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Auditor Report of Yantra Natural Resources Ltd.

Mar 31, 2015

Report on the Financial Statements

We have audited the accompanying financial statements of YANTRA NATURAL RESOURCES LIMITED("the Company"), which comprise the Balance Sheet as at 31stMarch, 2015, the Statement of Profit and Loss and the cash flow statement for the year then ended, and a summary of the 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 and presentation 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.

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 thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we 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 at 31st March, 2015, and 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 exercise of power conferred by sub section 11 of section 143 of the Act, we enclose in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, 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 books.

c) the Balance Sheet, the 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 aforesaid 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 31st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act; and

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.

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 amount which were required to be transferred, to the Investor Education and Protection Fund by the Company.

Annexure to the Independent Auditor's Report

The Annexure referred to in our Independent Auditor's Report to the members of the Company on the financial statements for the year ended 31st March 2015, we report that:

(i) (a) The company has maintained proper records 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 and have been physically verified by the management at reasonable intervals during the year and no material discrepancies have been 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) As per the information and explanations given to us, the inventories have been physically verified by the management at reasonable intervals during the year.

(b) In our opinion and as per the information and explanations given to us, 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) The Company is maintaining proper records of inventories. In our opinion, discrepancies noticed on physical verification of inventory were not material in relation to the operations of the Company and the same have been properly dealt with in the books of account.

(iii) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013 ('the Act')

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

(v) The Company has not accepted any deposits from the public within the meaning of section 73 of the Act and the rules framed there under.

(vi) In our opinion, maintenance of cost records has been specified by the Central Government under sub- section (1) of section 148 of the Companies Act, are not applicable to the Company.

(vii) (a) According to the information and explanation given to us and on the basis of our examination of the records of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Employees' State Insurance, Income tax, Wealth tax, Sales tax, Service tax, Excise duty, Value added tax, cess, Professional tax and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities.

According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Employees' State Insurance, Income-tax, Sales tax, Excise duty, Value added tax, Wealth tax, Cess, Professional tax were in arrears as at March 31, 2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us, there are no material dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of any dispute.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company, accordingly the provisions of clause 3(vii c) of the Order are not applicable to the Company.

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

(ix) According to the information and explanations given to us, the Company does not have any borrowings from any financial institution or bank and does not issued any debentures as at the balance sheet date, accordingly the provisions of clause 3(9) of the order are not applicable to the company.

(x) In our opinion and according to the information and the explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

(xi) In our opinion and according to the information and the explanations given to us, the Company has not raised any term loans, according the provision of clause 3(11) are not applicable.

(xii) According to the information and explanations given to us, no material fraud on or by the company has been noticed or reported during the course of our audit.

For CHIRAG C.MEHTA& CO.

Chartered Accountants

FRN No. 132696W

Sd/-

CHIRAG C.MEHTA

Proprietor

M. No. 122852

Place : Hyderabad

Dated: 29.05.2015


Mar 31, 2014

1. We have audited the accompanying financial statements of Yantra Natural Resources 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

2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). 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

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

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

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

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

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

ii) in the case of the statement of Profit and Loss, of the profit for the year ended on that date;

iii) 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

7. 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.

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

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

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

c) the Balance Sheet and the statement of Profit and loss Account, dealt with by this report are in agreement with the books of accounts;

d) in our opinion, the Balance Sheet and the statement of Profit and loss Account, comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act, and

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 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 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 AUDITOR''S REPORT

Referred to in paragraph 4 and 5 of our report of even date on the accounts for the year ended March 31, 2014 of Yantra Natural Resources Limited

1. Fixed Assets:

a. The Company is generally maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b. Assets have been physically verified by the management during the year. According to the information and explanation given to us, there is regular programme of verification which, in our opinion is reasonable having regards to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

c. The company has not disposed off substantial part of fixed assets.

2. Inventories:

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

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

3. Loans and Advances :

a. The Company, During the period covered by our audit, has not granted secured or unsecured loans to companies covered in the Register maintained under section 301 of the companies Act,1956. Hence provisions of clauses (iii) (b),(c),(d) of paragraph 4 are not applicable to the company.

b. The Company, during the period covered by our audit, has not taken secured or unsecured loans from companies covered in the register maintained under section 301 of the Act. Hence provisions of clause (iii) (f),(g) of paragraph 4 are not applicable to the company.

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

5. Transaction with related parties as per Register of Contracts under Section 301 of the Companies Act,1956:

a. In our opinion and according to the information and explanations given to us, particulars of contracts or arrangements, referred to in section 301 of the Act have been entered in the register required to be maintained under that section: and

b. The transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The company has not accepted any deposits from the public and therefore section 58A, 58AA or any other relevant provisions of the Companies Act, do not apply.

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

8. The Central Government has not prescribed any maintenance of Cost Records under section 209(1)(d) of the Companies Act, 1956 the product of the company.

9. Statutory Dues:

a. According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities.

b. According to the information and explanations given to us, no disputed 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. The company has neither accumulated losses as at March 31, 2014 nor has it incurred any cash losses during the financial year ended on that date or in the immediately preceding financial year.

10. The Company does not have accumulated losses at the end of financial year. The company has not incurred cash losses in the current financial year covered by the audit and in the immediately preceding financial year.

11. Based on our audit procedure 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 financial institutions, banks or any other organization.

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 (Auditors Report) Order 2003 is not applicable to the company.

14. According to the information and explanations given to us they have proper record of securities, shares and other investments. And investments in shares and securities are held in the name of company.

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

16. According to the information and explanations given to us, no term loans were raised during the year.

17. According to the cash flow statement and other records examined by us, and the information and explanations given to us, on an overall basis funds raised on short term basis have, prima facie, not been used during period for long term investment.

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

19. The company has not issued any 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 explanations 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 misstate.

For CHIRAG C. MEHTA & CO., Chartered Accountants

Sd/- CHIRAG C. MEHTA Proprietor M. No. 122852

Place: Hyderabad Date : 30.05.2014


Mar 31, 2013

Report on the Financial Statements

1. We Imve audited the accompanying financial statements of Yantra Natural Resources Ltd., ("the Company"), which comprise the Balance Sheet as a I March 31. 2U13. and the statement of Profit iind loss and Cash flow statement for the year then ended, and a summary or significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements thai 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 21L 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

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

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

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

6, Fn our opinion find to the best of our in form lit ion ami according to the implications given to us, Lin: financial statements give the information required by the Act in the manner so required and give ii [rue find fair view in conformity with ihe accounting principles genenilh accepted in India:

i] in the case of the Balance Sheet, of the state of affairs of the Company as at 3 March, 2013:

ii) in the case of lhc statement of Profit and Loss, of the prodi for the year ended on tJint date:

iii) in the ease of the Cash Flow Statement, of the Cflih flow S fbf me J 691 ended on that date.

Report on Other 1 .cgal and Regulatory Requirements

7, As required by the Companies (Auditor''s Report) Order. 2003. ("the Order") issued by the Central Government of India in terms of sub-seel ion (4A- of Section 221 of the Act, we ic- in the Annexure u statement on the matters specified in paragraphs 4 and 5 of the Urder.

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

a) we have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit:

b) in our opinion, proper books of account as required by luw have been kept by the Company, so far us appears from our examination of those books:

c) the Balance Sheet and the statement of Profit and loss Account, dealt with by this report are in agreement with the books of accounts:

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

e) on the basis of written represenlalions 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 (i)ofsection274ofthe Act,

By Order of the Board

For Yantra Natural Resources Limited

(Formerly known as Shri Ganesh Spinners Limited)





Sd/-

Place: Hyderabad. Dhiresh Miniver

Dale: 21st August, 2013 Managing Director


Mar 31, 2012

We have audited the attached Balance Sheet of Yantra Natural Resources Limited as at March 31st, 2012 and the Statement of Profit and Loss for the year ended on that date annexed thereto and the Cash Flow Statement for the period 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.

1. 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 accounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used the 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.

2. As required by the Companies (Auditor Report) order 2003 issued by the Central Government of India in terms sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraph 4 and 5 of the said order.

3. Further to our comment 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 knowledge and belief were necessary for the purpose of our audit.

b) In our opinion, proper books of accounts as required by law have been kept 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 accounts.

d) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the mandatory Accounting Standards referred to in section 211 (3C) of the Companies Act, 1956.

e) On the basis of written representations received from the directors, as on that none of the directors are being disqualified as on 31st March, 2012 from being appointed as directors in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

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

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

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

(iii) In the case of Cash flow statement, of the cash flows for the year ended on that date.

Referred to in paragraph 3 of our report of even date on the accounts for the year ended 31,2012 of Yantra Natural Resources Limited (Formerly known as Shri Ganesh Spinners Limited)

1. Fixed Assets:

a. The Company is generally maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b. Assets have been physically verified by the management during the year. According to the information and explanation given to us, there is regular programme of verification which, in our opinion is reasonable having regards to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

c. The company has not disposed off substantial part of fixed assets.

2. Inventories:

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

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

3. Loans and Advances :

(a) The Company, during the period covered by our audit, has not granted secured or unsecured loans to companies covered in the Register maintained under section 301 of the companies Act,1956. Hence provisions of clauses (iii) (b),(c),(d) of paragraph 4 are not applicable to the company.

(b) The Company, during the period covered by our audit, has not taken secured or unsecured loans from companies covered in the register maintained under section 301 of the Act. Hence provisions of clause (iii) (f), (g) of paragraph 4 are not applicable to the company.

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

5. Transaction with related parties as per Register of Contracts under Section 301 of the Companies Act,1956:

a. In our opinion and according to the information and explanations given to us, particulars of contracts or arrangements, referred to in section 301 of the Act have been entered in the register required to be maintained under that section: and

b. The transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The company has not accepted any deposits from the public and therefore section 58A, 58AA or any other relevant provisions of the Companies Act, do not apply.

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

8. The Central Government has not prescribed any maintenance of Cost Records under section 209(1)(d) of the Companies Act, 1956 the product of the company.

9. Statutory Dues:

a. According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities.

b. According to the information and explanations given to us, no disputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2012 for a period of more than six months from the date of becoming payable. The company has neither accumulated losses as at March 31,2012 nor has it incurred any cash losses during the financial year ended on that date or in the immediately preceding financial year.

10. Based on our audit procedure 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 financial institutions, banks or any other organization.

11. 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.

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

13. According to the information and explanations given to us they have proper record of securities, shares and other investments. And investments in shares and securities are held in the name of company.

14. The company has not given any guarantee for loan taken by others from bank or financial institutions.

15. According to the information and explanations given to us, no term loans were raised during the year.

16. According to the cash flow statement and other records examined by us, and the information and explanations given to us, on an overall basis funds raised on short term basis have, prima facie, not been used during period for long term investment.

17. The Company has not made any preferential allotment of shares to parties and companies covered in the registered maintained under section 301 of the Companies Act,1956 during the year.

18. The company has not issued any debentures during the year.

19. The company has not raised any money by way of public issue during the year.

20. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year that causes the financial statements to be materially misstate.

For Chirag Mehta

Chartered Accountant

Sd/-

(Chirag Mehta)

Proprietor

Place: Hyderabad. M.Ship No.: 122852

Date: 1st September, 2012. FRN : FW110000964


Mar 31, 2011

We have audited the attached Balance Sheet of Yantra Natural Resources Limited (Formerly Known as Shri Ganesh Spinners Limited) as at March 31st, 2011 and the Profit and Loss Account for the year ended on that date annexed thereto and the cash flow statement for the period 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.

1. 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 accounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used the 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.

2. As required by the Companies (Auditor Report) order 2003 issued by the Central Government of India in terms sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraph 4 and 5 of the said order.

3. Further to our comment 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 knowledge and belief were necessary for the purpose of our audit.

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

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

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

e) On the basis of written representations received from the directors, none of the directors are disqualified as on 31st March, 2011 from being appointed as directors in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

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

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

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

(iii) In the case of Cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITOR''S REPORT

1. In respect of its fixed assets:

a. The Company had 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 the going concern status of the Company is not affected.

2. In respect of its inventories:

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

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

3.

(a) As per the information furnished, the company not granted any loans, secured or unsecured, to the company, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(b) As the Company has not granted any loans, secured or non secured to / from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956, the clause (iii) (b) of the Order is not applicable.

(c) As the company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956 the clause (iii) (c) of the Order is not applicable.

(d) As the Company has not granted any loans, secured or unsecured to Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956, the clause (iii) (d) of the Order is not applicable.

(e) As per the information furnished , the company has not taken any loans, secured or unsecured, from the company, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(f) As the Company has not taken any secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956, the clause (iii) (f) of the Order is not applicable.

(g) As the Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956, the clause (iii) (g) of the order is not applicable.

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

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

a. In our opinion and according to the information and explanations given to us, particulars of contracts or arrangements, referred to in section 301 of the Act have been entered in the register required to be maintained under that section and

b. The transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The company has not accepted any deposits from the public and therefore section 58A, 58AA or any other relevant provisions of the Companies Act, do not apply.

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

8. The Central Government has not prescribed any maintenance of Cost Records under section 209(1)(d) of the Companies Act, 1956 the product of the company.

9. In respect of statutory dues:

a. According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities.

b. According to the information and explanations given to us, no disputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2011 for a period of more than six months from the date of becoming payable. The company has accumulated losses of Rs. 18.58 Lacs as on 31st March 2010 and the company has not incurred cash losses during the financial year covered by our audit or in the immediately preceding financial year.

10. Based on our audit procedure 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 financial institutions, banks or any other organization.

11. 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.

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

13. According to the information and explanations given to us they have proper record of securities, shares and other investments and investments in shares and securities are held in the name of company.

14. The company has not given any guarantee for loan taken by others from bank or financial institutions.

15. According to the information and explanations given to us, no term loans were raised during the year.

16. According to the cash flow statement and other records examined by us, and the information and explanations given to us, on an overall basis funds raised on short term basis have, prima facie, not been used during period for long term investment.

17. During the year, the Company has made preferential allotment of shares worth Rs. 40 Crores and the prices of shares are not prejudicial to the interest of the company.

18. The company has not issued any debentures during the year.

19. The company has not raised any money by way of public issue during the year.

20. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year that causes the financial statements to be materially misstate.

For CHIRAG MEHTA

Chartered Accountant Sd/-

CHIRAG C. MEHTA

Place : Hyderabad Proprietor

Date : 1st September , 2011. M. No. 122852


Mar 31, 2009

We have audited the attached Balance Sheet of SHRI GANESH SPINNERS LIMITED as at March 31st, 2009and the Profit and Loss Account for the year ended on that date annexed thereto and the cash flow statement for the period ended on that date. These financial statements are the responsibility of the Companys management. Our responsi- bility is to express an opinion en these financial statements based on our audit.

1. 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 accounts and disclosures in the financial statements. An audit also includes assessing the account- ing principles used, and significant estimates made by management, as well as evalu- ating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Companies {Auditors Report) Order 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the CompantesAct, 1956, we enclose in the annexure a statement on the matters specified ih paragraph 4 and5 of the said order.

3. Further to our comment in the annexure referred to in paragraph 2 above, we report that:

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

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

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

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

e) On the basis of written representations received from the directors, as on 31s* March, 2009, and taken on record by the Board of Directors, we report that none ofthe directors are being disqualified as on 31st March, 2009 from be- ing appointed as directors in terms ofclause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) in our opinion and to the best of our information and according to the explana- tions given to us, the said accounts read togetherwith the Significant Account- ing Policies and other notes thereon givte the information required by the Com- panies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) in the case ofthe Balance Sheet, ofthe state of affairs of the Company cs at 3lsi March, 2009. (ii) In the case ofthe Profit and Loss Account, ofthe loss for the year ended on that date; and (iii) In the case of cash flow statement, ofthe cash flows for the year ended on that date.

1. We respect of its fixed assets: -

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

b. f s 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 Materia! discrepancies were noticed on such physi cai verification.

c. In our opinion, the company has not disposed of substantial part of fixed assets during the year and the going concern status of the Company is not affected.

2. In respect of its inventories:

a. As explained to us, Inventories have been physically verified by tho Manage ment 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 mar agement are reasonable and adequate In relation to the size of the company and the nature of its business.

Ci The company has maintained proper records of inventories. As explained tc us, there was no. materia! discrepancies noticed on physical verification of Inventory as compared to the book records.

3. (a) As per the information furnished, the company not granted any loans, sa cured or unsecured, to the company, firms or other parties covered in the register maintained under section 301 pf the Companies Act, 1956. (b) As ths Company has not granted any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act* 1956, the c!ause .(iiOfb) of the Order is not applicable.


d. As the Company has not granted any loans, secured or unsecured tc companies/ firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956, the clause (iii) (d) of the Order is not applicable.

e. As per the information furnished, the company has not taken any loans, secured or unsecured, from the company, firms or other parties covered in the register main- tained undensection 301 of the Companies Act, 1956.

f. As the Company has not taken any loans, secured or unsecured from companies, firms o; .other parties covered In the regisier maintained under section 301 of the Companies Act. 195b, the clause (iii)(f) of the Order is not applicable.

no Company has not taken any loans, secured or unsecured from compa- res, firms or other parties covered in the registei maintained under section 301

g. Astn riies, of the Companies Act, 1956, the clause (iii)(g) of the Order ic not applicable.

4. In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate wiih the size of the Con .pany and the nature of its business for the purchase of inventory, fixed assets and also tor the sale of goods. During ihe course of audit, we have not observed any major weaknesses in internal controls.

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

a. In our opinion and according to the information and explanations given to us, par- ticulars of contracts orarrangements.referred to in. section 301 of the Act have been entered in the register required to be maintained under that section: and

b. the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The compai iy has not accepted any deposits from
7. In cur opinion, the internal audit system of the Company is commensurate with its size and nature of its business.

8. The Central Government h^.s prescribed any maintenance of Cost Records under sec tion209(1)(d) of the Companies Act, 1956 the product of the company.

9. In respect of statutory dues:

a. According to the records, of the Company, undisputed statutory.dues including Prcvi dent Fund, Investor Education and Protection Fund, Employees State Insur- ance, In come Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the appropriate au thorities.

b According to the information and explanations given to us. no disputed amounts payable In respect of the aforesaid dues were outstanding as at 31 * Marcn, 2009 for a period of more than six months form the date of becoming payable..

10 The company has accumulated losses of Rs. 43.01 Lacs as on 31sl March 2009 and thecompany has notlncurred cash lossesduring the financial year covered byour auditor in theimmedtetely preceding financial year.

11 Based on our auditprocedure 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 financial institutions, banks, or any oil ier organization.

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 (Auditors Report) Order 2C03 is not ap- plicable to the company.

14 In our Opinion, the company has notengaged in trading of securities, debentures and other investments etc. Therefore, ciause-4(xiv) of the Companies (Auditors Report)

Order 2003 is not applicable to the company.

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

16. According to trie information and explanations given to us, no term loans were raised during the.year.

17 According to the cash flow statement and other records examined by us, and the information and exolanations given to us, on an overall basis, funds raised on short term basis have, prima facie, not been used during period for long term investment

18 During the ye^r, the Company has not made any preferential allotment of shares t
Companies Act, 1956.

19. The company has not issued any 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 explanations given to us, no fraud on or by the Company has been noticed or reported during the year thatcauses the financial statements to be materially misstated.

FOR MANISH JAIN & ASSOCIATES Chartered Accountants

MANISH JAIN PARTNER M. No. 96014 Panipat:MAY28,2009

 
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