Auditor Report of Redmax Footwears Ltd.

Mar 31, 2024

We have audited the accompanying Ind AS financial statements ofViaan Industries Limited (the
âCompanyâ), which comprise the Balance Sheet as at March 31. 2024, the Statement of Profit and
l-oss (including Other Comprehensive Income), the Statement of Changes in Equity and the
Statement ot Cash Mows for the year ended on that date and notes to the financial statements,
including a summary of material accounting policies and other explanatory information (hereinafter
referred ro as the âFinancial Statementsâ).

In our opinion and to the best of our information and according to the explanations given to us.
the aforesaid Financial Statements give the information required by the Companies Act, 2013 (the
Ac") m 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, (âInd ASâ) and other accounting
principles generally accepted in India.of the stare of affairs of the Company as at March 31, 2021,
irs loss including other comprehensive income, changes in equity and irs cash flows for the year
ended on rhat date.

Basis for Opinion

We conducted our audir of the Standalone Financial Statements in accordance with the Standards
on Auditing (*âSAâs) as specified under section 143(10) of the Act. Our responsibilities under those
Standards arc further described in the Auditorâs Responsibilities for the Audit of the Standalone
1 manual Statements section ol our report. We are independent of the Companym accordance with
the Code of Ethics issued by the Institute of Chartered Accountants oflndia (âICA1â) together
with rhe ethical requirements that arc relevant to our audit of the Standalone Financial Statements
under die provisions of the Act and rhe Rules made thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the ICAIâs Code of Kthics. We
believe that the audit evidence obtained byus is sufficient and appropnale to provide a basis for
our audit opinion on the Standalone Financial Statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the Financial Statements of the current period. These matters were addressed in tlx*
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 maners. We have determined the matters described
Ik-Iow to be the key audit matters to lx* communicated in our report.

W e have determined that there arc no other key audit matters to communicate in our report.

Emphasis of Matter

We draw your attention to:-

(a) Non* 22 i<> the financial statements which slates in the matter of Going Concern that the new
management will introduce the business in the company as per the new provisions of the resolution
plan and will do efforts to revive the company.

(b) Note 23 to the financial statements states that:

\i) The llonâble National Company Law Tribunal fNCl.T), Mumbai Bench vide its Order
elated 11 March, 2022 had initiated insolvency proceedings flnsolvency Commencement
Date'') as per the provisions of Insolvency and Bankruptcy Code, 2016 (''Code'') against Viaan
Industries Limited. I he NOT also appointed resolution professional for the management
of affairs of the Company as per the Code, from 11 rh March, 2022 the company was in
Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Code
2016 (IBQ.

(u) Pursuant to commencement of insolvency proceedings, with effect from the Insolvency
Commencement Date, the powers of the Board of Directors of the Company stood
suspended and such powers along with the management of the Company were vested with
Mr Prakash Dattatravana N''aringrckar who was appointed as the Interim Resolution
Professional (âIRPâ) of the Company. ''Ihc appointment of IRP as resolution professional
was also confirmed by die Committee of Creditors (''COC) of the Company.

(til) Ihc resolution plan for rhe Company, as submitted by Kundan Care Products Ijnured
(''Successful Resolution Applicantâ) was approved by the Committee of Creditors of the
Company with 100% voting in its 10th meeting dared 18 November,2022. The resolution
professional died an interlocutory application before the Hon''ble NCLT Mumbai Bench for
approval of the resolution plan, an application was filed by the RP before the NCLT for
approval of the Resolution Plan. The I lonâhle NCI .âI approved the resolution plan vide its
order dated 06th February, 2024. flnsolvency Termination Date¹).

(Â»^v) The resolution plan provided that on the expiry of 60 days from the Insolvency Termination
Date, rhe management of affairs of the Company shall vest with the new management.

(v) Furthermore, the approved Resolution Plan also provides the reduction of Existing Share
Capital by cancellation of share of existing promoters and allotment of new shares ro the
Resolution Applicant and us nominec/associates and reduction in Pace Value of Rs. 1/- per

share.

(vÂ») As per approved Resolution plan, CIRP cost is payable amounting 20 Lakhs which arc
clubbed with amount payable to financial creditors

(vii) Necessary restructuring entries arc passed in books of accounts pursuant to approval of
resolution plan, but issuance of share capital to public and promotors is in process as on date
of signing of fmancial statement.

Other Matters

Since the company has been under ''Corporate Insolvency Resolution Process'' under Section 7 of the

Ivcucv and Bankruptcy Code 2016'' from 1 I March 2022 and order of Nauonal Company Law
Tribunal has been pronounced dated 06th February 2024, the comparative financial statement of the
company for the year ended March 31, 2023 were prepared by the newly constituted;management of

The comparative financial statement of tlx- company for the year ended March 31, 2023 prepared in
accordance with Indian Accounting Standards, included in these financial statements, have been
audited by M/s II. Raje & Co., Chartered Accountants, whose audit report dt.June 12,2024 expressed
a disclaimer of opinion. Our opinion is not modified in respect of this matter.

Information Other than the Financial Statements and Auditorâs Report Thereon

1''hc Companyâs hoard of Directors is responsible for the other information. The other informauon
comprises the information included in the Management Discussion and Analysis, Boardâs Report
including Annexurcs to Boardâs Report, Business Responsibility and Sustainability Report, Corporate
Governance and Shareholderâs Information, but docs not include the financial statements and our
auditorâs report thereon.

Our opinion on the financial statements does not cover the other information and we do nor express
any form of assurance conclusion thereon.

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

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

Responsibilities of Management and Those Charged with Governance for the Financial
Statements

The Companyâs Board of Directors is responsible for the matters stated in section 134(5) of die Act
with respect to the preparation of these financial statements that give a true and fair view of the
financial position, financial performance, including other comprehensive income, changes in equity
and cash flows of the Company in accordance with the accounting principles generally accepted in
India, including Ind AS specified under section 133 of the Act. 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 (or 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, implementauon and maintenance of adequate
internal financial controls, that were operating effectively for ensuring the accuracy and completeness
ot the accounting record'', 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.

In preparing the financial statements, management and Board of Directors is responsible for assessing
the Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the Board of Directors either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. ¹
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
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.

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

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

â¢ Obtain an understanding of internal financial control relevant to the audit in order to design audit
procedures that arc appropriate in the circumstances. U nder section 143(3)(i) of the Act, wc arc
also responsible for expressing our opinion on whether the Company has adequate internal
financial controls with reference to financial statements in place and the operating effectiveness
of such controls.

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

â¢ Conclude on the appropriateness of 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 Companyâs ability to continue as a going
concern. II wc conclude that a material uncertainty exists, we are required to draw attention in
our auditor s report to the related disclosures in the financial statements or, if such disclosures
are inadequate, to modify¹ our opinion. ()ur conclusions are based on the audit evidence obtained
up to the date of our auditor''s reporr. However, future events or conditions may cause the
Company to cease to continue as a going concern.

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

Materiality is the magnitude of misstatements in the Financial Statements that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the
financial statements may be influenced. We consider quantitative materiality and qualitative factors
in (i) planning the scojx* of our audit work andin 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
*copc and timing of the audit and significant audit findings, including any significant deficiencies in
internal financial controls that wc identify during our audit.

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

W?''- >\

I''rom the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the financial statements oft he current period and arc
therefore the key audit matters. We describe these matters in our auditorâs report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances,
we determine that a matter should not l>c 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 I.cgal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit wc report that:

a) We have sought and obtained all the information and explanations which to the best ofour
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 I/>ss including Other Comprehensive
Income. Statement of Changes in Kquity and the Statement of Cash Flows dealt with by
this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Ind AS specified under
Section 133 of the Act.

e) On the basis ol the wntten 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 Acr.

t) With respect to the adequacy of the internal financial controls with reference to financial
statements of the Company and the operating effectiveness of such controls, refer to our
separate Report in "Armcxure A". Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the Companyâs internal financial controls with
reference to financial statements.

g) With respect to the other matters to be included in the Auditorâs Report in accordance with
the requirements of section 197(16) of the Act, as amended, in our opinion and tothc best
ol our information and accorduig to the explanations given to us, the company has not paid
any managerial remuneration to its directors during the year. Accordingly provisions of
section 197 of the Act is not applicable.

h) With respect to the other matters to be included in the Auditorâs Report in accordance with
Rule 11 of I he Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion
and to the lx-si of our information and according to the explanations given to us: ²

funds (which arc material either individually or in the aggregate) have been
advanced or loaned or invested (cither from borrowed funds or share premium or
any other sources or kind of funds) by the Company to or in any other person or
entity, including foreign entity (âIntermediariesâ), 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 (âUltimate Beneficiariesâ) or
provide any guarantee, security orthe like on behalf of the Ultimate Beneficiaries;

(b) ''Fite management has represented, that, to the best of its knowledge and belief,
no funds (winch arc material either individually or in the aggregate) have been
received by the Company from any person or entity, including foreign entity
("Funding Partiesâ), 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 (âUltimate Beneficiariesâ)or provide any guarantee, security
or the like on behalf of the U ltimate Beneficiaries ; and

(c) Based on the audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused
us to believe that the representations under sub-clausc (i) and (11) of Rule 11(e), as
provided under (a) and (b) above, contain any material misstatement.

v. There is no interim or final dividend have been declared or paid by the Company
during the year.

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

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from
April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2011 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 (Auditorâs Report) Order, 2020 (the âOrderâ) issued by the
Central Government in terms of Section 143(11) of the Act, we give in âAnncxure Bâ a
statement on the matters specified in paragraphs 3 and 4 of the Order.

For Ashwani & Associates

Chartered Accountants

No. 000497N)

Place: New Delhi (Mcmbercliif^No. 84205)

Date: Sep 13.2024 UDIN:24084205BKAMPZ7594

lu- Companyâs Board of Directors is also responsible for overseeing the Companyâs financial
reporting process.

Auditorâs Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
arc free from material misstatement, whether due to fraud or error, andto issue an auditorâs report

I he Company does not have any pending litigations which would impact its financial
position;

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

iii. 1 here has been no delay in transferring amounts, required to be transferred, to the
Investor l-vducation and Protection Fund by the Company.

iv. (a) The Management has represented that, to the best of its knowledge and belief, no

Mar 31, 2018

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of Viaan Industries Ltd ("the Company") which comprise the Balance Sheet as at 31^st March 2018, the Statement of Profit and loss, the Cash flow statement for the year then ended including a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

2. The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting implementation and maintenance of 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.

Auditor''s Responsibility

3. Our responsibility is to express an opinion on these standalone financial statements based on our audit.

4. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

5. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone financial statements are free from material misstatement.

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

7. 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.

Opinion

8. 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 Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31^st March 2018, it''s Profit and cash flows for the year then ended.

Report on other Legal and Regulatory Requirements:

9. As required by the Companies (Auditor''s Report ) Order 2016 ("The Order") issued by the Central Government of India in terms of sub section (11) of section 143 of the Companies Act 2013, we give in the "Annexure A" a statement on the matters specified in paragraph 3 of the Order.

10. 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 it appears from our examination of those books;

c. the Balance Sheet, the Statement of Profit and Loss and the cash flow statement dealt with by this Report are in agreement with the books of account;

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

e. On the basis of written representations received from the directors as on March 31, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018 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 B").

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

i. The Company does not have any pending litigations which would impact the standalone Financial statements.

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

iii. There has been no such amount required to be transferred, to the Investor Education and Protection Fund by the Company

ANNEXURE A TO AUDITOR''S REPORT

_(Referred to in paragraph IX of our report of even date)_

1 Reporting on maintaining and verifying and disposing of fixed assets

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

b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

c) The Company does not have any immovable property, hence relevant clause is not applicable to the Company.

2 Physical verification and Maintenance of records of inventories

According to the information and explanations given to us, the physically verification of inventory is conducted at reasonable intervals by the management of the company and no material discrepancies were noticed on physical verification.

According to the information and explanation given to us the physical verification of inventory by the company is reasonable.

3 Loan given by the company

According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not given any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 189 of the Companies Act, 2013.

4 Loan to Director and Investment by the Company

According to the information and explanations given to us, the Company has not given any loans, guarantees and security, hence provision of section 185 and 186 are not applicable to the company.

5 Deposits

During the year under report, the company has not accepted any deposits as stated in section 73 to 76. Hence clause 3(v) of the report are not applicable to the company.

6 Cost Records

The Company is engaged in the business of trading activity hence the central government has not specified maintenance of cost records.

7 Statutory Dues

a) According to the records of the Company and information and explanation given to us, the company has been generally regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, sales tax, service tax, value added tax, duty of custom, wealth tax, Income Tax and other statutory dues with the appropriate authorities during the year. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as 31st March 2018 for a period of more than six months from the date of becoming payable.

b) According to the records of the company and information and explanations given to us, no disputed dues of provident fund, employees'' state insurance, sales tax, service tax, value added tax, duty of custom, Income Tax and other statutory dues were payable during the year.

8 Default in repayment of dues

According to the information and explanations given to us, the company has not accepted any loans from financial institution, bank, Government nor are there any dues to debenture holders.

9 Utilization of IPO and Further Public Offer

According to the information and explanations given to us, the company has not raised any funds by way of Initial Public Offer (IPO) or further public offer (including debt instruments) and terms loans hence the clause 3(xi) of the report are not applicable to the Company.

10 Reporting of Fraud

To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.

11 Managerial Remuneration

According to the information and explanations given to us, and to the best of our knowledge and belief the company has paid the managerial remuneration in accordance with the requisite mandated by the provision of section 197 read with schedule V of the Companies Act 2013 and due to inadequacy of profits, the remuneration is paid to the directors as follows:

Ripu Sudan Kundra - Rs. 60,00,000/ -

Darshit Shah - Rs. 21,00,000/-

12 Nidhi Company

This clasue 3(xii) of the report are not applicable to the Company.

13 Related Party Transactions:

According to the information and explanation given the company has disclosed all the transactions with the related parties in compliance with section 177 and 188 of the Companies Act 2013 in note no. 7 to the ntoes to account and the details have been disclosed in the financial statements as required by the applicable accounting standards;

14 Private Placement or Preferential Issues

According to the information and explanations given to us, the company has made the preferential allotment or private placement of Equity Shares and fully convertible debentures during the year under review. The company has complied with the requirement of section 42 of the Companies Act 2013. The amount has been utilised for the purposes for which it was raised.

15 Non Cash Transaction

According to the information and explanations given to us, the company has not entered into any non cash transactions with directors or persons connected with him.

16 Register with RBI Act 1934

According to the information and explanations given to us, the company is not required to be registered u/s. 45 IA of the RBI Act 1934.

ANNEXURE B TO AUDITOR''S REPORT

(Referred to in paragraph X (f) under ''Report on Other Legal and Regulatory Requirements'' of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting

1. We have audited the internal financial controls over financial reporting of Viaan Industries Limited ("the Company") as of 31st March, 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Management''s Responsibility for Internal Financial Controls

2. The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditor''s Responsibility

3. Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

6. A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

7. Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

8. In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For SEKHRI KANODIA & ASSOCIATES

CHARTERED ACCOUNTANTS

Firm Registration No: 109389W

SD/-

CA SANJEEV KUMAR CHOPRA

PARTNER

MEMBERSHIP NO. 131611

PLACE: Mumbai

DATE : 23/05/2018

Mar 31, 2016

Report on the Financial Statements

1. We have audited the accompanying standalone financial statements of Viaan Industries Limited (Formerly known as Hindustan Safety Glass Industries Limited) ("the Company") which comprises the balance sheet as at 31^st March 2016, the Statement of Profit and loss, the cash flow statement for the year ended, and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

2. The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these Standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and 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.

Auditor''s Responsibility

3. Our responsibility is to express an opinion on these standalone financial statements based on our audit.

5. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the standalone financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the standalone financial statements.

7. 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.

Opinion

8. 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 Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at March 31, 2016, and its profit and its cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements:

9. The provisions as required by the Companies (Auditor''s Report ) Order 2015 ("The Order") issued by the Central Government of India in terms of sub section (11) of section 143 of the Companies Act 2013, we give in the annexure a statement on the matters specified in paragraph 3 o\and 4 of the Order.

10. 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 it appears from our examination of those books;

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

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

e. On the basis of written representations received from the directors as on March 31, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016, from being appointed as a director in terms of Section 164(2) of the Act.

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

i. The Company does not have any pending litigations which would impact the standalone Financial statements.

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

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

ANNEXURE TO AUDITOR''S REPORT

(Referred to in paragraph I of our report of even date)

1	Reporting on maintaining and verifying and disposing of fixed assets a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification c) The Company does not have any immovable property; hence relevant clause is not applicable to the Company.
2	Physical verification and Maintenance of records of inventories According to the information and explanations given to us, there is no Physical Inventory with the company at the year end therefore the said clause is not applicable to the Company.
3	Loan given by the company According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not given any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 189 of the Companies Act, 2013.
4	Loan to Director and Investment by the Company According to the information and explanations given to us, the Company has not given any loans, investments, guarantees and security, hence provision of section 185 and 186 are not applicable to the company.
5	Deposits During the year under report, the company has not accepted any deposits as stated in section 73 to 76. Hence clause 3(v) of the report are not applicable to the company.
6	Cost Records The Company is engaged in the business of trading activity hence the central government has not specified maintenance of cost records.
7	Statutory Dues a) According to the records of the Company and information and explanation given to us, the company has been generally regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, sales tax, service tax, value added tax, duty of custom, wealth tax, Income Tax and other statutory dues with the appropriate authorities during the year. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as 31st March 2016 for a period of more than six months from the date of becoming payable. b) According to the records of the company and information and explanations given to us, no disputed dues of provident fund, employees'' state insurance, sales tax, service tax, value added tax, duty of custom, Income Tax and other statutory dues were payable during the year.
8	Default in repayment of dues According to the information and explanations given to us, the company has not accepted any loans from financial institution, bank, Government or dues to debenture holders.
9	Utilization of IPO and Further Public Offer According to the information and explanations given to us, the company has not raised any funds by way of Initial Public Offer (IPO) or further public offer (including debt instruments)

	and terms loans hence the clause 3(xi) of the report are not applicable to the Company.
10	Reporting of Fraud To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.
11	Managerial Remuneration According to the information and explanations given to us, the company and to the best of our knowledge and belief the company has paid the managerial remuneration in accordance with the requisite mandated by the provision of section 197 read with schedule V of the Companies Act 2013.
12	Nidhi Company This clause 3(xii) of the report are not applicable to the Company,
13	Related Party Transactions: According to the information and explanation given the company has disclosed all the transactions with the related parties in compliance with section 177 and 188 of the Companies Act 2013 and the details have been disclosed in the financial statements as required by the applicable accounting standards;
14	Private Placement or Preferential Issues According to the information and explanations given to us, the company has made the preferential allotment or private placement of Equity Shares or fully or partly convertible debentures during the year under review as per the requirement of section 42 of the Companies Act 2013 have been complied with. The Amount raised have been used for the purpose for which the funds were raised.
15	Non Cash Transaction According to the information and explanations given to us, the company has not entered into any non cash transactions with directors or persons connected with him.
16	Register with RBI Act 1934 According to the information and explanations given to us, the company is not required to be registered u/s. 45 IA of the RBI Act 1934.

For SEKHRI KANODIA & ASSOCIATES

CHARTERED ACCOUNTANTS

Firm Registration No: 109389W

Sd/-

PARTNER

CA SANJEEV KUMAR CHOPRA

MEMBERSHIP NO.131611

PLACE: Mumbai

DATE : 27^th May, 2016

Mar 31, 2015

1. We have audited the accompanying financial statements of Hot Hindustan Safety Glass Industries Limited("the Company") which compromise the Balance Sheet as at March 31, 2015, and the Statements of Profit and loss and Cash Flow for the year ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor's Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit.

4. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

5. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

7. 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.

Opinion

8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at March 31, 2015, and its profit and its cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements:

9. The provisions as required by the Companies (Auditor's Report ) Order 2015 ("The Order") issued by the Central Government of India in terms of sub section (11) of section 143 of the Companies Act 2013, we give in the annexure a statement on the matters specified in paragraph 3 oand 4 of the Order.

10. 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 it appears from our examination of those books;

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

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

e. On the basis of written representations received from the directors as on March 31, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of Section 164(2) of the Act.

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

i. The Company does not have any pending litigations which would impact the Financial statements.

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

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

ANNEXURE TO AUDITOR'S REPORT

(Referred to in paragraph I of our report of even date)

(i) Reporting on maintaining and verifying and disposing of fixed assets

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

b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

(ii) Physical verification and Maintenance of records of inventories

There is no Physical Inventory with the company therefore the clause is not applicable to the Company.

(iii) Repayment of loans granted by the company

According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not given any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 189 of the Companies Act, 2013.

(iv) Internal Control System

In our opinion and according to the information and explanations given to us during the course of the audit, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for sale of goods and services. On the basis of our examination and explanation given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedure.

(v) Acceptance of Deposits

As the company has not accepted any deposit from the public, the provisions of Section 73 to 76 of the companies Act, 2013 and rules there under are not applicable to the company.

(vii) Payment of Taxes

a) .According to the records of the Company and information and explanation given to us, the company has been generally regular in depositing undisputed statutory dues including provident fund, employees' state insurance, sales tax, service tax, value added tax, duty of custom, wealth tax, Income Tax and other statutory dues with the appropriate authorities during the year. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as 31st March 2015 for a period of more than six months from the date of becoming payable.

b) .According to the records of the company and information and explanations given to us, no disputed dues of provident fund, employees' state insurance, sales tax, service tax, value added tax, duty of custom, wealth tax, Income Tax and other statutory dues were payable during the year.

(viii) Accumulated Losses

The company has been registered for a period more than five years, its accumulated losses at the end of the financial year are less than fifty percent of its net worth, Company has not incurred cash losses in the current financial year and has incurred cash loss in the preceding financial year.

(ix) Default in repayment of dues

According to the information and explanations given to us, the company has not accepted any loans from financial institutions or bank or debenture holders.

(x) Guarantee for loan

According to the information and explanations given to us, the company has not given any guarantee for loan taken by others from financial institutions or bank. The terms and conditions whereof are prejudicial to the interest of the company.

(xi) Appl icability of Term Loan

According to the information and explanations given to us, the company has not availed the term loans during the year.

(xii) Reporting of Fraud

To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.

For SEKHRI KANODIA & ASSOCIATES CHARTERED ACCOUNTANTS Firm Registration No: 109389W

Sd/-

PARTNER: CA ATTUL KRISHAN SEKHRI MEMBERSHIP NO.80029

PLACE: Mumbai DATE : 11th August, 2015

Mar 31, 2014

Report on the Financial Statements

We have audfted the accompanying financial statements of HINDUSTHAN SAFETY GLASS INDUSTRIES LIMITED (''the Company'') which comprise the Balance Sheet as at 31 March 2014, the Statement of Profit and Loss 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, financial performance of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act. 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

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

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

Opinion

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

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

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

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

Report on Other Legal and Regulatory Requirements

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

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

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

b. in our opinion proper books of account as required by law have been kept by the Company so for as

appears from our examination of those 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 referred to in subsection (3C) of section 211 of the Companies Act, 1956; and

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

Annexure referred to in paragraph ''Report on Other Legal and Regulatory Requirement'' of our report of even date

(i) (a) There are no fixed assets in the company. Hence the danse is not applicable.

(ii) (a) There was no physical inventory maintained by the company during the year, therefore the provisions of clause (ii) of Paragraph 4 of the order is not applicable.

(iii) (a) Based on the audit procedures applied by us and according to the information provided to us by the management there are no loans given to or taken from the parties covered in the register maintained under section 301 of the Companies Act, 1956.

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

(v) (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the particulars of contracts and arrangements referred to in sec 301 of the Act have been entered into the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions made as specified in clause (v)(b) of Para 4 of CARO are at prices which are reasonable, having regard to the prevailing market prices at the relevant rime.

(vi) In our opinion and according to the information and explanations given to vs, the company has not accepted deposits from the public and therefore the provisions of Sections 58A, 58AA or any other relevant provisions of the Act and the Rules made there under are not applicable to the Company.

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

(viii) To the best of our knowledge and explanation, maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 for the company.

(ix) (a) - According to the records of the company and information and explanations given to us, the company has been generally regular in depositing undisputed statutory dues with the appropriate authorities during the year and no undisputed amounts payable were outstanding as at 31st March, 2014 for a period of more than six months from the date they became payable.

(b) According to the records of the company and information and explanations given to us, there are no dues outstanding of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty, Cess and Service Tax on account of any dispute.

(x) The company has accumulated losses at the end of the financial year amounting to Rs, 17,75,276/-. It has incurred cash losses during the period covered by the report amounting to Rs. 18,80,277/-, however in the corresponding previous financial year the company has not suffered any cash losses.

(xi) The company has not defaulted in repayment of dues to any financial institution or bank. The company has not issued any debentures.

(xii) According to the information and explanations given to us and based on documents and records produced to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion and according to the information and explanations given to us, the nature of activities of the company does not attract any special statute applicable to chit fund and nidhi / mutual benefit fund / societies.

(xiv) In our opinion and according to the information and explanation gjven to us, the company is dealing or trading in shares, debentures and other investments, the company has made proper records and made timely entries of the investments held by the compny and all the investments are held in the name of the company.

(xv) According to the information and explanations given to us, the company has not given any guarantee to a bank for any concern.

(xvi) The company has not taken any term loan during the year.

(xvii) As informed and explained to us, the company has not raised any funds on short-term basis, therefore the provisions of clause (xvii) of Paragraph 4 of the order is not applicable.

(xviii) During the year, the company has not made any preferential allotment of shares to parties and companies coveted in the Register maintained under section 301 of Act

(xix) The company has not issued any debentures, so it was not required to create any security or charge in this respect

(xx) The company has not raised any money through public issue during the year.

(xxi) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.

For Surana Singh Rathi And Co. Chartered Accountants Firm''s Registration Number: 317119E

S.K. Surana FCA Partner Membership No. 053271

Place: Kolkata Date: The 30th day of May, 2014

Mar 31, 2013

Report on the Financial Statements:

We have audited the accompanying financial statements of HINDUSTHAN SAFETY GLASS INDUSTRIES LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2013, 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 and financial performance of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

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 the Profit and Loss statement, of the profit for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

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

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

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

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

c) the Balance Sheet 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 referred to in subsection (3C) of 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 sub-section (1) of section 274 of the Companies Act, 1956.

For Surana Singh Rathi and Co.

Chartered Accountants

Firm''s Registration Number: 317119E

sd/-

S.K.Surana, FCA

Partner

Membership No. 053271

Place: Kolkata

Date: The 27th day of August,2013

Mar 31, 2012

We have audited the attached Balance Sheet of HINDUSTHAN SAFETY GLASS INDUSTRIES LIMITED, West Bengal, as at 31st March, 2012 and also Profit & Loss Statement 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 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 mis-statement. 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.

We report as follows:- 1. As required by the Companies (Auditors'' Report) Order, 2003, issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said Order.

2. Further to our comments in the annexure referred to above, we report that :

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

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

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

d) In our opinion, the Balance Sheet, Profit & Loss Statement and Cash Flow Statement dealt with by this report, comply with the accounting standard referred to in Section 211 (3C) of the Companies Act, 1956.

e) On the basis of written representations from the directors of the company, taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 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 read with notes give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) In the case of Balance Sheet of the State of Affairs of the Company as at 31st March, 2012 and

(ii) In the case of Statement of Profit & Loss, 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.

Referred to in paragraph 3 our report of even date on the accounts for the year ended 31st March, 2012 of HINDUSTHAN SAFETY GLASS INDUSTRIES LIMITED, West Bengal.

1. There are no fixed assets in the Company. Hence the clause is not applicable.

2. There was no physical inventory maintained by the Company during the year, therefore the provisions of clause (ii) of paragraph 4 of the order is not applicable.

3. Based on the audit procedures applied by us and according to the information provided to us by the management there are no loans given or taken from the parties covered in the register maintained u/s 301 of the Companies Act 1956 Â

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

5. (a) Based on the audit procedures applied by us and according to the information and explanation provided to us by the management, we are of the opinion that the particulars of contracts and arrangements referred to in Section 301 of the Companies Act, 1956 have been entered into the register required to be maintained under that section

(b) In our opinion and according to the information and explanation given to us, the transactions made as specified in clause (v)(b) of Para 4 of CARO are at prices which are reasonable, having regard to the prevailing market prices at the relevant time.

6. In our opinion, and according to information and explanations given to us, the Company has not accepted any deposits from the public and therefore the provisions of section 58A and 58AA of the Companies Act, 1956, and any other relevant provisions of the Act and the rules made there under are not applicable to the Company.

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

8. To the best of our knowledge and explanation, maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 for the Company.

9. (a) According to the records of the Company and information and explanations given to us the company has been generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income-tax, Wealth Tax, Sale-tax, Service Tax, Custom Duty, Excise Duty, CESS and any other statutory due applicable to it;

(b) According to the records of the company, there are no dues of income tax, wealth tax, sale-tax, custom duty, sales tax and CESS and excise duty, which have been deposited on account of any dispute.

10. The Company has Rs. 15,56,977/- accumulated losses of the company at the end of financial year. It has not incurred cash losses during the period covered by the report as well as in the immediately preceding financial year.

11. The company not defaulted in repayment of dues to financial institution or bank. The Company has not issued debentures.

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

13. In our opinion and according to information and explanations given to us, the company is not a Chit Fund, Nidhi, Mutual Benefit Fund or Society.

14. According to the information and explanations given to us, the company is not dealing or trading in shares, securities, debenture and other investments during the year.

15. On the basis of records examined by us and as per information provided by the Management, we are of the opinion that the company has not given guarantees to the bank or financial institutions.

16. In our opinion, the Company has not taken any term loan by the Company during the year.

17. As informed and explained to us, the Company has not raised any funds on short term basis, therefore the provisions of clause (xvii) of Paragraph 4 of the order is not applicable.

18. During the year, the Company has not made any Preferential Allotment of Shares to parties and Companies covered in the Register maintained u/s 301 of the Act, during the year.

19. The company has not issued any debenture during the year. Therefore provisions of Clause (xix) of paragraph 4 of the order are not applicable to the Company.

20. The company has not raised any money through public issue. Hence requirement of item (xx) of paragraph 4 of the order is not applicable to the Company.

21. According to the information and explanations provided to us, a fraud on or by the company has not been noticed or reported during the year.

For Surana Singh Rathi & Co.

Chartered Accountants

Place: Kolkata

Date: 17th August 2012 sd/-

S. K. Surana

Partner

M. No. 053271

Mar 31, 2011

We have audited the attached Balance Sheet of HINDUSTHAN SAFETY GLASS INDUSTRIES LIMITED, West Bengal, as at 31st March, 2011 and also Profit & Loss Statement 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 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 mis-statement. 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.

We report as follows:-1. As required by the Companies (Auditors'' Report) Order, 2003, issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 & 5 of the said Order.

2. Further to our comments in the annexure referred to above, we report that :

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

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

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

d) In our opinion, the Balance Sheet, Profit & Loss Statement and Cash Flow Statement dealt with by this report, comply with the accounting standard referred to in Section 211 (3C) of the Companies Act, 1956.

e) On the basis of written representations from the directors of the company, taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2011 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 read with notes give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) In the case of Balance Sheet of the State of Affairs of the Company as at 31st March, 2011 and (ii) In the case of Statement of Profit & Loss, 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.

Referred to in paragraph 3 our report of even date on the accounts for the year ended 31st March, 2011 of HINDUSTHAN SAFETY GLASS INDUSTRIES LIMITED, West Bengal,

1. There are no fixed assets in the Company. Hence the clause is not applicable.

2. There was no physical inventory maintained by the Company during the year, therefore the provisions of clause (ii) of paragraph 4 of the order is not applicable.

3. Based on the audit procedures applied by us and according to the information provided to us by the management there are no loans given or taken from the parties covered in the register maintained u/s 301 of the Companies Act 1956 Â

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

5. (a) Based on the audit procedures applied by us and according to the information and explanation provided to us by the management, we are of the opinion that the particulars of contracts and arrangements referred to in Section 301 of the Companies Act, 1956 have been entered into the register required to be maintained under that section

(b) In our opinion and according to the information and explanation given to us, the transactions made as specified in clause (v)(b) of Para 4 of CARO are at prices which are reasonable, having regard to the prevailing market prices at the relevant time.

6. In our opinion, and according to information and explanations given to us, the Company has not accepted any deposits from the public and therefore the provisions of section 58A and 58AA of the Companies Act, 1956, and any other relevant provisions of the Act and the rules made there under are not applicable to the Company.

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

8. To the best of our knowledge and explanation, maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 for the Company.

9. (a) According to the records of the Company and information and explanations given to us the company has been generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income-tax, Wealth Tax, Sale-tax, Service Tax, Custom Duty, Excise Duty, CESS and any other statutory due applicable to it;

(b) According to the records of the company, there are no dues of income tax, wealth tax, sale-tax, custom duty, sales tax and CESS and excise duty, which have been deposited on account of any dispute.

10. The Company has Rs. -1558070.50/- accumulated loss of the company at the end of financial year. It has not incurred cash losses during the period covered by the report as well as in the immediately preceding financial year.

11. The company not defaulted in repayment of dues to financial institution or bank. The Company has not issued debentures.

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

13. In our opinion and according to information and explanations given to us, the company is not a Chit Fund, Nidhi, Mutual Benefit Fund or Society.

14. According to the information and explanations given to us, the company is not dealing or trading in shares, securities, debenture and other investments during the year.

15. On the basis of records examined by us and as per information provided by the Management, we are of the Opinion that the company has not given guarantees to the bank or financial institutions.

16. In our opinion, the Company has not taken any term loan by the Company during the year.

17. As informed and explained to us, the Company has not raised any funds on short term basis, therefore the provisions of clause (xvii) of Paragraph 4 of the order is not applicable.

18. During the year, the Company has not made any Preferential Allotment of Shares to parties and Companies covered in the Register maintained u/s 301 of the Act, during the year.

19. The company has not issued any debenture during the year. Therefore provisions of Clause (xix) of paragraph 4 of the order are not applicable to the Company.

20. The company has not raised any money through public issue. Hence requirement of item (xx) of paragraph 4 of the order is not applicable to the Company.

21. According to the information and explanations provided to us, a fraud on or by the company has not been noticed or reported during the year.

For Maheswari K R & Co.

Chartered Accountants

Place: Kolkata

Date: 2nd May, 2011 Sd/-

R.K.maheswari

Partner

Mar 31, 2010

1. We have audited the attached Balance Sheet of HINDUSTHAN SAFETY GLASS INDUSTRIES LIMITED, West Bengal, as at 31st March, 2010 and also Profit & Loss Statement 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.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standard require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material mis-statement. 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, issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said Order.

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

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

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

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

d) In our opinion, the Balance Sheet, Profit & Loss Statement and Cash Flow Statement dealt with by this report, comply with the accounting standard referred to in Section 211 (3C) of the Companies Act, 1956.

e) On the basis of written representations from the directors of the company, taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 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 read with notes give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) In the case of Balance Sheet of the State of Affairs of the Company as at 31st March, 2010 and (ii) In the case of Statement of Profit & Loss, 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 to the Auditors'' Report

Referred to in paragraph 3 our report of even date on the accounts for the year ended 31st March, 2010 of HINDUSTHAN SAFETY GLASS INDUSTRIES LIMITED, West Bengal.

1. There are no fixed assets in the Company. Hence the clause is not applicable.

2. There was no physical inventory maintained by the Company during the year, therefore the provisions of clause (ii) of paragraph 4 of the order is not applicable.

3. Based on the audit procedures applied by us and according to the information provided to us by the management there are no loans given or taken from the parties covered in the register maintained u/s 301 of the Companies Act 1956 Â

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

5. (a) Based on the audit procedures applied by us and according to the information and explanation provided to us by the management, we are of the opinion that the particulars of contracts and arrangements referred to in Section 301 of the Companies Act, 1956 have been entered into the register required to be maintained under that section

(b) In our opinion and according to the information and explanation given to us, the transactions made as specified in clause (v)(b) of Para 4 of CARO are at prices which are reasonable, having regard to the prevailing market prices at the relevant time.

6. In our opinion, and according to information and explanations given to us, the Company has not accepted any deposits from the public and therefore the provisions of section 58A and 58AA of the Companies Act, 1956, and any other relevant provisions of the Act and the rules made there under are not applicable to the Company.

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

8. To the best of our knowledge and explanation, maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 for the Company.

9. (a) According to the records of the Company and information and explanations given to us the company has been generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income-tax, Wealth Tax, Sale-tax, Service Tax, Custom Duty, Excise Duty, CESS and any other statutory due applicable to it;

(b) According to the records of the company, there are no dues of income tax, wealth tax, sale-tax, custom duty, sales tax and CESS and excise duty, which have been deposited on account of any dispute.

10. The Company has Rs.15,86,581.38/-accumulated losses of the company at the end of financial year. It has not incurred cash losses during the period covered by the report as well as in the immediately preceding financial year.

11. The company not defaulted in repayment of dues to financial institution or bank. The Company has not issued debentures.

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

13. In our opinion and according to information and explanations given to us, the company is not a Chit Fund, Nidhi, Mutual Benefit Fund or Society.

14. According to the information and explanations given to us, the company is not dealing or trading in shares, securities, debenture and other investments during the year.

15. On the basis of records examined by us and as per information provided by the Management, we are of the opinion that the company has not given guarantees to the bank or financial institutions.

16. In our opinion, the Company has not taken any term loan by the Company during the year.

17. As informed and explained to us, the Company has not raised any funds on short term basis, therefore the provisions of clause (xvii) of Paragraph 4 of the order is not applicable.

18. During the year, the Company has not made any Preferential Allotment of Shares to parties and Companies covered in the Register maintained u/s 301 of the Act, during the year.

19. The company has not issued any debenture during the year. Therefore provisions of Clause (xix) of paragraph 4 of the order are not applicable to the Company.

20. The company has not raised any money through public issue. Hence requirement of item (xx) of paragraph 4 of the order is not applicable to the Company.

21. According to the information and explanations provided to us, a fraud on or by the company has not been noticed or reported during the year.

For Maheswari K R & Co.

Chartered Accountants

Place: Kolkata

Date: 20th July, 2010 Sd/-

R.K.maheswari

Partner

Mar 31, 2009

We have audited the attached Balance Sheet of HINDUSTHAN SAFETY GLASS INDUSTRIES LIMITED, West Bengal, as at 31st March, 2008 and also Profit & Loss Statement 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 auditing standards generally accepted in India. Those Standard require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material mis-statement. 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.

We report as follows:- 1. As required by the Companies (Auditors'' Report) Order, 2003, issued by the Central Government of

India in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said Order.

2. Further to our comments in the annexure referred to above, we report that :

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

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

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

d) In our opinion, the Balance Sheet, Profit & Loss Statement and Cash Flow Statement dealt with by this report, comply with the accounting standard referred to in Section 211 (3C) of the Companies Act, 1956.

e) On the basis of written representations from the directors of the company, taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2008 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 read with notes give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) In the case of Balance Sheet of the State of Affairs of the Company as at 31st March, 2009 and (ii) In the case of Statement of Profit & Loss, 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.

Referred to in paragraph 3 our report of even date on the accounts for the year ended 31st March, 2009 of HINDUSTHAN SAFETY GLASS INDUSTRIES LIMITED, West Bengal,.

1. There are no fixed assets in the Company. Hence the clause is not applicable.

2. There was no physical inventory maintained by the Company during the year, therefore the provisions of clause (ii) of paragraph 4 of the order is not applicable.

3. Based on the audit procedures applied by us and according to the information provided to us by the management there are no loans given or taken from the parties covered in the register maintained u/s 301 of the Companies Act 1956 Â

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

5. (a) Based on the audit procedures applied by us and according to the information and explanation provided to us by the management, we are of the opinion that the particulars of contracts and arrangements referred to in Section 301 of the Companies Act, 1956 have been entered into the register required to be maintained under that section

(b) In our opinion and according to the information and explanation given to us, the transactions made as specified in clause (v)(b) of Para 4 of CARO are at prices which are reasonable, having regard to the prevailing market prices at the relevant time.

6. In our opinion, and according to information and explanations given to us, the Company has not accepted any deposits from the public and therefore the provisions of section 58A and 58AA of the Companies Act, 1956, and any other relevant provisions of the Act and the rules made there under are not applicable to the Company.

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

8. To the best of our knowledge and explanation, maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 for the Company.

9. (a) According to the records of the Company and information and explanations given to us the company has been generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income-tax, Wealth Tax, Sale-tax, Service Tax, Custom Duty, Excise Duty, CESS and any other statutory due applicable to it;

(b) According to the records of the company, there are no dues of income tax, wealth tax, sale-tax, custom duty, sales tax and CESS and excise duty, which have been deposited on account of any dispute.

10. The Company has Rs. -15,17,119.55 /-accumulated losses of the company at the end of financial year. It has not incurred cash losses during the period covered by the report as well as in the immediately preceding financial year.

11. The company not defaulted in repayment of dues to financial institution or bank. The Company has not issued debentures.

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

13. In our opinion and according to information and explanations given to us, the company is not a Chit Fund, Nidhi, Mutual Benefit Fund or Society.

14. According to the information and explanations given to us, the company is not dealing or trading in shares, securities, debenture and other investments during the year.

15. On the basis of records examined by us and as per information provided by the Management, we are of the opinion that the company has not given guarantees to the bank or financial institutions.

16. In our opinion, the Company has not taken any term loan by the Company during the year.

17. As informed and explained to us, the Company has not raised any funds on short term basis, therefore the provisions of clause (xvii) of Paragraph 4 of the order is not applicable.

18. During the year, the Company has not made any Preferential Allotment of Shares to parties and Companies covered in the Register maintained u/s 301 of the Act, during the year.

19. The company has not issued any debenture during the year. Therefore provisions of Clause (xix) of paragraph 4 of the order are not applicable to the Company.

20. The company has not raised any money through public issue. Hence requirement of item (xx) of paragraph 4 of the order is not applicable to the Company.

21. According to the information and explanations provided to us, a fraud on or by the company has not been noticed or reported during the year.

For Rustagi& Co.

Chartered Accountants

Place: Kolkata

Date: 8th July 2009 Sd/-

Ashish Rustagi

Partner No. 062928

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