Auditor Report of Glittek Granites Ltd.

Mar 31, 2024

We have audited the accompanying Standalone financial statements of M/s. Glittek Granites Limited ("the
Companywhich comprises the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of changes in Equityand the 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 financial
statements give the information required by the Act in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31
March 2024, and its Loss, total comprehensive income, the changes in equity and its cash flows for the year ended on
that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs)
specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those (SAs) 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 Companies Act, 2013 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 on the financial statement.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial statements of the current period. These matters were addressed in 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.
For each matter below, our description of how our audit addresses the matter is provided in that context.

Descriptions of Key Audit Matter

How we addressed the matter in our audit

Revenue recognition on sale of goods The accuracy of amounts recorded as revenue is an inherent risk due to the complexity involve. The application of revenue recognition accounting standards Ind AS 115 is complex and involves a number of judgments and estimates. Refer note no 2.4(f) - to Critical accounting judgments including those involving estimations and Revenue recognition. Revenue is recognised when the control of the underlying products has been transferred to customer along with the satisfaction of the Company''s performance obligation under a contract with customer.

Our audit procedures included, amongst others: • Tested a sample of sales transactions for compliance with the Company''s accounting principles to assess the completeness, occurrence and accuracy of revenue recorded. • We read and evaluated the Company''s policies for revenue recognition and impairment loss allowance and assessed its compliance with Ind AS 115 - Revenue From Contracts With Customers'' and Ind AS 109 ''Financial Instruments'', respectively. • We assessed the design and tested the operating effectiveness of internal controls related to sales including variable consideration and impairment loss allowance on trade receivables. • We performed the following tests for a sample of transactions relating to variable consideration: • Read the terms of contract including rebates and discounts schemes as approved by authorized personnel. • Evaluated the assumptions used in estimation of variable consideration by comparing with the past trends and understand the reasons for deviation. • Performed retrospective review to identify and evaluate variances. We obtained assurance over the appropriateness of the management''s assumptions applied in calculating the value

	of the inventories and related provisions by:
Valuation of Inventories	• Completed a walkthrough of the inventory valuation process
	and assessed the design and implementation of the key
Refer to note 7 to the financial statements.	controls addressing the risk.
The Company is having Inventory of 1842.49	• Verifying the effectiveness of key inventory controls operating
lakh as on 31st March, 2024.	over inventories; including sample based physical verification.
Inventories are to be valued as per Ind AS 2. As	• Verify that the adequate cut off procedure has been applied to
described in the accounting policies in note 1	ensure that purchased inventory and sold inventory are
(9)(a) to the financial statements, inventories	correctly accounted.
are carried at the lower of cost and net	• Reviewing the document and other record related to physical
realisable value. As a result, the management	verification of inventories done by the management during the
applies judgment in determining the	year.
appropriate provisions against inventory of	• Verify that inventories are valued in accordance with Ind AS 2
Stores, Raw Material, Finished goods and Work	• Verifying for a sample of individual products that costs have
in progress based upon a detailed analysis of	been correctly recorded.
old inventory, net realisable value below cost	• Comparing the net realisable value to the cost price of
based upon future plans for sale of inventory.	inventories to check for completeness of the associated
To ensure that all inventories owned by the entity are recorded and recorded inventories exist as at the year-end and valuation has been	provision. • Reviewing the historical accuracy of inventory provisioning and the level of inventory write-offs during the year
done correctly	Our conclusion:
	Based on the audit procedures performed we did not identify any material
	exceptions in the recognition of revenue and incentives and discount expenses.

Information other than the Financial Statements and Auditor''s Report Thereon

The Company''s Management and Board of Directors are responsible for the other information. The other information
comprises the information included in the Board''s Report including Annexure to the Board''s Report, but does not
include the financial statements and our auditor''s report thereon. The Company''s annual report is expected to be made
available to us after the date of this auditor''s report.

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

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

Responsibility of Management for the Financial Statements

The Company''s Management and Board of Directors is responsible for the matters stated in section 134(5) of the
Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements that give a true and fair
view of the financial position, financial performance including other comprehensive income, cash flows and changes in
equity of the Company in accordance with the Indian Accounting standards (Ind AS) prescribed under section 133 of
the Act, read with the Companies (Indian Accounting standards)Rules, 2015, as amended, and other accounting
principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the
Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities;
selection, application, implementation and maintenance of appropriate of accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant

to the preparation and presentation of the financial statement that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

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

The Management and Board of Directors are also responsible for overseeing the company''s financial reporting process.
Auditor''s Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an 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 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 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 control 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 the 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 financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.

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

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

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

From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the standalone financial statements of the current period and are therefore the key audit
matters .We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about

the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication
Emphasis of Matter

We draw attention to the following:

a. Balances in respect of trade receivables, trade payables and loans and advances are subject to confirmation from
respective parties. However, in the opinion of the Management all the Current Assets and Non-current Financial
Assets are approximately of the value stated in books if realized in the ordinary course of business and all the
liabilities are payable except where there is dispute regarding quality of services, material or regarding rates.
Refer note no. 41 of financial statement.

b. The Company is carrying Stock of Granite Slabs and Tiles for more than 5 years without any movement but no
provision has been made for any obsolescence or diminution in the value due to efflux of time. Refer note no. 40 of
financial statement.

In the opinion of the management, in stone industry, unlike other minerals such as iron ore or coal, each color or
variety is a product by itself and the demand changes fast in consonance with the "fashion factor" abroad. It is
natural product which in imperishable. It is commoditized business. Maintaining of large inventory is desirable in
this business as company have to offer their customers so much in terms of variety, all sorts of colors, designs,
textures and types. Slabs and Tiles are extremely resilient when it comes to staining and wear and water resilient.
As such the same no provision for diminution in value is required.
c The Company has not provided and paid interest on delayed payment to MSME as per the provisions of the MSME
Act,

2006. It was informed by the Management that the vendors have agreed to accept delayed payment without any
interest and have not raised any objection. The impact of the same on the Profit and Loss for the year could not
ascertain as the company has not calculated the amount of interest payable. Refer note no. 35 of financial
statement.

Our Audit opinion is not modified for the above matters.

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 sub-section (11) of section 143 of the Companies Act, 2013, we give in the "Annexure A” statement on
the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

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

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

c. The Balance Sheet, the Statement of Profit and Loss including other Comprehensive Income, Statement of changes in
Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account.

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

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

f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate Report in "Annexure B”. Our Report expresses an
unmodified opinion on the adequacy and operating effectiveness of the company''s internal financial controls over
financial reporting.

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

i. The Company has disclosed the impact of pending litigations which could impact its financial position as mentioned in
note no.31 to financial statement.

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

iii. There was no amount which was required to be transferred to the Investor Education and Protection Fund during
the year by the company

iv. a. The management has represented that, to the best of its knowledge and belief, no funds have been advanced or
loaned or invested(either from borrowed funds or share premium or any other

source or kind of funds) by the Company to or in any other persons or entities, including foreign entities
(“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall:

• directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate
Beneficiaries”) by or on behalf of the Company or

• provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

b. The management has represented, that, to the best of it''s knowledge and belief, no funds have been received by the
company from any person or entities, including foreign entities (“Funding Parties”), with the understanding, whether
recorded in writing or otherwise, that the company shall, whether,

• directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party (“Ultimate Beneficiaries”) or

• provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

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

v. The company has not declared or paid any dividend during the year in contravention of the provisions of section 123
of the Companies Act, 2013.

vi. . Based on our examination, the company has used an accounting software for maintaining its books of account
which has a feature of recording audit trail (edit log) facility and the audit trail has been made operational during the
year for all relevant transactions recorded except for the accounting software relating to maintenance of inventory and
fixed asset in the software, as inventory and fixed asset register in maintained in excel by the company Further, during
the course of our audit we did not come across any instance of audit trail being been tampered with.

h. With respect to the matter to be included in the Auditor''s Report under Section197(16) of the Act as amended:

In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to
its directors during the current year is in accordance with the provisions of Section197 of the Act.

For G R V & P K.

Chartered Accountants
FRN.008099S
Kamal Kishore
Partner
M N.205819

UDIN:24205819BKCNGE5721
Place: Bangalore
Date: 30/05/2024

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Mar 31, 2015

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

Management's Responsibility for the Financial Statements

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

Auditor's Responsibility

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

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

We conducted our audit in accordance with the Standards on Auditing specified under 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 of the financial statements that give 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 operating effectiveness of such controls . An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at 31stMarch2015, its profit and its 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, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters Specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

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

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

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

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

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

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

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements – Refer Note No. 25 to the financial statements ;

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

iii. There were no amounts which required to be transferred by the Company to the Investor Education and Protection Fund.

ANNEXURE TO THE AUDITORS' REPORT

(Referred to in Paragraph 1 under 'Report on Other Legal and Regulatory Requirements' of our Report of even date of our Report of even date) On the basis of such checks as we considered appropriate and according to the information and Explanations given to us during the course of our audit, we report that :

(i) (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) Fixed Assets have been physically verified by the management during the year based on a phased program of verifying all the assets over a period of three years, which in our opinion is reasonable having. As informed, no material discrepancies were noticed on such verification.

(c) There was no substantial disposal of fixed assets during the year.

(ii) (a) As explained to us, the inventories of finished goods, semi-finished goods, stores, spare parts and raw materials were physically verified at reasonable intervals during the year, the frequency of such verification is reasonable.

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

(c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification as compared to book records.

(iii) According to the information and explanations given to us, the Company has not granted any loans to companies, firms or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013; and therefore paragraph 3(iii ) of the Order is not applicable.

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

(v) In our opinion and according to information and explanations given to us the company has not accepted any deposit from public during the year.

(vi) As informed to us, the Central Government has not prescribed maintenance of cost records under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the Company.

(vii) (a) According to the records of the company, it has been regular in depositing undisputed dues in respect of Income Tax and other statutory dues as applicable to it. The company is not liable to pay any amount in respect of Wealth Tax, Service Tax, Custom Duty, Excise Duty, Sales Tax and Investor Education and Protection Fund.

(b) According to information and explanations given to us, there are no dues in respect of income tax. wealth tax, sales tax, custom duty, excise duty, service tax, cess and other statutory dues as applicable, which have not been deposited on account of any dispute except as set out below :

Name of statute Nature of dues Amount Forum where dispute (Rs. in lacs) is pending

The Income Tax Act, Fringe Benefit Tax 1.85 Commissioner of Income Tax 1961 A.Y. 2006-07 (Appeals)

The Income Tax Act, Income Tax _ Commissioner of Income Tax 1961 A.Y. 2010-11 (Appeals)

Show Cause Notices for Penalty u/s 271(1) © received for Asst. Year 2006-07 & 2010-11, proceedings pending.

(C) There were no amounts which required to be transferred by the Company to the Investor Education and Protection Fund.

(viii) The accumulated losses of the company are not more than 50% of the net worth of the company. The company has not incurred cash losses during the year and immediately preceding financial year.

(ix) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks.

(x) In our opinion, and according to the information and the explanation given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions during the year.

(xi) The Term loans taken by the company have been applied for the purpose for which they were raised.

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

for RUNGTA & RUNGTA

Chartered Accountants

(Regn. No 305134E)

CA S. K. ROONGTAA

Partner

Kolkata, the 30th day of May, 2015 Membership No.15234

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Mar 31, 2014

We have audited the accompanying financial statements of GLITTEK GRANITES LIMITED, (the "Company") which comprises the Balance Sheet as at 31st March, 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The company management is responsible for preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the company in accordance with Accounting Standards referred to in Sec 211(3C) of the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal controls relevant to the preparation and presentation of financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amount and disclosures in the financial statements. The procedure selected depends on auditor''s judgment, including the assessment of the risks of material misstatement of financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness ofthe Company''s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of financial statements.

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

OPINION

in our opinion and to the best of our information and according to the explanation given to us, the aforesaid financial statements give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :

a. in the case of the Balance Sheet of the State of affairs of the Company as at 31st March, 2014;

b. in case of the Statement of Profit and Loss of the profit for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor''s Report) Order, 2003, issued by the Department of

Company Affairs, in terms of section 227(4A) of the Companies Act, 1956, we give in the

Annexure a statement on the matters specified in the paragraph 4 and 5 of the said order.

2. As required by Section 227(3) of the Companies Act, 1956, we report that :

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

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

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

d. In our opinion the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section 3(C) of Section 211 ofthe Companies Act, 1956 read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013; and

e. On the basis of the written representations received from the Directors as on 31 st March, 2014 and taken on record by the Board of Directors, We report that none of the directors is disqualified as on 31st March, 2014 from being appointed as a Director in terms clause (g) of the Section 274 of the Companies Act, 1956.

ANNEXURE TO INDEPENDENT AUDITORS'' REPORT

(Referred to in Paragraph 1 under "Report on other Legal and Regulatory Requirement" section of our report of even date)

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

(ii) Fixed assets have been physically verified by the management during the year based on a phased program of verifying all the assets over a period of three years, which in our opinion is reasonable having regard to the size of the Company and the nature of its fixed assets. As informed, no material discrepancies were noticed on such verification.

(iii) There was no substantial disposal of fixed assets during the year.

2. (i) As explained to us, the management has conducted Physical verification of inventory at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable.

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

(iii) In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of inventories and no material discrepancies were noticed on physical verification as compared to book records.

3. (i) During the year the Company has taken unsecured loan of Rs. 39.75 Lacs from two other parties covered in the register maintained u/s 301 of the Companies Act, 1956, apart from Rs.101.34 Lacs brought forward from previous year and have repaid Rs.73,48 Lacs during the year. The maximum amount involved during the year and the year end balance of such loans aggregated Rs. 120.79 Lacs and Rs.74.62 Lacs (including accrued interest of Rs.7.08 lacs respectively).

(ii) In our opinion and according to the information and explanations given to us, the terms and conditions of such unsecured loan taken are not prima-facia prejudicial to the interest of the Company.

(iii) In respect of the aforesaid loans there is no stipulation as to repayment of loan and/ or interest thereon. Further the loan are repayable by the party on demand/call loan policy framed by the Company,

(iv) The company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

5. (i) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 have been so entered,

(ii) In our opinion and according to information and explanations given to us, the transactions made in pursuance of such contract or arrangements exceeding Rupees Five Lacs have been made at prices which are reasonable having regard to the prevailing market prices at the relevant times

6. The Company has not accepted any deposits from the public.

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

8.On the basis of the records, we are of the opinion that prima facie cost records and accounts prescribed by the Central Government of India under section 209(1) (d) of the Companies Act, 1956, have been maintained . However, we are not required to and have not carried out any detailed examination of such account and records.

9. (i) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee''s State Insurance, Income Tax, Sales tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material Statutory Dues as applicable with the appropriate authorities in India.

(ii) At the end of financial year there were no undisputed dues of Provident Fund, Investor Education and Protection Fund, Employee''s State Insurance, Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty, cess and other material statutory dues which has remained outstanding for more than six months from the date they became payable.

(iii) Details of dues, Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty, and cess dues which has not been deposited as on 31st March 2014 on account of dispute are given below :

10. There are no accumulated losses at the end ofthe financial year and the Company has not incurred any cash losses in the current and immediately preceding financial year.

11. Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company during the year has not defaulted in repayment of dues to financial institutions, banks. The Company has not issued any debentures.

12. According to the information and explanations given to us and based on the documents and records produced to 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, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) ofthe Companies (Auditor''s Report) Order,2003 are not applicable to the Company.

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of Clause 4 (xiv) of the order are not applicable to the company.

15. According to the information & explanations given to us the Company has not given guarantee for loans taken by others from banks or financial institutions.

16. In our opinion and according to information and explanation given to us, the term loan obtained during the year has been utilized for the purpose for which it was obtained.

17. On the basis of review of utilisation of funds on overall basis, related information as made available to us and as represented to us by the management, funds raised on short-term basis have not been used for tong term investment.

18. The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under Section 301 of the Companies Act,1956 during the year. .

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

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

21. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices in India, we have neither come across any instance of fraud on or by the Company nor have been informed of such case by the management.

For Rungta & Rungta Chartered Accountants (Firm Registration No. 305134E)

25, R.N. Mukherjee Road S.K.Roongtaa Kolkata the 29th day of May, 2014. Partner Membership No. : 15234

---

Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of GLITTEK GRANITES LIMITED, (the "Company") which comprises the Balance Sheet as at 31st March, 2013, the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The company''s management is responsible for preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the company in accordance with Accounting Standards referred to in Sec 211(3C) of the Companies Act, 1956 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal controls relevant to the preparation and presentation of financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amount and disclosures in the financial statements. The procedure selected depends on auditor''s judgment, including the assessment of the risks of material misstatement of financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of financial statements.

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

OPINION

In our opinion and to the best of our information and according to the explanation given to us, the aforesaid financial statements give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :

a. in the case of the Balance Sheet of the State of affairs of the Company as at 31st March, 2013;

b. in case of the Statement of Profit and Loss of the profit for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003, issued by the Department of Company Affairs, in terms of section 227(4A) of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in the paragraph 4 and 5 of the said order.

2. As required by Section 227(3) of the Companies Act, 1956, we report that :

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

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

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

d. In our opinion the Balance Sheet and the Statement of Profit and Loss and the Cash Flow Statement comply with the Accounting Standard referred to in sub-section 3 (C) of Sec. 211 of the Companies Act, 1956.

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

ANNEXURE TO INDEPENDENT AUDITORS'' REPORT

(Referred to in Paragraph 1 under "Report on other Legal and Regulatory Requirement" section of our report of even date)

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

(ii) Fixed assets have been physically verified by the management during the year based on a phased program of verifying all the assets over a period of three years, which in our opinion is reasonable having regard to the size of the Company and the nature of its fixed assets. As informed, no material discrepancies were noticed on such verification.

(iii) There was no substantial disposal of fixed assets during the year.

2. (i) As explained to us, the management has conducted Physical verification of inventory at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable.

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

(iii) In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of inventories and no material discrepancies were noticed on physical verification as compared to book records.

3. (i) During the year the Company has taken unsecured loan amounting to Rs. 11.50 Lacs from a company and Rs.89.10 Lacs from other parties covered in the register maintained u/s 301 of the Companies Act, 1956, apart from Rs. 150.15 Lacs brought forward from previous year and have repaid Rs. 76.56 Lacs during the year. The maximum amount involved during the year and the year end balance of such loans aggregated Rs.148.97 lacs and Rs.101.34 lacs respectively.

(ii) In our opinion and according to the information and explanations given to us, the terms and conditions of such unsecured loan taken are not prima-facie prejudicial to the interest of the Company.

(iii) In respect of the aforesaid loans there is no stipulation as to repayment of loan and/ or interest thereon. Further the loan are repayable by the party on demand/call loan policy framed by the Company.

(iv) The company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

5. (i) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 have been so entered.

(ii) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contract or arrangements exceeding Rs. Five Lacs have been made at prices which are reasonable having regard to the prevailing market prices at the relevant times.

6. The Company has not accepted any deposits from the public.

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

8. On the basis of the records, we are of the opinion that prima facie cost records and accounts prescribed by the Central Government of India under section 209(1 )(d) of the Companies Act, 1956, have been maintained. However, we are not required to and have not carried out any detailed examination of such account and records.

9. (i) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee''s State Insurance, Income Tax, Sales tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material Statutory Dues as applicable with the appropriate authorities in India.

(ii) At the end of financial year there were no undisputed dues of Provident Fund, Investor Education and Protection Fund, Employee''s State Insurance, Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty, cess and other material statutory dues which has remained outstanding for more than six months from the date they became payable.

(iii) Details of dues, Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty, and cess dues which has not been deposited as on 31st March 2013 on account of dispute are given below :

SI. Name of the Statute Nature of Dues Amount No (Rs. in lacs)

1. The Karnataka Tax on Penalty on Entry Tax 3.30 Entry of Goods Act, 1979.

2. The Income Tax Act, Income Tax 7.70 1961. A.Y. 2006-07

3. The Income Tax Act, Fringe Benefit Tax 1.85 1961. A.Y. 2006-07

4. The Income Tax Act, Income Tax - 1961. A.Y. 2010-11



SI. Name of the Statute Forum where dispute is No. pending

1. The Karnataka Tax on The Karnataka Appellate Entry of Goods Act, Tribunal, Bangalore 1979

2. The Income Tax Act, Commissioner of Income 1961 Tax (Appeals)

3. The Income Tax Act, Commissioner of Income 1961 Tax (Appeals)

4. The Income Tax Act, Commissioner of Income 1961 Tax (Appeals)

Show cause notice for Penalty u/s 271(1) C received for Asst. Year 2006-07 & 2010-11, proceedings pending.

10. There are no accumulated losses at the end of the financial year and the company has not incurred any cash losses in the current and immediately preceding financial year.

11. Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company during the year has not defaulted in repayment of dues to financial institutions, banks. The Company has not issued any debentures.

12. According to the information and explanations given to us and based on the documents and records produced to 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, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of Clause 4 (xiv) of the order are not applicable to the company.

15. According to the information & explanations given to us the Company has not given guarantee for loans taken by others from banks or financial institutions.

16. In our opinion and according to information and explanation given to us, the term loan obtained during the year has been utilized for the purpose for which it was obtained.

17. On the basis of review of utilisation of funds on overall basis, related information as made available to us and as represented to us by the management, funds raised on short-term basis have not been used for long term investment.

18. The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under Section 301 of the Companies Act,1956 during the year.

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

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

21. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices in India, we have neither come across any instance of fraud on or by the Company nor have been informed of such case by the management.

For Rungta & Rungta

Chartered Accountants

(Firm Registration No. 305134E)

S.K.Roongtaa

25, R.N. Mukherjee Road Partner

Kolkata the 30th day of May, 2013. Membership No. : 15234

---

Mar 31, 2012

1. We have audited the attached Balance Sheet of Glittek Granites Limited as at 31st March, 2012 and the Profit and Loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditor's Report) Order, 2003 and as amended by the Companies (Auditor's Report) Amendment Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

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

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

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

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

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

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

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

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



ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF GLITTEK GRANITES LTD ON THE ACCOUNTS AS AT AND FOR THE YEAR ENDED 31st MARCH, 2012.

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

(ii) Fixed assets have been physically verified by the management during the year based on a phased program of verifying all the assets over a period of three years, which in our opinion is reasonable having regard to the size of the Company and the nature of its fixed assets. As informed, no material discrepancies were noticed on such verification.

(iii) There was no substantial disposal of fixed assets during the year.

2. (i) The management has conducted physical verification of inventory at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable.

(ii) The procedures of physical verification of inventory followed by the management are, in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business.

(iii) The Company is maintaining proper records of inventories and no material discrepancies were noticed on physical verification as compared to book records.

3. (i) During the year the Company has taken unsecured loan amounting to Rs.2.45 Lacs from a company covered in the register maintained u/s 301 of the Companies Act, 1956, apart from Fts.69.83 Lacs brought forward from previous year and repaid Rs. 16.52 Lacs. The year end balance Is Rs.61.05 Lacs. The company has taken unsecured loan of Rs.38.75 lacs from three parties covered in the register maintained u/s 301 of the Companies Act, 1956, apart from brought forward balance of Rs.13.16 Lacs and Rs.33.64 lacs have been repaid during the year to four parties. The year end balance of all such loans is Rs. 18.41 Lacs.

(ii) In our opinion and according to the information and explanations given to us, the terms and conditions of such unsecured loan taken are not prima-facie prejudicial to the interest of the Company.

(iii) There are no stipulations as to the payment of the principal amount in respect of unsecured loan.

(iv) The company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control in respect of these areas.

5. (i) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 have been so entered.

(ii) Transactions made in pursuance of such contract or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant times.

6. The Company has not accepted any deposits from the public.

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

8. We have broadly reviewed the books of accounts maintained by the company pursuant to the rules made by the Central Government for maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956 in respect of company's product to which the said rules are made applicable and are of the opinion that prima facie , the prescribed records have been made and maintained. We have, however not made a detailed examination of the said records with a view to determine whether they are accurate or complete.

9. (i) The Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee's State Insurance, Income Tax, Sales tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material Statutory Dues as applicable with the appropriate authorities in India.

(ii) At the end of financial year there were no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty and cess which have not been deposited on account of any dispute except as set out below:

SI. Name of the Statute Nature of Dues Amount Forum where dispute No (Rs . in lacs) is pending

1. The Kamataka Tax on Penalty on Entry Tax 3.30 The Karnataka Appellate Entry of Goods Act, Tribunal, Bangalore 1979

10. There are no accumulated losses at the end of the financial year anc it has not incurred any cash losses in the current and immediately preceding financial year.

11. Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company during the year has not defaulted in repayment of dues to financial institutions, banks. The Company has not issued any debentures.

12. According to the information and explanations given to us and based on the documents and records produced to 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, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order,2003 are not applicable to the Company.

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of Clause 4 (xiv) of the order are not applicable to the company.

15. According to the information & explanations given to us the Company has not given guarantee for loans taken by others from banks or financial institutions.

16. The company has not obtained any fresh term loan during the year.

17. On the basis of review of utilisation of funds on overall basis, related information as made available to us and as represented to us by the management, funds raised on short-term basis have not been used for long term investment.

18. The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under Section 301 of the Companies Act, 1956 during the year.

19. The Company has not issued any debentures during the period covered by our report.

20. The Company has not raised any money from the public during the year.

21. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices in India, we have neither come across any instance of fraud on or by the Company nor have been informed of such case by the management.

For Rungta & Rungta

Chartered Accountants

(Registration No. 0305134E)

C.A. S.K.Roongtaa

25, R.N. Mukherjee Road Partner

Kolkata the 30th day of May, 2012. Membership No. : 15234

---

Mar 31, 2011

1. We have audited the attached Balance Sheet of Glittek Granites Limited as at 31st March, 2311 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is lo express an opinion on these financial statements based on our audit.

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

3. As required by the Companies'(Auditor's Report) Order, 2003 and as amended by the Companies (Auditor's Report) Amendment Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Sdid Order.

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

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

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

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

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

v} On the basis of the written representation received from the directors, as on March 31, 2011, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2011 from being appointed as a director in terms of clause (g) of sub-section (1) ol Section 274 of the Companies Act, 1956.

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

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011;

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

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

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF GLITTEK GRANITES LTD ON THE ACCOUNTS AS AT AND FOR THE YEAR ENDED 31st MARCH, 2011.

1 [i) The Company have maintained proper records showing (ult particulars, including quantitative ; details and situation of fixed assets.

(ii) Fixed assets have been physically verified by the management during the year based on a phased program of verifying all the assets over a period of three yea's, which in our opinion is reasonable having regard to the size of the Company and the nature of its fixed assets. As informed, no material discrepancies were noticed on such verification.

iii There was no substantial! disposal of 'fixed assets during the year.

2. (i) The management has conducted physical verification of inventory at reasonable intervals § during the year, in our opinion, the frequency of such verification is reasonable.

(ii) The procedures of physical verification of inventory 'followed by the management are, in our opinion, reasonable and adequate in relation to the size of tire Company and the nature oi f. Its business.

(iii) The Company is maintaining proper records of inventories and if material discrepancies t were noticed on physical verification as compared to book records.

3. (i) During the year the Company has not taken any 'loan: secured to unsecured from any company covered in the register maintained u/s 301 of the Companies Act, 1956 except :- balance brought forward from previous year of Hs.75.64 lacs taken from one company out of which Rs. 11.75 lacs have been repaid during the year The company has taken unsecured ; ' loan of Ri 10.20 lacs furor three parties covered in ;he register maintained u/s 301 of the Companies Act, 1956 apart from brought toward balance of Hs.4.69 Lacs and Rs.2.20 lacs lave been repaid during the year lo two parties. The maximum amount involved during % the year is Rs 83.09 lacs and year and balance is Rs.83.10 Lacs

(ii) In our opinion and according to the information arid explanations given 10 us, the terms and conditions of such unsecured loan taken are not prima-facie prejudicial to the interest the Company.

(iii) There are no stipulations as to no payment committee principal amount in respect of unsecured loan.

(iv) Thy company has not grated any loans, secured or unsecured, to companies, firms or the other parties covered in the maintained under section 301 of the Companies Act, 1956.

4. In just opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the si2e of the Company arid the nature Of its t . business with regard to purchase of inventory and fixed assets and for the sale of goods and ; services During the course of our audit, no major weakness has been noticed in the internal control in respect of these areas.

5. According to the information and explanations given to us, wo are of the opinion that the transactions that need to be entered into the register maintained under Section 301 have i been so emerged.

i.) Transactions made in pursuance of such contract or arrangement have beer made St prices which are reasonable having regard to the prevailing market prices at the relevant ' times.

6. The Company has not accepted any deposits from the public. In our opinion, the Company has an internal audit system commensurate with the size and nature; of its business.

8, As explained to us, maintenance of cost records has not been prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956.

9. (i) The Company has teen regular in depositing undisputed statutory including Provident Fund, Investor Education nod Protection t-und, Employee's State Insurance, Income Tax, Sales tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material Statuary Dues cess applicable with the appreciate authorities in India.

(ii) At the end of financial year there were nu dues of Sales Tax. Income Tax, Custom Duty, Wealth Tax, Service Tax. Excise Duty and cess which have not been deposited an account o' ary dispute except as set out below:

Sl. Name of the Statute Nature of Dues Amount forum where dispute is No Rs in lacs pending

1 The Karrtatafca Tax on Penalty on Entry Tax 3,30 The Karnataka Appellate Entry of Goods Act, mutual, Bartgslorc

1979

10. There arc no accumulated tosses at Die end of the financial yea-and it has n-jl incurred any cash tosses in the current and immediately preceding financial year.

11. Based on cur audit procedures and as per the information and explanations given by the management, we are of the opinion that tire Company during the year has not defaulted in repayment of dues to filarial institutions, banks. The Company has not issued any debentures

12. According to the information and explanations given to is and based on the documents and records produced ;o us, the Company has no; granted loans and advances on the basis of security by" way ot pledge of shares, debentures and other securities.

13. In our opinion, the Company is not a chit fund of a mdhi/ mutual benefit fund,' society Therefore. the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company

14. In Our opinion, the Company is not dealing in or trading h snares, securities, debentures and other investments. Accordingly, the provisions of Clause 4 (xiv) of the order are not applicable 'o the company,

15. According to trie information & explanations given to us the Company has no given guarantee for loans taken by others from banks or financial institutions.

16. The company has net obtained any fresh term loan during the year.

17. On the basis of review of utilisation of funds on overall basis, related information as made available to us and as represented tc us by the management, funds raised on short-term basis have no*. been used for long term investment.

18. The Coronary has not Marie any preferential allotment ot shares to parties or Companies covered in the register maintained under Section 301 of (he Companies Act, 1956 during the year

19. The Company has not issued any debentures during the period covered by our report.

20. The Company has not raised any runny from the public during the year

21. During the course of our examination of time books of account carried out in accordance with tie generally accepted auditing practices in India, we have neither come across any instance of fraud on or by the Company nor have been informed of such case by the management.

For Rungta & Rungta

Chartered Accountants

(Registration No. 0305134E) 25, R.N. Mukherjee Road C-A- S.K.Roongta

Kolkata the 30th day of May, 2011 Partner

Membership No. : 15234

---

Mar 31, 2010

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

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

3. As required by the Companies (Auditors Report) Order, 2003 and as amended by the Companies (Auditors Report) Amendment Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

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

iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts;

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

v) On the basis of the written representation received from the directors, as on March 31,2010, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31,2010 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

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

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010;

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

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

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF GLITTEK GRANITES LTD. ON THE ACCOUNTS AS AT AND FOR THE YEAR ENDED 31st MARCH, 2010.



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

(ii) Fixed assets have been physically verified by the management during the year based on a phased programme of verifying all the assets over a period of three years, which in our opinion is reasonable having regard to the size of the Company and the nature of its fixed assets. As informed, no material discrepancies were noticed on such verification.

(iii) There was no substantial disposal of fixed assets during the year.

2. (i) The management has conducted physical verification of inventory at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable.

(ii) The procedures of physical verification of inventory followed by the management are, in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business.

(iii) The Company is maintaining proper records of inventories and no material discrepancies were noticed on physical verification as compared to book records.

3. (i) During the year the Company has taken unsecured loan of Rs. 30.40 Lacs from one company covered in the register maintained u/s 301 of the Companies Act, 1956. The maximum amount involved during the year is Rs.82.57 lacs and year end balance is Rs.82.57 Lacs.

(ii) In our opinion and according to the information and explanations given to us, the terms and conditions of such unsecured loan taken are not prima-facie prejudicial to the interest of the Company.

(iii) There are no stipulations as to the payment of the principal amount in respect of unsecured loan.

(iv) The company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control in respect of these areas.

5. i) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 have been so entered.

ii) Transactions made in pursuance of such contract or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant times.

6. The Company has not accepted any deposits from the public.

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

8. As explained to us, maintenance of cost records has not been prescribed by the Central Government under Section 209(1 )(d) of the Companies Act, 1956.

9. (i) The Company has been 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 other material Statutory Dues as applicable with the appropriate authorities in India.

(ii) At the end of financial year there were no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty and cess which have not been deposited on account of any dispute except as set out below:

Sl. Name of the Statute Nature of Dues Amount Forum where dispute is

No (Rs in lacs) pending

1. The Kamataka Tax on Penalty on Entry Tax 3.30 The Karnataka Appellate

Entry of Goods Act, Tribunal, Bangalore

1979





10. There is no accumulated losses at the end of the financial year and it has not incurred any cash losses in the current and immediately preceding financial year.

11. Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company during the year has not defaulted in repayment of dues to financial institutions, banks. The Company has not issued any debentures.

12. According to the information and explanations given to us and based on the documents and records produced to 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, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of Clause 4 (xiv) of the order are not applicable to the company.

15. According to the information & explanations given to us the Company has not given guarantee for loans taken by others from banks or financial institutions.

16. Based on information and explanations given to us by the management, the Company has not taken any term loan.

17. On the basis of review of utilisation of funds on overall basis, related information as made available to us and as represented to us by the management, funds raised on short-term basis have not been used for long term investment.

18. The Company has not made any preferential allotment of shares to parties or Companies covered in the register maintained under Section 301 of the Companies Act, 1956 during the year.

19. The Company has not issued any debentures during the period covered by our report.

20. The Company has not raised any money from the public during the year.

21. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices in India, we have neither come across any instance of fraud on or by the Company nor have been informed of such case by the management.



For Rungta & Rungta

Chartered Accountants

(Registration No. 0305134E)

C.A. S.K.Roongta

25, R.N. Mukherjee Road Partner

Kolkata the 14th day of May, 2010 Membership No. : 15234