Auditor Report of Ramasigns Industries Ltd.

Mar 31, 2024

We have audited the accompanying Statement containing Financial Results of RAMASIGNS INDUSTRIES
LIMITED (the "Company"), for the year ended March 31, 2024 (the "Statement"), being submitted by the
Company pursuant to the requirement of Regulation 33 and 52 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). In our opinion and
to the best of our information and according to the explanations given to us, except for the effects of the
matter described in the Basis for Qualified Opinion section of our report, the aforesaid financial
Statement:

a. is presented in accordance with the requirements of Regulation 33 and 52 of the Listing Regulations;
and

b. gives a true and fair view in conformity with the recognition and measurement principles laid down in
the Indian Accounting Standards ("Ind AS") and other accounting principles generally accepted in India of
the net profit and total comprehensive income and other financial information of the Company for the
year then ended March 31, 2024.

Basis for Qualified Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Companies Act, 2013. Our responsibilities under those standards are further described in
the Auditor''s Responsibilities for the Audit of the Financial Statements section of our report. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified
opinion.

1. Cash Disbursements:

We were unable to verify the completeness and accuracy of all cash disbursements made during the year
ended March 31, 2024. Our verification procedures were limited to reviewing cash transactions selected
on a test basis. Consequently, we were unable to determine whether any adjustments might have been
found necessary in respect of recorded or unrecorded cash disbursements.

2. Debtors and Creditors:

We were unable to obtain independent confirmation of the closing balances of debtors and creditors as
of March 31, 2024. Our procedures for these balances relied solely on management representations.
Accordingly, we were unable to determine whether any adjustments might have been found necessary in
respect of the recorded or unrecorded balances of debtors and creditors.

3.Inventory:

We were unable to physically verify the inventory held at the Bhiwandi godown due to it being sealed by
a government department. The valuation of this inventory is based on the information provided by the
Company''s management. Consequently, we were unable to determine whether any adjustments to the
carrying value of inventory might have been necessary.

We conducted our audit in accordance with the Standards on Auditing ("SA"s) specified under Section
143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s
Responsibilities for the Audit of the Financial Results 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 Results for
the year ended March 31, 2024 under the provisions of the Act and the Rules 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 obtained by us is sufficient and appropriate to provide a basis
for our audit opinion.

Management''s Responsibilities for the Financial Results

This Statement, which includes the financial results for the year ended March 31, 2024 is the responsibility
of the Company''s Board of Directors, and has been approved by them for the issuance. The financial
results for the year ended March 31, 2024 have been compiled from the related audited financial
statements. This responsibility includes preparation and presentation of the Financial Results for the
quarter and year ended March 31, 2024 that give a true and fair view of the net profit and other
comprehensive income and other financial information in accordance with the recognition and
measurement principles laid down in Indian Accounting Standards, prescribed under Section 133 of the
Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India
and in compliance with Regulation 33 and 52 of the Listing Regulations. 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 the 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 Results that give a true and fair
view and is free from material misstatement, whether due to fraud or error. In preparing the
accompanying Statement, the Board of Directors 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 the Board of Directors either intends to liquidate the Company
or to cease operations, or has no realistic alternative but to do so. The Board of Directors is also
responsible for overseeing the financial reporting process of the Company.

Auditor''s Responsibilities for the Audit of the Financial Results

Our objectives are to obtain reasonable assurance about whether the Financial Results for the year ended
March 31, 2024 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 SA''S 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 this Financial Results. 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 annual Financial Results, 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.

• Obtain an understanding of internal controls relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by the Board of Directors.

• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors
in terms of the requirements specified under Regulation 33 and 52 of the Listing Regulations.

• Conclude on the appropriateness of the Board of Directors'' 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 ability of the Company 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 Annual financial results 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 Annual Financial
Results, including the disclosures, and whether the Annual Financial Results
represent the underlying transactions and events in a manner that achieves fair
presentation.

• Obtain sufficient appropriate audit evidence regarding the Annual Financial Results of the
Company to express an opinion on the Annual Financial Results. Materiality is the magnitude of
misstatements in the Annual Financial Results that, individually or in aggregate, makes it probable
that the economic decisions of a reasonably knowledgeable user of the Financial Results 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 Annual Financial Results.

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.

1. Report on Other Legal and Regulatory Requirements

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

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

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

c) Not Applicable

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

e) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting
Standards prescribed under section 133 of the Act.

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

g) Since the Company''s turnover as per last audited financial statements is less than Rs.50 Crores and
its borrowings from banks and financial institutions at any time during the year is less than Rs.25
Crores, the Company is exempted from getting an audit opinion with respect to the adequacy of
the internal financial controls over financial reporting of the company and the operating
effectiveness of such controls vide notification dated June 13, 2017;

h) With respect to the other matters to be included in the Auditor''s Report in accordance with the
requirements of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the explanations given
to us, the remuneration paid by the Company to its directors during the year is in
accordance with the provisions of section 197 of the Act.

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

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

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

c. There has been no delay in transferring amounts, required to be transferred, to the
Investor Education and Protection Fund by the Company;

d.

i. The Management has represented that, to the best of its 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;

ii. The management has represented, that, to the best of its 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

iii. 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 misstatement.

e.

a) The Company has not proposed, declared and paid any dividend during the year in
accordance with the provisions of Sec 123 of The Companies Act, 2013.

b) The Company has not proposed, declared and paid any interim dividend during the year in
accordance with the provisions of The Companies Act, 2013.

c) The Board of Directors of the Company have not proposed any dividend which is subject to

the approval of the members at the Annual General Meeting

f. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of
accounts using accounting software which has a feature of recording audit trail (edit log)
facility is applicable to the Company with effect from April 1, 2023 and accordingly, the
company has maintained the audit trail of all transactions undertaken during the year.

2. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central
Government in terms of Section 143(11) of the Act, we give in "Annexure A" a statement on the matters
specified in paragraphs 3 and 4 of the Order.

For R Mehta & Associates
Chartered Accountants
FRN.: 143992W

Sd/-

CA Rohan Mehta

(Proprietor) Place: Mumbai

Membership No.: 141598 Date: 28/05/2024

UDIN: 24141598BKBWDJ1938

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Mar 31, 2015

We have audited the accompanying financial statements of RAMMAICA (INDIA) LIMITED("the Company") which comprise the Balance Sheet as at March 31, 2015 and the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the accounting standards notified under section 133 of the Companies Act, 2013, read with rule 7 of the Companies (Accounts) Rules, 2014 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by 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 explanation given to us, the financial statements give the information required by the Act in the manner so required and give true and fair view in conformity with the accounting principles generally accepted in India.

a. In the case of Balance Sheet, the state of affairs of the company as at March 31, 2015 and,

b. In the case of statement of profit and loss, of the profit for the year on that date;

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order, 2015 ("the order") issued by the Central Government of India in terms of Section 143(11) of the Companies Act,2013. We annex hereto a statement on the matter specified in Paragraphs 3 and 4 of the said Order.

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 the books;

(c) The Balance Sheet and 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 and Statement of Profit and Loss comply with the Accounting Standards notified under Companies Act 2013;

(e) On the basis of the written representations received from the Directors as on March 31, 2015 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2015 from being appointed as a director in terms of sub-section (2) of section 164 of the Companies Act, 2013.

(f) With respect to the other matters included in the Auditor's Report and to our best of our information and according to the explanations given to us :

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements

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

iii. There were no amounts which were required to be transferred to Investor Education and Protection Fund as on march31, 2015 by the company.

Annexure to the Auditor's Report

(Referred to in Paragraph 2 of our report of even date)

Annexure referred to in paragraph 2 of our report to the members of RAMMAICA INDIA LIMITED on the accounts for the year ended March 31, 2015.

1) In respect of Inventory:

a. The Inventory of the Company has been physically verified by the management during the year. In our opinion frequency of verification is reasonable in relation to the size of the company and nature of its business.

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

c. According to the information and explanation given to us we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on physical stocks and the book records were not material in relation to the operation of the company.

2) The company has not given any loans, secured or unsecured, to the companies, firm or other parties covered in the register maintained under section 189 of the Act. Hence clauses (iii) (b), (c) & (d) of the Order are not applicable.

3) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls

The company does not have formal internal audit system. Internal audit is carried out by in house staff. In our opinion, there is scope for further improvement in the internal audit system

4) The Company has not accepted any deposit from public and consequently the directives of Reserve Bank of India and the provisions of Section 73 to 76 the Act and the Rules framed there under are not applicable. As per the information and explanation given to us no order under aforesaid sections has been passed by the Company Law Board on the Company.

5) According to the information & explanation given to us, the company is not required to maintain cost records under section 148(1) of the Act.

6) a. According to the information and explanation given to us and the records of the Company, the Company is generally regular in depositing undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, custom duty, excise duty, service tax and other statutory dues with the appropriate authorities as may be applicable to it.

There are undisputed outstanding amounts payable in respect of TDS Rs 1456/- as at 31st March 2015 for a period of more than six months from the date they became payable.

b. According to the information and explanation given to us, there are no amount required to be transferred to Investor Education and protection Fund in accordance with the relevant provisions of the Act and rules there under.

7) The Company has neither accumulated losses as at 31st March 2015 nor has it incurred any cash loss during the financial year ended on that date or in the immediate preceding financial year.

8) According to the information and explanation given to us the Company has not defaulted in repayment of its dues to any financial institutions, bank or to debenture holders during the year. OR (The company has no dues payable to a bank or a financial institution or a debenture holder.)

9) According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions, the terms and conditions whereof, in our opinion, are prima facie prejudicial to the interest of the Company

10) In our opinion and according to the information and explanation given to us, the term loans have been applied for the purposes for which they were obtained.

11) According to the information and explanation given to us no fraud on or by the Company has been noticed or reported during the year

FOR: - SSRV & ASSOCIATES CHARTERED ACCOUNTANTS FIRM NO. - 135901W

Sd/- Satyendra S Sahu Partner M.No:126823

PLACE: - MUMBAI DATE: 30.05.2015

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Mar 31, 2013

We have audited the accompanying financial statements of Rammaica (India) Limited, which comprise the balance sheet as at 31 March 2013, and the statement of Profit & Loss Account for the year ended on that date, and a summary of significant accounting policies and other explanatory information annexed thereto.

Management''s responsibility for the financial statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the company in accordance with the accounting principles generally accepted in India including accounting standards referred to in sub-section (3C) of section 211 of the Companies Act. 1956. 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 misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate In the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company''s internal control. 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.

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

a. In the case of the balance sheet, of the state of affairs of the company as at 31st March 2013

b. In the case of the statement of profit and loss, of the profit for the year ended on that date.

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

Report on other legal and regulatory requirements

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

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

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

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

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

d. In our opinion, the Balance Sheet, Statement of Profit and Loss comply with the accounting standards referred to in subsection (3C) of the section 211 of the Companies Act, 1956.

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

ANNEXURE TO THE AUDITORS'' REPORT

The Annexure referred to in the auditors'' report to the members of Rammaica (India) Limited for the year ended 31st March, 2013. We report that:

(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, in accordance with a phased programme of verification which, in our opinion, is reasonable, considering the size of the Company and nature of its assets. No material discrepancies were noticed on such verification.

(c) During the year, the company has disposed off the entire fixed assets.

(ii) (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification if reasonable.

(b) 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) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

(iii) (a) The Company has granted unsecured interest free loans to one partly covered in the register maintained under section 301 of Companies Act, 1956. The maximum amount involved during the year was Rs. 3, 66, 62, 000/- and the yearend balance of loans granted to such parties was Rs. 3, 66, 62, 000/- The Company has not taken any unsecured loans from the parties covered in the register maintained under section 301 of the Companies Act, 1956.

(b) In our opinion, and according to the information and explanations given to us, the terms and conditions of the aforesaid loans are not prima facie prejudicial to the interest of the Company.

(c) There is no stipulation as regards repayment of principal amounts.

(d) In respect of the said loans, since there is no stipulation as regards repayment of principal amount, the question of overdue amounts does not arise.

(e) The Company had not taken loan from the parties covered in the register maintained under section 301 of the Companies Act, 1956. As a consequence, sub clause (f) and (g) of Clause (iii) of paragraph 4 of the Order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) (a) On the basis of the audit procedures performed by us, and according to the information and explanations given to us, we are of the opinion that the Company has entered particular of all contracts or arrangements in which directors were interested, and which are required to be entered in the register maintained under Section 301 of the Companies Act, 1956.

(b) In our opinion and according to the information and explanations given to us, the Company does not have any transaction 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 in respect of any party during the year.

(vi) The Company has not accepted any deposits from the public to which the directives issued by the Reserve Bank of India and the provisions of Section 58A and 58AA of the Companies Act, 1956 and other relevant provisions of the Companies Act, 1956 and the rules framed there under apply.

(vii) The Company does not have formal internal audit system. Iternal audit is carried out by in house staff. In our opinion, there is a scope for further improvement in the internal audit system.

(viii)The clause relating to maintenance of cost records under Section 209(1 )(d) of the Companies Act, 1956 is not applicable.

(ix)(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 the undisputed statutory dues, including provident fund, investor education and protection fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues as applicable, with appropriate authorities during the year.

(b) According to the information and explanations given to us and the records of the Company examined by us, no undisputed statutory amounts payable were in arrears, as at 31st March 2013 for a period of more than six months from the date they became payable except, TDS on contractor Rs. 2,072/-

(c) According to the information and explanations given to us, there are no statutory dues which have not been deposited on account of any dispute.

(x) The accumulated losses of the company exceed its net worth as at 31st March, 2013. The Company has not incurred cash losses during the financial year covered by our audit and in immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

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

(xiii) In our opinion, the Company is not a Chit Fund Company or Nidhi / Mutual Benefit Fund / Society. Therefore paragraph 4 (xiii) of the Order is not applicable to the Company.

(xiv) In our opinion, the Company has not dealt in or traded in shares, securities debentures and other investments.

(xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions, during the year.

(xvi) The Company has not raised any term loan during the year under consideration.

(xvii) According to the information and explanations given to us, and on an overall examination of the balance sheet of the company, we report that no fund raised on short basis have been used for long term investment during the year.

(xviii) According to the information and explanations given to us, the Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

(xix) As per the information and explanations given to us, the Company has not issued any debenture during the year under review.

(xx) The company has not raised any money by public issue during the year, and hence paragraph 4(xx) of the Order is not applicable.

(xxi) During the course of our examination of the books and records of the Company, carried out in accordance with generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instances of material fraud on or by the Company, noticed or reported during the year, nor have been informed of such case by management.

For AMD & Co

Chartered Accountants

Firm Registration No.: 130247W

Sd/-

Arvind M Darji

Partner

Membership No. 041748

Place: Mumbai

Date: 31.05.2013

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Mar 31, 2012

We have audited the attached Balance Sheet of RAMMAICA (INDIA) LIMITED as at 31st March 2012, the statement of Profit and Loss and the Cash Flow Statement 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.

We conducted our audit in accordance with the 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 presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

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

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

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

(ii) in our opinion, proper books of 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, the statement of Profit and Loss and the Cash Flow Statement dealt with by this report are in agreement with the books of account;

(iv) in our opinion, the Balance Sheet, the statement of Profit and Loss and the Cash Flow Statement dealt with by this report comply with the accounting standards referred to in section 211(3C) of the Companies Act, 1956, to the extent applicable;

(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 section 274(1)(g) of the Companies Act, 1956; and

(vi) in our opinion and to the best of our information and according to the explanations given to us, the said financial statements read together with Significant Accounting policies and Notes on Accounts in Schedule 12 appearing thereon, 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 except Company had given Donation of Rs. 4,00,000/- without obtaining Shareholders approval which is violation of Section 293 (1) (e) of Companies Act, 1956:

(a) in the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2012;

(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.

ANNEXURE TO THE AUDITORS' REPORT

The Annexure referred to in the auditors' report to the members of Rammaica India Limited for the year ended 31st March, 2012. We report that:

(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, in accordance with a phased programme of verification which, in our opinion, is reasonable, considering the size of the Company and nature of its assets. No material discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off any part of the fixed assets.

(ii) (a) The company does not have any inventory.

(iii) (a) The Company has taken unsecured loans from three parties covered in the register maintained under section 301 of the Companies Act, 1956. The Maximum amount involved during the year was Rs 7,92,60,323/- and the year end balance of loans taken from such parties was Rs 6,92,64,430/-

(b) In our opinion, and according to the information and explanations given to us, the terms and conditions of the aforesaid loans are prima facie not prejudicial to the interest of the Company.

(c) There is no stipulation as regards repayment of principal amounts.

(d) In respect of the said loans, since there is no stipulation as regards repayment of principal amount, the question of overdue amounts does not arise.

(e) In respect of the loans given by the company, these are recoverable on demand and therefore the question of Company taking steps for recovery of the principal and interest does not arise.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) (a) On the basis of the audit procedures performed by us, and according to the information and explanations given to us, we are of the opinion that the Company has entered particular of all contracts or arrangements in which directors were interested, and which are required to be entered in the register maintained under Section 301 of the Companies Act, 1956.

(b) In our opinion and according to the information and explanations given to us, the Company does not have any transaction 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 in respect of any party during the year.

(vi) The Company has not accepted any deposits from the public to which the directives issued by the Reserve Bank of India and the provisions of Section 58A and 58AA of the Companies Act, 1956 and other relevant provisions of the Companies Act, 1956 and the rules framed there under apply.

(i) The Company does not have formal internal audit system. Internal audit is carried out by in house staff. In our opinion, there is a scope for further improvement in the internal audit system.

(ii) The clause relating to maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 is not applicable.

(iii) (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 the undisputed statutory dues, including provident fund, investor education and protection fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues as applicable, with appropriate authorities during the year.

(b) (i) According to the information and explanations given to us and the records of the Company examined by us, undisputed statutory amounts payable were in arrears, as at 31st March 2012 for a period of more than six months from the date they became payable except TDS on contract of Rs.1,793/-.

(ii) According to the information and explanations given to us, there are no statutory dues which have not been deposited on account of any dispute.

(x) The accumulated losses of the company exceed its net worth as at 31st March, 2012. The Company has not incurred any cash losses during the financial year covered by our audit and in immediately preceeding financial year.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

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

(xiii) In our opinion the Company is not a Chit Fund Company or Nidhi / Mutual Benefit Fund / Society. Therefore paragraph 4 (xiii) of the Order is not applicable to the Company.

(xiv) In our opinion, the Company has not dealt in or traded in shares, securities debentures and other investments.

(xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions, during the year.

(xvi) The Company has not raised any term loan during the year under consideration.

(xvii) According to the information and explanations given to us, and on an overall examination of the balance sheet of the company, we report that no fund raised on short basis have been used for long term investment during the year.

(xviii) According to the information and explanations given to us, the Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

(xix) As per the information and explanations given to us, the Company has not issued any debenture during the year under review.

(xx) The company has not raised any money by public issue during the year, and hence paragraph 4(xx) of the Order is not applicable.

(xxi) During the course of our examination of the books and records of the Company, carried out in accordance with generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instances of material fraud on or by the Company, noticed or reported during the year, nor have been informed of such case by management.

For AMD & Co

Chartered Accountants

Firm Registration No.: 130247W

Sd/-

Arvind M Darji

Partner

Membership No. 041748

Place: Mumbai

Date : 31st May,2012

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of RAMMAICA (INDIA) LIMITED as at March 31, 2010, the Profit and Loss Account and the cash flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We 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 as amended by the Notification 2/28/2 002-CL.V dated 12.06.2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956. we enclose in the Annexure a Statement on the matters specif ed in the paragraphs 4 and 5 of the said Order.

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

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

II. In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books. ill. The Balance Sheet, the Profit & Loss Account and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

Iv. In our opinion, the Balance Sheet, the Profit 8 Loss Account 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 Companies Act, 1956 to the extent applicable except Accounting Standard 22 relating to Accounting

for Taxes on Income as detailed in Note B-13 of Schedule "P" to Notes on Accounts. v. On the basis of written representations received from the directors, as on March 31, 2010 and which are to be taken on record by the Board of Directors, we report that none of the Directors are disq -ualified as on March 31, 2010 from being appointed as Director in terms of clause (g) ol sub-section (1) of section 274 of the Companies Act, 1956. vi. In our opinion and according to the information and explanations given to us, the accounts have been prepared on principles applicable to a "Going Concern" despite significant erosion of net worth and viability of continuing future operations remaining In question /doubt.

5. In our opinion and to the best of our information and according to the explanations given to us, subject to notes Note no. B-2(a) & (b) in Schedule "P" regarding non provision for disputed excise duty liability amounting to Rs. 2,22,06,223/- and B-4 regarding non provision of listing fees payable to Stock Exchange amounting to Rs. 3,45,150/-, the said accounts read together with notes thereon, give the information required by the Companies Act. 1956, in the manner so required and give 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 March 31, 2010 ; ii) In the case of the Profit & Loss Account, of the Loss for the year ended on that date ; and iii) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date

ANNEXURE TO AUDITORS REPORT Re.: RAMMAICA (INDIA) LTD. Referred to in paragraph 3 ol our report of even date

1. In respect of its Fixed Assets.

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

b. All the assets have not been physically verified by the management during the year; however, there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. There are no material discrepancies

c Accoding to the information and explanation given to us, the company has not sold any of its fixed assets during the year

2 In respect of its Inventories

a As explained to us. the inventory has been physically verified during the year by the management In our opinion, the frequency of verification 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 or its business C. The company is maintaining proper records of inventory The discrepancies noticed on verification between the physical stock and the book records were not material.

3. a The Company has taken any interest-free unsecured loan from the following party covered in the Register maintained under Section 301 of the Companies Act. 1956.

Sr. Name of party Opening Balance Amount Received Maximum Balance Closing Balance

No. in (Rs) (Repaid) during the year Outst anding in (Rs) in (Rs.)

J Gomti Finlease (I) Ltd1 49,81.000 (1.49.B1,000) - - 2 Maharashtra Laminates 12,45,934 87,34,966 99.81.930 99,81.930

3 Hanuman Laminates (I) Ltd. 1,08,74,500 69,97,03 41,78,71,53 41.7B.71.534

4 Indecomal Export Ltd. 5,00,000 (5,00,000) - -

5, Shri Ramabtar Jhunjhunwala - 2,40,00,000 2,40,00,000 2,31,60,000

(8,40,000)

b) The Company has not granted secured or unsecured loan to any company or firm or other party included in the register maintained under section 301 of the Companies Act, 1956 and / or to the companies under the same management as defined under section 370(16) of the Companies Act, 1956

c) According to the information and explanations as given to us, terms and conditions of loan taken by the company from above mentioned party are not prima facie prejudicial to the interest of the company

d) According to the information and explanations as given to us, there is no stipulation as to repayment and since the loan is interest-free, reporting on regularity of payment of interest does not arise.

e) According to tfie information and explanations as given to js. since there is no stipulation as to repayment of loans and loan is interest-free, as explained to us, there is no overdue amount of loans taken from or granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act. 1956.

4. According to the information and explanations as given to us, since there is no purchase of inventory or Fixed Assets or any sale of goods during the financial year, the reporting on the adequacy of internal control on the same is not done. The internal control in respect of holding of inventory is found satisfactory

5. In our opinion and according to the information and explanations given to us, there are no transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956, aggregating during the year to Rs. 5,00,000/- (Rupees Five Laces only) or more in respect of any party.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits requiring compliance with the provisions of Sections 58A and 58AA of the Companies Act, 1956 and the Companies {Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. No order has been passed by the National Company Law Tribunal.

7. in our opinion and according to the information and explanations as given to us, the company does not require to have an internal audit system commensurate with the size and nature of its business as required under the Order.

8. In our opinion and according to the information and explanations as given to us, the company is not required to. by the Central Government, to maintain cost records under section 209(1) (d) of the Companies Act, 1956.

9. a. In our opinion and according to the information and explanations as given to us, there are no undisputed statutory dues outstanding and payable under laws that

apply to dues relating to provident fund, investor education protection fund, employees state insurance, income-tax. sales-tax, wealth-tax, custom duty, excised- duty, cess and other statutory dues, as applicable to it. According to the information and explanations as given to us, no undisputed amounts payable in respect of income tax. wealth tax, sales tax, customs duty and excise duty were outstanding, as at March 31. 2010 for a period of more than six months from the date they became payable.

b. According to the records of the company, and according to the information and explanations given to us, there are no dues of sales tax, income-tax, customs duty / wealth-tax, excise duty / cess which have not been deposited on account of any dispute. No provisions has been made in the books for the show cause notices pending fnal decision in the following matters.



Name of Statute Nature of dues Amount (Rs.) For the F. V. Forum where dispute is pending

Central Excise Act. 1944 Excise Duty 4,71,521/- 1984-1959 Commiss ioner of

Canlral Excise Act, 1944 Excise Duty & Penalty 2,26.00,354/- 1991-1996 Commiss ioner of Central Excise

10. The accumulated loss of the company exceeds its net worth The company has incurred cash lasses of Rs. 41,41,490/- during the f nancial year covered by the audit and Rs. 3,25,653/- the immediately preceding financial year.

11. Based on audit procedures and on the information and explanations as given by the management, we are of the opinion that the company had in the past defaulted in repayment ofdues to State Bank of India, who had filed case against the company and appointed court receiver through the Honourable High Court, Mumbai, for recovery of cash credit toan dues. The matter is amicably settled during the year and no dues are outstanding as on 31.03.2010.

12. (a) According to the information and explanations as given to us, and based on our examination of documents and records, the company has not granted any loans

and advances on the basis of security by way of pledge of shares, debentures and other securities

(b) Based on our examination of the records and evaluation of the related internal controls, we are of the opinion that no loans and advances on the basis Of security by way pledge or shares, debentures and other securities is done, hence, requirement of reporting on this matter is not made and the question of proper records maintenance of the transactions and contracts and timely entries thereof in those records does not arise We also report that the company holds shares of "Maharashtra Laminates Ltd." and "Hanuman Laminates (India) Pvt. Ltd" in its own name

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

14. The company has not dealt in or traded in shares, securities, debentures and other investments.

15. According to the information and explanations as given to us, the company has given counter guarantees to the bankers for counter guarantees given by them to various customers for performances and other contingencies. However same have lapsed due to time limitation.

16. The company has not taken any other term loan during the year covered by our audit. In the case of term loans taken during earlier years, we have not come across any instances where such loans were applied for the purpose other than the purpose for which the loans were obtained.

17. According to the information and explanations as given to us, and on an overall examination of the balance sheet of the company as at March 31, 2010. we report that since no funds are raised, reporting on usage of funds raised on short-term basis for long-term investment does not arise. No long-term funds have been used to finance short-term assets except permanent working capital.

18. According to the information and explanations as given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956

19. According to the information and explanations as given to us, during the penod covered by our audit report, the company has not issued any debentures and hence creation of security in respect thereof does not arise.

20. According to the information and explanations as given to us, during the period covered by our audit report, the company has not made any public issue and hence no reporting oh an/ end use of money raised is done, since not applicable.

21. According to the information and explanations given to us. based upon the audit procedures performed and information and explanations as 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 KAILASH KEJRIWAL S. CO

CHARTERED ACCOUNTANTS

Place: Mumbai KAILASH S. KEJRIWAL

Date : 13-08-2010 PROPRIETOR

Membership No. 14345