident fund, wealth tax, sales tax, customs duty and excise duty with the appropriate authorities, and no other amounts were outstanding as at 31st March 2010, for a period of more than six months from the date they become payable. b. According to the information and explanations given to us at the balance sheet date, the company has no amount outstanding in respect of disputed income tax, wealth tax, sales tax, customs duty, excise duty.

x) As at the balance sheet date, the company has accumulated losses and the company has not incurred cash loss in the current financial period and in the immediately preceding financial year.

xi) According to the information and explanations given to us, the company has not committed default in repayment of dues to banks and financial institutions.

xii) As the Company has not granted any loans or advances against security by way of pledge of shares and securities, clause (xii) of paragraph 4 of the order is not applicable to Company.

xiii) In our opinion, the company is not a chit fund / nidhi / mutual benefit fund / society, clause (xiii) of paragraph 4 the order is not applicable to the Company.

xiv) According to the information and explanations given to us, the company is not dealing or trading in shares, securities and other investments clause (xiv) of paragraph 4 of the order is not applicable tc the company.

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

xvi) In our opinion and according to information and explanations given to us, during the year, the company has obtained the term loan and utilized for the purpose for which it was obtained.

xvii) In our opinion, and according to the information and explanations given to us, and on an overall examination of the balance sheet of the company, we state that during the financial year the company has not raised funds on a short term basis which have been used for long term investment and vice versa.

xviii) The company has not made any preferential allotment of shares, debenture or public issue during the year to the parties and companies covered in the register maintained under section 301 of the Companies Act 1956. Hence clause xviii and xix of the Order does not applied

xix) To the best of our knowledge and according to the information and explanations given to us, there have been no cases of fraud on or by the company noticed or reported during the year.

FOR P. V. DALAL & CO.

CHARTEREDACCOUNTANTS

(Firm Registration No. 102049W)

PARESHV. DALAL

Place :MUMBAI, PROPRIETOR

Dated: 31 st May, 2010 Mem. No. 33355.