Auditor Report of Mahaalaxmi Texpro Ltd.

Mar 31, 2024

We have audited the accompanying standalone financial statements of Abhishek Corporation Limited (“the Company”), which comprise the
Balance Sheet as at March 31, 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes
in Equity and the Statement of Cash Flows for the year ended on that date, and a summary of the significant accounting policies and other
explanatory information (hereinafter referred to as “the standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial
statements give the information required by the Companies Act, 2013 (“the Act”) 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, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the
Company as at March 31, 2024, the Loss and total comprehensive income, changes in equity and its cashflows for the year ended on that
date.

Basis for Qualified opinion

We conducted our audit of the standalone 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 Auditor''s Responsibilities for the Audit of
the Standalone 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 independence requirements that are relevant to our audit
of the standalone 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 ICAI''s Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

With respect to the following matters mentioned in the Companies (Auditors Report) Order, 2020

(“the Order”) issued by the Central Government of India in terms of Sub- Section (11) of Section 143(3) of the Companies Act, 2013 We
report that

I) The Company has incurred cash Losses for the year 2023-24 to the Extent of '' 516.64 lakhs (Previous year '' 537.07 Lakhs).

Key Audit Matters

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

Information Other than the Standalone Financial Statements and Auditor''s Report Thereon

The Company''s Board of Directors is responsible for the preparation of the other information. The other information comprises the
information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Business
Responsibility Report, Corporate Governance and Shareholder''s Information, but does not include the standalone financial statements and
our auditor''s report thereon.

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

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained
during the course of our audit or otherwise appears to be materially misstated If, based on the work we have performed, we conclude that
there is no material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

Management''s Responsibility for the Standalone Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these
standalone financial statements that give a true and fair view of the financial position, financial performance, total comprehensive income,
changes in equity and cash flows 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 standalone financial statements that give a true and fair view and
are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management is responsible for assessing the Company''s 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.

The Board of Director''s are responsible for overseeing the Company''s financial reporting process.

Further, as per section 134 of the Companies Act, 2013, the standalone financial statements of a Company are required to be authenticated
by the Chairperson of the Board of Directors, where authorized by the Board or at least two Directors, of which one shall be the Managing
Director or the CEO (being a Director), the CFO and the Company Secretary where they are appointed. In view of the pendency of Liquidation
Process as a going concern, these powers, including aforementioned responsibility for the standalone financial statements, in terms of the
code, are now vested with Mr. Kshitiz Gupta to carry out the functions of the Company in his capacity as the Liquidator. However, Mr. Gupta
has given limited authority to the KMP''s of the company and they are responsible for preparing the standalone financial statements under
the supervision of Mr. Gupta.

Auditor''s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor''s 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 standalone financial statements.

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

• Identify and assess the risks of material misstatement of the standalone 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 controls.

• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in
the circumstances. Under section 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.

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

• Conclude on the appropriateness of management''s 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 Company''s

ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor''s report to the related disclosures in the standalone 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 auditor''s report. However, future events or
conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and

whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair

presentation.

Materiality is the magnitude of misstatements in the standalone 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 standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in
our auditor''s 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) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity
and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS 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 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

f) 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 ‘Annexure A". Our report expresses an unmodified opinion on
the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.

g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, as amended 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 standalone financial
statements. The pending litigations have been quantified and disclosed in point no. vii(c) & viii of the Annexure B to the
Independent Audit Report.

II. The Company has made provision, as required under the applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts.

III. There has been no delay in transferring amounts, 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 it''s knowledge and belief, other than as disclosed in the

notes to the accounts, no funds 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(s) or entity(ies),

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 it''s knowledge and belief, other than as disclosed in the

notes to the accounts, no funds have been received by the company from any person(s) or entity(ies), including

foreign entities (“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 audit procedures which we considered reasonable and appropriate in the circumstances, nothing has
come to their notice that has caused them to believe that the representations under sub-clause (i) and (ii) contain
any material mis-statement.

V The company has not declared or paid any dividend during the year.

VI. Based on our examination which included test checks, the company has used an accounting software for maintaining

its books of account which has a feature of recording audit trail (edit log) facility, however the same has not been
operated throughout the year for all relevant transactions recorded in the respective software but only from 07^th April
2023 to 31^st March 2024. except at the database level for accounting software Tally Prime Edit Log to log any direct
data changes. Further, during the course of our audit we did not note any instance of the audit trail (edit log) feature
being tampered with on accounting software where this feature has been enabled for the period 07^th April 2023 to 31^st
March 2024. 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.

2. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of
Sub -section (11) of Section 143 (3) of the Companies Act, 2013 we give in the "Annexure B" a statement on the matters specified
in paragraphs 3 and 4 of the Order, to the extent applicable.

Date : 27-05-2024 A R N A & Associates

Place : Kolhapur Chartered Accountant

FRN:122293W

Rahulprasad A Agnihotri

Partner

M. No.: 111576

UDIN: 24111576BKFBCK2748

---

Mar 31, 2014

We have audited the accompanying financial statements of Abhishek Corporation Ltd. ("the Company"), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss for the year then ended and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance 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"). 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.

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material 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 auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

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

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

(b) In the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and (C) In the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

e. On the basis of the written representations received from the directors as on March 31, 2014, 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 Section 274(1)(g) of the Act

Annexure as referred to in paragraph (3) of the Auditor''s Report to the members of Abhishek Corporation Ltd for the year ended on 31 March 2014

i a) The Company has maintained proper records showing full particulars including quantitative details and situation

of fixed assets.

b) The fixed Assets have been physically verified by the management at reasonable intervals. No material discrepancies were noticed on such verification by the management.

c) During the year, the Company has not disposed off a substantial part of fixed assets.

ii In respect of its inventories:

a) As explained to us, the management at the regular intervals and at end of the year physically verified inventories.

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

c) In our opinion and according to the information and explanation given to us, the Company has maintained adequate stock record for stock of stores and spares. As explained to us the discrepancies noticed on physical verification of stock of raw material and finished goods were not material.

iii a) During the year, Company has obtained a loan of Rs. 94,14,162/- from Directors and their relatives including any

firms/companies in which they are substantially interested. The terms and conditions of this loan are prima facie not prejudicial to the interest of the Company.

b) It is seen that, during the year, repayment of Rs. 1,42,36,876/- is made.

c) 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 Company Act 1956.

iv In our opinion and according to the information and explanation given to us there is generally adequate internal control procedures, commensurate with the size of the Company and nature of its business with regard to purchase of inventories, fixed assets and with regard to sale of goods. Further, during the course of audit, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedures.

v a) According to the information and explanation given to us, we are of the opinion that the particulars of contracts and arrangement that need to be entered into the register maintained under Sec. 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us, the contracts and arrangements entered in the register maintained under Sec. 301 of the Companies Act, 1956 and exceeding the value of Rupees Five Lacs in respect of any party during the year have been made at prices which are reasonable having regards to prevailing market prices at the relevant time.

vi During the year under review the Company has not accepted any amount by way of Fixed Deposits pursuant to provisions of section 58A, 58AA, rules there under and the directives issued by RBI.

vii In our opinion, the Company''s present internal audit system is commensurate with its size and nature of it''s business.

viii We have broadly reviewed the books of account maintained by the Company pursuant to the rules prescribed by the Central Government for maintenance of cost records under section 209(1)(d) of the said Act in respect of textile industry and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the records.

ix a) According to the information and explanation given to us, the Company is regular in depositing with appropriate

authorities undisputed statutory dues including provident fund, Income Tax, Wealth Tax, Sales Tax, Purchase Tax, Custom Duty, Excise Duty, Cess, Entry Tax & Service Tax except following dues which are due since more than six months but still not paid

i. Tax Deducted At Source Rs. 1,15,89,556/-

ii. Provident Fund Rs. 10,77,220/-

iii. Professional Tax Rs. 22,28,250/-

b) The disputed statutory dues have not been deposited on account of disputed matters pending before appropriate authorities as on March 31, 2014, are as under:

? in lacs

Sr. No. Authority Item Amount

1 Additional Commissioner of Central Excise Central Excise 15.70

2 Commissioner of Central Excise Custom Duty 88.29

3 Commissioner of Central Excise Service Tax 73.51

4 Regional Provident Fund Commissioner Provident Fund 91.64

x During the year the Company has incurred cash loss of Rs. 66,74,20,371/-. Further during the previous year the Company has incurred cash losses of Rs. 65,32,59,053/-. Thereby Company''s net worth has become negative and the Company has become a sick unit under the provisions of the Sick Industrial Companies Act.

xi In our opinion and according to the explanations and Company given to us, Corporate Debt Restructuring (CDR) Scheme has failed and withdrawn by the bankers, due to non-compliances of the terms and conditions of the CDR scheme, on the part of the Company. Interest on these loans has been provided at the rates as per the original sanctions. In the result Company is defaulted in repayment of the loans as are mentioned in Note 4A and Note 6 of the Balance Sheet.

xii As Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, paragraph 4(xii) of the Order is not applicable.

xiii As the Company is not chit fund/ nidhi / mutual benefit funds / society to which the provisions of special statute relating to chit fund are applicable, paragraph 4(xiii) of the Order is not applicable.

xiv As the Company is not dealing or trading in shares, securities, debentures and other investments, paragraph 4(xiv) of the Order is not applicable.

xv The Company has not given any guarantee for loans taken by others from banks or financial institutions.

xvi During the year, the Company has not obtained any term loan from banks or financial institutions.

xvii In our opinion and according to the explanations and information given to us and on overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment and vice-versa. However, all the long term loans are recalled and hence re-classified under "Other Current Liabilities".

xviii During the year the Company has not made any preferential allotment of shares.

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

xx During the year, since the Company has not raised money by way of Public Issue, 4(xx) of the Order is not applicable.

xxi Based upon the audit procedure performed and information and explanation given by the management we report that, no fraud on or by the Company has been noticed or reported during the course of our audit for the year ended on 31st March, 2014.

For Shrikant & CO. Chartered Accountants FRN: 110186

Date : 14th August, 2014 Shrikant Shirdhonkar Place : Kolhapur Proprietor M. No. 015703

---

Mar 31, 2013

1. We have audited the attached Balance Sheet of Abhishek Corporation Ltd, Kolhapur as at 31st March 2013 and the Profit and Loss Account of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and 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 (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of sub section (4-A) of Section 227 of ''The Companies Act, 1956'' of India (the Act'') and on the basis of the books and records of the company as we considered appropriate and according to the information and explanation given to us, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the annexure referred to in the paragraph (1) 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 account as required by Law have been kept by the Company so far as appears from our examination those books.

c) The Balance Sheet and Profit and Loss Account and cash flow statement dealt with by this Report are in agreement with the books of account.

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

e) On the basis of written representations received from Directors, 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 a Director 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 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, 2013.

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

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

ANNEXURE AS REFERRED TO IN PARAGRAPH (3) OF THE AUDITOR''S REPORT TO THE MEMBERS OF ABHISHEK CORPORATION LTD (FORMERLY ABHISHEK MILLS LIMITED) FOR THE YEAR ENDED ON 31 MARCH 2013

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

b) The fixed Assets have been physically verified by the management at reasonable intervals. No material discrepancies were noticed on such verification by the management.

c) During the year, the Company has not disposed off a substantial part of fixed assets. (ii) In respect of its inventories:

a) As explained to us, the management at the regular intervals and at end of the year physically verified inventories.

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

c) In our opinion and according to the information and explanation given to us, the company has maintained adequate stock record for stock of stores and spares. As explained to us the discrepancies noticed on physical verification of stock of raw material and finished goods were not material.

(iii) a) During the year, company has obtained a loan of Rs. 3,00,000/-from Mr A R Mohite, director of the company. The terms and conditions of this loan are prima facie not prejudicial to the interest of the company.

b) It is seen that, during the year, repayment of Rs. 61,54,901/- is made.

c) The company has not granted any Loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301.

(iv) In our opinion and according to the information and explanation given to us there is generally adequate internal Control procedures, commensurate with the size of the company and nature of its business with regard to purchase of inventories, fixed assets and with regard to sale of goods. Further, during the course of audit, we have neither come across nor have we been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedures.

(v) a) According to the information and explanation given to us, we are of the opinion that the particulars of contracts and arrangement that need to be entered into the register maintained under Sec. 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us, the contracts and arrangements entered in the register maintained under Sec. 301 of the Companies Act, 1956 and exceeding the value of Rupees Five Lacs in respect of any party during the year have been made at prices which are reasonable having regards to prevailing market prices at the relevant time.

vi) During the year under review the company has not accepted any amount by way of Fixed Deposits pursuant to provisions of section 58A, 58AA, rules there under and the directives issued by RBI.

(vii) In our opinion, the company''s present internal audit system is commensurate with its size and nature of it''s business.

(viii) We have broadly reviewed the books of account maintained by the company pursuant to the rules prescribed by the Central Government for maintenance of cost records under section 209(l)(d) of the Act in respect of textile industry and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the records.

(ix) a) According to the information and explanation given to us, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, Income Tax, Wealth Tax, Sales Tax, Purchase Tax, Custom Duty, Excise Duty, Cess, Entry Tax & Service Tax except following dues which are due since more than six months but still not paid

i. Tax Deducted At Source 1,14,27,607/-

ii. Provident Fund 6,31,197/-

iii. Professional Tax 18,43,550/-

b) The disputed statutory dues have not been deposited on account of disputed matters pending before appropriate authorities as on March 31, 2013, are as under:

Sr. No. Authority Item Amount (Rs. In Lacs)

1 Additional Commissioner Central Excise 15.70

of Central Excise

(x) During the year the Company has incurred cash loss of Rs. 65,32,59,053/- . Further during the previous year the Company has incurred cash losses of Rs. 54,09,19,492/-. Thereby company''s net worth has become negative and the company has become a sick unit under the provisions of the Sick Industrial Companies Act.

(xi) In our opinion and according to the explanations and informations given to us, Corporate Debt Restructuring (CDR) Scheme has failed and withdrawn by the bankers, due to non-compliances of the terms and conditions of the CDR scheme, on the part of the company. Interest on these loans has been provided at the rates as per the original sanctions. In the result company is defaulted in repayment of the following loans:

(Rs. In lacs) Ban Name Type of Credit Facility Total Liability including interest

Axis Bank Term Loan 2,156.21

Bank of Baroda Term Loan 3,253.40

Bank of India Cash Credit 3,693.20

Bank of India Term loan 2,276.16

Bank of India EPD Limit/ Packing credit 822.90

Bank of India Interest on EPC 131.68

Corporation Bank PCLCum FBDN-Cum-Cash Credit 1,131.43

Corporation Bank Term Loan 1,357.25

Corporation Bank Working Capital Term loan 728.78

Corporation Bank FITL -1 49.09

Corporation Bank FITL - II 79.76

Corporation Bank FITL - III 76.84

IDBI Bank Term loan -1 1,021.88

IDBI Bank Term loan - IV 259.10

IDBI Bank Term loan - II 156.60

IDBI Bank Term loan - III 112.02

IDBI Bank Cash Credit 539.40

IDBI Bank Packing Credit 139.98

IDBI Bank CAOD/Current 2.54

IOB Term loan 3,969.06

IOB Cash Credit 870.97

IOB Packing Credit 605.08

Punjab National Bank Term Loan 2,265.27

State Bank of Hyderabad Term loan 1,733.35

State Bank of Hyderabad FITL 106.99

State Bank of India Term Loan 3,960.01

State Bank of Patiala Term Loan 1,586.79

Union Bank of India Term Loan 3,352.35

(xii) As Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, paragraph 4(xii) of the Order is not applicable

(xiii) As the Company is not chit fund/ nidhi / mutual benefit funds / society to which the provisions of special statute relating to chit fund are applicable, paragraph 4(xiii) of the Order is not applicable.

(xiv) As the Company is not dealing or trading in shares, securities, debentures and other investments, paragraph 4(xiv) of the Order is not applicable.

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

(xvi) During the year, the company has not obtained any term loan from banks or financial institutions.

(xvii) In our opinion and according to the explanations and information given to us and on overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment and vice-versa. However, all the long term loans are recalled and hence re-classified under "Other Current Liabilities".

(xviii) During the year the Company has not made any preferential allotment of shares.

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

(xx) During the year, since the Company has not raised money by way of Public Issue, 4(xx) of the Order is not applicable

(xxi) Based upon the audit procedure performed and information and explanation given by the management we report that, no fraud on or by the Company has been noticed or reported during the course of our audit for the year ended on 31 March, 2013

For Shrikant & CO.

FRN : 110186

Chartered Accountants

Place: Kolhaur Shrikant Shirdhonkar

Date: 26/08/2013 Proprietor

M. No. 015073

---

Mar 31, 2012

1. We have audited the attached Balance Sheet of Abhishek Corporation Ltd, (formerly Abhishek Mills Limited), Kolhapur as at 31st March 2012 and the Profit and Loss Account of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and 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 (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub section (4-A) of Section 227 of 'The Companies Act, 1956' of India (the 'Act') and on the basis of the books and records of the company as we considered appropriate and according to the information and explanation given to us, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the annexure referred to in the paragraph (1) 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 account as required by Law have been kept by the Company so far as appears from our examination those books.

c) The Balance Sheet and Profit and Loss Account and cash flow statement dealt with by this Report are in agreement with the books of account.

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

e) On the basis of written representations received from 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;

f) 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.

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

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

ANNEXURE AS REFERRED TO IN PARAGRAPH (3) OF THE AUDITOR'S REPORT TO THE MEMBERS OF ABHISHEK CORPORATION LTD (FORMERLY ABHISHEK MILLS LIMITED)

FOR THE YEAR ENDED ON 31 MARCH 2012

(i) a) The Company has maintained proper records showing full particulars including quantitative details and situation

of fixed assets.

b) The fixed Assets have been physically verified by the management at reasonable intervals. No material discrepancies were noticed on such verification by the management.

c) During the year, the Company has not disposed off a substantial part of fixed assets.

(ii) In respect of its inventories:

a) As explained to us, the management at the regular intervals and at end of the year physically verified inventories.

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

c) In our opinion and according to the information and explanation given to us, the company has maintained adequate stock record for stock of stores and spares. As explained to us the discrepancies noticed on physical verification of stock of raw material and finished goods were not material.

(iii) a) During the year, company has obtained a loan of Rs. 1,85,00,000/- from Mr A R Mohite, director of the company.

The terms and conditions of this loan are prima facie not prejudicial to the interest of the company.

b) It is seen that, during the year, repayment of Rs. 35,42,494/- is made. Out of which, Rs. 20,20,000 is by book entry.

c) The company has not granted any Loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301.

(iv) In our opinion and according to the information and explanation given to us there is generally adequate internal control procedures, commensurate with the size of the company and nature of its business with regard to purchase of inventories, fixed assets and with regard to sale of goods. Further, during the course of audit, we have neither cj.'ioe across nor have we been informed of any continuing failure to correct major weaknesses in the aforesaid intern il control procedures.

(v) a) According to the information and explanation given to us, we are of the opinion that the particulars of contracts

and arrangement that need to be entered into the register maintained under Sec. 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us, the contracts and arrangements entered in the register maintained underSec. 301 of the Companies Act, 1956 and exceeding the value of Rupees Five Lacs in respect of any party during the year have been made at prices which are reasonable having regards to prevailing market prices at the relevant time.

(vi) During the year under review the company has not accepted any amount by way of Fixed Deposits pursuant to provisions of section 58A, 58AA, rules there under and the directives issued by RBI.

(vii) In our opinion, the company's present internal audit system is commensurate with its size and nature of it's business.

(viii) We have broadly reviewed the books of account maintained by the company pursuant to the rules prescribed by the Central Government for maintenance of cost records under section 209(l)(d) of the Act in respect of textile industry and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the records.

(ix) a) According to the information and explanation given to us, the company is regular in depositing with appropriate

authorities undisputed statutory dues including provident fund, Income Tax, Wealth Tax, Sales Tax, Purchase Tax, Custom Duty, Excise Duty, Cess, Entry Tax & Service Tax except following dues which are due since more than six months but still not paid

i. Tax Deducted At Source 10,635,440

ii. Provident Fund 22,158,036

iii. Professional Tax 1,351,275

b) The disputed statutory dues have not been deposited on account of disputed matters pending before appropriate authorities as on March 31, 201Z, are as under:

Sr. No. Authority Item Amount (Rs. In Lacs)

1 High Court, Mumbai Income Tax Interest-A.Y. 2006-07 14.22

2 C.I.T. (Appeals) Income Tax Interest-A.Y. 2007-08 333.62

(x) During the year the Company has incurred cash loss of Rs. 65,32,59,053/- . Further during the previous year the Company has incurred cash losses of Rs. 54,09,19,492/-. Thereby company's net worth has become negative and the company has become a sick unit under the provisions of the Sick Industrial Companies Act.

(xi) In our opinion and according to the explanations and informations given to us, Corporate Debt Restructuring (CDR) Scheme has failed and withdrawn by the bankers, due to non-compliances of the terms and conditions of the CDR scheme, on the part of the company. Interest on these loans has been provided at the rates as per the original sanctions. In the result company is defaulted in repayment of the following loans:

(Rs. In lacs)

Bank Name Type of Credit Balances Interest Others Total Rs. Facility overdue for including February interest upto and March 31/01/2012

Axis Bank Term Loan 1,805.07 46.94 - 1,852.01

Bank of Baroda Term Loan 2,676.84 77.59 - 2,754.44

Bank of India Cash Credit 3,080.19 81.39 - 3,161.58

Bank of India Term loan 1,949.06 44.10 - 1,993.16

Bank of India EPD Limit/ Packing credit 716.73 14.41 - 731.14

Bank of India Interest on EPC 105.69 3.42 - 109.11

Corporation Bank Cash Credit 953.51 24.80 - 978.31

Corporation Bank Term Loan 1,136.24 29.55 - 1,165.79

Corporation Bank Working Capital Term loan 610.10 15.86 - 625.96

Corporation Bank FITL-I 41.10 1.07 - 42.17

Corporation Bank FITL - II 66.78 1.73 - 68.51

Corporation Bank FITL - III 64.32 1.67 - 65.99

IDBI Bank Term loan 863.88 21.07 - 884.95

IDBI Bank Term loan 215.52 5.70 - 221.22

IDBI Bank Term loan 132.25 3.02 - 135.27

IDBI Bank Term loan 91.23 2.72 - 93.95

IDBI Bank Cash Credit 431.95 19.52 - 451.47

IDBI Bank Packing Credit 117.85 2.96 - 120.81

IDBI Bank CAOD/ Current 2.13 0.06 - 2.19

Indian Overseas Bank Term loan 3,341.53 84.06 - 3,425.59

Indian Overseas Bank Cash Credit 783.72 19.72 11.76 815.20

Indian Overseas Bank Packing Credit 440.78 11.09 - 451.87

Punjab National Bank Term Loan 1,901.74 48.65 - 1,950.39

State Bank of Hyderabad Term loan 1,539.23 32.88 (43.21) 1,528.90

State Bank of Hyderabad FITL 92.40 1.97 - 94.37

State Bank of India Term Loan 3,268.86 91.89 - 3,360.75

State Bank of Patiala Term Loan 1,306.16 37.27 - 1,343.43

Union Bank of India Term Loan 2,668.31 89.68 - 2,757.99

30,403.17 814.79 (31.46) 31,186.51

(xii) As Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, paragraph 4(xii) of the Order is not applicable

(xiii) As the Company is not chit fund/ nidhi / mutual benefit funds / society to which the provisions of special statute relating to chit fund are applicable, paragraph 4(xiii) of the Order is not applicable.

(xiv) As the Company is not dealing or trading in shares, securities, debentures and other investments, paragraph 4(xiv) of the Order is not applicable.

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

(xvi) During the year, the company has not obtained any term loan from banks or financial institutions.

(xvii) In our opinion and according to the explanations and information given to us and on overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment and vice-versa. However, all the long term loans are recalled and hence re-classified under "Other Current Liabilities".

(xviii) During the year the Company has not made any preferential allotment of shares.

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

(xx) During the year, since the Company has not raised money by way of Public Issue, 4(xx) of the Order is not applicable

(xxi) Based upon the audit procedure performed and information and explanation given by the management we report that, no fraud on or by the Company has been noticed or reported during the course of our audit for the year ended on 31 March, 2012

For P. M. VARDHE & CO. FRN: 111274W Chartered Accountants

P. M. Vardhe

Place: Kolhaur Proprietor

Date: 02.07.2012 M. No. 031817

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of Abhishek Corporation Ltd, (formerly Abhishek Mills Limited), Kolhapur as at 31st March 2010 and the Profit and Loss Account of the Company for the year ended on that date annexed thereto. These financial statements are the responsi -bility of the Companys management. Our responsibil ity is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclo sures 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 issued by the Central Government of India in terms of sub section (4-A) of Section 227 of The Companies Act, 1956 of India (the Act) and on the basis of the books and records of the company as we considered appropriate and according to the information and explanation given to us, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the annexure referred to in the paragraph (1) 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 account as required by Law have been kept by the Company so far as appears from our examination those books.

c) The Balance Sheet and Profit and Loss Account and cash flow statement dealt with by this Report are in agreement with the books of account.

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

e) On the basis of written representations received from Directors, as on 31sl March 2010, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2010 from being appointed as a Director 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 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, 2010.

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

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

ANNEXURE AS REFERRED TO IN PARAGRAPH (3) OF THE AUDITORS REPORT TO THE MEMBERS OF ABHISHEK CORPORATION LTD (FORMERLY ABHISHEK MILLS LIMITED) FOR THE YEAR ENDED ON 31 MARCH 2010

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

b) The fixed Assets have been physically verified by the management at reasonable intervals. No material discrep ancies were noticed on such verification by the management.

c) During the year, the Company has not disposed off a substantial part of fixed assets. (ii) In respect of its inventories:

a) As explained to us, the management at the regular intervals and at end of the year physically verified inventories.

b) In our opinion and according to the information and explanation given to us, the procedure of physical verifica tion of inventories 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 and according to the information and explanation given to us, the company has maintained adequate stock record for stock of stores and spares. As explained to us the discrepancies noticed on physical verification of stock of raw material and finished goods were not material.

(iii) a) During the year the company has obtained a loan of Rs. 8,69,14,469/- from three related parties. The rate of interest and other terms and conditions, are prima facie not prejudicial to the interest of the company.

b) Since the loan has been borrowed free of interest the question of payment of Interest does not arise.

c) The Principal amount is not overdue.

d) The company has not granted any Loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301.

(iv) In our opinion and according to the information and explanation given to us there an generally adequate internal control procedures, commensurate with the size of the company and nature of its business with regard to purchase of inventories, fixed assets and with regard to sale of goods. Further, during the course of audit, we have neither come across nor have we been informed of any continuing failure to correct major witness in the aforesaid internal control procedures.

(v) a) According to the information and explanation given to us, we are of the opinion that the particulars of contracts and arrangement that need to be entered into the register maintained under Sec. 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us, the contracts and arrangements entered in the register maintained under Sec. 301 of the Companies Act, 1956 and exceeding the value of Rupees Five Lacs in respect of any party during the year have been made at prices which are reasonable having regards to prevailing market prices at the relevant time.

(vi) During the year under review the company has not accepted any amount by way of Fixed Deposits pursuant to provisions of section 58A, 58AA, rules there under and the directives issued by RBI.

(vii) In our opinion, the companys present internal audit system is commensurate with its size and nature its business.

(viii) "We have broadly reviewed the books of account maintained by the company pursuant to the rules prescribed by the Central Government for maintenance of cost records under section 209(1 )(d) of the Act in respect of textile industry and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the records."

(ix) a) According to the information and explanation given to us, the company is regular in depositing with appropri ate authorities undisputed statutory dues including provident fund, Income Tax, Wealth Tax, Sales Tax, Pur chase Tax, Custom Duty, Excise Duty, Cess, Entry Tax & Service Tax except following dues which are due since more than six months but still not paid i. TDS under section 192B 21,14,450

b) The disputed statutory dues aggregating to Rs. 4,89,60,735/- have not been deposited on account of disputed matters pending before appropriate authorities as on March 31, 2010, are as under:

Name of Statute Nature of Amount Forum where dispute is pending

Income Tax Act Income Tax 4,89,60,735/- Deputy Commissioner of 1961 Dues Income Tax, Circle II, Kolhapur

(x) The company does not have any accumulated losses as at March 31, 2010. During the year the Company has incurred cash loss of Rs. 23,02,49,162/- . Further during the previous year the Company has not incurred any cash losses.

(xi) As on March 31, 2010 interest of New Consortium Bankers for the month of February 2010 and March 2010 amounting Rs. 3,35,33,048/- is due but still not paid. Further Installments of IDBI of Rs. 5, 85,3O,000/-are due but still not paid.

(xii) As Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, paragraph 4(xii) of the Order is not applicable

(xiii) As the Company is not chit fund/ nidhi / mutual benefit funds / society to which the provisions of special statute relating to chit fund are applicable, paragraph 4(xiii) of the Order is not applicable.

(xiv) As the Company is not dealing or trading in shares, securities, debentures and other investments, paragraph 4( 17)

of the Order is not applicable. (xv) The Company has not given any guarantee for loans taken by others from banks or financial institutions. (xvi) The company has applied the term loans for which they were obtained.

(xvii) In our opinion and according to the explanations and information given to us and on overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment and vice-versa.

(xviii) During the year the Company has made any preferential allotment of 20,00,000 equity shares of Rs. 10/- each with an issue price of Rs. 25/- per shares to Mrs. Rama J. Swetta who is not a party covered in the register maintained under section 301.The said allotment has been made pursuant to chapter VII of Securities and Ex change Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009. The price at which shares have been allotted is not prejudicial to the interest of the Company.

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

(xx) During the year, since the Company has not raised money by way of Public Issue, 4(xx) of the Order is not applicable

(xxi) Based upon the audit procedure performed and information and explanation given by the management we report that, no fraud on or by the Company has been noticed or reported during the course of our audit for the year ended on 31 March, 2010



For B.J. INGROLE & CO.

Chartered Accountants

Place: Kolhapur B.J. Ingrole Date: 27.05.2010 Proprietor M. No. 14094