Auditor Report of Century Extrusions Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial statements of CENTURY EXTRUSIONS LIMITED ("the Company"), which comprise the
Balance Sheet as at 31st March, 2025, and the Statement of Profit and Loss (including Other Comprehensive Income), Statement of Changes in
Equity and Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of significant accounting
policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give
the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2025, and its profit, changes in equity and
its cash flows for the year ended on that date.

Basis for Opinion

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

Key Audit Matters

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

We have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matter	How our audit addressed the key audit matter
Revenue Recognition Revenue from the sale of goods (here in after referred to as "Revenue") is recognised when the Company performs its obligation to its customers and the amount of revenue can be measured reliably and recovery of the consideration is probable. The timing of such recognition in case of sale of goods is when the control over the same is transferred to the customer, which is mainly upon delivery. The timing of revenue recognition is relevant to the reported performance of the Company. The management considers revenue as a key measure for evaluation of performance. There is a risk of revenue being recorded before control is transferred. Refer Note 1 to the Standalone Financial Statements - Material Accounting Policies	Principal Audit Procedures Our audit approach was a combination of test of internal controls and substantive procedures including: _ Assessing the appropriateness of the Company''s revenue recognition accounting policies in line with Ind AS 115 ("Revenue from Contracts with Customers")and testing thereof. _ Evaluating the integrity of the general information and technology control environment and testing the operating effectiveness of key IT application controls. _ Evaluating the design and implementation of Company''s controls in respect of revenue recognition. _ Testing the effectiveness of such controls over revenue cut off at year-end. _ Testing the supporting documentation for sales transactions recorded during the period closer to the year end and subsequent to the year end. _ Performing analytical procedures on current year revenue based on monthly trends and where appropriate, conducting further enquiries and testing.

Key Audit Matter

How our audit addressed the key audit matter

Assessment of litigations and related disclosure of contingent liabilities As at March 31, 2025, the Company has exposures towards litigations relating to various matters. Significant management judgment is required to assess such matters to determine the probability of occurrence of material outflow of economic resources and whether a provision should be recognised, or a disclosure should be made. The management judgment is also supported with legal advice in certain cases as considered appropriate. As the ultimate outcome of the matters are uncertain and the positions taken by the management are based on the application of their best judgment, related legal advice including those relating to interpretation of laws/regulations, it is considered to be a Key Audit Matter. Refer Note 35 to the Standalone Financial Statements -Commitments and Contingent Liabilities

Principal Audit Procedures Our audit approach was a combination of test of internal controls and substantive procedures including: -Understanding, assessing and testing the design and operating effectiveness of key controls surrounding assessment of litigations relating to the relevant laws and regulations; -Discussing with management the recent developments and the status of the material litigations which were reviewed and noted by the audit committee; -Performing our assessment on a test basis on the underlying calculations supporting the contingent liabilities/other significant litigations made in the Standalone Financial Statements; - Using auditor''s experts to gain an understanding and to evaluate the disputed tax matters; - Considering external legal opinions, where relevant, obtained by management; -Analysising the response obtained from Company''s external legal counsel to underst and the interpretation of laws/regulations considered by the management in their assessment relating to a material litigation; - Evaluating the management''s assessments by understanding precedents set in similar cases and assessed the reliability of the management''s past estimates/ judgments; -Assessing the adequacy of the Company''s disclosures. Based on the above work performed, management''s assessment in respect of litigations and related disclosures relating to contingent liabilities/other significant litigations in the Standalone Financial Statements are considered to be reasonable.

Other Information

The Company''s Board of Directors is responsible for the Other Information. The other information comprises the information included in the Board''s
Report, Corporate Governance and Shareholders Information but does not include in the financial statements and our auditor''s report theron.

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

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial statements of our knowledge obtained in the 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 be report
that fact. We have nothing to report in this regard.

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

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

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

Those Board of Directors are also responsible for overseeing the Company''s financial reporting process.

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

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

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

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

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

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

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

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

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

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

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order 2020 ("the Order"), issued by the Central Government of India in terms of Section 143)
of the Act, we give in the Annexure "A" the matters specified in paragraph 3 and 4 of the Order, to the extent applicable to the Company.

2. As required by section 143(3) of the Act, we report that:

2.1. 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.

2.2. 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.

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

2.4. In our opinion, the standalone financial statements comply with the Indian Accounting Standards (Ind As) specified under section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

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

2.6. With respect to the adequacy of internal financial controls over financial reporting of the Company and the operating effectiveness of such
controls, refer to our separate report in Annexure "B".

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

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 35 to 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 were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

iv. (a) The Management has represented that, to the best of it''s knowledge and belief as stated in Note No. 54 of the financial statements,

no funds (which are material either individually or in aggregate) have been advanced or loaned or invested (either from borrowed
funds or share premium or any other sources or kind of funds) by the company to or in any other person or entity, including foreign
entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether,
directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company
("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of it''s knowledge and belief, as stated in Note No. 54 of the financial statements,
no funds (which are material either individually or in aggregate) have been received by the Company from any person or entity,
including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the company
shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(c) Based on such audit procedures that the auditor has considered reasonable and appropriate in the circumstances, nothing has come
to their notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e) as provided under (a)
and (b) above, contain any material mis-statement.

v. The Company does not declare or paid any Dividend during the year.

vi. Based on our examination which included test checks, the Company has used accounting software for maintaining its books of accounts
having feature of recording audit trail facility and is operated throughout the year for all relevant transactions recorded in the software.
Further, we did not come across any instance of the audit trail features have been tempered with and it has been preserved by the
Company as per the statutory requirements for record retention.

3. With respect to the matter to be included in the Auditors'' Report under section 197(16):

In our opinion and according to the information and explanations given to us, the remuneration by way of Directors Fees paid by the
Company to its directors during the current year is in accordance with the provisions of section 197 of the Act. The remuneration paid to any
director is not in excess of the limit laid down under section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details
under section 197(16) which are required to be commented upon by us.

For ALPS & CO.

Chartered Accoun tan ts
Firm''s ICAI Regn. No. 313132E

Kolkata (A.K.Khetawat)

Dated: 24^th day of May, 2025 Partner

Membership No. 052751
UDIN NO. 25052751BMKNRA9419

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Mar 31, 2024

To The Members of CENTURY EXTRUSIONS LIMITED,

Report on the Standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements of CENTURY EXTRUSIONS LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2024, and the Statement of Profit and Loss (including Other Comprehensive Income), Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2024, and its profit, changes in equityand its cash flows for the year ended on that date.

Basis for Opinion

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

Key Audit Matters

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

We have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matter	How our audit addressed the key audit matter
Revenue Recognition	Principal Audit Procedures
Revenue from the sale of goods	Our audit approach was a combination of test of internalcontrols
(hereinafterreferred to as "Revenue") is	and substantive procedures including:
recognized when theCompany performs its	Assessing the appropriateness of the Company''srevenue
obligation to its customersand the amount	recognition accounting policies in line withInd AS 115
of revenue can be measuredreliably and	("Revenue from Contracts with Customers")and testing
recovery of the consideration isprobable.	thereof.
The timing of such recognition in caseof sale of goods is when the control over the sameis transferred to the customer, which is mainly upondelivery.	_ Evaluating the integrity of the general information andtechnology control environment and testing theoperating effectiveness of key IT application controls.
The timing of revenue recognition is relevant tothe reported performance of	_ Evaluating the design and implementation ofCompany''s controls in respect of revenue recognition.
the Company. Themanagement considers	_ Testing the effectiveness of such controls over revenuecut off
revenue as a key measurefor evaluation of	at year-end.
performance. There is a risk ofrevenue being	Testing the supporting documentation for salestransactions
recorded before control is transferred.	recorded during the period closer to theyear end and
Refer Note 1 to the Standalone Financial	subsequent to the year end.
Statements - Significant Accounting Policies	_ Performing analytical procedures on current yearrevenue
	based on monthly trends and whereappropriate, conducting further enquiries and testing.
Assessment of litigations and related	Principal Audit Procedures
disclosure of	Our audit approach was a combination of test of internal controls
contingent liabilities	and substantive procedures including:
As at March 31, 2024, the Company has	- Understanding, assessing and testing the design and
exposures towardslitigations relating to	operatingeffectiveness of key controls surrounding assessment
various matters.	oflitigations relating to the relevant laws and regulations;
Significant management judgment is required	- Discussing with management the recent developments
to assess suchmatters to determine the	andthe status of the material litigations which were reviewed
probability of occurrence of materialoutflow	andnoted by the audit committee;
of economic resources and whether a	- Performing our assessment on a test basis on the
provision shouldbe recognised, or a disclosure	underlyingcalculations supporting the contingent liabilities/
should be made. The management	othersignificant litigations made in the StandaloneFinancial
judgment is also supported with legal advice	Statements;
in certain cases asconsidered appropriate.	- Using auditor''s experts to gain an understanding and
As the ultimate outcome of the matters are	toevaluate the disputed tax matters;
uncertain and thepositions taken by the management are based on the applicationof their best judgment, related legal advice	- Considering external legal opinions, where relevant,obtained by management;
including thoserelating to interpretation of	- Analysising the response obtained from Company''s
laws/regulations, it is considered to bea Key	external legal counsel tounderstand the interpretation of
Audit Matter.	laws/regulations consideredby the management in their assessment relating to amaterial litigation;
Refer Note 33 to the Standalone Financial	- Evaluating the management''s assessments by
Statements -Commitments and Contingent Liabilities	understandingprecedents set in similar cases and assessed the reliability of themanagement''s past estimates/judgments;
	- Assessing the adequacy of the Company''s disclosures.
	Based on the above work performed, management''s assessment inrespect of litigations and related disclosures relating to contingentliabilities/other significant litigations in the Standalone FinancialStatements are considered to be reasonable.

Other Information

The Company''s Board of Directors is responsible for the Other Information. The other information comprises the information included in the Board''s Report, Corporate Governance and Shareholders Information but does not include in the financial statements and our auditor''s report theron.

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

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements of our knowledge obtained in the 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 be report that fact. We have nothing to report in this regard.

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

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

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

Those Board of Directors are also responsible for overseeing the Company''s financial reporting process.

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

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

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

- Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not

detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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

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

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

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

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

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

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order 2020 ("the Order"), issued by the Central Government of India in terms of Section 143) of the Act, we give in the Annexure "A" the matters specified in paragraph 3 and 4 of the Order, to the extent applicable to the Company.

2. As required by section 143(3) of the Act, we report that:

2.1. 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.

2.2. 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.

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

2.4. In our opinion, the standalone financial statements comply with the Indian Accounting Standards (Ind As) specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

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

2.6. With respect to the adequacy of internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure "B".

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

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 33 to 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 were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

iv. (a) The Management has represented that, to the best of it''s knowledge and belief

as stated in Note No. 52 of the financial statements, no funds (which are material either individually or in aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person or entity, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of it''s knowledge and belief, as stated in Note No. 52 of the financial statements, no funds (which are material either individually or in aggregate) have been received by the Company from any person or entity, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(c) Based on such audit procedures that the auditor has considered reasonable and

appropriate in the circumstances, nothing has come to their notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11 (e) as provided under (a) and (b) above, contain any material mis-statement.

v. The Company does not declare or paid any Dividend during the year.

vi. The company, in respect of financial year commencing from 1^st April, 2023 has used accounting software for maintaining books of accounts having feature of recording audit trail and is operated throughout the year for all transactions recorded in the software. The audit trail features have not been tempered with and has been preserved by the Company as per the statutory requirements for record retention.

3. With respect to the matter to be included in the Auditors'' Report under section 197(16):

In our opinion and according to the information and explanations given to us, the remuneration by way of Directors Fees paid by the Company to its directors during the current year is in accordance with the provisions of section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under section 197(16) which are required to be commented upon by us.

For ALPS &CO.

Chartered Accountants Firm''s ICAI Regn. No. 313132E (A.K.Khetawat)

Partner

Kolkata Membership No. 052751

Dated: 30^th day of May, 2024 UDIN NO. 24052751BKFDBI6950

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Mar 31, 2018

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of CENTURY EXTRUSIONS LIMITED (“the Company”), which comprise the Balance Sheet as at 31st March, 2018 and the Statement of Profit & Loss Account including Other Comprehensive Income, the Cash Flow Statement and the Statement of Change in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the 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 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 standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

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

An audit involves performing procedures to obtain audit evidence about the amounts and 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 and fair presentation of the 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 accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS 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 including the Ind AS, of the financial position of the Company as at March 31, 2018 and its financial performance including comprehensive income, its cash flow and its change in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 (“the Order”), issued by the Central Government of India in terms of Section 143) of the Act, we give in the Annexure “A” the matters specified in paragraph 3 and 4 of the Order, to the extent applicable to the Company.

2. As required by section 143(3) of the Act, we report that:

2.1. 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.

2.2. 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.

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

2.4. In our opinion, the 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.

2.5. On the basis of written representations received from the directors, as on 31st March, 2018 taken on record by the Board of Directors, none of the director is disqualified as on 31st March, 2018 from being appointed as Director in terms of Section 164(2) of the Act.

2.6. With respect to the adequacy of internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure “B”.

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

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements -Refer Note 34 to 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 “A” to the Auditors Report

(Referred to in paragraph 1 of the Report on other legal and regulatory requirements of the Independent Auditor’s Report to the Members of the Company of even date):

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

(b) The management has physically verified its fixed assets at reasonable intervals, which in our opinion is reasonable having regard to the size of the Company and nature of its fixed assets. No material discrepancies were noticed on such verification.

(c) In our opinion and according to information and explanations given to us, the title deeds of immovable properties are held in the name of Company.

2) The inventories have been physically verified by the management during the year at reasonable intervals and discrepancies noticed on physical verification were not material.

3) The company has not granted any loans, secured or unsecured to companies, firms, limited liability partnership and other parties listed in the Register maintained under Section 189 of the Companies Act, 2013 and therefore provisions on clauses 3(iii) of the Order are not applicable to the Company.

4) In our opinion and according to the information and explanations given to us, the Company has neither given any loans nor has any investments and therefore provisions of clause (iv) of the Order are not applicable to the Company.

5) In our opinion and according to information and explanation given to us, during the year, the Company has not accepted any deposits from the public as defined under sections 73 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under and therefore provisions on clauses 3(v) of the Order are not applicable to the Company.

6) The Company has maintained the cost records as prescribed by the Central Government under sub section (1) of section 148 of the Act.

7) (a) According to the records of the Company, the Company is regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and any other statutory dues applicable to it except for few cases where there was delay in depositing of Provident Fund and Employees State Insurance Contribution with the appropriate authorities. According to information and explanations given to us, there are no undisputed amounts payable in respect of aforesaid dues which were outstanding as at 31st March, 2018 for a period of more than six months from the date they became payable.

(b) The disputed statutory dues aggregating Rs.23.48Lakhs, that have not been deposited on account of matters pending before appropriate authorities are as under:

Nature of Statute	Nature of Dues	Amount(in INR)		Period to which the amount relates	Forum where dispute is pending
Service Tax	Service Tax	1.05 Lakhs	2011-12		Commissioner of Appeals I
Central Excise Act, 1944	Excise Duty & Interest & Penalty	2.43 Lakhs	2010-11		Commissioner of Appeals I
West Bengal Value Added Tax Act	Value Added Tax	2.77 Lakhs	2014-15		Sr. Joint Commissioner
Central Sales Tax ACT	Central Sales Tax	17.23Lakhs	2014-15		Sr. Joint Commissioner

8) The Company has not defaulted in payment Loan borrowed from financial institutions or bank or government or by way of issue of debentures.

9) During the year, the Company has taken term loans, which have been applied for the purposes for which they were raised.

10) In our opinion and according to information and explanations given to us, during the year, no material fraud by the Company or any fraud on the company by its officers or employees has been noticed or reported during the course of our audit.

11) According to information and explanations given to us and based on our examination of records of the Company, the Company has paid/provided for Managerial Remuneration in accordance with requisite approval mandated by provisions of section 197 read with schedule V of the Act.

12) The Company is not a Nidhi Company and therefore provisions of clause 3(xii) of the order are not applicable to the Company.

13) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with section 177 and 188 of the Act where applicable and the details of such transactions have been disclosed in the Financial Statements, as required by the applicable accounting standards.

14) During the year the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and therefore provisions of clause 3(xiv) of the order are not applicable to the Company.

15) According to information and explanation given to us and based on our examination of the records of the Company, the Company has not entered into any non-cash transactions with directors or persons connected with him during the year and therefore provisions of clause 3(xv) of the order are not applicable to the Company.

16) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

Annexure “B” to the Auditors Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of CENTURY EXTRUSIONS LIMITED (“the Company”), as of 31 March 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

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 (‘ICAI’). 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 Companies Act, 2013.

Auditors’ Responsibility

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”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. 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.

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.

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

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 authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised 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

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

In our opinion, 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 31 March 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 A. MEHARIA & ASSOCIATES

Chartered Accountants

Firm’s ICAI Regn. No. 324666E

(A.K.Meharia)

Kolkata Partner

Dated: 28th day of May, 2018 Membership No. 053918

---

Mar 31, 2017

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of CENTURY EXTRUSIONS LIMITED (“the Company”), which comprise the Balance Sheet as at 31st March, 2017 and the Statement of Profit & Loss Account and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these 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 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 standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

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

An audit involves performing procedures to obtain audit evidence about the amounts and 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 and fair presentation of the 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 accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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, 2017 and its Profit and its cash flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 (“the Order”), issued by the Central Government of India in terms of Section 143) of the Act, we give in the Annexure “A” the matters specified in paragraph 3 and 4 of the Order, to the extent applicable to the Company.

2. As required by section 143(3) of the Act, we report that:

2.1. 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.

2.2. 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.

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

2.4. In our opinion, the 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.

2.5. On the basis of written representations received from the directors, as on 31st March, 2017 taken on record by the Board of Directors, none of the director is disqualified as on 31st March, 2017 from being appointed as Director in terms of Section 164(2) of the Act.

2.6. With respect to the adequacy of internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure “B”.

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

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 28 to 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.

iv. The company has provided requisite disclosures in the financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016. Based on audit procedures and relying on the management representation we report that the disclosures are in accordance with books of account maintained by the Company and as produced to us by the Management - Refer Note 34 to the financial statements.

ANNEXURE “A” TO THE AUDITORS REPORT

(Referred to in paragraph 1 of the Report on other legal and regulatory requirements of the Independent Auditor’s Report to the Members of the Company of even date):

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

(b) The management has physically verified its fixed assets at reasonable intervals, which in our opinion is reasonable having regard to the size of the Company and nature of its fixed assets. No material discrepancies were noticed on such verification.

(c) In our opinion and according to information and explanations given to us, the title deeds of immovable properties are held in the name of Company.

2) The inventories have been physically verified by the management during the year at reasonable intervals and discrepancies noticed on physical verification were not material.

3) The company has not granted any loans, secured or unsecured to companies, firms, limited liability partnership and other parties listed in the Register maintained under Section 189 of the Companies Act, 2013 and therefore provisions on clauses 3(iii) of the Order are not applicable to the Company.

4) In our opinion and according to the information and explanations given to us, the Company has neither given any loans nor has any investments and therefore provisions of clause (iv) of the Order are not applicable to the Company.

5) In our opinion and according to information and explanation given to us, during the year, the Company has not accepted any deposits from the public as defined under sections 73 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under and therefore provisions on clauses 3(v) of the Order are not applicable to the Company.

6) The Company has maintained the cost records as prescribed by the Central Government under sub section (1) of section 148 of the Act.

7)(a) According to the records of the Company, the Company is regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and any other statutory dues applicable to it except for few cases where there was delay in depositing of Provident Fund and Employees State Insurance Contribution with the appropriate authorities. According to information and explanations given to us, there are no undisputed amounts payable in respect of aforesaid dues which were outstanding as at31st March, 2017 for a period of more than six months from the date they became payable.

(b) The disputed statutory dues aggregating Rs.4.61Lakhs, that have not been deposited on account of matters pending before appropriate authorities are as under:

Nature of Statute	Nature of Dues	Amount (in INR)	Period to which the amount relates	Forum where dispute is pending
Service Tax	Service Tax	1.05 Lakhs	2015-16	Commissioner of Appeals I
Central Excise Act, 1944	Excise Duty & Interest & Penalty	3.56 Lakhs	2015-16	Commissioner of Appeals I

8) The Company has not defaulted in payment Loan borrowed from financial institutions or bank or government or by way of issue of debentures.

9) During the year, the Company has taken term loans, which have been applied for the purposes for which they were raised.

10) In our opinion and according to information and explanations given to us, during the year, no material fraud by the Company or any fraud on the company by its officers or employees has been noticed or reported during the course of our audit.

11) According to information and explanations given to us and based on our examination of records of the Company, the Company has paid/provided for Managerial Remuneration in accordance with requisite approval mandated by provisions of section 197 read with schedule V of the Act.

12) The Company is not a Nidhi Company and therefore provisions of clause 3(xii) of the order are not applicable to the Company.

13) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with section 177 and 188 of the Act where applicable and the details of such transactions have been disclosed in the Financial Statements, as required by the applicable accounting standards.

14) During the year the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and therefore provisions of clause 3(xiv) of the order are not applicable to the Company.

15) According to information and explanation given to us and based on our examination of the records of the Company, the Company has not entered into any non-cash transactions with directors or persons connected with him during the year and therefore provisions of clause 3(xv) of the order are not applicable to the Company.

16) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

Chartered Accountants

Firm’s ICAI Regn. No. 313132E

(A.K.Khetawat)

Kolkata Partner

Dated: 25th day of May, 2017 Membership No. 052751

---

Mar 31, 2016

To The Members CENTURY EXTRUSIONS LIMITED,

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of CENTURY EXTRUSIONS LIMITED (“the Company”), which comprise the Balance Sheet as at 31st March, 2016 and the Statement of Profit & Loss Account and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these 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 frau 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 an 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 standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

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

An audit involves performing procedures to obtain audit evidence about the amounts and 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 and fair presentation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit a includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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 flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order 2015 (“the Order”), issued by the Central Government of India in terms of Section 143) of the Act, we give in the Annexure “A” the matters specified in paragraph 3 and 4 of the Order, to the extent applicable to the Company.

2. As required by section 143(3) of the Act, we report that:

2.1. 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.

2.2. 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.

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

2.4. In our opinion, the 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.

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

2.6. With respect to the adequacy of internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure B.

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

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 29 to 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.

(Referred to in paragraph 1 of the Report on other legal and regulatory requirements of the Independent Auditor’s Report to the Members of the Company of even date):

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

(b) The management has physically verified its fixed assets at reasonable intervals, which in our opinion is reasonable having regard to the size of the Company and nature of its fixed assets. No material discrepancies were noticed on such verification.

(c) In our opinion and according to information and explanations given to us, the title deeds of immovable properties are held in the name of Company.

2) The inventories have been physically verified by the management during the year at reasonable intervals and discrepancies noticed on physical verification were not material.

3) The company has not granted any loans, secured or unsecured to companies, firms, limited liability partnership and other parties listed in the Register maintained under Section B9 of the Companies Act, 203 and therefore provisions on clauses 3(iii) of the Order are not applicable to the Company.

4) In our opinion and according to the information and explanations given to us, the Company has neither given any loans nor has any investments and therefore provisions of clause (iv) of the Order are not applicable to the Company.

5) In our opinion and according to information and explanation given to us, during the year, the Company has not accepted any deposits from the public as defined under sections 73 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under and therefore provisions on clauses 3(v) of the Order are not applicable to the Company.

6) The Company has maintained the cost records as prescribed by the Central Government under sub section (1) of section 48 of the Act.

7) (a) According to the records of the Company, the Company is regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and any other statutory dues applicable to it except for few cases where there was delay in depositing of Provident Fund and Employees State Insurance Contribution with the appropriate authorities. According to information and explanations given to us, there are no undisputed amounts payable in respect of aforesaid dues which were outstanding as at 3st March, 206 for a period of more than six months from the date they became payable.

(b) The disputed statutory dues aggregating Rs.184.48 lakhs, that have not been deposited on account of matters pending before appropriate authorities are as under:

Nature of Statute	Nature of Dues	Amount (in INR)	Period to which the amount relates	Forum where dispute is pending
West Bengal Sale Tax Act, 1994	State Sales Tax	3.63 Lakhs	2004-05	West Bengal Commercial Appellate & Revisional Board, Kolkata
West Bengal Vat Act, 20C3	Value Added Tax	4.31 Lakhs	2009-10 & 2010-11	Joint Commissioner of Sales Tax
		8.79 Lakhs	2011-12	Sr. Joint Commissioner of Sales Tax
Central Sales Ta Act, 1956	Central Sales Tax	4.71 Lakhs	2004-05	West Bengal Commercial Appellate & Revisional Board, Kolkata
		104.52 Lakhs	2009-10 & 2010-11	Joint Commissioner of Sales Tax
		53.91 Lakhs	2012	Sr. Joint Commissioner of Sales Tax
Service Tax	Service Tax	1.05 Lakhs	2015-16	Commissioner of Appeals I
Central Excise Act, 1944	Excise Duty & Interest & Penalty	3.56 Lakhs	2015-16	Commissioner of Appeals I

8) The Company has defaulted in payment of Sales Tax Loan from Government of West Bengal as detailed below. The Company has not defaulted in payment Loan borrowed from financial institutions or bank or by way of issue of debentures.

Particulars	Amount of default as at the balance sheet date	Period of default	Remarks, if any
i) Name of the Lenders: Sales Tax Loan from Government of Wes Bengal	79 Lakhs	2 Years	Since regularized

9) During the year, the Company has taken term loans, which have been applied for the purposes for which they were raised.

10) In our opinion and according to information and explanations given to us, during the year, no material fraud by the Company or any fraud on the company by its officers or employees has been noticed or reported during the course of our audit.

11) According to information and explanations given to us and based on our examination of records of the Company, the Company has paid/provided for Managerial Remuneration in accordance with requisite approval mandated by provisions of section 197 read with schedule V of the Act.

12) The Company is not a Nidhi Company and therefore provisions of clause 3(xii) of the order are not applicable to the Company.

13) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with section 77 and 188 of the Act where applicable and the details of such transactions have been disclosed in the Financial Statements, as required by the applicable accounting standards.

14) During the year the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and therefore provisions of clause 3(xiv) of the order are not applicable to the Company.

15) According to information and explanation given to us and based on our examination of the records of the Company, the Company has not entered into any non-cash transactions with directors or persons connected with him during the year and therefore provisions of clause 3(xv) of the order are not applicable to the Company.

16) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of CENTURY EXTRUSIONS LIMITED (“the Company”), as of 31 March 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

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 (‘ICAI’). 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 Companies Act, 2013.

Auditors’ Responsibility

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”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. 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.

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.

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

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

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 detecte 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

In our opinion, 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 31 March 2016, 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 A L P S & CO.

Chartered Accountants

Firm’s ICAI Regn. No. 313132E

Kolkata Partner

Dated: 21st day of May, 2016 Membership No. 052751

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Mar 31, 2015

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

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these 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 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 standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

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

An audit involves performing procedures to obtain audit evidence about the amounts and 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 and fair presentation 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 accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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, 2015 and its Profit and its cash flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2015 ("the Order"), issued by the Central Government of India in terms of Section 143) of the Act, we give in the Annexure a statement on the matters specified in paragraph 3 and 4 of the Order, to the extent applicable to the Company.

2. As required by section 143(3) of the Act, we report that:

2.1. 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.

2.2. 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.

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

2.4. In our opinion, the 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.

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

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

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 28 to 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 THE INDEPENDENT AUDITOR S REPORT

(Referred to in paragraph 1 of the Report on other legal and regulatory requirements of the Independent Auditor's

Report to the Members of the Company of even date):

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

(b) The management has physically verified its fixed assets at reasonable intervals, which in our opinion is reasonable having regard to the size of the Company and nature of its fixed assets. No material discrepancies were noticed on such verification.

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

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintained proper records of inventories and discrepancies noticed on physical verification were not material.

3) The company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the Register maintained under Section 189 of the Companies Act, 2013. As the company has not granted any loans secured or unsecured, to parties listed in the Register maintained under Section 189 of the Companies Act, 2013, paragraphs (iii) (b) and (c) of the Order, are not applicable.

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

5) In our opinion and according to information and explanation given to us, during the year, the Company has not accepted any deposits from the public as defined under sections 73 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under.

6) The Company has maintained the cost records as prescribed by the Central Government under sub section (1) of section 148 of the Act.

7) (a) According to the records of the Company, the Company is regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax Cess and any other statutory dues applicable to it except for few cases where there was delay in depositing of Provident Fund and Employees State Insurance Contribution with the appropriate authorities. According to information and explanations given to us,there are no undisputed amounts payable in respect of aforesaid dues which were outstanding as at 31st March, 2015 for a period of more than six months from the date they became payable.

(b) The disputed statutory dues aggregating Rs.280.53 lakhs, that have not been deposited on account of matters pending before appropriate authorities are as under:

Nature of Statute Nature of Dues Amount (in INR)

West Bengal Sales Tax State Sales Tax 3.63 Lakhs Act, 1994

West Bengal Vat Act, Value Added Tax 10.31 Lakhs 2003

West Bengal Vat Act, Value Added Tax 4.31 Lakhs 2003 8.79 Lakhs

Central Sales Tax Act, Central Sales Tax 95.06 Lakhs 1956

104.52 Lakhs

53.91 Lakhs





Nature of Statute Period to which the Forum where dispute is amount relates pending

West Bengal Sales Tax 2004-05 West Bengal Commercial Act, 1994 Appellate & Revisional Board. Kolkata

West Bengal Vat Act, 2005-06 & West Bengal Commercial 2003 2006-07 Appellate & Revisional Board, Kolkata

West Bengal Vat Act, 2009-10 & Joint Commissioner 2003 2010-11,2011-12 of Sales Tax Sr. Joint Commissioner of Sales Tax

Central Sales Tax Act, 2003-04,2004-05, West Bengal Commercial 1956 2006-07,2007-08 & Appellate & Revisional 2008-09 Board, Kolkata

2009-10 & 2010-11 Joint Commissioner of 2011-12 Sales Tax

Sr. Joint Commissioner of Sales Tax

(c) According to the records of the Company, during the year the Company does not require to transfer any unpaid amount payable to the Investors Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder and therefore provisions on clauses 3(vii)(c) of the Order is not applicable to the Company.

8) The company has no accumulated losses at the end of financial year nor it has incurred cash losses during the financial year under review and in immediately preceding financial year.

9) According to the information and explanations given to us and audit in accordance with generally accepted auditing practices, in our opinion, the company has not defaulted in repayments of dues to financial institutions or banks or debenture holders.

10) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

11) During the year, the Company has taken term loans, which have been applied for the purposes for which they were raised.

12) In our opinion and according to information and explanations given to us, during the year, no fraud on or by the Company has been noticed or reported.

For A L P S & CO. Chartered Accountants Firm's 1CA1 Regn. No. 313132E

Kolkata (A.K.Khetawat) Dated: 2nd day of July, 2015 Partner Membership No. 052751

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Mar 31, 2014

We have audited the accompanying financial statements of CENTURY EXTRUSIONS LIMITED, which comprise the Balance Sheet as at 31st March, 2013 and the Statement of Profit & Loss Account and Cash Flow Statement for the year 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 and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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.

Basis for Qualified Opinion

The Company has changed the valuation of Dies and Tools at lower of valuation of such items at the year end by approved valuer or net realizable value instead of charging its cost to Revenue Account. As a result of this change in method of valuation of Dies, the loss for the year is understated by Rs. 173 Lakhs and Deferred Tax, Reserve & Surplus and Shareholders'' fund is overstated by Rs. 57 Lakhs, Rs.116 Lakhs and Rs.116 respectively.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013;

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

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

Report on Other Legal and Regulatory Requirements

1. As required by 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, 1956 we give in the Annexure a statement on the matters specified in paragraph 4 and 5 of the Order, to the extent applicable to the Company.

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

2.1. 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.

2.2. 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.

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

2.4. In our opinion, the Balance Sheet, Statement of Profit & Loss Account and Cash Flow Statement comply with the applicable Accounting Standard referred to in Sub-section (3C) of Section 211 of the Act to the extent applicable.

2.5. 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 director is disqualified as on 31st March, 2013 from being appointed as Director in terms of clause (g) of sub-section (1) of section 274 of the Act.

2.6. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Act nor has it issued any Rules under the said section prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO THE AUDITORS REPORT

(Referred to in paragraph 1 of the Report on other Legal and Regulatory Requirements of the Independent Auditors Report to the Members of the Company of even date)

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

of fixed assets.

(b) The management has physically verified its fixed assets at reasonable intervals, which in our opinion is reasonable having regard to the size of the Company and nature of its fixed assets. No material discrepancies were noticed on such verification.

(c) In our opinion, the Company has not disposed off the substantial part of fixed assets during the year, which would affect the going concern status of the Company.

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

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintained proper records of inventories and discrepancies noticed on physical verification were not material.

3) (a) The company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. As the company has not granted any loans secured or unsecured, to parties listed in the Register maintained under Section 301 of the Companies Act, 1956, paragraphs (iii) (b), (c) and (d) of the Order, are not applicable.

(b) The company has not taken any loans, secured or unsecured from companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. As the company has not taken any loans, secured or unsecured, from parties listed in the Register maintained under Section 301 of the Companies Act, 1956, paragraphs (iii)(f) and (g) of the Order, are not applicable.

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

5) (a) According to the information and explanations given to us and audit in accordance with generally accepted auditing practices, in our opinion, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6) During the year, the Company has not accepted any deposits from the public as defined under sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under.

7) In our opinion the Company has an internal audit system commensurate with the size and nature of its business.

8) The Company has maintained the cost records as prescribed by the Central Government under section 209(1)(d) of the Act.

9) (a) According to the records of the Company, the Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other statutory dues applicable to it except for few cases where there was delay in depositing of Employees State Insurance Contribution with the appropriate authorities. According to information and explanations given to us, there are no undisputed amounts payable in respect of aforesaid dues which were outstanding as at 31st March, 2013 for a period of more than six months from the date they became payable.

(b) The disputed statutory dues aggregating Rs.154.54 lakhs, that have not been deposited on account of matters pending before appropriate authorities are as under:

Nature of Nature of Amount Period to which Forum where dispute Statute Dues (in INR) the amount is pending relates

West Bengal State 3.63 2004-05 West Bengal Commercial Sales Sales Tax lacs Appellate & Revisional Tax Act, 1994

West Bengal Value 10.31l 2005-06 & West Bengal Commercial Vat Added Tax lacs 2006-07 Appellate & Revisional Act, 2003 Board, Kolkata

West Bengal Value 0.54 2009-10 Joint Commissioner of Vat Added Tax lacs Sales Tax Act, 2003

Central Central 95.06 2003-04, West Bengal Commercial Sales Tax Sales Tax lacs 2004-05, Appellate & Revisional Act, 1956 2006-07, Board, Kolkata 2007-08 & 2008-09

44.90 2009-10 Joint Commissioner of lacs Sales Tax

10) The company has no accumulated losses at the end of financial year nor it has incurred cash losses during the financial year under review and in immediately preceding financial year.

11) According to the information and explanations given to us and audit in accordance with generally accepted auditing practices, in our opinion, the company has not defaulted in repayments of dues to financial institutions or banks or debenture holders.

12) According to the information and explanations given to us and based on the documents and records produced before us, the Company has not granted 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 or nidhi/ mutual benefit fund or society. Therefore clause 4(xiii) of the order is not applicable to the Company.

14) In our opinion and according to information and explanations given to us, the Company has maintained proper records of the transactions and contracts and made timely entries therein for dealing in securities and the investments are held by the company in its own name.

15) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

16) During the year, the Company has taken term loans, which have been applied for the purposes for which they were raised.

17) According to the information and explanations given to us and on an overall examination of Balance Sheet of the Company, we are of the opinion that the Company has not utilized Short Term Funds towards Long Term Investments.

18) During the year, the Company has not made any preferential allotment of shares to parties covered in the register maintained under section 301 of the Act.

19) During the year, the Company has neither issued any debentures nor it has any outstanding debentures.

20) During the year, the Company not issued any shares to any person,

21) In our opinion and according to information and explanations given to us, during the year, no fraud on or by the Company has been noticed or reported.

For A L P S & CO.

Chartered Accountants Firm''s ICAI Regn. No. 313132E

Kolkata (A.K.Khetawat) Dated: 28th day of May, 2013 Partner Membership No. 052751

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of CENTURY EXTRUSIONS LIMITED, which comprise the Balance Sheet as at 31 st March, 2013 and the Statement of Profit & Loss Account and Cash Flow Statement for the year 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 and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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.

Basis for Qualified Opinion

The Company has changed the valuation of Dies and Tools at lower of valuation of such items at the year end by approved valuer or net realizable value instead of charging its cost to Revenue Account. As a result of this change in method of valuation of Dies, the loss for the year is understated by Rs. 173 Lakhs and Deferred Tax, Reserve & Surplus and Shareholders '' fund is overstated by Rs. 5 7 Lakhs, Rs.116 Lakhs and Rs.116 respectively.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013;

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

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

Report on Other Legal and Regulatory Requirements

1. As required by 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, 1956 we give in the Annexure a statement on the matters specified in paragraph 4 and 5 of the Order, to the extent applicable to the Company.

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

2.1. 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.

2.2. 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.

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

2.4. In our opinion, the Balance Sheet, Statement of Profit & Loss Account and Cash Flow Statement comply with the applicable Accounting Standard referred to in Sub-section (3C) of Section 211 of the Act to the extent applicable.

2.5. 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 director is disqualified as on 31sl March, 2013 from being appointed as Director in terms of clause (g) of sub-section (1) of section 274 of the Act.

2.6. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Act nor has it issued any Rules under the said section prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

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

(b) The management has physically verified its fixed assets at reasonable intervals, which in our opinion is reasonable having regard to the size of the Company and nature of its fixed assets. No material discrepancies were noticed on such verification.

(c) In our opinion, the Company has not disposed off the substantial part of fixed assets during the year, which would affect the going concern status of the Company.

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

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintained proper records of inventories and discrepancies noticed on physical verification were not material.

3) (a) The company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the

Register maintained under Section 301 of the Companies Act, 1956. As the company has not granted any loans secured or unsecured, to parties listed in the Register maintained under Section 301 of the Companies Act, 1956, paragraphs (iii) (b), (c) and (d) of the Order, are not applicable.

(b) The company has not taken any loans, secured or unsecured from companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. As the company has not taken any loans, secured or unsecured, from parties listed in the Register maintained under Section 301 of the Companies Act, 1956, paragraphs (iii)(f) and (g) of the Order, are not applicable.

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

5) (a) According to the information and explanations given to us and audit in accordance with generally accepted

auditing practices, in our opinion, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6) During the year, the Company has not accepted any deposits from the public as defined under sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under.

7) In our opinion the Company has an internal audit system commensurate with the size and nature of its business.

8) The Company has maintained the cost records as prescribed by the Central Government under section 209( 1 )(d) of the Act.

9) (a) According to the records of the Company, the Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other statutory dues applicable to it except for few cases where there was delay in depositing of Employees State Insurance Contribution with the appropriate authorities. According to information and explanations given to us, there are no undisputed amounts payable in respect of aforesaid dues which were outstanding as at 31SI March, 2013 for a period of more than six months from the date they became payable.

(b) The disputed statutory dues aggregating Rs. 154.54 lakhs, that have not been deposited on account of matters pending before appropriate authorities are as under:

Nature of Statute Nature of Dues Amount(inlNR)

West Bengal Sales State Sales Tax 3.63 lacs Tax Act, 1994

West Bengal Vat Value Added Tax 10.31 lacs Act, 2003

West Bengal Vat Value Added Tax 0.54 lacs Act, 2003

Central Sales Tax Central Sales Tax 95.06 lacs Act, 1956

44.90 lacs

NAME Period to which Forum where dispute is pending the amount relates

West Bengal Sales 2004-05 West Bengal Commercial Appellate & Revisional Board, Kolkata

West Bengal Sales 2005-06 & West Bengal Commercial Appellate

West Bengal Sales 2006-07 & Revisional Board, Kolkata

West Bengal Sales 2009-10 Joint Commissioner of Sales Tax

West Bengal Sales 2003-04, 2004-05, West Bengal Commercial Appellate

West Bengal Sales 2006-07, 2007-08 & Revisional Board, Kolkata & 2008-09

West Bengal Sales 2009-10 Joint Commissioner of Sales Tax

10) The company has no accumulated losses at the end of financial year nor it has incurred cash losses during the financial year under review and in immediately preceding financial year.

11) According to the information and explanations given to us and audit in accordance with generally accepted auditing practices, in our opinion, the company has not defaulted in repayments of dues to financial institutions or banks or debenture holders.

12) According to the information and explanations given to us and based on the documents and records produced before us, the Company has not granted 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 or nidhi/ mutual benefit fund or society. Therefore clause 4(xiii) of the order is not applicable to the Company.

14) In our opinion and according to information and explanations given to us, the Company has maintained proper records of the transactions and contracts and made timely entries therein for dealing in securities and the investments are held by the company in its own name.

15) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

16) During the year, the Company has taken term loans, which have been applied for the purposes for which they were raised.

17) According to the information and explanations given to us and on an overall examination of Balance Sheet of the Company, we are of the opinion that the Company has not utilized Short Term Funds towards Long Term Investments.

18) During the year, the Company has not made any preferential allotment of shares to parties covered in the register maintained under section 301 of the Act.

19) During the year, the Company has neither issued any debentures nor it has any outstanding debentures.

20) During the year, the Company not issued any shares to any person,

21) In our opinion and according to information and explanations given to us, during the year, no fraud on or by the Company has been noticed or reported.

For ALPS & CO.

Chartered Accountants

Firm''s ICAl Regn. No. 313132E

kolkata (A.K.Khetawat)

Dated: 28,h day of May, 2013 Partner

Membership No. 052751

---

Mar 31, 2012

We have audited the attached Balance Sheet of CENTURY EXTRUSIONS LIMITED as at 31st March, 2012 and also the Profit & Loss Account 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 standard generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance whether the Financial Statements are prepared free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of financial statements. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditor's Report) Order 2003, issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956 we give in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order, to the extent applicable to the Company.

2. Further to our comments in the Annexure referred to in paragraph 1 above, we report that:

2.1. 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.

2.2. 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 these books.

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

2.4. In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standard referred to in Sub-section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable.

2.5. On the basis of written representations received from the directors, as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the director is disqualified as on 31st March, 2012 from being appointed as Director in terms of section 274(1)(g) of the Companies Act, 1956.

2.6. In our opinion and to the best of our information and according to explanations given to us the said account, give the information required by the Companies Act, 1956 in the manner so required and read together with other notes given thereon, gives 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 the Company's affairs as at 31st March, 2012;

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

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



ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 1 of our report of even date)

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

(b) The management has physically verified its fixed assets at reasonable intervals, which in our opinion is reasonable having regard to the size of the Company and nature of its fixed assets. No material discrepancies were noticed on such verification.

(c) In our opinion, the Company has not disposed off the substantial part of fixed assets during the year, which would affect the going concern status of the Company.

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

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintained proper records of inventories and discrepancies noticed on physical verification were not material.

3) (a) The company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. As the company has not granted any loans secured or unsecured, to parties listed in the Register maintained under Section 301 of the Companies Act, 1956, paragraphs (iii) (b), (c) and (d) of the Order, are not applicable.

(b) The company has not taken any loans, secured or unsecured from companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. As the company has not taken any loans, secured or unsecured, from parties listed in the Register maintained under Section 301 of the Companies Act, 1956, paragraphs (iii)(f), and (g) of the Order, are not applicable.

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

5) (a) According to the information and explanations given to us and audit in accordance with generally accepted auditing practices, in our opinion, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6) During the year, the Company has not accepted any deposits from the public as defined under sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed thereunder.

7) In our opinion the Company has an internal audit system commensurate with the size and nature of its business.

8) The Company has maintained the cost records as prescribed by the Central Government under section 209( 1 )(d) of the Act.

9) (a) According to the records of the Company, the Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other statutory dues applicable to it except for few cases where there was delay in depositing of Employees State Insurance Contribution with the appropriate authorities. According to information and explanations given to us, there are no undisputed amounts payable in respect of aforesaid dues which were outstanding as at 31st March, 2012 for a period of more than six months from the date they became payable.

(b) The disputed statutory dues aggregating Rs. 122.96 lacs, that have not been deposited on account of matters pending before appropriate authorities are as under:

Nature of Nature of Dues Amount Period to which Statute (in INR) the amount relates

West Bengal State Sales Tax 3.63 lacs 2004-05 Sales Tax Act, 1994

West Bengal Value Added Tax 0.02 lacs 2006-07 Vat Act, 2003

West Bengal Value Added Tax 10.87 lacs 2005-06 & Vat Act, 2008-09 2003

Central Central Sales 92.24 lacs 2003-04,2004-05, Sales Tax Tax 2006.07 & 2007-08 Act, 1956

16.20 lacs 2008-09

Nature of Statute Forum where dispute is pending

West Bengal Sales West Bengal Commercial Appellate Tax Act, 1994 & Revisional Board, Kolkata

West Bengal Vat West Bengal Commercial Appellate Act, 2003 & Revisional Board, Kolkata

West Bengal Vat Joint Commissioner of Sales Tax Act, 2003

Central Sales Tax West Bengal Commercial Appellate Act, 1956 & Revisional Board, Kolkata

Joint Commissioner of Sales Tax

10) The company has no accumulated losses at the end of financial year nor it has incurred cash losses during the financial year under review and in immediately preceding financial year.

11) According to the information and explanations given to us and audit in accordance with generally accepted auditing practices, in our opinion, the company has not defaulted in repayments of dues to financial institutions or banks or debenture holders.

12) According to the information and explanations given to us and based on the documents and records produced before us, the Company has not granted 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 or nidhi/ mutual benefit fund or society. Therefore clause 4(xiii) of the order is not applicable to the Company.

14) In our opinion and according to information and explanations given to us, the Company has maintained proper records of the transactions and contracts and made timely entries therein for dealing in securities and the investments are held by the company in its own name.

15) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

16) During the year, the Company has taken term loans, which have been applied for the purposes for which they were raised.

17) According to the information and explanations given to us and on an overall examination of Balance Sheet of the Company, we are of the opinion that the Company has not utilized Short Term Funds towards Long Term Investments.

18) During the year, the Company has not made any preferential allotment of shares to parties covered in the register maintained under section 301 of the Act.

19) During the year, the Company has neither issued any debentures nor it has any outstanding debentures.

20) During the year, the Company not issued any shares to any person,

21) In our opinion and according to information and explanations given to us, during the year, no fraud on or by the Company has been noticed or reported.

For A L P S & CO. Chartered Accountants Firm's ICAI Regn. No. 313132E

(S.K.Khetawat) Partner Membership No. 051224

Kolkata Dated: 28th day of May, 2012

---

Mar 31, 2010

We have audited the attached Balance Sheet of CENTURY EXTRUSIONS LIMITED as at 31 st March, 2010 and also the Profit & Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

1. As required by the Companies (Auditors Report) Order 2003, issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956 we give in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order, to the extent applicable to the Company.

2. Further to our comments in the Annexure referred to in paragraph 1 above, we report that:

2.1. 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.

2.2. 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 these books.

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

2.4. In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standard referred to in Sub-section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable.

2.5. On the basis of written representations received from the directors, as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the director is disqualified as on 31st March, 2010 from being appointed as Director in terms of section 274(l)(g) of the Companies Act, 1956.

2.6. In our opinion and to the best of our information and according to explanations given to us the said account, give the information required by the Companies Act, 1956 in the manner so required and read together with other notes given thereon, gives 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 the Companys affairs as at 31st March, 2010;

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

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

ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 1 of our report of even date)

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

(b) The management has physically verified its fixed assets at reasonable intervals, which in our opinion is reasonable having regard to the size of the Company and nature of its fixed assets. No material discrepancies were noticed on such verification.

(c) In our opinion, the Company has not disposed off the substantial part of fixed assets during the year, which would affect the going concern status of the Company.

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

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification

followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintained proper records of inventories and discrepancies noticed on physical verification were not material.

3) (a) The company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. As the company has not granted any loans secured or unsecured, to parties listed in the Register maintained under Section 301 of the Companies Act, 1956, paragraphs (iii) (b), (c) and (d) of the Order, are not applicable.

(b) The company has not taken any loans, secured or unsecured from companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. As the company has not taken any loans, secured or unsecured, from parties listed in the Register maintained under Section 301 of the Companies Act, 1956, paragraphs (iii)(f), and (g) of the Order, are not applicable.

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

5) (a) According to the information and explanations given to us and audit in accordance with generally accepted auditing practices, in our opinion, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6) During the year, the Company has not accepted any deposits from the public as defined under sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed thereunder.

7) In our opinion the Company has an internal audit system commensurate with the size and nature of its business.

8) The Company has maintained the cost records as prescribed by the Central Government under section 209(1 )(d) of the Act.

9) (a) According to the records of the Company, the Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other statutory dues applicable to it except for few cases where there was delay in depositing of Employees State Insurance Contribution with the appropriate authorities. According to information and explanations given to us, there are no undisputed amounts payable in respect of aforesaid dues which were outstanding as at 31st March, 2010 for a period of mere than six months from the date they became payable.

(b) The disputed statutory dues aggregating Rs.94.75 lakhs, that have not been deposited on account of matters pending before appropriate authorities are as under:

Nature of Statute Nature of Dues Amount (in INR.) Period to which Forum where dispute is pending the amount relates

West Bengal Sales State Sales Tax 3.63 Lakhs 2004-05 West Bengal Commercial Appellate Tax Act, 1994 & Revisional Board, Kolkata

West Bengal Vat Value Added Tax 10.31 Lakhs 2005-06 & Joint Commissioner Act, 2003 2006-07 of Sales Tax CentralSales Tax Central Sales Tax 14.75 Lakhs 2003-04 & West Bengal Comme rcial Act, 1956 2004-05 Appellate & Revis -ional Board, Kolkata 66.06 Lakhs 2006-07 Joint Commissioner of Sales Tax

10) The company has no accumulated losses at the end of financial year nor it has incurred cash losses during the financial year under review and in immediately preceding financial year.

11) According to the information and explanations given to us and audit in accordance with generally accepted auditing practices, in our opinion, the company has not defaulted in repayments of dues to financial institutions or banks or debenture holders.

12) According to the information and explanations given to us and based on the documents and records produced before us, the Company has not granted 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 or nidhi/ mutual benefit fund or society. Therefore clause 4(xiii) of the order is not applicable to the Company.

14) In our opinion and according to information and explanations given to us, the Company has maintained proper records of the transactions and contracts and made timely entries therein for dealing in securities and the investments are held by the company in its own name.

15) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

16) During the year, the Company has taken term loans, which have been applied for the purposes for which they were raised.

17) According to the information and explanations given to us and on an overall examination of Balance Sheet of the Company, we are of the opinion that the Company has not utilized Short Term Funds towards Long Term Investments.

18) During the year, the Company has not made any preferential allotment of shares to parties covered in the register maintained under section 301 of the Act.

19) During the year, the Company has neither issued any debentures nor it has any outstanding debentures.

20) During the year, the Company not issued any shares to any person,

21) In our opinion and according to information and explanations given to us, during the year, no fraud on or by the Company has been noticed or reported.

For ALPS&CO

Chartered Accountants

Kolkata AJCKhetawat

Dated: 20th day of May, 2010 Partner

Membership No. 052751 Firms ICAI Regn. No. 313132E