Auditor Report of Genesis IBRC India Ltd.

Mar 31, 2025

We have audited the accompanying financial statements of Genesis IBRC India Limited (Formerly,
âSSK Lifestyles Limitedâ) (âthe Companyâ), which comprise the Balance Sheet as on March 31, 2025
and the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow
Statement and the Statement of Changes in Equity for the year then ended, and a summary of material
accounting policies and other explanatory information.

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 Companies Act, 2013 (âthe Actâ)
in the manner so required and give a true and fair view in conformity with the Indian Accounting
Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, (âInd ASâ) and other accounting principles generally accepted
in India, of the state of affairs of the Company as at March 31, 2025, and its Profit, its cash flows and
the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing
specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further
described in the Auditorâs Responsibility for the Audit of the Financial Statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are
relevant to our audit of the financial statements under the provisions of the Act and the Rules made
thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAIâs Code of Ethics. We believe that the audit evidence obtained by us is
sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Key Audit Matters:

Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the standalone financial statements of the current period. These matters were addressed in
the context of our audit of the standalone financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.

We do not have any key audit matters that needs to be communicated in our report.

Information Other than the Financial Statements and Auditorâs Report Thereon

â¢ The Companyâs Board of Directors is responsible for the other information. The other information
comprises the information included in the Directors report, but does not include the financial
statements and our auditorâs report thereon.

â¢ Our opinion on the financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.

â¢ In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained during the course of our audit or otherwise
appears to be materially misstated.

â¢ If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.

Managementâs Responsibility for the Financial Statements

The Companyâs Board of Directors is responsible for the matters stated in section 134(5) of the Act with
respect to the preparation of these financial statements that give a true and fair view of the financial
position, financial performance including other comprehensive income/(loss), cash flows and changes
in equity of the Company in accordance with the Ind AS and other accounting principles generally
accepted in India. 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 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 statement that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Companyâs ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Companyâs financial reporting process.
Auditorâs Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:

â¢ Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.

â¢ Obtain an understanding of internal financial control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Undersection 143(3)(I) of the Act, we are also
responsible for expressing our opinion on whether the Company has adequate internal financial
controls system in place and the operating effectiveness of such controls.

â¢ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the management.

â¢ Conclude on the appropriateness of managementâs use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Companyâs ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditorâs report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditorâs report. However, future events or conditions may cause the Company to
cease to continue as a going concern.

â¢ Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events
in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the
financial statements may be influenced. We consider quantitative materiality and qualitative factors in
(I) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate
the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.

From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the financial statements of the current period and are therefore
the key audit matters. We describe these matters in our auditorâs report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine
that a matter should not be communicated in our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest benefits of such communication. From
the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit 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) During the year, the company has no branch offices hence reporting under section 143(8) of
the act is not applicable to the company.

d) The Balance Sheet, the Statement of Profit and Loss including the Statement of Other
Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt
with by this Report are in agreement with the books of account.

e) In our opinion, the aforesaid financial statements comply with the Indian Accounting
Standards specified under Section 133 of the Act, read with Companies (Indian Accounting
Standards) Rules, 2015, as amended.

f) On the basis of the written representations received from the directors as on March 31, 2025
taken on record by the Board of Directors, none of the directors is disqualified as on March
31, 2025 from being appointed as a director in terms of Section 164(2) of the Act.

g) With respect to the adequacy of the internal financial controls over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate Report in
âAnnexure Bâ. Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Companyâs internal financial controls over financial reporting.

h) With respect to the other matters to be included in the Auditorâs Report in accordance with the
requirements of Section 197 of the Act, as amended:

In our opinion and based upon the audit procedures performed and the information and
explanation given by the management, the provisions of section 197 read with Schedule V to
the Act is compiled by the company.

i) With respect to the other matters to be included in the Auditorâs Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules,2014, as amended in our opinion and to
the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financial
position.

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

iv. (a) The Management has represented that, to the best of its knowledge and belief, other
than as disclosed in notes, no funds (which are material either individually or in the
aggregate) have been advanced or loaned or invested (either from borrowed funds or
share premium or any other sources or kind of funds) by the Company to or in any other
person or entity, including foreign entities ("Intermediaries"), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall, whether, directly
or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented that, to the best of its knowledge and belief, other
than as disclosed in notes, no funds (which are material either individually or in the
aggregate) have been received by the Company from any person or entity, including
foreign entity ("Funding Parties"), with the understanding, whether recorded in writing

or otherwise, that the Company shall, whether , directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party ("Ultimate Beneficiaries ") or provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries; and

(c) Based on such audit procedures that were considered reasonable and appropriate in
the circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (a) and (b) contain any material misstatement.

v. During the year the company has not declared any dividend. Therefore, compliance with
section 123 of the act was not applicable.

vi. Based on our examination, which included test checks, the Company has used
accounting softwareâs for maintaining its books of account for the financial year ended
March 31, 2025, which has a feature of recording audit trail (edit log) facility and the
same has operated throughout the year for all relevant transactions recorded in the
software. During the course of performing our procedures, we did not notice any
instance of the audit trail feature being tampered with. Further, the audit trail, to the
extent maintained in the prior year, has been preserved by the Company as per the
statutory requirements for record retention

2. As required by the Companies (Auditorâs Report) Order, 2020(âthe Orderâ) issued by the Central
Government in terms of Section 143(11) of the Act, we give in âAnnexure Aâ a statement on the
matters specified in paragraphs 3 and 4 of the Order.

For Ramasamy Koteswara Rao and Co LLP
Chartered Accountants
Firmâs Registration No.010396S/S200084

Place: Hyderabad Murali Krishna Reddy Telluri

Date: 29-05-2025 Partner

Membership No.:223022
UDIN: 25223022BMJKDQ7631

Mar 31, 2024

We have audited the accompanying financial statements of Genesis IBRC India Limited (Formerly,
âSSK Lifestyles Limitedâ) (âthe Companyâ), which comprise the Balance Sheet as on March 31, 2024
and the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow
Statement and the Statement of Changes in Equity for the year then ended, and a summary of material
accounting policies and other explanatory information.

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 Companies Act, 2013 (âthe Actâ)
in the manner so required and give a true and fair view in conformity with the Indian Accounting
Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, (âInd ASâ) and other accounting principles generally accepted
in India, of the state of affairs of the Company as at March 31, 20244, and its loss, its cash flows and
the changes in equity for the year ended on that date.

Basis for Opinion

Key Audit Matters:

We do not have any key audit matters that needs to be communicated in our report.

Information Other than the Financial Statements and Auditorâs Report Thereon

â¢ Our opinion on the financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.

Managementâs Responsibility for the Financial Statements

Those Board of Directors are also responsible for overseeing the Companyâs financial reporting process.
Auditorâs Responsibility for the Audit of the Financial Statements

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:

â¢ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the management.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit 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) During the year, the company has no branch offices hence reporting under section 143(8) of
the act is not applicable to the company.

f) On the basis of the written representations received from the directors as on March 31, 2024
taken on record by the Board of Directors, none of the directors is disqualified as on March
31, 2024 from being appointed as a director in terms of Section 164(2) of the Act.

h) With respect to the other matters to be included in the Auditorâs Report in accordance with the
requirements of Section 197 of the Act, as amended:

i. The Company does not have any pending litigations which would impact its financial
position.

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

v. During the year the company has not declared any dividend. Therefore, compliance with
section 123 of the act was not applicable.

i. Based on our examination, which included test checks, the Company has used
accounting softwareâs for maintaining its books of account for the financial year
ended March 31, 2024, which has a feature of recording audit trail (edit log) facility
and the same has operated throughout the year for all relevant transactions recorded
in the softwareâs. Further, during the course of our audit we did not come across any
instance of the audit trail feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from
April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014 on preservation of audit trail as per the statutory requirements for record
retention is not applicable for the financial year ended March 31, 2024.

For Ramasamy Koteswara Rao and Co LLP,
Chartered Accountants
FRN: 010396S/S200084

Place: Hyderabad Murali Krishna Reddy Telluri

Date: 29-05-2024 Partner

Membership No.223022
UDIN:24223022BKARTY5391

Mar 31, 2015

We have audited the accompanying financial statements of M/s. SSK Lifestyles Limited ("the Company"), which comprises the Balance Sheet as at March 31,2015, and the Statement of Profit and Loss and Cash Flow statement for the year ended, and summary of significant accounting policies and other explanatory information.

Management 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 financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with 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 the maintenance of adequate records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of 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 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 sec 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 disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the company has in place an adequate internal financial control over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by 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 Loss and its cash flows for the year ended on the 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 the paragraph 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 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, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this report are in agreement with the books of account;

d. In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement 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 written representations received from the directors as on 31st March 2015 and 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.

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

i. The Company does not have any pending litigations which would impact its financial position.

ii. The Company does not have any long term contracts including derivatives contracts for which there were any material foreseeable losses.

iii. There were no amounts which required to be transferred to the Investor Education and protection fund by the company

Annexure to Independent Auditor's Report

Referred to in paragraph 1 under heading of "Report on other legal and regulatory requirements" of our report of even date:

(i) a) The Company has sold all the fixed assets and there were no fixed assets as on 31st March 2015.

b) The Fixed assets have been physically verified by the management during the year in accordance with a phased program of verification and no material discrepancies have been noticed on such verification.

(ii) a) The Company has no Inventory as on 31st March, 2015.

b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventory followed by the management is 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 inventories and as explained to us there was no material discrepancy noticed on physical verification.

(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. Therefore the provisions of Clause iii(a), iii(b) and iii(c) of the said order are not applicable to the Company.

(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, with regard to purchase of inventory and fixed assets and for the sale of goods. During the course of the audit we have not observed any major weaknesses in the internal control system.

(v) In our opinion and according to the explanations given to us, the company has not accepted any deposits from Public.

(vi) The Central Government has not prescribed the maintenance of cost record under section 148(1) of the Companies Act, 2013.

(vii) a) According to the records of the company and explanations given to us and on the basis of our examination of the records of the company, undisputed statutory dues including provident fund, Income - tax, Value Added Tax, and other material statutory dues applicable to it have been regularly deposited with the appropriate authorities. Further, as explained to us, no undisputed statutory dues were in arrears as at 31st March 2015 for a period of more than 6 months from the date they become payable.

b) According to the information and explanation given to us details of dues of income-tax, wealth- tax, sales tax, custom duty, excise duty and any other statutory dues, which have not been deposited as on 31st March 2015 on account of any dispute are given below:

S. No. Name of the statute Amount under dispute not yet deposited (Rs.)

i Sales Tax 47.24 Lakhs (including Rs. 40.32 Lakhs towards interest)

ii Income Tax 7,78,320

c) According to the information and explanation given to us there were no amount transferred to investor education and protection fund.

(viii) The company has accumulated losses of Rs.7,09,15,256 as at the end of the financial year and it accumulated losses are above 50% of its net worth and the company has incurred cash losses of Rs.23,56,840 during the current financial year covered by our audit and in the immediately preceding financial year.

(ix) Based on our audit procedures and on the information and explanation given to us, we are of the opinion the company did not have any dues to financial institutions, bankers or debentures holders during the year.

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

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

(xii) Based on the audit procedures performed and information and explanations given to us by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For Ramasamy Koteswara Rao & Co Chartered Accountants FRN:010396S Hyderabad, 30th May 2015

SD/- C V Koteswara Rao Partner M.No:028353

Mar 31, 2014

We have audited the accompanying Financial Statements of M/s. FINE PLAST POLYMERS LIMITED ("The Company"), which comprise the Balance Sheet as at 31st March 2014, the statement of Profit and Loss and Cash Flow Statement for the year then and a summary of significant accounting policies and other explanatory information.

MANGAEMENT''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 principles generally accepted in India including accounting standards referred to in section 211(3C) of the Companies Act, 1956 ("The Act") read with the general circular No.15/2013 of Ministry of Corporate Affairs In respect of section 133 of Companies Act, 2013. The responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Financial Statement that give a true and fair view and are free from material misstatements, 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 misstatements.

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

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

OPINION

In our Opinion and to the best of our information and according to the explanations given to us, the aforesaid Financial Statements give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

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

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

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

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditors'' Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we give in the annexure a statement on the matters specified in the paragraph 4 and 5 of the said order.

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

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

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

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

d) In our opinion, the Balance Sheet, the statement of Profit & Loss, and the Cash Flow Statement dealt with by this report comply with the accounting standards notified under the Act read with the General Circular No. 15/2013 of 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 of the Company as on 31st March, 2014 and taken on record by the Board of Directors, We report that none of the Directors is disqualified as on 31st March, 2014 from being appointed as Directors in terms of the Clause (g) of subsection (1) of Section 274 of the Companies Act, 1956.

Annexure To The 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. In respect of its Fixed Assets:

a) The Company has updated the records related to the additions/changes made in the year to the fixed assets.

b) The Company has a phased program of physical verification of its Fixed Assets, which, in our opinion is reasonable having to regard to the size of the Company and nature of its assets.

c) During the year, the Company has not disposed of any substantial/major part of the Fixed Assets.

2. In respect of its Inventories:

a) According to the information and explanations furnished to us, the Company has physically verified its inventories during the year. In our opinion, the frequency of such verification to the extent carried out is reasonable.

b) In our opinion, 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) According to the information furnished to us, the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records, which were not material, have been properly dealt with in the books of account.

3. In respect of the Loans, Secured or unsecured, granted or taken by the Company to/from Companies, Firms or other Parties covered in the Register maintained under section 301 of the Companies Act, 1956:

a) During the year under review the company has taken an amount of Rs. 1,26,928/- from P. Arun Kumar, Rs. 4,77,127/- from P. Mastan Rao and Rs. 1,17,146/- from P. Srikanth (directors and relatives of the directors of the company) and the balances as on 31-3-2014 are Rs. 7,00,000/- from K. Ratnakara Rao, Rs. 5,61,558/- from P. Arun Kumar, Rs. 22,56.000/- from P. Mastan Rao and Rs. 4,44,697/- from P. Srikanth (directors and relatives of the directors of the company).

b) In our opinion, the rate of interest and other the terms and conditions on which loans have been taken from the Directors and their relatives listed in the register maintained under section 301 of the Companies Act, 1956 are not prima facie, prejudicial to the interest of the Company. The Loans are interest free Loans.

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 Services, fixed assets and also for the sale of Services. During the Course of our audit, no major weakness has been noticed in the 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, the transactions made in pursuance of contracts or arrangements that needed to be entered into 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, there are no 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 Lakhs.

6. As explained to us and according to our information, the Company has not accepted any deposits from the public.

7. During the year, the Company has no internal audit system.

8. As explained to us and according to our information, maintenance of cost records as prescribed u/s.209 (1)(d) of the companies act are not applicable to the Company.

9. In respect of Statutory payments:

a) According to the information and explanations given to us and the records of the company examined by us, in our opinion, the company is generally regular in depositing undisputed statutory dues including provident fund, employee''s state insurance, income-tax, Sales-tax, wealth tax, service tax, custom duty, and other material statutory dues, as applicable, with the appropriate authorities. There are no undisputed amounts payable in respect of such applicable statutory dues as at March 31, 2014 for a period of more than six months from the date they became payable.

b) According to the information and explanation given to us details of dues of income tax, sales tax, wealth tax, excise duty, customs duty, and any other statutory dues, which have not been deposited as on 31.03.2014 on account of any dispute are given below:

I) Sales Tax:Rs.47.24 Lakhs (including Rs.40.32 Lakhs towards Interest)

ii) Income Tax: Rs.7,78,320/-

10. The company has accumulated losses of Rs.675.94 Lacs (including the cash loss of Rs. 46.31 lacs incurred the current financial year) as at the end of the year which is more than 100% of the net worth.

11. Based on our audit procedures and to the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion that the company has not defaulted in the repayment of dues to the financial institutions and banks.

12. According to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a Chit fund, Nidhi or Mutual Benefit Fund/Societies. Accordingly the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

14. In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks and financial institutions. Hence the requirements of clause 4(xv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

16. To the best of our knowledge and belief and according to the information and explanations given to us, during the year the Company has not availed term loan from financial institutions and banks. Accordingly the provisions of clause 4(xvi) of the Companies (Auditors Report) Order, 2003 are not applicable.

17.To the best of the information and according to the explanations given to us, the Company has not utilized the funds raised on short term basis for long term investment.

18. During the year, the company has not made any preferential allotment to parties and companies covered under register maintained under section 301 of the companies act, 1956.

19. The company has not raised/issued debentures during the year and there is no outstanding liability related to the debentures issued in the earlier years. Therefore, clause 4 (xix) of the companies (Auditor''s Report) Order, 2003 is not applicable to the company.

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.

For Sanjeeva Rao and Associates Chartered Accountants

Sd/- K Sanjeeva Rao Partner M.No.: 211604 Hyderabad, 30th May 2014

Mar 31, 2013

REPORT ON FINANCIAL STATEMENTS

We have audited the accompanying Financial Statements of FINE PLAST POLYMERS LIMITED ("The Company"), which comprise the Balance Sheet as at 31st March 2013, the statement of Profit and Loss and Cash Flow Statement for the year then and a summary of significant accounting policies and other explanatory information.

MANGAEMENT''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 principles generally accepted in India including accounting standards referred to in section 211(3C) of the Companies Act, 1956 ("The Act"). The responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Financial Statement that give a true and fair view and are free from material misstatements 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 misstatements.

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

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

OPINION

In our Opinion and to the best of our information and according to the explanations given to us, the aforesaid Financial Statements give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

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

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

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

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditors'' Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we give in the annexure a statement on the matters specified in the paragraph 4 and 5 of the said order.

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

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

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

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

d) In our opinion, the Balance Sheet, the statement of Profit & Loss, and the Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Act.

e) On the basis of written representations received from the Directors of the Company as on 31st March, 2013 and taken on record by the Board of Directors, We report that none of the Directors is disqualified as on 31st March, 2013 from being appointed as Directors in terms of the Clause (g) of subsection (1) of Section 274 of the Companies Act, 1956.

ANNEXURE TO THE 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. In respect of its Fixed Assets :

a) The Company has updated the records related to the additions/changes made in the year to the fixed assets.

b) The Company has a phased program of physical verification of its Fixed Assets, which, in our opinion is reasonable having to regard to the size of the Company and nature of its assets.

c) During the year, the Company has not disposed of any substantial/major part of the Fixed Assets.

2. In respect of its Inventories:

a) According to the information and explanations furnished to us, the Company has physically verified its inventories during the year. In our opinion, the frequency of such verification to the extent carried out is reasonable.

b) In our opinion, 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) According to the information furnished to us, the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records, which were not material, have been properly dealt with in the books of account.

3. In respect of the Loans, Secured or unsecured, granted or taken by the Company to/from Companies, Firms or other Parties covered in the Register maintained under section 301 of the Companies Act, 1956:

a) The company has taken an amount of Rs. 7,00,000/- from Mr. K. Ratnakar Rao, Rs. 3,00,000/- from P. Arun Kumar, Rs. 14,29,000/- from P. Mastan Rao and Rs. 4,03,824/- from Smt. P.V. Subbamma directors and relatives of the directors of the company during 2012-13 and the balances as on 31-3- 2013 are Rs. 7,00,000/-, Rs. 4,34,630/-, Rs. 17,78,873/- and Rs. 7,90,824/- respectively.

b) In our opinion, the rate of interest and other the terms and conditions on which loans have been taken from the Directors and their relatives listed in the register maintained under section 301 of the Companies Act,1956 are not prima facie, prejudicial to the interest of the Company. The Loans are interest free Loans.

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 Services, fixed assets and also for the sale of Services. During the Course of our audit, no major weakness has been noticed in the 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, the transactions made in pursuance of contracts or arrangements that needed to be entered into 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, there are no 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 Lakhs.

6. As explained to us and according to our information, the Company has not accepted any deposits from the public.

7. During the year, the Company has no internal audit system.

8. As explained to us and according to our information, maintenance of cost records as prescribed u/s.209 (1)(d) of the companies act are not applicable to the Company.

9. In respect of Statutory payments:

a) Presently the Company is generally regular in depositing the statutory dues. But however there are old statutory dues are there as per the information given below;

b) According to the information and explanations given to us, details of undisputed amounts payable in respect of the aforesaid dues that were outstanding as at 31st March, 2013 for a period of more than six months from the date of becoming payable are as follows:

10. The company has accumulated losses of Rs.675.94 Lacs (including the cash loss of Rs. 46.31 lacs incurred the current financial year) as at the end of the year which is more than 50% of the net worth.

11. Based on our audit procedures and to the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion that the company has not defaulted in the repayment of dues to the financial institutions and banks.

12. According to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a Chit fund, Nidhi or Mutual Benefit Fund/Societies. Accordingly the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

14. In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks and financial institutions. Hence the requirements of clause 4(xv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

16. To the best of our knowledge and belief and according to the information and explanations given to us, during the year the Company has not availed term loan from financial institutions and banks. Accordingly the provisions of clause 4(xvi) of the Companies (Auditors Report) Order, 2003 are not applicable.

17. To the best of the information and according to the explanations given to us, the Company has not utilized the funds raised on short term basis for long term investment.

18. During the year, the company has not made any preferential allotment to parties and companies covered under register maintained under section 301 of the companies act, 1956.

19. The company has not raised/issued debentures during the year and there is no outstanding liability related to the debentures issued in the earlier years. Therefore, clause 4 (xix) of the companies (Auditor''s Report) Order, 2003 is not applicable to the company.

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.

For Sanjeeva Rao and Associates

Chartered Accountants

Sd/-

14-08-2013 K SANJEEVA RAO

Partner

Hyderabad M.No.: 211604

Mar 31, 2012

1. We have audited the attached Balance Sheet of Fine Plast Polymers Ltd, Hyderabad. As at 31st March 2012 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditors Report) Order,2003 and amendments thereto issued by the Central Government of India in terms of Sec 227(4A) of The Companies Act 1956, we annex hereto a statement on the matters specified in the paragraphs 4 and 5 of the said order, to the extent applicable to the Company.

4. We further report that :

(i) 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;

(ii) 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;

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

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

(v) On the basis of written representations received from the directors, as on 31st March

2012, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2012 from being appointed as a director in terms of clause (g) of sub-section(1) of section 274 of the Companies Act, 1956;

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

(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.

Annexure to Auditor''s Report

Annexure referred to in paragraph 2 of the auditors report to the members of Fine Plast Polymers Ltd., for the year ended 31st March, 2012

As required by the companies (Auditor Report) Order, 2003 and amendments thereto and according to the information and explanations given to us during the course of the audit and on the basis of such checks of the books and records as were considered appropriate we report that:

(I) a The Company has maintained proper record showing full particulars including quantitative details and situations of fixed assets.

b All the assets have been physically verified by the management in accordance with a phased program of verification, which in our opinion is reasonable, considering the size and the nature of business.The frequency of verification is reasonable and no material discrepancies have been noticed on such physical verification.

c The assets disposed during the year are not significant and therefore do not affect the on going concern assumptions.

(ii) a The inventories have been physically verified by the management during the year at reasonable intervals.

b The procedure of physical verification of the inventories followed by the management is 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 and discrepancies noticed on physical verification of inventories as compared to books records were not material.

(iii) a The Company has not granted unsecured loan to party covered in the register maintained under section 301 of the Companies Act, 1956.

b In view of our comments in Para (iii) (a) above, clauses 4 (iii) (b) (c) and (d) of the said order are not applicable to the Company.

c The Company has taken unsecured loan from nine parties covered in the register maintained under section 301 of the Companies Act, 1956 on all basis. The Maximum amount outstanding during the year was Rs.58,85,300/- and the year ended balance was also Rs.48,79,202/-.

d The other terms and conditions on which the loans have been taken are prima facie, not prejudicial to the interest of the Company;

e In view of our comments in Para (iii) (c) and (d) above, clause (iii) (g) of the said order is not applicable to the Company

(iv) a There are adequate internal control systems commensurate with the size of the Company and the nature of its business with regard to purchase of inventories, fixed assets and for the sale of goods and services. During the course of our audit no major weakness has been observed in the internal control system.

(v) a There are adequate internal control systems commensurate with the size of the Company and the nature of its business with regard to purchase of inventories, fixed assets and for the sale of goods and services. During the course of our audit no major weakness has been observed in the internal control system.

b The transactions made in pursuance of contract or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956 has been recorded in the register.

(vi) a The Company has not accepted any deposits from the public within the meaning of the sections 58A, 58AA or any other relevant provision of the Act and the rules framed there under any directives report issued by the Reserve Bank of India. No order in relation thereto has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.

(vii) a The Company has no internal audit system commensurate with its size and nature of its business.

(viii) a The Central Government has not prescribed for maintenance of cost records under section 209

(1) (d) of the Companies Act, 1956 for the Company

(ix) a According to the records of the Company, the Company has to pay the undisputed statutory dues of Rs. 68,619/- towards PF (Employees), PF (Employer) of Rs. 77,492/- and Sales Tax of Rs.1,50,713/-. Other than those there are no any other undisputed statutory dues including Employees State Insurance, Income Tax, Wealth Tax, Service Tax, Custom Duty and Excise Duty, Cess have regularly deposited with the appropriate authorities.

b There are disputed amounts of Rs.14,47,271/- towards sales tax and an amount of Rs 40,32,280/- towards interest for which the company has made provision during this year based on the notice issued by the Commercial Taxes Department dated 29-2-2012.

(x) The Company has accumulated losses of Rs.650.40 Lakhs at the end of the financial year 2011-12 and it has earned Net Loss of Rs. 65.58 lakhs in current financial year due to capital gains.

(xi) The Company has settled its dues to banks and financial institutions under OTS scheme and presently there are no dues to the banks and financial institutions.

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

(xiii) The provisions of any Special Statute applicable to Chit Fund, Nidhi Fund or Mutual Benefit Fund/Societies are not applicable to the Company.

(xiv) In our opinion and according to the information and explanations given to us, the Company is not a dealer or trader in shares, securities, debentures and other investments.

(xv) The Company has not given any guarantee for loan taken by others from banks and financial institutions.

(xvi) In our opinion, the term loans have been applied for the purpose for which they were raised.

(xvii) On an overall examination the Balance Sheet of the Company, we report that no fund raised on short term basis have been used for long term investment.

(xviii) The Company has not issued any equity shares and debentures during the year.

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

(xx) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year.

For Sanjeeva Rao & Associates

Chartered Accountants

Hyderabad 14-08-2012 Sd/-

K. Sanjeeva Rao

Partner

M No.211604

Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article